SOFTWAREONE (=) : CMD 2026: ambitious 2030 targets, SWON is back on track

研报英文原文证据摘录

SOFTWAREONE (=) : CMD 2026: ambitious 2030 targets, SWON is back on track

EQUITIES

IT SERVICES

SOFTWAREONE NEUTRALPRICE* CHF8.8  TARGET PRICE CHF9 (UPSIDE 3%)

FLASH NOTE

CMD 2026: ambitious 2030 targets, SWON is back on track

9 JUNE 2026 Securities Research Report Production time: 06:31* (London time)

Research Analyst & Publishing Entities

Ines Mao BNP Paribas London Branch +44 207 595 6564 ines.mao@uk.bnpparibas.com

What happened?

SoftwareOne unveils 2030 financial targets ahead of its CMD. The equity story is reshuffling for better after two quarters

of growth inflection, improved earnings quality (adj. EBITDA) and integration of Crayon.

SWON now targets HSD% revenue CAGR, further adjusted EBITDA margin expansion above 28% (from >23% guided

in FY26) and >60% FCF conversion.

While underlying earnings quality remains a focus (adjustments to EBITDA and factoring of receivables impacting cash

metrics) – we view today’s announcements as a net positive for SWON.

Press release here, CMD starting at 2pm CET/ 1pm BST.

BNPP View:

– Targeted group revenue CAGR of HSD% through 2030 is a positive surprise, implying Co. is able to sustain

FY26 growth guidance (HSD% in ccy) beyond easy Y/Y comps and idiosyncratic recovery in NORAM and

Nordics.

o AI is the key long-term tailwind mentioned by the company, as creating more risk (need for services)

and complexity (software migration, deployment…).

o We believe growth will increasingly rely on Services going forward, and Co. indications on

increasing wallet share (and potentially services attach rate to each seat sold or license upgrade) is a

net positive: “SoftwareOne is exceptionally well equipped, to capture a growing share of customer

technology spend across software, cloud and AI.

– Adj.