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Half-Year Financial Report
2025
2
in € million, unless otherwise indicated
H1 2025
H1 2024
Delta
Delta as %
Order entry
155.2
134.7
+20.5
+15%
Revenue
138.9
116.0
+22.8
+20%
EBITDA
20.0
17.7
+2.4
+13%
EBIT
14.8
12.5
+2.4
+19%
Result for the period
8.6
7.9
+0.7
+9%
Earnings per share (in €)
1.20
1.09
+0.11
+10%
Operating cash flow
5.4
4.7
+0.7
+15%
Cash and cash equivalents
64.8
43.0
+21.8
+51%
Employees as of June 30
1,626
1,487
+139
+9%
in € million, unless otherwise indicated
Q2 2025
Q2 2024
Delta
Delta as %
Order entry
79.8
74.1
+5.7
+8%
Revenue
72.3
62.0
+10.3
+17%
EBITDA
9.5
11.1
-1.6
-14%
EBIT
6.9
8.5
-1.5
-18%
Result for the period
3.8
5.5
-1.7
-31%
Earnings per share (in €)
0.53
0.76
-0.23
-30%
Operating cash flow
-9.7
-5.6
-4.1
-73%
KEY FIGURES
3
HALF-YEAR FINANCIAL REPORT 2025
Interim Group Management Report of
SNP Schneider-Neureither & Partner SE
for the Period From January 1 to June 30, 2025
SNP AT A GLANCE
SNP serves multinational companies in every sector.
SNP was founded in 1994 and has been publicly traded
since 2000. As of August 2014, the company is listed on
the Prime Standard segment of the Frankfurt Stock Ex-
change (ISIN DE0007203705). Since 2017, the company
has operated as a European stock corporation (Societas
Europaea/SE).
With its technology platform Kyano, SNP is a reliable
partner for companies that rely on data-driven function-
alities and strive for business agility in their transforma-
tion projects. Kyano integrates all necessary capabilities
and partner offerings for software-based end-to-end
data migration and management. In combination with the
BLUEFIELDTM approach, Kyano ensures the fast and se-
cure reorganization and modernization of SAP-centric IT
landscapes while simultaneously exploiting datadriven
innovations.
More than 3,000 customers of all sizes and from all in-
dustries in over 80 countries worldwide, including nu-
merous DAX 40 and Fortune 500 companies, rely on
SNP. The SNP Group has over 1,600 employees world-
wide in 36 locations in 23 countries.
downward revision from the IMF’s January report. The
correction reflects new realities such as the latest
trade disputes between the USA and China, new US
tariffs and ongoing uncertainties in international trade.1
IT Transformation Market
Mood Particularly Positive Among IT Consultancies
The latest release of the business climate index in the
consulting industry by the Federal Association of Ger-
man Management Consultants (BDU) shows a slight
improvement in the second quarter of 2025. The index
rose to 89.9 points, signaling a moderate improvement
in sentiment compared with the previous quarter, when
it stood at 87.6 points. The significant improvement in
sentiment among IT consulting firms is particularly
striking. This area demonstrated the strongest growth,
with an increase of 8.3 points to 91 points. One third of
IT consultancies expect their business situation to im-
prove over the next six months, compared with only
10% in the first quarter.
Additional information on the business model and strat-
egy can be found in the SNP Annual Report 2024 from
page 46 onward.
ECONOMIC REPORT
Global Economic Situation
Global economic momentum slowed considerably in
the first half of 2025. Following a period of moderate
growth, the global economic outlook was weakened
by new trade tensions, an increase in protectionist
measures and overall heightened uncertainty. One
notable development is the increase in the effective
tariff level, which has reached a historic high. The tar-
iffs, combined with geopolitical risks and inconsistent
economic policies in many countries, are creating a
volatile environment that weighs on investment and
trade flows. Global financial markets are also becom-
ing increasingly sensitive to the uncertain economic
environment.
In April 2025, the International Monetary Fund (IMF)
published a World Economic Outlook Update in which
it forecast global year-on-year economic growth of
2.8% for 2025. This represents a 0.5 percentage point
1 International Monetary Fund (IMF), World Economic Outlook – A
Critical Juncture amid Policy Shifts, April 2025.
4
The ifo Business Climate Index for the economy as a
whole, which is compiled using the same methodolo-
gy, was 88.4 points in June 2025. Sentiment in the
consulting sector thus remains significantly more pos-
itive overall than for the economy as a whole. Larger
consulting firms with annual revenues exceeding € 50
million, on the other hand, recorded a significant de-
cline in the business climate index of 8.7 points. This is
primarily attributable to the ongoing challenges in the
business environment.2
Global M&A Market in Transition:
Fewer Deals, Higher Volumes
According to PwC, the global market for mergers and
acquisitions experienced a 9% decline in the number of
transactions in the first half of 2025 compared to the
same period last year. However, the monetary transac-
tion volume (USD 1,497 billion; +10%) increased during
the same period due to growth in larger transactions.
In an international context, the volume of mergers and
acquisitions transactions in the Asia-Pacific region
increased by 14%. Volumes declined by 12% in the
Americas and by 6% in the EMEA region (Europe, Mid-
dle East and Africa).3
Cloud Transformation Increasingly Significant
Cloud computing has now become standard in German
companies, with 98% of companies with at least 50
employees using the corresponding solutions. The ma-
jority (55%) use hybrid cloud models, which combine
public and private cloud services. 22% use exclusively
public cloud solutions and 23% private cloud approach-
es. Cloudfirst strategies are the most widely used on
the market. In 2024, 52% of companies migrated their
infrastructure to the cloud or started new projects di-
rectly in it. At the same time, cloudonly strategies are
becoming more important. The share of companies
using exclusively cloud technologies grew from 16% in
2023 to 23%. Nearly a fourth (23%) continue to use the
cloud opportunistically as part of a cloudtoo strategy.
These are the results of a representative survey carried
out by Statista on behalf of KPMG AG Auditing Compa-
ny in 2024, in which 503 German companies with at
least 50 employees were questioned.
Cloud use pursues clear strategic objectives. As in the
previous year, increasing IT security was a top priority
for most of the companies (57%). Digital transformation
of internal processes (49%) and cost optimization (47%)
are among the central drivers of the cloud transforma-
tion. In particular, companies with 250 to 4,999 employ-
ees (52%) are opting increasingly for more flexibility and
scalability – considerably more frequently than large
companies with 5,000 or more employees (40%) and
mediumsized companies with 50 to 249 employees
(33%).4
After a temporary downturn in the previous year, com-
panies stepped up their investments in cloud comput-
ing again in 2024 to meet higher security standards and
create a scalable basis for the growing use of AI tech-
nologies. According to the Foundry 2024 Cloud Com-
puting Study, 64% of companies are planning to invest
in AI and machine learning services, while 63% are ex-
panding their commitment to cloud-based business
applications (SaaS). At the same time, cloud budgets
are growing worldwide: 64% of companies in North
America, 65% in the EMEA region and 66% in the APAC
region plan to increase their budgets in the next twelve
months.5
2 Federal Association of German Management Consultants
(BDU), Press Release: Business Climate in the Consulting
Sector Rises Slightly for Second Time
(https://www.bdu.de/news/geschaeftsklimaindex-im-consult-
ing-steigt-zum-zweiten-mal-leicht-an/), July 2025.
3 PwC, Global M&A Industry Trends: 2025 Mid-Year Outlook, June
2025 (https://www.pwc.com/gx/en/services/deals/trends.html).
4 Statista GmbH on behalf of KPMG, Cloud-Monitor 2024, No-
vember 2024 (https://hub.kpmg.de/de/cloud-monitor-2024).)
5 Foundry, an IDG Inc. company, Cloud Computing Study 2024,
August 2024 (https://foundryco.com/tools-for-marketers/
research-cloud-computing/)
5
HALF-YEAR FINANCIAL REPORT 2025
The Changeover to SAP S/4HANA with
“SNP: Selective Transformation to SAP S/4HANA”
The ERP product SAP S/4HANA is one of the key reasons
why increasing numbers of companies are implementing
their digital transformation by means of process changes
and a cloud strategy. This reflects the fact that SAP will
provide mainstream maintenance for the core applica-
tions of the SAP Business Suite 7 only up to the end of
2027; optional extended maintenance is offered until
the end of 2030.6 In addition, SAP has rolled out the
“RISE with SAP Migration and Modernization” program
to further motivate customers to pursue cloud migra-
tion.7 SAP sees these initiatives as clear opportunities
for growth.
According to a study by SAPinsider, almost 60% of SAP
customers cite the end of maintenance as the most
important factor for their ERP strategy and their plans to
migrate to SAP S/4HANA in 2024. And the time pressure
is increasing from year to year: while the end of mainte-
nance of SAP ERP core releases was only a decisive
factor for 32% of companies in 2022, by 2023 the figure
had reached 42%.8
SAP S/4HANA on the rise
According to SAPinsider, 21% of companies worldwide
that use SAP ERP are already using SAP S/4HANA. 20%
of the companies surveyed are currently switching to
SAP S/4HANA, while 45% plan to implement SAP
S/4HANA in the future.
Impact on SNP
The ten leading IT consulting firms worldwide achieved
a revenue volume of more than € 260 billion in 2024.
Compared to the previous year, this represents a de-
crease of about 8%. As a leading world provider of
software to cope with complex digital transformation
processes, SNP addresses a segment of this capital-
and personnelintensive IT consulting market. For IT
consulting firms, technical data migration is a highly
challenging and increasingly critical part of largescale
consulting projects. Unlike in the case of traditional IT
consulting in the ERP environment, SNP employs an
automated approach using proprietary software.
SIGNIFICANT EVENTS IN THE FIRST HALF OF 2025
The 2025 Annual General Meeting
The Annual General Meeting of SNP SE, which was held
on June 30, 2025, approved all the items on the agenda
with substantial majorities. In total, approximately 82%
of the share capital was represented at the virtual
event.
Shareholders approved the proposed control and profit
transfer agreement between SNP Schneider-Neureither
& Partner SE and Succession German Bidco GmbH, a
holding company advised by global investment firm
Carlyle (NASDAQ: CG), by a margin of more than 97%.
6 SAP, 2020 (https://news.sap.com/germany/2020/02/wartung-
s4hana-sap-business-suite-7/#ftn in conjunction with https://
news.sap.com/2022/09/new-sap-s4hana-release-mainte-
nance-strategy/).
7 https://news.sap.com/germany/2024/01/sap-kunden-cloud-
first-geschaeftsstrategie/.
