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Original-Research: Intershop Communications AG - from Quirin Privatbank
Kapitalmarktgeschäft
27.10.2025 / 11:25 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
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The issuer is solely responsible for the content of this research. The
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Classification of Quirin Privatbank Kapitalmarktgeschäft to Intershop
Communications AG
Company Name: Intershop Communications AG
ISIN: DE000A254211
Reason for the research: Update
Recommendation: Buy
from: 27.10.2025
Target price: 2.10
Last rating change:
Analyst: Sebastian Droste
Cloud stable, services weigh down
On October 22, 2025, Intershop released its 9M 2025 financial results and
confirmed its guidance for FY 2025. Revenue development was soft (-15.2%
yoy), but slightly exceeded our estimate by 1.0%. The decline was driven by
lower service revenues due to the "Partner First" strategy and project
delays, weaker license and maintenance sales following the non-recurrence of
relicensing, subdued new customer activity in a challenging macro
environment, contract expirations, negative FX effects. On the positive
side, cloud revenues remained stable and increased in revenue share,
underlining the importance of this segment. The EBIT margin declined from
2.0% to 5.6% in line with our estimate, impacted by restructuring expenses
and project overruns, but supported by cost savings and stable cloud
margins. Other important developments include the capital increase, which
strengthened financial flexibility, and ongoing efficiency gains from
headcount reductions. Guidance was confirmed, projecting a revenue decline
of 10-15% yoy and an adjusted EBIT margin in the low single-digit negative
range, in line with our expectations. With a stronger balance sheet, stable
recurring cloud business and focus on AI investments, we see a solid
mid-term positioning. We slightly decrease our target price to EUR 2.10
(previously EUR 2.30) and confirm our Buy recommendation.
You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=15a7d1126154385355554d0aead7e2df
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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2219056 27.10.2025 CET/CEST
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