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

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Original-Research: Intershop Communications AG - from Quirin Privatbank

Kapitalmarktgeschäft

27.07.2026 / 16:42 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: Upload

Recommendation: Buy

from: 27.07.2026

Target price: 1.9

Last rating change:

Analyst: Sebastian Droste

Cloud orders and margins improve

On July 22, 2026, Intershop released its H1 financial results and confirmed

its guidance for 2026. Revenues declined by 8.1% yoy, but were in line with

our expectation as the reported figure was 0.4% above our estimate,

indicating slightly better-than-expected resilience. Cloud growth, contract

renewals, higher new ARR and six new customer wins provided meaningful

support and partially offset the planned decline in license, maintenance and

service revenues. Cloud expansion remains a key positive driver, although

momentum was still limited by expired and non-renewed contracts and subdued

new customer activity.

The EBIT margin improved from negative to slightly positive and was in line

with our estimate, supported by a lower cost base, a stronger cloud margin,

a higher cloud revenue share and improved service profitability. Incoming

cloud orders and positive net new ARR in Q2 signal improving demand

momentum. The confirmed guidance is in line with our expectations. The

investment case remains supported by the increasing recurring revenue share,

improving cost structure and long-term growth potential in agentic commerce.

We leave our target price unchanged at EUR 1.9 and confirm our Buy

recommendation.

You can download the research here:

https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=28ec6157b8baf9b0a3236c3f5cb9f552

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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2372206 27.07.2026 CET/CEST

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