Interim report
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1 / / Q 3 2 0 2 5 / 2 6 A l l f o r O n e G r o u p S E Q3 2025/26: Environment remains challenging // »Precision« efficiency improvement programme implemented // Forecast for 2025/26 confirmed Key figures IFRS in EUR millions 10/2025 – 06/2026 10/2024 – 06/2025 +/ - 04/2026 – 06/2026 04/2025 – 06/2025 +/ - Sales 379.6 380.4 0% 129.2 122.8 5% Cloud and services 115.6 110.7 4% 39.9 36.8 8% Software and support 100.9 109.4 -8% 31.1 33.3 -6% Consulting 163.1 160.3 2% 58.2 52.7 10% Recurring revenue 201.0 199.2 1% 67.8 65.7 3% EBIT before M&A effects (non -IFRS) -9.3 17.5 >-100% -16.2 3.5 >-100% EBIT margin before M&A effects (non-IFRS) in % -2.4 4.6 -12.5 2.9 EBIT -15.8 13.8 >-100% -19.2 2.3 >-100% EBIT margin in % -4.2 3.6 -14.9 1.9 Result for the period -12.2 8.1 >-100% -13.8 0.7 >-100% Earnings per share in EUR -2.63 1.65 >-100% -2.99 0.14 >-100% Employees (period end) 3,089 2,674 in EUR millions 30.06.2026 30.09.2025 +/ - Cash and cash equivalents 62.3 67.3 -7% Equity ratio in % 22 33 Voluntary public takeover offer by VINCI Energies announced on 16 July 2026 Revenue after 9 months 2025/26 of EUR 379.6 million (9M 24/25: EUR 380.4 million) at prior-year level; Cloud and services growth at 4%; Software and support revenue falls by 8%; Share of recurring revenues increases to 53% (9M 24/25: 52%) EBIT margin before M&A effects (non-IFRS) in 9-month period 2025/26 falls to minus 2.4% (9M 24/25: plus 4.6%); EBIT before M&A effects (non-IFRS) of minus EUR 9.3 million (9M 24/25: plus EUR 17.5 million) significantly below prior- year figure, primarily due to a weak Q3 2025/26 and one-off effects from the »Precision« programme aimed at enhancing competitiveness Adjusted EBIT before M&A effects (non-IFRS) in 9-month period 2025/26 stands at plus EUR 10.9 million (margin: 2.9%) One-off expenses for »Precision« programme significantly impact earnings in 9M 2025/26 Revised 2025/26 forecast confirmed
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2 / / Q 3 2 0 2 5 / 2 6 A l l f o r O n e G r o u p S E Filderstadt, 4 August 2026 – All for One Group SE, a leading international IT, consulting and service provider focusing on SAP solutions and services, generated sales revenue of EUR 379.6 million in the 9-month period 2025/26 based on unaudited figures (9M 24/25: EUR 380.4 million). Despite a revenue contribution of around EUR 14.2 million from the »apsolut Group«, which has been fully consolidated since March 2026, sales revenue remained at the prior-year level. The ongoing weak economy in German-speaking countries and the resulting reluctance of companies to invest, led to project postponements and lower capacity utilisation in consulting. However, due to the expansion of the scope of consolidation to include the »apsolut Group«, consulting revenue nevertheless rose by 2%, whilst software and support revenue fell significantly (minus 8%). Recurring revenues amounted to EUR 201.0 million and account for 53% (52% in the same period last year) of total revenue. Cloud and services revenue continued its upward trend, rising by 4% to EUR 115.6 million. Influenced by subdued demand and lower revenue from licences and commissions, EBIT before M&A effects (non-IFRS) – mainly due to high one-off expenses in the 3rd quarter just ended – stood at minus EUR 9.3 million for the 9-month period 2025/26 , significantly below the prior-year figure (9M 24/25: plus EUR 17.5 million). Earnings were significantly impacted by one-off expenses as part of the »Precision« programme, which was approved on 7 May 2026 with the aim of enhancing competitiveness. This corre- sponds to an EBIT margin before M&A effects (non-IFRS) of minus 2.4% (plus 4.6% in the same period last year). Adjusted for one-off expenses, EBIT before M&A effects (non-IFRS) in the 9-month period 2025/26 was plus EUR 10.9 million with an EBIT margin before M&A effects (non-IFRS) of plus 2.9%. Reconciliation to EBIT before M&A effects (non -IFRS) in KEUR 10/2025 – 06/2026 10/2024 – 06/2025 EBIT -15,798 13,759 + impairment of goodwill 0 0 + acquisition -related depreciation, amortisation and impairment on other intangible assets 5,256 3,716 +/ - other acquisition -related expenses (and income) 1,275 4 EBIT before M&A effects (non -IFRS) -9,267 17,479 In the current 2025/26 financial year, significant one-off expenses have been incurred to date. Against this background, and in contrast to the previous year, the key performance indicator EBIT before M&A effects (non-IFRS) has been further adjusted to improve comparability.
