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:	11.05.2026
Target price:	34
Last rating change:
Analyst:	Sebastian Droste

Solid Q1 with margin improvement On May 7, 2026, GFT released its Q1 2026 financial results and confirmed its guidance for 2026. Revenues grew solidly by 3.4% yoy to EUR 229.5m, exceeding our expectation by 2.0%, driven by strong growth in Brazil, Colombia and Spain as well as continued demand for AI, cloud and SAP modernization projects. At the same time, Germany, the UK, Mexico and Canada remained weak due to cautious customer spending and project delays at some Tier-1 clients. The Q1 EBT margin improved from 4.5% to 5.2%, in line with our estimate of 5.3%, supported by higher utilization, disciplined cost management and lower capacity adjustments in the UK. The order backlog increased by 11.0% yoy to EUR 512.1m and guidance was confirmed, supporting visibility for FY 2026. We raise our target price to EUR 34 (previously EUR 33) and confirm our Buy recommendation. You can download the research here: GFT_TECHNOLOGIES_SE_20260511 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/