Original-Research: Intershop Communications AG - from Quirin Privatbank Kapitalmarktgeschäft
Classification of Quirin Privatbank Kapitalmarktgeschäft to Intershop Communications AG
Cloud momentum and cost discipline support upside On October 21, 2026, Intershop released its 9M financial results and confirmed its FY 2026 guidance. Revenues declined by 7.1% yoy, but exceeded our expectation by 2.3%. Reasons were falling license revenues, customer churn and subdued investment activity. Cloud growth could not offset these declines, although strong cloud orders, improving net new ARR and growing AI revenues indicate some recovery. The EBIT margin improved from -5.6% to 0.9%, exceeding our slightly negative estimate, mainly driven by cost reductions and improved service profitability. Operating cash flow also strengthened. Management confirmed its outlook for a smaller revenue decline than in FY 2025 and balanced EBIT, in line with our expectations. In our view, the improved cost base and growing AI business support the investment case, while churn and weak customer spending remain risks. We raise our target price to EUR 2 (previously EUR 1.9) and confirm our Buy recommendation. You can download the research here: INTERSHOP_COMMUNICATIONS_AG_20261022 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. | ||||||||||||||||||
2420674 22.10.2026 CET/CEST
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