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3 / / Q 3 2 0 2 5 / 2 6 A l l f o r O n e G r o u p S E Reconciliation to adjusted EBIT before M&A effects (non -IFRS) in KEUR 10/2025 – 06/2026 EBIT before M&A effects (non -IFRS) -9,267 Adjustment for non -recurring effects: + Integration expenses 777 + One-off expenses for personnel measures 17,811 + Expenses associated with the change of legal form 288 + Reorganisation expenses 630 + Valuation adjustments on trade receivables 685 Total non -recurring effects 20,191 Adjusted EBIT before M&A effects (non -IFRS) 10,924 Revenue and earnings development by segment Since the 2025/26 financial year, All for One's internal organisational and reporting structure has been based on a matrix model (»All for One Operating Model«), which incorporates both regional and business area responsibilities. External reporting is based on the geographical regions that form the Group's operat- ing segments: Germany Rest of Europe (Austria, Switzerland, Poland, Czech Republic, France, Spain, United Kingdom, Benelux) Rest of World (Türkiye, Egypt, GCC region, India). Until 30 September 2025, All for One was organised and managed primarily on the basis of the two seg- ments »CORE« and »LOB«. For the purpose of comparability, the previous year's figures have been ad- justed. The management board of All for One Group SE manages the respective segments based on the following two performance indicators: Sales revenue EBIT before M&A effects (non-IFRS), adjusted for central Group expenses (»segment result«) To assess and better compare operating performance over time, management uses operating earnings before interest and taxes (EBIT), as reported in the statement of profit and loss. This is adjusted for acquisition-related income and expenses (EBIT before M&A effects (non-IFRS)) as well as central Group expenses. Acquisition-related income and expenses include amortisation and impairment on intangible assets acquired during company acquisitions. Central Group expenses primarily comprise personnel ex- penses for central Group functions.
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4 / / Q 3 2 0 2 5 / 2 6 A l l f o r O n e G r o u p S E Sales revenue and earnings performance by segment Q 3 2025/26 10/2025 – 06/2026 Sales revenue Result Margin in % in KEUR External sales revenue Intersegment sales revenue Total sales revenue Germany 293,447 7,134 300,581 -3,591 -1.2 Rest of Europe 84,532 12,151 96,683 3,448 3.6 Rest of World 1,646 11,218 12,864 1,225 9.5 Consolidation 0 -30,503 -30,503 5 – Segment total 379,625 0 379,625 1,087 0.3 - central group expenses -10,354 – EBIT before M&A effects (non -IFRS) -9,267 -2.4 10/2024 –06/2025 Sales revenue Result Margin in % in KEUR External sales revenue Intersegment sales revenue Total sales revenue Germany 302,822 5,965 308,787 20,453 6.6 Rest of Europe 77,480 10,950 88,430 5,114 5.8 Rest of World 78 8,659 8,737 625 7.2 Consolidation 0 -25,574 -25,574 – – Segment total 380,380 0 380,380 26,192 6.9 - central group expenses -8,713 – EBIT before M&A effects (non -IFRS) 17,479 4.6 In the 9-month period 2025/26, the »Germany« segment generated sales revenue of EUR 300.6 million (9M 24/25: EUR 308.8 million), making it the largest business segment. The decline of minus 3% was mainly due to lower licence sales and commission income as well as lower capacity utilisation. The segment result decreased to minus EUR 3.6 million (9M 24/25: plus EUR 20.5 million). The segment result margin reached minus 1.2% (9M 24/25: plus 6.6%). In the »Rest of Europe« segment, sales revenue increased by 9% to EUR 96.7 million (9M 24/25: EUR 88.4 million). The segment result fell to EUR 3.4 million (9M 24/25: EUR 5.1 million), which corresponds to a segment result margin of 3.6% (9M 24/25: 5.8%). The »Rest of World« segment remains small in terms of volume, but is developing steadily and profitably: Sales revenue here rose to EUR 12.9 million (9M 24/25: EUR 8.7 million) as a result of the consolidation of the »apsolut Group«. The segment result rose to EUR 1.2 million (9M 24/25: EUR 0.6 million) with a segment result margin of 9.5% (9M 24/25: 7.2%). The development of the individual segments was affected to a limited extent during the reporting period due to the late date of initial consolidation of the »apsolut Group«; their contribution to earnings was recognised on a pro rata basis following the initial consolidation in March 2026. The balance sheet total increased by 17% to EUR 385.6 million as at 30 June 2026 (30 Sep 2025: EUR 330.7 million). Equity fell by 23% to EUR 84.6 million in the reporting period (30 Sep 2025: EUR 109.6 