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• Sales fall slightly from EUR 511.4 million to EUR 503.7 million
• Share of recurring revenue from consulting and services rises to EUR 265.7 million; accounting for 53% of revenue
• Comprehensive order confirms All for One Group’s position as a leading consulting and service provider for SAP
• EBIT margin before M&A effects (non-IFRS): 5.2% (2023/24: 6.7%);
  EBIT before M&A effects (non-IFRS): EUR 26.0 million (2023/24: EUR 34.0 million)
• Forecast: EBIT margin before M&A effects (non-IFRS) expected to rise to 5.5% – 6.5% in financial year 2025/26

All for One Group SE, a leading international IT, consulting and service provider focusing on SAP solutions and services, published its preliminary and unaudited results for the period from 1 October 2024 to 30 September 2025 today. With an EBIT margin before M&A effects (non-IFRS) of 5.2% (2023/24: 6.7%) and a sales volume of EUR 503.7 million (2023/24: EUR 511.4 million), the results are in the lower range of the forecast revised in July (revenue of EUR 505 million – EUR 520 million and EBIT margin before M&A effects (non-IFRS) between 5% and 6%).

The 2024/25 financial year was characterised by a weak economy in Germany and Europe, which resulted in companies being reluctant to invest. While All for One’s comprehensive pipeline indicates significant interest among midmarket businesses in switching to future-proof business software, companies are holding back on implementation.

Cloud services revenues continued to develop positively, benefiting from the trend towards the cloud. In the reporting period, the resulting revenues increased by 4% from EUR 142.2 million to EUR 148.3 million. Revenue from licences and commissions declined by 20% to EUR 26.7 million in the reporting period, clearly demonstrating the foreseeable replacement of the classic SAP ERP by the cloud-based SAP S/4HANA solution. Recurring revenue amounted to EUR 265.7 million (up 1%).

The expected economic upturn following the general election has yet to materialise. Although our pipeline is developing positively and ongoing projects are being implemented, the overall number of concrete projects for SAP S/4HANA migration remains unsatisfactory. »Despite the obvious challenges posed by the discontinuation of support for older SAP software, companies remain cautious about investing«, says Michael Zitz, CEO of All for One, explaining the Group’s development.

EBIT before M&A effects (non-IFRS) for the Group was EUR 26.0 million, down from the previous year (2023/24: EUR 34.0 million). This includes one-off effects amounting to EUR 3.3 million from severance payments and redundancies as a result of the new corporate organisation introduced in October 2024. The corresponding EBIT margin before M&A effects (non-IFRS) was 5.2% (2023/24: 6.7%). The result for the period was down on the previous year at EUR 11.4 million (2023/24: EUR 18.3 million), and earnings per share fell by 37% to EUR 2.32 (2023/24: EUR 3.70).

The equity ratio as of 30 September 2025 increased to 33% (30 Sep 2024: 32%). At 2,653, the number of employees as of 30 September 2025 was below the prior-year level (30 Sep 2024: 2,810).

Stefan Land, CFO of All for One: »We cannot escape the weak economic climate. Although midmarket businesses are very willing to invest and generate efficiency through digitalisation, uncertainty continues to slow down decisions on important investments. Our own transformation process is proceeding according to plan, and we are currently able to further improve our operating margin even without significant growth. We are on the right track. With the promissory note loans issued in October, we have also strengthened our financial resources for an active M&A strategy.«

Market environment weighs on segments despite interest in migrations

Despite the short-term postponement of potential orders and a lower number of new ERP migration contracts, the CORE segment generated revenue of EUR 448.3 million (2023/24: EUR 452.4 million), EBIT before M&A effects (non-IFRS) of EUR 21.7 million (2023/24: EUR 27.0 million), and a margin of 4.9% (2023/24: 6.0%). The CORE segment has created a solid basis for future growth, ready for when the economic environment recovers.

