Original-Research: Reply SpA (von Quirin Privatbank Kapitalmarktgeschäft): Buy
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Original-Research: Reply SpA - from Quirin Privatbank Kapitalmarktgeschäft
03.08.2026 / 17:59 CET/CEST
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Classification of Quirin Privatbank Kapitalmarktgeschäft to Reply SpA
Company Name: Reply SpA
ISIN: IT0005282865
Reason for the research: Upload
Recommendation: Buy
from: 03.08.2026
Target price: 170
Last rating change:
Analyst: Sebastian Droste
Strong AI demand supports growth
On July 30, 2026, Reply released its H1 financial results. Revenue growth
was strong (7.4% yoy to EUR 1,311.9m), exceeding our expectation by 2.4%.
Growth was driven by AI projects moving into production, supporting data,
cloud and cybersecurity demand, while Silicon Shoring helped win
consolidation projects. Region 1 benefited from Germany's recovery, Region 2
improved following business development investments, and Region 3 was
supported by strong UK government and defence demand. France and the US
remained comparatively weak. The H1 EBITDA margin declined from 18.3% to
17.8%, in line, as productivity gains and personnel cost discipline were
offset by higher services costs, regional investments and the absence of
prior-year one-off income. Management did not publish guidance for 2026 but
expects sustainable growth and disciplined cost management. Structural AI
demand supports the investment case, although selective spending and
regional weaknesses remain risks. We leave our target price unchanged at EUR
170 and confirm our Buy recommendation.
You can download the research here:
https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=27f826e01608759f892fe7626e499beb
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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2376546 03.08.2026 CET/CEST
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