Planisware (PLNW) H1 2025 earnings summary

Executive summary

• H1 2025 revenue reached €95.8 million, up 10.6% year-over-year in current currency and 11% in constant currency, driven by 16% growth in recurring business lines, especially SaaS, which grew 17.4–18.1% in constant currency.

• Adjusted EBITDA margin improved by 230bps to 35.8%, with adjusted EBITDA at €34.3 million (+18.1% year-over-year), reflecting operational efficiency and a favorable revenue mix.

• Net income/profit for the period rose 35.5% to €21.7 million, aided by lower non-recurring IPO costs.

• Macroeconomic uncertainties and elongated customer decision cycles impacted non-recurring revenue and new customer wins, but recurring revenue and existing client expansion remained robust.

• Commercial pipeline remains strong, providing mid-term visibility for renewed growth once market conditions stabilize.

Financial highlights

• Recurring revenue comprised 92% of total revenue, up 400 basis points year-over-year; SaaS accounted for 82% of total revenue, up from 78% in H1 2024.

• Non-recurring revenue, including perpetual licenses and implementation, declined sharply, with perpetual licenses down 52.2% year-over-year.

• Gross margin improved by 190 basis points to 73.2% of revenue, driven by business mix and cost discipline.

• Adjusted free cash flow was €32.9 million, with a cash conversion rate of 95.9%.

• Net cash position at semester end was €182 million, up 16.4% from two months earlier, with no financial debt except lease liabilities.

Outlook and guidance

• Full-year 2025 revenue growth objective revised to circa 10% in constant currency due to ongoing elongated sales cycles and macro uncertainty.

• Adjusted EBITDA margin target raised to approximately 36%, reflecting improved profitability.

• Free cash flow conversion target reaffirmed at around 80% for the year.

• Macroeconomic headwinds and elongated sales cycles expected to persist into H2 2025.