Original-Research: Serviceware SE (von Quirin Privatbank Kapitalmarktgeschäf…

Original-Research: Serviceware SE – from Quirin Privatbank

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Kapitalmarktgeschäft

03.03.2026 / 18:19 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: 03.03.2026

Target price: 30

Last rating change:

Analyst: Sebastian Droste

Profitable SaaS transition accelerates

On 23. Februar 2026, Serviceware released its full-year preliminary

financial results and provided guidance for FY 2025/2026. Revenue growth was

strong (+11.7% yoy) and in line with our expectation. Growth was mainly

driven by the ongoing shift from license to SaaS, reflected in strong

SaaS/Service momentum and a higher share of recurring revenues, as well as a

rising order backlog improving visibility. Product innovation around the AI

Process Engine supported new wins and upselling, while international

expansion (Italy, first North America deal, Fortune-500 customer in Asia)

added momentum. However, growth was likely still constrained by declining

license revenues and limited short-term impact from international wins.

The EBITDA margin increased from 3.1% to 4.4%, above our estimate by 0.2ppt,

supported by SaaS mix effects and operating leverage, despite the stop of

development cost capitalization and ongoing amortization.

The backlog rose to EUR 97.4m (+20.9% yoy) and cash stood at EUR 34.2m. For

FY 2025/2026, management guides for 5-15% yoy revenue growth, in line with

our expectation, and a further significant increase in EBITDA and EBIT,

without quantifying margins. We raise our target price to EUR 30 (previously

EUR 28.50) and confirm our Buy recommendation.

You can download the research here:

https://eqs-cockpit.com/c/fncls.ssp?u=d6bef3a07dd5c09340a24eeccfdf2c8d

For additional information visit our website:

https://research.quirinprivatbank.de/

Contact for questions:

Quirin Privatbank AG

Institutionelles Research

Schillerstraße 20

60313 Frankfurt am Main

[email protected]

https://research.quirinprivatbank.de/

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2285044 03.03.2026 CET/CEST

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Quelle: dpa-AFX