Scope

Budget vs Actual vs Forecast · FY26

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


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

Waldhart Software GmbH

ATEURAcquired Sept 2018Closed Sept 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 2.2M

+4.8% vs plan CHF 2.1M

Y1 EBITDA

CHF 550K

+10.0% vs plan CHF 500K

IC Memo Summary

Waldhart Software GmbH acquired 2018-09 at 5.2x TTM EBITDA (EV €2.6M). Y1 actual revenue €2.20M (105% of underwriting €2.10M). Y2 actual €2.45M (107%). Integration status: fully integrated.

FLAGGED

1 synergy delivered or ahead — confidence on remaining plan.

Underwritten vs Actual

Revenue · plan is dashed

ActualUnderwriting planY3 actual CHF 2.7M = 108% of plan

Year	Actual	Plan	Variance
Y1	CHF 2.2M	CHF 2.1M	CHF 100K
Y2	CHF 2.5M	CHF 2.3M	CHF 150K
Y3	CHF 2.7M	CHF 2.5M	CHF 200K

Synergy Tracker

1 synergy · 104% realised

CHF 125,000

of CHF 120,000 target

Description	Owner	Target	Delivered	Status	Due
	Thomas Brunner (Group Operations)	CHF 120,000	CHF 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 2.2M	CHF 2.2M	CHF 3.6M
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

Data Connections

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OPERATING PERFORMANCE

Operating Metrics

Software

Net Revenue Retention

108.4%

Sept 25 – Sept 26

ARR Growth

13.3%

Sept 25 – Sept 26

Rule of 40

42.2%

Sept 25 – Sept 26

R&D Share of Revenue

21.3%

Sept 25 – Sept 26

GMV Take Rate

11.55%

Sept 25 – Sept 26

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Data freshnessAll synced

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