8 SAPinsider, SAP S/4HANA Migration, 2024.
6
Order entry of € 155.2 million in the first six months of
the current fiscal year was increased substantially by
€ 20.5 million, or 15%, compared to the previous year
(previous year: € 134.7 million). The growth extended
across all three business segments and nearly all
regions. The increase was primarily driven by the
acquisition of largescale projects from renowned
customers in the NA, CEU and NEMEA regions, as well
as the continued strong performance of SAP S/4HANA
and RISE with SAP business. The Trigon Group con-
tributed € 5.7 million to the halfyear figures (H1 2024:
€ 3.5 million; initial consolidation as of May 1, 2024).
€ 101.4 million, or approximately 65%, of the order entry
volume is attributable to the Services business seg-
ment (previous year: € 85.0 million, or approximately
63%).
The Software business segment accounts for € 45.6
million, or approximately 29%, of the order entry volume
(previous year: € 41.3 million, or approximately 31%).
€ 8.2 million, or approximately 5%, of the order entry
volume in the reporting period is attributable to the
EXA business segment (previous year:€ 8.4 million, or
approximately 6%).
In the new Supervisory Board election, Michael Wand,
Head of Europe Private Equity at Carlyle, and Willi West-
enberger, Managing Director at Carlyle, were newly
elected to the Supervisory Board. As announced in the
agenda in May 2025, Dr. Karl Benedikt Biesinger and
Prof. Dr. Thorsten Grenz, the current Chairman and
Deputy Chairman of the Supervisory Board, respective-
ly, stepped down at the end of the Annual General
Meeting. At the subsequent constituent meeting of the
new Supervisory Board, Willi Westenberger was elected
Chairman of the Supervisory Board, and Michael Wand
was elected Deputy Chairman.
EXA Group: Increase in the Company’s Investment
to 100%
In May 2025, NIANK GmbH, Hirschberg, Germany, exer-
cised the put option provided for in its shareholder
agreement. 15.1% of the shares in EXA AG were subse-
quently transferred to SNP SE. The purchase price of
the shares was € 10.5 million, which was settled in June
2025. An additional 3,332 preferred shares were ac-
quired in June 2025 from two shareholders for a pur-
chase price of € 0.3 million. SNP SE thus increased its
investment to 100% of the shares via a multiplephase
acquisition.
BUSINESS PERFORMANCE OF
SNP SCHNEIDER-NEUREITHER & PARTNER SE
IN THE FIRST HALF OF 20259
9 The following percentage changes are based on exact and not
rounded values.
in € million
Q2 2025
Q2 2024
Δ
Order entry
79.8
74.1
+8%
Service
54.2
45.8
+18%
Software
24.6
25.3
-3%
EXA
1.0
3.1
-68%
H1 2025
H1 2024
Δ
Order entry
155.2
134.7
+15%
Service
101.4
85.0
+19%
Software
45.6
41.3
+10%
EXA
8.2
8.4
-2%
Order backlog
244.9
199.2
+23%
Services
164.3
143.9
+14%
Software
65.1
47.6
+37%
EXA
15.5
7.7
+101%
ORDER BACKLOG AND ORDER ENTRY BY BUSINESS SEGMENT
7
HALF-YEAR FINANCIAL REPORT 2025
The order entry volume associated with upcoming SAP
S/4HANA projects continued to perform well: At € 84.3
million in the first six months of 2025, order entry is
significantly higher than the previous year’s level of
€ 75.2 million; S/4HANA projects therefore represent
approximately 54% of the overall order entry volume of
the SNP Group (previous year: approximately 56%).
At € 71.9 million, the CEU region continues to account
for the largest share of the order entry volume; this
represents an increase of approximately 8% compared
to the first half of the previous year (previous year:
€ 66.8 million). The CEU region’s share of global order
entry volume thus amounts to 46% (previous year:
50%).
Over the first six months of the year, the CEU region and
the following regions in particular registered order entry
growth: NA (€ 32.4 million, compared with € 22.1 million
in the previous year, +47%), NEMEA (€ 22.4 million,
compared with € 17.0 million in the previous year, +32%)
and LATAM (€ 22.7 million, compared with € 21.1 million
in the previous year, +8%).
During the same period, order entry in the JAPAC region
declined to € 5.8 million, a drop of -25% (previous year:
€ 7.7 million).
million, or 15.8%, to € 46.7 million (previous year: € 40.4
million). This development underscores the continued
successful implementation of SNP’s software and part-
ner strategy for its end customer and partner business.
Revenue Distribution by Business Segment
In the first six months of 2025, the Services business
segment provided€ 86.8 million (H1 2024: € 72.3 mil-
lion) of Group revenue. Revenue in this business
segment thus increased by € 14.5 million, or 20.0%,
compared with the first half of the previous year due to
an improved order situation and higher customer pric-
es. Measured in terms of the overall revenue volume of
€ 138.9 million, the revenue achieved in the Services
business segment corresponds to a share of approxi-
An order entry volume of €84.6 million was realized via
partners in the first half of the year (previous year:
€ 73.4 million); this constitutes an increase of around
15% year over year.
The order backlog as of June 30, 2025, amounted to
€ 244.9 million compared to € 199.2 million as of June
30, 2024 (+23%).
REVENUE PERFORMANCE
The SNP Group increased its Group revenue in the first
six months of the 2025 fiscal year, raising it by +19.7%
to € 138.9 million (previous year: € 116.0 million). With an
increase of 16.7% to € 72.3 million (previous year:
€ 62.0 million), the second quarter has made a key con-
tribution to the positive overall trend for Group revenue.
This revenue growth is mainly due to the positive ser-
vice revenue development (including service revenue
from EXA AG), which in the first half of 2025 experi-
enced an increase of € 16.5 million, or 21.8%, to € 92.1
million (previous year: € 75.6 million).
In the course of the sale of larger program licenses,
Software revenue (including software revenue of the
EXA Group) also performed well, increasing € 6.4
in € million
2025
2024
Δ
H1
138.9
116.0
+20%
Service
86.8
72.3
+20%
Software
43.4
38.7
+12%
EXA
8.7
5.0
+73%
Q2
72.3
62.0
+17%
Service
45.8
36.7
+25%
Software
22.6
22.5
+0%
EXA
3.9
2.8
+43%
OVERALL REVENUE BY BUSINESS SEGMENT
8
Within the Software business segment, over the first six
months of the 2025 fiscal year, revenue from software
licenses of € 27.3 million represented a slight increase
of € 0.7 million, or around 2.7%, over the previous year
(H1 2024: € 26.6 million).
At € 11.6 million (H1 2024: € 8.9 million), recurring rev-
enue from software support experienced a significant
year-on-year increase of around 30% in the first half of
the year.
Cloud revenue (including software as a service, SaaS)
also increased substantially, rising by € 1.3 million to
€ 4.6 million, in the first six months of the fiscal year (H1
2024: € 3.3 million). This represents growth of around
39%.
The EXA business segment accounted for external
sales of € 8.7 million in the first half of 2025 (H1 2024:
€ 5.0 million). The rise in revenue is largely as a result
of higher demand for the EXA Group’s software solu-
tions from major customers in the pharmaceuticals
and chemicals sector.
mately 63% (H1 2024: 62%). Segment revenue in the
second quarter increased by € 9.1 million, or 24.7%, to
€ 45.8 million.
Software revenue also increased in the first six months
of the fiscal year; this is primarily due to higher mainte-
nance and cloud revenue in addition to increased sales
of program licenses, mainly for the implementation of
numerous SAP S/4HANA projects. Revenue in the Soft-
ware business segment (including maintenance and
cloud) thus increased by € 4.7 million, or around 12.1%,
compared to the same period in the previous year to
€ 43.4 million (H1 2024: € 38.7 million). Measured in
terms of the overall revenue volume of € 138.9 million,
the revenue achieved in the Software business seg-
ment corresponds to a share of 31% (H1 2024: 33%).
Segment revenue in the second quarter increased by
€ 0.1 million, or 0.4%, to € 22.6 million.
in € million
Q2 2025
Q2 2024
Δ
CEU
36.3
31.3
+16%
NA
13.9
9.3
+50%
LATAM
9.6
8.7
+11%
NEMEA
9.2
9.2
-1%
JAPAC
3.3
3.6
-6%
in € million
H1 2025
H1 2024
Δ
CEU
70.8
60.2
+18%
NA
28.1
17.3
+63%
LATAM
19.2
16.8
+14%
NEMEA
14.9
14.1
+6%
JAPAC
5.9
7.7
-23%
REVENUE BY REGION
Revenue Distribution by Region
The increase in Group revenue in the first half of 2025
is attributable to a positive revenue performance trend
in all of the Group’s regions except JAPAC. The NA,
CEU and LATAM regions accounted for the highest
increases in percentage terms. These are attributable,
above all, to major S/4HANA projects with well-known
companies. The decline in revenue in the JAPAC re-
gion is primarily attributable to lower revenue in Singa-
pore, Japan and China. In contrast, revenue volume in
Australia increased significantly. The following tables
show the distribution and development of Group reve-
nue by region:
in € million
2025
2024
∆
H1
43.4
38.7
+12%
Software licenses
27.3
26.6
+3%
Software support
11.6
8.9
+30%
Cloud/SaaS
4.6
3.3
+39%
Q2
22.6
22.5
+0%
Software licenses
14.5
16.6
-13%
Software support
5.9
4.2
+41%
Cloud/SaaS
2.3
1.7
+31%
REVENUE IN THE SOFTWARE BUSINESS SEGMENT
9
HALF-YEAR FINANCIAL REPORT 2025
Operating Performance
In the first half of 2025, SNP achieved earnings before
interest, taxes, depreciation and amortization (EBITDA)
of € 20.0 million (H1 2024: € 17.7 million); this corre-
sponds to an increase relative to the first half of 2024 of
€ 2.4 million, or around 13.4%. The EBITDA margin thus
amounts to 14.4% (H1 2024: 15.2%).
Earnings before interest and taxes (EBIT) of € 14.8 mil-
lion were significantly higher than the previous year’s
figure of € 12.5 million. This corresponds to an increase
over the first half of 2024 of € 2.4 million, or approxi-
mately 19.1%. The EBITDA margin thus still amounts to
10.7% (H1 2024: 10.7%).
The increase in operating earnings in the first half of
2025 is mainly attributable to revenue growth. This in-
crease in operating earnings, which was lower than the
increase in revenue, is mainly attributable to one-off
effects in both the previous year and the current year.
For example, the same period of the previous year in-
cluded a positive onetime effect from the settlement of
the legal dispute with the community of heirs (H1 2024:
€ 3.5 million). This effect is no longer included in the
current fiscal year. In addition to other onetime effects,
the currency result in the first half of 2025 had a nega-
tive impact of € -3.3 million (H1 2024: € +0.6 million) on
operating earnings. The negative currency result is pri-
marily attributable to the development of the USD in the
first half of 2025.
