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Q3 2025 trading update 13 November 2025
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THIS PRESENTATION AND ITS CONTENTS ARE NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO AUSTRALIA, CANADA, THE HONG KONG SPECIAL ADMINISTRATIVE REGION OF THE PEOPLE'S REPUBLIC OF CHINA OR JAPAN, OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL. THIS PRESENTATION IS NOT AN OFFER OR INVITATION TO BUY OR SELL SECURITIES IN ANY JURISDICTION. This presentation and its appendices (the "Presentation") has been produced by SoftwareOne Holding AG (the "Company" or "SoftwareOne", and together with its direct and indirect subsidiaries, the "Group). The Presentation is intended for information purposes only, and does not itself constitute, and should not in itself be construed as, an offer, invitation or recommendation to purchase, sell or subscribe for any securities in any jurisdiction and is not intended for distribution to, or to be used by, any person or entity in any jurisdiction or country which distribution or use would be contrary to law or regulation. No representation or warranty (expressed or implied) is made as to, and no reliance should be placed on, any information or opinions contained herein, and no liability whatsoever is accepted as to any errors, omissions or misstatements contained herein, and, accordingly, no representation or warranty is made or given by or on behalf of the Company, or any of its respective directors, officers, employees, agents or advisers as to the accuracy, completeness or fairness of the information or opinions contained herein and no responsibility or liability is accepted by any of them for any such information or opinions. In particular, no representation or warranty is given as to the achievement or reasonableness of, and no reliance should be placed on any projections, targets, ambitions, estimates or forecasts contained herein and nothing in this Presentation is or should be relied on as a promise or representation as to the future. Recipients of this Presentation should not treat the contents of this Presentation as advice relating to legal, taxation or investment matters, and are to make their own assessments concerning such matters and other consequences of a potential transaction, including the merits of the transaction and related risks. Each recipient should seek its own independent advice in relation to any financial, legal, tax, accounting or other specialist advice. In particular, nothing herein shall be taken as constituting the giving of investment advice and this Presentation is not intended to provide, and must not be taken as, the exclusive basis of any transaction decision and should not be considered as a recommendation by the Company (or any of its affiliates) that any recipient enters into any transaction. This Presentation comprise a general summary of certain matters of the Group, Crayon Group Holding ASA and the proposed transaction described herein. This Presentation does not purport to contain all information that any recipient may require to make a decision with regards to any transaction. Any decision as to whether or not to enter into any transaction should be taken solely by the relevant recipient. Before entering into such transaction, each recipient should take steps to ensure that it fully understands such transaction and has made an independent assessments of the appropriateness of such transaction in the light of its own objectives and circumstances, including the possible risks and benefits of entering into such transaction. This Presentation contains information obtained from third parties. Such information has been accurately reproduced and, as far as the Company is aware and able to ascertain from the information published by that third party, no facts have been omitted that would render the reproduced information inaccurate or misleading. By receiving this Presentation, you acknowledge that you will be solely responsible for your own assessment of the market and the market position of the Group and that you will conduct your own analysis and are solely responsible for forming your own opinion of the potential future performance of the Group‘s business. In making any transaction decision, you must rely on your own examination, including the merits and risks involved. Disclaimer 2 CONFIDENTIAL DRAFT 19-Aug-2025
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Forward-looking statements This Presentation may contain certain forward-looking statements relating to the Company and/or the Group and its future business, development and economic performance. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words "believes", "expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", and similar expressions. The forward-looking statements contained in this Presentation, , including assumptions, opinions and views of the Company or cited from third party sources, may be subject to a number of risks, uncertainties and other important factors, such as but not limited to force majeure, competitive pressures, legislative and regulatory developments, global, macroeconomic and political trends, the group’s ability to attract and retain the employees that are necessary to generate revenues and to manage its businesses, fluctuations in currency exchange rates and general financial market conditions, changes in accounting standards or policies, delay or inability in obtaining approvals from authorities, technical developments, litigation or adverse publicity and news coverage, each of which could cause actual development