Results review

Consolidated IFRS figures and management defined performance measures

Key figures - Group

¹⁾Adjusted for share-based payment plans.

Profit and loss

Group revenue increased 68.2% to CHF 818.3 million in H1 2026, reflecting the acquisition of Crayon closed on 2 July 2025. On an organic basis, excluding Crayon, revenue increased 5.0% year-on-year in constant currency in H1 2026. The strengthening of the Swiss franc against US dollar, euro, British pound, India rupee led to a negative FX translation impact of 5.5 percentage points on Group revenue in H1 2026.

Reported EBITDA rose to CHF 185.4 million in H1 2026, reflecting a margin of 22.7% - a significant improvement of 5.2 percentage points compared to the prior period, driven by revenue growth, synergy impact and continuous cost control, while also reflecting lower restructuring costs compared to the prior year. Adjusted EBITDA ended at CHF 203.8 million in H1 2026, with a margin of 24.9%.

Net profit for the period was CHF 54.3 million in H1 2026, compared to CHF 9.9 million in the prior period. Adjusted net profit for the period was CHF 70.6 million in H1 2026, compared to CHF 29.6 million in H1 2025.

Cash flow and balance sheet

Over the first six months ended 30 June 2026, net cash flow from operating activities was CHF 90.1 million, compared to CHF 87.1 million in the prior-year period. The change in net working capital resulted in a cash outflow of CHF 72.1 million, mainly driven by seasonality. The prior-year period benefited from the implementation of the then-new non-recourse factoring program.

Over the first six months ended 30 June 2026, capital expenditure was CHF 36.5 million, in line with the prior period, mainly reflecting investments in internal IT and platforms.

LTM to June 2026 cash conversion ratio was 69%, mainly driven by profitability.

As of June 2026, net working capital after factoring ended at minus CHF 509.2 million, compared to minus CHF 216.6 million as of June 2025. Movement versus June 2025 was primarily driven by the working capital acquired with the Crayon acquisition. Over the LTM to June 2026, the underlying net working capital after factoring slightly improved.

As of June 2026, net debt ended at CHF 408.0 million, reflecting a leverage ratio of 1.1x net debt / LTM adjusted EBITDA of CHF 366.1 million, in comparison to the net cash position of CHF 36.2 million as of June 2025. The increase in the net debt was primarily driven by the Crayon acquisition.

Like-for-like combined figures, unless otherwise noted

Key figures - Group

Group revenue increased 11.6% year-on-year (YoY) in constant currency (ccy) to CHF 818.3 million in H1 2026. Growth was driven by continued strong performance in Channel and Services. In reported currency, H1 2026 revenue increased 7.8% YoY. Primarily reflecting the strengthening of the Swiss franc against key currencies, including the US dollar, euro, Indian rupee, Norwegian krone, and British pound.

In Q2 2026, Group revenue growth ended at 10.4% YoY ccy reaching CHF 430.6 million.

Operating expenses declined 0.6% compared to H1 2025. In comparison to H1 2025, over the LTM approximately CHF 37 million of realized synergies contributed positively to the result but were partly offset by investments in sales and delivery capabilities, PEX inflation, and higher performance-related compensation as well as higher third-party delivery costs resulting in a broadly stable cost development.

Reported EBITDA ended at CHF 185.4 million, up 54.4% compared to the prior year. The reported EBITDA margin improved by 6.8 percentage points to 22.7%, driven by revenue growth, cost synergies and continued strict cost control.

Adjusted EBITDA for H1 2026 was CHF 203.8 million, up 35.5% YoY ccy, while the margin was up by 4.5 percentage points, ending at 24.9%.

Total EBITDA adjustments amounted to CHF 18.4 million in H1 2026, of which CHF 16.2 million were related to the Crayon acquisition.

Revenue by region

DACH revenue grew 6.8% YoY ccy to CHF 180.4 million in H1 2026. Growth in the Microsoft business remained strong, driven mainly by continued EA to CSP conversion, which also positively impacted the Services business, which ended the period with double-digit growth.

Revenue in WEMEA increased 11.7% YoY ccy to CHF 169.9 million in H1 2026, driven by strong double-digit growth in Services and more than 50% in the Channel business. The growth was also supported by solid growth in the Direct business where EA to CSP conversion continues to accelerate.

APAC grew 23.0% YoY ccy to CHF 151.0 million in H1 2026, driven by broad-based growth across the portfolio, with especially strong growth in Australia and New Zealand, India, Southeast Asia and North China. In Q2 2026 growth ended at 27.0% ccy, building on the strong momentum seen in Q1 2026. The Services business remains the primary growth engine, delivering exceptionally strong growth, led by Cloud Services and Cybersecurity. CSP also continued to perform strongly, contributing meaningfully to growth. Next to Services, Channel delivered strong growth as well driven by India and Australia and New Zealand.

Revenue in the Nordics grew 26.0% YoY ccy to CHF 133.5 million. The Services business, which accounts for over 50% of revenue, delivered exceptionally strong growth of close to 20%, driven mainly by CSP services and further supported by Cloud Services and Data & AI. Direct also delivered double-digit growth, driven by continued EA to CSP conversion, while Channel grew more than 50%, also driven by CSP.

