Good morning, and thank you for attending our call on Planisware's Q1 2026 revenue. This is Loïc Sautour speaking. Exceptionally, I will share this presentation with Benoît D'Amécourt, our head of investor relations, because before we begin, I'd like to share a piece of wonderful news with you all. Stephanie Pardo, Planisware CFO, who I usually share this presentation with, recently welcomed a newborn baby, and she's taking some very well-deserved time to be with our family during this precious moment. On behalf of the entire OpenSquad team, we send her, our baby, and our family our warmest congratulations, and we definitely look forward to welcoming her back when the time is right. Following our presentation, we will open the floor for your questions. So starting now with the key highlights of this publication. I am pleased to report a strong start to the year with revenue up 13.6% year on year in constant currency, leading to a 51 million euros reported figure. This performance is in line with our plan trajectory to achieve loadable digital revenue growth in constant currencies for the full year. This is also in line with the planned acceleration to our historical growth level and initiated mid 2025 after having been heavily impacted by the U.S. tariff and the related high uncertainty that affected our customers and prospects. Revenue growth in Q1 has been particularly driven by new implementation, which grew very strongly, even at an even higher level than in Q4 last year, which already benefited from the onboarding of many new customers. The current new implementation workload that we have to deliver is nothing like anything we've ever experienced before. It is reflecting an unprecedented level of new logo signatures, which we achieve at the end of 2025 and at the start of this year. To deliver this as fast as possible and to be in a position to start upselling these new accounts, and to fully benefit from the full SaaS and hosting revenue, we postponed, when possible, our Evolutive Support task to free up resources to this implementation. While it mechanically impacts the Evolutive Support revenue evolution, our ability to catch this up later and the benefit to have these new customers happily moving toward mode is clearly a net positive. Third, we continue to shape the future of strategic portfolio management with our latest AI-powered capabilities. It's now available to our customers across our Unify platform. This is generating strong client interest and reinforcing our competitive differentiation. We keep investing to ensure our platform remains at the forefront of what organizations need to make better and faster decisions in complex environments. The introduction of our latest AI for World capabilities keeps driving a strong demand from both existing and new clients for advanced PPM and SPM solutions that provide visibility and agility in a volatile environment. This translates in a still growing pipeline, even after the high level of signature that we recently achieved. At this time of the year, and given the current global environment, which still has some uncertainties, we remain confident, yet cautious, in confirming our loadable digital revenue goals objective for the year, along with our profitability and cash conversion targets. On this slide, I'd like to illustrate the continuation of our geographic expansion. In Q1, we opened two new offices in key markets to get closer to our client and to accelerate local growth. In Italy, the opening of a direct local presence in Roma is making a significant step in reinforcing our commitments to one of the region's most dynamic industrial markets, where we already have active clients in life sciences and energy, two of Planisware's top-scoring vertical. Italy represents a high-potential market for Planisware, driven by a strong industrial base, internationally active groups, and increasing demands for more structured governments of investment and transformation programs. The new local presence will enable Planisware to work more closely with Italian clients, supporting both private and public sector organizations in aligning strategy, execution, and financial performance. In Vienna, the opening of our Australian office marks a strategic step in deepening our presence across the dark region and building a gateway into central European market. Austria is home to a strong base of international active industrial group in energy, automotive supply chain, engineering, and life sciences. That's where demand for structural portfolio governments is accelerating. With several major clients already at quarter or regionally managed from Vienna, this local presence will allow us to serve them with greater proximity and to capture new opportunities in a market that represents significant potential for Planisware. Now, Well, let me talk about what we call exchange. Every year, we gather the key project portfolio stakeholders from our clients to foster a collaborative environment. This is not just an opportunity for us to connect with our customers, it's also for our customers to connect with each other. This event is very well named, as it truly embodies the spirit of exchange, the platform for sharing knowledge experiences and innovation our clients are our best ambassadors spreading the world of mouths and sharing their exceptional success stories with spanish square this year we held our north american exchange in denver gathering about 200 customers from across our global community it's a testament to the strength of our relationship and the relevance of our platform. It was a tremendous success with an incredible attendance. The energy and enthusiasm was so high as we came together to share best practices, to celebrate successes, and to discuss emerging market trends. The theme of this discussion was maximizing value and velocity with SPM, AI, and power metrics. Once again, this year's session provided hands-on experience allowing our clients to see first and the innovative solution we are developing to meet their needs and one of the highlights of the current conference