and results to differ materially from the statements made in this presentation. SoftwareOne assumes no obligation to update or alter forward-looking statements whether as a result of new information, future events or otherwise. Non-IFRS measures Certain financial data included in this Presentation consists of non-IFRS or adjusted financial measures. These non-IFRS or adjusted financial measures may not be comparable to similarly titled measures presented by other companies, nor should they be construed as an alternative to other financial measures determined in accordance with IFRS. You are cautioned not to place undue reliance on any non-IFRS or adjusted financial measures and ratios included herein. In addition, certain financial information contained herein has not been audited, confirmed or otherwise covered by a report by independent accountants and, as such, actual data could vary, possibly significantly, from the data set forth herein. THIS PRESENTATION SPEAKS AS OF THE DATE HEREOF. ALL INFORMATION IN THIS PRESENTATION IS SUBJECT TO UPDATES, REVISION, VERIFICATION, CORRECTION, COMPLETION, AMENDMENT AND MAY CHANGE MATERIALLY AND WITHOUT NOTICE. Disclaimer (cont’d) 3 CONFIDENTIAL DRAFT 19-Aug-2025
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01 Q3 2025 business update 03 Melissa Mulholland Co-CEO Raphael Erb Co-CEO Hanspeter Schraner CFO 02 Q3 2025 financial performance Closing perspective & 2025 outlook Agenda 04 Q&A 4
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Melissa Mulholland and Raphael Erb Co-CEOs Q3 2025 business update 5
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6 Adjusted EBITDA Adjusted EBITDA margin (% revenue) Revenue 18.1% 2.9pp 0.6% (1) Based on like-for-like historical financials as if the acquisition of Crayon had been completed on 1 January 2024. Regaining growth momentum and improved adjusted EBITDA margins CHFm, % YoY % Δ Reported EBITDA 3.7ppReported EBITDA margin (% revenue) 39.6% 65.2 66.4% 19.0% 2.4pp 46.0%343.2 % Δ 6.9pp12.2% 42.0 237.5% Q3 2025 IFRS reported Crayon consolidated from 1 July 2025 On a combined like-for-like basis(1) ccy ccy ccy
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7 Q1 2024(2) Q2 2024(2) Q3 2024(2) Q4 2024(2) Q1 2025 Q2 2025 Q3 2025 (3.3)% (2.8)% 0.6% 0% Growth rebound amid GTM rollout, incentive shifts and integration execution Revenue growth on a combined like-for-like basis(1) % YoY ccy (1) Based on like-for-like historical financials as if the acquisition of Crayon had been completed on 1 January 2024. (2) Q1 2024 to Q4 2024 revenue growth depicted using simplified methodology to adjust for accounting policy alignment.
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8 ▪ Impact from incentive changes continues to weigh on business throughout 2025 ▪ Continued progress in EA-to-CSP conversion ▪ Strong multivendor momentum with further opportunity to broaden vendor ecosystem. ▪ Growth in Microsoft CSP driven by high retention rate and recruitment of large Microsoft partners ▪ Successful investments in large, high- potential markets such as NORAM and India ▪ Continued growth with AWS Distribution ▪ Strong performance across Nordics, APAC and Rest of EMEA ▪ Growth reflects continued demand for cloud optimization, AI and cyber security services 158.5 139.7 28.4 31.4 168.5 173.2 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Solid growth in Channel and Services Software & Cloud Direct Revenue, CHFm, % YoY On a combined like-for-like basis(1) Software & Cloud Channel Revenue, CHFm, % YoY On a combined like-for-like basis(1) Software & Cloud Services Revenue, CHFm, % YoY On a combined like-for-like basis(1) (1) Based on like-for-like historical financials as if the acquisition of Crayon had been completed on 1 January 2024. Reported: (11.9)% Ccy: (8.2)% Reported: 10.6% Ccy: 18.3% Reported: 2.8% Ccy: 5.9%
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NORAM Q3 2025 9M 2025 42.2 0.3% 134.9 (14.8)% DACH Q3 2025 9M 2025 77.2 (0.8)% 249.7 (1.4)% Q3 2025 9M 2025 68.5 8.6% 199.7 10.3% APAC Q3 2025 9M 2025 18.9 (5.2)% 65.0 (5.3)% LATAM rEMEA Q3 2025 9M 2025 131.7 1.6% 433.6 0.6% Stable performance across regions, with slow but steady progress in NORAM 9 Revenue by region On a combined like-for-like basis(1) CHFm, % YoY ccy (1) Based on like-for-like historical financials as if the acquisition of Crayon had been completed on 1 January 2024. 2025 NORAM revenue growth Q1 25 Q2 25 Q3 25 (23.1)% (18.4)% 0.3%
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Leverage the Crayon partner ecosystem across SoftwareOne to drive co-sell and Channel growth Increase market share in Corporate accounts by going to market with the full services portfolio NORAM strategic priorities Drive ITPM depth across existing Enterprise customers Expand SME customers (existing and new) through dedicated Digital Sales & Channel Partners 1 2 3 4 ▪ Combined leadership team of 5(1) & organization of 590 fully operational employees ▪ Reduction of employee churn Improved business visibility with increased pipeline generation Sales pipeline & management system monitoring trending to support FY 2025 Outlook Key turnaround updates Combined team NORAM – driving scale and relevance in the world’s largest cloud market 10 Q4 25 previewSales pipeline Market environment Volatility from US tariffs and government shutdown is affecting multiple industries, primarily driven by transportation limitations and delays in healthcare funding and reimbursements, resulting in broad economic ripple effect across multiple sectors. (1) Does not include Global resources from HR, legal and finance.
