All for One (A1OS) Q1 25/26 earnings summary

Executive summary

• Transitioned to a regional reporting structure and matrix operating model to better reflect international growth and new business strategy.

• Announced acquisition of apsolut Group to strengthen procurement, SAP capabilities, and international presence, especially in India.

• Focused on expanding global presence, particularly in upper mid-market and new regions like India, UK, and Asia.

• Sales revenue declined 6% year-over-year to EUR 125.8 million due to weak economic conditions and investment reluctance in core markets.

Financial highlights

• Revenue declined by 6% year-over-year in Q1 to EUR 125.8 million, with margin down to 5.3% from 8.2%.

• Cloud services revenue grew 3%, while consulting dropped 7% and software/support revenues fell 13–35%.

• Operating cash flow improved to minus EUR 1.1 million from minus EUR 7.3 million year-over-year.

• Free cash flow at minus EUR 7 million; equity ratio dropped to 30% due to high cash position and increased financial liabilities.

• Result for the period dropped 56% year-over-year to EUR 2.9 million; EPS at EUR 0.59.

Outlook and guidance

• Revenue guidance for FY 2025/26: EUR 500–530 million; EBIT margin target 5.5–6.5%.

• EBIT before M&A effects (non-IFRS) expected between EUR 27.5–34.5 million.

• Expecting mid-single digit organic growth and further M&A contributions, with apsolut adding ~EUR 40 million annually.

• Management anticipates resumed growth when Central European economies recover and expects a sustained EBIT increase in 2026/27.

• Margin improvement anticipated as cloud business scales and utilization increases.