SoftwareONE (SWON.S): Zürcher Kantonalbank Reaffirms Outperform Rating Following 1H26 Webcast

Zürcher Kantonalbank reiterates its 'Outperform' rating on SoftwareONE following positive 1H26 webcast feedback regarding operational improvements and cost control. While 1H26 growth was boosted by customer purchase pull-forwards ahead of Microsoft price increases, ZKB considers the unchanged full-year guidance conservative.

Key Takeaways

• 1.ZKB reaffirms its Outperform rating on SoftwareONE following impressive 1H26 webcast feedback highlighting greater cost savings and improved net working capital under new CEO Raphael Erb.
• 2.1H26 reported revenue growth of 11.6% (adjusted pro forma ~7.6%) benefited by ~4% from customers pulling forward purchases ahead of Microsoft's July price hikes.
• 3.Unchanged FY26 constant-currency pro forma revenue growth guidance of mid- to high-single digits is viewed as conservative, leaving room for consensus FY26/FY27 EBITDA upward revisions in 2H26.

Table of Contents

• SoftwareONE
• Things are going well, hence we reaffirm our "Outperform" rating
• Executive Summary
• Guidance 2026 – our assessment
• Conclusion
• Recommendation
• Analyst team
• Disclosures and disclaimer
• Recording of remote business communications
• Financial analysts' statement
• Personal account trading by financial analysts
• Participation in capital market transactions
• Shareholdings of Zürcher Kantonalbank
• Relationship with the Canton of Zurich
• Net purchase and net sales positions of Zürcher Kantonalbank
• Disclosure of large loans
• Paid equity research
• Disclosure of further conflicts of interest
• List of all ratings of the last 12 months
• Rating distribution of companies in the Swiss Research Universe
• Relevant equity and real estate fund recommendation changes in the last 12 months
• Relevant credit rating changes / outlook changes in the last 12 months
• 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

Key figures extracted from this report — as of August 25, 2026.

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