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

11.05.2026 / 15:07 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: 11.05.2026
Target price: 34
Last rating change:
Analyst: Sebastian Droste

Solid Q1 with margin improvement
On May 7, 2026, GFT released its Q1 2026 financial results and confirmed its
guidance for 2026. Revenues grew solidly by 3.4% yoy to EUR 229.5m,
exceeding our expectation by 2.0%, driven by strong growth in Brazil,
Colombia and Spain as well as continued demand for AI, cloud and SAP
modernization projects. At the same time, Germany, the UK, Mexico and Canada
remained weak due to cautious customer spending and project delays at some
Tier-1 clients. The Q1 EBT margin improved from 4.5% to 5.2%, in line with
our estimate of 5.3%, supported by higher utilization, disciplined cost
management and lower capacity adjustments in the UK. The order backlog
increased by 11.0% yoy to EUR 512.1m and guidance was confirmed, supporting
visibility for FY 2026. We raise our target price to EUR 34 (previously EUR
33) and confirm our Buy recommendation.

You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=14c2f088fd10d4d32dcfe92394b55a86
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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2325294 11.05.2026 CET/CEST

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