All for One (A1OS) Q4 24/25 earnings summary

Executive summary

• Revenue declined 2% year-over-year to EUR 504 million, with recurring cloud service revenue now over 53% and largely offsetting declines in one-off license and maintenance revenue.

• EBIT margin before M&A effects (non-IFRS) decreased to 5.2% from 6.7% year-over-year, impacted by one-off restructuring expenses and CX business impairment.

• Workforce reduced by 6% to 2,653 employees, incurring EUR 3.3 million in redundancy and severance costs.

• The company maintains a solid dividend policy, proposing a 52% payout ratio and a dividend of EUR 1.20 per share.

• Transformation from a license reseller to an international cloud IT consulting and service provider is complete, with a focus on SAP ERP cloud solutions.

Financial highlights

• EBIT before M&A effects (non-IFRS) was EUR 26 million, down 24% year-over-year, with extraordinary impacts totaling EUR 5.3 million (severance and impairment charges).

• Free cash flow decreased by 11% to EUR 20.3 million, while operating cash flow was EUR 39.7 million and cash position increased to EUR 67.3 million.

• Net debt reduced by approximately EUR 12 million to EUR 43 million; equity ratio improved to 33% from 32% year-over-year.

• Earnings per share declined from EUR 3.70 to EUR 2.32; net income for the period was EUR 11.4 million, a 38% decrease year-over-year.

• Dividend payout ratio at 52%, with a proposed dividend of EUR 1.20 per share, yielding 2.6%.

Outlook and guidance

• Revenue for the next fiscal year is expected between EUR 500 million and EUR 530 million, with EBIT margin before M&A effects targeted at 5.5%-6.5%.

• Management expects further sustained EBIT margin improvement for FY 2026/27.

• Mid-term organic growth is anticipated in the mid-single percentage range, with additional growth from acquisitions.

• Management remains conservative due to geopolitical and economic uncertainties but expects margin and cash flow improvement as cloud transformation progresses.