NORAM grew 8.6% YoY ccy to CHF 92.6 million in H1 2026. Growth was driven by strong performance in the Channel business, which nearly doubled year over year. Growth in the Services business was also strong, mainly driven by CSP and AWS Cloud Services.

LATAM grew 6.9% YoY ccy to CHF 49.3 million in H1 2026. Services was the primary growth driver led by Cybersecurity, Data & AI and AWS services while Direct remained stable year over year. Across the region Brazil and Mexico contributed positively to growth.

CEE grew revenue with 16.7% YoY ccy to CHF 42.2 million in H1 2026 driven by strong performance in all business lines. Growth in Hungary, Romania and Bulgaria was particularly strong.

Performance by segment

Key figures – Software & Cloud Direct

Revenue in Software & Cloud Direct increased 1.5% YoY ccy in H1 2026. Performance is positively impacted by strong growth in the Microsoft business, driven in particular by accelerating EA to CSP conversion. EA to CSP conversion continued in Q2 26, however revenue declined versus Q2 25, as the comparative period benefited from several larger deals. We expect Direct to return to growth in H2 2026.

Contribution margin increased by 6 percentage points in H1 2026 driven by the ongoing shift toward higher-margin CSP contracts. Adjusted EBITDA was CHF 171.1 million in H1 2026, with margin ending at 50.8%, at the same level as in the prior year.

Key figures – Software & Cloud Channel

Software & Cloud Channel delivered revenue growth of 35.6% YoY ccy in H1 2026. Performance was driven mainly by strong growth in the CSP business while other ISVs also contributed to the performance. The expansion of Cloud IQ to countries where the platform was not previously available, also contributed to growth. Revenue grew 33.7% YoY ccy in Q2 2026.

Adjusted EBITDA was CHF 43.9 million in H1 2026, with margin ending at 57.2%, a significant 9.3 percentage point improvement compared to the same period previous year.

Key figures – Software & Cloud Services

Software & Cloud Services delivered revenue growth of 17.4% YoY ccy in H1 2026. In Q2 2026 revenue grew 19.8%. CSP-related services remained a key growth driver, reflecting further acceleration in EA to CSP conversion. Cloud Services, especially in AWS and GCP, Data & AI, and Cyber Security continued to deliver strong performance.

Contribution margin increased to CHF 171.0 million in H1 2026, with a margin of 42.3%, up from 40.0%.

Adjusted EBITDA was CHF 34.3 million in H1 2026, with margin ending at 8.5% up from 3.3% in the prior year, driven by higher margin mix.

Crayon integration substantially completed

Integration of Crayon is substantially completed. Leadership and organizational integration are finalized, and the combined group now operates under a unified go-to-market model, with meaningful vendor synergies achieved. Finance process integration is complete from a reporting perspective, and the core commercial and operating structure of the combined business is in place.

Certain integration workstreams remain in progress and are expected to conclude by the end of 2027, in line with the original integration timeline. These primarily relate to the country-by-country legal entity merger process, IT systems integration, and process harmonization across countries.

Approximately CHF 20 million integration costs are expected for H2 2026.

Organisational changes

Effective 1 September 2026, the Company is consolidating its regional structure under three Presidents, with the Board of Directors appointing Regina Manfredi as President Americas, Rico Andreoli as President EMEA and Varun Paliwal as President APAC. Guðmundur Aðalsteinsson has been appointed Chief Channel & Ecosystems Officer. All four will join the Executive Board. Oliver Berchtold, Chief Operating Officer, has decided to leave the company.

Regina Manfredi will assume responsibility for the full Americas region, expanding her current mandate for NORAM to include LATAM. Rico Andreoli will lead the full EMEA region, broadening his responsibilities beyond WEMEA to include the NORDICS, DACH and CEE, while Varun Paliwal will continue to lead APAC.

The updated leadership structure increases regional representation at the Executive Board level, bringing customers, partners and markets closer to where decisions are made. It also simplifies the organisation through clearer accountability, faster decision-making and stronger execution.

Investigations regarding unfounded allegations concluded

With full-year 2025 results release in March 2026, SoftwareOne had announced that the Zurich Public Prosecutor’s Office was examining in a preliminary review whether individuals may have been responsible for an alleged forgery of documents relating to the recording of certain overdue trade receivables, following allegations raised by a third party. In June 2026 the Prosecutor informed that the review was concluded having found no suspicion of criminal activity.

SoftwareOne was not under investigation. Internal and external reviews commissioned by the Board of Directors also concluded that the allegations are without merit.

Outlook

SoftwareOne provides full-year 2026 guidance as follows:

• Mid to high-single digit YoY ccy revenue growth on a combined like-for-like basis
• Adjusted EBITDA margin above 23% on a combined like-for-like basis
• Dividend pay-out ratio of 30-50% of the adjusted profit for the year
• Cash conversion of above 60% of reported EBITDA for the year.

2030 Financial ambitions

• High single digit revenue CAGR
• Reported EBITDA margin above 28%
• Cash conversion above 60% throughout the cycle
• Dividend policy with a target payout of 30–50% of net profit.