PSI Software (PSAN) Q2 2025 earnings summary

Executive summary

• Revenues rose 18.3% year-over-year to €132.9 million for the first half of 2025, with new orders up 36.4% to €210 million and order backlog stable at €206 million despite the sale of the Mobility business.

• Operating result (EBIT) improved to €2.1 million from a loss of €19.4 million in the prior year, reflecting recovery from the previous year's cyberattack; adjusted EBIT was €3.5 million.

• Net result was negative at €-1.4 million, a significant improvement from €-22.6 million year-over-year.

Financial highlights

• Cash flow from operating activities was €7.6 million, up from €-17.6 million year-over-year; cash and cash equivalents increased to €31.2 million from €26.5 million at year-end 2024.

• Earnings per share improved to €-0.09 from continuing operations, compared to €-1.46 in the prior year.

• PSI shares rose 44.6% in the first half of 2025, outperforming the TecDAX index.

Outlook and guidance

• Management expects new orders and revenues to grow by around 10% for 2025, with an adjusted EBIT margin of about 4%.

• A cost-cutting program in Grid & Energy Management will result in one-off expenses in 2025 but is expected to yield significant savings from 2026.