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GFT Technologies SE Interim / Quarterly Report 2026
182_ir_2026-05-06_5230da2b-7717-4fbe-9f14-14bd109d0751.pdf
Interim / Quarterly Report
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GFT TECHNOLOGIES
Q1/2026 Interim Statement
GFT Technologies SE | Earnings Call | May 7, 2026
Agenda
[01] Highlights & Guidance | Marco Santos (Global CEO)
[02] Q1/2026 Financials | Dr. Jochen Ruetz (CFO & deputy CEO)
[03] Conclusion | Marco Santos (Global CEO)
GFT
Q1/2026 Interim Statement
May 7, 2026 | 2
GFT
Q1/2026 Interim Statement
May 7, 2026 | 3
1011
Highlights & Guidance
Solid Start in 2026 – Profitability Improved, AI Scaling Up and Guidance Confirmed
| Q1/2026 Results | 2026 Guidance | Highlights Q1/2026 vs Q1/2025 |
|---|---|---|
| REVENUE | REVENUE e | ■ Profitability improved in Q1/2026 |
| • Adj. EBIT margin improved from 6.8% in Q1/2025 to 7.0% in Q1/2026 | ||
| • EBT margin improved significantly from 4.5% in Q1/2025 to 5.2% in Q1/2026 | ||
| €230m | ||
| 3% growth | ||
| 5% in constant FX | ~ €930m | |
| +5% in constant FX | ||
| EBIT ADJUSTED^{1} | ||
| 7.0% | ||
| +5% | ||
| +5% | ||
| €16m | ||
| EBT | ||
| 5.2% | ||
| EBT e | ||
| 5.2% | ||
| +6% | ||
| +4.5% | ||
| +4.5% | ||
| +15% | • EBIT e | |
| • 6% | ||
| • margin | ||
| ~ €56m |
1 Adjusted for M&A-related effects, capacity adjustments, share-based management remuneration effects, and other extraordinary items, details in backup and/or key performance indicators (gft.com)
GFT
Q1/2026 Interim Statement
May 7, 2026 | 4
Strong Execution on AI-Centric 5-Year Strategy
Creating Impact with Key Clients, Branding, Offerings and AI
Q1/2026 Highlights
- Strong EBT margin improvement at GFT UK in Q1/2026 compared to previous year, reflecting new governance model and integration with GFT Global and Regional operations
- GFT recent acquisition Megawork won major SAP contract at Tier 1 Bank Group in Brazil with total contract value +€18m
- Successful scaling up of Wynxx AI Agentic platform reaching 11 countries (+3 in Q1), 105 clients (+13 in Q1) and total influenced contract value of +€104m (+48% in Q1), leveraged mainly over Anthropic Claude Models, OpenAI and Gemini
- Expansion of Agentic AI solution for Credit Risk Operations at Tier 1 Bank in Europe
- Massive AI training program across GFT and expansion of AI-Native Software Development CoE for Anthropic Claude Code and GitHub Copilot
- Awarded 2026 Google Cloud Partner of the Year in Cloud Modernization
GFT TECHNOLOGIES
2026 PARTNER OF THE YEAR AWARD WINNER
LATIN AMERICA
Infrastructure Modernization
GFT
Q1/2026 Interim Statement
May 7, 2026
GFT
Q1/2026 Financials
1021
Q1/2026 Financials
May 7, 2026 | 6
Revised Segment Reporting
GFT has revised its segment reporting structure in accordance with IFRS 8 to align with its internal management approach across global regions, as follows:
- Reclassification of the UK from "Americas, UK & APAC" to "Continental Europe" segment
- New segments effective from FY 2026 onwards:
- "Americas & APAC"
- "Europe"
- Prior-year quarterly figures restated for comparability accordingly
- Detailed segment disclosure in backup material
GFT
Q1/2026 Interim Statement
May 7, 2026 | 7
Q1/2026 FINANCIALS
Sustained Growth Momentum: Revenue +5% in Constant FX
| in €m | Q1/2026 | Q1/2025 | |
|---|---|---|---|
| Revenue | 229.52 | 221.91 | 3% |
| Order backlog | 512.14 | 462.25 | 11% |
| EBITDA | 17.23 | 15.99 | 8% |
| EBIT adjusted 1 | 16.11 | 15.09 | 7% |
| EBIT adjusted margin | 7.0% | 6.8% | |
| EBIT | 12.76 | 10.82 | 18% |
| EBT | 12.01 | 10.01 | 20% |
| Net income | 8.58 | 7.09 | 21% |
| Earnings per share (in €) | 0.34 | 0.27 | 26% |
