^ Original-Research: Serviceware SE - from Quirin Privatbank Kapitalmarktgeschäft

27.07.2026 / 17:21 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 Serviceware SE

Company Name: Serviceware SE ISIN: DE000A2G8X31

Reason for the research: Upload Recommendation: Buy from: 27.07.2026 Target price: 34 Last rating change: Analyst: Sebastian Droste

AI-native demand accelerates growth On July 24 2026, Serviceware released its H1 financial results and confirmed its guidance for 2025/2026. Revenue growth was strong (13.0% yoy), exceeding our expectation by 2.6%. Growth was driven by strong SaaS demand, new customer wins across several industries, higher license revenues, international expansion, new partnerships and greater market visibility for the AI-native platform. The higher order backlog also supports future revenue visibility. However, lower maintenance and consulting revenues partly offset the positive development. The H1 EBIT margin increased from 0.0% to 0.3%, in line, supported by personnel and other operating expenses growing slower than revenues. One-off restructuring costs, higher cost of materials and the upfront sales costs related to multi-year SaaS contracts limited the improvement. Management confirmed revenue growth of 5.0%-15.0% yoy and a significant increase in EBIT and EBITDA, both in line with our expectations. Strong Q2 momentum, recurring SaaS revenues, efficiency measures and international expansion support the investment case. We raise our target price to EUR 34 (previously EUR 33) and confirm our Buy recommendation.

You can download the research here: https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=4720c1072b4a200a679f2f1f4454db36 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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2372264 27.07.2026 CET/CEST

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Quelle: dpa-Afx