Original-Research: GFT TEchnologies SE (von Quirin Privatbank Kapitalmarktgeschäft): Buy

Classification of Quirin Privatbank Kapitalmarktgeschäft to GFT TEchnologies SE

Company Name:	GFT TEchnologies SE
ISIN:	DE0005800601
Reason for the research:	Update
Recommendation:	Buy
from:	12.08.2026
Target price:	35
Last rating change:
Analyst:	Sebastian Droste

Brazil and AI drive solid growth
On August 6, GFT released its H1 financial results and confirmed its guidance for 2026. Revenue growth was stable at 5.0% yoy, exceeding our expectation by 2.3%, driven by strong momentum in Brazil and Colombia as well as growth across all three sectors, with Industry & Others up 14.0% yoy, Insurance 7.0% yoy and Banking 3.0% yoy. AI modernization, core banking projects provided additional support, partly offset by weakness in Germany, the UK and Canada as well as FX headwinds in North America. The EBT margin increased from 4.3% to 5.2%, in line, supported by higher personnel efficiency, utilization, lower office costs and lower capacity adjustments. GFT confirmed its 2026 guidance, in line with our expectations. We increase our target price to EUR 35 (previously EUR 34) and confirm our Buy recommendation.
 
You can download the research here: GFT_TECHNOLOGIES_SE_20260812
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