Original-Research: Intershop Communications AG (von Quirin Privatbank Kapital…

Original-Research: Intershop Communications AG – from Quirin Privatbank

boerse.de-Aktien-Ausblick:
Wie es an den Börsen jetzt weitergeht!
Hier gratis anfordern …

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.

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

[email protected]

https://research.quirinprivatbank.de/

The EQS Distribution Services include Regulatory Announcements,

Financial/Corporate News and Press Releases.

View original content:

https://eqs-news.com/?origin_id=436a5a8d-1708-11f1-8534-027f3c38b923&lang=en

2284886 03.03.2026 CET/CEST

°

Quelle: dpa-AFX