Original-Research: Intershop Communications (von Quirin Privatbank Kapitalmarktgeschäft): Buy

Classification of Quirin Privatbank Kapitalmarktgeschäft to Intershop Communications

Company Name:	Intershop Communications
ISIN:	DE000A254211
Reason for the research:	Update
Recommendation:	Buy
from:	11.05.2026
Target price:	1.90
Last rating change:
Analyst:	Sebastian Droste

Cost discipline drives profitability
On April 22, 2026, Intershop released its Q1 2026 financial results and confirmed its guidance for 2026. Revenue development was weak (-13.0% yoy) but exceeded our expectation by 2.0%. The decline was mainly driven by sharply lower license and maintenance revenues as well as weaker service revenues due to the Partner-First strategy and subdued customer demand amid macroeconomic uncertainty. In addition, negative net new ARR due to contract expirations continued to weigh on recurring revenue momentum. In contrast, cloud revenues and incoming cloud orders increased yoy. The EBITDA margin improved from 9.0% to 12.0%, in line, supported by the cost-cutting measures implemented in 2025, lower operating expenses, improved service profitability and a higher cloud revenue share. Management confirmed its outlook for slightly lower revenues and a balanced EBIT in 2026, in line with our expectations, implying a continued focus on cost discipline. While AI functionality enhancements and the planned Spring Release 2026 could support the company’s positioning in B2B commerce, weak ARR momentum and cautious customer spending remain key challenges. We leave our target price unchanged and confirm our Buy recommendation.
 

You can download the research here: INTERSHOP_COMMUNICATIONS_AG_20260511
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