Report published August 26, 2026
SoftwareONE (SWON) 1H26 Results: Earnings Beat and Guidance Confirmation by Zürcher Kantonalbank
Source and citation context
- Issuer
- Zürcher Kantonalbank
- Report date
- August 26, 2026
- Analysis as of
- Not stated in source
Authors / editors: Christian Bader (Lead Analyst)
Finvaulta summarizes Zürcher Kantonalbank's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
SoftwareONE reported 1H26 adjusted EBITDA of CHF 204 mn, beating consensus on stronger software and services margins and early realization of CHF 100 mn in Crayon synergies. ZKB reiterates its Outperform rating with an unchanged DCF fair value of CHF 10.4 per share.
Key Takeaways
- 1.SoftwareONE's 1H26 results exceeded expectations with revenue of CHF 818 mn (+68% YoY) and adjusted EBITDA of CHF 204 mn (25% adjusted margin vs 24% consensus), driven by Services segment revenue and better margins across Software and Services.
- 2.Management confirmed FY26 guidance of mid-to-high single-digit LFL revenue growth (vs pro forma CHF 1,518 mn in 2025) and an adjusted EBITDA margin above 23%.
- 3.The company has realized the full CHF 100 mn run-rate cost synergies from the Crayon acquisition ahead of schedule and identified an additional CHF 5–10 mn of synergy potential for 2H26.
Table of Contents
- SoftwareONE (SWON)
- Outlook
- Conclusion
- Disclosures and Disclaimer
- Recording of remote business communications
- Financial analysts' statement
- Disclosure of conflict of interests
- Disclosure of further conflicts of interest
- List of all ratings of the last 12 months
- Recommendation distribution of the companies in the Swiss research universe
- Fact check
- Explanation of the rating system
- Methodology
- Updates
- Citation of sources
- Competent supervisory authority
- Miscellaneous legal information
- Publications on request
- Use abroad
- Additional information for UK clients
- Additional information for U.S. Persons
- Additional information for persons in the Abu Dhabi Global Market, United Arab Emirates
Report data
1H26 Financial Results Summary vs Consensus and Prior Year
| Metric | Estimate | Context |
|---|---|---|
| 1H26 Revenue | 818 CHF mn | Reported revenue compared with consensus of CHF 811 mn and 1H25 of CHF 488 mn. |
| 1H26 Adjusted EBITDA | 204 CHF mn | Adjusted EBITDA beating consensus of CHF 191 mn. |
| 1H26 Adjusted EBITDA Margin | 25% | Adjusted margin exceeding consensus estimate of 24%. |
| 1H26 GAAP Net Profit | 54 CHF mn | In line with consensus of CHF 53 mn due to a 42% tax rate. |
| Crayon Cost Synergies Realized | 100 CHF mn | Run-rate cost synergies achieved ahead of schedule from the merger with Crayon. |
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Authors / Editors
Reported Data Context
- 1H26 Revenue: 818 CHF mn (1H26) · Source: Zürcher Kantonalbank
- 1H26 Adjusted EBITDA: 204 CHF mn (1H26) · Source: Zürcher Kantonalbank
- 1H26 Adjusted EBITDA Margin: 25 % (1H26) · Source: Zürcher Kantonalbank
- 1H26 GAAP Net Profit: 54 CHF mn (1H26) · Source: Zürcher Kantonalbank
- Crayon Cost Synergies Realized: 100 CHF mn (1H26) · Source: SoftwareONE
Securities
Themes
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