Izertis (AO) | Buy | Feedback from the meeting with the CEO

研报英文原文证据摘录

Izertis (AO) | Buy | Feedback from the meeting with the CEO

enues (c.24.5% CAGR) and EBITDA (+21.9% CAGR), driven by a combination of organic expansion and M&A.

Regarding M&A, Izertis has a dedicated team and an active pipeline of potential targets (c.EUR5–50m of revenues) with

complementary capabilities and healthy balance sheets. Izertis strategy is to strengthen its international presence in markets

where it already operates, while increasing exposure to sectors benefiting from structural demand tailwinds.

As a reminder, following the c.EUR54m capital increase completed in January (at EUR9.20/share), the company sits in a very

comfortable leverage position and could close additional deals during FY 2026.

AI is shaping enterprise IT services

According to management, the IT consulting industry is undergoing a structural transformation. Clients are increasingly

prioritising measurable ROI and implementation over purely advisory services, which management believes creates a favourable

backdrop for Izertis' positioning.

Management continues to view AI as an accelerator rather than a threat. As of FY 2025, c.10% of revenues already came from

dedicated AI projects, and this contribution could increase meaningfully if the current double-digit growth trend continues.

While certain client IT activities may become increasingly automated by 2030, management expects this effect to be more than

offset by new demand generated by agentic AI implementations and cross-selling in cybersecurity (c.9% of FY 2025 revenues) and

the rest of the business lines. As a result, the company views AI as a net positive driver.

Buy, TP EUR11.50 per share

The call reinforced our conviction that Izertis is a beneficiary of the AI implementation cycle. Management presented a credible