Costs of purchased services and material expenses de-
creased slightly year on year in the first half of 2025,
falling by € -0.1 million, or -1.0%, to € 11.5 million (H1
2024: € 11.6 million). Expenses for purchased services
have been reduced despite the increase in Services
revenue. This decrease was achieved through greater
reliance on internal consultants.
Personnel expenses during the reporting period in-
creased by € 9.6 million, or 13.3%, to € 81.9 million
(previous year: € 72.3 million). In addition to a higher
number of employees (increase of +139 to 1,626 com-
OPERATING PERFORMANCE
H1 2025
H1 2024
Δ
EBITDA (in € million)
20.0
17.7
2.4
EBITDA margin
14.4%
15.2%
-0.8 PP
EBIT (in € million)
14.8
12.5
2.3
EBITDA margin
10.7%
10.7%
+0.1 PP
Q2 2025
Q2 2024
Δ
EBITDA (in € million)
9.5
11.1
-1.6
EBITDA margin
13.2%
18.0%
-4.8 PP
EBIT (in € million)
6.9
8.5
-1.5
EBITDA margin
9.6%
13.6%
-4.0 PP
pared to the previous year), the increase was mainly due
to salary increases.
Depreciation and amortization in the first half of 2025
stood at € 5.2 million and thus remained essentially un-
changed from the same period of the previous year
(H1 2024: € 5.2 million).
Other operating expenses came in at € 28.0 million in
the reporting period (H1 2024: € 20.1 million). This is
mainly due to currency losses increasing by € 3.0 million
to € 5.5 million (H1 2024: € 2.5 million), primarily because
of the weak USD and increased expenses for external
services, which rose by € 3.1 million to € 6.7 million (H1
2024: € 3.6 million). At the same time, there have been
increases in other personnel costs (increase of
€ 0.8 million to € 2.3 million), advertising and rep-
resentation expenses (increase of € 0.3 million to € 4.2
million), rents and leasing (increase of € 0.2 million to
€ 2.2 million), legal and consulting expenses (up € 0.2
million to € 1.2 million) and travel costs (up € 0.1 million
to € 1.9 million). This is mainly due to the increase in the
number of employees, the growth of the SNP Group and
investments in our own infrastructure and processes.
Expenses from impairments on receivables and con-
tract assets fell in the first half of 2025 by € -1.9 million
to € 0 million (H1 2024: € 1.9 million). In the previous
10
H1 2025
H1 2024
EBIT (in € million)
13.7
10.7
EBIT margin
31.5%
27.7%
EBIT IN THE SOFTWARE BUSINESS SEGMENT
Q2 2025
Q2 2024
EBIT (in € million)
6.6
7.0
EBIT margin
29.1%
31.2%
H1 2025
H1 2024
EBIT (in € million)
4.6
0.7
EBIT margin
44.2%
13.2%
EBIT IN THE EXA BUSINESS SEGMENT
Q2 2025
Q2 2024
EBIT (in € million)
2.1
0.9
EBIT margin
44.5%
31.1%
NET FINANCIAL INCOME AND RESULT
FOR THE PERIOD
Net financial income in the first half of 2025 amounts to
€ -2.5 million (H1 2024: € -1.2 million). This includes in-
terest and similar expenses of € 3.1 million (H1 2024:
€ 1.9 million). This is offset by other interest and similar
income in the amount of € 0.6 million (H1 2024:
€ 0.7 million). The increase in interest expenses, along-
side a decrease in the level of debt, reflects higher
market interest rates.
After income taxes of € 3.7 million (H1 2024: € 3.4 mil-
lion), the result for the period amounted to € 8.6 million
(H1 2024: € 7.9 million). The net margin (the ratio of the
result for the period to overall revenue) is 6.2% (previ-
ous year: 6.8%).
year, receivables relating to a legacy partner license
call-off contract in the CEU region were written off.
Other operating income fell in the first half of 2025
com-pared with the previous year, decreasing by € 4.8
million to € 3.1 million (H1 2024: € 7.9 million). In the
prioryear period, other nonfinancial assets also includ-
ed a positive onetime effect of € 3.5 million from the
receivables purchase and assignment agreement en-
tered into between SNP SE and Tatiana Schneider-
Neureither in June 2024 to settle a legal dispute with
the community of heirs. The positive currency effects
also decreased by € 1.1 million to € 1.9 million (H1 2024:
€ 3.1 million).
H1 2025
H1 2024
EBIT (in € million)
3.8
4.4
EBIT margin
4.4%
6.1%
EBIT IN THE SERVICES BUSINESS SEGMENT
Q2 2025
Q2 2024
EBIT (in € million)
1.5
0.6
EBIT margin
3.4%
1.7%
11
HALF-YEAR FINANCIAL REPORT 2025
FINANCIAL AND NET ASSET POSITION
Total assets decreased as of June 30, 2025, falling by
€ 2.4 million to € 310.8 million (December 31: € 313.3
million).
On the assets side of the balance sheet, current assets
increased as of June 30, 2025, rising by € 3.6 million to
€ 186.2 million (December 31, 2024: € 182.6 million).
Cash and cash equivalents decreased as of June 30,
2025, declining by € 7.7 million to € 64.8 million (De-
cember 31, 2024: € 72.5 million). This is primarily due to
negative cash flow from investing activities (€ -11.9
million), which was significantly influenced by the ac-
quisition of minority interests in EXA AG and exceeded
the positive cash flow from operating activities (€ 5.4
million).
Within current assets, contract assets increased by
€ 13.0 million to € 31.7 million (December 31, 2024: € 18.7
million) due to higher POC (Percentage of Completion)
receivables, while trade receivables decreased by € 5.3
million to € 77.9 million. This development is chiefly at-
tributable to a fundamental increase in business volume.
Other nonfinancial assets increased as of June 30,
2025, rising by € 4.4 million to € 9.8 million (December
31, 2024: € 5.3 million). This increase is primarily due to
the typically higher volume of prepaid expenses and
advance payments in the first half of the year, which
rose by € 1.7 million to € 4.7 million (December 31, 2024:
€ 3.1 million). In addition, valueadded tax (VAT) receiva-
bles rose by € 1.6 million to € 3.5 million
(December 31, 2024: € 1.9 million).
Noncurrent assets decreased as of June 30, 2025, fall-
ing by € 6.1 million to € 124.6 million (December 31,
2024: € 130.7 million). This decrease is mainly attribut-
able to the following countervailing effects:
Goodwill decreased as of June 30, 2025, by € 2.8 mil-
lion to € 76.0 million (December 31, 2024: € 78.7 million)
due primarily to currency effects from the LATAM re-
gion. Intangible assets decreased as of June 30, 2025,
due to depreciation and amortization, falling by € 1.8
million to € 15.4 million (December 31, 2024: € 17.2 mil-
lion), while property, plant and equipment and right-of-
use assets increased by € 1.1 million to € 19.7 million
(December 31, 2024: € 18.6 million). This is primarily
attributable to an increase in right-of-use assets result-
ing from new leases. At the same time, noncurrent trade
receivables declined by € 2.1 million to € 3.6 million
(December 31, 2024: € 5.6 million), mainly as a result of
reclassifications to current trade receivables. Deferred
tax assets also decreased by € 0.7 million to € 8.4 mil-
lion (December 31, 2024: € 9.1 million).
On the equity and liabilities side, current liabilities in-
creased as of June 30, 2025, rising by € 23.9 million to
€ 108.9 million (December 31, 2024: € 85.0 million).
in € million
H1 2025
H1 2024
Net financial income
-2.5
-1.2
Earnings before taxes (EBT)
12.3
11.3
Income taxes
-3.7
-3.4
Profit or loss for the period
8.6
7.9
Earnings per share (basic)
1.20
1.09
NET FINANCIAL RESULT AND RESULT FOR THE PERIOD
in € million
Q2 2025
Q2 2024
Net financial income
-1.7
-0.6
Earnings before taxes (EBT)
5.3
7.8
Income taxes
-1.5
-2.4
Profit or loss for the period
3.8
5.5
Earnings per share (basic)
0.53
0.76
12
Within current liabilities, trade payables increased by
€ 3.9 million to € 12.7 million (December 31, 2024: € 8.9
million). Contract liabilities increased by € 6.0 million to
€ 17.6 million in line with contract assets (December 31,
2024: € 11.6 million).
As of June 30, 2025, financial liabilities amounted to
€ 41.9 million (December 31, 2024: € 21.8 million). The
increase of € 20.1 million mainly resulted from reclassi-
fying the noncurrent portion of liabilities to banks in the
amount of € 32.7 million to current financial liabilities
and the repayment of purchase price obligations in the
amount of € 10.5 million.
As of June 30, 2025, other nonfinancial liabilities de-
clined by € 5.1 million to € 34.0 million (December 31,
2024: € 39.1 million). This decrease is primarily due to
the settlement of employeerelated liabilities in connec-
tion with the payment of variable remuneration for the
2024 fiscal year in the second quarter of 2025 and a
decrease in tax liabilities.
Noncurrent liabilities decreased as of June 30, 2025, by
€ 24.6 million to € 65.7 million (December 31, 2024:
€ 90.3 million). The decrease is mainly due to the re-
duction in noncurrent financial liabilities, which fell by
€ 25.5 million to € 47.9 million (December 31, 2024:
Development of Cash Flow and the
Liquidity Position
The positive cash flow from operating activities of € 5.4
million (previous year: € 4.7 million) in the first six
months of the fiscal year is primarily attributable to the
improved positive result for the period of € 8.6 million
(previous year: € 7.9 million). As in the previous year,
noncash depreciation and amortization amounted to
€ 5.2 million. The negative effects from changes in
working capital increased by € -1.7 million to € -11.9
million (previous year: € -10.2 million) due to the in-
crease in business volume. In contrast, the positive ef-
fects from noncash expenses and income, particularly
due to noncash deferred taxes and currency translation
effects, increased by € 1.9 million to € 3.4 million (pre-
vious year: € 1.5 million).
Negative cash flow from investing activities in the
amount of € -11.9 million (previous year: positive cash
flow of € 4.1 million) is principally attributable to cash
outflows for the acquisition of minority interests in EXA
AG, in the amount of € 10.9 million. Cash outflows for
investments in property, plant and equipment and in-
tangible assets amounted to € 1.1 million. Positive cash
flow from investing activities in the previous year main-
ly stems from purchase price proceeds of € 4.9 million
from the sale of shares in All for One Poland sp. z.o.o.
€ 73.4 million). This reduction is attributable to counter-
vailing effects: While liabilities to banks of € 28.3 million
were repaid and the remaining noncurrent portion of
liabilities to banks of € 32.7 million was reclassified to
current financial liabilities, a noncurrent shareholder
loan of € 31.5 million was drawn down in April 2025.