was the live demos showcasing our latest features and in particular our ai powered unified platform coupled with incredible customer success testimonials. Several of our top customers, such as PepsiCo or Pfizer, shared their ROI stories showcasing their use of Planisware AI's capabilities. We will hold the European 2026 edition in Paris mid-June. Now, these events consistently accelerate the expansion conversation that drives our net retention rate. And that I would like to develop on the next slide. So we know that at PlaniSquare, lending new customers is only the very beginning of the story. Indeed, more than just getting new customers, we are able to systematically expand usage of our SaaS platform and thus our revenue beyond the initial purchase. emphasized by a strong retention rate on our recurring revenue. Now, this slide illustrates the past success of our land and expense strategy. When a new client comes with an initial software purchase, we use our evolutive support offering to help those clients to better leverage their penny square capabilities, to leverage new modules, upselling, fostering adoption and expansion across the organization. Thus, we are able to drive a much more significant SaaS revenue expansion thanks to this evolutive support. Dollars spent by clients in evolutive support services translate into further spent in SaaS. This creates a virtual circle of increased SaaS usage and recurring revenue far beyond the initial purchase. Now, this phase can last from one to five years, depending on client needs, and sometimes it lasts for decades. But expanding is not the end of the story either. At Plany Square, we have proven our ability to retain our customers over a very long period of time, maximizing the lifetime value of our relationship with them as a standardized workflow on our platform, pulling the cross-sales to other departments or other pillars. This slide clearly illustrates the fundamental quality of our business model, the sustained and consistent expansion of revenue across our customer base over time. Looking at revenue contribution by customer cohort, you can see that our most established cohort continues to grow at a healthy CAGR. This reflects the stickiness of our platform, as shown by the particularly low churn rate, the depth of value we deliver to clients, and the long-term nature of our relationship with an average tenure of 11 years for our top 20 customers. Importantly, our most recent cohort are already demonstrating strong growth of trajectories. This gives us confidence in the long-term revenue expansion potential of the contracts signed in recent quarters, including the significant volume of new contracts signed last year and that are currently being implemented. I will now leave the floor to Benoit to detail the Q1 revenue evolution by activity streams.
Thank you, Lorik, and good morning to all. As usual, in order to reflect the underlying performance of the company, independently from exchange rate fluctuations, I will focus my comments on revenue evolution in constant currencies which means applying q125 exchange rates to q1 2026 revenue figures a fixed effect was almost fully led to the us dollar 10 percent year-on-year depreciation versus the euro which accounted for 2.6 million euros out of the 3 million of total fx effect the rest came mostly from the Japanese yen, 13% year-on-year depreciation versus the euro. Q1 2026 marked a further step in our growth acceleration, significantly fueled by the numerous new logos signed over the last month. Together, they contributed to circa 60% of Q1 recurring revenue growth. As a comparison, they contributed to only circa 30% of recurring revenue growth in the entire year 2025. In the meantime, expansion of historical customers continued to be a strong contributor to growth, representing circa 40% of recurring revenue growth in Q1 2026. All in all, recurring revenue reached 46.3 million in Q1 2026, up by 11.5%. As usual, the key driver of revenue performance is our SaaS model, which represented 82% of total revenue and grew by 5 million or 13.2% fueled by new customer wins as well as continued expansion within our large instant base. The standout was SaaS and hosting, which posted a solid 20.5% increase, re-accelerating towards historical growth levels. This reflects the flow through of recent contract signings into live SaaS deployment. North America was clearly the main contributor to that growth with the onboarding of new customers such as General Motors, Regeneron, or Desjardins coupled with upsells to existing customers such as T-Connectivity, Elilili, or Ford. Europe also grew nicely with new customers such as G-Ivernova in France, Homovio in Germany, as well as the migration to SaaS of an important customer in Switzerland. Support activities also in recurring revenue grew by 3%, including 4.8% growth in evolutive support. As explained by Loic, this lower performance than usual is intentional as we prioritize initial implementations for new logos and reallocated support resources accordingly. We expect support growth to normalize once these implementations are completed, as it remains particularly necessary in these times where our clients further rely on TANISWARE to adapt fast to the up-term context and to embrace the new AI capabilities of our platform. The second growth driver in this past quarter was clearly implementation research 64.8% as we ramp up the deployment of the large volumes of contract signed at the end of 2025 and early 2026. To provide some color on these volumes, we noted that we worked in Q1 on 29 implementations generating at least 50 000 euros each versus 17 in q1 2025 it represents a 70 percent increase in number of meaningful deployments this implementation's momentum is a strong leading indicator of future recurring staff and evolutive support revenue as customer complete deployment and inter-production. We expect this pattern to persist at least in Q2 and part of H2, depending on the level of additional new logos signed in the coming months and our ability to deliver fast implementation. On the