million). The equity ratio decreased to 22% (30 Sep 2025: 33%) and net debt rose to EUR 104.6 million as at the reporting date (30 Sep 2025: EUR 43.0 million). The development of the equity ratio and net debt is attributable to the strategic financing of the acquisition of the »apsolut Group«, whereby liqui- dity was secured in the long term through the use of promissory note loans. Cash flow from operating activities totalled plus EUR 2.8 million in the reporting period, which was below the prior-year figure (9M 25/26: plus EUR 11.6 million). This development was primarily due to a lower result for the period and an additional outlay of funds in working capital. Cash funds totalled EUR 61.8 million as of 30 June 2026 (30 Jun 2025: EUR 46.3 million), significantly influenced by the taking out of new promissory note loans in October 2025 and the acquisition of the »apsolut Group«. The number of employees in the Group as at 30 June 2026 was 3,089 (30 Jun 2025: 2,674).
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5 / / Q 3 2 0 2 5 / 2 6 A l l f o r O n e G r o u p S E Strategic direction confirmed – Growth opportunities despite subdued demand All for One is continuing its transformation into an internationally focused SAP services and consulting com- pany. The new operating model, the »land-and-expand« strategy and the expansion of the product busi- ness under the blue-zone brand are laying the foundations for scalable growth. The strategy is supported by further internationalisation, the expansion of X-shore locations and targeted acquisitions. The industry association Bitkom expects further growth in the German IT sector, particularly in the areas of software, cloud computing and artificial intelligence. However, the current uncertain economic climate is causing many customers to delay or spread out their IT investments over a longer period. Nevertheless, demand for digitalisation, transformation, and integrated SAP cloud solutions remains high. Implementation of M&A strategy In March 2026, All for One acquired all shares in the »apsolut Group«. By joining forces with this SAP Pro- curement specialist, All for One is expanding its range of services, adding more than 400 clients and sev- eral hundred specialist consultants, and strengthening its international presence in Europe and India. The rapid integration is intended to enable synergies and economies of scale, but involves one-off expenses. Back in February 2026, All for One acquired a 25.1% stake in the Austrian cybersecurity specialist Bright- Flare, thereby strengthening its position in the fast-growing cybersecurity market. Significant events since the end of the reporting p eriod (30 June 2026) Voluntary public takeover offer by VINCI Energies On 16 July 2026, All for One entered into a business combination agreement with VINCI Energies Deutsch- land Enterprise Solutions AcquiCo SE in connection with an announced voluntary public takeover offer. The offer price amounts to EUR 67.50 per share, representing a premium of 95.5% on the closing price of 15 July 2026 and 104.9% on the volume-weighted three-month average price. The planned merger with VINCI Energies and its ICT brand Axians is intended to accelerate All for One’s in- ternationalisation and expand its access to a broad European customer base. The complementary expertise in SAP, cloud, AI, infrastructure and cybersecurity solutions is set to create a comprehensive offering for end-to-end transformations. The agreement provides, amongst other things, for All for One to retain its in- dependence, for its headquarters in Filderstadt to remain in place, and for the exclusion of any control and/or profit transfer agreement until 1 January 2029. The management board and supervisory board wel- come and support the offer; a final recommendation is subject to review of the offer documentation. The offer is subject to the customary conditions, in particular the necessary approvals under merger con- trol law and a minimum acceptance threshold of 75%. Subject to all conditions being met, completion is expected in Q4 2025/26. Subsequently, in consultation with the management board, a possible delisting of the All for One shares from the regulated market of the Frankfurt Stock Exchange will be examined and, if appropriate, initiated. Outlook The management board of All for One Group SE confirms the forecast for the financial year 2025/26 ad- justed on 7 May 2026. The main reasons for the revision are the continuing high levels of economic and geopolitical uncertainty, particularly due to the crisis in Iran and the GCC region, as well as structural changes in the IT sector. SAP’s AI-centric cloud strategy is accelerating the shift towards cloud transformation and AI-enabled busi- ness processes, and is opening up attractive growth opportunities for All for One across the »Build-Deploy- Run« approach through scalable, recurring service and platform models (including AI consulting, S/4HANA and cloud migration, managed services, AI governance and cybersecurity), as well as additional efficiency gains through the internal use of AI. At the same time, SAP’s repositioning to integrate AI into ECC and on-
