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Original-Research: Intershop Communications AG - from Quirin Privatbank
Kapitalmarktgeschäft
03.03.2026 / 14:57 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
Group.
The issuer is solely responsible for the content of this research. The
result of this research does not constitute investment advice or an
invitation to conclude certain stock exchange transactions.
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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: 03.03.2026
Target price: 1.90
Last rating change:
Analyst: Sebastian Droste
Sales declines, breakeven focus ahead
On 18 February 2026, Intershop released its full-year financial results and
provided guidance for 2026. Revenue development was weak (-14.2% yoy) and
1.8% below our expectation, mainly due to lower license and maintenance
revenues, a 29.0% yoy decline in service revenues driven by a complex major
project, and the ongoing partner-first shift reducing implementation
revenues. Expiring contracts, low net new ARR and FX effects further weighed
on momentum, while cloud revenues were stable but not able to offset the
decline. The EBIT margin fell from 0.2% to -8.3%, below our estimate of
-6.5%, impacted by project overruns, higher R&D and restructuring costs.
For 2026, management guides for slightly lower revenues and a balanced EBIT,
implying a continued focus on cost control. With a stronger equity ratio of
36%, a stable cloud margin of 65% and a high share of recurring revenues,
the company has a more resilient base. The continued development toward an
AI-driven commerce platform could support mid-term growth if ARR momentum
improves. We decrease our target price to EUR 1.90 (previously EUR 2.10) and
confirm our Buy recommendation.
You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=c7c5233fdce46253267444b91fc81bbd
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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2284886 03.03.2026 CET/CEST
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