Original-Research: ATOSS Software SE (von NuWays AG): BUY

^

Original-Research: ATOSS Software SE - from NuWays AG

27.04.2026 / 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.

---------------------------------------------------------------------------

Classification of NuWays AG to ATOSS Software SE

Company Name: ATOSS Software SE

ISIN: DE0005104400

Reason for the research: Update

Recommendation: BUY

Target price: EUR 134

Target price on sight of: 12 months

Last rating change:

Analyst: Philipp Sennewald

Strong start into FY26; Guidance already upgraded

On Friday, ATOSS released strong Q1 results that confirmed the company's

ability to compound top-line growth and profitability in parallel, prompting

management to lift its full-year margin guidance already. In detail:

Group sales rose 11% yoy to EUR 51.4m (eNuW: EUR 51.9m), driven mainly by

software (+13% yoy to EUR 38.3m). Once again, Cloud & Subscriptions

accelerated significantly to EUR 27.0m (+27% yoy), now accounting for 53% of

total sales (Q1 25: 46%), while license revenues continued their planned

compression to just EUR 1.6m (-40% yoy), reflecting the ongoing successful

migration of customers towards recurring cloud contracts. Together with

maintenance, recurring revenues reached EUR 36.7m (+17% yoy), lifting the

recurring share to 71%, reflecting a 3pp yoy improvement.

The cloud ARR trajectory remains the most important forward indicator. Cloud

ARR grew 27% yoy to EUR 110m, supported by a net retention rate of 112% (+1pp

yoy). The 12-month cloud order backlog rose 23% yoy to EUR 114m, while the

total ARR backlog climbed 16% yoy to EUR 152.5m. New ACV came in at EUR 21.5m

(flat yoy), with new logos accounting for ~50% of contracts signed.

Healthcare is gaining additional traction as a vertical, contributing a

significant share of new business. During the CC, management stated the flat

ACV is in-line with budget and thus baked in the FY26 top-line guidance (c.

EUR 215m). Should the current (macro-related) elongation of sales cycle ease,

this could imply upside to the current outlook.

On profitability, EBIT reached EUR 18.2m, corresponding to a 35.3% margin

(eNuW: EUR 17.9m), once more reflecting ATOSS' disciplined cost management and

the operating leverage inherent in the SaaS model. A revaluation of the

long-term incentive programme had a marginal accretive impact on the

quarter. FCF surged 97% yoy to EUR 39.4m, reflecting front-loaded cloud

billings and a normalisation of tax outflows vs. Q1 2025, which had been

inflated by one-off back taxes. Liquidity reached EUR 162.1m, providing the

company with ample strategic flexibility for further organic investments

into AI or potential bolt-on acquisitions, while organic growth alone

remains sufficient to drive value creation with ROICs well above 50%.

On AI, ATOSS targets two near-term deliverables: the agentic ATC assistant

launching in Q2 2026 and thetwo new Agents for ASES, both due in Q4 2026.

The latter allows workers to describe complex scheduling needs, even by

voice, with the agent checking all applicable rules and surfacing compliant

options autonomously. Strategically, AI is proving a pull-forward catalyst

for cloud migration with early adoption trends across healthcare and retail

suggesting the product roadmap is resonating with the installed base.

Management confirmed FY26 sales guidance of ~EUR 215m and lifted the EBIT

margin target to >=34% (previously >=32%), which we already flagged in

previous notes and hence regard as reasonable given the strong start into

the year.

Reiterate BUY with a new EUR 134 PT (old: EUR 148) based on DCF.

You can download the research here:

https://eqs-cockpit.com/c/fncls.ssp?u=bcc3eaf22c7a75b2a9dc599a0a795f07

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.

++++++++++

---------------------------------------------------------------------------

The EQS Distribution Services include Regulatory Announcements,

Financial/Corporate News and Press Releases.

View original content:

https://eqs-news.com/?origin_id=6b136f41-4202-11f1-8534-027f3c38b923&lang=en

---------------------------------------------------------------------------

2315116 27.04.2026 CET/CEST

°