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6 / / Q 3 2 0 2 5 / 2 6 A l l f o r O n e G r o u p S E premise environments presents an opportunity to address a broader customer base – particularly in the midmarket sector and among larger existing customers – with AI services. Against the backdrop of the accelerating shift towards cloud- and AI-based business models, and SAP’s corresponding strategic repositioning, All for One has initiated the »Precision« programme to sustainably enhance its competitiveness. The focus is on the consistent further development of the business model, the optimisation of cost and organisational structures, and the acceleration of the integration of the »ap- solut Group«. Now that the implementation of the programme has been largely completed, the manage- ment board expects a contribution to improving profitability and efficiency from Q4 2025/26. In addition, the expansion of a scalable delivery setup with greater near- and offshore use, the transformation into a global sales organisation and increased investments in AI resources and development will take place. The one-off expenses incurred in the 2025/26 financial year for the implementation of the programme are within the expected range of up to EUR 20 million. Taking into account the »apsolut Group«, which was acquired in March 2026, the management board ex- pects consolidated revenue for the 2025/26 financial year to be between EUR 500 million and EUR 530 million (previously, excluding the »apsolut Group«: EUR 500 million to EUR 530 million). With regard to EBIT before M&A effects (non-IFRS), taking into account the above one-off expenses for the 2025/26 financial year and also including the »apsolut Group« for the first time, EBIT before M&A effects (non-IFRS) of EUR 0 with a fluctuation range of +/- EUR 5 million (previously: EUR 27.5 to 34.5 million). The »Precision« programme is designed to reduce All for One’s annual expenses by approximately EUR 20 million per year from autumn 2026 onwards, without any negative impact on the company’s performance or scale. Assuming market conditions remain unchanged, this is intended to ensure a significant increase in operating margins in the coming financial years. Additional Information Basis of preparation This quarterly statement has been prepared in accordance with the International Financial Reporting Stand- ards (IFRS) issued by the International Accounting Standards Board (IASB) and with Section 53 of the regu- lations issued by the Frankfurt Stock Exchange (FWB). The quarterly statement is not subject to audit and has not been audited or reviewed. About All for One Group SE Turning technology into business success All for One is an international IT, consulting, and service provider with a strong focus on SAP solutions. With a clear commitment to transforming technology into tangible business success, the industry-specialised company supports and assists its more than 4,500 midmarket customers – including many family-owned businesses – in their journey to the cloud. At the heart of its portfolio is SAP S/4HANA, serving as the digital core for company-wide and industry-specific processes. All for One is the leading SAP partner in Central and Eastern Europe for both conversion to SAP S/4HANA and SAP cloud business. The company, head- quartered in Filderstadt near Stuttgart, is listed in the Prime Standard of the Frankfurt Stock Exchange. Investor Relations Nicole Besemer Phone +49 (0) 711 788 07-28 E-Mail: nicole.besemer@all-for-one.com www.all-for-one.com/ir
