ATOSS Software (AOF) H1 2025 earnings summary

Executive summary

• Achieved 10% year-over-year revenue growth to EUR 92.1 million in H1 2025, led by a 30% increase in cloud and subscription revenues, and marking the 19th consecutive record year.

• EBIT margin reached 34% (EUR 31.0 million), exceeding the full-year guidance of at least 31%.

• Recurring revenues now represent 70% of total revenues, with cloud and subscriptions making up 69–70% of recurring revenues.

• Strategic investment phase in 2025 to support long-term scalability, recurring revenue growth, and international expansion.

• Announced leadership changes: new CEO Joachim Schreiner joining November 1, following the departure of CRO Frederik Maris.

Financial highlights

• H1 2025 total revenue reached EUR 92.1 million, up 10% year-over-year; software revenue grew 12% to EUR 68.2 million.

• Cloud revenues grew 30% year-over-year; cloud monthly recurring revenue up 29% in Q2 2025; cloud ARR rose to EUR 90.9 million.

• Net profit reached EUR 21.7 million, up 2% from the previous year; EPS increased to EUR 1.37.

• Net cash outflow of EUR 11.5 million in H1 2025, mainly due to tax payments and a EUR 34 million dividend; liquidity at EUR 91 million at H1 2025.

• Operating cash flow decreased 50% to EUR 14.7 million, mainly due to higher receivables and tax payments.

Outlook and guidance

• Revenue guidance for 2025 set at around EUR 190 million, with EBIT margin guidance at or above 31%.

• Medium-term revenue target of EUR 245 million by 2027, implying a 13%+ CAGR from 2025; recurring revenue target ~75% by 2027.

• Crewmeister expected to reach ~27,000 customers and EUR 15 million ARR by 2027.

• Growth opportunities seen in cloud transformation, DACH region, and international expansion.

• Strategic investments in GTM, R&D, and digitalization to drive future growth.