Group equity as of June 30, 2025, amounted to € 136.2
million and was thus down € 1.8 million from € 138.0
million as of December 31, 2024. The decline is the re-
sult of offsetting effects: While retained earnings rose
by € 8.5 million to € 41.9 million (December 31, 2024:
€ 33.4 million), primarily due to the positive result for
the period, other reserves decreased by € 5.9 million to
€ -2.7 million (December 31, 2024: € 3.2 million) due to
currency effects. Capital reserves declined by € 4.5
million to € 95.0 million due to measurement effects for
a stock option program (December 31, 2024: € 99.5
million). The equity ratio decreased from 44.1% as of
December 31, 2024, to 43.8% as of June 30, 2025.
13
HALF-YEAR FINANCIAL REPORT 2025
Financing activities resulted in a cash inflow of € 0.4
million (previous year: cash outflow of € 6.0 million).
The settlement of lease liabilities resulted in a cash
outflow of € 2.9 million (previous year: € -2.7 million).
The repayment of loan liabilities and the acquisition of
shareholder loans resulted in a net cash inflow of € 3.2
million (previous year: cash outflow of € 3.3 million).
Changes in foreign exchange rates on cash and bank
balances have resulted in a negative impact of € -1.5
million (previous year: € -0.1 million).
Overall cash flow during the reporting period comes to
€ -7.7 million (previous year: € 2.7 million).
Taking into account the changes presented here,
the level of cash and cash equivalents declined as of
June 30, 2025, to € 64.8 million. As of December 31,
2024, cash and cash equivalents amounted to € 72.5
million. Overall, the SNP Group is very solidly positioned
financially.
Forecast
The company confirms the outlook for the full year
2025 communicated in March 2025, according to
which a positive business trend is expected, assum-
ing an unchanged positive industry development and
a strong market position. We expect sales revenue to
grow to between € 270 million and € 280 million (2024
revenue: € 254.8 million). At the same time, we antic-
ipate that operating earnings (EBIT) will fall in a range
of between € 30 million and € 34 million (EBIT 2024:
€ 28.6 million). We continue to expect the book-to-bill
ratio for the order entry (order entry over revenue) to
be greater than one.
Heidelberg, July 30, 2025
The Executive Board
Dr. Jens Amail
Andreas Röderer
RISK AND OPPORTUNITY REPORT
The management system for identifying risks and
opportunities and the measures taken to limit risk are
described in detail in the combined management
report as of December 31, 2024. In our business activ-
ities, we are exposed to a number of risks and oppor-
tunities that are inseparably linked to our entrepre-
neurial activity. These were addressed in detail in the
combined management report as of December 31,
2024. The risks and opportunities of the SNP Group
presented therein remained largely unchanged at the
end of the first half of 2025.
Assessment of the Risk Situation
At present, we do not see any risks that could endanger
the survival of SNP Schneider-Neureither & Partner SE,
the Group or individual segments.
Employees
As of June 30, 2025, the number of employees of the
SNP Group increased to 1,626; as of December 31,
2024, the Group had 1,562 employees. In the first six
months of the current fiscal year, on average the SNP
Group had 1,600 employees (previous year: 1,458).
14
CONSOLIDATED BALANCE SHEET
as of June 30, 2025
ASSETS
in € thousand
June 30, 2025
Dec. 31, 2024
June 30, 2024
Current assets
Cash and cash equivalents
64,792
72,473
42,968
Other financial assets
24
842
154
Trade receivables
77,882
83,223
77,471
Contract assets
31,749
18,734
21,810
Other nonfinancial assets
9,754
5,317
7,830
Current tax assets
2,004
1,994
443
Total current assets
186,206
182,583
150,677
Noncurrent assets
Goodwill
75,962
78,744
77,114
Other intangible assets
15,359
17,204
19,168
Property, plant and equipment
4,625
4,360
4,281
Right-of-use assets
15,045
14,277
14,559
Other financial assets
1,279
1,020
1,164
Investments accounted for using the equity method
225
225
225
Trade receivables
3,591
5,644
6,428
Other nonfinancial assets
192
122
262
Deferred taxes
8,363
9,103
4,100
Total noncurrent assets
124,640
130,700
127,301
Total assets
310,846
313,283
277,979
15
HALF-YEAR FINANCIAL REPORT 2025
EQUITY AND LIABILITIES
in € thousand
June 30, 2025
Dec. 31, 2024
June 30, 2024
Current liabilities
Trade payables
12,737
8,869
9,394
Contract liabilities
17,569
11,572
12,364
Tax liabilities
2,509
3,443
441
Financial liabilities
41,902
21,824
15,607
Other nonfinancial liabilities
33,987
39,096
26,385
Provisions
157
157
67
Total current liabilities
108,861
84,960
64,258
Noncurrent liabilities
Contract liabilities
5,598
5,738
3,459
Financial liabilities
47,903
73,416
78,238
Other nonfinancial liabilities
724
669
669
Provisions for pensions
2,192
2,158
1,941
Other provisions
601
988
607
Deferred taxes
8,724
7,331
6,314
Total noncurrent liabilities
65,742
90,300
91,227
Equity
Subscribed Capital
7,386
7,386
7,386
Capital reserves
95,012
99,488
98,661
Retained earnings
41,912
33,448
21,129
Other components of equity
-2,681
3,213
723
Treasury shares
-4,200
-4,456
-4,456
Capital attributable to shareholders
137,428
139,078
123,442
Noncontrolling interests
-1,185
-1,055
-947
Total equity
136,244
138,023
122,495
Total equity and liabilities
310,846
313,283
277,979
16
in € thousand
1st half year 2025
1st half year 2024
2nd quarter 2025
2nd quarter 2024
Revenue
138,864
116,015
72,316
61,985
Service
92,129
75,643
48,456
38,372
Software
46,734
40,373
23,860
23,613
Other operating income
3,107
7,917
2,723
4,686
Cost of material
-11,488
-11,604
-5,705
-6,400
Personnel costs
-81,918
-72,287
-41,488
-37,633
Other operating expenses
-27,987
-20,104
-18,143
-9,502
Impairments on receivables and contract assets
-17
-1,882
70
-1,792
Other taxes
-527
-394
-239
-205
EBITDA
20,034
17,662
9,534
11,140
Depreciation, amortization and impairments on intangible assets,
property, plant and equipment and right-of-use assets
-5,193
-5,207
-2,600
-2,693
EBIT
14,840
12,455
6,934
8,447
Other financial income
573
728
375
499
Other financial expenses
-3,090
-1,913
-2,031
-1,132
Net financial income
-2,517
-1,185
-1,657
-633
EBT
12,323
11,271
5,277
7,813
Income taxes
-3,708
-3,383
-1,512
-2,346
Result for the period
8,616
7,888
3,765
5,468
Thereof:
Profit share of noncontrolling interests
-127
-37
-86
-55
Profit share of shareholders in SNP Schneider-Neureither & Partner SE
8,743
7,925
3,851
5,523
Earnings per share (€)
€
€
€
€
- Undiluted
1.20
1.09
0.53
0.76
- Diluted
1.20
1.08
0.53
0.75
Weighted average number of shares
in thousand
in thousand
in thousand
in thousand
- Undiluted
7,285
7,283
7,285
7,283
- Diluted
7,314
7,327
7,314
7,327
CONSOLIDATED INCOME STATEMENT
for the period from January 1 to June 30, 2025
17
HALF-YEAR FINANCIAL REPORT 2025
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the period from January 1 to June 30, 2025
in € thousand
1st half year 2025
1st half year 2024
2nd quarter 2025
2nd quarter 2024
Result for the period
8,616
7,888
3,765
5,468
Items that may be reclassified to the income statement in the future
Differences from foreign currency conversion
-5,838
5,420
-4,821
1,300
Other income after taxes for items reclassified to the income statement
-5,838
5,420
-4,821
1,300
Items that are not reclassified to the income statement
Change from the remeasurement of defined benefit obligations
6
-18
15
6
Deferred taxes on the change from the remeasurement ofdefined benefit obligations
-1
3
-3
-1
Other income after taxes for items not reclassified to the income statement
5
-15
12
5
Income and expenses directly recognized in equity
-5,833
5,405
-4,809
1,305
Comprehensive income
2,783
13,293
-1,044
6,773
Profit share of noncontrolling interests
-68
-42
-53
-59
Profit share of shareholders in SNP Schneider-Neureither & Partner SE of total profit
2,851
13,335
-991
6,832
18
CONSOLIDATED CASH FLOW STATEMENT
for the period from January 1 to June 30, 2025
in € thousand
1st half year 2025
1st half year 2024
Profit after tax
8,616
7,888
Depreciation and amortization
5,193
5,207
Change in provisions for pensions
33
-16
Other noncash income/expenses
3,368
1,457
Changes in trade receivables, contract assets, other current assets, other noncurrent assets
-14,016
-4,485
Changes in trade payables, contract liabilities, other provisions, tax liabilities, other current
liabilities
2,157
-5,682
Other adjustments to the result for the period attributable to investing and financing activities
0
295
Cash flow from operating activities (1)
5,351
4,663
Payments for investments in property, plant and equipment
-1,057
-756
Payments for investments in intangible assets
-2
-6
Proceeds from the disposal of items of intangible assets and property, plant and equipment
32
150
Proceeds from the sale of consolidated companies and other business units
-
4,859
Payments resulting from the acquisition of consolidated companies and other business units
-10,886
-172
Cash flow from investing activities (2)
-11,912
4,076
Dividend payments to noncontrolling interests
-0
-14
Proceeds from loans taken out
31,485
7,049
Payments for the settlement of loans and other financial liabilities
-28,250
-10,312
Payments for the repayment of lease liabilities
-2,861
-2,743
Cash flow from financing activities (3)
374
-6,020
Impact of the effects of changes in foreign exchange rates on cash and bank balances (4)
-1,493
-63
Net change in cash and cash equivalents (1) + (2) + (3) + (4)
-7,680
2,655
Cash and cash equivalents at the beginning of the fiscal year
72,473
40,313
Cash and cash equivalents as of June 30
64,792
42,968
Composition of cash and cash equivalents:
Cash and cash equivalents
64,792
42,968
Cash and cash equivalents as of June 30
64,792
42,968
19
HALF-YEAR FINANCIAL REPORT 2025
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the period from January 1, 2024 to June 30, 2025
Other components of equity
in € thousand
Subscribed
Capital
Capital
reserves
Retained
earnings
Currency
conversion
Remeasurement
of
defined
benefit
obligations
Other
components
of equity
Total
Treasury
shares
Shareholders
of SNP SE
attributable
capital
Non-
controlling
shares
Total
equity
As of January 1, 2024
7,386
98,098
13,191
-5,092
404
-4,688
-4,456
109,531
-892
108,639
Stock option program
563
-
-
563
563
Dividends
13
-
13
-13
-
Total comprehensive
income
7,924
5,425
-15
5,410
13,334
-42
13,292
As of June 30, 2024
7,386
98,661
21,128
333
389
722
-4,456
123,441
-947
122,494
Stock option plan
-
827
-
-
-
-
-
827
-
827
Dividends
-
-
-
-
-
-
-
-
-
-
Total comprehensive
income
-
-
12,320
2,199
291
2,490
-
14,810
-109
14,701
As of December 31, 2024
7,386
99,488
33,448
2,532
680
3,212
-4,456
139,078
-1,055
138,023
Stock option plan
-4,476
-
256
-4,220
-
-4,220
Dividends
0
-
0
-0
-
Transactions withminority
interests
-279
-
-279
-62
-341
Total comprehensive
income
8,743
-5,898
5
-5,893
2,849
-68
2,782
As of June 30, 2025
7,386
95,012
41,912
-3,366
685
-2,681
-4,200
137,428
-1,185
136,244
20
Notes to the Consolidated Interim Financial
Statements for the Period
from January 1 to June 30, 2025
Company name
Company
headquarters
Share
ownership
in %
SNP Deutschland GmbH
Heidelberg, Germany
100
SNP Applications DACH
GmbH
Heidelberg, Germany
100
SNP GmbH
Heidelberg, Germany
100
SNP Innovation Lab GmbH
Heidelberg, Germany
100
ERST European Retail Sys-
tems Technology GmbH
Hamburg, Germany
100
Hartung Consult GmbH
Berlin, Germany
100
SNP Austria GmbH
Pasching, Austria
100
SNP (Schweiz) AG
Glattpark (Opfikon),
Switzerland
100
SNP France SAS1
Puteaux - La Defense,
France
100
Harlex Consulting Ltd.
