PSI Software (PSAN) Investor update summary

Key events and strategic developments

• Corporate design updated to reflect commitment to innovation and global ambitions in industrial AI and vertical markets.

• Received Factory Innovation Award for Artificial Intelligence in the Factory, highlighting expertise in AI applications.

• Warburg Pincus, via Zest Bidco, completed a voluntary public takeover, securing over 82% of shares and fully subscribing a capital increase at €45 per share to strengthen capital structure.

Financial performance and segment results

• Revenue increased by 4% year-over-year in the first half of 2026, with strong performance in Grid & Energy Management and logistics, but stagnation in Discrete Manufacturing and a decline in Process Industries and Metals (PIM).

• PIM faced order delays due to global economic challenges, steel tariffs, and automotive sector uncertainty, directly impacting revenue.

• Pricing initiatives in maintenance and new contracts improved revenue quality, while restructuring in GEM reduced headcount by about 100, with partial cost benefits realized.

• Negative EBIT for H1 2026, mainly due to one-off effects not recurring and high consulting/legal costs related to restructuring and takeover.

Guidance update and outlook

• Guidance for 2026 was revised downward, with group revenue growth target reduced from 10% to 5% and adjusted EBIT margin set at 2%, mainly due to PIM's underperformance.

• Restructuring and reorganization measures, including further headcount reductions, are planned to stabilize EBIT, with impacts to be shown below the line.

• Other business units are expected to meet previously communicated annual targets.