Softwareone Hldg Ag

Ladies and gentlemen, welcome to the SoftwareOne full year 2025 results conference call and live webcast. I am Valentina, the chorus call operator. I would like to remind you that all participants will be in listen-only mode and the conference is being recorded. The presentation will be followed by a Q&A session. You can register for questions at any time by pressing star and one on your telephone. For operator assistance, please press star and zero. The conference must not be recorded for publication or broadcast. At this time, it's my pleasure to hand over to Sheila Arne Hansen, head of investor relations at SoftwareOne. Please go ahead.

presentation. My name is Delana Hansen and I'm the head of investor relations at SoftwareOne. Joining me today are our co-CEOs, Rafa and Melissa and our CFO. In terms of agenda, Melissa and Rafa will start with a summary of the year and the Q4 for 2026. Before handing over, please draw your attention to the disclaimer regarding forward looking statements and non IFRS measures on slide two and three. And with that, I will hand it over to Melissa.

Thank you, Shalana. Welcome to our full year 2025 presentation. 2025 was transformational. With the combination of Software One and Crayon, we have created a global software and cloud leader with unmatched reach and capabilities. Today, combined gross sales amount to 14 billion Swiss francs. We serve over 70,000 clients across more than 70 countries, supported by 13,000 highly skilled colleagues. Our ecosystem is equally strong, with more than 10,000 vendors and a network of 12,000 channel partners, providing reach to the SMB segment. This scale matters. It shows how we are one of a kind and a truly global partner for hyperscalers and ISVs. In addition, both Gartner and IDC have recognized us as a leader in software asset management. We are well positioned to capture the structural growth opportunity in customer demand based on our global scale and market position. Overall, we have delivered. We returned to growth with revenue up 1.4% year-over-year on a like-for-like basis, ahead of our initial expectation of broadly flat development. Profitability remained strong, with an adjusted EBITDA margin of 20.9%, in line with our commitment to stay above 20%. At the same time, we maintained discipline on adjustments coming in below our guidance on below 30 million, excluding the Crayon-related costs. Lastly, we made good progress on synergies, delivering 43 million Swiss francs of run rate by the end of 2025. As of today, total run rate cost synergies amount to 64 million. This was a year where we delivered on our promises while building the foundation for further improvement. Growth improved steadily throughout 2025, and by Q3, we were back to positive territory, and in Q4, we reached 11% revenue growth. We will continue to build off the foundation laid in 2025. The actions we are taking are working, putting us in a stronger position to drive momentum in 2026. Let me briefly comment on the full year performance. I'll focus on the combined like-for-like numbers, as this best reflects the underlying development of the business. As stated earlier, we delivered 1.4% revenue growth for the full year, with a clear acceleration into Q4, where growth reached 11%. At the same time, profitability improved, and we delivered an adjusted EBITDA margin of 20.9% for the year, an improvement of 0.5 percentage points compared to 2024. The key message is clear. We are improving our growth momentum combined with continued strong margins. Hans-Peter will explain the detailed IFRS number shortly, but as you can see, our business is on a path of continued growth. Looking at our three segments, we see a clear pattern of improving momentum across the business. In direct, the full year performance was impacted by the Microsoft incentive changes. However, we saw a clear rebound in Q4, supported by multi-vendor and continued CSP growth. Going forward, we see significant growth opportunities driven by our broad partner ecosystem across global software vendors, including AWS, Google, VMware, and Adobe. Furthermore, the push for EU sovereign cloud increases demand for multi-cloud, compliant cloud solutions, playing directly to software one's strength in navigating complex vendor ecosystems and regulatory requirements. In channel, growth was strong at 18.7% for the full year. driven in particular by APAC, which represents 60% of the total channel revenue. At the end of February 2026, we became the first global authorized distributor for Google Cloud, enabling channel partners to access and resell Google. This is a strategic milestone, allowing us to significantly expand our channel business through authorized distribution of Google Cloud services across 10 markets. covering Australia, India, the Nordics, Germany, France, and the US, with additional countries to follow throughout the year. In services, we see solid momentum, supported by demand in areas like cloud and cybersecurity. Across all business lines, growth reflects our ability to capture new incentive opportunities introduced by Microsoft across CSP and services. While EA-related incentives were reduced, we have partially offset this by leveraging our combined service portfolio and strong CSP offering. Profitability improved across all business lines, driven by stronger growth, impact from cost savings, and synergy realization. We see a strong and encouraging development with solid growth in channel and services and a recovering direct business entering 2026. I will now hand it over to Raphael to walk you through the regional performance.