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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
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.

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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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Quelle: dpa-AFX