Sage Group (AO) | Buy | Q3 review: steady as it goes with another 10%+ revenue growth quarter

研报英文原文证据摘录

Sage Group (AO) | Buy | Q3 review: steady as it goes with another 10%+ revenue growth quarter

#EarningsPreview

Release date: 09 July 2026

Florian Treisch

Equity Research Analyst

+49 697 569 6132

ftreisch@keplercheuvreux.com

BuySage Group

United Kingdom | IT services & software Beta Profile: MCap: GBP7.6bn

Target Price: 1000p Bloomberg: SGE LN Reuters: SGE.L

Current Price: 815.60p Free float 100%

Up/downside: 22.6% Avg. daily volume (GBPm) 4,778.1

YTD abs performance -24.7% Market data: 08 July 2026

52-week high/low (GBP) 1263.50/783.60

Q3 review: steady as it goes with another 10%+ revenue growth quarter

Key points:

Sage is scheduled to release its Q3 trading update at the end of July. We expect Sage to deliver another quarter with organic

revenue growth of >10%, continuing to benefit from good new client growth and pricing tailwinds from its AI-enhanced product

portfolio. The North American operation should continue to outperform as in recent quarters.

Based on our Q3 estimates, Sage's 9M organic revenue growth should be slightly ahead of 10%, which should lead to some

consensus upside (FY-26 consensus is at 9.7% vs. KECH at 10.0%). This might open up the door for some fine-tuning of the

guidance, currently calling for "organic revenue growth in FY-26 to be above 9%". This would send a confident message on Q4 and

momentum going into the next FY, where Sage is one of the first to guide for.

As in recent quarters, we expect the market to focus on any recent changes in client behaviour and pipeline development,

particularly in the US, and the momentum of Sage’s AI products (and respective monetisation).

We continue to believe that Sage’s overall strong execution in a challenging environment should shift the market’s attention to its

growth compounder qualities (i.e.