Planisware (PLNW) H2 2024 earnings summary

Executive summary

• Achieved FY 2024 revenue of €183.4 million, up 17.4% in constant currency, with 89% recurring revenue and strong SaaS momentum despite macroeconomic and geopolitical uncertainties.

• Adjusted EBITDA rose 23.7% to €64.6 million (35.2% margin), surpassing 2024 targets and reaching 2026 goals early.

• Net cash position at year-end was €176 million, with no financial debt except €17 million in lease liabilities and strong cash conversion of 84.5%.

• International revenue accounted for 83% of total, with North America contributing 44%.

• Notable achievements include a major US defense contract, industry recognition by Gartner, and sustainability awards.

Financial highlights

• SaaS & Hosting revenue grew 27.1%, with recurring revenue up 21% to €162.7 million, now 89% of total revenue.

• Adjusted EBITDA reached €64.6 million, up 23.7% year-over-year, with a margin of 35.2%.

• Gross margin improved by 150bps to 72.7% of revenue.

• Adjusted Free Cash Flow rose 24.5% to €54.6 million, with an 84.5% cash conversion rate.

• Proposed dividend of €21.4 million (€0.31/share), representing 50% of profit.

Outlook and guidance

• 2025 revenue growth guidance set at mid-to-high teens, with adjusted EBITDA margin targeted at ~35% and cash conversion rate near 80%.

• Confidence in guidance is underpinned by a strong commercial pipeline, high net retention rate (121%), and robust recurring revenue.

• Management highlights uncertainties in contract timing and sales cycle length.