Waldhart Software GmbH

ATEURAcquired Sep 2018Closed Sep 2018EUR

Integration CompleteActive

EV€2.6M

Multiple paid5.2x

Exit multiple assumption8.5x

MULTIPLE JOURNEY

5.2xAcquired

8.5xGroup multiple

Y1 vs Underwriting

Ahead of plan

Y1 Revenue

CHF 2.1M

+4.8% vs plan CHF 2M

Y1 EBITDA

CHF 526.8K

+10.0% vs plan CHF 478.9K

IC Memo Summary

Waldhart Software GmbH acquired 2018-09 at 5.2x TTM EBITDA (EV €2.6M). Y1 actual revenue CHF 2.11M (105% of underwriting CHF 2.01M). Y2 actual CHF 2.35M (107%). Integration status: fully integrated. 1 synergy delivered or ahead of plan.

Underwritten vs Actual

Revenue · plan is dashed

ActualUnderwriting planY3 actual CHF 2.6M = 108% of plan

Year	Actual	Plan	Variance
Y1	CHF 2.1M	CHF 2M	CHF 95.8K
Y2	CHF 2.3M	CHF 2.2M	CHF 143.7K
Y3	CHF 2.6M	CHF 2.4M	CHF 191.6K

Synergy Tracker

1 synergy · 104% realised

CHF 125,000

of CHF 120,000 target

Description	Owner	Target (CHF)	Delivered (CHF)	Status	Due
	Thomas Brunner (Group Operations)	120,000	125,000100%	Delivered	Dec 2025

Total synergy target: CHF 120,000104% realised to date

All synergies delivered or on track

Cohort Comparison

This acquisition vs portfolio

	This acquisition	Portfolio average	Best sister
Y1 Revenue vs Plan (CHF)	2.1M	2.2M	3.4M
Y1 EBITDA Margin	25.0%	22.4%	28.1%
Synergy Realisation	104%	86%	117%

Comparison includes 6 acquisitions with Y1 actuals reported

FINANCIAL SNAPSHOT (TTM)

TTM REVENUE

CHF 4M

ADJUSTED EBITDA

CHF 1.2M

EBITDA MARGIN

30.6%

CASH BALANCE

CHF 800K

HEADCOUNT

CUSTOMERS

380

Integration Gates

4 of 4

Day 1Complete
Day 30Complete
Day 100Complete
Day 365Complete

TSA EXIT TRACKER

ExitedMar 2019

All TSAs exited — integration complete

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Budget vs Actual vs Forecast · FY26

Waldhart Software GmbH · YTD through Aug 2026 · CHF · forecast = YTD actual + remaining budget × 1.04


Revenue	2.7M	2.8M	+133.9K· +5.0%	4M	4.2M	+186.8K· +4.7%
Growth %	9.6%	15.1%	+5.5pp	9.6%	14.7%	+5.1pp
COGS	642.6K	668.6K	At risk+26K· +4.1%	960K	998.7K	At risk+38.7K· +4.0%
S&M	374.8K	377.7K	+2.8K· +0.8%	560K	570.2K	+10.2K· +1.8%
R&D	589K	594.7K	+5.7K· +1.0%	880K	897.3K	+17.3K· +2.0%
G&A	348.1K	353.8K	+5.7K· +1.6%	520K	532.6K	+12.6K· +2.4%
OpEx (total)	1.3M	1.3M	+14.2K· +1.1%	2M	2M	+40.1K· +2.0%
EBITDA	722.9K	816.5K	+93.6K· +12.9%	1.1M	1.2M	+107.9K· +10.0%
EBITDA %	27.0%	29.0%	+2.0pp	27.0%	28.4%	+1.4pp

OPERATING PERFORMANCE

Operating Metrics

Software

Net Revenue Retention

108.4%

Sep 25 – Aug 26

ARR Growth

13.3%

Sep 25 – Aug 26

Rule of 40

42.2%

Sep 25 – Aug 26

R&D Share of Revenue

21.3%

Sep 25 – Aug 26

GMV Take Rate

11.55%

Sep 25 – Aug 26

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