Original-Research: Serviceware SE (von Quirin Privatbank Kapitalmarktgeschäft): Buy

Classification of Quirin Privatbank Kapitalmarktgeschäft to Serviceware SE

Company Name :	Serviceware SE
ISIN:	DE000A2G8X31
Reason for the research:	Update
Recommendation:	Buy
from:	23.10.2026
Target price:	35
Last rating change:
Analyst:	Sebastian Droste

SaaS strength drives growth and profitability
On October 23, 2026, Serviceware released its 9M 2025/2026 financial results and confirmed its full-year guidance. Revenues grew strongly by 12.1% yoy to EUR 96.2m, exceeding our expectation by 3.4%. Growth was driven by strong SaaS/Service demand, new customer wins, expanding existing customer relationships AND Int. partnerships, partly offset by declining non-SaaS/Service revenues. The EBIT margin improved from 0.8% to 1.6%, in line with our estimate, supported by a higher SaaS share and operating leverage. The order backlog increased by 24.7% to EUR 121.5m, supporting future growth visibility. Management confirmed its FY 2025/2026 guidance of 5.0%-15.0% yoy revenue growth and significantly higher EBITDA and EBIT, in line with our expectations. We remain positive on the recurring revenue growth and improving profitability. We raise our Target price to EUR 35 (previously EUR 34) and confirm our Buy recommendation.
 

You can download the research here: SERVICEWARE_SE_20261023
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