Original-Research: GFT Technologies SE (von Quirin Privatbank Kapitalmarktges...

Original-Research: GFT Technologies SE - from Quirin Privatbank

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Kapitalmarktgeschäft

21.11.2025 / 17:01 CET/CEST

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Classification of Quirin Privatbank Kapitalmarktgeschäft to GFT Technologies

SE

Company Name: GFT Technologies SE

ISIN: DE0005800601

Reason for the research: Update

Recommendation: Buy

from: 21.11.2025

Target price: 32

Last rating change:

Analyst: Sebastian Droste

CMD: Reshaping for AI growth

On November 18, GFT held its CMD, where management showcased several AI

projects that it has successfully delivered in partnership with some of

their clients, which further strengthened our confidence in the company's AI

capabilities. GFT is positioning itself as an AI-enabled transformation

partner, with concrete productivity gains already visible in software

development, process automation and large core-modernization projects.

Management also emphasized that 2026-2027 will still be transition years,

with margin improvement expected from 2026 and a return to growth

anticipated from 2027 onward. Currently, all other GFT units (except GFT UK

and Software Solutions) are growing in the low double-digit range. Also, on

November 13, GFT released its Q3/9M financial results and confirmed its

guidance. Revenue growth was stable (5.0% yoy cc in 9M) and in line with our

expectation, supported by strong contributions from Insurance, Industry &

Others, Latin America, North America, APAC, rising Wynxx adoption, and

initial Megawork cross-selling. Weakness in Continental Europe and the sharp

decline in the UK remained key challenges. The adjusted EBIT margin fell

from 8.4% to 7.0%, in line with our estimate, driven by the UK and Software

Solutions turnaround, higher personnel costs and FX. The company reiterated

its 2025 guidance, which is in line with our estimates, with strength

expected from the Americas and AI demand. In our view, the investment case

continues to be supported by structural AI-driven growth, strong positioning

in key markets and the prospect of margin recovery once the UK stabilizes.

We leave our target price unchanged at EUR 32 and confirm our Buy

recommendation.

You can download the research here:

https://eqs-cockpit.com/c/fncls.ssp?u=504c85ed858168fc657513b14f2c0eb4

For additional information visit our website:

https://research.quirinprivatbank.de/

Contact for questions:

Quirin Privatbank AG

Institutionelles Research

Schillerstraße 20

60313 Frankfurt am Main

[email protected]

https://research.quirinprivatbank.de/

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2234468 21.11.2025 CET/CEST

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Quelle: dpa-AFX