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Planisware SAS reported a 5.7% increase in revenue for Q3 2025, reaching €49.6 million, driven by robust growth in its SaaS offerings and strategic AI integrations. Despite macroeconomic challenges, the company maintained strong client retention and expanded its global presence. The stock rose 3.17% following the earnings announcement, reflecting investor confidence in Planisware’s strategic direction and financial health. According to InvestingPro data, the company maintains a "GOOD" financial health score, with particularly strong profitability metrics and a solid balance sheet that shows more cash than debt.
Key Takeaways
- Revenue for Q3 2025 increased by 5.7% to €49.6 million.
- SaaS revenue accounted for 81% of total revenue, growing by 15.2%.
- The company expanded its presence with new offices and data centers in Australia.
- Market reaction was positive, with the stock price increasing by 3.17%.
Company Performance
Planisware showed resilience in Q3 2025, with revenue growth driven by increased adoption of its SaaS solutions. The company’s focus on AI integration into its project management platform appears to be paying off, enhancing data quality and predictive planning capabilities. The expansion into new geographic markets, including a new office in Brussels and data centers in Australia, underscores Planisware’s commitment to global growth.
Financial Highlights
- Revenue: €49.6 million, up 5.7% year-over-year.
- Year-to-date revenue: €145.4 million, an 8.8% increase.
- Recurring revenue: 91% of total revenue, up 13.9%.
- SaaS revenue: 81% of total revenue, grew by €15.8 million.
Outlook & Guidance
Planisware remains cautiously optimistic about its growth trajectory, projecting a 10% revenue increase in constant currencies. The company aims for an adjusted EBITDA target of approximately 36% of revenue and a free cash flow conversion target of around 80% of adjusted EBITDA. Management expressed confidence in re-accelerating growth in 2026 despite current macroeconomic headwinds. Current analyst consensus from InvestingPro suggests strong potential, with price targets ranging from €22.12 to €32.60, reflecting the market’s mixed but generally positive outlook on the company’s growth strategy.
Executive Commentary
CEO Loïc Sautour emphasized the company’s strategic focus on AI, stating, "AI now needs to deliver some value. It’s not just some spend that they need to do." He also highlighted the company’s long-term commitment to its customers, saying, "We are here for the long term with our customers."
Risks and Challenges
- Macroeconomic headwinds could impact decision-making and sales cycles.
- The automotive sector faces significant challenges, potentially affecting revenue.
- Continued investment in AI and geographic expansion may strain resources.
- Inflation-based pricing strategy could face resistance in certain markets.
Q&A
During the earnings call, analysts questioned the impact of elongated sales cycles and the company’s AI investment strategy. Management noted a shift from "FOMO" to value-driven AI investments, with a slight decrease in net retention rates due to decision delays. The potential for a budget flush in Q4 was also discussed, signaling cautious optimism for future quarters.
Full transcript - Planisware SAS (PLNW) Q3 2025:
Conference Operator: Good morning. This is the conference operator. Welcome, and thank you for joining the Planisware Third Quarter 2025 Revenue Conference Call. As a reminder, all participants are in listen-only mode. After the presentation, there will be an opportunity to ask questions. Should anyone need assistance during the conference call, they may signal an operator by pressing star and zero on their telephone. At this time, I would like to turn the conference over to Mr. Loïc Sautour, CEO of Planisware. Please go ahead, sir.
Loïc Sautour, CEO, Planisware: Good morning, and thank you for attending our call on Q3 2025 revenue of Planisware. This is Loïc Sautour speaking, and as usual, I will share this presentation with Stéphanie Pardo, our CFO. I would like to start with the key messages of this publication. Q3 2025 revenue amounted to close to €50 million, up by 9% year-on-year in constant currency. It leads to a 10.3% year-to-date revenue growth in constant currency. While this is in line with our revenue objective for the year, it remains below the historical levels of growth delivered by Planisware, as our clients and prospects are facing several macroeconomic headwinds. The first one, which I commented in a previous publication, has been a challenging and unclear economic and geopolitical environment, limiting visibility for our customers and our prospects. This lack of visibility has driven longer decision-making cycles and delays in the start of projects.
