SoftwareOne delivers growth of 11.6% & an adjusted EBITDA margin expansion of 4.5 percentage points to 24.9% in H1 2026

Group revenue up 68.2% year-on-year on an IFRS-reported basis to CHF 818.3 million in H1 2026.

Reported EBITDA rose to CHF 185.4 million in H1 2026, reflecting a margin of 22.7%, up 5.2 percentage points compared to H1 2025.

On a combined like-for-like basis, H1 2026 revenue grew by 11.6% at constant currency with an adjusted EBITDA margin of 24.9%, up 4.5 percentage points compared to H1 2025. In Q2 2026, revenue grew 10.4% at constant currency with an adjusted EBITDA margin of 28.9%, up 5.4 percentage points compared to Q2 2025.

With CHF 100 million of run-rate cost synergies, the company has achieved the high end of the announced target range. The company has identified additional synergy opportunities of approximately CHF 5-10 million, expected to be realized in H2 2026.

In July 2026, the Board of Directors named Raphael Erb as sole CEO effective 1 August 2026.

Effective 1 September 2026, the Company is consolidating its regional structure under three Presidents, with the Board of Directors appointing Regina Manfredi as President Americas, Rico Andreoli as President EMEA and Varun Paliwal as President APAC. Guðmundur Aðalsteinsson has been appointed Chief Channel & Ecosystems Officer. All four will join the Executive Board. Oliver Berchtold, Chief Operating Officer, has decided to leave the company.

FY 2026 revenue and adjusted EBITDA outlook on a combined like-for-like basis reiterated: mid to high-single-digit year-on-year revenue growth at constant currency with an adjusted EBITDA margin above 23%, and cash conversion above 60%.

Based on like-for-like historical financials as if the acquisition of Crayon had been completed on 1 January 2024.

Raphael Erb, CEO of SoftwareOne, said, "I am proud of our performance in the first half of 2026, as significant progress in terms of revenue growth, profitability and cash conversion was achieved, and we are seeing encouraging market traction as customers respond to our combined offering. At the same time, we have substantially completed the integration, a year into the business combination, with the leadership and combined organizational structures fully established. We will now shift gears. The new composition of the Executive Board reflects SoftwareOne's next phase of development, bringing leadership closer to customers, partners and markets, simplifying decision-making and strengthening accountability to accelerate execution. I am delighted to welcome Regina, Rico, Varun and Guðmundur, in their new roles and thank Oliver for his many contributions at SoftwareOne. In our new set-up, we are well positioned to further execute and grow. Delivering value to our stakeholders is our key priority.”

Consolidated IFRS figures and management defined performance measures

Profit and loss

Group revenue increased 68.2% to CHF 818.3 million in H1 2026, reflecting the acquisition of Crayon closed on 2 July 2025. On an organic basis, excluding Crayon, revenue increased 5.0% year-on-year in constant currency in H1 2026. The strengthening of the Swiss franc against US dollar, euro, British pound, India rupee led to a negative FX translation impact of 5.5 percentage points on Group revenue in H1 2026.

Reported EBITDA rose to CHF 185.4 million in H1 2026, reflecting a margin of 22.7% - a significant improvement of 5.2 percentage points compared to the prior period, driven by revenue growth, synergy impact and continuous cost control, while also reflecting lower restructuring costs compared to the prior year. Adjusted EBITDA ended at CHF 203.8 million in H1 2026, with a margin of 24.9%.

Net profit for the period was CHF 54.3 million in H1 2026, compared to CHF 9.9 million in the prior period. Adjusted net profit for the period was CHF 70.6 million in H1 2026, compared to CHF 29.6 million in H1 2025.

Cash flow and balance sheet

Over the first six months ended 30 June 2026, net cash flow from operating activities was CHF 90.1 million, compared to CHF 87.1 million in the prior-year period. The change in net working capital resulted in a cash outflow of CHF 72.1 million, mainly driven by seasonality. The prior-year period benefited from the implementation of the then-new non-recourse factoring program.

Over the first six months ended 30 June 2026, capital expenditure was CHF 36.5 million, in line with the prior period, mainly reflecting investments in internal IT and platforms.

LTM to June 2026 cash conversion ratio was 69%, mainly driven by profitability.

