H1 2026 eve ue eachi g € 106.1 millio ; +14.8% i co sta t cu e cies, accele ati g i Q2 (+16.0% i cc) compa ed to Q1 (+13.6% i cc) Sustai ed comme cial t actio with st o g dema d f om existi g clie ts a d p ospects fo adva ced solutio s p ovidi g visibility a d agility Adjusted EBITDA ma gi 1 up by +20 bps to 36.0% of eve ue eflecti g co ti ued ope atio al discipli e P ofit fo the pe iod up +32.0% yea -o -yea to € 28.6 millio St o g cash ge e atio with adjusted FCF * eachi g € 41.2 millio (up +25.3%) led by 107.8% cash co ve sio ate * 2026 objectives aised: At least +13% eve ue g owth i co sta t cu e cies (vs. low double-digit ate p eviously) At least the adjusted EBITDA ma gi * level eached i FY 2025 (i.e. 37.4% vs. c. 37% p eviously) Co fi med c. 80% Cash Co ve sio Rate *
Adjusted EBITDA* eached € 38.2 millio (up +11.4% vs. H1 2025), ep ese ti g 36.0% of eve ue, i li e with the pla ed t ajecto y fo the yea . The yea -o -yea ma gi imp oveme t by c. +20 basis poi ts is the esult of the t a slatio of eve ue g owth i to p ofit despite a less favo able mix effect tha usual elated to the st o g wo kload i impleme tatio , a i he e tly lowe -ma gi busi ess, coupled with co ti ued i vestme ts i hi i g to suppo t futu e g owth.
Ope ati g p ofit eached € 30.7 millio i H1 2026, up by +13.4% compa ed to H1 2025. The e was o Othe ope ati g i come & expe ses eco ded ove H1 2026. P ofit fo the pe iod amou ted to € 28.6 millio , up by +32.0% compa ed to H1 2025.
Cash ge e atio was st o g i H1 2026, with adjusted FCF
Dema d fo ou adva ced solutio s that b i g g eate visibility, agility a d co t ol to complex p oject e vi o me ts emai s st o g ac oss ou ma kets. I this co text, ou AI-powe ed capabilities a e fu the st e gthe i g the value of Pla iswa e’s u ified platfo m a d ei fo ci g ou diffe e tiatio with both existi g clie ts a d ew p ospects.
We delive ed this g owth while mai tai i g a high level of ope atio al discipli e mate ializi g i adjusted EBITDA ma gi imp oveme t a d ve y st o g cash ge e atio . These esults demo st ate the esilie ce a d scalability of ou model, eve i a global e vi o me t that emai s volatile a d difficult to a ticipate.
Looki g ahead, we emai focused o executi g ou st ategic p io ities: suppo ti g ou clie ts’ t a sfo matio s, expa di g i te atio ally, co ti uously i ovati g, a d p ese vi g ou st o g p ofitability a d cash ge e atio p ofile. Buildi g o a st o g fi st half a d co ti ued dema d fo ou solutio s, Pla iswa e aises its 2026 objectives while emai i g atte tive to a still-complex mac oeco omic a d geopolitical e vi o me t.”
| I € millio | SaaS & Hosti g | 53.2 | 45.6 | +16.5% | +20.7% | A ual lice ses | 0.0 | 0.1 | -93.3% | -93.3% | Evolutive suppo t | 28.1 | 27.2 | +3.2% | +7.2% | Subsc iptio suppo t | 5.7 | 5.9 | -2.7% | +2.2% | Mai te a ce | 9.2 | 9.7 | -5.2% | -3.0% | Pe petual lice ses | 1.3 | 2.0 | -31.5% | -31.5% | Impleme tatio & othe s o – ecu i g | 8.6 | 5.3 | +62.6% | +69.1% |
* Reve ue evolutio i co sta t cu e cies, i.e. at H1 2025 ave age excha ge ates
Reachi g € 106.1 millio i H1 2026, eve ue was up +10.8% i cu e t cu e cies a d +14.8% i co sta t cu e cies. Ove H1 2026, the €-3.8 millio excha ge ates effect mostly elated to the dep eciatio of the US dolla as well as, to a lesse exte t, the Japa ese ye , ve sus the eu o a d was mostly co ce t ated i Q1 (€-3.0 millio ). I o de to eflect the u de lyi g pe fo ma ce of the Compa y i depe de tly f om excha ge ate fluctuatio s, the followi g a alysis efe s to eve ue evolutio i co sta t cu e cies, applyi g H1 2025 ave age excha ge ates to H1 2026 eve ue figu es, u less exp essly stated othe wise.