The second macroeconomic headwind comes from the fact that IT budgets have been under pressure due to aggressive price increases applied by many SaaS vendors. The third one comes from erratic AI investments driven by some sort of FOMO mindset, which further strained IT budgets and mind space. All in all, it limited our ability over the last several quarters to secure new logos and, in turn, to upsell, particularly in evolutive support services. Yet, we’re beginning to see signs of improvement on all of these topics. On the first one, the concerns around a potential slowdown and discussion around tariffs have been less and less of a reason for delaying strategic moves. On the second one, our moderated price increase policy is seen as a testimony of our positioning as a trusted long-term partner for our clients, and it creates room for replacement opportunities.
Finally, the seriousness of our AI strategy based on true and unique value creation is making a competitive difference. This improving background brought a strong level of contract signature for both new logos and existing clients in the past several weeks. Now, this commercial success here will have a limited effect on the year-end performance, but it makes us cautiously optimistic in our ability to re-accelerate commercial momentum and continue delivering value to our customers through our AI-powered SaaS platform. On this slide, I would like to comment on our recent commercial activity, which has been particularly dynamic for both new logos and existing clients. Actually, we signed twice more new logos in Q3 2025 than in Q3 2024.
The level of signature of the last three months was even higher than the six prior months, so H1 2025, and higher than Q4 2024, while, as you know, Q4 is always the highest quarter in terms of signatures for Planisware. This strong level of signatures in the past weeks makes us cautiously optimistic in our ability to re-accelerate commercial momentum and continue delivering value to our customers through our AI-powered SaaS platform. I’ll dive deeper with three examples out of this list. Take, for example, Regeneron Pharmaceuticals. It’s an American biotechnology company making close to $50 billion yearly revenue. This commercial win is a typical PD&I landing in a company needing to gain visibility and flexibility in the way they manage their portfolio of R&D projects and to align it with their strategic priorities. This signature was expected quarters ago.
It is a good example of Planisware finally signing new logos after a much longer sales cycle than what we used to have in the past. Take another example with Amgen. It’s a typical cross-sell where the client is standardizing on Planisware to expand its usage into project control and engineering as they continue to harvest value leveraging our product development and innovation pillar offerings. Lastly, take Apex. It’s a significant win demonstrating the effectiveness of our geographic expansion as it has been signed by our newly opened Brussels office. Speaking of offices, I’m happy to announce our continued expansion in Asia-Pacific with the opening of an office and two new data centers in Australia. This dual initiative marks an important step in Planisware’s international development strategy and consolidates our presence in the Asia-Pacific region, where we already have a strong foothold in Singapore, Japan, and more recently, South Korea.
The Australian market, which is particularly dynamic in the industrial, healthcare, energy, and utilities sectors, represents a major opportunity for Planisware. The company already has numerous references in various sectors, including Coles, one of Australia’s leading retailers, Cochlear, the world leader in hearing implants, Breville, an iconic brand in household appliances, which is present in more than 70 countries, or Seqwater or Sunwater, two major public players in water management and distribution in Queensland. Between 2020 and 2024, Planisware recorded an average annual growth of 33% in this region, driven by growing demand for integrated project management and digital transformation solutions. Now, the opening of this office will strengthen our tie with our existing customers, accelerate our local business development, and support Australian companies in managing their strategic projects in a context of increased innovation and digitalization.
At the same time, we’re opening two new data centers with the aim of offering our Australian customers optimal performance and total data sovereignty in accordance with the most demanding security standards applicable to Australian operations. I will now turn to Stéphanie to comment in more detail the financial performance of our Q3.
