SoftwareONE Holding AG reported a surge in profitability for the first half of 2026, with adjusted EBITDA margin expanding to 24.9% from 20.4% a year earlier, as cost synergies from the Crayon acquisition exceeded expectations.
The Swiss software services provider posted CHF 818.3 million in IFRS revenue for the six months ended June 30, 2026, up 68.2% year-over-year. On a like-for-like constant currency basis, revenue grew 11.6%, while adjusted EBITDA more than doubled to CHF 185.4 million from CHF 88.9 million in H1 2025. Net profit rose to CHF 54.3 million from CHF 9.9 million.
Cost synergies from the Crayon integration reached CHF 100 million in run-rate savings, six months ahead of schedule, with an additional CHF 5–10 million expected in the second half of 2026. Integration expenses totaled CHF 42.3 million through June, while total expected costs by fiscal 2027 were revised down to CHF 75–85 million from an initial CHF 80–100 million range.
Adjusted operating expenses increased modestly to CHF 614.5 million from CHF 604.4 million, offset by CHF 37 million in cost synergies, CHF 22 million in personnel expense inflation, CHF 18 million in performance-related compensation, and CHF 10 million in growth investments.
Revenue growth was led by the Software & Cloud Services segment, which generated CHF 404.6 million, up 17.4% year-over-year, though its adjusted EBITDA margin remained at 8.5%. The Software & Cloud Channel segment posted CHF 76.9 million in revenue with a 57.2% margin, while Software & Cloud Direct reported CHF 336.8 million in revenue and a 50.8% margin.
Regional performance varied, with Asia-Pacific and the Nordics leading growth at 23.0% and 26.0% year-over-year, respectively. North America and DACH (Germany, Austria, Switzerland) grew 8.6% and 6.8%, respectively.
The company maintained its full-year 2026 guidance, targeting mid- to high-single-digit like-for-like constant currency revenue growth and an adjusted EBITDA margin above 23%. Cash conversion is expected to exceed 60%, while net debt stood at CHF 408.0 million as of June 30, 2026, with leverage at 1.1x LTM adjusted EBITDA.
Long-term targets include a reported EBITDA margin exceeding 28% by 2030, driven by AI and automation efficiencies, channel business scaling, and services mix shifts. Capital expenditures are projected to rise to 7–8% of revenue in 2027–2028 to support platform and IT investments.
