All for One (A1OS) Q3 23/24 earnings summary

Executive summary

• Nine-month revenue reached EUR 379 million, up 4% year-over-year, driven by strong order intake and significant growth in the CORE segment, with recurring revenue share at 56%.

• EBIT before M&A effects (non-IFRS) surged by 81% to EUR 20.7 million, with the EBIT margin improving to 5.5% from 3.1% year-over-year.

• Cloud revenue increased 12% to EUR 106 million, and license commissions rose 34% to EUR 23.4 million.

• Consulting and Conversion Factory revenues declined 1–2% due to customers pausing investments in legacy systems during cloud transitions.

• Management confirmed full-year guidance despite ongoing geopolitical and economic challenges.

Financial highlights

• Recurring revenues reached EUR 211 million, up 6% year-over-year, now 56% of total revenues.

• EBIT before M&A for nine months was EUR 20.7 million; margin in CORE segment improved to 4.9% (from 2% last year).

• Result for the period rose by 51% to EUR 10.4 million; earnings per share increased by 54% to EUR 2.09.

• Net debt increased to EUR 73.4 million from EUR 58.6 million; cash declined to EUR 42.3 million due to repayments.

• Equity ratio improved to 33%, with equity up 3% to EUR 103.1 million.

Outlook and guidance

• Full-year revenue guidance set at EUR 505–525 million, with EBIT before M&A expected at EUR 32–36 million.

• Midterm targets reaffirmed; EBIT margin before M&A projected at 7–8% for the next business year starting October 2024.

• Organic growth expected in the mid-single digits; inorganic growth considered opportunistically.

• Management anticipates higher profitability and stable or rising dividends.