ALSO has released its 2025 Annual report, which gives investors, and those curious, a good idea of how the company is tracking since it acquired Westcoast at the end of February 2025.
At the time of the Westcoast acquisition, reports of Westcoast Group’s full year turnover in 2024 were reported as approximately €4.2 billion, which was indeed in line with what the company attested to on 20 February 2025: £3.604 billion on its Anti-Slavery Statement. Additionally reports of Westcoast Group’s EBITDA for 2024 were reported as approximately €73 million. ALSO’s 2025 report shows the Westcoast portion of the 2025 EBITDA is €62.6 million.
Westcoast Limited’s full accounts for the year 2024 filed at Companies House on 8 August 2025 state the turnover for the full year at £3.334 billion. The variation between the Westcoast Group turnover and that of Westcoast Limited can possibly be attributed to its subsiduaries turnover (Spire Technology Limited, Art Systems, XMA, Clarity Computer Limited, Komsa and Westcoast in France and Ireland).
ALSO with Westcoast
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| ALSO Net sales before PvA | €15,243.9m | €10,963.2m | €11,118.0m |
| % change YoY | +39.0% | -1.4% | |
| ALSO Turnover with Westcoast | €15,243.9m | ~ €15,163.2m | |
| ~ +0.5% |
Note: “Net sales before PvA” (Postponed VAT Accounting) represents the total revenue a company generates from its core business activities after deductions for returns, allowances, and discounts, but before accounting for import VAT that has been deferred to a VAT return.
In most contexts, especially within the UK, this figure is functionally the same as turnover (or net turnover/net revenue), which represents the total value of goods or services sold during a specific period, excluding VAT.
EBITDA
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| ALSO EBITDA | €286.1m | €234.1m | €247.3m |
| % change YoY | +22.2% | -5.3% | |
| ALSO and Westcoast EBITDA | €286.1m | ~ €307.1m | |
| % change YoY | ~ -6.8% |
EBITDA Margin
Looking at EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortisation) as a ratio to turnover is a financial analysis tool used to measure a company’s operational profitability and cost efficiency, indicating how much cash is generated from core operations for every Euro of revenue.
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| ALSO EBITDA Margin | 1.877 | 2.135 | 2.224 |
| % change YoY | -13.8% | -4.2% |
Equity Ratio
ALSO’s 2025 Equity ratio at 24.3% might have some analysts using the term “leveraged” to define ALSO at the moment, but perhaps a further year of Westcoast integration and some cost-cutting exercises might return the ALSO equity ratio to its usual low 30-ish levels.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| ALSO Equity Ratio | 24.3% | 31.1% | 32.4% | 33.0% | 30.8% |
Share Pricing
At the end of 2025, the price of the ALSO share stood at CHF 215.00, representing a decline of 4% compared to the closing price at the end of 2024. However, ALSO point to the fact that the company is outperforming the SPI (Swiss Price Index).
Comment from ALSO CEO on 2025 Annual Report
Wolfgang Krainz, CEO, ALSO Holding AG, has commented:
“The company’s success is based on the breadth and quality of its business models and clear operational management with strong cost and cash flow discipline. Stringent working capital management and continuous efficiency improvements have proven their worth and are strengthening the company’s financial robustness in the long term.”
Outlook for 2026
For the 2026 financial year, ALSO expects:
- EBITDA of between €300 to €340 million
- ROCE (Return on Capital Employed) of over 20%.
Taking into account any acquisitions, the medium-term guidance continues to project the following values:
- EBITDA from 425 to 525 million euros
- ROCE of over 25 percent.
ALSO points to the growth in the Cloud market, achieving €1.6 billion (+38%) in 2025 as an attractive business opportunity. Other areas ALSO intend to capitalise on are the growth in digital platforms, AI, IoT, Cybersecurity, Gaming and the continued digital transformation of the workplace.
The report is also pragmatic about global issues around data sovereignty, geo-political tensions, components shortages, energy pricing and sustainability desires.
The link to the full ALSO Annual Report 2025 can be found here.
~ denotes approximately
