SoftwareOne Q126 beat and raise; broad-based growth improvement supported by recovery in NORAM

研报英文原文证据摘录

SoftwareOne Q126 beat and raise; broad-based growth improvement supported by recovery in NORAM

J P M O R G A N Europe Equity Research

12 May 2026

SoftwareOne Neutral

SWON.S, SWON SW

Q126 beat and raise; broad-based growth improvement Price (11 May 26):CHF7.24

supported by recovery in NORAM Price Target (Dec-27):CHF7.50

Our Take: SoftwareOne has reported a strong set of Q126 results, with YoY cc European Tech Software & IT

revenue growth of ~12.9% (vs. consensus of ~6.5%) and adj. EBITDA 12% ahead Services

of expectations. The outperformance appears to have been broad-based across the Joseph George AC

regions, with NORAM (USA & Canada) also recovering to growth after a (44-20) 3493-6990

protracted period of underperformance. The level of earnings adjustments is also joe.george@jpmorgan.com

notably lower than in previous quarters. Growth guidance for FY26 has been raised J.P. Morgan Securities plc

(from MSD to M-HSD YoY cc %), which should support upgrades to estimates. Toby Ogg

Management highlighted that the outperformance ultimately reflects a structural (44-20) 7742-3278

toby.ogg@jpmorgan.com

shift in customer spending from traditional software licensing models towards J.P. Morgan Securities plc

cloud-based (both subscription and consumption-based) solutions. Overall, we Giulio Gambardella

expect the shares to outperform today. (44-20) 3493-4181

giulio.gambardella@jpmorgan.com

• Noteworthy Areas: 1) Group revenue was CHF ~388m in Q126 representing J.P. Morgan Securities plc

12.9% YoY cc growth. 2) Software & Cloud Direct sales of CHF ~154m in Priya R Suneja

Q126 represent 5.8% YoY cc growth. 3) Software & Cloud Channel sales of (91-22) 6157 4721

CHF ~40.4m in Q126 represent 37.3% YoY cc growth. 4) Software & Cloud priya.suneja@jpmchase.com