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11 SoftwareOne wins a €1.5 billion Microsoft framework agreement with the German Federal Ministry of the Interior Customer: Procurement Office of the Federal Ministry of the Interior Contract: The framework has an initial term of one year, with the option to renew it for up to three one-year extensions. The total potential volume amounts to €1.5 billion Scope: SoftwareOne is a strategically important partner to the federal government in advancing the modernization of Germany’s public administration and ensuring its IT landscape is fit for the future
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Hanspeter Schraner CFO Q3 2025 financial performance 12
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13 ▪ Q3 2025 and 9M 2025 group revenue up 46.0% YoY and 8.6% YoY , respectively, mainly driven by combination with Crayon ▪ Profitability improvement additionally driven by benefits of previously initiated cost reduction program and continued strict cost control Revenue OPEX 35.3% 343.2 (301.2) % Δ RepQ3 2025 Reported EBITDA Reported EBITDA margin (% revenue) 6.9pp 237.5% 12.2% 42.0 46.0%235.0 (222.6) Q3 2024 5.3% 12.4 5.0% 829.8 (702.8) % Δ Rep9M 2025 2.9pp 34.2% 15.3% 127.0 8.6%764.2 (669.6) 9M 2024 12.4% 94.6 IFRS reported consolidated income statement summary Crayon consolidated from 1 July 2025 CHFm Q3 2025 IFRS reported revenue up 46.0% YoY For Q3 2025, contribution margin and delivery costs are not presented as Crayon and SoftwareOne have historically applied different approaches to cost allocation and reporting. The company is currently aligning the reporting methodology to ensure a consistent and comparable presentation of contribution margin and adjusted EBITDA per segment going forward.
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14 IFRS reported EBITDA to adjusted EBITDA bridge Crayon consolidated from 1 July 2025 ▪ Q3 2025 EBITDA adjustments mainly relate to Crayon transaction and integration expenses ▪ 9M 2025 non-Crayon related adjustments of CHF 19.7m in line with target to remain below CHF 30m in FY 2025 Integration cost (16.5) 29.5 0.1 42.0 ΔQ3 2025 Reported EBITDA Restructuring expenses Transaction cost 16.6 12.4 Q3 2024 (21.0) 32.4 19.2 127.0 Δ9M 2025 40.2 94.6 9M 2024 13.713.7 - 22.922.9 - 7.87.8 - 10.410.4 - Other adjustments (8.5)1.7 10.2 (25.7)0.5 26.2 Crayon acquisition 21.521.5 - 33.233.2 - CHFm EBITDA adjustments primarily driven by transaction cost related to Crayon acquisition (% margin) 6.9pp12.2% 5.3% 2.9pp15.3% 12.4% 26.065.2Adjusted EBITDA 39.2 18.9179.9 161.0 (% margin) 2.4pp19.0% 16.6% 0.6pp21.6% 21.0%
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15 ▪ Streamlined organization by removing role / leadership duplications and enhancing efficiency ▪ Usage of combined internal resources to defer non-critical hirings, capturing additional near- term savings ▪ 50 offices identified for consolidation or closure – thereof, 25 already in progress ▪ Eliminated third-party contractor spend in IT and Customer Platform and streamlining and optimizing combined internal licensing costs Q3 2025 Achieved Target 2026Target 2025 20% 10% 70% 100% 20 100 Total Cost Synergies CHF ~100m Cost synergies – on track to realize CHF ~80-100m(1) by 2026 Drivers CHF 21m run-rate cost synergies achieved by the beginning of November (1) Run-rate cost synergies.
