Original-Research: Intershop Communications AG (von Quirin Privatbank Kapitalmarktgeschäft): Buy

Classification of Quirin Privatbank Kapitalmarktgeschäft to Intershop Communications AG

Company Name:	Intershop Communications AG
ISIN:	DE000A254211
Reason for the research:	Upload
Recommendation:	Buy
from:	27.07.2026
Target price:	1.9
Last rating change:
Analyst:	Sebastian Droste

Cloud orders and margins improve
On July 22, 2026, Intershop released its H1 financial results and confirmed its guidance for 2026. Revenues declined by 8.1% yoy, but were in line with our expectation as the reported figure was 0.4% above our estimate, indicating slightly better-than-expected resilience. Cloud growth, contract renewals, higher new ARR and six new customer wins provided meaningful support and partially offset the planned decline in license, maintenance and service revenues. Cloud expansion remains a key positive driver, although momentum was still limited by expired and non-renewed contracts and subdued new customer activity.
The EBIT margin improved from negative to slightly positive and was in line with our estimate, supported by a lower cost base, a stronger cloud margin, a higher cloud revenue share and improved service profitability. Incoming cloud orders and positive net new ARR in Q2 signal improving demand momentum. The confirmed guidance is in line with our expectations. The investment case remains supported by the increasing recurring revenue share, improving cost structure and long-term growth potential in agentic commerce. We leave our target price unchanged at EUR 1.9 and confirm our Buy recommendation.
 

You can download the research here: INTERSHOP_COMMUNICATIONS_AG_20260727
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