Co-CEOs’ letter to shareholders
Dear shareholders,
In 2025, we moved forward with strong momentum and disciplined execution as we laid the foundation for our unified organization. Combining SoftwareOne and Crayon into a global software and cloud powerhouse is a journey of strategic alignment and long-term ambition.
Our complementary strengths expand global reach, strengthen hyperscaler partnerships, and unlock revenue and cost synergies at scale.
We thank you for the continued confidence in our vision.
As a combined organization, we now have an unparalleled capacity to help organizations increase investment and realize benefits from innovation by helping them optimize IT cost, driving greater value for customers, partners, vendors, and shareholders.
Profitable growth momentum established
For FY 2025, our reported revenue was CHF 1,243 million, an increase of 22.5% compared to 2024, while reported EBITDA increased from CHF 116 million to CHF 208 million, reflecting the inclusion of Crayon for the full second half of 2025. Adjusted EBITDA increased 24% to CHF 277 million.
On a combined like-for-like basis, revenue grew 1.4% in constant currency to CHF 1,518 million, reflecting solid underlying performance in a year marked by continued industry transition.
Across our business lines, Channel and Services delivered robust growth of 19% and 5%, respectively, highlighting the importance of our partner ecosystem and the continued expansion of our higher-value services offerings. As expected, Direct revenue declined by 5%, reflecting the impact of changes to Microsoft incentive structures.
Adjusted EBITDA margin increased by 0.3 percentage points to 20.8%. Our cost development reflected disciplined execution and early synergy capture, with savings and efficiency measures offsetting structural cost increases. Meanwhile, we selectively invested in sales capacity, delivery capabilities, and strategic initiatives.
Our growth in 2025 was primarily driven by strong performance in DACH, APAC, and WEMEA. While NORAM performance remained partially affected by the go-to-market changes implemented in 2024, we are optimistic the previously initiated turnaround measures will stabilize performance and support a gradual recovery in 2026.
Overall, our performance reflects our disciplined execution and delivery in line with the commitments and guidance we shared earlier. It also demonstrates our ability to navigate industry changes while strengthening profitability and positioning us for sustainable, long-term growth.
Evolving market creates opportunities
Today’s market is challenging, with geopolitical and economic uncertainty, tighter scrutiny of IT spending, rising demand for AI-driven capabilities, and increasing complexity in customers’ IT estates.
By leveraging our Direct go-to-market capabilities and our indirect (Channel) motion as a cloud distribution partner, we can serve organizations of any size.
Turning our combined strengths into competitive advantage
Integration of our approximately 13,000 employees across 70+ countries is on track. Plus, our run-rate cost synergies are expected to reach CHF 100 million, consistent with the upper end of the previously communicated range.
Our market leadership is recognized in industry benchmarks, including being named a Leader in the Gartner® Magic Quadrant™ for Software Asset Management Managed Services(1) and recognition in the IDC MarketScape for SAM Managed Services.
(1) Gartner® Magic Quadrant™ for Software Asset Management (SAM) Managed Services August 2025.
We also maintain close relationships with hyperscalers, reflected in numerous global recognitions from Microsoft, Amazon Web Services, and Google Cloud.
In addition, our environmental, social, and governance (ESG) program is on a positive trajectory, reflecting our long-term commitment to social responsibility.
These achievements demonstrate how our combination translates into customer impact, stronger partnerships, and continued strength in achieving profitable growth.
2026: The year of execution
As we look to 2026 and beyond, our ambition is to be the leading AI-powered software and cloud provider, trusted to optimize IT costs, enable innovation, and solve complex challenges. We have established the operational foundation for accelerating profitable revenue growth. Our next step is sharpening our geographic focus on the most attractive and profitable markets.
For 2026, we aim for mid-single-digit, year-on-year revenue growth at constant currency and an adjusted EBITDA margin above 23% on a combined like-for-like basis. Meanwhile, strengthening net working capital performance and cash generation remains a key focus area going forward.
In addition, we will cement our leading position of helping clients to optimize their software and cloud spend through our portfolio of services that turn efficiency into innovation.
We are excited about the future and want to recognize the commitment of our employees who are the driving force behind our success. We are also grateful to our customers, partners, vendors, and shareholders for their trust.
2026 is ours to shape.
Kind regards,
Melissa Mulholland
Co-CEO
Raphael Erb
Co-CEO