SoftwareONE Holding AG reported an adjusted EBITDA margin of 24.9% for the first half of 2026, a 4.5 percentage-point increase from 20.4% in the same period a year earlier, as cost synergies from the Crayon acquisition outpaced initial projections.
The company’s share price rose 12.96% to $9.77 following the presentation, approaching its 52-week high of $9.80. Adjusted EBITDA totaled CHF 185.4 million, more than doubling from CHF 88.9 million in H1 2025, while net profit increased to CHF 54.3 million from CHF 9.9 million.
Run-rate cost synergies from the Crayon integration reached CHF 100 million, achieved six months ahead of schedule, with an additional CHF 5–10 million expected in the second half of 2026. IFRS revenue grew 68.2% year-over-year to CHF 818.3 million, driven by combined like-for-like growth of 11.6% on a constant currency basis.
Segment performance showed significant divergence, with the Software & Cloud Channel unit reporting a 57.2% adjusted EBITDA margin on revenue of CHF 76.9 million, while the larger Software & Cloud Services segment generated CHF 404.6 million in revenue with an 8.5% margin. The Software & Cloud Direct segment posted CHF 336.8 million in revenue but saw a 1.5% decline year-over-year, with a 50.8% margin.
Regional revenue growth ranged from 6.8% in DACH to 26.0% in the Nordics. Integration costs totaled CHF 18.4 million in H1 2026, down from CHF 29.7 million a year earlier, bringing cumulative expenses to CHF 42.3 million. Total integration costs are now expected to reach CHF 75–85 million by the end of 2027, lower than the initial CHF 80–100 million range.
Cash generation remained robust, with operating cash flow of CHF 271.6 million and free cash flow of CHF 211.7 million. The company maintained a 69% cash conversion rate, exceeding its target of over 60%. Net debt stood at CHF 408.0 million as of June 30, 2026, with a leverage ratio of 1.1x adjusted EBITDA.
For the full year 2026, SoftwareONE reaffirmed guidance for mid- to high-single-digit revenue growth on a combined like-for-like constant currency basis, an adjusted EBITDA margin above 23%, and cash conversion exceeding 60%. The company also maintained its dividend payout policy of 30–50% of adjusted profit.
Longer-term, SoftwareONE set a 2030 target for a reported EBITDA margin of greater than 28%, driven by AI and automation efficiencies, scaling of the channel business, and a shift in the services business mix.
