Aktienanleihe Classic 16,3% 2027/06: Basiswert GFT TECHNOLOGIES

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Original-Research: GFT Technologies SE - from NuWays AG

07.08.2026 / 09:01 CET/CEST

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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

Growth and margins moving higher

GFT delivered a strong Q2, with growth accelerating and profitability

improving further. Sales grew 6.1% yoy to EUR 233m, a clear acceleration vs.

Q1 (+3.4% yoy). Meanwhile, adj. EBIT rose 9.9% to EUR 16.5m at a margin of

7.1% (+0.2pp yoy).

Sales growth was again carried by Americas and APAC, up 16% yoy to EUR 123m on

very dynamic business in Brazil and Colombia. Europe came in at EUR 110m (-3%

yoy), with strong momentum in Spain and Switzerland absorbing continued

caution in Germany and the anticipated weak UK business. The latter should

have passed its trough in H1 and looks set to return to growth in Q3 against

an easy comparable base.

The slight adj. EBIT margin expansion in Q2 was driven by efficiency gains

in personnel costs (only +3.9% yoy; FTE: +3% yoy; vs. +6% sales growth),

also visible in a high utilisation of 92.8% (Q2 25: 92.3%). The other

noticeable margin contributor was declining D&A (-8% yoy), thanks to lower

office lease expenses. Reported EBIT rose 32% yoy to EUR 13m as capacity

adjustment costs more than halved.

The order backlog was up 18% yoy to EUR 484m, following +11% yoy in Q1. The

step-up is driven by multi-year SAP contracts and six new next-gen core

banking projects, which lifts visibility for H2 and beyond. Even more

relevant in our view, management sees client sentiment towards IT services

improving, especially towards high value-added services (like modernisation

projects), which is exactly GFT's strength.

The FY26 guidance was confirmed (sales: c. EUR 930m; adj. EBIT: c. EUR 71m).

This implies H2 sales growth of 4.6% yoy and adj. EBIT margin of 8.2%

(-0.1pp yoy), which does not look ambitious. Considering that the company

expects a further growth acceleration in Q3 and a favourable fx-development,

the current momentum certainly supports at least this outlook.

Peer prints point to a market that is better than feared. Sopra Steria

raised its FY organic growth target to 2-2.5% (prior: 1-2%) after 5.3%

underlying organic growth in Q2, naming financial services among the

drivers. Capgemini lifted its FY sales outlook with FS its fastest growing

vertical. The takeaway: banking IT budgets appear to be opening up.

In sum, Q2 shows the operational inflection gaining traction: accelerating

growth, a wider margin and a backlog that adds visibility. With the UK reset

behind and AI-led modernisation demand intact, we reiterate BUY with an

unchanged PT of EUR 32 (DCF-based), following minor estimate change.

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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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2379022 07.08.2026 CET/CEST

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