All for One (A1OS) Q3 24/25 earnings summary

Executive summary

• Leading SAP-focused IT and consulting provider in the mid-market, with strong presence in Germany, Austria, Switzerland, Poland, and expanding in Turkey and Egypt.

• Revenue for the first nine months of 2024/25 was EUR 380.4 million, flat year-over-year, with 5% growth in cloud services.

• Serving around 4,000 customers with 2,617 employees across eight countries; 78% of revenues generated in Germany.

• Over half of revenues are recurring, reflecting a shift to cloud-based services and digitalization.

• Transformation to a cloud service model is ongoing, impacting revenue and margin dynamics.

Financial highlights

• Nine-month revenues reached EUR 380.4 million, up 0.4% year-over-year, reflecting a temporary slowdown due to cloud migration.

• EBIT before M&A effects (non-IFRS) was EUR 17.5 million, down 15% year-over-year, with a margin of 4.6%; Q3 EBIT grew 19% year-over-year.

• Recurring revenues accounted for 52% of total, totaling EUR 199.2 million after nine months.

• Cloud revenues grew 5% to EUR 110.7 million, while software/support revenues declined (licenses down 10%, support contracts down 3%).

• Consulting revenues were slightly above prior year at EUR 160.3 million, but below target due to low capacity utilization.

Outlook and guidance

• Sales forecast for FY 2024/2025 revised to EUR 505–520 million; EBIT margin before M&A effects now expected at 5–6%.

• Medium-term organic growth in the mid-single digits confirmed; EBIT margin above 8% now expected in 2026/27.

• Confidence in growth driven by scalable matrix organization, proactive recurring services, and international expansion.