London, UK
100
Company name
Company
headquarters
Share
ownership
in %
SNP Transformations, Inc.
Jersey City, NJ, USA
100
SNP Transformations PR
LLC
Guaynabo, Puerto Rico
100
ADP Consultores S.R.L.
Buenos Aires, Argentina
100
ADP Consultores Limitada
Santiago de Chile, Chile
100
ADP Consultores S.A.S.
Bogotá, Colombia
100
SNP LATAM-MÉXICO S. de
R.L. DE C.V.
Mexico City, Mexico
100
SNP Brasil LTDA
São Paulo, Brazil
100
Shanghai SNP Data Tech-
nology Co., Ltd.
Shanghai, China
100
Qingdao SNP Data Tech-
nology Co., Ltd.
Qingdao, China
100
SNP Transformations SEA
Pte. Ltd.
Singapore, Singapore
81
SNP Transformations
Malaysia Sdn. Bhd.
Kuala Lumpur, Malaysia
81
SNP Australia Pty Ltd.
Sydney, Australia
100
SNP Japan Co., Ltd.
Tokyo, Japan
100
SNP Transformations ME
FZ-LLC
Dubai, United
100
SNP Schneider-Neureither
& Partner ZA (Pty) Limited
Arab Emirates
100
EXA AG2
Johannesburg, South
Africa
100
EXA AG India Pvt. Ltd
Heidelberg, Germany
100
EXA AG America LLC
Bangalore, India
100
Datavard Software GmbH
West Chester, PA, USA
100
SNP Slovakia, s. r. o.
Heidelberg, Germany
100
SNP Software, s. r. o.
Bratislava, Slovakia
100
Datavard Pte. Ltd.
Singapore, Singapore
100
COMPANY INFORMATION
SNP Schneider-Neureither & Partner SE (hereinafter
referred to as “SNP”) is a listed corporation headquar-
tered at Speyerer Strasse 4, Heidelberg, Germany. On
July 30, 2025, these consolidated interim financial state-
ments for the period from January 1 to June 30, 2025
were approved for publication by the Executive Board
and Supervisory Board.
The company is entered in the commercial register of the
Mannheim District Court under HRB 729172.
BASIS FOR REPORTING
Like the consolidated financial statements of December
31, 2024, this interim financial reporting was prepared
in accordance with the International Financial Reporting
Standards (IFRS) as adopted by the European Union
(EU). These condensed consolidated interim financial
statements were prepared in accordance with IAS 34
“Interim Financial Reporting.” Accordingly, this interim
report does not contain all information and disclosures
in the notes that are required in accordance with IFRS
for consolidated financial statements as of the end of a
fiscal year. The accounting and measurement principles
applied in these interim financial statements essentially
conform to those in the consolidated financial state-
ments as of the end of the 2024 fiscal year. A detailed
description of accounting principles is published in the
notes to the consolidated financial statements in the
2024 Annual Report, which can be viewed at https://
investor-relations.snpgroup.com/en/publications/.
There are no seasonal factors.
SCOPE OF CONSOLIDATION
Aside from SNP Schneider-Neureither & Partner SE as
the parent company, the scope of consolidation in-
cludes the following subsidiaries in which SNP holds
the majority of the voting rights directly or indirectly.
21
HALF-YEAR FINANCIAL REPORT 2025
cludes a positive effect in the amount of € 1,801 thou-
sand from the application of IAS 29 (previous year:
€ 6,465 thousand).
With regard to goodwill, on the basis of a qualitative and
quantitative analysis, we have reviewed whether any
triggering events occurred which would have resulted
in impairment testing in the first half of 2025. We do not
see any triggering events at present, especially in light
of the positive business development in all segments.
We therefore did not perform impairment testing in the
first half of 2025.
ACQUISITIONS/BUSINESS COMBINATIONS
Increase in Shares in the EXA Group in the
2025 Fiscal Year
In May 2025, NIANK GmbH, Hirschberg, Germany, ex-
ercised the put option provided for in its shareholder
agreement. 15.1% of the shares in EXA AG were subse-
quently transferred to SNP SE. The purchase price of
the shares was € 10,545 thousand; which was settled
in June 2025.
In June 2025, an agreement was reached with the two
minority shareholders of EXA AG to sell and transfer
the 0.64% minority interest to SNP SE. Consideration
of € 341 thousand was paid to noncontrolling inter-
ACCOUNTING AND MEASUREMENT METHODS
Application of New Accounting Rules
No standards or interpretations (of relevance to the
Group) that have a material impact on the Group’s fi-
nancial position and financial performance have entered
into force or been applied in the first half of 2025.
Goodwill
Goodwill is attributable to the cash-generating units as
follows:
In the first half of 2025, there were negative currency
translation effects with regard to goodwill of € -2,782
thousand (previous year: € 5,936 thousand). This in-
cludes a positive effect in the amount of € 1,801 thou-
sand from the application of IAS 29 (previous year:
€ 6,465 thousand).
In the first half of 2025, there were negative currency
translation effects with regard to goodwill of € -2,782
thousand (previous year: € 5,936 thousand). This in-
Use of Estimates
The preparation of the condensed consolidated interim
financial statements and the interim Group management
report requires estimates and assumptions by the Exec-
utive Board that affect the amounts of assets, liabilities,
income and expenses in the consolidated interim finan-
cial statements, and the disclosures in the notes to the
consolidated interim financial statements and the interim
Group management report. Actual results may deviate
from these estimates.
The estimates provided in the notes to the consolidated
financial statements in the 2024 Annual Report also apply
to these interim financial statements.
Company name
Company
headquarters
Share
ownership
in %
Trigon Consulting GmbH
& Co. KG
Pullach, Germany
51
Trigon Consulting
Beteiligungs-GmbH
Pullach, Germany
51
Trigon Consulting Pte. Ltd.
Singapore, Singapore
51
1 SNP France SAS, Puteaux - La Defense, France,
was established in March 2025.
2 The remaining 15.1% of shares in EXA AG
were acquired in May 2025.
SNP Resources AG, Glattpark (Opfikon), Switzerland,
was deconsolidated in February 2025.
Datavard Pte. Ltd., Singapore, was deconsolidated in May 2025.
in € thousand
6/30/2025
12/31/2024
Service
61,818
64,524
Software
3,675
3,751
EXA
10,469
10,469
Total
75,962
78,744
22
est holders in June 2025. The carrying amount of the
net assets of the noncontrolling interests amounted to
€ 62 thousand. The acquisition should be recognized as
a transaction between shareholders, whereby a shift in
shareholding occurs between the majority shareholder
SNP SE and the noncontrolling interests. Noncontrolling
interests of € 62 thousand were derecognized, while
the remaining difference of € 279 thousand reduced re-
tained earnings.
SNP thus now holds 100% of the shares in EXA AG.
Prior-Year Acquisition of the Trigon Group
With effect from May 1, 2024, SNP acquired 51% of the
shares in the Trigon Group. The remaining 49% of Trigon
is retained by Quercus GmbH based in Pullach, Germa-
ny, with a put option and call option exercisable from
2027.
The Trigon Group comprises Trigon Consulting GmbH
& Co. KG, headquartered in Pullach, Germany (herein-
after referred to as “Trigon Consulting”), and its whol-
ly owned subsidiary in Singapore. Furthermore, shares
were acquired in Trigon Consulting Beteiligungs-GmbH,
the general partner company headquartered in Pullach,
Germany. Trigon Consulting has been providing IT con-
sulting services for midsized and large companies since
1997, with a focus on SAP S/4HANA and RISE with SAP.
Trigon employs a structured and methodical approach
to deliver solutions for IT and business processes. The
company offers a wide range of consulting solutions for
companies, from implementing data migrations and in-
tegrations during mergers and acquisitions to IT trans-
formations and digitalization projects. With the purchase
of the Trigon Group, SNP strengthens its premium en-
gagement and cooperation model: The internationally
operating Trigon team will support SNP in enabling cus-
tomers and partners to use the CrystalBridge software
suite even faster, implementing complex transformation
projects to modernize and digitalize IT and business
processes both efficiently and with minimal risk.
From a Group perspective, 100% of the shares are at-
tributable to SNP as of May 1, 2024, due to existing put/
call options. At this time, business operations were in-
corporated into the 2024 consolidated financial state-
ments. Initial consolidation is carried out in accordance
with IFRS 3 (“Business Combinations”) using the acqui-
sition method.
Transferred consideration
Summarized below is the fair value of each major class of
consideration as of the acquisition date:
The purchase price installment was paid with liquid as-
sets in April 2024.
Expenses Associated with the Business Combination
SNP incurred legal and consulting costs of € 34 thousand
in connection with the business combination. These ex-
penses are included in other operating expenses.
in € thousand
Cash and cash equivalents
3,949
Liabilities
454
Liability from options on shares attributable to the
non-controlling interest
3,667
Total transferred consideration
8,070
23
HALF-YEAR FINANCIAL REPORT 2025
Identifiable Acquired Assets and
Assumed Liabilities
The fair values of the identifiable assets and liabilities as
of the acquisition date are presented below:
The gross amount of contractual receivables amounts to
€ 2,546 thousand. The total contractually fixed amounts
were recoverable.
