Original-Research: Intershop Communications AG (von Quirin Privatbank Kapitalmarktgeschäft): Buy

Classification of Quirin Privatbank Kapitalmarktgeschäft to Intershop Communications AG

Company Name:	Intershop Communications AG
ISIN:	DE000A254211
Reason for the research:	Update
Recommendation:	Buy
from:	03.03.2026
Target price:	1.90
Last rating change:
Analyst:	Sebastian Droste

Sales declines, breakeven focus ahead
On 18 February 2026, Intershop released its full-year financial results and provided guidance for 2026. Revenue development was weak (-14.2% yoy) and 1.8% below our expectation, mainly due to lower license and maintenance revenues, a 29.0% yoy decline in service revenues driven by a complex major project, and the ongoing partner-first shift reducing implementation revenues. Expiring contracts, low net new ARR and FX effects further weighed on momentum, while cloud revenues were stable but not able to offset the decline. The EBIT margin fell from 0.2% to -8.3%, below our estimate of -6.5%, impacted by project overruns, higher R&D and restructuring costs.
For 2026, management guides for slightly lower revenues and a balanced EBIT, implying a continued focus on cost control. With a stronger equity ratio of 36%, a stable cloud margin of 65% and a high share of recurring revenues, the company has a more resilient base. The continued development toward an AI-driven commerce platform could support mid-term growth if ARR momentum improves. We decrease our target price to EUR 1.90 (previously EUR 2.10) and confirm our Buy recommendation.
 

You can download the research here: INTERSHOP_COMMUNICATIONS_AG_20260303
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