- Solid revenue growth of 3%, in constant currencies (FX) of 5%
- Strong order backlog development of +11% y-o-y (in constant FX: +15%)
- EBIT adjusted up by 7% reflecting
- Improved personnel efficiency, ongoing AI and Sales investments
- Lower office lease expenses
- Reduced FX losses
- EBIT adjusted margin increased to 7.0% (Q1/2025: 6.8%)
- EBT with a growth of 20% significantly above previous year mainly due to
- Lower capacity adjustments: €-2.5m (Q1/2025: €-3.1m)
- Positive virtual share effects: €+0.2m (Q1/2025: €-0.1m)
- EBT margin significantly increased to 5.2% (Q1/2025: 4.5%)
- Stable tax rate of 29% (Q1/2025: 29%)
1 Adjusted for M&A-related effects, capacity adjustments, share-based management remuneration effects and other extraordinary items, details in backup and/or key performance indicators (gft.com)
GFT
Q1/2026 Interim Statement
May 7, 2026 | 8
Q1/2026 FINANCIALS
Driving Scalable Growth across all Sectors
Significant Growth
Industry & Others (+15%)
Well-Balanced Client Portfolio
Largest Client with 10% of Total Revenue
GFT
Q1/2026 Interim Statement
May 7, 2026 | 9
Q1/2026 FINANCIALS PER QUARTER
Improved Adjusted EBIT Margin from 6.8% to 7.0% y-o-y
Q1/26 vs. Q1/25
- Solid revenue growth y-o-y of 3% (+5% in constant FX) mainly driven by Brazil, Spain and Colombia
Q1/26 vs. Q4/25
- Slight revenue decline of 2% in Q1 vs. Q4 mainly due to seasonality effect
- EBIT adjusted +7% in Q1/2026 mainly due to improved personnel efficiency and cost management; margin increase to 7.0% (Q1/2025: 6.8%)
- EBIT adjusted reduced by 26% vs. Q4/2025 mainly due to seasonality effect; margin of 7.0% (Q4/2025: 9.4%)
1 Adjusted for M&A-related effects, capacity adjustments, share-based management remuneration valuation effects and other extraordinary items; details in backup and/or key performance indicators (gft.com)
GFT
Q1/2026 Interim Statement
May 7, 2026 | 10
Q1/2026 FINANCIALS
Segment Analysis: Americas & APAC Major Growth Driver
Revenue in €m
- Europe 4% down to €111.9m due to increased geopolitical uncertainty
- Particularly noticeable in Germany
- Spain meanwhile with strong growth
-
UK still decline y-o-y with improved trajectory
-
Strong business development in Americas & APAC segment with 12% revenue growth (+15% in constant FX) to €117.4m
- Mainly driven by Brazil and Colombia
1 Restated due to the reclassification of UK business from operating segment "Americas & APAC" (formerly "Americas, UK & APAC") to "Europe" (formerly Continental Europe") following a change of the management approach in accordance with IFRS 8.
GFT
Q1/2026 Interim Statement
May 7, 2026 | 11
Q1/2026 FINANCIALS
Earnings in Europe Reflect Successful Transformation Initiatives
EBIT adjusted¹ in €m
- EBIT adjusted +68% in Europe y-o-y based on overall improvement. UK and Software Solution standing out.
- Americas & APAC: -17% EBIT adjusted primarily based on higher investments for future growth in the US and reduced business in Mexico.
EBT in €m
- EBT in Europe significantly up 168% mainly driven by improvements in UK, Software Solutions, Germany and Italy. Less capacity adjustments
- Americas & APAC: EBT -28% primarily due to higher investments in the US and reduced business in Mexico. Higher capacity adjustments.
¹ Adjusted for M&A-related effects, capacity adjustments, share-based management remuneration valuation effects and other extraordinary items; details in backup and/or key performance indicators (gft.com)
² Restated due to the reclassification of UK business from operating segment "Americas & APAC" (formerly "Americas, UK & APAC") to "Europe" (formerly Continental Europe") following a change of the management approach in accordance with IFRS 8.
