PRESS RELEASE
from Serviceware SE
Original-Research: Serviceware SE (von Quirin Privatbank Kapitalmarktgeschäft): Buy
Original-Research: Serviceware SE - from Quirin Privatbank Kapitalmarktgeschäft
11.05.2026 / 15:05 CET/CEST
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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.
Classification of Quirin Privatbank Kapitalmarktgeschäft to Serviceware SE
| Company Name: | Serviceware SE |
| ISIN: | DE000A2G8X31 |
| Reason for the research: | Update |
| Recommendation: | Buy |
| from: | 11.05.2026 |
| Target price: | 33 |
| Last rating change: | |
| Analyst: | Sebastian Droste |
Strong SaaS momentum continues
On April 24, 2026, Serviceware released its Q1 2025/2026 financial results and confirmed its guidance for FY 2025/2026. Revenue growth was solid (+5.6% yoy) and exceeding our expectation by 2.0%, driven by strong SaaS momentum, new customer wins, international growth and continued demand for the AI-native platform. However, declining license and maintenance revenues as well as SaaS-related revenue deferrals continued to weigh on reported growth. The EBITDA margin declined from 2.4% to 0.9%, in line, mainly impacted by upfront sales expenses for SaaS projects, higher third-party product costs and the ongoing transition from license to recurring revenues. The strong increase in contractual liabilities to EUR 114.6m supports visibility for the coming quarters. Management confirmed its FY 2025/2026 guidance for 5.0%-15.0% yoy revenue growth and a significant increase in EBITDA and EBIT, in line with our expectation. In our view, the investment case remains supported by the increasing share of recurring revenues and growing international activities. We raise our target price to EUR 33 (previously EUR 30) and confirm our Buy recommendation.
You can download the research here: SERVICEWARE_SE_20260511
For additional information visit our website: https://research.quirinprivatbank.de/
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60313 Frankfurt am Main
research@quirinprivatbank.de
https://research.quirinprivatbank.de/
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