Original-Research: swissnet AG (von Quirin Privatbank Kapitalmarktgeschäft):...

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Original-Research: swissnet AG - from Quirin Privatbank Kapitalmarktgeschäft

08.10.2025 / 11:56 CET/CEST
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Classification of Quirin Privatbank Kapitalmarktgeschäft to swissnet AG

     Company Name:               swissnet AG
     ISIN:                       CH0451123589

     Reason for the research:    Update
     Recommendation:             Buy
     from:                       08.10.2025
     Target price:               23.50
     Last rating change:
     Analyst:                    Sebastian Droste

Strong H1 figures - Swissnet accelerates international expansion

On September 30, Swissnet released strong H1 2025 results, showing strong
revenue growth (91.4% yoy), above our expectation, supported by
acquisitions, SaaS momentum, higher hardware sales, and international wins.
Adj. EBITDA increased by 100% yoy, supported by scale and strong SaaS
growth. On September 23, Swissnet had already held a conference call where
management presented the international expansion strategy of the group and
reported on current corporate developments in the MENA and APAC regions. The
company reiterated its positioning as a one-stop provider for digital
transformation, spanning SaaS solutions such as location-based marketing and
the Lokalee AI concierge platform, ICT infrastructure, and managed services,
with a strong base in the DACH region and rapid traction internationally.
Key customer wins in hospitality and retail underline Swissnet's ability to
leverage global partnerships and replicate projects across geographies,
while recurring revenues now account for around 75% of the business,
ensuring visibility and resilience. For 2025, management confirmed guidance
of CHF 28-30m in revenues and CHF 5.5-6.0m EBITDA, implying around 30%
organic growth. We consider the investment case intact given the
accelerating internationalization, high recurring revenue share, and strong
pipeline in fast-growing regions. We increase our estimates accordingly and
therefore raise our target price to EUR 23.50. Recommendation remains Buy.


You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=e2fba30603d5f039d28c942151254ec6
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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2209986 08.10.2025 CET/CEST

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