First Berlin Equity Research has published a research update on swissnet AG (ISIN: CH0451123589). Analyst Christian Orquera reiterated his BUY rating and increased the price target from EUR 18.50 to EUR 19.00.

Abstract
Swissnet Group has released its final audited FY/24 results, which confirm the preliminary figures published earlier this year and reflect the successful transition into a larger ICT (Information and Communication Technology) and SaaS platform. The Group doubled its revenue to CHF 12.6m in FY/24, driven by organic growth and new acquisitions. It achieved positive adjusted EBITDA of CHF 2.2m (vs. CHF -0.4m in FY/23) for the first time. With a strengthened balance sheet, broadened product suite, and expanded management team, Swissnet is navigating through 2025 with strong momentum and a robust pipeline containing high-value contracts across retail, hospitality, and infrastructure verticals. Of particular strategic relevance is a new Wi-Fi infrastructure contract signed in July 2025 with a major food retail chain covering ~500 stores and valued at ~€1.5m. This deal further enhances 2025 revenue visibility. Following the reported figures, we have rolled over our DCF-model. This leads to a slightly higher price target of €19.00 (old: €18.50). This represents an upside potential of >180%. Our reiterated Buy rating is supported by accelerating earnings growth, strong momentum, and a robust project pipeline.