Planisware: SaaS Reaccelerates by 20% in Q1, but the Dollar Weighs on Growth

Revenue Details and Drivers

First quarter 2026 revenue reached 51.0 million euros, increasing by 7.4% at current exchange rates and 13.6% at constant exchange rates. This growth is driven by a marked acceleration of the SaaS model, which showed a growth of 13.2%. Specifically, the SaaS and hosting segment recorded a 20.5% increase, returning to its historical levels. Recurring revenue, which represents 91% of the total (compared to 92% a year earlier), amounted to 46.3 million euros, up by 11.5%. This growth comes from approximately 60% new customers and 40% expansion among existing clients. The implementation segment, meanwhile, jumped by 64.8%, supported by the deployment of recently signed contracts. However, maintenance revenues declined by 1.5%, reflecting the group's transition to its SaaS model, while perpetual licenses contracted by 49.1%.

Continued Growth Amidst Economic Constraints

The growth shown in the first quarter continues the acceleration begun after the low point of the second quarter of 2025. Loïc Sautour, CEO of the group, highlighted that the quarter was marked by strong commercial dynamics, fueled by the demand for solutions offering visibility and agility. The group also mobilized its teams for the rapid implementation of new contracts, which explains the marked increase in implementation revenues. However, the macroeconomic environment remains constrained: the group recognizes that the American dynamics are particularly difficult to anticipate. This volatility has already manifested through negative exchange rate effects in the quarter, notably the depreciation of the US dollar and the Japanese yen against the euro, reducing the growth shown at current rates to 7.4% versus 13.6% at constant rates. The support segment grew by only 3.0%, as the group prioritized the allocation of its resources towards the initial implementation of new clients.

Navigating Positive Dynamics and External Uncertainties

Faced with a mix of positive dynamics and external uncertainties, Planisware has confirmed all of its targets for 2026, including double-digit revenue growth at constant exchange rates. The group affirms its determination to maintain strong profitability and a high level of cash generation, while continuing its strategic investments in geographic expansion and innovation. With a solid commercial pipeline and recent AI features generating notable commercial interest, the group has a foundation to support its trajectory. For investors, the main challenge lies in Planisware's ability to maintain this acceleration of its SaaS model while absorbing external shocks related to exchange rate fluctuations and macroeconomic volatility.