other hand, perpetual licenses, which represented less than one percent of our total revenue in Q1, declined by 49.1 percent or minus 0.4 million in the quarter. This is fully consistent with the end of our SaaS transition as already reflected in 2025 figures with perpetual licenses done by 21%. Pure perpetual licenses fall drives mechanically less revenue in maintenance. As a result, maintenance revenue was done by 1.5% in Q1 or minus 0.1 million euros. On the next slide, let's see how these evolutions are shaping our review mix. The outstanding Q1 performance in implementation prioritized on evolutive support slightly reduced the weight of the recurring revenue, even if it remains at a strong 91 percent level. Going forward, we expect to continue to drive review mix towards more and more recurrence and profitability led by the faster growth of a for highly profitable SaaS operations. Indeed, the SaaS model represented 82% of total Q1 revenue, while it was 81% for the entire year 2025. Within the SaaS model of Planisware, the SaaS and hosting revenue line itself represented 51% of total revenue in Q1. This is the first quarter ever it exceeds half of the total revenue. On the opposite, the non-recurring revenue represented only 9% of total revenue, with the very strong growth of implementation compensated by the declining weight of fair federal licenses, lower than 1% of total revenue in Q1. I now give the mic back to Loic for closing remarks and a reminder of the guidance.
Thank you, Bernard. Now, let me turn to our outlook for 2026. Thanks, considering the strong start of the year, our continued commercial momentum and a solid pipeline on one hand, and a global environment that remains particularly volatile and uncertain, especially with U.S. dynamics that are very difficult to anticipate on the other hand, Planisware confirms all its 2026 objectives. We are targeting a low double-digit revenue growth in constant currency. We remain committed to an adjusted EBITDA margin of approximately 37% of revenue and a cash conversion rate of approximately 80%. We will continue to invest for long-term growth while maintaining the strong profitability profile and best-intached cash conversion that defined our business model. We are confident in the resilience of our recurring revenue model, and we continue to execute with discipline across our three strategic priorities, geographical expansion, continuous innovation, and financial rigor. In summary, Q1-2026 showed that Penny Square can do growing SaaS revenue, onboarding an unprecedented cohort of new clients, and doing so while maintaining the operational and financial discipline that define the group. It also confirmed that the growth acceleration we initiated after the low point of Q2-2025 is on track, driven by strong implementation momentum and a re-acceleration of SaaS and those teams. Our commercial teams remain highly active. AI capabilities are reinforcing our competitive positioning, and we confirm all our 2026 objectives. Now, thank you for your attention. Benoit and I are now happy to take your questions.
Operator
Thank you. As a reminder, to ask a question, please press star 11 on your telephone and wait for your name to be announced. To answer your question, please press star one and one again. We will now take the first question from the line of Javon Chisholm from UBS. Please go ahead.
Good morning, Loic and Benoit. And please forward my congratulations to Stephanie. That's great news. My first question is just around the commercial momentum. did you see any elongation of the sales cycles in the first quarter as you saw this time last year during spikes of geopolitical uncertainty? And if you didn't, could you explain why you think that that might be the case this time round?
My second question is just on what you have baked in for the remainder of the year in your guidance ambitions based on what you've reported in the first quarter and then your current pipeline and expected wins and then any detail around revenue performance by pillar and geography would also be interesting thank you okay so to for the first part of your question about the commercial elongation and clearly there is an uncertain world at the moment that we see but it's nothing like what we've seen in the first quarter and last year the first quarter and and beginning of second quarter last year. Why? I think it has to go back to what we are doing. The need to properly manage projects and portfolios of projects that are absolutely necessary to reposition and organization, to adapt changing the world, to adapt to the need of AI in digital transformation. So there are projects everywhere. And so some companies, what was interesting last year is that our customers were very well positioned to address the challenging time that was ahead of them. The ones that were not customers, that could not have an eye on their project and on their portfolio, were the ones that got caught last year, not having the type of solution that we do. And so I think this year that the impact is not as much because of that. In terms of what we've baked into our guidance, we remain optimistic, yet cautious, because it's hard to read the current geopolitical environment and its evolution. and the impact on the year. Now, in terms of revenue by geographies and industries, clearly we've seen a very strong acceleration in North America, stronger than what we've seen in the rest of the world, followed by Europe, which has been strong as well, but not as much. And Europe is a bit diverse, depending on the country. And maybe we've had some, in terms of growth, we've had some impact in Japan last year, which is still growing, but not at the same rate. And in terms of industries, we've got a very good traction in everything that is digital transformation and industries like banking and insurance and financial services have been growing very strongly. And after our core market continues to have very strong support in life science, automotive and energy. Energy was particularly strong at the beginning of the year. Thank you very much.
