Also Holding Ag · SIX:ALSN
Also — FY2025 Earnings Presentation
12 slides from Also's earnings presentation, Feb 17, 2026
Slide 1: Navigating Change – FY 2025 Media and Investor Conference
NAVIGATING CHANGE FY 2025 MEDIA AND INVESTOR CONFERENCE February 17th, 2026 1
Slide 2: Disclaimer
DISCLAIMER This presentation is not an offer or a solicitation to purchase or invest in any securities of ALSO Holding AG (the "Company"), nor shall it or any part of it nor the fact of its distribution form the basis of, or be relied on in connection with, any contract or investment decision. This
Slide 3: P&L Statement
P&L STATEMENT in Million € 2025 2024 Delta Delta in % Net sales before PvA 15 244 10 963 +4 281 +39 Thereof Supply 9 723 6 351 +3 372 +53 Thereof Solutions 3 806 3 292 +514 +16 Thereof Service 1 715 1 320 +395 +30 Thereof Cloud 1 568 1 133 +435 +38 Gross profit 899 692 +207 +30 EBITDA 286 234 +52 +2
Slide 4: Digital Platform Development
DIGITAL PLATFORM DEVELOPMENT Cloud revenue Unique Users in Million €, before PvA in Million +135 1 568 +0.7 5.9 +300 +0.8 1 133 4.4 267 258 2024 ALSO Acquisitions 2025 2024 ALSO Acquisitions 2025 w/o acquisitions w/o acquisitions Monetization in € / UU / pa. Media and Investor Conference 17.02.2026
Slide 5: EBITDA Development
EBITDA DEVELOPMENT in Million € +63 286 -9 Profit improvements through: ► Vendor mix 234 +15 232 ► Reseller mix ► Product category mix -11 -6 ► Business Model mix ► Operational excellence programs on efficiency and automation ► Acquisitions successfully integrated 2024 One-off Vendor Profitability A
Slide 6: ROCE
ROCE in % +7.9 25.2 ► Acquisitions contributing ► Value generation, since 16.1 +1.2 17.3 ROCE higher than capital costs ► Capital and NWC discipline continued 2025 Selective inventory 2025 Acquisitions 2025 increase w/o inventory effects adjusted increase Media and Investor Conference 17.02.2026 6
Slide 7: Cash Development
CASH DEVELOPMENT in Million € +198 +110 profit -31 +299 830 +74 dep. +14 oth. -8 731 ► Increase in cash -4 ► Solid financial situation -355 ► Higher dividend proposed Cash Change in Other CAPEX Investment Financing FX Cash 2024 NWC op.CF CF CF 2025 Media and Investor Conference 17.02.2026 7
Slide 8: Operational Excellence
OPERATIONAL EXCELLENCE Revenue return per OPEX spent (revenue divided by OPEX) +1.0 24.9x OPEX return increased: ► Structural Optimization 23.9x ► AI driven efficiency programs ► International logistics optimization 2024 return 2025 improvement Media and Investor Conference 17.02.2026 8
Slide 9: M&A Strategy
M&A STRATEGY Continuing M&A program: ► Legal security & scalability ► Opportunistic approach ► Positive Cashflow-impact after predefined period Media and Investor Conference 17.02.2026 9
Slide 10: Guidance 2026 and Midterm
GUIDANCE 2026 AND MIDTERM EBITDA 425 - 525 in Million € 300 - 340 +4 320 +4 +4 +7 +9 +6 286 2025 Acquisitions 2 months Efficiency Product category Reseller mix Vendor mix 2026 Mid-term one-time cost acquisitions increase mix optimizations optimizations optimizations ROCE 16.1% >20.0% >25.0% Media an
Slide 11: Q&A
Q&A
Slide 12: Thank You
THANK YOU