SoftwareONE (SWON) H2 2025 earnings summary

Executive summary

• 2025 was a transformational year with the Crayon acquisition, establishing a global software and cloud leader with CHF 14–14.2 billion in gross sales, operations in over 70 countries, and over 70,000 clients served by 12,712–13,000 employees.

• Achieved CHF 1.5 billion in revenue (1.4% YoY ccy growth like-for-like) and reported revenue growth of 22.5% to CHF 1,243.4 million (IFRS), with strong Q4 momentum and adjusted EBITDA margin at 20.9%.

• Integration of Crayon drove significant cost synergies, improved global reach, and was recognized as a leader in software asset management by Gartner and IDC.

• Growth momentum improved throughout 2025, culminating in 11% revenue growth in Q4 and adjusted EBITDA margin at 23.4%.

• Headcount grew 38.2% to 12,712 FTEs.

Financial highlights

• Revenue grew 1.4% YoY on a like-for-like basis, with reported revenue growth of 22.5% YoY reflecting the Crayon acquisition.

• Adjusted EBITDA margin reached 20.9% for the year; reported EBITDA CHF 207.6 million (16.7% margin), up 79% YoY.

• Adjusted net profit increased 22.8% to CHF 89.6 million; reported net profit CHF 1.4 million after impairments and restructuring.

• Net debt at year-end was CHF 369.3 million, reflecting acquisition financing.

• Dividend proposal of CHF 0.15 per share, 37% payout of adjusted net profit.

Outlook and guidance

• 2026 guidance: mid-single-digit revenue growth (ccy) and adjusted EBITDA margin above 23%, driven by operating leverage, synergies, and cost discipline.

• CHF 100 million run-rate synergies targeted by end-2026, with CHF 64 million already realized by March 2026.

• North America expected to return to revenue growth in 2026, with improvements anticipated from Q1.

• Dividend payout policy maintained at 30–50% of adjusted profit.

• Channel growth, CSP expansion, and AI-driven services are key growth drivers.