All for One (A1OS) Q3 25/26 earnings summary

Executive summary

• Revenue for the first nine months of FY 25/26 was €379.6m, flat year-over-year, impacted by weak economic conditions and project delays, despite the consolidation of €14.2m from the apsolut Group.

• EBIT before M&A effects (non-IFRS) dropped to -€9.3m, mainly due to a weak Q3 and one-off expenses from the Precision programme.

• Adjusted EBIT before M&A effects (non-IFRS) was €10.9m, reflecting normalization for non-recurring items.

• Share of recurring revenues increased to 53%.

• A voluntary public takeover offer by VINCI Energies was announced, offering a significant premium and new growth opportunities.

Financial highlights

• Revenue: €379.6m for 9M 25/26, unchanged year-over-year.

• Cloud and services revenue grew 4% to €115.6m; software and support revenue fell 8% to €100.9m.

• Consulting revenue increased 2% to €163.1m, aided by the apsolut Group acquisition.

• EBIT margin before M&A effects (non-IFRS) fell to -2.4% from 4.6% year-over-year.

• Net result for the period was -€12.2m, compared to €8.1m in the prior year.

Outlook and guidance

• FY 25/26 sales revenue guidance confirmed at €500–530m, including apsolut Group.

• EBIT before M&A effects (non-IFRS) expected at €0m, with a fluctuation range of +/- €5m, reflecting one-off expenses.

• Precision programme aims to reduce annual expenses by €20m from autumn 2026, targeting margin improvement.

• Ongoing economic and geopolitical uncertainty, with structural market changes driven by AI and cloud adoption.

• Management expects improved profitability and efficiency from Q4 2025/26 onward.