All for One (A1OS) Q1 24/25 earnings summary

Executive summary

• Q1 revenues reached EUR 134.2 million, flat to up 0.3% year-over-year, reflecting a shift from license resale to cloud subscriptions and services, with organic growth of 6% under the old model.

• Recurring revenues now comprise 50% of total, with cloud subscriptions at 28% and growing; cloud services revenue grew by 6% to EUR 36.8 million.

• Strong new customer intake, especially in the upper midmarket, and high-margin migration projects in the CORE segment drove performance.

• Transformation to a cloud-based model is driving higher profitability and customer retention.

• The full-year outlook is confirmed, with a robust project pipeline and strong order situation.

Financial highlights

• EBIT before M&A effects at 8.2%, adjusted margin at 8.9% due to one-time severance payments; EBIT before M&A effects (non-IFRS) was EUR 11.0 million.

• CORE segment margin improved to 8.5% (9.2% adjusted), up from 8% last year.

• Lines of business segment margin dropped to 4% from 8.1% year-over-year.

• Cash and cash equivalents stood at EUR 48.6 million at quarter-end, down due to annual bonus payouts.

• Equity ratio improved to 35% from 32% at prior year-end, with equity at EUR 116.0 million.

Outlook and guidance

• Organic sales expected between EUR 525 million and EUR 540 million for the year.

• EBIT before M&A effects targeted at EUR 36.5–40.5 million, up from EUR 34 million last year.

• Mid-single-digit organic revenue growth expected in coming years, with margin improvement anticipated.

• Inorganic growth to return, with focus on regional expansion in Europe.

• Seasonality impact expected to be less pronounced than last year; utilization rates improving.