Original-Research: ATOSS Software SE – from NuWays AG 24.10.2025 / 09:00 CET/CEST Dissemination of a Research, transmitted by EQS News – a service of EQS Group. The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions. ————————————————————————— Classification of NuWays AG to ATOSS Software SE Company Name: ATOSS Software SE ISIN: DE0005104400 Reason for the research: Update Recommendation: BUY from: 24.10.2025 Target price: EUR 152.00 Target price on sight of: 12 months Last rating change: Analyst: Philipp Sennewald Cloud leverage and cost discipline deliver strong Q3; chg. ATOSS delivered a strong set of Q3 results showing continued double-digit growth and a clear EBIT beat, underlying the company’s strong operating leverage. In detail: Q3 sales arrived at EUR 47.2m (eNuW: EUR 47.9m), growing by 12.2% yoy. This was carried by Cloud & Subscription sales (+25.3% to EUR23.4m) as well as a better utilization in Consulting (+13.8% to EUR 10.1m), both compensating for the continued decline in license revenues (-15.6% to EUR 1.8m). This is clearly displaying the success of the ongoing transition SaaS. In fact, Cloud & Subscriptions accounted for 49.6% of sales in Q3, while total recurring revenues (incl. Maintenance) made up 70% (+2pp yoy), which further enhances earnings quality and visibility. Total ARR as of 9M came in at EUR 95.4m (+26% yoy) driven by a continued strong net retention rate of 111% (EUR 8.2m contribution) as well as new and migrated customers (EUR 11.3m). Noteworthy in this context: ATOSS’ entry level solution Crewmeister, which targets customers with
