Like-for-like combined figures, unless otherwise noted
Key figures Group
| CHFm |
H1 2026 |
H1 2025 |
% Δ |
% Δ (CCY) |
Q2 2026 |
Q2 2025 |
% Δ |
% Δ (CCY) |
| Total revenue |
818.3 |
759.1 |
7.8% |
11.6% |
430.6 |
396.2 |
8.7% |
10.4% |
| Delivery costs |
(246.2) |
(247.2) |
(0.4)% |
3.2% |
(126.5) |
(121.4) |
4.2% |
5.0% |
| Contribution margin |
572.1 |
511.9 |
11.7% |
15.6% |
304.1 |
274.8 |
10.7% |
12.8% |
| Contribution margin (% of revenue) |
69.9% |
67.4% |
2.5pp |
- |
70.6% |
69.4% |
1.3pp |
- |
| SG&A |
(368.2) |
(357.2) |
3.1% |
6.9% |
(179.7) |
(182.0) |
(1.2)% |
0.3% |
| Adj. EBITDA |
203.8 |
154.7 |
31.7% |
35.5% |
124.4 |
92.9 |
33.9% |
37.3% |
| Adj. EBITDA margin (% revenue) |
24.9% |
20.4% |
4.5pp |
- |
28.9% |
23.4% |
5.4pp |
-
|
| |
|
|
|
|
|
|
|
|
| Reported OPEX |
(632.9) |
(637.0) |
(0.6)% |
- |
(316.2) |
(315.9) |
0.1% |
- |
| Reported EBITDA |
185.4 |
120.1 |
54.4% |
- |
114.4 |
79.2 |
44.3% |
-
|
| Reported EBITDA margin (% revenue) |
22.7% |
15.9% |
6.8pp |
- |
26.6% |
20.1% |
6.5pp |
-
|
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
| CHFm |
H1 2026 |
H1 2025 |
% Δ (CCY) |
Q2 2026 |
Q2 2025 |
% Δ (CCY) |
| DACH |
180.4 |
172.5 |
6.8% |
93.7 |
90.4 |
5.3% |
| WEMEA |
169.9 |
157.6 |
11.7% |
90.6 |
82.5 |
12.3% |
| APAC |
151.0 |
131.1 |
23.0% |
84.0 |
68.5 |
27.0% |
| NORDICS |
133.5 |
106.6 |
26.0% |
65.1 |
54.0 |
19.6% |
| NORAM |
92.6 |
92.7 |
8.6% |
49.9 |
48.4 |
7.5% |
| LATAM |
49.3 |
46.0 |
6.9% |
25.5 |
23.2 |
4.6% |
| CEE |
42.2 |
37.7 |
16.7% |
22.9 |
20.2 |
15.4% |
| Group, FX and Other |
(0.7) |
14.9 |
- |
(1.2) |
9.0 |
- |
| Group revenue |
818.3 |
759.1 |
11.6% |
430.0 |
396.2 |
10.4% |
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.