TietoEVRY (TIETO.HE): Updating our estimates ahead of 2Q/1H26 results; Neutral

研报英文原文证据摘录

TietoEVRY (TIETO.HE): Updating our estimates ahead of 2Q/1H26 results; Neutral

Equity Research

23 June 2026 | 5:10PM BST

TietoEVRY (TIETO.HE): Updating our estimates ahead of 2Q/1H26

results; Neutral

We update our estimates for TietoEvry ahead of its 2Q/1H26 results on July 22, as Mohammed Moawalla

+44(20)7774-1726 |

well as for FX (incremental headwind of c.30bps in FY26). We adopt a more prudent mohammed.moawalla@gs.com

Goldman Sachs International

approach to Tech Consulting, reflecting the increased level of geopolitical

Deepshikha Agarwal

uncertainty, which may weigh on discretionary demand, as flagged by IT services +1(212)934-6961 |

peers. We also reduce our Banktech revenue growth forecast to -4% for Q2 as we deepshikha.agarwal@gs.comGoldman Sachs India SPL

reflect the impact of a legacy contract run-off. We now expect total revenue growth Uzair Merchant

ex-FX of -3.4% for 2Q26 (vs. -2.3% earlier), bringing our FY26 organic growth +44(20)7774-7645uzair.merchant@gs.com|

estimate to -2.4% (vs. -2.1% earlier). On profitability, we keep our assumptions Goldman Sachs International

Gubgotrabroadly unchanged, as we continue to expect margins to benefit from strong Pulkit | +1(332)245-7520

software margins and the ongoing cost optimisation programme. Our FY27-30 pulkit.gubgotra@gs.com Goldman Sachs India SPL

growth and EBITDA margin forecasts remain unchanged. Overall, we remain

modestly below the company’s FY26 guidance on the top line as we reflect increased

macro uncertainty.

All in, our 12-month price target is unchanged at €19, and we remain Neutral rated

on TietoEvry.

Changes to estimates

We update our estimates for TietoEvry (FX is a c.30bps incremental headwind in

FY26). On the top line, we lower our Tech consulting organic growth assumptions to