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

27.07.2026 / 16:42 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: Upload Recommendation: Buy from: 27.07.2026 Target price: 1.9 Last rating change: Analyst: Sebastian Droste

Cloud orders and margins improve On July 22, 2026, Intershop released its H1 financial results and confirmed its guidance for 2026. Revenues declined by 8.1% yoy, but were in line with our expectation as the reported figure was 0.4% above our estimate, indicating slightly better-than-expected resilience. Cloud growth, contract renewals, higher new ARR and six new customer wins provided meaningful support and partially offset the planned decline in license, maintenance and service revenues. Cloud expansion remains a key positive driver, although momentum was still limited by expired and non-renewed contracts and subdued new customer activity. The EBIT margin improved from negative to slightly positive and was in line with our estimate, supported by a lower cost base, a stronger cloud margin, a higher cloud revenue share and improved service profitability. Incoming cloud orders and positive net new ARR in Q2 signal improving demand momentum. The confirmed guidance is in line with our expectations. The investment case remains supported by the increasing recurring revenue share, improving cost structure and long-term growth potential in agentic commerce. We leave our target price unchanged at EUR 1.9 and confirm our Buy recommendation.

You can download the research here: https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=28ec6157b8baf9b0a3236c3f5cb9f552 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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2372206 27.07.2026 CET/CEST

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Quelle: dpa-Afx