In the LOB segment the demand for employee experience and business analytics remained stable but was generally subdued. The customer experience segment fell well short of the target and continues to reflect SAP’s current pricing and versioning policy. Price increases, new product developments, and fundamental architectural revisions have led companies to adopt a wait-and-see approach. Revenue decreased by 4% to EUR 72.8 million (2023/24: EUR 76.1 million). Although EBIT before M&A effects (non-IFRS) of EUR 4.2 million (2023/24: EUR 7.1 million) achieved a margin of 5.8% (2023/24: 9.3%), this is significantly below the actual potential.

Cloud migration as a driver and door opener

In the past financial year, All for One Group pushed ahead with its own transformation into a full-service provider of SAP solutions for the upper mid-market. Customers receive integrated end-to-end services from ERP implementation and migration to ongoing consulting and support services from a single source. Another component is solutions for specific applications in individual specialist areas, such as employee experience, business analytics, and customer experience. This trend towards cloud-based solutions enables ongoing innovation and enhancement.

For the All for One Group, the IT services market is characterised by SAP’s announcement that it will largely stop supporting on-premises solutions after 2027. Furthermore, new solutions and enhancements, such as AI, will only be available in the cloud. This means that many companies still working with older on-premises solutions will need to take action. There are transformation offerings available that are specifically designed for the requirements of midmarket businesses. Implementation and migration form the basis of All for One Group’s long-term consulting and service offerings. Expanding business with our own products will also generate additional business at all levels. Providing our own solutions that complement SAP solutions will make All for One more independent and profitable, while also providing customers with access to specialised solutions.

In the first half of 2025, SAP launched its Business Suite in the public cloud sector. The software group now offers a fully integrated suite to replace its previously isolated products, providing companies with a clear advantage in their digital transformation efforts. The SAP Business Suite links applications and provides end-to-end mapping of process chains, achieving seamless integration of applications and data. Integrated applications include the SAP Cloud ERP (Cloud ERP Business Apps), the group’s AI solutions (SAP Business AI), and the new SAP Business Data Cloud, which is based on the SAP Business Technology Platform. The applications around the ERP core are modular.

SAP’s new offering thus directly contributes to the business model of All for One Group. Following the switch to the modern cloud-based ERP system, All for One’s strategic approach to building long-term partnerships with customers precedes the modular approach of the suite solution. Furthermore, All for One has established an exceptional position among SAP partners in migrating to SAP S/4HANA and providing ongoing consulting services, as demonstrated by the numerous awards received and successfully completed projects.

Strengthening growth through internationalisation and M&A

Mergers and acquisitions (M&A) are a highly relevant topic, particularly with regard to opening up new markets and developing our own products, and the focus is on strategic fit.

Michael Zitz, CEO of All for One, says: »We are now very well positioned and scalable. During a period of weakness in the domestic market, we are focusing on geographical expansion and growth with our own products. The targeted acquisition of companies to deepen or extend our value chain is also part of our strategy. The newly established operating model creates the conditions for rapid integration.«

Forecast

Due to the current uncertain geopolitical situation and economic climate, delays and fluctuations in contract signings and project launches are still to be expected. Nevertheless, All for One is confident that it is well positioned to overcome the challenges of the market.

Based on current knowledge and assuming a continued robust and healthy order situation and a stable and broad customer base, the management board expects sales for the 2025/26 financial year to be between EUR 500 million and EUR 530 million (2024/25: EUR 503.7 million). The EBIT margin before M&A effects (non-IFRS) is expected to be in a range between 5.5% and 6.5% (2024/25: 5.2%).

Despite the challenging economic situation in All for One’s core markets, the management board anticipates a sustained increase in the EBIT margin before M&A effects (non-IFRS) for the 2026/27 financial year. All for One Group SE will publish its final consolidated financial statements for the 2024/25 financial year, along with its sustainability report, at the financial statements press conference on 15 December 2025.