Serviceware SE (von Quirin Privatbank Kapitalmarktgeschäf... 11.05.2026, 15:05 Uhr von dpa-AFX Jetzt kommentieren: 0

Original-Research: Serviceware SE - from Quirin Privatbank
Kapitalmarktgeschäft



11.05.2026 / 15:05 CET/CEST
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Classification of Quirin Privatbank Kapitalmarktgeschäft to Serviceware SE



     Company Name:               Serviceware SE
     ISIN:                       DE000A2G8X31



     Reason for the research:    Update
     Recommendation:             Buy
     from:                       11.05.2026
     Target price:               33
     Last rating change:
     Analyst:                    Sebastian Droste



Strong SaaS momentum continues
On April 24, 2026, Serviceware released its Q1 2025/2026 financial results
and confirmed its guidance for FY 2025/2026. Revenue growth was solid (+5.6%
yoy) and exceeding our expectation by 2.0%, driven by strong SaaS momentum,
new customer wins, international growth and continued demand for the
AI-native platform. However, declining license and maintenance revenues as
well as SaaS-related revenue deferrals continued to weigh on reported
growth. The EBITDA margin declined from 2.4% to 0.9%, in line, mainly
impacted by upfront sales expenses for SaaS projects, higher third-party
product costs and the ongoing transition from license to recurring revenues.
The strong increase in contractual liabilities to EUR 114.6m supports
visibility for the coming quarters. Management confirmed its FY 2025/2026
guidance for 5.0%-15.0% yoy revenue growth and a significant increase in
EBITDA and EBIT, in line with our expectation. In our view, the investment
case remains supported by the increasing share of recurring revenues and
growing international activities. We raise our target price to EUR 33
(previously EUR 30) and confirm our Buy recommendation.




You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=3cffda76081c36fdf200314963b740b3
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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2325290 11.05.2026 CET/CEST