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16 Revenue growth ccy Adj. EBITDA margin (% revenue) Disclosed in H1 2025 CHF 1,581.5m CHF 316.2m 20.0% On a combined like-for-like basis(1) CHF 1,550.4m CHF 316.2m 20.4% ▪ Previously reported Crayon figures have been retrospectively aligned to SoftwareOne’s accounting policies, mainly in relation to IFRS 15 principal versus agent application to service contracts ▪ Revenue adjustments have negligible effect on revenue growth, as their magnitude is very similar in first half of 2025 compared to first half of 2024 Changes in historical 2024 financials FY 2024 FY 2024 Accounting policy alignment (1) Based on like-for-like historical financials as if the acquisition of Crayon had been completed on 1 January 2024. - CHF 31.1m =
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Melissa Mulholland Co-CEO Closing perspective & 2025 outlook 17
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Building a stronger SoftwareOne: growth, scale, and innovation Software Cloud & Direct Global multivendor marketplace | Digital supply chain platform | Next-gen Cloud-iQ platform Software Cloud & Channel Trusted channel partner network | Efficient channel setup and extensive experience Software & Cloud Services Data & AI solutions | Digital workplace solutions | Cloud Services | ITAM / FinOps | Cybersecurity FinOps GreenOps SAM / Compliance Multivendor Hyperscalers Procurement Enterprise Apps ML & Automation Data & Analytics Agentic AI Gen AI Migrate & Modernize Digital Workplace App Services Security IT CostManagement Data&AISolutions Software &CloudSourcing CloudServices Buy Migrate & Manage from Optimization to Innovation 18
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19 1 2 3 4 5 Growth initiatives are paving the way for revenue synergy realization Growth levers Initiative Q3 2025 status Cross-selling expansion Drive growth by building dedicated sales plays for cross-selling complementary services and multi-vendor license solutions across the existing client base Sales plays launched New logo acquisition Win new clients through joint digital sales strategy and coordinated & aligned dedicated marketing campaigns Joint digital sales strategy being created Sales effectiveness Improve renewal rates and tender win ratios through better sales execution, streamlined tender handling and optimized account management Sales optimization plan designed Strengthened vendor status Strengthen partnership status for better commercial benefits, strengthen large vendor alliance agreements and renegotiate long- tail multi-vendor contracts for improved margins, and better overall partner agreements & a streamlined GTM approach in alignment with key vendors Vendor optimization roadmap created Channel extension Expand channel business to capture additional revenue streams, cover additional markets and optimize SMB sales strategy Channel expansion plan created
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(1) Based on like-for-like historical financials as if the acquisition of Crayon had been completed on 1 January 2024. (2) Impact from alignment of accounting policies between Crayon and SoftwareOne included. (3) Based on consolidation of Crayon from 1 July 2025 onwards; adjustments exclude Crayon implementation and transaction costs. 20 Revenue growth ccy 2025 Outlook Flat Adj. EBITDA margin (% revenue) >20% Dividend policy 30-50% of adj. profit for the year(3) 2024 CHF 1,550.4m(2) CHF 316.2m 20.4% CHF 45.6m 66% of adj. profit for the year on standalone basis 30% from total run-rate cost synergies identified ~CHF 80-100m Growth drivers: ▪ Acceleration in CSP growth ▪ Continued benefits of GTM improvement including NORAM turnaround ▪ Further reduced impact from the Microsoft incentive changes ▪ Impact from strategic initiatives launched to drive cross and upsell across expanded customer base ▪ Favorable comparable period Profit drivers: ▪ SoftwareOne’s cost reduction program ▪ Continued strict cost control ▪ Cost synergies Q4 2025 performance drivers Cost synergies 2025 Outlook unchanged On a combined like-for-like basis(1)
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21 Highlights Q3 2025 trading update Back to growth trajectory 1 2 Well on track to achieve cost synergy targets by FY25 and FY26, and paving way for revenue synergy realization Improving adjusted EBITDA margin and continued strict cost control Strengthening vendor agreement status Focused integration execution to build a stronger SoftwareOne 3 4 5
