Planisware (PLNW) Q3 2025 TU earnings summary

Executive summary

• Q3 2025 revenue increased by 9% year-over-year in constant currency, with year-to-date growth at 10.3%, driven by SaaS & Hosting subscriptions and strong new client signings, especially in the US, Europe, and Asia-Pacific.

• Macroeconomic headwinds, including pressured IT budgets, erratic AI investments, and elongated decision cycles, have impacted growth, but recent weeks show improved commercial activity and contract signings.

• Commercial momentum is expected to reaccelerate, supported by a competitive AI strategy, moderated price increases, and international expansion, including a new office and data centers in Australia.

• 2025 financial objectives are reaffirmed, with management expressing cautious optimism for re-accelerating growth in 2026.

Financial highlights

• Q3 2025 reported revenue was €49.6 million, up 5.7% year-over-year in current currencies and 9% in constant currencies, with a negative currency impact due to USD depreciation.

• Year-to-date reported revenue reached €145.4 million, up 8.8% year-over-year, and €147.4 million in constant currency (+10.3%).

• Recurring revenue made up 89–91% of total revenue, growing 9.8–13.9% year-over-year, with SaaS revenue up 15.2–16.6% and representing 81% of total revenue.

• Non-recurring revenue declined 16.7% year-to-date, with perpetual licenses down 25.5% and implementation revenue down 11.1–12.1%.

• Perpetual licenses saw strong Q3 growth from extensions and upgrades, but remain a small and declining part of the business year-to-date.

Outlook and guidance

• 2025 objectives confirmed: ~10% revenue growth in constant currency, ~36% adjusted EBITDA margin, and ~80% cash conversion rate.

• Recent strong contract signings are expected to have limited impact on FY2025 results due to SaaS revenue recognition timing, but support cautious optimism for re-accelerating growth in 2026.

• Management remains confident in the business model and expects to return to double-digit growth in 2026, contingent on continued strong deal signings.