This article first appeared on GuruFocus .
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Full Year Revenue:EUR189.3 million.
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EBIT Margin:36% for the full year 2025.
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Cloud and Subscription Revenue Growth:28% year-over-year.
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Q4 Revenue Growth:12% quarter-over-quarter.
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Annual Recurring Revenue (ARR):EUR140 million, up 18% year-on-year.
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Net Retention Rate (NRR):Approximately 111% for 2025.
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Operating Cash Flow:Lower year-on-year due to high tax cash outs.
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Liquidity:EUR123 million at year-end 2025.
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Headcount:856 employees at year-end 2025.
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International Revenue Growth:30% average growth over the past 5 years.
Release Date: January 30, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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ATOSS Software SE ( FRA:AOF ) achieved its twentieth consecutive record year in 2025, with a CAGR of 15% since 2014.
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The company reported full-year revenues of EUR189.3 million and an EBIT margin of 36%, exceeding guidance.
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Cloud and subscription revenue streams grew by 28% for the full year, driving overall growth.
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ATOSS Software SE ( FRA:AOF ) has a strong international expansion, with a 30% growth rate over the past five years.
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The company maintains a strong liquidity position with EUR123 million, allowing continued investment in business growth.
Negative Points
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Operating cash flow in 2025 was lower year-on-year due to high tax cash outs.
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Hardware revenues and perpetual licenses saw a decline in 2025.
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The first half of 2025 experienced weaker order intake due to macroeconomic challenges and internal transformations.
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Crewmeister showed a slightly weaker net retention rate compared to the previous year.
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The company faces potential risks from AI developments, although it is leveraging AI for growth.
Q & A Highlights
Q: What are the potential risks and opportunities from AI for ATOSS Software SE, and how are customers responding to new AI features? A: Christof Leiber, CFO, explained that AI is transformative and offers efficiency benefits. ATOSS's domain expertise in workforce management, deep customer integration, and data access are key strengths. AI services have positively impacted customer decisions, particularly in hospitals, where AI forecasting services have been a deciding factor. Currently, there is no significant customer shift to independent AI tools, and ATOSS plans to leverage AI for growth.
Q: What are the drivers or assumptions for ATOSS's revenue guidance of EUR215 million for 2026? A: Christof Leiber noted that the first half of 2025 was challenging due to macroeconomic conditions and internal transformations. However, the second half showed strong performance, particularly in cloud and subscription services. The guidance assumes continued growth in these areas, with potential risks from perpetual licenses. The revenue target is realistic yet ambitious, with a 2% bandwidth.
Q: Is the recent order momentum a catch-up effect or indicative of stronger underlying demand? A: Christof Leiber stated that the order momentum in the second half of 2025 is expected to continue into 2026, particularly in the public sector. The company has a strong pipeline for Q1 and H1 2026, and the sales organization is maturing, which should support continued growth.
Q: How does ATOSS plan to handle migrations to the cloud, and what is the expected momentum for 2026? A: ATOSS follows a twofold strategy: maintaining on-prem solutions for enterprise customers while incentivizing cloud migrations with AI services and economic benefits. For SMB customers, there is a focus on migrating all customers by 2030, with a combination of incentives and economic pushes. A slight uptick in migrations is expected, but no substantial changes are planned for 2026.
Q: How does ATOSS plan to monetize new AI features, and what is the pricing strategy? A: Christof Leiber explained that current AI forecasting services are sold as separate modules. For new agentic AI services, a hybrid pricing structure will be implemented, combining token-based pricing for computing power with subscription-based pricing. The goal is to maintain healthy gross margins.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
