SoftwareONE: Renewal-led beat, turnaround pending

研报英文原文证据摘录

SoftwareONE: Renewal-led beat, turnaround pending

Deutsche Bank

Research

Rating Company Date

Hold SoftwareONE 21 May 2026

Europe Reuters Bloomberg Rating Hold

Switzerland SWON.S SWON SW Price target (CHF) 8.50 Price at 20 May 26 8.44

52-week range 9.07 – 5.92

Technology

IT Software & Services Valuation & Risks

Renewal-led beat, turnaround pending

Nooshin Nejati

Strong start, but not yet a clean turnaround story Research Analyst

+49-69-910-61797 SoftwareOne reported strong Q1 results with revenue up 12.9% cc, ahead of

expectations, supported by early renewals ahead of Microsoft pricing changes; Johannes Schaller

excluding this effect, underlying growth would have been ~8.5% cc. The impact Research Analyst

was most pronounced in Channel, with some spillover into Direct, while Services +49-69-910-31731

remained structurally driven. Adjusted EBITDA also came in ahead of

Nicolas Herms expectations, with a margin of 20.5%, reflecting solid operational delivery. The Research Analyst

company raised its FY26 guidance from mid-single digit to mid- to high-single +49-69-910-13052

digit growth while keeping the margin outlook unchanged, marking the first

guidance raise since IPO, which in our view is a clear positive signal on execution Kunal Gupta

and momentum. That said, we do not view this as a clean set of results given the Research Associate

renewal-driven uplift, and while we acknowledge the improving trajectory, we Yusuf Jamal

would need to see a few more quarters of consistent delivery to fully associate Research Associate

this with a sustained turnaround. We have updated our model and raised our

FY26 EPS by 1.3%.

Momentum improving, but sustainability hinges on mix and normalization Key changes