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Particularly strong is the order backlog, which rose 11% yoy to € 512m (+15% in constant FX). This indicates that improving demand in financial services is increasingly translating into contracts. Combined with a high utilisation of 92.2% (+0.6pp yoy), leading operational indicators point in the right direction.
Regional dynamics differed: Americas & APAC grew 12% yoy to € 117m (+15% fx-adj.), driven by Brazil (+33%) and Colombia (+20%). Europe declined 4% to € 111m, with Spain (+9%) only partly offsetting Germany (-10%) and a still-declining UK (-17% yoy, albeit with materially improved trajectory vs. FY25's -25%). Importantly, GFT UK swung to a strong adj. EBIT improvement (mid single digit EBIT margin in Q1). This points to better execution under the new governance model and supports the view that the UK reset is largely complete.
Strategically, Q1 adds substance to the AI-centric story. The Wynxx Agentic AI platform now spans 11 countries (+3 qoq) and 105 clients (+13 qoq), mainly leveraged on Anthropic’s Claude. Megawork (recent acquisition) won an € 18m SAP contract at a Tier 1 Brazilian banking group and GFT was named 2026 Google Cloud Partner of the Year for Cloud Modernization in LATAM.
The FY26 guidance was confirmed with c. € 930m in revenues (+5% fx-adj.), c. € 71m adj. EBIT (7.6% margin) and c. € 56m EBT. With backlog growth improving revenue visibility and the UK becoming less of a structural drag, the path to reach the FY guidance looks credible. In fact, historically, Q1 EBIT has reflected 21.1% of FY EBIT (avg. over the last five years). This Q1 already reflected 22.7% of the FY adj. EBIT guidance.
Peer cross-reads confirm broader industry improvement: In Q1, Cognizant grew +3.9% yoy (CC) with Financial Services +10% yoy (CC) and bookings +21% yoy, Capgemini posted +4.5% yoy organic with FS +22% yoy CC (helped by FS-heavy acquisition), and Sopra Steria accelerated organic growth to +3.2% yoy. FS was the standout vertical at both Cognizant and Capgemini, and all three confirmed or upgraded the FY guidance.
In sum, Q1 was a solid start into FY26: P&L in line, backlog materially stronger, UK risk fading and agentic AI traction becoming more visible.
BUY, PT € 32, based on DCF.
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