SoftwareOne-Strong Q1 update, ’26 guidance uplift and synergies ahead-05/12/2026

Research evidence excerpt

SoftwareOne-Strong Q1 update, ’26 guidance uplift and synergies ahead-05/12/2026

SoftwareOne

NEWSFLASH | 12 MAY 2026

Strong Q1 update, ’26 guidance uplift and synergies ahead

SWON delivers a strong Q1’26 update, with revenue of CHF 388m (+13% organic CCY), +2/4% ahead PAS/Cons. Q1 growth

was broad-based, with all business units and geographies up y/y. Critically, NORAM grew +10% y/y, with an inflection for

the region finally materializing, and Services delivering +15% y/y growth, pointing towards accelerating demand for CSP-

and AI-related services. EBITDA adj. came in at CHF 79m (+11/8% ahead PAS/Cons), while adjustments fell to CHF 8m,

bringing reported EBITDA do CHF 71m (+74% y/y), a structural positive. SWON raises its ‘26e growth outlook from mid- to

high-single-digits organic CCY growth, while EBITDA adj. margins are reiterated to >23%. Realized synergies are now stated

at CHF >80m per May, further adding confidence in synergy realization and estimates ahead. The report calls for preliminary

~5% positive EBITDA adj. revisions, but we expect a positive share reaction beyond this given current valuation of ~14-16%

‘27/28e FCF-yield. We currently have a BUY TP CHF 12.

Deviation table Q1’26 update:

Actuals Q1'26e Dev (%)

SoftwareONE Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 PAS Cons PAS Cons

Software & Cloud Direct CHFm 154 190 140 188 154 159 157 -3% -2%

Software & Cloud Channel " 32 27 31 30 40 35 34 15% 20%

Software & Cloud Services " 177 179 173 197 194 188 180 3% 8%

Total Revenue " 363 396 344 415 388 381 373 2% 4%

COGS & Opex " (322) (317) (302) (334) (317) (327) - -3% n.a

EBITDA " 41 79 42 81 71 55 - 29% n.a

Adjustments " 21 14 23 17 8 17 - -49% n.a

Adjusted Opex " (301) (303) (279) (318) (308) (310) (300) -1% 3%

EBITDA adj. " 62 93 65 97 79 71 73 11% 8%

Key Metrics (pp)