Original-Research: GFT Technologies SE (von Quirin Privatbank Kapitalmarktgeschäft): Buy

Classification of Quirin Privatbank Kapitalmarktgeschäft to GFT Technologies SE

Company Name:	GFT Technologies SE
ISIN:	DE0005800601
Reason for the research:	Update
Recommendation:	Buy
from:	06.03.2026
Target price:	33
Last rating change:
Analyst:	Sebastian Droste

AI-centric strategy gains traction On March 5, 2026, GFT released its full-year preliminary results 2025 and provided guidance for 2026. Revenue growth was weak (+2.0% yoy to EUR 888.3m) and in line with our expectation (+0.4% vs EUR 885.0m). Growth was supported by strong demand in Insurance and Industry & Others and by strong expansion in Brazil, Colombia, the USA and APAC, as well as increasing adoption of AI-driven modernization projects and the scaling of the Wynxx AI platform. However, growth was limited by declining Banking revenues, weak demand in Europe, particularly in Germany, Italy and Spain, and a sharp revenue decline in the UK due to restructuring. The EBT margin declined yoy to 5.2%, slightly above our estimate (+0.1ppt), mainly impacted by the transformation in the UK and Software Solutions, capacity adjustments and ongoing AI investments. For 2026, GFT guides revenue growth of 5.0% yoy to EUR 930.0m and an EBT margin of 6.0%, exceeding our expectations. We raise our target price to EUR 33 (from EUR 32) and confirm our Buy recommendation. You can download the research here: GFT_TECHNOLOGIES_SE_20260306 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/