Sage: Organic revenue growth continues to accelerate; 2026 consensus growth has a degree of upside risk

研报英文原文证据摘录

Sage: Organic revenue growth continues to accelerate; 2026 consensus growth has a degree of upside risk

Securities plc

Dassault Systemes and SAP). While Sage shares are up over the past three days with

the broader sector, we believe this tape and the current software stock price reaction Specialist Sales contact details:

function is much more conducive to rewarding growth outperformance with positive Scott Silver - Specialist Sales -

stock price reactions. European TMT

(44-20) 7134-0412

• Noteworthy Areas: (1) By region Q3’26 YTD: North America grew 13% scott.silver@jpmorgan.com

organic with underlying revenue of £932m, with “further strength” in Sage

Style Exposure

Intacct and “continued growth” in Sage 50 and Sage 20. UKIA grew 10%

organic with underlying revenue of £602m, supported by “rapid scaling of

Sage Intacct” and continued momentum in small business solutions, including

Sage Accounting and Sage 50. Europe grew 7% organic with underlying

revenue of £528m, driven by “good levels of growth” in Sage X3 and Sage

200. (2) Sage Business Cloud grew 14% organic, supported by Sage’s cloud

solutions adoption and expansion of AI-powered capabilities across the

portfolio, including cloud-native revenue growth of 25% to £794m (vs Q3’25

YTD: £637m). (3) Software subscription revenue grew 13% to £1,743m,

resulting in 84% subscription penetration (vs 83% Q3’25 YTD).

• Outlook & Guidance: In FY26, Sage continues to expect organic total

revenue growth to be “above 9%”. Operating margins are expected

to “continue trending upwards in FY26 and beyond”.

• Likely changes to consensus: We would expect a modest upward revision to

topline estimates, given the continued acceleration in organic total revenue

growth.