^ Original-Research: Intershop Communications AG - from Quirin Privatbank Kapitalmarktgeschäft

03.03.2026 / 14:57 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: 03.03.2026 Target price: 1.90 Last rating change: Analyst: Sebastian Droste

Sales declines, breakeven focus ahead On 18 February 2026, Intershop released its full-year financial results and provided guidance for 2026. Revenue development was weak (-14.2% yoy) and 1.8% below our expectation, mainly due to lower license and maintenance revenues, a 29.0% yoy decline in service revenues driven by a complex major project, and the ongoing partner-first shift reducing implementation revenues. Expiring contracts, low net new ARR and FX effects further weighed on momentum, while cloud revenues were stable but not able to offset the decline. The EBIT margin fell from 0.2% to -8.3%, below our estimate of -6.5%, impacted by project overruns, higher R&D and restructuring costs. For 2026, management guides for slightly lower revenues and a balanced EBIT, implying a continued focus on cost control. With a stronger equity ratio of 36%, a stable cloud margin of 65% and a high share of recurring revenues, the company has a more resilient base. The continued development toward an AI-driven commerce platform could support mid-term growth if ARR momentum improves. We decrease our target price to EUR 1.90 (previously EUR 2.10) and confirm our Buy recommendation.

You can download the research here: https://eqs-cockpit.com/c/fncls.ssp?u=c7c5233fdce46253267444b91fc81bbd 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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2284886 03.03.2026 CET/CEST

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Quelle: dpa-Afx