SoftwareONE (SWON) H1 2026 earnings summary

Executive summary

• Revenue grew 68.2% year-over-year to CHF 818.3 million in H1 2026, with 11.6% like-for-like growth at constant currency, driven by the Crayon acquisition and broad-based regional and segment performance.

• Adjusted EBITDA margin improved to 24.9% in H1 2026, up 4.5 percentage points year-on-year; reported EBITDA margin reached 22.7%.

• Integration of Crayon substantially completed, delivering CHF 100 million in run-rate cost synergies six months ahead of schedule, with a further CHF 5-10 million expected in H2 2026.

• Leadership changes implemented, consolidating regional structure and expanding the Executive Board.

• Focus now shifts from integration to commercial execution and customer value creation.

Financial highlights

• H1 2026 revenue reached CHF 818.3 million, up 68.2% year-over-year; Q2 2026 revenue was CHF 430.6 million, up 68.9%.

• Adjusted EBITDA for H1 2026 was CHF 203.8 million (24.9% margin), reported EBITDA CHF 185.4 million (22.7% margin), both up significantly year-on-year.

• Net profit for H1 2026 was CHF 54.3 million; adjusted net profit CHF 70.6 million.

• Free cash flow for the last 12 months was CHF 211.7 million, with a cash conversion rate of 69%.

• Net debt stood at CHF 408 million as of June 2026, with a leverage ratio of 1.1x.

Outlook and guidance

• FY 2026 guidance: mid to high single-digit revenue growth at constant currency, adjusted EBITDA margin above 23%, and cash conversion above 60%.

• 2030 ambitions: high single-digit revenue CAGR, reported EBITDA margin above 28%, and dividend payout ratio of 30-50%.

• CapEx expected to rise to 7%-8% of revenue in 2027-2028 for AI and automation investments, then normalize to ~5% from 2029.

• Dividend payout policy set at 30%-50% of adjusted profit for 2026, moving to reported profit by 2030.

• H2 2026 growth expected to moderate as early renewal and EA to CSP conversion tailwinds subside.