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

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Original-Research: Intershop Communications AG - from Quirin Privatbank

Kapitalmarktgeschäft

22.10.2026 / 17:05 CET/CEST

Dissemination of a Research, transmitted by EQS News - a service of EQS

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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: 22.10.2026

Target price: 2

Last rating change:

Analyst: Sebastian Droste

Cloud momentum and cost discipline support upside

On October 21, 2026, Intershop released its 9M financial results and

confirmed its FY 2026 guidance. Revenues declined by 7.1% yoy, but exceeded

our expectation by 2.3%. Reasons were falling license revenues, customer

churn and subdued investment activity. Cloud growth could not offset these

declines, although strong cloud orders, improving net new ARR and growing AI

revenues indicate some recovery. The EBIT margin improved from -5.6% to

0.9%, exceeding our slightly negative estimate, mainly driven by cost

reductions and improved service profitability. Operating cash flow also

strengthened. Management confirmed its outlook for a smaller revenue decline

than in FY 2025 and balanced EBIT, in line with our expectations. In our

view, the improved cost base and growing AI business support the investment

case, while churn and weak customer spending remain risks. We raise our

target price to EUR 2 (previously EUR 1.9) and confirm our Buy

recommendation.

You can download the research here:

https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=3aa1f7bb66ca34682419d80429d85e25

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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2420674 22.10.2026 CET/CEST

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