First Berlin Equity Research has published a research update on swissnet AG (ISIN: CH0451123589). Analyst Christian Orquera reiterated his BUY rating and maintained his EUR 19.00 price target.

Abstract
Swissnet Group published a strong set of interim H1/25 results which were broadly in line with our expectations and build on the successful 2024 turnaround. Group revenue nearly doubled year-on-year to CHF 11.3m (H1/24: CHF 5.9m), driven both by organic momentum and the first full consolidation of Swissnet AG (including Swissnet ICT) and Lokalee following the reverse merger in January. Adjusted EBITDA rose to CHF 2.3m (H1/24: CHF 1.1m), demonstrating operating leverage despite ongoing expansion. Adjusted net income reached CHF 0.8m (H1/24: CHF 0m), marking a firm step into profitability. Recent milestones include the first customer wins in new international markets: Swissnet MENA signed AED 0.5m (CHF 0.1m) in hospitality contracts in the UAE, while Swissnet APAC secured a SGD 0.25m (CHF 0.15m) deal with a leading Singapore hospital. Management is executing on both its turnaround and international expansion strategies. The uptick in profitability combined with the high recurring revenue and traction in new regions have Swissnet well positioned for sustained momentum into H2/25 and beyond. We see the company on track to achieve our 2025 projections. Based on unchanged estimates, we reiterate our Buy rating and €19.00 price target (upside >180%).