GFT
Q1/2026 Interim Statement
May 7, 2026 | 12
REVENUE BY GLOBAL REGIONS BASED ON CUSTOMERS' LOCATION
Breakdown Global Regions: Dynamic Growth in Latin America, Europe Partially Improving
| Share in % | YTD in €m | % | |
|---|---|---|---|
| Continental Europe | 41% | 93.1 | -1% |
| Latin America | 33% | 75.5 | 25% |
| North America | 15% | 35.4 | -8% |
| UK | 8% | 18.3 | -17% |
| APAC & Others^{1} | 3% | 7.2 | 4% |
1 Others: Q1/2025: €1.08m; Q1/2026: €2.65m
GFT ■ Q1/2026 Interim Statement
May 7, 2026 | 13
Q1/2026 FINANCIALS
Income Statement (€m) – Increase in all Earnings Figures
| in €m | Q1/2026 | Q1/2025 | % |
|---|---|---|---|
| Revenue | 229.52 | 221.91 | 3% |
| Other operating income | 2.30 | 2.58 | -11% |
| Cost of purchased services | -29.61 | -27.96 | 6% |
| Personnel expenses | -167.07 | -164.21 | 2% |
| Other operating expenses | -17.91 | -16.33 | 10% |
| EBITDA | 17.23 | 15.99 | 8% |
| Depreciation and amortization | -4.47 | -5.17 | -14% |
| EBIT | 12.76 | 10.82 | 18% |
| Financial result | -0.75 | -0.81 | -7% |
| EBT | 12.01 | 10.01 | 20% |
| Income taxes | -3.43 | -2.92 | 17% |
| Net income | 8.58 | 7.09 | 21% |
| Earnings per share (in €) | 0.34 | 0.27 | 26% |
- Solid revenue trend of 3% supported by inorganic growth (+2%). Adverse currency impact of €-4.0m (-2%)
- Ratio of cost of purchased services to revenue up to 12.9% (Q1/2025: 12.6%)
- Personnel costs up by 2%
- Mainly due to larger average workforce in Brazil
- Disproportionate low increase reflects efficiencies
- Personnel & purchased services cost ratio (excl. capacity adjustments) improved to 84.6% (Q1/2025: 85.2%)
- Other operating expenses increased by 10%, mainly due to higher costs for software license
- Decrease of depreciation and amortization, mainly attributed to declining depreciation of office leases
- Effective tax rate with 28.5% at previous year's level
GFT
Q1/2026 Interim Statement
May 7, 2026 | 14
Q1/2026 FINANCIALS
Cash Flow Statement (€m) – Characterized by Repayment of Financial Debt
- Net cash slightly up to €-53.7m (12/31/2025: €-55.2m)
- Cash flow from operating activities: €+4.4m (Q1/2025: €-4.3m) reflects
- Positive working capital effects – after increase in customer receivables in Q4/2025
- Increase in profitability
- Cash flow from investing activities: €-0.8m (Q1/2025: €-0.4m)
- In essence investments in fixed assets of €-0.9m (Q1/2025: €-0.5m)
- Cash flow from financing activities: €-24.7m (Q1/2025: €-14.9m)
- Cash outflow primarily in line with loan repayments of €-22.1m (Q1/2025: €-11.8m)
- Free cash flow adjusted² increased to €0.9m (Q1/2025: €-7.9m)
1 Financing liabilities include liabilities to banks
2 Cash flow from operating activities less investments in intangible assets and property, plant and equipment (excluding investments in connection with business combinations) and payments for lease liabilities; details: key_performance_indicators (gft.com)
GFT
Q1/2026 Interim Statement
May 7, 2026 | 15
Q1/2026 FINANCIALS
Balance Sheet (€m) – Improved Capital Structure
- Balance sheet total down by 4% to €615.4m mainly due to loan repayments
- Non-current assets with €335.7m at previous year's level
- Mainly goodwill (€226.9m)
- Proportion of total assets: 54.5% (12/31/2025: 52.5%)
- Decline in cash and cash equivalents by €20.3m to €40.8m attributed to redemption of bank liabilities
- Other current assets down by €4.1m to €238.9m
- Lower (non-)income tax assets and prepaid expenses for IT licenses of in total €-5.1m
- Higher receivables from customer contracts of €+1.3m
- Equity up by 5% to €277.5m (12/31/2025: €263.04m)
- Net income of €8.6m (Q1/2025: €7.1m)
- Equity ratio up to 45.1% (12/31/2025: 41.1%)
- Positive currency translation effects of +2% (Q1/2025: -2%)
- Non-current liabilities down by €2.9m to €91.6m (12/31/2025: 94.5m)
- Decrease of lease liabilities by €2.2m
- Decrease in current liabilities by €35.9m to €246.3m (12/31/2025: 282.2m)
- Lower bank loans of €-21.7m
- Reduced other provisions of €-10.8m, driven by bonus payments for previous year
GFT
Q1/2026 Interim Statement
May 7, 2026 | 16
Q1/2026 FINANCIALS
Utilization Significantly Improved
Employees (FTE)
- Workforce -1% compared to year-end 2025 (+2% vs. Q1/2025)
↑ Spain, Poland, USA
↓ Mexico, Canada, Brazil - Number of external contractors down to 1,399 as at end of Q1/2026 (12/31/2025: 1,445)
Utilization
- Utilization rate remained at a high level of 92.2%
- Broadly stable q-o-q (Q4/2025: 92.6%)
- Utilization improved by 0.6 pp versus Q1/2025
Attrition
- Attrition declined significantly q-o-q (-1.0pp) and now stands below prior-year level
GFT
Q1/2026 Interim Statement
May 7, 2026
MILESTONES
Additional Performance Indicators – Milestones for 2026
| Results 2025 | Milestones 2026 |
|---|---|
| FREE CASHFLOW ADJ. ^{1} | FREE CASHFLOW ADJ. ^{1} |
| €28.0m | |
| Ø 2023–2025: €36.1m | ~ €40m |
| NET DEBT / EBITDA ^{2} | NET DEBT / EBITDA ^{2} |
| 0.8 | |
| Ø 2023–2025: 0.4 | ~ 0.2 |
| UTILIZATION | UTILIZATION |
| 92.2% | |
| Ø 2023–2025: 90.9% | ~ 92% |
- Expected Free Cashflow adjusted reflecting slight reduction of working capital and increase of profitability
- Net Debt reflecting expectation of a further reduction of financing liabilities
- Utilization should be at a high but not at maximum level due to challenging market environment
1 Cash flow from operating activities less investments in intangible assets and property, plant and equipment (excluding investments in connection with business combinations) and payments for lease liabilities.; for details, see key performance indicators (gft.com)
2 Net debt comprises cash less liabilities to credit institutions
GFT
Q1/2026 Interim Statement
May 7, 2026 | 18
1031 Conclusion
GFT
Q1/2026 Interim Statement
May 7, 2026 | 19
Conclusion
- We delivered a solid start to 2026, with profitable growth, improved margins and a strong increase in EBT, confirming our full-year guidance.
