Original-Research: swissnet AG (von Quirin Privatbank Kapitalmarktgeschäft): Buy

Classification of Quirin Privatbank Kapitalmarktgeschäft to swissnet AG

Company Name:	swissnet AG
ISIN:	CH0451123589
Reason for the research:	Update
Recommendation:	Buy
from:	08.10.2025
Target price:	23.50
Last rating change:
Analyst:	Sebastian Droste

Strong H1 figures - Swissnet accelerates international expansion

On September 30, Swissnet released strong H1 2025 results, showing strong revenue growth (91.4% yoy), above our expectation, supported by acquisitions, SaaS momentum, higher hardware sales, and international wins. Adj. EBITDA increased by 100% yoy, supported by scale and strong SaaS growth. On September 23, Swissnet had already held a conference call where management presented the international expansion strategy of the group and reported on current corporate developments in the MENA and APAC regions. The company reiterated its positioning as a one-stop provider for digital transformation, spanning SaaS solutions such as location-based marketing and the Lokalee AI concierge platform, ICT infrastructure, and managed services, with a strong base in the DACH region and rapid traction internationally. Key customer wins in hospitality and retail underline Swissnet’s ability to leverage global partnerships and replicate projects across geographies, while recurring revenues now account for around 75% of the business, ensuring visibility and resilience. For 2025, management confirmed guidance of CHF 28-30m in revenues and CHF 5.5-6.0m EBITDA, implying around 30% organic growth. We consider the investment case intact given the accelerating internationalization, high recurring revenue share, and strong pipeline in fast-growing regions. We increase our estimates accordingly and therefore raise our target price to EUR 23.50. Recommendation remains Buy.
 

You can download the research here: SWISSNET_AG__202510080
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