Stéphanie Pardo, CFO, Planisware: Thank you, Loïc, and good morning to all. As usual, I will comment on the building blocks of our growth. The total reported revenue, which is €49.6 million in Q3, up by €2.7 million year-on-year, represented a reported growth of +5.7%. This reported growth encompasses a negative Apex effect for €1.5 million, mostly related to the depreciation of the U.S. dollar versus the euro. After the H1 performance, it leads to a year-to-date revenue of €145.4 million, up by €11.8 million year-on-year, representing a reported growth of +8.8%. This reported growth encompasses a negative Apex effect for €1.9 million, here again, mostly related to the depreciation of the euro versus the U.S. dollar since Q2.
In order to reflect the underlying performance of the company independently of our exchange rate fluctuations, I will now focus my comments on the revenue evolution in constant currencies, which means applying 2024 average exchange rates to 2025 revenue figures. In constant currencies, Q3 total revenue growth reached €51.2 million or +9% over the quarter. For the first nine months of the year, the total revenue in constant currencies reached €147.4 million, up by 10.3%. The recurring part of revenue represented 91% of total year-to-date revenue and was up by 13.9%. As expected, the key driver of this performance remains our SaaS model, which represented 81% of the total year-to-date revenue and grew by €15.8 million or +15.2%, fueled by new customer wins as well as continued expansion with our large install base.
Our SaaS model is made of SaaS and hosting revenue, up by 17.6%, and evolutive or subscription support, up by 11.9% together. Still, in the recurring part of the revenue profile is maintenance activity on perpetual licenses, which is the legacy from the former business model of Planisware before its SaaS transformation a few years ago. This activity reported a slight growth of +3.2% since the start of the year related to the strong demand for licenses in 2024 from customers with specific on-premise needs, in particular in the defense industry. I now move to the non-recurring part of the revenue, which represented only 9% of the total year-to-date revenue, driven by a decrease by 16.7%.
Despite several extensions and upgrades sold since the start of the year, and in particular in Q3, to customers with specific on-premise needs, the 25.5% year-to-date decrease in perpetual licenses is imputable, as already explained, to a particularly strong 2024 comparison base. Finally, implementation performance structurally under pressure due to the continuous focus of Planisware to deliver shorter implementations and faster delivery to customers also suffered since the start of 2025 from the lack of new logos signatures since H2 2024. The combination of the two resulted in an 11.1% year-to-date revenue decrease. I now give the mic back to Loïc to conclude today’s presentation.
Loïc Sautour, CEO, Planisware: Thank you, Stéphanie. Before we move on to your question, let me close with a reminder of our objective for the year that we confirmed today. The revenue growth is expected at circa 10% in constant currencies, our adjusted EBITDA at circa 36% of revenue, and our free cash flow conversion target of around 80% of adjusted EBITDA. We remain confident in the resilience of our model, in the strength of our client relationship, and in our ability to resume growth momentum as market conditions stabilize. Thank you very much for your attention. We are now ready to take your questions.
Conference Operator: Thank you. This is the conference operator. We will now begin the question and answer session. Anyone who wishes to ask a question may press star and one on your touch-tone telephone. To remove yourself from the question queue, please press star and two. Please pick up the receiver when asking questions. Anyone who has a question may press star and one at this time. The first question is from Apolan Dazwani, Citi. Please go ahead.
Yeah, morning, and thanks for taking my questions. I’ve got a couple, if I may. Firstly, it’s great to hear about the strong deal signings in Q3. Could you maybe talk about the trends by vertical and really where this is driven by and some of where some of the kind of the positive signs are, and maybe some of the verticals that are a bit more laggards in kind of the recovery? Secondly, on the guidance, could you maybe outline your assumptions for the guidance in terms of those early recovery signs at the moment?
Loïc Sautour, CEO, Planisware: Okay. The strong deal signings by vertical, if there is one industry that is outstanding at the moment, is definitely the energy sector. It’s the one that is driving up quite nicely. On the opposite side, in the automotive sector, it’s maybe one industry that has been more like driving down and has been impacted. The second question, I’m sorry, Pardon?