As of June 2026, net working capital after factoring ended at minus CHF 509.2 million, compared to minus CHF 216.6 million as of June 2025. Movement versus June 2025 was primarily driven by the working capital acquired with the Crayon acquisition. Over the LTM to June 2026, the underlying net working capital after factoring slightly improved.

As of June 2026, net debt ended at CHF 408.0 million, reflecting a leverage ratio of 1.1x net debt / LTM adjusted EBITDA of CHF 366.1 million, in comparison to the net cash position of CHF 36.2 million as of June 2025. The increase in the net debt was primarily driven by the Crayon acquisition.

Like-for-like combined figures, unless otherwise noted

Group revenue increased 11.6% year-on-year (YoY) in constant currency (ccy) to CHF 818.3 million in H1 2026. Growth was driven by continued strong performance in Channel and Services. In reported currency, H1 2026 revenue increased 7.8% YoY. Primarily reflecting the strengthening of the Swiss franc against key currencies, including the US dollar, euro, Indian rupee, Norwegian krone, and British pound.

In Q2 2026, Group revenue growth ended at 10.4% YoY ccy reaching CHF 430.6 million.

Operating expenses declined 0.6% compared to H1 2025. In comparison to H1 2025, over the LTM approximately CHF 37 million of realized synergies contributed positively to the result but were partly offset by investments in sales and delivery capabilities, PEX inflation, and higher performance-related compensation as well as higher third-party delivery costs resulting in a broadly stable cost development.

Reported EBITDA ended at CHF 185.4 million, up 54.4% compared to the prior year. The reported EBITDA margin improved by 6.8 percentage points to 22.7%, driven by revenue growth, cost synergies and continued strict cost control.

Adjusted EBITDA for H1 2026 was CHF 203.8 million, up 35.5% YoY ccy, while the margin was up by 4.5 percentage points, ending at 24.9%.

Total EBITDA adjustments amounted to CHF 18.4 million in H1 2026, of which CHF 16.2 million were related to the Crayon acquisition.

Revenue by region

DACH revenue grew 6.8% YoY ccy to CHF 180.4 million in H1 2026. Growth in the Microsoft business remained strong, driven mainly by continued EA to CSP conversion, which also positively impacted the Services business, which ended the period with double-digit growth.

Revenue in WEMEA increased 11.7% YoY ccy to CHF 169.9 million in H1 2026, driven by strong double-digit growth in Services and more than 50% in the Channel business. The growth was also supported by solid growth in the Direct business where EA to CSP conversion continues to accelerate.

APAC grew 23.0% YoY ccy to CHF 151.0 million in H1 2026, driven by broad-based growth across the portfolio, with especially strong growth in Australia and New Zealand, India, Southeast Asia and North China. In Q2 2026 growth ended at 27.0% ccy, building on the strong momentum seen in Q1 2026. The Services business remains the primary growth engine, delivering exceptionally strong growth, led by Cloud Services and Cybersecurity. CSP also continued to perform strongly, contributing meaningfully to growth. Next to Services, Channel delivered strong growth as well driven by India and Australia and New Zealand.

Revenue in the Nordics grew 26.0% YoY ccy to CHF 133.5 million. The Services business, which accounts for over 50% of revenue, delivered exceptionally strong growth of close to 20%, driven mainly by CSP services and further supported by Cloud Services and Data & AI. Direct also delivered double-digit growth, driven by continued EA to CSP conversion, while Channel grew more than 50%, also driven by CSP.

NORAM grew 8.6% YoY ccy to CHF 92.6 million in H1 2026. Growth was driven by strong performance in the Channel business, which nearly doubled year over year. Growth in the Services business was also strong, mainly driven by CSP and AWS Cloud Services.

LATAM grew 6.9% YoY ccy to CHF 49.3 million in H1 2026. Services was the primary growth driver led by Cybersecurity, Data & AI and AWS services while Direct remained stable year over year. Across the region Brazil and Mexico contributed positively to growth.

CEE grew revenue with 16.7% YoY ccy to CHF 42.2 million in H1 2026 driven by strong performance in all business lines. Growth in Hungary, Romania and Bulgaria was particularly strong.

Contact:
SoftwareOne AG
Kjell Arne Hansen
Head of Investor Relations
kjell.hansen@softwareone.com
+47 950 40 372