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

Classification of Quirin Privatbank Kapitalmarktgeschäft to Serviceware SE

Company Name:	Serviceware SE
ISIN:	DE000A2G8X31
Reason for the research:	Update
Recommendation:	Buy
from:	11.05.2026
Target price:	33
Last rating change:
Analyst:	Sebastian Droste

Strong SaaS momentum continues On April 24, 2026, Serviceware released its Q1 2025/2026 financial results and confirmed its guidance for FY 2025/2026. Revenue growth was solid (+5.6% yoy) and exceeding our expectation by 2.0%, driven by strong SaaS momentum, new customer wins, international growth and continued demand for the AI-native platform. However, declining license and maintenance revenues as well as SaaS-related revenue deferrals continued to weigh on reported growth. The EBITDA margin declined from 2.4% to 0.9%, in line, mainly impacted by upfront sales expenses for SaaS projects, higher third-party product costs and the ongoing transition from license to recurring revenues. The strong increase in contractual liabilities to EUR 114.6m supports visibility for the coming quarters. Management confirmed its FY 2025/2026 guidance for 5.0%-15.0% yoy revenue growth and a significant increase in EBITDA and EBIT, in line with our expectation. In our view, the investment case remains supported by the increasing share of recurring revenues and growing international activities. We raise our target price to EUR 33 (previously EUR 30) and confirm our Buy recommendation. You can download the research here: SERVICEWARE_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/