Like-for-like combined figures, unless otherwise noted
Key figures Group
| CHFm |
FY 2025 |
FY 2024 |
% Δ |
% Δ (CCY) |
Q4 2025 |
Q4 2024 |
% Δ |
% Δ (CCY) |
| Software & Cloud Direct |
671.3 |
732.0 |
(8.3)% |
(5.0)% |
187.5 |
177.1 |
5.9% |
10.1% |
| Software & Cloud Channel |
120.4 |
106.9 |
12.7% |
18.7% |
30.0 |
25.9 |
16.0% |
20.6% |
| Software & Cloud Services |
726.4 |
711.5 |
2.1% |
5.3% |
197.4 |
185.3 |
6.5% |
10.6% |
| Total revenue |
1,518.2 |
1,550.4 |
(2.1)% |
1.4% |
414.9 |
388.3 |
6.9% |
11.0% |
| OPEX |
(1,201.2) |
(1,234.2) |
(2.7)% |
1.0% |
(317.8) |
(300.8) |
5.7% |
10.6% |
| Adj. EBITDA |
317.0 |
316.2 |
0.3% |
2.8% |
97.1 |
87.5 |
11.0% |
12.5% |
| Adj. EBITDA margin (% revenue) |
20.9% |
20.4% |
0.5pp |
- |
23.4% |
22.5% |
0.9pp |
- |
| Reported EBITDA |
242.7 |
202.9 |
19.6% |
- |
80.6 |
43.7 |
84.4% |
- |
| Reported EBITDA margin (% revenue) |
16.0% |
13.1% |
2.9pp |
- |
19.5% |
11.2% |
8.3pp |
- |
Group revenue increased 1.4% YoY in ccy to CHF 1,518.2 million in 2025, ahead of the flat revenue growth guidance. Growth was driven by continued strong performance in Channel and Services, while Direct was impacted by Microsoft incentive changes, which gradually subsided towards the end of the year. In reported currency, 2025 revenue declined 2.1% YoY. This was primarily driven by the strengthening of the Swiss franc against key currencies, including the US dollar, Indian rupee, and Australian dollar.
In Q4 2025, performance strengthened, with Group revenue growth accelerating to 11.0% YoY ccy reaching CHF 414.9 million. All business lines accelerated during the quarter, with Direct returning to double-digit growth as Microsoft incentive headwinds subsided, while Channel increased 20.6% YoY ccy and Services grew 10.6% YoY ccy, driven by strong growth in AWS cloud services and ITAM services.
Full-year operating expenses grew 1.0% ccy compared to 2024 and were down 2.7% in reported currency. During 2025, the company realized benefits from the cost saving program and synergies of around CHF 90 million, which were partly offset by performance-related compensation, reinvestments in sales and delivery capabilities, and higher third-party delivery costs resulting in a broadly stable cost development.
Reported EBITDA ended at CHF 242.7 million in 2025, up 19.6% compared to the prior year. The reported EBITDA margin improved by 2.9 percentage points to 16.0%, driven by the cost reduction program initiated previously and completed in Q1 2025, and continued strict cost control.
Adjusted EBITDA for 2025 was CHF 317.0 million, up 2.8% YoY ccy, while the margin was up by 0.5 percentage points.
Total EBITDA adjustments amounted to CHF 74.3 million in 2025, of which CHF 51.4 million were related to the Crayon acquisition. Remaining adjustments related to restructuring and other costs of CHF 22.9 million, well within the ambition to reduce these adjustments below CHF 30 million during 2025.
Revenue by region
Following the acquisition of Crayon at the beginning of July, operating segments have been reassessed. Given Crayon’s significant presence in the Nordics and the CEE, the rEMEA region has been restructured into three new operating regions: Nordics, WEMEA, and CEE.
| CHFm |
FY 2025 |
FY 2024 |
% Δ (CCY) |
Q4 2025 |
Q4 2024 |
% Δ (CCY) |
| |
|
|
|
|
|
|
| DACH |
346.7 |
342.4 |
2.8% |
97.0 |
84.8 |
15.4% |
| WEMEA |
317.2 |
315.0 |
3.3% |
89.8 |
82.2 |
12.2% |
| APAC |
267.6 |
257.1 |
11.4% |
68.0 |
65.3 |
14.4% |
| NORDICS |
211.9 |
213.6 |
0.7% |
59.6 |
57.3 |
3.9% |
| NORAM |
175.3 |
212.7 |
(12.6)% |
40.4 |
46.6 |
(4.7)% |
| LATAM |
89.8 |
100.3 |
(4.4)% |
24.8 |
25.4 |
(1.7)% |
| CEE |
77.9 |
71.2 |
14.0% |
24.1 |
18.7 |
32.7% |
| Group, FX and Other |
31.8 |
38.2 |
- |
11.2 |
8.0 |
- |
| Group revenue |
1,518.2 |
1,550.4 |
1.4% |
414.9 |
388.3 |
11.0% |
DACH revenue grew 2.8% YoY ccy to CHF 346.7 million in 2025. While headwinds from Microsoft incentive changes on enterprise agreements persisted during the year, this was offset by successful transition from enterprise agreements to CSP, as well as strong multivendor and public sector growth. In Q4 2025, revenue grew 15.4% YoY ccy, supported by the same drivers as well as reflecting a materially easing impact from Microsoft incentive changes.
