Planisware (PLNW) H1 2024 earnings summary

Executive summary

• H1 2024 results aligned with full-year targets for revenue growth, profitability, and cash generation, with revenue up 19.6% in constant currencies to €86.6 million and recurring revenue at 88% of total, mainly driven by SaaS activities.

• Adjusted EBITDA margin reached 33.5%, with strong cash conversion at 127% of adjusted EBITDA.

• Commercial pipeline at record highs, supported by both existing and new clients, and geographical and segment diversification.

• 2024 objectives for revenue growth, profitability, and cash conversion confirmed, with confidence in delivering delayed projects by year-end.

• Multiple strategic vectors and robust market trends support sustainable, profitable growth.

Financial highlights

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

• Adjusted EBITDA: €29.0 million (+29.3% YoY), margin at 33.5% (+260 bps YoY).

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

• Adjusted Free Cash Flow: €36.9 million (+13.6% YoY), cash conversion rate at 127%.

• Net cash position at €156.4 million as of June 30, 2024, 10% higher than year-end 2023.

Outlook and guidance

• 2024 guidance confirmed: ~19.5% revenue growth in constant currencies, adjusted EBITDA margin ~33%, and cash conversion rate ~80%.

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

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