27.07.2026-
Original-Research: Serviceware SE (von Quirin Privatbank Kapitalmarktgeschäf...
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Original-Research: Serviceware SE - from Quirin Privatbank
Kapitalmarktgeschäft
27.07.2026 / 17:21 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
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Classification of Quirin Privatbank Kapitalmarktgeschäft to Serviceware SE
Company Name: Serviceware SE
ISIN: DE000A2G8X31
Reason for the research: Upload
Recommendation: Buy
from: 27.07.2026
Target price: 34
Last rating change:
Analyst: Sebastian Droste
AI-native demand accelerates growth
On July 24 2026, Serviceware released its H1 financial results and confirmed
its guidance for 2025/2026. Revenue growth was strong (13.0% yoy), exceeding
our expectation by 2.6%. Growth was driven by strong SaaS demand, new
customer wins across several industries, higher license revenues,
international expansion, new partnerships and greater market visibility for
the AI-native platform. The higher order backlog also supports future
revenue visibility. However, lower maintenance and consulting revenues
partly offset the positive development. The H1 EBIT margin increased from
0.0% to 0.3%, in line, supported by personnel and other operating expenses
growing slower than revenues. One-off restructuring costs, higher cost of
materials and the upfront sales costs related to multi-year SaaS contracts
limited the improvement. Management confirmed revenue growth of 5.0%-15.0%
yoy and a significant increase in EBIT and EBITDA, both in line with our
expectations. Strong Q2 momentum, recurring SaaS revenues, efficiency
measures and international expansion support the investment case. We raise
our target price to EUR 34 (previously EUR 33) and confirm our Buy
recommendation.
You can download the research here:
https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=4720c1072b4a200a679f2f1f4454db36
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/
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