Half-Year Report 2025

3 Significant events of the reporting period

Changes in SoftwareOne's financing structure

In preparation of the Crayon acquisition, SoftwareOne entered into a bridge term loan facility agreement in the first half of 2025. The aggregate commitments made available under the bridge facility amount to CHF 700 million divided across the cash consideration of the offer including the compulsory acquisition (bridge facility A of CHF 500 million) and refinancing Crayon’s existing debt (bridge facility B of CHF 200 million). The bridge facility includes customary covenants, including a leverage ratio-based financial covenant. It matures on 31 October 2025, subject to further extension to a maximum of additional 6 months. As of 30 June 2025, the bridge facility A was drawn for an amount of TCHF 424,226. SoftwareOne refinanced the bridge facility A into a long-term financing structure in July 2025.

In addition to the existing client-related factoring programs, new portfolio factoring programs were established for SoftwareOne Germany and SoftwareOne US. Provided that defined eligibility criteria are met, invoices are sold on a non-recourse basis. The German program has a purchase limit of EUR 150 million. The US program includes a limit of USD 115 million plus additional USD 95 million for a specific purchase relating to a single obligor. All receivables sold under the portfolio programs are insured against default risks. Receivables subject to these factoring arrangements are derecognised upon sale. SoftwareOne presents liabilities to factoring partners for forwarding incoming payments from customers under current other payables.

Other effects affecting the reporting period

In the first half of 2025, SoftwareOne released provisions for two legal cases in the amount of TCHF 4,722 to other operating income due to a settled legal dispute and a reassessment of a further risk.