^ Original-Research: Reply SpA - from Quirin Privatbank Kapitalmarktgeschäft

20.05.2026 / 17:13 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 Reply SpA

Company Name: Reply SpA ISIN: IT0005282865

Reason for the research: Update Recommendation: Buy from: 20.05.2026 Target price: 170 Last rating change: Analyst: Sebastian Droste

Strong AI momentum continues On May 15, Reply released its Q1 financial results. Revenue growth was stable (6.2% yoy to EUR 645.0m), in line with our expectation, driven by AI, cloud, data, cybersecurity, Applications, Technologies, Health/Government/Defense, Energy & Utilities, and Telco & High Tech, while Processes, Automotive & Manufacturing, Logistics & Transportation, and weaker Germany remained headwinds. EBITDA margin increased from 17.3% to 17.4%, in line, supported by AI-driven delivery productivity, Silicon Shoring and lower contractor usage, while higher personnel costs and investments in Region 2 weighed on profitability. Management did not publish a guidance for 2026 but remained confident, citing continued demand in AI and efficiency-driven customer projects. The investment case remains supported by Reply's strong balance sheet, AI positioning and diversified exposure, although selective customer spending and weak automotive demand remain risks. We slightly decrease our target price to EUR 170 (previously EUR 178) and confirm our Buy recommendation.

You can download the research here: https://eqs-cockpit.com/c/fncls.ssp?u=b00940ea967ee49ca03405e546c7e1e0 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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2330928 20.05.2026 CET/CEST

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Quelle: dpa-Afx