- Strong momentum in key growth markets, particularly Brazil, Colombia and Spain.
- Major strategic SAP contract secured through the recent Megawork acquisition demonstrates strong execution in M&A integration.
- Relevant commercial traction and a path to scalable growth are emerging from our AI-Centric strategy, driven by Wynxx, AI Modernization, AI-Native engineering services and the leveraging of IP, Assets and ISVs.
- Our disciplined execution is translating into better quality of revenue and profitability, with strong EBT margin improvement at GFT UK and continued focus on efficiency and delivery governance.
- We are executing our 5-Year Strategy with consistency and momentum, reinforcing GFT's position as the Artificial Intelligence Digital Transformation Challenger.
GFT
Q1/2026 Interim Statement
May 7, 2026 | 20
Q&A
Connect with GFT Investor Relations on LinkedIn
in
GFT
Q1/2026 Interim Statement
May 7, 2026 | 21
Backup
GFT
Q1/2026 Interim Statement
May 7, 2026 | 22
GFT AI-Centric 5-Year Strategy
More relevant than ever and reinforced by major AI market shifts
Publicly Announced in March 2025
Our Vision
To be the best responsible AI-Centric digital transformation company in the world.
Our Mission
To bring the best responsible AI-Centric digital solutions, software development, and technology services to every company in the world.
Strategic Goals, Objectives and KPIs
Strategy Execution and Global Strategic Initiatives
- HVAS = High Value-Added Services, ISV = Individual Software Vendor
GFT
Q1/2026 Interim Statement
May 7, 2026
BACKUP
Wynxx Platform Expansion
Agentic Studio and Marketplace
Wynxx AGENTIC STUDIO
Wynxx Software Development Life Cycle
- Developer Edition
- Story Creator
- Story Estimator
- Code Reviewer
- Code Documenter
- Code Tester
- Functional Tester
- Code Fixer
- Architect AI
- Code Dialoger + Compi
- GitHub Copilot Integration
- Feature Benchmark
- Modernization Edition
- Legacy Transformer
- Legacy UpLift
- Code Shifter
Wynxx
Wynxx BUSINESS PROCESSES
- Maintenance Operations
- Staffing Operations
- HR Operations
- Project Portfolio Management
- Product Management
- RFP Solver
- Transaction Monitoring
- Customer Screening
- Payment Screening
- Customer Risk Assessment
- Financial Advisor
- Credit Risk
- Compliance
Wynxx DATA INTELLIGENCE
- Sphinx Open
- Automotive
- Manufacturing
- Robotics
- Banking
- Oil & Gas
- Insurance
- …
- Retailer
Wynxx FOUNDATION MCP Servers | Governance | Orchestration | FinOps
- Anthropic Claude Models
- Google Gemini Models
- Open AI GPT Models
- Proprietary Models
- Open-Source Models
GFT
Q1/2026 Interim Statement
May 7, 2026 | 24
OUTLOOK 2026 & CONCLUSION
Outlook 2026: Strong Improvement in EBT Margin and Growth in Revenue with Continued AI-Centric Expansion
| FY 2025 Results | FY 2026 Guidance | ||
|---|---|---|---|
| REVENUE | REVENUE e | ||
| €888m | → | ~ €930m | |
| 2% growth | +5% in constant FX | ||
| 5% in constant FX | |||
| EBIT ADJUSTED 1 | EBIT ADJUSTED e 1 | ||
| €67m | → | ~ €71m | |
| 7.6% margin | 7.6% margin | ||
| EBT | EBT e | ||
| €46m | → | ~ €56m | |
| 5.2% margin | 6.0% margin |
- Strong improvement in EBT margin
- Growth in revenue driven by AI-Native engineering services combined with assets, IP and Wynxx Agentic AI Platform, while substituting traditional IT labor-based services
- Prioritize and expand Global Accounts, Tier 1 and Tier 2 clients
- Focused execution of our 5-year strategy and global strategic initiatives
- Investments in the modernization of Smaragd to an AI Cloud-based Anti-Money Laundering solution focusing on upcoming regulatory requirements in DACH region, Europe and globally
- Investments in assets and IPs based on Wynxx Agentic AI, AI-Native CoEs, workforce AI Reskilling and AI market infrastructure & platforms
1 Adjusted for M&A-related effects, capacity adjustments, share-based management remuneration effects, and other extraordinary items, details in backup and/or key performance indicators (gft.com)
GFT
Q1/2026 Interim Statement
May 7, 2026 | 25
BACKUP
Mid-Term Ambitions 2029
Ambitions 2029¹
| REVENUE e | ~ €1.5b |
|---|---|
| EBIT ADJ. margin e | ~ 9.5% |
| HIGH VALUE-ADDED SERVICES | ~ 50% |
| SMARTSHORE VS ONSHORE | ~ 40% |
¹ As announced in March 2025.
