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

Executive summary

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

• Announced acquisition of apsolut Group to strengthen SAP procurement, supply chain management, and international presence.

• Focused on expanding global presence, especially in upper midmarket 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, with margin down to 5.3% from 8.2%.

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

• Recurring revenues increased slightly to EUR 67.1 million, now 53% of total revenue.

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

• Cash and cash equivalents rose to EUR 107.6 million, up 60% from the previous quarter, mainly due to new promissory note loans.

Outlook and guidance

• Revenue guidance for FY 2025/26 is EUR 500–530 million, with EBIT margin targeted at 5.5–6.5%.

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

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

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

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