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7 / / Q 3 2 0 2 5 / 2 6 A l l f o r O n e G r o u p S E Consolidated Statement of Profit and Loss in KEUR 10/2025 – 06/2026 10/2024 – 06/2025 04/2026 – 06/2026 04/2025 – 06/2025 Sales revenue 379,625 380,380 129,233 122,791 Other operating income 4,330 3,545 1,363 881 Cost of materials and purchased services -130,974 -131,090 -42,699 -42,961 Personnel expenses -207,169 -183,585 -83,932 -60,391 Depreciation, amortisation and impairment on intangible, fixed and right-of-use assets -22,137 -19,824 -8,754 -6,644 Impairment losses on financial assets -685 -537 -55 52 Other operating expenses -38,787 -35,130 -14,346 -11,430 EBIT -15,798 13,759 -19,189 2,298 Financial income 1,792 835 367 237 Financial expense -3,506 -2,047 -1,337 -694 Financial result -1,713 -1,212 -970 -457 EBT -17,511 12,547 -20,159 1,841 Income tax 5,321 -4,458 6,366 -1,141 Result for the period -12,191 8,089 -13,793 700 attributable to owners of the parent -12,304 8,008 -13,825 686 attributable to non-controlling interests 113 81 32 14 Earnings per share Undiluted and diluted earnings per share (in EUR) -2.63 1.65 -2.99 0.14 Consolidated Statement of Comprehensive Income in KEUR 10/2025 – 06/2026 10/2024 – 06/2025 04/2026 – 06/2026 04/2025 – 06/2025 Result for the period -12,191 8,089 -13,793 700 Items that might be reclassified to profit or loss in subsequent periods Unrealised profits (+) / losses ( -) from currency translation -74 197 -84 -293 Other comprehensive income -74 197 -84 -293 Total comprehensive income -12,265 8,286 -13,877 407 attributable to owners of the parent -12,373 8,212 -13,922 398 attributable to non-controlling interests 108 74 45 9
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8 / / Q 3 2 0 2 5 / 2 6 A l l f o r O n e G r o u p S E Consolidated Balance Sheet Assets in KEUR 30.06.2026 30.09.2025 Current assets Cash and cash equivalents 62,282 67,270 Finance lease receivables 5,047 4,850 Trade receivables 69,032 71,178 Contract assets 14,996 11,574 Income tax assets 7,047 1,143 Other assets 25,802 17,977 184,206 173,992 Non -current assets Goodwill 89,968 66,819 Other intangible assets 35,798 22,625 Fixed assets 10,854 12,672 Right -of -use assets 45,028 37,643 Finance lease receivables 9,617 9,710 Deferred tax assets 1,384 663 Other assets 8,764 6,575 201,413 156,707 Total assets 385,619 330,699
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9 / / Q 3 2 0 2 5 / 2 6 A l l f o r O n e G r o u p S E Consolidated Balance Sheet Equity and liabilities in KEUR 30.06.2026 30.09.2025 Current liabilities Other provisions 8,441 341 Liabilities to financial institutions 10,019 7,502 Lease liabilities 14,572 14,027 Trade payables 27,034 30,239 Contract liabilities 19,092 17,302 Liabilities to employees 36,997 28,777 Income tax liabilities 3,230 6,686 Other liabilities 17,619 8,189 137,004 113,063 Non -current liabilities Pension provisions 1,347 1,252 Other provisions 2,696 933 Liabilities to financial institutions 112,325 65,923 Lease liabilities 29,962 22,803 Deferred tax liabilities 15,755 15,720 Other liabilities 1,972 1,397 164,057 108,028 Equity Issued capital 14,946 14,946 Reserves 85,166 103,115 Treasury shares -16,046 -8,790 Share of equity attributable to owners of the paren t 84,066 109,271 Non-controlling interests 492 337 84,558 109,608 Total liabilities and equity 385,619 330,699
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1 0 / / Q 3 2 0 2 5 / 2 6 A l l f o r O n e G r o u p S E Consolidated Cash Flow Statement in KEUR 10/2025 – 06/2026 10/2024 – 06/2025 Result for the period -12,191 8,089 Income tax -5,321 4,458 Financial result 1,713 1,212 Depreciation, amortisation and impairment on intangible, fixed and right-of-use assets 22,137 19,824 Increase (+) / decrease (-) in value adjustments and provisions 6,992 -696 Gains (-) / losses (+) from the disposal of non-current assets -309 -32 Increase ( -) / decrease (+) in trade receivables 8,276 -1,222 Increase (+) / decrease (-) in trade payables -3,356 -10,141 Increase (+) / decrease (-) in other assets and other liabilities -6,728 -6,786 Interest received 1,189 838 Income tax refunds (+) / payments ( -) -9,555 -3,918 Cash flow from operating activities 2,847 11,626 Payments for purchase of intangible assets and fixed assets -2,804 -3,172 Proceeds from sale of intangible assets and fixed assets 540 117 Purchase of subsidiary, net of cash and cash equivalents acquired -18,639 0 Payments for investment in other equity instruments -1 0 Payments for loans and credits granted to third parties -1,750 0 Cash flow from investing activities -22,654 -3,055 Repayment of lease liabilities -12,240 -11,688 Proceeds from liabilities to financial institutions 66,500 0 Repayment of liabilities to financial institutions -20,337 -3 Repayment of bonds and (financial) loans -3,266 0 Payments for share buyback programmes -7,124 -3,368 Interest paid -2,981 -1,118 Dividend payments -5,676 -7,857 Cash flow from financing activities 14,876 -24,034 Increase (+) / decrease ( -) in cash and cash equivalents -4,931 -15,463 Effect of exchange rate fluctuations on cash funds -41 -89 Cash funds at start of period 66,789 61,877 Cash funds at end of period 61,817 46,325