All for One (A1OS) Q2 24/25 earnings summary

Executive summary

• Revenue for the first half of 2024 was EUR 257.6 million, up slightly from EUR 256.6 million, as cloud transition continued despite project postponements amid geopolitical uncertainty; EBIT before M&A effects declined 21% year-over-year, impacted by EUR 2.0 million in one-time severance and redundancy costs.

• Recurring revenues reached EUR 133.5 million, representing 52% of total sales, reflecting a strategic shift to cloud subscriptions and commissions.

• The company is a leading SAP partner, focusing on upper mid-market clients, expanding international nearshore capabilities, and targeting life sciences, pharmaceuticals, and consumer goods sectors.

• Awarded SAP Pinnacle Award for highest global SAP subscription sales in 2024/25 and recognized with multiple SAP awards.

• Strengthened management with a new CTO and introduced a matrix organisation to enhance efficiency and customer focus.

Financial highlights

• EBIT margin before M&A effects (non-IFRS) was 5.4%, down from 6.9% year-over-year; result for the period fell 25% to EUR 7.4 million, and earnings per share were EUR 1.51.

• Net debt increased to EUR 62.6 million, while the equity ratio improved to 33%.

• Cash flow from operating activities improved to EUR 10.6 million, supported by timely customer payments.

• Dividend increased to EUR 1.60 per share (payout ratio 42%), distributed in March 2025; share buyback program repurchased 49,663 shares for EUR 2.9 million.

• Cash funds at period end were EUR 51.3 million.

Outlook and guidance

• Full-year 2024/25 revenue forecast confirmed at EUR 525–540 million, with EBIT before M&A effects (non-IFRS) expected at EUR 36.5–40.5 million; cost optimization measures underway.

• Management expects robust mid-single digit organic revenue growth in coming years, with EBIT margin before M&A effects (non-IFRS) to exceed 8% in 2025/26.

• Growth is expected to remain slow in 2024, with improvement anticipated as cloud migration projects accelerate.

• Guidance is based on core business momentum, not a revival in lines of business demand.

• Severance payments are included in guidance, expected to remain below EUR 3 million for the year.