On the guidance, just trying to understand the assumptions for the guidance given those kind of positive trends in deal signings.
Yes, as we commented, in terms of guidance, the impact of this positive trend, there won’t be much impact in this fiscal year. As you know, due to our SaaS model and SaaS operation, the impact will come a bit later. There will be a little bit of an impact, but it’s not going to be significant on this current year.
Great. Thanks.
Conference Operator: The next question is from Gustav Froberg of Varenberg. Please go ahead.
Hi, everyone. Thank you for taking my questions as well. I also have a few. The first one is on the strength we saw in perpetual licenses in Q3. Could you give us some color on how we should interpret that strength? Is it a sign of commercial momentum picking up again or any kind of pull-forward effects? That would be my first question. My second question is around AI. Could you share more color on your AI uptake with clients? You mentioned that you have a purposeful strategy in place. What’s going on on that front? What are clients buying? Why are they buying it, and what are the alternatives? Last one, you also mentioned erratic AI buying by clients as a headwind to the business.
Could you talk us through how you see that trending into the third and fourth quarter and maybe what your clients have been buying as opposed to buying from you? Thank you.
Loïc Sautour, CEO, Planisware: Thank you for the question. The perpetual licenses, if you look year-to-date, still remain actually way lower than what it was in the previous year. As you know, the perpetual licenses, depending on where they land, may have an impact on a given quarter. If you look at the overall full year, it remains actually quite a small line for Planisware. Year-to-date, we’re at $4.5 million, which is quite below. It’s true that on this specific quarter, there was a very strong quarter last year in Q2, and this year, we have actually a strong quarter in Q3 compared to the previous year. For AI, what we commented about the erratic headwind is what we’ve seen and its investment and mind space.
What we’ve seen, a lot of IT organizations that wanted to do anything with AI more at the beginning of the year, without necessarily seeing the value or having some value in mind. What we see more and more is that AI now needs to deliver some value. It’s not just some spend that they need to do. That is quite actually serving us because, as you know, we have had an AI strategy for a very long time, and we are continuously bringing some AI capabilities in our offering, continuously helping, assisting our user in taking decisions, in being more effective. Clearly, what we see when we work with our customers, we’ve been focusing on value and on this help that we bring to the customer. Some of that is clearly embedded in our solution and some other capabilities that we do monetize on some specific capabilities.
Okay. Super. Thank you.
Thank you.
Conference Operator: The next question is from Ben Castillo, BNP Paribas. Please go ahead.
Morning. Yes, thanks for taking my questions. A couple for me, please. I guess, firstly, good to hear your comments around some stabilization or even improvement in recent weeks. What do you think has been the catalyst for that? If you look into Q4, do you think there’s much scope here for customers to sort of have a bit of a budget flush if there’s been budget that’s not been spent earlier this year now to come through in Q4? Secondly, could you maybe help us with how you’re thinking about 2026? You said cautiously optimistic on re-acceleration of momentum. Is your base case at this point that revenue growth can therefore re-accelerate next year? Thank you.
Loïc Sautour, CEO, Planisware: Yeah. The catalyst, as we commented in the past, first, there have been some elongation in the decision-making processes to buy the solution that we offer. At the end of the day, the need for what we do is definitely there. The need to properly manage projects and to properly manage portfolios of projects, to have the visibility on those projects that are transforming an organization, are really vital for those types of organizations. The need didn’t go away. There have been elongation of the sales cycle, maybe a little bit less of an investment because I was commenting that mind space was being used by something else and some budget as well. The need is there, and that’s why there have been some projects that were delayed that now are coming back to surface.
