ALSO lifts 2025 profit, raises dividend, eyes growth

ALSO reported record results for 2025, with EBITDA up 22% to 286 million euros and revenue rising 39% to 15.2 billion euros.

The technology provider also posted higher returns and a larger cash position. Return on capital employed reached 16.1%, or 25.2% on an adjusted basis. Cash increased 14% to 830 million euros.

Cloud remained a key growth driver. Cloud revenue rose 38% year on year to 1.6 billion euros, while unique users increased 34% to 5.9 million.

Dividend proposal

The Board of Directors has proposed a 14th consecutive dividend increase. The proposed dividend is 5.30 CHF per share, up 4%.

ALSO attributed the year's performance to progress against its strategic priorities, citing efficiency measures, cloud expansion, and changes to product categories and partner mix. It also pointed to the integration of acquisitions as a supporting factor.

Chief Executive Officer Wolfgang Krainz said the group's operating approach helped drive the result.

"The company's success is based on the breadth and quality of its business models and clear operational management with strong cost and cash flow discipline. Stringent working capital management and continuous efficiency improvements have proven their worth and are strengthening the company's financial robustness in the long term," Krainz said.

Outlook range

For the 2026 financial year, ALSO expects EBITDA of between EUR 300 million and EUR 340 million, and ROCE of more than 20%.

It kept its medium-term guidance unchanged, while noting that it factors in possible acquisitions. ALSO continues to expect medium-term EBITDA of between EUR 425 million and EUR 525 million, alongside ROCE of more than 25%.

Management said it will continue to evaluate acquisitions and will only proceed with deals that generate positive cash flow within a predefined period after completion.

The latest performance indicators show growth in both revenue and key profitability measures. Revenue rose faster than EBITDA, suggesting a year of expansion while management maintained a focus on cost control and cash discipline, alongside investment in areas such as cloud services and partner programmes.

The increase in unique users points to a wider base for ALSO's digital services. The announcement did not provide a regional breakdown or further segment detail beyond the cloud revenue figure, but it positioned cloud as a central driver of group performance.

With cash rising to 830 million euros, ALSO enters 2026 with a larger liquidity buffer, which it linked to working capital management and efficiency gains. The 2026 outlook suggests continued earnings growth, while allowing for variation based on market conditions and business mix during the year.

Krainz also described acquisitions as part of the ongoing playbook, with an emphasis on cash generation within a defined period. The approach sets a financial threshold for future deals as the company pursues its medium-term targets for EBITDA and returns.