Revenue in WEMEA increased 3.3% YoY ccy to CHF 317.2 million, driven by strong double-digit growth in multivendor sales and Services. Full-year growth was partly offset by changes in Microsoft incentives. In Q4 2025, revenue grew 12.2% YoY in constant currency.
APAC grew 11.4% YoY ccy to CHF 267.6 million in 2025, driven by strong results across the region, with India performing particularly well. The largest contributor to growth came from Services business driven by strong demand within data & AI and cloud services. Channel business grew above 20% YoY ccy. Direct business ended flat following Microsoft incentive changes on enterprise agreements. In Q4 2025, revenue grew 14.4% YoY ccy. During Q1 2026, the company received a commitment from a public sector customer in the Philippines for a payment of USD 37 million in relation to previously outstanding receivables, with the majority already received.
Revenue in the Nordics grew 0.7% YoY ccy to CHF 211.9 million. During the year growth in the Direct business was positive and accelerated to double-digit in the fourth quarter as the impact from Microsoft incentives changes subsided. Full-year growth performance was partially impacted by softer demand in the Service business which remained stable YoY. In Q4 2025 revenue grew 3.9% YoY ccy.
NORAM declined 12.6% YoY ccy to CHF 175.3 million in 2025 as a result of continued GTM-related sales execution issues and impact from Microsoft incentive changes on enterprise agreements. In Q4 2025, revenue declined by 4.7% YoY ccy driven by persistent internal sales execution weakness. The previously initiated turnaround measures are gradually stabilizing performance, and internal sales metrics show sequential improvement, supporting a gradual recovery in 2026.
LATAM declined 4.4% YoY ccy to CHF 89.8 million in 2025, driven in particular by weakness in the Direct business. This was partly offset by strong growth in the Services business with high demand for project work related to Google, SAP and cyber security. In Q4 2025, revenue declined 1.7% YoY ccy driven by negative performance in the Direct business. As part of a portfolio review and to support improved future performance, the company has decided to exit 4 non-strategic and non-commercial countries in the region.
CEE grew revenue with 14.0% YoY ccy to CHF 77.9 million in 2025. Performance was driven by strong double-digit growth across both the Direct business and the Service business. In Q4 2025, revenue grew 32.7% YoY in constant currency.
Performance by segment
Key figures – Software & Cloud Direct
| CHFm |
FY 2025 |
FY 2024 |
% Δ (CCY) |
Q4 2025 |
Q4 2024 |
% Δ (CCY) |
| |
|
|
|
|
|
|
| Revenue |
671.3 |
732.0 |
(5.0)% |
187.5 |
177.1 |
10.1% |
| Adjusted EBITDA |
333.1 |
354.5 |
(2.9)% |
100.2 |
93.0 |
12.1% |
| Adjusted EBITDA margin (% of revenue) |
49.6% |
48.4% |
1.2pp |
53.4% |
52.5% |
0.9pp |
Revenue in Software & Cloud Direct declined 5.0% YoY ccy to CHF 671.3 million in 2025. While multivendor growth was strong, the performance reflects the impact from changed incentives for enterprise agreements relating to the Microsoft transactional business. Impacts from Microsoft incentive changes subsided during the second half of the year and the performance in Q4 2025 was strong with revenue growth of 10.1% YoY ccy. Q4 2025 growth was primarily driven by an accelerated transition from enterprise agreements to CSP as well as continued multivendor growth.
Adjusted EBITDA was CHF 333.1 million in 2025, with margin ending at 49.6%, up from 48.4% in the prior year.
Key figures – Software & Cloud Channel
| CHFm |
FY 2025 |
FY 2024 |
% Δ (CCY) |
Q4 2025 |
Q4 2024 |
% Δ (CCY) |
| |
|
|
|
|
|
|
| Revenue |
120.4 |
106.9 |
18.7% |
30.0 |
25.9 |
20.6% |
| Adjusted EBITDA |
57.8 |
51.7 |
17.7% |
12.2 |
10.7 |
14.0% |
| Adjusted EBITDA margin (% of revenue) |
48.0% |
48.4% |
(0.4)pp |
40.7% |
41.3% |
(0.5)pp |
Software & Cloud Channel delivered revenue growth of 18.7% YoY ccy to CHF 120.4 million in 2025. Performance was driven mainly by APAC, with a strong contribution from NORAM and DACH as well. Revenue grew 20.6% YoY ccy in Q4 2025 driven by continued strong performance in APAC.