GFT ■ Q1/2026 Interim Statement
Continued revenue growth
- Focus on Global Accounts, Tier 1 and Tier 2 clients and cross-selling of high-value added offerings
- Organic growth accelerated by AI Legacy Modernization programs and AI-Native engineering Services combined with Assets, IP and Wynxx Agentic AI Platform
- Specialized acquisitions of high value-added services companies in existing GFT markets
Improved profitability
- Service portfolio moving towards AI-Native engineering model and high value-added services at higher margins
- Expanding AI-Centric smartphone delivery contributing to overall margin improvement
- Focus on existing GFT markets and optimize operating model driving economies of scale
- Profitability engineering measures and normalization of Smaragd & GFT UK profitability will drive continuous operational margin improvement in years 2027-2029
May 7, 2026 | 26
BACKUP
Results at a Glance per Quarter
| in €m | Q1/2025 | Q2/2025 | Q3/2025 | Q4/2025 | FY2025 | Q1/2026 |
|---|---|---|---|---|---|---|
| Revenue | 221.91 | 219.60 | 213.75 | 233.03 | 888.29 | 229.52 |
| EBITDA | 15.99 | 14.86 | 19.03 | 19.66 | 69.54 | 17.23 |
| EBIT adjusted^{1} | 15.09 | 15.05 | 15.40 | 21.90 | 67.44 | 16.11 |
| EBIT | 10.82 | 9.89 | 14.17 | 14.54 | 49.42 | 12.76 |
| EBT | 10.01 | 9.01 | 13.19 | 13.80 | 46.01 | 12.01 |
| Net income | 7.09 | 6.38 | 8.89 | 10.53 | 32.89 | 8.58 |
| Earnings per share (in €) | 0.27 | 0.24 | 0.35 | 0.41 | 1.27 | 0.34 |
| Employees (in FTE) | 11,413 | 11,446 | 11,601 | 11,772 | 11,772 | 11,645 |
1 Adjusted for M&A-related effects, capacity adjustments, share-based management remuneration effects, and other extraordinary items; details in backup and/or key performance indicators (gft.com)
GFT
Q1/2026 Interim Statement
May 7, 2026 | 27
BACKUP
Consolidated Balance Sheet
Assets
| in € | 03/31/2026 | 12/31/2025 | % |
|---|---|---|---|
| Non-current assets | |||
| Goodwill | 226,909,103.31 | 224,536,239.05 | 1% |
| Other intangible assets | 35,857,417.01 | 35,916,226.18 | 0% |
| Property, plant and equipment | 49,550,711.06 | 52,088,471.66 | -5% |
| Other financial assets | 1,422,251.40 | 1,344,409.55 | 6% |
| Deferred tax assets | 16,647,469.30 | 16,683,299.68 | 0% |
| Other assets | 5,265,777.93 | 5,112,225.72 | 3% |
| 335,652,730.01 | 335,680,871.84 | 0% | |
| Current assets | |||
| Trade receivables | 157,625,778.42 | 167,829,502.68 | -6% |
| Contract assets | 41,575,578.76 | 30,046,276.22 | 38% |
| Cash and cash equivalents | 40,831,952.67 | 61,098,344.53 | -33% |
| Other financial assets | 5,289,257.58 | 5,941,194.88 | -11% |
| Income tax assets | 13,152,889.24 | 15,314,563.01 | -14% |
| Other assets | 21,246,893.72 | 23,885,762.58 | -11% |
| 279,722,350.39 | 304,115,643.90 | -8% | |
| 615,375,080.40 | 639,796,515.74 | -4% |
Equity and liabilities
| in € | 03/31/2026 | 12/31/2025 | % |
|---|---|---|---|
| Shareholders' equity | |||
| Share capital | 26,325,946.00 | 26,325,946.00 | 0% |
| Capital reserve | 42,147,782.15 | 42,147,782.15 | 0% |
| Retained earnings | 235,501,481.73 | 226,916,695.19 | 4% |
| Other reserves | -11,483,032.48 | -17,302,132.92 | -34% |
