Q2 2026 wrap: back to mid teens growth territory, PO up to €30, Reit Buy

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Planisware SA

Q2 2026 wrap: back to mid teens growth

territory, PO up to €30, Reit Buy

Reiterate Rating: BUY | PO: 30.00 EUR | Price: 23.10 EUR

Solid growth outlook continued

03 August 2026

We reiterate our Buy rating on PLNW post a strong Q2. Q2 revenue came 2.7% ahead of

css, up +16% c.c., accelerating from +13.6% c.c. in Q1. Commercial momentum

continues with strong bookings and new logos. H1’26 EBITDA was up 11.4% YoY, a 2.4%

beat vs css, with margins of 36% up 20bps YoY. FCF increased 25.3% YoY, with 108%

cash conversion. We reiterate our Buy rating on strong revenue and EBITDA growth

profile at 15% and 16% 2028 CAGR respectively, c.6pp above the sector, with complex

integration and workflows offering protection from AI disruption. PLNW is trading at

14.5x 2027 EBITDA / 4.3% FCFE yield post SBC. PO up to €30 from €28.

Equity

Earnings call key takeaways: macro, margins and AI

1/ Macro: demand remains resilient across geographies and solution areas despite

ongoing macro uncertainty. No signs of deterioration in customer activity. 2/ Pipeline:

confidence in H2 remains high, strong pipeline and elevated implementation activity

following recent new-logo wins. 3/ AI: AI capabilities supporting competitive

differentiation and customer engagement, adoption of AI agents growing and

contributing to commercial success, monetisation remains at an early stage, with Prisma

set for beta launch in September under a tiered pricing model. 4/ Margin:

implementation-led growth dilutive to margins, expect continued efficiency gains

despite ongoing investment in hiring, R&D and sales capacity to support margin

expansion.

Guidance raised, upgrades to forecasts. PO up to €30

2026 guidance raised with 1/ at least +13% revenue growth cc vs. low double‑digit

previously (consensus was 10.8% reported; BofA 11.1% reported, 12.5% cc); 2/ adjusted

EBITDA margin upgraded to “at least the level reached in FY 2025”, implying 37.4% of

revenues vs c.37% previously (css 37.2%, BofA 37.4%), and 3/ a cash conversion rate of

c.80%. We raise 2026 revenue growth expectations from 12.5% to 13.7% to reflect the

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