Operator
Thank you. We will now take the next question from Delano Frédéric Boulin from Bank of America. Please go ahead.
Hey, good morning, Louis and Benoit. If I can maybe follow up on the first question around anything in particular you want to point out from a phasing standpoint after Q1, as you mentioned, a strong start from a revenue standpoint. Secondly, you mentioned in February that some IT budgets had been consumed by AI initiatives at some of your clients and that impacted deal flow. Is it still a factor or do you see clients increasingly moving ahead with Spanishware? And then, thirdly, any comment around your margin? I know it's not a margin quarter, but guidance of 37%. Last year, you were a bit higher than that. Any specific moving parts to call out the limits of earning leverage in 2026?
Fred, I'm very sorry. Can you repeat the first part of your question?
Yes. Yeah, my question was, you know, after Q1 revenue growth, any specific phasing, you know, items you want to call out for the rest of the year? So when we look at the next few quarters, considering your full-game items.
Yeah, I mean, really we had a very, very strong start of Q1, particularly strong due to the high level of signature that we commented at the tail end of 2025 and has been very interesting that the level of signature did continue at the beginning of the year so in term of profile we do expect that it's a high profile in this Q1 and the normal cadence that we have in normal yield means that it's usually a strong stall and a strong finish. So that's what we baked into our guidance. What the comment that we've made in February about some of the IT budget being consumed by AI was for the earlier part of 2025, where we noticed that our customers had some budgets consumed toward what we called anything AI. They wanted to do anything AI, which was not necessarily tied to some business objective, business goal, business values that were identified. What we are noticing today is that we are back to having customers wanting to leverage AI, but demonstrating value, showcasing values, which is much more aligned with what we are bringing to them. As I commented earlier, we have had some real customer use cases where they showed the outstanding value that they were getting from Planisware using Planisware AI capabilities. And that is exactly what people want now is to see how does that translate into their operation? How can they benefit from it? How can they get the value? And how can they ensure that everything is adopted properly so that they can maximize this value? So now what we are seeing, especially with our evolutive support, is like more and more customers want to benefit from those AI capabilities that we have. So we have an outstanding level of demand at the moment on those AI capabilities.
Yeah, and maybe, Fred, on your question on margin and the margin guidance, so it implies more or less stability of our profitability in 2026 compared to 2025, you know that the main driver for growth improvement is coming from the Roses-du-Minks implementation, which is clearly driving the growth this year uh is not the most profitable lines of our revenue clearly not so it compensates i mean the the profitability improvement that we planned for 2026 is not at the level of what we delivered in 2025 and and 2024 due to the weight of implementation but the is still working on and there is no reason to improve our profitability so this guidance may be considered as a bit cautious thank you we will now take the next question from the line of Hugo Paternoster from Kepler-Sevrae please go ahead hello good morning gentlemen can you can you hear me well yeah very well Great.
Thanks for the presentation and taking my question. I will limit myself to three questions. And the first one is trying to have a bit of color on the mix between your products, between enterprise and orchestra. How is it evolving in terms of momentum by customer? What are you seeing at the moment? The second question would be on the market. Where are you seeing your competition now in terms of market share? Do you think you take market share versus Plainview, ServiceNow and Atlassian? Just wonder how are you seeing that? And the last question is mainly on the implementation work. You basically showed a strong start in Q1. If I understood well, you expect it to last at least until Q3. How will you manage the potential bottleneck, and will it imply, I don't know, more recruitment for this year? That would be my free question. Thank you.
