Planisware (PLNW) Q1 2025 TU earnings summary

Executive summary

• Q1 2025 revenue reached €47.5 million, up 16% year-over-year and 14.3% in constant currencies, driven by strong SaaS platform performance, robust commercial activity, and demand for advanced PPM and SPM solutions.

• Growth was supported by both existing and new clients, expansion in key markets, and product innovation.

• Disciplined resource allocation maintained profitability and cash generation while supporting long-term growth investments.

• Commercial pipeline remains strong despite elongated sales cycles, with notable client expansions in automotive, retail, and pharmaceutical sectors.

• 2025 objectives reaffirmed, with continued focus on innovation and geographic expansion.

Financial highlights

• SaaS & Hosting revenue grew 18.5%, support activities up 16.7%, and maintenance revenue increased up to 5.2%; recurring revenue accounted for 92% of total revenue, up 150 basis points year-over-year.

• Non-recurring revenue declined 4.4%, mainly due to a high base effect in perpetual licenses, which fell 25.4%.

• Implementation revenue increased by 4.4%, reflecting dynamic activity from large SaaS contracts signed at the end of 2024.

• SaaS model represented 82% of Q1 2025 revenue.

• Recurring revenue as a percentage of total revenue increased by 150bps to 92%.

Outlook and guidance

• 2025 revenue expected to grow in the mid-to-high teens percentage in constant currencies, with an adjusted EBITDA margin of approximately 35% and a cash conversion rate of around 80%.

• Expects H2 acceleration due to more favorable year-over-year comparisons; pipeline remains strong and dynamic despite elongated sales cycles.

• Management remains vigilant regarding macroeconomic uncertainties and potential further elongation of sales cycles.