Original-Research: ATOSS Software SE (von NuWays AG): BUY

02.02.2026 / 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 152

Target price on sight of: 12 months

Last rating change:

Analyst: Philipp Sennewald

Strong Q4 results, yet another beat; BUY

Fridays' preliminary FY25 figures once again underlined the strength of

ATOSS' recurring revenue engine as well as an improving demand backdrop

heading into FY26. In detail:

FY25p group sales increased 10.9% yoy to EUR 189m (in line with eNuW and

eCons), supported by a 28.1% jump in Cloud & Subscription to EUR 92.7m.

Together with maintenance, overall recurring revenues came in at EUR 132m

(+18% yoy), representing 70% of sales, 5pp more than in FY24, thus further

improving visibility and scalability. Importantly, demand dynamics continued

to recovery strongly in Q4, resulting in a 27% increased Cloud &

Subscription order backlog of EUR 109m, while Cloud ARR expanded 28% to EUR 101m.

This rebound in OI signals easing customer cautiousness and provides sound

revenue coverage for FY26. At the same time, Consulting continued to grow

moderately (+10.3% yoy), underlining the healthy pipeline and sustained

project activity around the installed base. In accordance with management's

strategy, sales from Licenses further compressed to EUR 8.8m (-35.1% yoy),

reflecting the clear focus on cloud and recurring revenues.

Profitability was once again exceptional despite ongoing investments into

sales capacity, platform scaling and especially AI as EBIT came in at EUR

68.1m (eNuW: EUR 64.7m, eCons: EUR 64.3m), corresponding to a 36% margin, hereby

exceeding the already lifted target of 34% by another 2pp but below FY24

(37%). The slight margin decline should however not be interpreted as

operational weakness, as it reflects the aforementioned investments visible

in slightly increased R&D (+0.1pp yoy) and sales ratios (+1.3pp yoy). A 40%

margin in Q4 supports this, highlighting the earnings power and operating

leverage of the business model.

Cash generation and balance sheet strength remain strong although back taxes

and higher tax advances weighed on FCF, which came in at EUR 46.2m (eNuW: EUR

49.0m, eCons: EUR 48.7m). This leaves strong strategic flexibility given a net

cash position of EUR 115m although organic growth alone remains sufficient to

drive value creation with >50% ROICs.

Looking ahead, management guides for FY26 sales of EUR 215m (eNuW: EUR 214m,

eCons: EUR 215m) and an EBIT margin of >=32% (eNuW: 34.7%, eCons: 33.4%).

Although factoring in ongoing growth investments, the margin target looks

very conservative, in our view, leaving the possibility of a guidance

upgrade in the cards, especially as the increasing share of high margin

recurring revenues is driving scalability.

Overall, the FY25 prelims fully reinforce ATOSS' positioning as a

high-quality software compounder, combining double-digit growth,

best-in-class margins and exceptional balance sheet strength. Trading at

28.6x FY26e forward PE (vs 5y average of 38.6x), the stock offers plenty

upside potential, which is backed by our DCF based PT of EUR 152 - BUY.

You can download the research here:

https://eqs-cockpit.com/c/fncls.ssp?u=59233ce09132ca3c5d430af26b70cd5d

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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

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