In 2024, following its acquisition, the Trigon Group
contributed € 6,863 thousand to Group revenue and
€ 1,690 thousand to Group earnings before taxes. If the
business combination had taken place at the beginning
of the year, revenue would have been € 9,747 thou-
sand and Group earnings before taxes would have been
€ 2,254 thousand.
Goodwill
The goodwill resulting from the acquisition was record-
ed as follows:
Of the € 8,070 thousand in consideration transferred,
the initial portion of the purchase price amounting to
€ 3,949 thousand was paid in April 2024 and thus rep-
resents a cash outflow. A further purchase price portion
in the amount of € 539 thousand will be settled in June
2027 and was reported as a noncurrent financial liability
at net present value of €454 thousand.
The amount of the consideration resulting from the op-
tions on shares attributable to the noncontrolling inter-
est is determined by the contractually agreed put or call
option. The put option and call option may be exercised
in 2027 at the earliest. The exercise price is contrac-
tually fixed. The put option is accounted for using the
anticipated acquisition method. Accordingly, a financial
liability is recognized in the amount of the present val-
ue of the exercise price of the put option and subse-
quently measured at amortized cost. The liability from
the put option attributable to the noncontrolling inter-
est is reported under long-term financial liabilities. The
shares attributable to the noncontrolling interest are
correspondingly reported as if they were attributable to
the Group. Because the financial liability for the shares
of the noncontrolling shareholder is already reflected
in the accounting for the put option, there is no need
for additional accounting for a financial liability for the
call option. No equity instruments were issued for the
acquisition of shares.
The goodwill of € 3,147 thousand resulting from the ac-
quisition includes the value of the know-how, employ-
ees and future earnings prospects.
The transaction resulted in a cash inflow of € 109 thou-
sand, resulting from an inflow of financial resources
of € 4,058 thousand minus the payment made in the
amount of € 3,949 thousand. The shareholder loans of
the former shareholders of Trigon Consulting GmbH &
Co. KG in the amount of € 2,269 thousand were settled
after the acquisition date in the 2024 fiscal year. In total,
there was a cash outflow of € 2,160 thousand from the
acquisition of consolidated companies in the 2024 fiscal
year.
in € thousand
Intangible assets
5,693
Property, plant and equipment
32
Right-of-use assets
147
Cash and cash equivalents
4,058
Receivables
2,546
Other assets
102
Trade payables
-483
Contract liabilities to shareholders
-4,954
Other liabilities
-799
Deferred taxes
-1,419
Total identifiable acquired
net assets
4,923
in € thousand
Transferred consideration
8,070
Fair value of identifiable net assets
-4,923
Goodwill as
of acquisition date
3,147
24
SHARE-BASED PAYMENT TRANSACTIONS
Long-Term Performance-Related Remuneration
The long-term remuneration program for the Executive
Board (Performance Share Plan) was restructured in the
2023 fiscal year. The performance share plan grants
plan participants multi-year performance-related vari-
able remuneration in the form of virtual shares in annual
rolling tranches.
The start date of the plan and the date on which the vir-
tual shares are allocated according to the target amount
for the annual tranches is January 1 of the respective
fiscal year (grant year). Every tranche of the Perfor-
mance Share Plan has a term of four full fiscal years
(measurement period). The plan participant will be allo-
cated a provisional number of shares on January 1 of a
grant year. For this purpose, the target amount (which is
derived from the individual euro amount specified in the
employment contract) is divided by the average price of
an SNP share as of the time the virtual shares are allo-
cated. The share price on allocation is calculated as the
arithmetic mean of the closing prices of SNP shares on
the last 60 trading days prior to the first day of the grant
year. The amount to be paid out at the end of the four-
year assessment period depends on the achievement
of clearly defined performance targets and the perfor-
mance of SNP’s share price.
Key performance targets are the relative total share-
holder return (relative TSR) compared with the rele-
vant peer group companies (DAXsector Software Per-
formance Index excl. SNP), the EBIT margin, and the
achievement of one or more environmental, social, and
governance (ESG) targets. The performance assess-
ment period, within which the target achievement with
regard to the relative TSR is determined, begins on Jan-
uary 1 of the fiscal year of allocation and covers a total
of four full fiscal years. The EBIT margin is calculated as
the arithmetic mean of the EBIT margins published in
SNP’s annual reports for the first three full years of the
assessment period, although the Su-pervisory Board
may make adjustments for one-off effects. The perfor-
mance assessment period for the EBIT target is there-
fore three years. The performance appraisal period for
the ESG target was extended to four years in the 2024
fiscal year (2023: one year).
The final total number of virtual shares at the end of
the measurement period is derived from the provision-al
number of virtual shares allocated, the target achieve-
ments determined for the performance targets and their
set weightings.
The TSR is the share price performance plus notional-
ly reinvested gross dividends. To determine the relative
TSR, the difference between the TSR of SNP and the
TSR of the relevant peer group is calculated over the
measurement period. The difference expresses the out-
performance of SNP’s TSR relative to the TSR of the rel-
evant peer group in percentage points. Target achieve-
ment of the relative TSR is calculated on the basis of the
following target achievement curve:
RELATIVE TSR
Target achievement is 200% on a relative TSR of plus 25
percentage points or more. A further increase of the rel-
ative TSR does not lead to a higher target achievement.
The average EBIT margin used to calculate target
achievement equates to the arithmetic mean of the
EBIT margins published in SNP’s annual reports for the
first three full years of the measurement period. Target
achievement is 100% if the average EBIT margin actu-
-5%-Points +5%-Points +25%-Points
Target labelling
200%
150%
100%
50%
0%
25
HALF-YEAR FINANCIAL REPORT 2025
ally achieved, including any adjustments, corresponds
to the defined target value. Target achievement of the
EBIT margin is calculated on the basis of the following
target achievement curve:
EBIT MARGIN
Maximum target achievement of 200% is reached if the
average EBIT margin actually achieved, including any
adjustments, corresponds to the defined maximum val-
ue. A further increase of the actual value does not lead
to a higher target achievement.
The ESG targets are derived from SNP’s Group non-
financial report as well as strategic considerations and
future projects. They are determined by the Supervisory
Board for each tranche and communicated to the plan
participant. One or more criteria from the environmen-
tal, social and governance categories are defined for
the ESG targets and operationalized with specific tar-
gets. The target achievement of the ESG targets ranges
from 0% to 200%.
The calculation of the final number of virtual shares in-
corporates the relative TSR with a weighting of 50%, the
EBIT margin including any adjustments with a weighting
of 30%, and the degree of achievement of the ESG tar-
gets with a weighting of 20%.
The amount to be paid out is calculated from the final
number of virtual shares multiplied by the arithmetic
mean of the closing prices of the SNP share on the last
60 trading days before the end of the four-year meas-
urement period, as well as the dividends paid for the
SNP share during the measurement period (“dividend
equivalent”).
In the event that the employment contract of the Execu-
tive Board member in question is terminated during the
year, the LTI due for this fiscal year is forfeited pro rata
temporis or in full, depending on the type of termination
of the employment contract.
SNP reserves the right to settle the payout amount
in shares of SNP instead of cash. There is no current
(legal or constructive) obligation for cash settlement. As
a result, the accounting treatment of share-based pay-
ment transactions from the performance share plan is
based on the principles of equity-settled share-based
payment transactions.
To determine the fair value of the virtual shares on the
grant date, a Monte Carlo simulation of the future share
price performance of the SNP share and the shares of
the peer group was carried out to take account of the
“relative TSR” performance target. The simulation was
based on the share price on the grant date, taking into
account an expected volatility per company and taking
into account the correlation between the future devel-
opment of the SNP share price and the development of
the share prices of the peer companies. The expected
volatility and the correlation were derived from histori-
cal data of SNP and the peer companies. Both the EBIT
target and the ESG target were taken into account in the
assessment on the basis of management’s expectations
for the respective development within the performance
assessment periods. Due to the longer performance as-
sessment period in relation to the ESG objective, this
will be taken into account in the pricing structure for the
2024 tranche when determining the fair value, and not
only in the quantity structure as in the previous year.
The riskfree interest rate was calculated on a maturi-
ty-equivalent basis using German government bonds.
Minimum value Target value Maximum value
Target labelling
200%
150%
100%
50%
0%
26
Tranche 2024
Tranche 2023
Valuation model
Monte Carlo
simulation
Monte Carlo
simulation
Risk-free interest rate
1.86%
1.81%
Expected volatility of the
SNP share
25.71%
22.26%
Expected volatility
24% to 52%
26% to 52%
of peer group shares
9% to 56%
7.2% to 59%
Expected correlation
2.5 years
1.5 years
Remaining term as of
June 30, 2025
€ 111 thousand
€ 217
thousand
Payments to the Executive Board are to be treated as
repurchases of equity interests as long as they do not
exceed the fair value of the repurchased equity instru-
ments on the repurchase date.
Both tranches were remeasured as of June 30, 2025.
REMEASUREMENT ASSUMPTIONS AS OF
JUNE 30, 2025
The remeasurement process determined the fair val-
ues of the 2023 and 2024 tranches to be € 3,491 thou-
sand and € 1,811 thousand, respectively.
The fair value exceeds the disbursement amount for
both tranches, so this amount has to be recognized in
full as a repurchase of exercised equity instruments.
ASSUMPTIONS FOR DETERMINING THE EXPENSE
FROM THE PERFORMANCE SHARE PLAN
The results of the evaluation of the 2024 and 2023
tranches of the Performance Share Plan can be found
in the table below. The total expense from the perfor-
mance share plan recognized in the income statement
amounted to € 0 thousand in the first half of 2025 (pre-
vious year: € 491 thousand).
RESULTS OF THE PERFORMANCE SHARE PLAN
Based on a resolution passed by the Supervisory Board
in May 2025 and the adoption of the new remuner-
ation system by the Annual General Meeting on June
30, 2025, an early payment and thus termination of
the 2023 and 2024 tranches of the long-term, perfor-
mance-based compensation program for the Executive
Board will take place.
The Executive Board will thus receive payments of
€ 3,068 thousand for the 2023 tranche and € 1,745
thousand for the 2024 tranche. The final number of vir-
tual shares allocated in both tranches was multiplied by
a value of € 61.00 to determine the payout amount.
