Märkte & Kurse

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Original-Research: ATOSS Software SE - from NuWays AG

27.07.2026 / 09:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
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Classification of NuWays AG to ATOSS Software SE

     Company Name:                ATOSS Software SE
     ISIN:                        DE0005104400

     Reason for the research:     Update
     Recommendation:              BUY
     Target price:                EUR 134
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Philipp Sennewald

Strong Q2 order momentum creates strong visibility; chg.

Friday's Q2/H1 figures once again underlined the strength of ATOSS'
recurring revenue engine, while management also provided confidence into
FY27e backed by buoyant Q2 order intake. In detail:

Q2 sales increased 13.0% to EUR 51.8m (eNuW: EUR 51.6m), driven by continued
strong momentum in Cloud & Subscriptions (+25.9% to EUR 28.7m; eNuW: EUR 28.5m).
On the other hand, sales from legacy licenses continued to shrink, down
21.9% yoy, a drag that is self-inflicted and part of the ongoing
cloud-shift. In fact, perpetual license sales now account for barely 2% of
quarterly sales. Accordingly, the share of recurring revenues (Cloud &
Subscriptions + Maintenance) is up another 2.5pp and now makes up almost 74%
of total.

Order momentum was the highlight of the release. In Q2 alone, ATOSS added EUR
6.4m of Cloud & Subscription order backlog, 56% more than in the same
quarter last year. With New ACV still flat in Q1, this makes the second
quarter the clear inflection point in order intake. At the same time,
backlog coverage of Cloud ARR improved 2pp yoy to 106%, providing a strong
indicator for continued ARR growth in the quarters to come. The qualitative
evidence backs this up, as ATOSS was able to gain significant new logos both
domestic and internationally, especially in the healthcare and semiconductor
space.

Margin risk skewed to the upside. Q2 EBIT improved 18.9% yoy to EUR 18.1m
(eNuW: EUR 17.9m), implying a margin of 34.9%. Next to cloud scaling becoming
increasingly visible, the base of this lies in disciplined cost management,
as all cost ratios remained below budget. On this basis, the already
upgraded EBIT margin target of >=34% (H1: 35.1%) appears very conservative,
especially when looking at the historic margin seasonality that sees H2
3.9pp ahead of H1 on average since 2020. Management seems to share this
view, stating on the call that it rather sees the margin at 35% while
explicitly refraining from lifting the outlook at this stage. That said,
another guidance hike alongside the Q3 figures is clearly in the cards, in
our view.

While the FY26 outlook remained unchanged, management upgraded the FY27
margin target, now eyeing for >=35% (vs >=33). Next to the order data, this is
another key takeaway from the release, as it is indicates that cloud scaling
and the efficiency gains from process optimisation and digitalisation are
absorbing AI build-out without a dip, making this an impressive structural
statement.

Overall, the print confirms the case as a high-quality compounder with
strong visibility into further ARR acceleration. Reiterate BUY, PT EUR 134
based on DCF.


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Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss
bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenkonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befindet sich in der vollständigen Analyse.
++++++++++

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2371638 27.07.2026 CET/CEST

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