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Q&A 22
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Appendix 23
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Definitions of key alternative performance measures Adjusted EBITDA is defined as the underlying earnings before net financial items, tax, depreciation and amortization, adjusted for items affecting comparability in operating expenses and revenue. Adjusted EBITDA margin is defined as adjusted EBITDA divided by revenue. Contribution margin is defined as total revenue net of third-party service delivery costs and directly attributable internal delivery costs. Net debt / (cash) comprises group bank overdrafts, other current and non-current financial liabilities less cash and cash equivalents and current financial assets. Net working capital is defined as the group’s trade receivables, current other receivables, prepayments and contract assets minus trade payables, current other payables and accrued expenses and contract liabilities. Adjusted profit for the period is defined as the (loss)/profit for the period, adjusted for items impacting comparability in operating expenses and net finance income/(expenses) as well as the related tax impact. Free cash flow is defined as the group net cash generated from/(used in) operating activities, plus net cash from/(used in) investing activities, minus net cash from acquisition of businesses (net of cash acquired), sale of subsidiary (net of cash disposed) and proceeds from sale of financial assets. Growth at constant currencies is defined as the change between two periods presented on a constant currency basis for comparability purposes and to assess the group’s underlying performance. Period profit and loss figures are translated from the subsidiaries’ respective local currencies into Swiss francs at the applicable average exchange rate of the prior year period. This calculation is based on the underlying management accounts. 24
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25 CHFm Q3 2025 Q3 2024 9M 2025 9M 2024 Reported EBITDA 42.0 12.4 127.0 94.6 Impact of change in revenue recognition of Microsoft EA(1) 1.0 0.2 2.0 0.1 Crayon transaction cost 13.7 - 22.9 - Crayon integration cost 7.8 - 10.4 - Other integration, M&A and earn-out expenses 0.3 4.0 3.1 9.2 Operational excellence and GTM restructuring expenses - 16.6 - 40.2 Cost reduction program 0.1 - 19.2 - Discontinuation of MTWO vertical (0.1) 2.9 0.2 7.1 Impact of extraordinary provision for overdue receivables(2) - - - 6.0 Other non-recurring items 0.4 3.1 (4.7) 3.8 Adjusted EBITDA 65.2 39.2 179.9 161.0 IFRS reported EBITDA to adjusted EBITDA bridge Crayon consolidated from 1 July 2025 (1) Enterprise Agreements. (2) Relates to overdue receivables over 180 days outstanding and under legal dispute, with success rate of collection by SoftwareOne taken down to zero as a conservative measure.
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Quarterly summary Crayon consolidated from 1 July 2025 26 CHFm Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2025 Q2 2025 Q3 2025 Total revenue(1) 246.5 282.7 235.0 251.2 1,015.4 231.6 254.9 343.2 OPEX (217.7) (229.3) (222.6) (229.8) (899.4) (205.0) (196.6) (301.2) Reported EBITDA 28.7 53.4 12.4 21.4 116.0 26.7 58.4 42.0 Reported EBITDA margin (% of revenue) 11.7% 18.9% 5.3% 8.5% 11.4% 11.5% 22.9% 12.2% (1) On reported basis.
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Quarterly summary on a like for like basis(1) 27 CHFm Q1 2024 Q2 2024 Q3 2024 Q4 2024 FY 2024 Q1 2025 Q2 2025 Q3 2025 Revenue Software & Cloud Direct 173.7 222.7 158.5 177.1 732.0 153.9 190.3 139.7 Revenue Software & Cloud Channel 26.5 26.2 28.4 25.9 106.9 31.6 27.4 31.4 Revenue Software & Cloud Services 175.2 182.5 168.5 185.3 711.5 177.4 178.5 173.4 Total revenue(2) 375.4 431.3 355.4 388.3 1,550.4 362.9 396.2 344.2 OPEX(2) (312.8) (322.4) (298.3) (300.8) (1,234.2) (301.0) (303.4) (278.9) Adjusted EBITDA 62.7 108.9 57.2 87.5 316.2 61.9 92.9 65.2 Adjusted EBITDA margin (% of revenue) 16.7% 25.3% 16.1% 22.5% 20.4% 17.0% 23.4% 19.0% (1) Based on like-for-like historical financials as if the acquisition of Crayon had been completed on 1 January 2024. (2) On adjusted basis.