Solid growth in the cloud // Pinnacle Award 2025 // Geopolitical environment leads to project delays despite strong pipeline // Forecast confirmed

Solid growth in the cloud // Pinnacle Award 2025 // Geopolitical environment leads to project delays despite strong pipeline // Forecast confirmed

Unaudited results:

• Sales rise only slightly to EUR 257.6 million due to move to the cloud (prior year: EUR 256.6 million)
• Solid growth in cloud services up 5%
• Geopolitical uncertainties lead to project postponements in the CORE segment and cautious investment decisions in the LOB segment
• Recurring revenues increase by 2%; Share of recurring revenues increases to 52% (prior year: 51%)
• Continued high demand for transformation projects to SAP S/4HANA – Solid order pipeline
• EBIT before M&A effects (non-IFRS) down 21% to EUR 14.0 million incl. one-time effects from severance payments and redundancies (prior year: EUR 17.7 million); EBIT margin before M&A effects (non-IFRS) at 5.4% (prior year: 6.9%)
• Dividend increases by EUR 0.15 to EUR 1.60 per share (payout ratio: 42%)
• SAP Pinnacle Award »Sales Success Midmarket«, SAP's highest accolade, confirms All for One's outstanding position in the increasingly high-end midmarket segment
• Expanded offering for cybersecurity and AI integration
• Forecast for 2024/25 financial year confirmed

Filderstadt, 12 May 2025 – All for One Group SE, a leading international IT, consulting and service provider focusing on SAP solutions and services, published its unaudited results for the period from 1 October 2024 to 31 March 2025 today. As a result, the company’s sales of EUR 257.6 million in the 1st half of the 2024/25 financial year were slightly higher than the prior-year level (Oct 2023 – Mar 2024: EUR 256.6 million). Sales were largely driven by the business with migration projects to SAP S/4HANA in the CORE segment and the ongoing transition from the previous resell model to a higher-margin cloud-based commission model. In addition, the uncertain geopolitical situation and the economic slowdown have led to delays in project starts, despite a good pipeline.

While customers recognise the need to adopt or migrate to cloud solutions, there are also delays in finalising the migration order and starting the project, with correspondingly lower consulting revenues and capacity utilisation. In the LOB segment, changes in pricing and the range of solutions for SAP's customer experience solutions are also leading to weaker demand.

The uncertainty among customers is also having an impact on earnings, with contracts being postponed until the next quarter. At EUR 14.0 million, EBIT before M&A effects (non-IFRS) in the reporting period was 21% below the prior year (Oct 2023 – Mar 2024: EUR 17.7 million). This includes one-time effects from severance payments and redundancies of EUR 2.0 million as a result of the new corporate organsiation introduced in October. The EBIT margin before M&A effects (non-IFRS) for the period from October 2024 to March 2025 was 5.4%, compared to 6.9% in the prior-year period. The share of recurring revenues rose to 52%, compared to 51% in the prior-year period. Cloud services revenues continued to reflect the ongoing trend towards the cloud (up 5% to EUR 73.9 million).

»We are increasingly experiencing a two-tier market: on the one hand, the high demand for SAP transformations and the widespread interest in solutions for migrating to SAP's cloud offering. On the other hand, there is a growing reluctance to make new investments in the IT landscape. The persistently poor economic situation is leading more and more companies to postpone or stretch out investment projects if they do not affect the core business«, says Michael Zitz, CEO of All for One, explaining the development in the first six months of the current financial year.

With sales of EUR 230.1 million (Oct 2023 – Mar 2024: EUR 227.1 million), the CORE segment was slightly below expectations. EBIT before M&A effects (non-IFRS) was EUR 13.0 million (Oct 2023 – Mar 2024: EUR 14.6 million), with an EBIT margin before M&A effects (non-IFRS) of 5.7% (Oct 2023 – Mar 2024: 6.4%).

The LOB segment, with its lines of business solutions, is particularly affected by the current economic downturn. Customers are focusing their investments on ERP migration and core software functionality. Topic-specific solutions are currently being put on the back burner. Segment sales decreased by 2% to EUR 36.7 million in the reporting period (Oct 2023 – Mar 2024: EUR 37.6 million) and EBIT before M&A effects (non-IFRS) at EUR 0.9 million (Oct 2023 – Mar 2024: EUR 3.1 million) and a margin of 2.5% (Oct 2023 – Mar 2024: 8.2%) were below expectations.