| Treasury shares | -15,044,982.87 | -15,044,982.87 | 0% |
| 277,447,194.53 | 263,043,307.55 | 5% | |
| Non-current liabilities | |||
| Financing liabilities | 50,000,000.00 | 50,000,000.00 | 0% |
| Other financial liabilities | 19,755,370.88 | 21,983,622.84 | -10% |
| Provisions for pensions | 5,730,726.41 | 5,567,902.53 | 3% |
| Other provisions | 2,539,093.43 | 3,205,255.93 | -21% |
| Deferred tax liabilities | 13,208,160.20 | 13,453,735.33 | -2% |
| Other liabilities | 410,923.61 | 323,790.06 | 27% |
| 91,644,274.53 | 94,534,306.69 | -3% | |
| Current liabilities | |||
| Trade payables | 11,820,422.83 | 13,804,851.68 | -14% |
| Financing liabilities | 44,561,909.48 | 66,291,821.27 | -33% |
| Other financial liabilities | 23,943,347.63 | 22,699,278.58 | 5% |
| Other provisions | 45,905,161.64 | 56,669,737.05 | -19% |
| Income tax liabilities | 8,123,973.31 | 8,334,491.03 | -3% |
| Contract liabilities | 38,478,779.65 | 41,812,165.42 | -8% |
| Other liabilities | 73,450,016.80 | 72,606,556.47 | 1% |
| 246,283,611.34 | 282,218,901.50 | -13% | |
| 615,375,080.40 | 639,796,515.74 | -4% |
GFT
Q1/2026 Interim Statement
May 7, 2026 | 28
BACKUP
Consolidated Income Statement
| in € | Q1/2026 | Q1/2025 | % |
|---|---|---|---|
| Revenue | 229,518,130.28 | 221,909,903.71 | 3% |
| Other operating income | 2,295,944.21 | 2,575,815.09 | -11% |
| Cost of purchased services | -29,607,184.31 | -27,963,197.63 | 6% |
| Personnel expenses | -167,067,596.40 | -164,214,714.06 | 2% |
| Other operating expenses | -17,914,745.23 | -16,316,345.80 | 10% |
| Result from operating activities before depreciation and amortization | 17,224,548.55 | 15,991,461.31 | 8% |
| Depreciation and amortization of intangible assets and property, plant and equipment | -4,467,103.94 | -5,169,389.35 | -14% |
| Result from operating activities | 12,757,444.61 | 10,822,071.96 | 18% |
| Interest income | 425,249.70 | 661,841.32 | -36% |
| Interest expenses | -1,172,553.91 | -1,471,830.47 | -20% |
| Financial result | -747,304.21 | -809,989.15 | -8% |
| Earnings before taxes | 12,010,140.40 | 10,012,082.81 | 20% |
| Income taxes | -3,425,353.86 | -2,921,372.48 | 17% |
| Net income for the period | 8,584,786.54 | 7,090,710.33 | 21% |
| Earnings per share – basic | 0.34 | 0.27 | 26% |
GFT
Q1/2026 Interim Statement
May 7, 2026 | 29
BACKUP
Consolidated Statement of Comprehensive Income
| in € | Q1/2025 | Q1/2025 | % |
|---|---|---|---|
| Net income for the period | 8,584,786.54 | 7,090,710.33 | 21% |
| Items that will not be reclassified to the income statement | |||
| Actuarial gains/losses from pensions (before taxes)¹ | 0.00 | 0.00 | n/a |
| Income taxes on actuarial gains/losses from pensions | 0.00 | 0.00 | n/a |
| Actuarial gains/losses from pensions (after taxes) | 0.00 | 0.00 | n/a |
| Items that may be reclassified to the income statement | |||
| Currency translation | 5,819,100.44 | -3,853,490.73 | < -100% |
| Other comprehensive income | 5,819,100.44 | -3,853,490.73 | < -100% |
| Total comprehensive income | 14,403,886.98 | 3,237,219.60 | > 100% |
¹ Actuarial gains/losses are generally recognized at year-end based on corresponding expert reports.
