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Original-Research: Intershop Communications AG - from Quirin Privatbank

Kapitalmarktgeschäft

29.07.2025 / 15:28 CET/CEST

Dissemination of a Research, transmitted by EQS News - a service of EQ

Group.

The issuer is solely responsible for the content of this research. The

result of this research does not constitute investment advice or an

invitation to conclude certain stock exchange transactions.

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Classification of Quirin Privatbank Kapitalmarktgeschäft to Intershop

Communications AG

Company Name: Intershop Communications AG

ISIN: DE000A254211

Reason for the research: Update

Recommendation: Buy

from: 29.07.2025

Target price: 2.30

Last rating change:

Analyst: Sebastian Droste

Guidance cut but AI and restructuring offer upside

On July 23, Intershop released its H1 2025 financial results and lowered it

guidance for the full year. Revenue development was weak (H1 revenues -9.5%

yoy to EUR 17.2m) and came in below our expectations. The decline was driven

by weak new customer business, a significant drop in incoming cloud orders,

and the expiration of a major customer contract. Service revenues fell

sharply due to project transfers and delays in a large project requiring

extra resources and provisions. Negative currency effects further weighed on

performance. The company now guides revenues to decline by 10.0%-15.0% yoy

(previously 5.0%-10.0%) and expects a negative EBIT in the low single-digit

EUR million range, implying a margin of around -5% to -7%, both below our

estimates. The downgrade reflects demand weakness and Professional Service

cost overruns. Positively, management pointed to cost-saving measures,

stronger partner collaboration, and new AI-driven features to support

growth. Despite those headwinds, the investment case is supported by a

growing cloud share and AI-driven solutions, which should strengthen

scalability and competitiveness. We decrease our target price to EUR 2.3

(previously EUR 3.2) and confirm our Buy recommendation.

You can download the research here:

https://eqs-cockpit.com/c/fncls.ssp?u=db21ba48addbb1e3287c017c0c74c3ea

For additional information visit our website:

https://research.quirinprivatbank.de/

Contact for questions:

Quirin Privatbank AG

Institutionelles Research

Schillerstraße 20

60313 Frankfurt am Main

research@quirinprivatbank.de

https://research.quirinprivatbank.de/

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2176290 29.07.2025 CET/CEST

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