^ Original-Research: GFT Technologies SE - from NuWays AG

06.03.2026 / 09:00 CET/CEST Dissemination of a Research, transmitted by EQS News - a service of EQS 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 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

Momentum improving again, chg.

GFT's FY'25 prelims indicate improving growth momentum, sequential margin recovery and a clear positioning as an AI enabler, supporting our BUY recommendation.

* Q4 25 fx-adj. sales grew 7% yoy to EUR 233m (eNuW: EUR 229m, eCons: EUR 230m), driven by growth in the Americas (US: +17% yoy in FY, Brazil: +28%, Colombia: +19%) and including a c. 2pp inorganic growth contribution from Megawork.

* Q4 25 adj. EBIT came in at EUR 21.9m, c. 13% ahead of the implied guidance (EUR 19.5m; eNuW: EUR 18.3m), down c. 9% yoy mainly due to the weak UK unit, which likely remained unprofitable in Q4. The adj. EBIT margin arrived at 9.4%. While still below last year's level (also see p.2), this marks a sequential improvement of +2.2pp qoq.

* The outlook into 2026 assumes 5% yoy growth to EUR 930m, in line with our expectations (eNuW: 3.3% organically, 1.6% inorganic from the Megawork acquisition closed in Sep'25). Peers have guided similarly, supporting the credibility of this outlook. For example, Capgemini issued a 2026 organic growth outlook of 1.5-4% yoy, despite being also exposed to less dynamic growth sectors (e.g. Retail). At the same time, the adj. EBIT margin is set to remain stable yoy at 7.6%, according to GFT (eNuW: 7.3%), as the weak UK unit continues to mask the stronger underlying group performance.

Meanwhile, GFT's positioning as an AI enabler is highlighted by its Wynxx platform, which is built on top of the newest AI models from Anthropic (Claude), OpenAI and Google (Gemini). Anthropic's recently announced COBOL modernisation tool, which triggered market concerns, can thus be directly embedded into GFT's work processes via these platforms. Importantly, these tools continue to require operators and, knowing how to best utilise them, GFT looks set to be this orchestrating entity. As a consequence of new AI tools, modernisation projects clear ROI hurdles, become less risky and faster to execute. With approx. 75% of banks still running on legacy systems, there remains a sizeable market opportunity, expected to result in a market CAGR of c. 18% into 2030 (source: Mordor Intelligence).

Market momentum is indeed on GFT's side. The company's FY'25 fx-adj. sales improved c. 11% yoy, when excluding the UK unit, which had been restructured in H2 25, following what appear to have been largely idiosyncratic issues (UK management was replaced during restructuring).

In sum, GFT's Q4 prelims de-risk the near-term, in our view: Growth is re-accelerating, margins are improving sequentially, and the 2026 outlook looks achievable even with the UK still acting as a drag (eNuW: FY'26 sales -12% yoy). As such, we continue to see the current valuation as discounting an overly bearish scenario on structural demand. BUY, PT of EUR 32, on DCF.

You can download the research here: https://eqs-cockpit.com/c/fncls.ssp?u=f8d918b20b56022611b41f1f568bc87c For additional information visit our website: 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 ++++++++++ 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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2286876 06.03.2026 CET/CEST

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Quelle: dpa-Afx