The reason why we are cautiously optimistic is because we’ve seen a very good level of signature in the last several weeks. We do believe that this level of signature will continue in Q4. We want to remain cautious. We want to remain cautious because there have been some uncertainties that we need to take into consideration. That’s why we are cautiously optimistic. We see the need. We see our clients have this need. We’ve been able to secure several new logos and several expansions in the last few weeks. We do believe that it’s looking promising. To your question about 2026, then, it will really depend on our exit at the end of 2026, which we, as I commented, the level of signature. I’ll say that again, but we remain cautiously optimistic for 2026 as well.
Thank you.
Conference Operator: The next question is from Victor Cheng, Bank of America. Please go ahead.
Hi. Thanks for taking my question. It’s a couple I was going to ask, but maybe if I could double-tap on the AI bit. I mean, you talked about AI needing to deliver value and some erratic investment. At the same time, it feels like a lot of the companies out there are still doubling down on it and then relocating some of the IT budget towards that. What makes you think that maybe some of the investment in AI has peaked and kind of realizing that the need to spend in other areas as well? Maybe from your solutions, look at your solutions as well. What are you seeing in terms of how many customers are leveraging the AI solutions or the AI features that you have? Do you feel like you need to spend more as well to continue to develop your AI features? Thank you.
Loïc Sautour, CEO, Planisware: How many customers are leveraging? We have really packed AI within our solution and our platform. All of our customers are leveraging AI without necessarily knowing it. We have a lot of help and assistance that comes to our users that come from the AI capabilities that we have when it comes to data quality or those types of things that are really helping the end user and the data quality, the data consistency that we bring. What we see from our customers now is that when we go with some specific AI capabilities and they are seeing, like looking into doing prediction. For example, as you know, doing a project is a lot about planning the future, doing prediction. That is based on what you know how to do, which is quite often based on historical data that you have.
When we go specifically with that type of AI module and showcase that to our customers, now more than ever, first, they are largely interested in those types of features, but it needs, we need, and it needs to show the value. They don’t take it just because it’s spelled AI any longer. They take it because it’s a true help. It’s true value-add into how they operate our solution. That’s what they demand now, to see the value before they spend money.
Okay, thank you.
Conference Operator: The next question is from Nicolas Ores, Adobe HF. Please go ahead.
Yes, thank you. Good morning. Thank you for taking my question as well. I have two. The first one is to come back on the weakness of the evolutive support in Q3, and the potential drivers of growth for the end of the year. It will be helpful to know if you anticipate a rebound in your support activities in the next quarter in Q4, speaking about evolutive support. Do you think the year-end is going to be somewhat dependent on the signing of perpetual licenses? Maybe could you give us an idea of what we can expect in terms of annual licenses as well going into Q4? The second question, it’s a follow-up to the question of Ben about the growth that we could expect in 2026.
I know that you are not giving guidance yet, but given what you have described in terms of recent signings and your positive developments in Q3, just curious to know if you are still comfortable with consensus expectations of a double-digit growth in 2026 at this stage. Thank you.
Loïc Sautour, CEO, Planisware: Okay. The evolutive support in Q3, which has a slow growth, that comes really from the elongation of the sales cycle previously. As you know, after an initial implementation, then evolutive support kicks in. When there have been a lesser amount of implementation back then, that had an impact on the evolutive support. Do we expect a rebound? As we sign new logos, we implement and we implement fast our solution in order to switch toward evolutive support to help our customers to continue to grow and leverage the SaaS, the growth with the SaaS. Mechanically, a rebound will come with additional new logos. In terms of the annual license, it’s true if you just look at Q3, over Q3, the annual license shows some strong growth. I’m sorry. I was commenting about perpetual license. In terms of perpetual license, Q3 shows a strong growth compared to Q3 last year.
