Original-Research: GFT Technologies SE (von NuWays AG): BUY

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Original-Research: GFT Technologies SE - from NuWays AG

08.05.2026 / 09:00 CET/CEST
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Classification of NuWays AG to GFT Technologies SE

Company Name: GFT Technologies SE
ISIN: DE0005800601

Reason for the research: Update
Recommendation: BUY
Target price: EUR 32
Target price on sight of: 12 months
Last rating change:
Analyst: Simon Keller

Backlog strengthens BUY case

GFT's Q1 26 came in bang in line with our expectations. Fx-adj. revenues
increased 5% yoy to EUR 230m (+3% yoy reported; eNuW: EUR 230m) and adj. EBIT
increased 7% yoy to EUR 16.1m (eNuW: EUR 16.1m), with the margin up 0.2pp yoy to
7.0%. Following several quarters of yoy adj. EBIT declines, this quarter
marks the first clear operational inflection and supports our BUY case.

Particularly strong is the order backlog, which rose 11% yoy to EUR 512m (+15%
in constant FX). This indicates that improving demand in financial services
is increasingly translating into contracts. Combined with a high utilisation
of 92.2% (+0.6pp yoy), leading operational indicators point in the right
direction.

Regional dynamics differed: Americas & APAC grew 12% yoy to EUR 117m (+15%
fx-adj.), driven by Brazil (+33%) and Colombia (+20%). Europe declined 4% to
EUR 111m, with Spain (+9%) only partly offsetting Germany (-10%) and a
still-declining UK (-17% yoy, albeit with materially improved trajectory vs.
FY25's -25%). Importantly, GFT UK swung to a strong adj. EBIT improvement
(mid single digit EBIT margin in Q1). This points to better execution under
the new governance model and supports the view that the UK reset is largely
complete.

Strategically, Q1 adds substance to the AI-centric story. The Wynxx Agentic
AI platform now spans 11 countries (+3 qoq) and 105 clients (+13 qoq),
mainly leveraged on Anthropic's Claude. Megawork (recent acquisition) won an
EUR 18m SAP contract at a Tier 1 Brazilian banking group and GFT was named
2026 Google Cloud Partner of the Year for Cloud Modernization in LATAM.

The FY26 guidance was confirmed with c. EUR 930m in revenues (+5% fx-adj.), c.
EUR 71m adj. EBIT (7.6% margin) and c. EUR 56m EBT. With backlog growth
improving revenue visibility and the UK becoming less of a structural drag,
the path to reach the FY guidance looks credible. In fact, historically, Q1
EBIT has reflected 21.1% of FY EBIT (avg. over the last five years). This Q1
already reflected 22.7% of the FY adj. EBIT guidance.

Peer cross-reads confirm broader industry improvement: In Q1, Cognizant grew
+3.9% yoy (CC) with Financial Services +10% yoy (CC) and bookings +21% yoy,
Capgemini posted +4.5% yoy organic with FS +22% yoy CC (helped by FS-heavy
acquisition), and Sopra Steria accelerated organic growth to +3.2% yoy. FS
was the standout vertical at both Cognizant and Capgemini, and all three
confirmed or upgraded the FY guidance.

In sum, Q1 was a solid start into FY26: P&L in line, backlog materially
stronger, UK risk fading and agentic AI traction becoming more visible.

BUY, PT EUR 32, based on DCF.

You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=f88a82057e13f9f090055333607648ae
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https://www.nuways-ag.com/research-feed

Contact for questions:
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
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Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss
bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenkonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befindet sich in der vollständigen Analyse.
++++++++++

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2323692 08.05.2026 CET/CEST

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