Original-Research: Intershop Communications (von Quirin Privatbank Kapitalmar...

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Original-Research: Intershop Communications - from Quirin Privatbank

Kapitalmarktgeschäft

11.05.2026 / 21:16 CET/CEST

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Classification of Quirin Privatbank Kapitalmarktgeschäft to Intershop

Communications

Company Name: Intershop Communications

ISIN: DE000A254211

Reason for the research: Update

Recommendation: Buy

from: 11.05.2026

Target price: 1.90

Last rating change:

Analyst: Sebastian Droste

Cost discipline drives profitability

On April 22, 2026, Intershop released its Q1 2026 financial results and

confirmed its guidance for 2026. Revenue development was weak (-13.0% yoy)

but exceeded our expectation by 2.0%. The decline was mainly driven by

sharply lower license and maintenance revenues as well as weaker service

revenues due to the Partner-First strategy and subdued customer demand amid

macroeconomic uncertainty. In addition, negative net new ARR due to contract

expirations continued to weigh on recurring revenue momentum. In contrast,

cloud revenues and incoming cloud orders increased yoy. The EBITDA margin

improved from 9.0% to 12.0%, in line, supported by the cost-cutting measures

implemented in 2025, lower operating expenses, improved service

profitability and a higher cloud revenue share. Management confirmed its

outlook for slightly lower revenues and a balanced EBIT in 2026, in line

with our expectations, implying a continued focus on cost discipline. While

AI functionality enhancements and the planned Spring Release 2026 could

support the company's positioning in B2B commerce, weak ARR momentum and

cautious customer spending remain key challenges. We leave our target price

unchanged and confirm our Buy recommendation.

You can download the research here:

https://eqs-cockpit.com/c/fncls.ssp?u=df28a875e4a8af9275ce6ab4a696f3ff

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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2325610 11.05.2026 CET/CEST

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