Original-Research: GFT Technologies SE – from Quirin Privatbank Kapitalmarktgeschäft
21.11.2025 / 17:01 CET/CEST
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Classification of Quirin Privatbank Kapitalmarktgeschäft to GFT Technologies SE
Company Name:GFT Technologies SEISIN:DE0005800601 Reason for the research:UpdateRecommendation:Buyfrom:21.11.2025Target price:32Last rating change:Analyst:Sebastian Droste
CMD: Reshaping for AI growth
On November 18, GFT held its CMD, where management showcased several AI projects that it has successfully delivered in partnership with some of their clients, which further strengthened our confidence in the company’s AI capabilities. GFT is positioning itself as an AI-enabled transformation partner, with concrete productivity gains already visible in software development, process automation and large core-modernization projects. Management also emphasized that 2026-2027 will still be transition years, with margin improvement expected from 2026 and a return to growth anticipated from 2027 onward. Currently, all other GFT units (except GFT UK and Software Solutions) are growing in the low double-digit range. Also, on November 13, GFT released its Q3/9M financial results and confirmed its guidance. Revenue growth was stable (5.0% yoy cc in 9M) and in line with our expectation, supported by strong contributions from Insurance, Industry & Others, Latin America, North America, APAC, rising Wynxx adoption, and initial Megawork cross-selling. Weakness in Continental Europe and the sharp decline in the UK remained key challenges. The adjusted EBIT margin fell from 8.4% to 7.0%, in line with our estimate, driven by the UK and Software Solutions turnaround, higher personnel costs and FX. The company reiterated its 2025 guidance, which is in line with our estimates, with strength expected from the Americas and AI demand. In our view, the investment case continues to be supported by structural AI-driven growth, strong positioning in key markets and the prospect of margin recovery once the UK stabilizes. We leave our target price unchanged at EUR 32 and confirm our Buy recommendation.
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