SYS-DAT (AO) | Buy | Q1 2026 results: clean print ahead of the Investor Day (18 May)

研报英文原文证据摘录

SYS-DAT (AO) | Buy | Q1 2026 results: clean print ahead of the Investor Day (18 May)

SYS-DAT Buy | Target Price: EUR6.00

Net cash came at EUR14.3m as of 31 March 2026, down EUR3.1m from EUR17.4m at FY 2025 year-end, and slightly better than our

EUR14.1m estimate (+1.5% A/E). The sequential decline is entirely explained by the EUR4.9m cash outflow on M&A perimeter

changes and the c.EUR1m share buy-back in Q1 26.

The outlook in the release is qualitatively positive, with management calling out a "significantly positive performance" and

reiterating the resilience of the business model in a still-uncertain macro environment. There is no quantitative guidance for FY

2026, but the most important short-term catalyst is the 2026-2028 Strategic Plan presentation scheduled for 18 May 2026 at the

Capital Markets Day.

Conference call feedback

Management said they are not seeing customers delaying projects, despite the uncertain macro backdrop. They acknowledged

some market effects, particularly in hardware, where price pressure is visible, but SYS-DAT is only marginally exposed.

Management framed this as potentially positive, as customers may move further towards cloud / virtual services, where SYS-DAT

provides the full solution through long-term data-centre partners.

All the AI processes presented are already at least in the assisted phase, with some close to the final/standard-output phase. The

largest benefits are in gap analysis/business blueprinting, where time savings can exceed 50% in some cases; coding/project

development benefits are lower for now but improving as the company builds its agentic database. AI tools are also being used

broadly across finance, HR, sales, marketing and technology.

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