Märkte & Kurse

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Original-Research: ATOSS Software SE - from NuWays AG

11.03.2026 / 09:00 CET/CEST
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Classification of NuWays AG to ATOSS Software SE

     Company Name:                ATOSS Software SE
     ISIN:                        DE0005104400

     Reason for the research:     Update
     Recommendation:              BUY
     Target price:                EUR 148
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Philipp Sennewald

Final FY25 reinforces quality compounder profile, Chg.

Yesterday's publication of ATOSS' FY25 annual report once again confirmed
the exceptional quality of the business model and the structural strengths
underpinning its long-term growth story. While the release contained no
major surprises after the preliminary figures in January, it provides
additional insight into the drivers behind ATOSS' recurring revenue engine
and its expanding AI-enabled platform.

FY25 marked another record year with group sales up 10.9% yoy to EUR 189m,
while EBIT reached EUR 68.1m, corresponding to a 36% margin and thus exceeding
the already lifted target of 34%. Recurring revenues (Cloud & Subscriptions
+ Maintenance) rose 18% yoy to EUR 132m and now account for 70% of total
sales. At the same time, Cloud & Subscription revenues expanded by 28% yoy
to EUR 92.7m and represent almost half of group revenues. These figures
clearly highlight the continued success of ATOSS' transition toward a highly
scalable SaaS-based model.

Beyond the headline numbers, the report particularly underscores the
strength of ATOSS' recurring growth mechanics. Cloud ARR increased 28% yoy
to EUR 101m, while the cloud order backlog rose 27% yoy to EUR 109m, providing a
high level of revenue visibility entering FY26. Importantly, this growth is
not only driven by new and migrated customer wins (60%) but also by
consistent upselling within the installed base (40%), reflecting the
company's effective land-and-expand strategy and the mission-critical nature
of its WFM solutions.

Another key takeaway is the increasing role of AI within the ATOSS platform.
The company continues to integrate AI-driven functionality across
forecasting, scheduling and workforce analytics processes, thereby further
enhancing the value proposition of its software suite. In our view, this
development strengthens ATOSS' competitive positioning, as intelligent
automation and predictive planning capabilities are becoming increasingly
important differentiators in WFM solutions.

Despite ongoing investments into sales capacity, international expansion and
AI development, ATOSS continues to deliver best-in-class profitability. The
scalable SaaS model, combined with strong pricing power and disciplined cost
management, enables EBIT margins comfortably in the mid-30% range (FY26e:
34.7%). At the same time, the company's strong balance sheet remains a key
strategic asset, with liquidity of more than EUR 120m providing ample
flexibility for organic investments, dividends and potential bolt-on
acquisitions.

Overall, the FY25 annual report once again reinforces our view that ATOSS
represents a rare combination of structural growth, exceptional margins and
high earnings visibility. With its expanding recurring revenue base, growing
AI capabilities and strong balance sheet, the company remains one of the
highest quality software compounders in the European market.

We therefore reiterate BUY with a new EUR 148 PT (old: EUR 152) based on DCF.


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Contact for questions:
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
++++++++++
Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss
bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenkonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befindet sich in der vollständigen Analyse.
++++++++++

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2289274 11.03.2026 CET/CEST

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