Planisware (PLNW) H1 2024 earnings summary

Executive summary

• H1 2024 revenue grew 19.6% in constant currencies to €86.6 million, driven by SaaS and recurring revenue, with commercial pipeline at record highs and strong momentum from both existing and new clients.

• Recurring revenue reached 88% of total, up 23.8% year-over-year, mainly from SaaS activities.

• Adjusted EBITDA margin reached 33.5%, up 260 bps year-over-year, with adjusted EBITDA rising 29.3%.

• Net cash position increased to €156.4 million as of June 30, 2024, with no financial debt except lease liabilities.

• 2024 objectives for revenue growth, profitability, and cash conversion confirmed, supported by robust market trends and diversified growth pillars.

Financial highlights

• H1 2024 revenue reached €86.6 million, up 19.6% in constant currency year-over-year.

• Adjusted EBITDA was €29.0 million, up 29.3% year-over-year, with a margin of 33.5% (+260 bps YoY).

• Gross profit increased 25.0% to €61.7 million, with gross margin improving to 71.3% (+320 bps YoY).

• Adjusted Free Cash Flow reached €36.9 million (+13.6% YoY), with a cash conversion rate of 127%.

• Net cash position at €156.4 million as of June 30, 2024.

Outlook and guidance

• 2024 objectives reaffirmed: ~19.5% revenue growth (constant currency), ~33% adjusted EBITDA margin, ~80% cash conversion.

• Confidence in delivering delayed new logo projects by year-end, supported by strong recurring revenue.

• Midterm outlook supported by Project Economy trends and multi-specialist strategy.