Original-Research: Serviceware SE - from Quirin Privatbank Kapitalmarktgeschäft
Classification of Quirin Privatbank Kapitalmarktgeschäft to Serviceware SE
Profitable SaaS transition accelerates On 23. Februar 2026, Serviceware released its full-year preliminary financial results and provided guidance for FY 2025/2026. Revenue growth was strong (+11.7% yoy) and in line with our expectation. Growth was mainly driven by the ongoing shift from license to SaaS, reflected in strong SaaS/Service momentum and a higher share of recurring revenues, as well as a rising order backlog improving visibility. Product innovation around the AI Process Engine supported new wins and upselling, while international expansion (Italy, first North America deal, Fortune-500 customer in Asia) added momentum. However, growth was likely still constrained by declining license revenues and limited short-term impact from international wins. The EBITDA margin increased from 3.1% to 4.4%, above our estimate by 0.2ppt, supported by SaaS mix effects and operating leverage, despite the stop of development cost capitalization and ongoing amortization. The backlog rose to EUR 97.4m (+20.9% yoy) and cash stood at EUR 34.2m. For FY 2025/2026, management guides for 5-15% yoy revenue growth, in line with our expectation, and a further significant increase in EBITDA and EBIT, without quantifying margins. We raise our target price to EUR 30 (previously EUR 28.50) and confirm our Buy recommendation. You can download the research here: SERVICEWARE_SE_202603030 For additional information visit our website: https://research.quirinprivatbank.de/ Contact for questions: Quirin Privatbank AG Institutionelles Research Schillerstraße 20 60313 Frankfurt am Main research@quirinprivatbank.de https://research.quirinprivatbank.de/ The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. | ||||||||||||||||||
2285044 03.03.2026 CET/CEST
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