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

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Original-Research: Serviceware SE - from Quirin Privatbank

Kapitalmarktgeschäft

23.10.2026 / 17:11 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: 23.10.2026

Target price: 35

Last rating change:

Analyst: Sebastian Droste

SaaS strength drives growth and profitability

On October 23, 2026, Serviceware released its 9M 2025/2026 financial results

and confirmed its full-year guidance. Revenues grew strongly by 12.1% yoy to

EUR 96.2m, exceeding our expectation by 3.4%. Growth was driven by strong

SaaS/Service demand, new customer wins, expanding existing customer

relationships and international partnerships, partly offset by declining

non-SaaS/Service revenues. The EBIT margin improved from 0.8% to 1.6%, in

line with our estimate, supported by a higher SaaS share and operating

leverage. The order backlog increased by 24.7% to EUR 121.5m, supporting

future growth visibility. Management confirmed its FY 2025/2026 guidance of

5.0%-15.0% yoy revenue growth and significantly higher EBITDA and EBIT, in

line with our expectations. We remain positive on the recurring revenue

growth and improving profitability. We raise our target price to EUR 35

(previously EUR 34) and confirm our Buy recommendation.

You can download the research here:

https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=f0025c89c1c863984d377719729da92b

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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2421532 23.10.2026 CET/CEST

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