SoftwareONE Holding AG

On a like-for-like basis, 2025 revenue grew 1.4% year over year, with Q4 growth of 11%. Adjusted EBITDA margin was 20.9% for the full year, up 0.5 percentage points versus 2024. Reported EBITDA was CHF 207.6 million; 2025 adjustments to reported EBITDA were CHF 69.4 million, of which CHF 48.3 million were Crayon transaction and integration costs, and excluding those costs, adjustments were CHF 21.1 million, below the CHF 30 million target. Cash and cash equivalents were CHF 419.1 million, net debt was CHF 369.3 million, and leverage was 1.3x on an IFRS basis. For 2026, management expects revenue growth to accelerate to mid-single digits on a constant-currency like-for-like basis, adjusted EBITDA margin above 23%, and continued progress toward CHF 100 million in run-rate synergies.

Melissa Mulholland framed 2025 as a transformational year that created a global software and cloud leader through the Crayon combination, highlighting scale, vendor reach, and leadership recognition from Gartner and IDC. She emphasized that the company is returning to growth, that the actions taken in 2025 are working, and that AI is becoming a structural growth driver because it increases software and cloud consumption while also increasing the need for governance, optimization, and services. Her tone was constructive and confident, pointing to improving momentum into 2026 and a stronger platform for further growth.

Hanspeter Schraner focused on the IFRS bridge and balance sheet impact of the Crayon acquisition. He said reported revenue growth of 22.5% mainly reflected the acquisition, net profit was CHF 1.4 million, reported EBITDA was CHF 207.6 million, and net financial expense rose to CHF 54.4 million, with a CHF 5 million make-whole payment included in other finance expense. He also noted cash of CHF 419.1 million, financial liabilities of CHF 788.4 million, net debt of CHF 369.3 million, working capital after factoring down by CHF 411.6 million, and CapEx of CHF 65.5 million; dividend proposal was CHF 0.15 per share, or CHF 33 million total.

Analysts pressed on whether the 2026 growth guide assumes a North America recovery, and management said North America should return to full-year growth in 2026, with Q1 already expected to improve versus Q4. Questions on services margin led management to say the segment’s margin should keep improving as the mix shifts toward cloud-native, advisory, managed, and support services. Management also said Google Cloud distribution is a new opportunity that should become material more likely in 2027 than in 2026, while Microsoft EA incentive changes are no longer expected to be a headwind and may stabilize.