Year-to-date, it’s not the case. As you know, the perpetual license, they land where they land, and they have actually a significant impact. It still remains like a fairly small line for Planisware, a small line that we want to maintain because it’s serving some specific purpose for some customers. Do we expect some additional perpetual license in Q4? Yes. There is sometimes a budget flush that happens. It was commented previously. It’s much less predictable for when exactly they land. In terms of the annual licenses, as you know, it’s a new line of revenue that we introduced last year. We do expect this line of revenue to improve. It has a little bit of the same effect that we would see on the perpetual licenses, depending on where it will land as well.
It may impact a quarter, and just some slight delay or acceleration will move things around. As for 2026, yes, we commented. We’re very confident in our model. We are very confident in our competitive positioning in the talent that we have in the company. We do expect that we will go back to the level of growth that we’ve seen in the recent past years. As you mentioned, it’s really to give guidance for 2026. It will be dependent on the level of signatures that we will be doing in the coming weeks.
Okay. Thank you, Loïc.
Conference Operator: As a reminder, if you wish to register for a question, please press star and one on your telephone. The next question is a follow-up from Gustav Froberg, Varenberg. Please go ahead.
Hi again. Thank you. Just a quick follow-up from me. You mentioned you’ve been quite cautious on price increases this year, perhaps not putting up prices as much as you could have done. Is this a strategy you intend to change going into next year, perhaps following some of your peers in terms of prices and price changes? Do you intend to keep your pricing strategy flat versus 2025?
Loïc Sautour, CEO, Planisware: Thank you for the question. As you know, we’re back into our price increase, essentially inflation. The reason why we do that is because we are a long-term partner to our customers. We believe it serves our purpose on the long term. We’ve seen many of our customers, and actually some prospects as well, that were taken in a bad situation where they have some very large price increase. That’s not something that we want to do. We are here for the long term with our customers. In the foreseeable future, we are expecting to stick to our inflation-based policy in order to grow and harvest the result of this partnership that we do with our customers.
Great. Thank you.
Conference Operator: The next question is from Clément Bassa, Fortampark. Please go ahead.
Good morning, Loïc. Thank you for taking my question. Just to have in mind that a third of your SaaS revenue comes from new logos and two-thirds from your current clients, and I’m wondering what is the new ratio today? Also, with little growth on the evolutive support, how will you fuel the growth of the SaaS in the upcoming quarter? Should we expect a hard landing, single digit on the SaaS, or you are confident about the recent signature that will offset this effect with the SaaS still above 15%? Thank you.
Loïc Sautour, CEO, Planisware: We are quite confident on the growth in our SaaS. The elongation of the different cycles is impacting both new logos as well as existing logos as well. It’s true it’s quite visible on the evolutive support line this quarter. What drives some optimism here, but yet we remain cautious, is the new logos that we’re securing at the moment. They will start with implementation, and then they will drive some evolutive support as well.
All right. Thank you.
Conference Operator: The next question is a follow-up from Ben Castillo, BNP Paribas. Please go ahead.
Thank you. Yeah, just one quick follow-up. I just wondered on net retention rates. Could you help us out with how they’re trending over the last 12 months? Obviously, in the past, it was very strong, kind of over 120%. Just wondering how that’s trended in the last few quarters. Thanks.
Loïc Sautour, CEO, Planisware: Yeah. The overall revenue that I commented earlier, because the growth is coming from new logos and existing logos, the growth has actually been a bit lower. The net retention rate has also gone a bit lower as well because of the same thing. The delay of the decisions is impacting the net retention rate as well. What is good to look at as well is the churn rate. The churn rate remained extremely good. This is really due to the fact that our solutions, our mission, are critical for what our customers do. Even in an environment that can be a bit tensed, our churn rate has remained really, really well positioned.
Got it. Thank you.
Conference Operator: Gentlemen, there are no more questions registered at this time. I turn the conference back to you for any closing remarks.
Loïc Sautour, CEO, Planisware: Thank you for attending. Please follow up with Benoît de Mesclos if you have any additional questions. Thank you.
Conference Operator: Thank you. Ladies and gentlemen, thank you for joining. The conference is now over, and you may disconnect your telephones.
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