Adjusted EBITDA was CHF 57.8 million in 2025, with margin ending at 48.0%, at the same level as prior year.
Key figures – Software & Cloud Services
| CHFm |
FY 2025 |
FY 2024 |
% Δ (CCY) |
Q4 2025 |
Q4 2024 |
% Δ (CCY) |
| |
|
|
|
|
|
|
| Revenue |
726.4 |
711.5 |
5.3% |
197.4 |
185.3 |
10.6% |
| Adjusted EBITDA |
36.2 |
8.1 |
>100% |
16.3 |
3.3 |
>100% |
| Adjusted EBITDA margin (% of revenue) |
5.0% |
1.1% |
3.9pp |
8.2% |
1.8% |
6.5pp |
Software & Cloud Services delivered revenue growth of 5.3% YoY ccy to CHF 726.4 million in 2025. The performance was driven by strong growth in cybersecurity, AWS cloud services, multivendor support services, and local portfolio managed services. In Q4 2025, the Services business accelerated growth ending at 10.6% YoY ccy mainly driven by strong growth in AWS clouds services and ITAM services.
Adjusted EBITDA was CHF 36.2 million in 2025, with margin ending at 5.0% up from 1.1% in the prior year.
Integration progressing from structural alignment to execution and value realization
Integration continues to progress according to plan and has now moved firmly into the execution phase. Combined regional and country leadership teams are fully operational, and the new operating model for customer-facing functions is being implemented across key markets. Legal entity simplification and system harmonization are advancing, with early benefits already visible in pipeline development and cross-selling activity.
Run-rate cost synergies increased to CHF 43 million by year-end 2025, reflecting continued delivery across overhead optimization and organizational alignment initiatives. As of mid-March 2026, total realized cost synergies amounted to CHF 64 million.
The company remains well on track towards its synergy target and now expect to achieve CHF 100 million by the end of 2026.
Beyond cost synergies, commercial integration is gaining traction. Joint go-to-market initiatives, coordinated vendor engagement and cross-selling across IT cost management, software & cloud, cloud services and data & AI are contributing to an expanding combined pipeline. The focus in 2026 will shift increasingly towards the full value realization, including completion of system integration, global process alignment, and execution of the unified vendor and Channel strategy.
Statement regarding unfounded allegations
In December 2025, SoftwareOne has been informed that the Zurich Public Prosecutor’s Office is 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 in the first half of 2024, following allegations raised by a third party. SoftwareOne is not under investigation. Extensive internal and external reviews commissioned by the Board of Directors concluded that the allegations are without merit.
Specifically, Internal Audit performed a retrospective assessment of the trade receivables and related provisions recognized in the first half of 2024 and concluded that they were accurately recorded. The assessment also confirmed that the provisions were appropriate and consistent with subsequent write-offs and provisions.
The statutory audit of the 2025 full-year accounts, which included a focused review of revenue recognition and the provisioning of overdue trade receivables, provided further independent assurance regarding the appropriateness of the provisions recognized in the 2024 accounts and their compliance with applicable standards.
These reviews therefore refute the allegations and confirm that the trade receivables and related provisions for the first half of 2024 were correctly recorded in SoftwareOne’s financial statements.
The company has shared the clear and consistent findings of these reviews with the relevant authorities and will continue to fully cooperate with them. The market will be updated should any material developments arise.
Change in HR leadership
SoftwareOne today also announced that Julia Braun, member of the Executive Board and Chief Human Resources Officer, will no longer serve in this role due to a medical condition. The Board of Directors regrets this development and thanks Julia Braun for her valuable contribution to the Company. Nina Janorschke has been appointed as new Chief Human Resources Officer. She has been with SoftwareOne and Crayon for over ten years, holding a range of local and global HR business partner roles and leading cultural and engagement initiatives. She will report to Co-CEO Melissa Mulholland, ensuring continuity in the company’s global people strategy, and will not be a member of the Executive Board.
Outlook for combined company
SoftwareOne provides full-year 2026 guidance as follows:
- Mid-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
In terms of cost synergies, SoftwareOne now expects to deliver CHF 100 million of run-rate synergies by the end of 2026, reflecting confidence in reaching the upper end of the previously communicated range.
2026 growth expectations reflect the structural shift from traditional licensing models towards cloud-based subscription and consumption-driven solutions, combined with broader multi-vendor expansion. Growth in Services is expected to be driven by customers’ increasing need to optimize complex cloud environments, manage software estates more efficiently, and unlock value from data & AI.
Use of treasury shares
Regarding 4,398,263 registered shares repurchased from the market in the share buyback program completed on 22 November 2024, the company has decided to not cancel these shares but instead use them for purposes of its own share-based remuneration programs.