GFT
Q1/2026 Interim Statement
May 7, 2026 | 30
BACKUP
Consolidated Statement of Changes in Equity
| in € | Share capital | Capital reserve | Retained earnings 1 | Other reserves | Treasury shares | Total equity |
|---|---|---|---|---|---|---|
| Currency translation | ||||||
| Balance at January 1, 2025 | 26,325,946.00 | 42,147,782.15 | 206,180,950.10 | -3,477,664.47 | 0.00 | 271,177,013.78 |
| Net income for the period | — | — | 7,090,710.33 | — | — | 7,090,710.33 |
| Other comprehensive income | — | — | 0.00 | -3,853,490.73 | — | -3,853,490.73 |
| Total comprehensive income | — | — | 7,090,710.33 | -3,853,490.73 | — | 3,237,219.60 |
| Balance at March 31, 2025 | 26,325,946.00 | 42,147,782.15 | 213,271,660.43 | -7,331,155.20 | 0.00 | 274,414,233.38 |
| Balance at January 1, 2026 | 26,325,946.00 | 42,147,782.15 | 226,916,695.19 | -17,302,132.92 | -15,044,982.87 | 263,043,307.55 |
| Net income for the period | — | — | 8,584,786.54 | — | — | 8,584,786.54 |
| Other comprehensive income | — | — | 0.00 | 5,819,100.44 | — | 5,819,100.44 |
| Total comprehensive income | — | — | 8,584,786.54 | 5,819,100.44 | — | 14,403,886.98 |
| Balance at March 31, 2026 | 26,325,946.00 | 42,147,782.15 | 235,501,481.73 | -11,483,032.48 | -15,044,982.87 | 277,447,194.53 |
1 Retained earnings also include items that will not be reclassified to the consolidated income statement.
GFT
Q1/2026 Interim Statement
May 7, 2026 | 31
BACKUP
Consolidated Cash Flow Statement
| in € | Q1/2026 | Q1/2025 | % |
|---|---|---|---|
| Net income for the period | 8,584,786.54 | 7,090,710.33 | 21% |
| Income taxes | 3,425,353.86 | 2,921,372.48 | 17% |
| Financial result | 747,304.21 | 809,989.15 | -8% |
| Income taxes paid | -4,383,141.76 | -4,724,766.20 | 7% |
| Income taxes received | 4,126,345.25 | 3,602,549.65 | 15% |
| Interest paid | -556,778.19 | -669,379.15 | 17% |
| Interest received | 503,106.61 | 661,742.12 | -24% |
| Depreciation and amortization of intangible assets and property, plant and equipment | 4,467,103.94 | 5,169,389.35 | -14% |
| Net proceeds on disposal of intangible assets and property, plant and equipment | 16,260.67 | 6,876.15 | + 100% |
| Other non-cash expenses and income | -358,555.07 | -1,761,079.57 | 80% |
| Change in trade receivables | 10,203,724.26 | 20,329,283.88 | -50% |
| Change in contract assets | -11,529,302.54 | -21,676,622.17 | 47% |
| Change in other assets | 3,059,412.10 | 685,619.96 | + 100% |
| Change in provisions | -11,267,914.03 | -11,666,540.37 | 3% |
| Change in trade payables | -1,984,428.85 | -283,638.72 | < -100% |
| Change in contract liabilities | -3,333,385.77 | -11,041,542.83 | 70% |
| Change in other liabilities | 2,670,968.12 | 6,240,608.97 | -57% |
| Cash flow from operating activities | 4,390,859.35 | -4,305,426.97 | + 100% |
| Proceeds from disposal of property, plant and equipment | 14,600.58 | 77,619.36 | -81% |
| Capital expenditure for intangible assets | -12,200.00 | -124,403.09 | 90% |
| Capital expenditure for property, plant and equipment | -845,257.10 | -388,060.15 | < -100% |
| Cash flow from investing activities | -842,856.52 | -434,843.88 | -94% |
| Proceeds from borrowing | 17,946,039.00 | 0.00 | n/a |
| Cash outflows from loan repayments | -40,050,171.92 | -11,824,151.91 | < -100% |
| Cash outflows from repayment of lease liabilities | -2,619,530.73 | -3,099,468.67 | 15% |
| Cash flow from financing activities | -24,723,663.65 | -14,923,620.58 | -66% |
| Effect of foreign exchange rate changes on cash and cash equivalents | 909,268.96 | -75,043.12 | + 100% |
| Net increase in cash and cash equivalents | -20,266,391.86 | -19,738,934.55 | -3% |
| Cash and cash equivalents at beginning of period | 61,098,344.53 | 80,196,229.64 | -24% |
| Cash and cash equivalents at end of period | 40,831,952.67 | 60,457,295.09 | -32% |
GFT
Q1/2026 Interim Statement
May 7, 2026 | 32
BACKUP
Segment Report
GFT has revised its segment reporting structure in accordance with IFRS 8 to align with its internal management approach across global regions. Please refer to footnote and to the next slide.
