ALSO Holding AG is a leading European end-to-end technology provider and ICT distribution platform. It connects over 800 technology vendors with more than 135,000 resellers across 30 countries, coordinating procurement, logistics, financing, and digital services.

• European Scale: One of Europe's top-three IT distribution platforms with a massive network of 135,000+ resellers.
• Orchestration Role: Acts as an active orchestrator of the ICT value chain, providing integrated logistics and financial services that create high switching costs for partners.
• Circular Economy: Strong commitment to refurbishment, take-back programs, and remarketing, reinforcing its structural role in sustainable IT.

• Westcoast Acquisition: Integration is delivering strong operational performance and significantly expanded the company's Northern European footprint.
• Windows 10 Refresh: Benefiting from the PC refresh cycle and AI PC adoption, with German PC revenues expected to grow mid-to-high single digits in 2026.
• Cloud Migration: Acceleration of cloud services partly fueled by AI workload demand.

• Memory Exposure: 45-50% of total revenues carry exposure to memory content (DRAM/NAND), creating high sensitivity to commodity pricing cycles.
• Low Margins: Carries the lowest operating margins in its peer group (1.57%).
• Competition: Intensifying competition from US distributors like TD Synnex and Ingram Micro, who have shown faster operating profit growth in Europe.
• AI Lag: Under-indexed in high-growth AI hardware (GPUs, networking) as AI-native players often sell direct.