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 activities in Turkey and Egypt.

• Serving around 4,000 customers with 2,617 employees across 8 countries; over half of revenues are recurring.

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

• Geopolitical uncertainty and economic weakness in Central Europe led to project delays and fewer new ERP migration contracts.

• Transformation to a cloud-based service model is ongoing, with a robust end-to-end SAP portfolio and global reach via United VARs Network.

Financial highlights

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

• Cloud services revenue rose 5% to EUR 110.7 million; software and support revenue fell 4% due to the shift to cloud-based models.

• EBIT margin before M&A effects increased to 4.6%; excluding severance payments, margin was 5.2%. EBIT for nine months was EUR 17.5 million, down 15% year-over-year.

• Net income for the period was EUR 8.1 million, down 22% year-over-year; EPS was EUR 1.65 (prior year: EUR 2.09).

• Cash position at EUR 46.3 million, down from prior year; net debt increased to EUR 66.5 million.

Outlook and guidance

• Revised FY 2024/25 sales forecast to EUR 505–520 million, with 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 acceleration as one-time effects subside and recurring services expand.