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Original-Research: GFT Technologies - from Quirin Privatbank
Kapitalmarktgeschäft

09.05.2025 / 16:23 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
Group.
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.

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Classification of Quirin Privatbank Kapitalmarktgeschäft to GFT Technologies

Company Name: GFT Technologies
ISIN: DE0005800601

Reason for the research: Update
Recommendation: Buy
from: 09.05.2025
Target price: 38
Last rating change:
Analyst: Sebastian Droste

Growth in Americas and insurance

On May 8, 2025, GFT released its Q1 financial results and confirmed its
guidance for 2025. Revenue growth was stable and in line with our
expectation. Growth was driven by strong momentum in the insurance sector
and the Industry & Others segment, as well as solid expansion in Latin and
North America. The integration of Sophos Solutions contributed to inorganic
growth, while new business wins in robotics supported sector
diversification. However, structural challenges in the UK and macroeconomic
weakness in Continental Europe weighed on performance. Adjusted EBIT was
impacted by higher personnel expenses, reduced R&D subsidies, and
transformation costs, but the margin of 6.8% exceeded our estimate. GFT
confirmed its 2025 guidance, expecting revenues of EUR 930.0m and adjusted
EBIT of EUR 75.0m, both in line with our expectations. Notably, GFT raised
its EBIT guidance from EUR 68.0m to EUR 75.0m due to a new definition of
adjusted EBIT that now includes capacity adjustments and other extraordinary
items. The investment case remains intact, supported by strong structural
demand for cloud and AI solutions, growing international exposure, and
increasing productivity gains through its AI-centric setup. We raise our
target price to EUR 38.00 (previously EUR 37.50) and confirm our Buy
recommendation.

You can download the research here: http://www.more-ir.de/d/32542.pdf
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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2134496 09.05.2025 CET/CEST

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