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

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Original-Research: Serviceware SE - from Quirin Privatbank

Kapitalmarktgeschäft

28.07.2025 / 15:46 CET/CEST

Dissemination of a Research, transmitted by EQS News - a service of EQS

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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: 28.07.2025

Target price: 27.50

Last rating change:

Analyst: Sebastian Droste

AI drives solid H1 growth

On July 25, Serviceware released its H1 2024/2025 financial results and

reaffirmed its full-year guidance. Revenue growth was strong at 10.3% yoy

(EUR 55.5m), in line with our expectation (%). The main drivers were a

30.5% yoy increase in SaaS/Service revenues to EUR 42.8m, driven by

continued transition from license to SaaS and strong demand for the

AI-native ESM platform. Additional support came from new customer wins

across banking, industrial, and education sectors, as well as ongoing

international expansion, including further engagement with a Fortune Global

500 client in Asia and the first North American deal via Maryville

Consulting. Order backlog rose by 21.3% to EUR 97.8m, providing good revenue

visibility.

The EBITDA margin improved from 3.2% to 3.4%, in line with our estimate,

supported by higher SaaS share and operating leverage, although investments

in SaaS transformation and expansion likely limited further improvement.

The focus on AI integration and recurring SaaS revenues strengthens the

investment case by improving visibility and supporting mid-term

profitability potential. We increase our target price to EUR 27.50 (26.50)

and confirm our Buy recommendation.

You can download the research here:

https://eqs-cockpit.com/c/fncls.ssp?u=a47175c955462264b31d9964a9b3bc4d

For additional information visit our website:

https://research.quirinprivatbank.de/

Contact for questions:

Quirin Privatbank AG

Institutionelles Research

Schillerstraße 20

60313 Frankfurt am Main

research@quirinprivatbank.de

https://research.quirinprivatbank.de/

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2175500 28.07.2025 CET/CEST

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