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Original-Research: Intershop Communications AG - from Quirin Privatbank

Kapitalmarktgeschäft

27.10.2025 / 11:25 CET/CEST

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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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