Planisware (PLNW) H1 2025 earnings summary

Executive summary

• H1 2025 revenue reached €95.8 million, up 10.6% year-over-year in current currency and 11% in constant currency, driven by recurring business lines, especially SaaS, which grew 17.4% in constant currency.

• Recurring revenue rose 16% and now represents 92% of total revenue, up from 88% in H1 2024.

• Adjusted EBITDA margin improved to 35.8%, up 230bps year-over-year, reflecting operational efficiency.

• Profit for the period rose 35.5% year-over-year, aided by lower non-recurring IPO costs.

• Macroeconomic uncertainties and elongated customer decision cycles impacted non-recurring revenue and new customer wins, but recurring revenue and existing client expansion remained robust.

Financial highlights

• Gross margin improved by 190bps to 73.2% of revenue, driven by business mix and cost discipline.

• Adjusted EBITDA reached €34.3 million, up 18.1% year-over-year, with a margin of 35.8%.

• Adjusted free cash flow was €32.9 million, with a cash conversion rate of 95.9%.

• Net cash position at semester end was €182 million, up 16.4% from two months earlier.

• Dividend of €0.31 per share paid in June 2025.

Outlook and guidance

• Full-year 2025 revenue growth objective revised to circa 10% in constant currencies due to ongoing elongated sales cycles and macro uncertainty.

• Adjusted EBITDA margin target raised to approximately 36%, reflecting improved profitability.

• Free cash flow conversion target reaffirmed at around 80% for the year.

• Macroeconomic headwinds and elongated sales cycles expected to persist into H2 2025.