Tranche 2024
Tranche 2023
Valuation model
Monte Carlo
simulation
Monte Carlo
simulation
Risk-free interest rate
1.89%
2.47%
Expected volatility of the
SNP share
47.00%
50.00%
Expected volatility of peer
group shares
32% to 103%
Expected correlation
1% to 34%
1% to 68%
Remaining term as of
December 31, 2024
3 years
2 years
Tranche 2024
Tranche 2023
Arithmetic mean closing price
SNP share
€ 40.78
€ 19.89
Provisional number of virtual
shares allocated
15,327
26,382
Fair value as of the valuation
date
€ 53.49 per
virtual share
€ 36.33 per
virtual share
Final number of virtual shares
allocated
18,729
35,036
Total expense in the fiscal year
€ 1,002
thousand
€ 1,175
thousand
• of which TSR target and EBIT
target
€ 890
thousand
€ 958
thousand
• of which ESG target
€ 111 thousand
€ 217
thousand
27
HALF-YEAR FINANCIAL REPORT 2025
SHARE PROGRAM 2023
With effect from June 2023, SNP has agreed long-term
performance-related remuneration with equity instru-
ments with one senior executive. For each tranche, the
senior executive is transferred shares in the company
(SNP shares) after a waiting period of two years, the
number of which is determined by the achievement of
certain financial key figures in the respective year of
the tranche. The final long-term incentive (LTI) amount
that is relevant for calculating the number of shares to
be issued is calculated according to the actual level of
achievement of the budgeted target EBIT. In order to
calculate the final amount, the base amount is multiplied
by the level of target achievement for the actual EBIT
figure. If the actual EBIT matches the budgeted target
EBIT, the degree of target achievement is 100%. If the
actual EBIT ex-ceeds or falls short of the budgeted tar-
get EBIT, the degree of target achievement increases or
decreases linearly; if the actual EBIT achievedis 120%
or more, the degree of target achievement remains
unchanged at 120% (“cap”). The final amount thus cal-
culated is subsequently converted into a net amount
(“final net amount”) by deducting a notional income tax
rate of 45%. This is the relevant amount used to calcu-
late the number of SNP shares to be granted. The num-
ber of SNP shares to be granted within the scope of the
tranche for the year under assessment (“final number
of SNP shares”) is calculated by dividing the final net
amount by the SNP share price and, in order to avoid
fractions, rounding the resulting amount up or down to
achieve a whole number of shares. The relevant price
is the volume-weighted average price of the SNP share
in XETRA trading on the Frankfurt Stock Exchange over
the last 20 trading days (closing price on trading day) of
the year preceding the year under assessment, rounded
up or down to two decimal places. The relevant share
price was € 24.58 for the 2023 tranche and € 42.77 for
the 2024 tranche. No additional tranche was granted
for the 2025 fiscal year under the 2023 share program.
In the first half of 2025, the Group recognized per-
son-nel expenses of € 14 thousand (previous year:
€ 14 thousand) in connection with equity-settled share-
based transactions for the granting of the first tranche
of the 2023 share program and € 25 thousand for the
second tranche (previous year: € 21 thousand).
SNP 2020 STOCK OPTION PLAN
In April 2020, SNP launched a stock option plan with
settlement in equity instruments for certain employ-
ees of the company. By virtue of its resolution passed
on May 12, 2016, the Annual General Meeting has au-
thor-ized the Executive Board of the company to repur-
chase shares of the company and to make use of shares
purchased on the basis of this same resolution of the
Annual General Meeting, inter alia, within the scope
of an employee profit-sharing scheme, in line with the
conditions prescribed therein. On the basis of this au-
thorization, the company’s Board of Directors resolved
the introduction of a 2020 Stock Option Plan comprising
a maximum of 60,000 options. Upon exercise, a stock
option will be converted into an ordinary share in the
company. Employees must pay a fee of € 50 for the ex-
ercise of options. The options confer neither a dividend
right nor a voting right. The options can be exercised at
any time from the time they become exercisable until
they expire if the average closing price of the share on
Xetra is above € 60.66 in the four weeks prior to exer-
cise. The plan has a term of nine years, but options may
not be exercised in the first four years of the waiting
period. Up to the end of the vesting period on April 30,
2024, a total of 23,900 options had been issued within
the scope of the plan at a weighted average exercise
price of € 60.66. The estimated market values of the
options granted as of this date total € 623 thousand.
The market value of the options has been determined
using a binomial model.
The exercise condition was fulfilled as of January 20,
2025. From this date on, eligible employees were able
to exercise their options. Alternatively, employees were
offered a cash settlement of € 11 per stock op-tion.
By June 30, 2025, 5,900 options had been exer-cised
and 15,175 stock options settled in cash. As of June 30,
2025, 2,825 stock options from SNP’s 2020 stock op-
tion plan had not been exercised.
28
Grant date
August 8, 2024
Vesting period
August 8, 2024
until June 30, 2027
SNP share closing price on grant date
€ 53.80
06/30/2025
Number of eligible employees
1,352
Number of shares granted
40,560
Turnover
10.00%
Personnel expenses from the share
program
€ 321 thousand
For SNP’s 2020 stock option plan, personnel expens-
es in the amount of € 0 thousand (previous year: € 52
thousand) were recognized in the first half of 2025 in
connection with share-based payment transactions
with settlement in equity instruments.
30 YEARS OF SNP STOCK GIFT
In the 2024 fiscal year, the Supervisory Board and the
Executive Board decided that, on the occasion of the
SNP Group’s 30th anniversary, 30 SNP shares would
be given to all employees worldwide who were in ac-
tive employment as of August 1, 2024. The communi-
cation about the free transfer of the employee shares
took place on August 8, 2024, (grant date) as part of an
offer that will be sent in writing to the beneficiaries. The
transfer of the shares free of charge as a non-cash ben-
efit will take effect on June 30, 2027. Eligible employees
must be in an unterminated employment relationship at
that time, which can be proven to have been interrupted
for no more than four weeks between August 1, 2024,
and June 30, 2027 (the vesting period).
The fair value of the obligation from the 30-year stock
gift on the valuation date is determined by multiplying
the number of shares to be issued (number of eligible
employees multiplied by 30 shares) by the market price
of the SNP share on the grant date. The expenses are
recognized in profit and loss as personnel expenses
over the vesting period. The vesting condition is a min-
imum service condition of the beneficiaries from the
grant date; that is, there is no market-dependent ex-
ercise condition. Accordingly, changes in the fair value
of the obligation result exclusively from changes in the
number of beneficiaries, such as due to resignation. The
estimate of eligible employees took into account the av-
erage turnover of employees in the SNP Group.
ASSUMPTIONS OF 30 YEARS OF SNP STOCK GIFT
RESULTS OF 30 YEARS OF SNP STOCK GIFT
29
HALF-YEAR FINANCIAL REPORT 2025
SEGMENT REPORTING
Segment reporting has been prepared in accordance
with IFRS 8. Based on the Group’s internal reporting and
organizational structure, the presentation of individual
information from the consolidated financial statements
is subdivided according to segment:
in € thousand
Service
Software
EXA
Total
External revenue
January to June 2025
86,795
43,406
8,663
138,864
January to June 2024
72,307
38,713
4,997
116,017
Revenue provided by other business segments
January to June 2025
0
0
1,642
1,642
January to June 2024
0
0
786
786
Segment earnings (EBIT)
January to June 2025
3,801
13,679
4,551
22,031
Margin
4.4%
31.5%
44.2%
15.9%
January to June 2024
4,433
10,733
661
15,827
Margin
6.1%
27.7%
13.2%
13.6%
Depreciation, amortization and write-downs
included in the segment earnings
January to June 2025
2,897
673
69
3,639
January to June 2024
2,653
813
122
3,588
in € thousand
January to June
2025
January to June
2024
Result
Total reportable business segments
22,031
15,827
Expenses not allocated to segments (-) / Income (+)
-7,190
-3,372
of which depreciation, amortization and write-downs
-1,555
-1,618
EBIT
14,841
12,455
Net financial income
-2,517
-1,185
Earnings before taxes (EBT)
12,324
11,270
Reconciliation
30
ADDITIONAL INFORMATION ON
SEGMENT REPORTING
The 20.0% increase in service revenue over the pre-
vious year reflects a worldwide improvement in the
order situation, particularly with SAP S/4HANA. Due to
larger investments in the expansion and the training and
development of employees in the segment, as well as
higher marketing expenses, the segment margin de-
creased from 6.1% in the previous year to 4.4% in the
first half of 2025. The revenue achieved in the Services
business segment is exclusively recognized over time.
Revenue in the Software business segment increased
by 12.1% year-over-year to € 43,406 thousand. This
is attributable above all to increased sales of program
licenses, especially for implementing numerous SAP
S/4HANA projects. The segment margin increased from
27.7% in the previous year to 31.5%. Out of the total
revenue in the Software business segment, € 16,693
thousand (previous year: € 14,618 thousand) was recog-
nized over time and € 26,713 thousand (previous year:
€ 24,094 thousand) at a point in time.
The EXA business segment accounted for external rev-
enue of € 8,663 thousand in the first half of 2025 (pre-
vious year: € 4,997 thousand). The increase is equal-
ly attributable to higher software and service revenue
during the reporting period. Out of the total revenue in
the EXA business segment, € 7,843 thousand (previous
year: € 4,096 thousand) was recognized over time and
€ 820 thousand (previ-ous year: € 901 thousand) at a
point in time. The segment margin increased year over
year from 13.2% to 44.2%.
FINANCIAL INSTRUMENTS
Fair value
Our financial instruments are primarily classified at am-
ortized cost. The following table shows the carrying
amounts and fair values of all financial instruments rec-
ognized in the consolidated financial statements:
31
HALF-YEAR FINANCIAL REPORT 2025
6/30/2025
12/31/2024
in € thousand
Financial assets
IFRS 9 category
Carrying
amount
Fair value
Carrying
amount
Fair value
Cash and cash equivalents
Amortized cost
64,792
64,792
72,473
72,473
Trade receivables
Amortized cost
81,473
81,473
88,867
88,867
Other financial assets
Amortized cost
1,303
1,303
1,862
1,862
Total
147,568
147,568
163,202
163,202
6/30/2025
12/31/2024
in € thousand
Financial liabilities
IFRS 9 category
Carrying
amount
Fair value
Carrying
amount
Fair value
Trade payables
Amortized cost
12,737
12,737
8,869
8,869
Financial liabilities
Amortized cost
32,670
32,670
60,818
60,585
Derivatives
Fair value
(recognized in profit
and loss)
287
287
238
238
Liabilities from put options attributable to
non-controlling interests
Amortized cost
3,906
3,999
14,376
14,499
Purchase price obligations
Amortized cost
483
516
471
493
Shareholder loans
Amortized cost
31,485
31,485
-
-
Shareholder loans from partner-ships
Amortized cost
4,315
4,315
3,267
3,267
Lease liabilities
16,378
16,378
15,770
15,770
Other financial liabilities
Amortized cost
282
282
300
300
Total
102,542
102,668
104,109
104,021
32
Summary as per IFRS 9 category
Cash and cash equivalents, trade receivables meas-
ured at amortized cost, trade payables, shareholder
loans and other financial assets and liabilities have
predominantly short remaining terms. For these short-
term financial instruments, the carrying amount is a
reasonable approximation of fair value. The step used
to determine the fair value is not disclosed separately
for these financial instruments.
