All for One (A1OS) Q2 25/26 earnings summary

Executive summary

• Revenue for H1 2025/26 declined 3% year-over-year to EUR 250.4 million, with a weak second quarter and challenging market conditions.

• EBIT before M&A effects (non-IFRS) dropped 50% to EUR 6.9 million, mainly due to subdued demand and integration costs.

• Acquisition of apsolut Group and a minority stake in BrightFlare expanded SAP procurement and cybersecurity offerings.

• Strategic reorientation towards AI-driven cloud transformation and scalable service models is underway.

Financial highlights

• Recurring revenue stable at EUR 133.2 million, representing 53% of total sales.

• EBIT margin before M&A effects (non-IFRS) fell to 2.8% from 5.4% year-over-year.

• Adjusted EBIT before M&A effects (non-IFRS) was EUR 9.4 million, down 33% year-over-year.

• Result for the period decreased 78% to EUR 1.6 million; EPS at EUR 0.32 (H1 24/25: EUR 1.51).

• Net debt increased to EUR 91.7 million; equity ratio declined to 25%.

Outlook and guidance

• 2025/26 forecast revised downward due to persistent economic and geopolitical uncertainties, especially in Iran and the GCC region.

• New 'Precision' programme launched to enhance competitiveness, targeting EUR 20 million annual cost savings from autumn 2026.

• Full-year revenue expected between EUR 500–530 million; EBIT before M&A effects (non-IFRS) now guided to EUR 0 million ± EUR 5 million, reflecting one-off expenses.

• Programme includes restructuring, cost reduction, and accelerated integration of apsolut Group.