Planisware: solid H1 2025 financial results despite softer revenue growth amid elongated sales cycles

Core Insights - Planisware reported solid H1 2025 financial results with revenue of €95.8 million, reflecting a growth of +10.6% in current currencies and +11.0% in constant currencies, driven primarily by the success of its SaaS model which grew by +17.4% in constant currencies [2][10][12] Revenue Performance - Recurring revenue constituted 92% of total revenue, amounting to €88.6 million, up by +16.0% in constant currencies [5][13] - Non-recurring revenue decreased by -27.5% to €7.2 million, primarily due to a significant drop in perpetual licenses [16][18] - Revenue growth was supported by strong performance in North America (+12.0%) and APAC (+20.4%), while Europe saw a more modest increase of +8.6% [18][22] Profitability Metrics - Adjusted EBITDA reached €34.3 million, representing a margin of 35.8%, an increase of +230 basis points compared to H1 2024 [3][32] - Current operating profit was €27.1 million, up by +15.8% year-on-year, with profit for the period increasing by +35.5% to €21.7 million [4][31] Cash Flow and Financial Position - Adjusted Free Cash Flow was €32.9 million, with a Cash Conversion Rate of 95.9%, exceeding the target of 80% for 2025 [5][34] - The net cash position as of June 30, 2025, was €182.0 million, reflecting a year-on-year increase [35] Strategic Outlook - The company has revised its 2025 revenue growth target to approximately 10% due to macroeconomic headwinds and elongated sales cycles [10][42] - Planisware remains focused on operational efficiency and disciplined resource allocation to enhance profitability and support long-term growth [9][11]