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

Executive summary

• Revenue for the first half of 2024/25 was EUR 257.6 million, up slightly from EUR 256.6 million year-over-year, driven by ongoing SAP ERP cloud transformation and serving over 4,000 customers, mainly in Germany, Austria, Switzerland, and Poland.

• 52% of total revenue is recurring, reflecting a shift to cloud subscriptions and managed services.

• Awarded SAP Pinnacle Award for highest global SAP subscription sales in 2024/2025.

• Facing project launch delays due to geopolitical and economic uncertainties, impacting revenue and EBIT.

• Dividend increased to EUR 1.60 per share (payout ratio 42%), and a share buyback program repurchased 49,663 shares for EUR 2.9 million.

Financial highlights

• Revenue flat year-over-year; EBIT before M&A effects (non-IFRS) declined 21% to EUR 14.0 million, impacted by EUR 2.0 million in one-time severance and redundancy costs.

• Recurring revenues reached EUR 133.5 million, 52% of total revenue.

• Cloud services revenue grew 5% to EUR 73.9 million, while software/support declined 4%; consulting remained stable.

• EBIT margin before M&A effects (non-IFRS) was 5.4%, down from 6.9% year-over-year.

• Net debt increased to EUR 62.6 million; equity ratio improved to 33%.

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.

• Growth expected to remain slow due to ongoing cloud transition and macroeconomic headwinds.

• 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.

• Confident in achieving EBIT targets through pipeline execution and cost management.

• New SAP incentive model and customer experience suite may support future demand.