Softwareone Hldg Ag

Ladies and gentlemen, welcome to the Software 1 Q1 2026 Trading Update Conference Call and Live Webcast. I am Valentina, the Coral School 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 Q&A session. You can register for questions at any time by pressing star and 1 on your telephone. For operator assistance, please press star and 0. The conference must not be recorded for publication or broadcast. At this time, it's my pleasure to hand over to Kjell-Anne Hansen, Head of Investor Relations at SoftwareOne. Please go ahead.

Good morning, and thank you for joining SoftwareOne's Q1 presentation. My name is Kjell-Anne Hansen, Head of Investor Relations. Joining me today are our co-CEO, Scott Wallacher, and Melissa Mulholland, and our CFO, Jose Estrada. In terms of agenda, Melita and Rafael will start with the Q1 listed performance. Hans-Petter will then take us through the detailed financial performance. And finally, Melita will give her closing remarks. Before handing over, please let me draw your attention to the disclaimer regarding forward-looking statements and non-IFRS measures on slides two and three. With that, I will hand it over to Melita.

Thank you, Sharlarna, and welcome to our Q1 26 presentation. Our headline numbers tell a compelling story. On a life-for-life basis, revenue for the quarter was $387.7 million on a constant currency basis, representing growth of 12.9%. This was a strong result, and importantly, it was broad-based, with every region and every business line contributing to growth. Adjusted EBITDA grew 32.8% to $79.4 million, with margin increasing by 3.4 percentage points to 20.5%. Even stronger is the growth in our reported EBITDA, which increased to 71 million, up from 61.9 million in the comparable period. These results reflect our consistent execution of a clear strategy, building one stronger, more capable, and more efficient company. Turning to our business lines, We delivered growth across all three areas, driven by strong customer demand. Software and cloud direct grew 5.8% to 153.8 million. We are seeing clear acceleration in our EA to CSP conversion as customers are increasingly moving to cloud-based licensing. Importantly, EA agreements are also positively impacted growth demonstrating the depth and strength of our customer relationships. In addition, following Broadcom's partner program, restructuring for VMware, we remain a pinnacle partner, the highest tier, and the only partner covering the whole of EMEA with this designation. Software and cloud channel grew by 37.3% to 40.4 million. Growth was led by APAC, driven by India, while Noria showed continued momentum. The Google Club partnership we announced in Q4 is gaining traction, further strengthening our hyperscaler mix alongside Microsoft and AWS. The market dynamic in our channel business is becoming increasingly competitive as Microsoft tightens CSP partner authorizations, significantly increasing revenue thresholds and consolidating the partner ecosystem. While this creates near-term pricing and competitive pressure, our scaling capabilities position us well to benefit from when smaller partners exit or are deauthorized. In software and cloud services, we grew 14.9% in the quarter, the primary driver with CSP-related services activities. As customers transition to CSP licensing models, it becomes easier to bundle services with the license. and to expand managed services over time. Furthermore, cloud services, data and AI, and cybersecurity all show strong momentum in the quarter, which tells us that the service portfolio is broadening and customers are increasingly turning to software one for a wide set of their technology needs. That gives you a sense of our business line performance. Rafael will now take you through the regional results in detail.