Original-Research: Reply SpA (von Quirin Privatbank Kapitalmarktgeschäft): Buy
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Original-Research: Reply SpA - from Quirin Privatbank Kapitalmarktgeschäft
13.03.2026 / 15:45 CET/CEST
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Classification of Quirin Privatbank Kapitalmarktgeschäft to Reply SpA
Company Name: Reply SpA
ISIN: IT0005282865
Reason for the research: Update
Recommendation: Buy
from: 13.03.2026
Target price: 178
Last rating change:
Analyst: Sebastian Droste
Growth driven by AI projects
On March 12, 2026, Reply released its full-year financial results. Revenue
growth was stable (+8.0% yoy) and in line with our expectation. Growth was
mainly driven by demand in AI, data, cloud and cybersecurity services.
Health, government and defense showed the strongest sector momentum,
followed by energy and utilities and tech/IT. Partnerships with OpenAI, AWS
and Mistral as well as newly launched start-ups broadened the offering.
Region 3 was the main geographical growth driver supported by acquisitions,
while Region 2 remained weak. At the same time, logistics and
transportation, automotive and manufacturing as well as media were under
pressure, indicating uneven demand across sectors. The EBITDA margin
increased from 17.8% to 18.8%, exceeding our estimate by 0.5ppt, supported
by a EUR 24.0m provision release. Personnel and service costs increased,
while France remained a drag on profitability due to restructuring.
Management did not provide a guidance but expects demand to gradually
improve in 2026, supported by AI-related projects. However, growth may
remain in the single-digit range due to productivity gains and smaller
project sizes. We leave our target price unchanged at EUR 178 and confirm
our Buy recommendation.
You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=6e4f3a1ff776dfcb23f085107139146a
For additional information visit our website:
https://research.quirinprivatbank.de/
Contact for questions:
Quirin Privatbank AG
Institutionelles Research
Schillerstraße 20
60313 Frankfurt am Main
research@quirinprivatbank.de
https://research.quirinprivatbank.de/
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2291390 13.03.2026 CET/CEST
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