| in € thousand | Americas & APAC | Europe | Total segments | Reconciliation | GFT Group | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| Q1/2026 | Q1/2025¹ | Q1/2026 | Q1/2025¹ | Q1/2026 | Q1/2025 | Q1/2026 | Q1/2025 | Q1/2026 | Q1/2025 | |
| External revenue | 117,421 | 105,176 | 111,856 | 116,485 | 229,277 | 221,661 | 241 | 249 | 229,518 | 221,910 |
| Intersegment revenue | 1,567 | 1,756 | 7,334 | 5,634 | 8,901 | 7,390¹ | -8,901 | -7,390¹ | 0 | 0 |
| Total revenue | 118,988 | 106,932 | 119,190 | 122,119 | 238,178 | 229,051¹ | -8,660 | -7,141¹ | 229,518 | 221,910 |
| Segment result (EBT) | 5,132 | 7,120 | 9,880 | 3,691 | 15,012 | 10,811 | -3,002 | -799 | 12,010 | 10,012 |
| thereof personnel expenses | -82,622 | -73,954 | -80,176 | -86,325 | -162,798 | -160,279 | -4,270 | -3,936 | -167,068 | -164,215 |
| thereof depreciation and amortization | -1,375 | -1,516 | -2,902 | -3,427 | -4,277 | -4,943 | -190 | -226 | -4,467 | -5,169 |
| thereof interest income | 515 | 676 | 277 | 301 | 792 | 977 | -367 | -315 | 425 | 662 |
| thereof interest expenses | -233 | -439 | -887 | -1,262 | -1,120 | -1,701 | -53 | 229 | -1,173 | -1,472 |
¹ Restated due to the reclassification of UK business from operating segment "Americas & APAC" (formerly: "Americas, UK & APAC") to "Europe" (formerly: Continental Europe) following a change of the management approach in accordance with IFRS 8.
GFT
Q1/2026 Interim Statement
May 7, 2026 | 33
BACKUP
Revised Segment Report - Restatements
- GFT has revised its segment reporting structure in accordance with IFRS 8 to align with its internal management approach across global regions. As a result:
- UK business was reclassified from "Americas, UK & APAC" to "Continental Europe" segment.
-
Operating segments were renamed into: "Americas & APAC" and "Europe".
-
Changes become effective with beginning of the financial year 2026.
- Prior-year quarterly figures restated for comparability as follows:
| in € thousand | Q1/2025 | Q2/2025 | Q3/2025 | Q4/2025 | FY2025 | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| Reported | Adjusted | Reported | Adjusted | Reported | Adjusted | Reported | Adjusted | Reported | Adjusted | |
| Revenue | ||||||||||
| Americas & APAC | 129,631 | 105,176 | 128,482 | 106,177 | 128,343 | 111,206 | 136,331 | 120,077 | 522,787 | 442,636 |
| Europe | 92,030 | 116,485 | 90,916 | 113,221 | 85,161 | 102,298 | 96,424 | 112,678 | 364,531 | 444,682 |
| Others | 249 | 249 | 199 | 199 | 245 | 245 | 275 | 275 | 968 | 968 |
| GFT Group | 221,910 | 221,910 | 219,597 | 219,597 | 213,749 | 213,749 | 233,030 | 233,030 | 888,286 | 888,286 |
| Segment result (EBT) | ||||||||||
| Americas & APAC | 7,133 | 7,120 | 5,048 | 6,373 | 8,549 | 11,068 | 9,640 | 12,485 | 30,370 | 37,046 |
| Europe | 3,678 | 3,691 | 5,431 | 4,106 | 5,374 | 2,855 | 11,737 | 8,892 | 26,220 | 19,544 |
| Others | -799 | -799 | -1,466 | -1,466 | -738 | -738 | -7,574 | -7,574 | -10,577 | -10,577 |
| GFT Group | 10,012 | 10,012 | 9,013 | 9,013 | 13,185 | 13,185 | 13,803 | 13,803 | 46,013 | 46,013 |
GFT
Q1/2026 Interim Statement
May 7, 2026 | 34
BACKUP
Calculation of EBIT adjusted
| in €k | Q1/2026 | Q1/2025 |
|---|---|---|
| Revenue | 229,518 | 221,910 |
| EBIT adjusted | 16,114 | 15,086 |
| M&A effects | -1,064 | -1,080 |
| Capacity adjustments | -2,507 | -3,084 |
| Share-price related effects from measurement of management remuneration | 214 | -100 |
| Other extraordinary items | - | 0 |
| EBIT | 12,757 | 10,822 |
| Financial result | -747 | -810 |
| EBT | 12,010 | 10,012 |
| EBIT adjusted margin | 7.0% | 6.8% |
| EBT margin | 5.2% | 4.5% |
GFT
Q1/2026 Interim Statement
May 7, 2026 | 35
GFT TECHNOLOGIES
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