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Original-Research: GFT Technologies SE - from Quirin Privatbank
Kapitalmarktgeschäft

21.11.2025 / 17:01 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
SE

Company Name: GFT Technologies SE
ISIN: DE0005800601

Reason for the research: Update
Recommendation: Buy
from: 21.11.2025
Target price: 32
Last rating change:
Analyst: Sebastian Droste

CMD: Reshaping for AI growth
On November 18, GFT held its CMD, where management showcased several AI
projects that it has successfully delivered in partnership with some of
their clients, which further strengthened our confidence in the company's AI
capabilities. GFT is positioning itself as an AI-enabled transformation
partner, with concrete productivity gains already visible in software
development, process automation and large core-modernization projects.
Management also emphasized that 2026-2027 will still be transition years,
with margin improvement expected from 2026 and a return to growth
anticipated from 2027 onward. Currently, all other GFT units (except GFT UK
and Software Solutions) are growing in the low double-digit range. Also, on
November 13, GFT released its Q3/9M financial results and confirmed its
guidance. Revenue growth was stable (5.0% yoy cc in 9M) and in line with our
expectation, supported by strong contributions from Insurance, Industry &
Others, Latin America, North America, APAC, rising Wynxx adoption, and
initial Megawork cross-selling. Weakness in Continental Europe and the sharp
decline in the UK remained key challenges. The adjusted EBIT margin fell
from 8.4% to 7.0%, in line with our estimate, driven by the UK and Software
Solutions turnaround, higher personnel costs and FX. The company reiterated
its 2025 guidance, which is in line with our estimates, with strength
expected from the Americas and AI demand. In our view, the investment case
continues to be supported by structural AI-driven growth, strong positioning
in key markets and the prospect of margin recovery once the UK stabilizes.
We leave our target price unchanged at EUR 32 and confirm our Buy
recommendation.

You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=504c85ed858168fc657513b14f2c0eb4
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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2234468 21.11.2025 CET/CEST

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