Intershop-Lower break-even de-risks the investment case-07/08/2026

Research evidence excerpt

Intershop-Lower break-even de-risks the investment case-07/08/2026

Intershop

SPONSORED RESEARCH UPDATE | 8 JUL 2026

Lower break-even de-risks the Target price (EUR) 2.2

Share price (EUR) 1.8investment case

Q1 came in as expected: revenues fell 13% y/y on the intended service

wind-down and license/maintenance runoff, but the 2025 cost program

delivered a slightly positive EBIT, a *rmer gross margin and stronger

cash. Cloud orders and mix improved, while net new ARR turned

negative on two flagged non-renewals. Management reiterated its 2026 Forecast changes

guidance of broadly flat cloud metrics, a slight revenue decline and % 2026e 2027e 2028e

balanced EBIT, which the lower cost base makes readily achievable. Revenues 0 0 0

With break-even materially reduced, execution risk falls, and we raise EBITDA 1 0 0

our fair value to EUR 2.20 (from EUR 1.80). We reiterate Buy. EBIT adj 23 2 1

EPS reported 7 2 1Cost discipline turns a soft top line into a (slightly) pro*table quarter

EPS adj 7 2 1

Q1 came in as expected: revenues fell 13% y/y on the intended service wind-down

Source: Pareto Securities

and license/maintenance runoff, yet the 2025 cost program delivered a slightly

positive EBIT and a 8rmer gross margin, alongside a markedly stronger cash

position. Cloud metrics were mixed - orders and the cloud revenue mix improved, Ticker ISHG.DE, ISH2 GY

but net new ARR turned negative on the two previously flagged non-renewals. A Sector Software & Services

post-quarter reference win with France's Tivoly Group, delivered through the Shares fully diluted (m) 14.6

partner-8rst model, adds tangible evidence for the agentic B2B commerce Market cap (EURm) 26

strategy, though it is qualitative rather than estimate-moving for the time being. Net debt (EURm) -7