Thank you for the question. In terms of our mix of products, But we previously shared the enterprise in terms of revenue is much larger than orchestra. Orchestra as mid-market solution in terms of revenue is much lesser. So the rule of thumb that we have, it's more like the average customer size when they are on a single product is 1 to 10 rule of thumb. And that mix is staying in that level. In terms of market share, what's very interesting at the moment is that if you look at the different solutions out there, AI is really helping us to push into early retirement some of the legacy providers that were still used out there. So the type of solution that we provide are extremely sticky, and there are some very old solutions that are still out there that now are being forced to be replaced. So we have a momentum coming from there. And in terms of positioning with our competition, not necessarily going into detail with the name you mentioned, but clearly our platform approach, our unified platform approach in which we have deeply embedded AI algorithm is a competitive advantage that we constantly showcase and that is being seen by our during our sales cycle by our customers but that by our prospects as well and finally in term of implementation you're right that's what a very very strong start which is great because those new logos that we are getting now are really gasoline for the future and you're that it does put some constraints in how we deliver that, that's why we prioritize some of our delivery from evolutive support to implementation. In order to address the bottlenecks, we have two actions that we are currently The first one is yes, to hire more and to continue to hire long term. And the second one is to further leverage network of third parties, companies that we work with, on which we are expanding as well.
Okay, and that's to do that, Claire. Thank you.
Thank you. we will now take the next question from the line of Clément Bassa from BMP please go ahead hello thank you for the presentation and from taking my question basically the first one was already addressed about this what I make between implementation and evolutive support however I have a question about AI some such editor are deploying AI agent to perform some easy task like Cloud Cowork and I guess your IR today is mostly predictive and generative to help your client so I'm wondering if you intend to invest in AI agents which are from my view the main risk for a SAS editor thank you yeah thank you for the question because it does allow me to clarify that actually Planisware has deployed and hold out an AI all-purpose agent. As a matter of fact, what we have seen at our exchange is not only that it's a capability that we have brought to our customers for quite some time already, but what we've given in exchange is the return of an experience of our customers leveraging PlaniSquare AI agent, and it's not capabilities that we're planning to deliver, it's capabilities that we have delivered on which we have real customers, real use case that have rolled out those capabilities and that are using those capabilities every day across their organization. All right. Thank you very much.
Operator
Thank you. We will now take the next question from the line of Gustav Robert from Berenberg. Please go ahead.
Perfect. Thank you very much for taking my questions as well. I just have two, please. The first is on your pipeline. I know you mentioned that the pipeline still remains full despite all the signings at the beginning of the year. but do you have any more color for us in terms of how that pipeline has progressed into q2 and what visibility you have on on new leads etc and the top of the funnel and then the second question around implementation and bottlenecks there do you see any room for or potential for the company to use your own ai solutions or any other kind of ai capabilities to really enhance your uh your implementation and to speed up some of the processes there uh that's it thank you yes thank you yeah you're right so the pipeline um uh did um empty itself a little bit at the
at the tail end of 2025 positively very positively um uh when when opportunities turn into those new customers that we've commented and and at the beginning of the year this year the the pipeline did replenish itself with some new opportunities that are moving across the pipeline similarly as what we've commented previously the the smaller opportunities have a tendency to move faster, and we do have some large opportunities that are currently worked in this pipeline and that are progressing at a normal pace. In terms of implementation, you're absolutely right that we leverage our AI more and more. It's changing so rapidly the capability of what we can do. And we have, in terms of implementation, what we constantly want to do is shorten the time to value for our customer. And you're absolutely right that we do already leverage our own AI capabilities is to accelerate implementation time to make them faster. And this trend will absolutely continue in the future. Great stuff.
Operator
Thank you. As a reminder, to ask a question, please press star 1 and 1.
Our next question comes from the line of nicola from auto bhf please go ahead yes hi uh thanks for taking my question i have just only one quick question sorry if i missed some part of the presentation but on recurring revenue expectation for 2026 um given the strong order intake over the last month and the growth in professional services should we mechanically expect a further acceleration in sass and hosting revenue as implementation progress and projects go live or do you see growth remaining broad in line with the q1 2026 growth rate maybe to put it another way do you think the growth in sas and q1
already fully reflect the strong level of signings at the end of 2025 or should we expect the gradual build-up over the year thank you no I think overall the when we sign new logos then they embark and we start seeing over new soon after and over new goals that we've seen that interesting comes from some new logos but also a lot about upsell and cross-sell so the level that you see in q1 is the level that we should expect to remain in the coming quarters as well coming from additional user goals but primarily coming from upsell and cross-sell of the previous implementation that we've seen historically And as we demonstrated earlier from the co-op presentation that we've done, that is coming from all of our historical customers, given the extremely low churn rate that we have, less than 2%, that continues to fuel. Okay, thank you, Loic.
Operator
Thank you. There are no further questions at this time.
I would now like to turn the conference back to Loic Soutour and Benoit Demecourt for closing remarks. yeah thank you thank you very much thank you for your attendance very happy to to see you later on on the road and as usual I am available for any follow-up question do not hesitate to contact me thank you and have a good day thank you
