Quirin Privatbank Recommends Buy on Intershop Amidst Revenue Challenges

Intershop Communications AG has been evaluated by Quirin Privatbank, which maintains a "Buy" recommendation despite a decrease in revenue. On October 22, 2025, Intershop announced its 9M 2025 financial results, reflecting a 15.2% year-over-year drop in revenue. This decline was attributed to reduced service revenues, project delays, and weaker sales of licenses and maintenance.

Despite these challenges, Intershop's cloud segment showed resilience, with stable revenues that increased in share. The company's EBIT margin dropped to 5.6% due to restructuring costs, though savings and stable cloud margins offered some support. Enhanced financial flexibility was achieved through a capital increase and continued efficiency gains.

While guidance indicates a projected revenue decline of 10-15% for FY 2025, the firm's focus on cloud and AI investments positions it well for the mid-term. Quirin Privatbank slightly lowered its target price to EUR 2.10, reaffirming the Buy recommendation.