Jul 31, 2024 - Tallinn

Press release: ALSO confirms targets for 2024 based on H1 results

• Short-term EBITDA target of 265 to 305 million euros

• Short-term ROCE target above 25 percent

• H1 operating EBITDA of 106 million euros (2.1% EBITDA margin)

• H1 cloud revenues of 662 million euros (+25%)

In the first half of the year, ALSO generated revenues of 5.1 billion euros, in line with the general market trend and representing a decline of 7 per cent. This development was impacted by consumer spending restraint, particularly in Germany, Poland and the Netherlands.

Operating EBITDA for the first six months totalled 106 million euros (reported: 94 million euro). This includes 12 million euros of expenditure for future growth. These include

• IT infrastructure costs

• Further expansion of digital platforms and AI-enabled applications

• M&A activities

The company achieved a cash position of 643 million euros (+31 million euros) with a free cash flow of 173 million euros. Therefore, ALSO is in an excellent position to capitalize on additional market opportunities.

The targets for 2024 are confirmed due to

• an expected better market development in the second half of 2024 compared to the previous year

• an acceleration of the growth of the digital platforms through organisational measures

• The accretive impact of acquisitions in Italy, Austria, Scandinavia, and the Czech Republic not included in previous years.

Wolfgang Krainz, CEO of ALSO Holding AG (SIX: ALSN), comments: "Information technology is an attractive growth industry thanks to its innovation cycles. Investments are inevitable sooner or later. Due to our financial strength and the sales focus of our management, we will achieve our short- and medium-term goals.”