Planisware (PLNW) H2 2025 earnings summary

Executive summary

• FY2025 revenue grew 10.3% in constant currency, led by 14.4% SaaS growth and strong Q4 bookings, despite macroeconomic and geopolitical challenges.

• Adjusted EBITDA margin increased by 220 basis points to 37.4%, with profit up 17% to €50 million and EPS at €0.71.

• High cash generation, with adjusted free cash flow up 8.7% to €59.3 million and net cash position of €196 million.

• Dividend of €0.36 per share proposed, up 16.1% year-on-year, maintaining a 50% payout ratio.

• Commercial momentum improved in Q4, with strong new logo signings and bookings supporting 2026 acceleration.

Financial highlights

• FY2025 revenue reached €198 million, up 7.9% in current currencies and 10.3% in constant currencies.

• Recurring revenue grew 12.8%, with SaaS and hosting up 16.7%; recurring revenue now 91% of total, SaaS 81%.

• Gross margin improved by 110 basis points to 73.8%, driven by SaaS mix.

• Adjusted EBITDA margin at 37.4%, up 220 basis points year-on-year; adjusted EBITDA €74.1 million, up 14.7%.

• Adjusted FCF conversion rate at 80.1%, in line with target.

• Net income €50 million, up 17% year-on-year; EPS €0.71.

Outlook and guidance

• 2026 objectives: low double-digit revenue growth in constant currencies, ~37% adjusted EBITDA margin, ~80% cash conversion rate.

• Growth expected to accelerate, fueled by strong commercial pipeline, new logo wins, and innovation cycles.

• NRR expected to recover toward historical levels as sales cycles normalize.