Planisware (AO) | Buy | Q2 Preview: acceleration intact

研报英文原文证据摘录

Planisware (AO) | Buy | Q2 Preview: acceleration intact

Planisware Buy | Target Price: EUR26.00

Evolutive support improves sequentially (low-to-mid single digit) as the Q1 resource reallocation to new-logo onboarding normalizes, a

positive signal on recurring quality.

H1 profitability: we expect Adj. EBITDA EUR36.3m, 34.9% margin (−94bps YoY) and Adj. FCF EUR33.5m, 92% cash conversion. Both step

down YoY by design, the implementation-heavy H1 dilutes mix and drags working capital, and should recover in H2 as implementation

fades and high-margin recurring reasserts. This is a healthier growth cycle, not a structural margin issue.

FY26 expectations & guidance: We model +12% cc revenue growth (EUR217m) and Adj. EBITDA of EUR79.9m (c.37%

margin), with profitability recovering through H2 towards management's c.37% target (vs. 37.4% in FY25). We view the official

guidance of "low double-digit cc revenue growth, c.37% EBITDA margin and c.80% cash conversion" as deliberately conservative.

With trading having started the year well, management appears to be retaining a cautious stance given US and broader macro

uncertainty. As visibility improves, we see scope for a guidance upgrade during the year, which would support both our estimates

and the case for upward consensus revisions.

Read-across : the comparable-window tape is supportive — ATOSS (closest comp) flagged sustained cloud-subscription

momentum and AI-driven margin upside, Veeva confirmed no deterioration in pharma spending, Procore pointed to resilient

enterprise project budgets and high retention, and monday/Atlassian both signalled enterprise demand holding firm with no sign

of AI cannibalizing software budgets; the one transferable caution to watch in Planisware's commentary is ATOSS's flat new-