The equity ratio as of 31 March 2025 was 33% (30 Sep 2024: 32%). At the reporting date the company employed 2,723 people (31 Mar 2024: 2,786).

»The last three months have been difficult, decision-makers are uncertain. Demand is still very high, but there is a reluctance to award projects. We are well equipped to meet these challenges. We are in a solid financial position and have continued to strengthen our market position, which will benefit us in this environment. The Pinnacle Award 2025 shows that the SAP ecosystem also recognises this«, says Stefan Land, CFO of All for One.

Business AI on the rise

Artificial intelligence continues to move to the forefront of business management IT solutions. SAP is expanding its offering with its own AI assistant, Joule. Joule is an AI agent that executes complex workflows across different parts of the business with the highest precision. All for One is expanding its services to help customers integrate and apply SAP and Microsoft Embedded AI to their business processes from the outset. Customised AI solutions for customers and an even greater business impact are also becoming more of a business focus.

All for One is also expanding its offering in other areas: In spring, a partnership was signed with SECUINFRA, a specialist in the detection and prevention of cyber attacks. In future, organisations will be able to integrate an external Security Operations Centre (SOC) into their IT security architecture. The SOC, which is available around the clock, offers managed detection and response services to help medium-sized companies with Microsoft infrastructures meet security requirements such as NIS-2. While All for One is responsible for consulting, planning and construction, SECUINFRA is in charge of operations.

All for One is also cooperating with FORCAM ENISCO, a smart factory expert. Together, they are creating end-to-end SAP-based IT architectures that help manufacturing companies create sustainable value through data-driven processes.

SAP Pinnacle Award and five awards as part of the SAP Diamond Initiative

All for One confirmed its position as an outstanding SAP consulting and service provider with a number of awards during the reporting period. The prestigious SAP Pinnacle Award in the »Sales Success Midmarket« category recognises All for One's decades of experience in the increasingly high-end midmarket, and the SAP® MEE Partner Excellence Award 2025 confirms All for One's outstanding cloud performance as a leading SAP Cloud Partner for Business Transformation. All for One has also been recognised five times for outstanding partner performance as part of the SAP Diamond Initiative.

All for One's positioning as a high-dividend company was confirmed at the 2025 annual general meeting, which took place on 18 March 2025. The shareholders present approved the payment of a dividend of EUR 1.60 per share – the highest dividend in the company's history.

Continuation of growth path: 2024/25 forecast confirmed

Although the first half of the year did not meet expectations overall, the management board is maintaining its forecast for the 2024/25 financial year. Based on current knowledge and against the backdrop of a continued robust and strong order situation, the extensive project pipeline and a growing customer base, the management board continues to expect revenue growth of between EUR 525 million and EUR 540 million in financial year 2024/25 (2023/24: EUR 511.4 million), with sales volume expected to be at the lower end. EBIT before M&A effects (non-IFRS) is expected to be between EUR 36.5 million and EUR 40.5 million (2023/24: EUR 34.0 million). The impact of the transformation from an on-premise business (resell model) with the sale of licences and maintenance contracts to a commmission-based cloud model have been taken into account in the forecasts.

All for One Group also anticipates robust, organic sales growth in the mid-single-digit percentage range in the coming years, complemented by inorganic growth in promising portfolio areas and markets. The EBIT margin before M&A effects (non-IFRS) is expected to exceed 8% in the financial year 2025/26.

All for One Group SE will be publishing the full half-year financial report 2024/25 on 15 May 2025.

About All for One Group SE

Turning technology into business success

All for One is a leading international IT consulting and service provider focusing on SAP. As the world's leading SAP partner for SAP transformations in the midmarket and SAP Cloud Business, the industry specialist supports its customers – including global players, hidden champions and world market leaders – in transforming their businesses. Around 3,000 experts use RISE & GROW with SAP as a digital platform and integrated, AI-based cloud solutions to digitalise business processes, automate workflows and rethink services. More than 4,000 midmarket customers in Germany, Austria, Poland and Switzerland rely on the combination of many years of midmarket experience, SAP expertise and industry and process know-how. All for One's core industries are mechanical and plant engineering, the automotive supply industry, life sciences, wholesale and professional services.

In financial year 2023/24, All for One generated sales of EUR 511 million. The company is headquartered in Filderstadt near Stuttgart and is listed on the Prime Standard of the Frankfurt Stock Exchange.

www.all-for-one.com/ir-english