Original-Research: Serviceware SE (von Quirin Privatbank Kapitalmarktgeschäf...

Original-Research: Serviceware SE - from Quirin Privatbank

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Kapitalmarktgeschäft

27.10.2025 / 11:16 CET/CEST

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Classification of Quirin Privatbank Kapitalmarktgeschäft to Serviceware SE

Company Name: Serviceware SE

ISIN: DE000A2G8X31

Reason for the research: Update

Recommendation: Buy

from: 27.10.2025

Target price: 28.50

Last rating change:

Analyst: Sebastian Droste

Strong margin improvements

On October 24, 2025, Serviceware released its Q3 2024/2025 financial results

and confirmed its guidance for FY2024/2025. Revenue growth was strong

(+16.6% yoy) and exceeded our expectation by 5.4%. The increase was mainly

driven by strong SaaS/Service momentum, which continued to gain share due to

the ongoing transition from license to SaaS. Additional support came from

product innovation, notably the AI Process Engine, which helped win new

customers, and from international expansion, including first projects in

North America and Asia and a new sales presence in France. Large enterprise

wins also added scale, while the rising order backlog provided further

visibility. The EBIT margin improved from 0.4% to 2.3%, clearly above our

estimate of 0.4%, benefiting from a higher SaaS mix and operating leverage.

Other important points include the growing partner network and a 26.4%

increase in backlog to EUR 101.9m. Serviceware confirmed its guidance of

5-15% yoy revenue growth for FY2024/2025, in line with our estimate. We see

the investment case supported by strong SaaS dynamics, product innovation,

and higher visibility from the backlog. We raise our target price to EUR

28.50 (previously EUR 27.50) and confirm our Buy recommendation.

You can download the research here:

https://eqs-cockpit.com/c/fncls.ssp?u=bb149250441a375572f129a6eaf785a6

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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2219044 27.10.2025 CET/CEST

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Quelle: dpa-AFX