The fair value of financial liabilities is measured on the
basis of the yield curve while taking credit spreads into
consideration. They have therefore been assigned to
level 2 in the valuation hierarchy.
The fair value of derivatives is determined using bank
valuation models based on current parameters such as
yield curve and credit spreads. They are assigned to
level 2 in the valuation hierarchy.
in € thousand
06/30/2025
Carrying
amount
12/31/2024
Carrying
amount
Financial assets measured at
amortized cost
147,568
163,202
Financial liabilities measured at
amortized cost
85,877
88,100
Financial liabilities measured at fair
value recognized in profit and loss
287
238
The fair value of liabilities arising from noncontrolling
companies’ put options in the amount of € 0 thousand
(December 31, 2024: € 10,575 thousand) and purchase
price obligations is determined in accordance with gen-
erally accepted valuation procedures based on dis-
counted cash flow analyses using the credit risk-adjust-
ed yield curve. They have therefore been assigned to
level 2 in the valuation hierarchy. In the case of liabili-
ties from put options of noncontrolling shareholders in
the amount of € 3,906 thousand (December 31, 2024:
€ 3,801 thousand), expectations regarding the relevant
earnings figures specified in the purchase agreements
represent a further key input parameter. This led to an
assignment to level 3 in the valuation hierarchy.
The Group determines at the end of each reporting peri-
od whether transfers have occurred between hierarchy
levels by reviewing the classification (based on the in-
put of the lowest level that is significant to the fair value
measurement as a whole).
The general responsibility for monitoring all significant
measurements of fair value, including level 3 fair val-
ues, belongs to the finance department, which reports
directly to the CFO. Selected external valuers are used,
where necessary, to determine the fair value of signifi-
cant assets and liabilities. The selection criteria include
market knowledge, reputation, independence and com-
pliance with professional standards. The finance de-
partment decides which valuation techniques and in-
puts apply in each individual case in discussion with the
external valuers.
ADDITIONAL INFORMATION ON THE CONSOLIDATED
STATEMENT OF CASH FLOWS AND THE CONSOLIDAT-
ED STATEMENT OF CHANGES IN EQUITY
The positive cash flow from operating activities of
€ 5,351 thousand (previous year: € 4,663 thousand) in
the first six months of the fiscal year is primarily attrib-
utable to the positive result for the period of € 8,616
thousand (previous year: € 7,887 thousand). In addition,
the negative effects from changes in working capital
increased by € -1,692 thousand to € -11,859 thousand
(previous year: € -10,167 thousand) as a result of the in-
crease in business volume. In contrast, the positive ef-
fects from non-cash expenses and income, particularly
due to non-cash deferred taxes and currency transla-
tion effects, increased by € 1,911 thousand to € 3,367
thousand (previous year: € 1,457 thousand).
Cash flow from investing activities includes payments
for company acquisitions of € 10,886 thousand (pre-
vious year: € 172 thousand). This comprises payments
made to shareholders of EXA AG. The proceeds from
the sale of consolidated companies and other business
33
HALF-YEAR FINANCIAL REPORT 2025
units in the previous year relate to the payment of the
last purchase price installment for the sale of the former
SNP Poland Sp. z o.o., Suchy Las, Poland in 2021.
Material actuarial gains/losses are not expected from
the actuarial measurement of pensions and other
post-employment benefits either at the end of the first
six months of 2025 or at the end of 2025. Currency
translation effects, which are to be reflected in equity
without an effect on profit or loss, amounted to € 5,838
thousand in the first six months of 2025 (previous year:
€ -5,420 thousand). This change is mainly associated
with the foreign-currency measurement of goodwill.
RELATED PARTY TRANSACTIONS AND DISCLOSURES
Majority shareholder and voluntary public
takeover offer of the Carlyle Group
As part of a voluntary public takeover offer, Succes-
sion German Bidco GmbH, which is advised by global
investment firm Carlyle (NASDAQ: CG), entered into a
share purchase agreement on December 23, 2024, with
Mr. Wolfgang Marguerre as seller for the acquisition of
4,814,674 SNP shares at a purchase price of € 61.00 per
SNP share. This corresponded to a 65.19% stake. The
purchase agreement was subject to the same conditions
as the abovementioned takeover offer. The contractual
provisions also stipulated that the above-mentioned
shares would not be tendered as part of the takeover
offer and would otherwise be blocked by a custody
account blocking agreement. The company issued a
statement pursuant to Section 27 of the German Secu-
rities Acquisition and Takeover Act (WpÜG). Before the
offer period expired, Succession German Bidco GmbH
had also secured 11.06% of the share capital by means
of irrevocable tender agreements with other sharehold-
ers. The voluntary takeover offer was officially finalized
on April 10, 2025. As of that date, Succession German
Bidco GmbH holds 77.78% of the shares in SNP SE.
Other transactions
A sublease agreement exists between SNP Deutsch-
land GmbH as landlord and OORCCA GmbH, Heidel-
berg, Germany, as tenant, an associated company of
SNP, of which a Supervisory Board member is Managing
Director and shareholder. In the 2025 fiscal year, rent-
al income of € 3 thousand was realized (previous year:
€ 3 thousand), and as of June 30, 2025, there were no
outstanding receivables (previous year: € 0 thousand)
Salary payments, including non-cash and fringe bene-
fits, were made between SNP Deutschland GmbH and
a related person of a Supervisory Board member on the
basis of an employment contract. In the period up to
June 30, 2025, related expenses were € 129 thousand
(previous year: € 163 thousand). As of June 30, 2025,
there were no outstanding receivables, while outstand-
ing liabilities amounted to € 25 thousand (previous year:
€ 11 thousand).
A loan agreement for € 31,485 thousand was concluded
between Succession German Bidco GmbH (lender) and
SNP SE (borrower) as of April 11, 2025. The loan is inter-
est-free and repayable in installments.
2025 ANNUAL GENERAL MEETING
The Annual General Meeting of SNP SE, which was held
on June 30, 2025, approved all the items on the agenda
with substantial majorities. In total, approxi-mately 82%
of the share capital was represented at the virtual event.
Shareholders approved the proposed control and prof-
it transfer agreement between SNP Schneider-Neure-
ither & Partner SE and Succession German Bidco GmbH,
which is advised by global investment firm Carlyle
(NASDAQ: CG), by a margin of more than 97%.
In the new Supervisory Board election, Michael Wand,
Head of Europe Private Equity at Carlyle, and Will
Westenberger, Managing Director at Carlyle, were
newly elected to the Supervisory Board. As announced
in the agenda in May, Dr. Karl Benedikt Biesinger and
Prof. Dr. Thorsten Grenz, the current Chairman and
Deputy Chairman of the Supervisory Board, respec-
tively, stepped down at the end of the Annual General
34
Meeting. At the subsequent constituent meeting of the
new Supervisory Board, Willi Westenberger was elected
Chairman of the Supervisory Board and Michael Wand
was elected Deputy Chairman.
TREASURY SHARES
In the period from 2011 to 2013, the company purchased
a total of 21,882 shares at a cost of € 414,650.19. In the
period from 2019 to 2021, a further 90,820 shares were
purchased at a cost of € 4,477,563.91 as part of an ad-
ditional buyback program. Overall, as of December 31,
2021, the company held 112,702 shares with a value of
€ 4,892,214.13.
In April 2022 and June 2023, a total of 10,042 shares
were transferred from treasury shares to the former
Managing Directors as part of the LTI program. This
transfer was made at the average share price of the
company’s treasury shares of € 43.41 per share and off-
set its capital reserves.
A total of 5,900 shares were transferred to eligible em-
ployees in the first half of 2025 under SNP’s 2020 stock
option plan. This transfer was made at the average
share price of the company’s treasury shares of € 43.41
per share and offset its capital reserves.
As of June 30, 2025, the company holds a total of
96,760 treasury shares (December 31, 2024: 102,660
shares) with a value of € 4,200,182.49 (December 31,
2024: € 4,456,291.18).
On June 30, 2025, the Annual General Meeting author-
ized the company to acquire for the coming five years
treasury shares up to a total of 10% of the out-standing
share capital at the time of the resolution.
Acquired treasury shares have been recognized at cost
and deducted from subscribed capital.
The security identification number for the shares is 720
370, ISIN: DE0007203705.
RISKS RESULTING FROM LEGAL DISPUTES
As part of its ordinary business activities, SNP is con-
fronted with lawsuits and court proceedings. As of the
reporting date of June 30, 2025, pending legal disputes
mainly relate to proceedings with current and former
employees.
The employment law proceedings primarily relate to
disputes over termination of employment. SNP reviews
these cases in great detail and conducts the proceed-
ings in line with the compliance requirements and taking
the litigation risk into account. The legal consequence
could include legal defense costs and compensation
claims. The company has made provisions for expected
costs.
EVENTS AFTER THE INTERIM REPORTING PERIOD
No events occurred after June 30, 2025, that had a ma-
terial impact on the consolidated financial interim state-
ments for the period from January 1, 2025, to June 30,
2025.
OTHER DISCLOSURES
No major changes occurred to contingent liabilities and
other financial obligations stated as of December 31,
2024, during the 2025 reporting period.
Heidelberg, July 30, 2025
The Executive Board
Dr. Jens Amail
Andreas Röderer
35
HALF-YEAR FINANCIAL REPORT 2025
RESPONSIBILITY STATEMENT
We certify to the best of our knowledge that in accord-
ance with applicable accounting principles for interim
financial reporting, the condensed consolidated interim
financial statements give a true and fair view of the fi-
nancial position and financial performance of the Group
in accordance with the principles of standard account-
ing practices and that the business performance, in-
cluding the result of operations, and the position of the
Group are presented in the interim Group management
report in a way that gives a true and fair view, and that
significant opportunities and risks for the expected per-
formance of the Group for the remainder of the fiscal
year are described.
Heidelberg, July 30, 2025
The Executive Board
Dr. Jens Amail
Andreas Röderer
FINANCIAL CALENDAR
CONTACT
Do you have questions or need more information? We
are at your disposal for further advice and information.
SNP Schneider-Neureither & Partner SE
Speyerer Strasse 4
69115 Heidelberg
Tel.: +49 6221 6425-0
Email: info@snpgroup.com
Internet: www.snpgroup.com
INVESTOR RELATIONS CONTACT
Marcel Wiskow
Head of Investor Relations
Phone: +49 6221 6425-637
Email: investor.relations@snpgroup.com
This half-year financial report is also available
in German. The legally binding document is the
original German version, which shall prevail in
any case of doubt.
Copyright © 2025
July 31, 2025
Publication of the 2025 half-year financial report
October 30, 2025
Publication of the Q3 interim report
© SNP SE
www.snpgroup.com
