^ Original-Research: GFT Technologies SE - from NuWays AG

13.11.2026 / 09:01 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 NuWays AG to GFT Technologies SE

Company Name: GFT Technologies SE ISIN: DE0005800601

Reason for the research: Update Recommendation: BUY Target price: EUR 32 Target price on sight of: 12 months Last rating change: Analyst: Simon Keller

Q3 review: upgraded guidance still leaves room; chg.

GFT's Q3 results combine accelerating sales and backlog growth with further margin expansion. This strengthens earnings momentum and visibility. With this, the higher FY26 guidance still looks cautious, implying a sharp Q4 earnings slowdown and leaving room for further upside, in our view.

Backlog growth accelerated further. The September order backlog rose 22% yoy to EUR 397m, following 18% yoy growth at June-end and 11% at March-end, supporting revenue visibility. Deutsche Bank's selection of GFT for its German Private Bank core banking modernisation once again underlines the group's position in complex banking transformation projects.

Q3 sales increased 11.5% yoy to EUR 238.3m (eNuW: EUR 230m). Growth accelerated from 6.1% in Q2, with Brazil, Spain and Colombia being the main drivers. Europe returned to 5% growth following a 3% decline in Q2. The UK resumed yoy growth as anticipated, adding another contributor alongside the established growth markets. Germany's trajectory improved, despite investment caution continuing to weigh on demand.

Q3 adj. EBIT grew 31.7% yoy to EUR 20.3m (eNuW: EUR 18.0m), implying a margin improvement of 1.3pp yoy to 8.5% (eNuW: 7.8%). Purchased services grew only c. 1% yoy, reducing their share of sales by 1.2pp to 11.7%. Better personnel efficiency on an adjusted basis and lower depreciation provided additional margin support.

Higher guidance still looks cautious against Q3 momentum. GFT raised its FY26 sales target to EUR 945m (old: EUR 930m) and adj. EBIT to EUR 72m (old: EUR 71m). The new targets imply Q4 sales of c. EUR 244m (+5% yoy vs. +11.5% yoy in Q3) and adj. EBIT of c. EUR 19.1m (-13% yoy vs. +31.7% yoy in Q3). The implied margin of 7.8% would also mark a sequential decline from Q3's 8.5%. Our Q4 forecast stands at c. EUR 245m sales and EUR 21.1m adj. EBIT (-4% yoy; 8.6% margin), placing earnings EUR 2m above the implied guidance (eNuW). This still allows for a marked earnings slowdown from Q3, leaving room for further outperformance given the stronger UK contribution and improved cost ratios, in our view. GFT also retained its c. 9.5% adj. EBIT margin ambition for 2029, replacing the absolute sales target with a qualitative growth objective.

Peer results highlight continued IT spending by financial institutions. Accenture's Financial Services revenue grew 6% yoy in local currency in fiscal Q4. Cognizant's corresponding Q3 growth was c. 8% in constant currencies, excluding third-party product sales. EPAM provides another positive read-through: Q3 Financial Services sales increased 13.7% yoy on a reported basis, well above group growth of 2.3%. Capgemini also sees Financial Services among its growth drivers. AI adoption also reinforces modernisation needs: Capgemini's latest survey finds that c. 80% of banking and insurance executives prioritise reducing technical debt. This supports the structural demand outlook for GFT's banking, cloud and data expertise (eNuW).

Action: FY estimates increased following better than expected Q3 results.

BUY, PT EUR 32, based on DCF.

You can download the research here: https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=47b3b7bbc97f2c8e84048c4c77bfb9a5 For additional information visit our website: https://www.nuways-ag.com/research

Contact for questions: NuWays AG - Equity Research Web: www.nuways-ag.com Email: research@nuways-ag.com LinkedIn: https://www.linkedin.com/company/nuwaysag Adresse: Mittelweg 16-17, 20148 Hamburg, Germany ++++++++++ Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte. Offenlegung möglicher Interessenkonflikte nach § 85 WpHG beim oben analysierten Unternehmen befindet sich in der vollständigen Analyse. ++++++++++

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2434214 13.11.2026 CET/CEST

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Quelle: dpa-Afx