Original-Research: GFT Technologies SE (von NuWays AG): BUY

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Original-Research: GFT Technologies SE - from NuWays AG

07.08.2026 / 09:01 CET/CEST
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Classification of NuWays AG to GFT Technologies SE

     Company Name:                GFT Technologies SE
     ISIN:                        DE0005800601

     Reason for the research:     Update
     Recommendation:              BUY
     Target price:                EUR 32
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Simon Keller

Growth and margins moving higher

GFT delivered a strong Q2, with growth accelerating and profitability
improving further. Sales grew 6.1% yoy to EUR 233m, a clear acceleration vs.
Q1 (+3.4% yoy). Meanwhile, adj. EBIT rose 9.9% to EUR 16.5m at a margin of
7.1% (+0.2pp yoy).

Sales growth was again carried by Americas and APAC, up 16% yoy to EUR 123m on
very dynamic business in Brazil and Colombia. Europe came in at EUR 110m (-3%
yoy), with strong momentum in Spain and Switzerland absorbing continued
caution in Germany and the anticipated weak UK business. The latter should
have passed its trough in H1 and looks set to return to growth in Q3 against
an easy comparable base.

The slight adj. EBIT margin expansion in Q2 was driven by efficiency gains
in personnel costs (only +3.9% yoy; FTE: +3% yoy; vs. +6% sales growth),
also visible in a high utilisation of 92.8% (Q2 25: 92.3%). The other
noticeable margin contributor was declining D&A (-8% yoy), thanks to lower
office lease expenses. Reported EBIT rose 32% yoy to EUR 13m as capacity
adjustment costs more than halved.

The order backlog was up 18% yoy to EUR 484m, following +11% yoy in Q1. The
step-up is driven by multi-year SAP contracts and six new next-gen core
banking projects, which lifts visibility for H2 and beyond. Even more
relevant in our view, management sees client sentiment towards IT services
improving, especially towards high value-added services (like modernisation
projects), which is exactly GFT's strength.

The FY26 guidance was confirmed (sales: c. EUR 930m; adj. EBIT: c. EUR 71m).
This implies H2 sales growth of 4.6% yoy and adj. EBIT margin of 8.2%
(-0.1pp yoy), which does not look ambitious. Considering that the company
expects a further growth acceleration in Q3 and a favourable fx-development,
the current momentum certainly supports at least this outlook.

Peer prints point to a market that is better than feared. Sopra Steria
raised its FY organic growth target to 2-2.5% (prior: 1-2%) after 5.3%
underlying organic growth in Q2, naming financial services among the
drivers. Capgemini lifted its FY sales outlook with FS its fastest growing
vertical. The takeaway: banking IT budgets appear to be opening up.

In sum, Q2 shows the operational inflection gaining traction: accelerating
growth, a wider margin and a backlog that adds visibility. With the UK reset
behind and AI-led modernisation demand intact, we reiterate BUY with an
unchanged PT of EUR 32 (DCF-based), following minor estimate change.


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Contact for questions:
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
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Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss
bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenkonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befindet sich in der vollständigen Analyse.
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2379022 07.08.2026 CET/CEST

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