Rep ese ti g 91% of H1 2026 total eve ue ve sus 92% i H1 2025, ecu i g eve ue eached € 96.2 millio , up +12.6%. Ci ca two thi ds of eve ue g owth came f om ew custome s (i.e. co t ibuti g to eve ue fo less tha 12 mo ths), i pa ticula tha ks to go-lives a d amp-ups of ew logos wo at the e d of 2025 a d impleme ted i H1 2026. Expa sio of existi g custome s emai ed a st o g co t ibuto to eve ue g owth a d ep ese ted ci ca o e thi d of ecu i g eve ue g owth ove the fi st semeste . This co t ibutio to eve ue g owth of the i stalled base a d the elated NRR was sig ifica tly lowe i H1 2026 compa ed to histo ical levels. This is due to eco d ew-logo wi s at the e d of 2025 a d to the cu e t focus of Pla iswa e’s teams o o boa di g ew custome s limiti g the ability to up-sell histo ical custome s. As ma y i itial impleme tatio s a e bei g completed, the G oup expects a ebala ci g of the co t ibutio to g owth of ew vs. existi g custome s i H2 2026 a d a sig ifica tly highe NRR compa ed to H1.
H1 2026 ecu i g eve ue i c ease was d ive by +14.6% g owth of Pla iswa e’s SaaS model (i.e. SaaS & Hosti g, A ual lice ses, a d Evolutive & Subsc iptio suppo t) a d i pa ticula by SaaS & Hosti g solid +20.7% eve ue g owth led equally by ew logos a d existi g custome s.
Reve ue of suppo t activities (Evolutive & Subsc iptio suppo t), i t i sically elated to Pla iswa e’s SaaS offe i g, g ew togethe by +6.3% ove the semeste , accele ati g f om +3.0% i Q1 to +9.6% i Q2, d ive by suppo t fo the deployme t of ew logos impleme ted ea lie i the semeste . I pa allel, the G oup emai ed focused i Q2 o delive i g the i itial impleme tatio of ew logos a d co ti ued to allocate suppo t esou ces to that e d.
Mai te a ce eve ue was dow -3.0% i the co text of the G oup’s shift f om its p io Pe petual lice se model to a SaaS model.
No – ecu i g eve ue sig ifica tly g ew yea -o -yea (+41.9%) with a co t asted t e d betwee Pe petual lice ses dow by -31.5% o the back of the G oup’s shift to SaaS a d Impleme tatio st o gly up by +69.1% d ive by ume ous i itial impleme tatio s elated to eco d ew-logo wi s at the e d of 2025 a d ea ly 2026.
| I € millio | Eu ope | 53.1 | 45.5 | +16.6% | +17.0% | No th Ame ica | 44.2 | 41.6 | +6.3% | +13.4% | APAC & ROW | 8.8 | 8.6 | +2.2% | +10.2% |
* Reve ue evolutio i co sta t cu e cies, i.e. at H1 2025 ave age excha ge ates.
I H1 2026, all key geog aphies co t ibuted to Pla iswa e’s eve ue g owth:
- Rep ese ti g 50% of H1 2026 G oup eve ue a d 55% of total eve ue g owth, Eu ope posted healthy g owth at +17.0% with all key cou t ies co t ibuti g to g owth a d a good bala ce i the co t ibutio f om existi g custome s a d ew logos.
- With a healthy +13.4% eve ue g owth led mostly by ew logos, No th Ame ica co t ibuted 42% of total eve ue a d 39% of total g owth i H1 2026.
- Pla iswa e’s g owth i APAC & Rest of the Wo ld of +10.2% esulted f om a st o g comme cial mome tum, i pa ticula i Aust alia, Japa , a d the UAE, but emai ed impacted by the sig ifica t eductio i eve ue f om o e la ge Asia gove me tal digital age cy. The egio ep ese ted 8% of total eve ue i H1 2026.
| I € millio | P oduct Developme t & I ovatio | 57.8 | 50.5 | +14.4% | +19.4% | P oject Co t ols & E gi ee i g | 27.0 | 22.1 | +22.3% | +25.2% | IT Gove a ce & Digital T a sfo matio | 16.2 | 16.3 | -1.0% | +1.6% | P oject Busi ess Automatio | 5.1 | 6.8 | -25.3% | -21.0% | Othe s | 0.1 | 0.1 | +16.6% | +20.1% |
* Reve ue evolutio i co sta t cu e cies, i.e. at H1 2025 ave age excha ge ates.
By pilla , eve ue g owth i H1 2026 emai ed co ce t ated i the two la gest a d histo ical pilla s; P oduct Developme t & I ovatio a d P oject Co t ols & E gi ee i g:
- P oduct Developme t & I ovatio (“PD&I”) d ives R&D a d p oduct developme t teams with a focus o compa ies i the life scie ces, ma ufactu i g a d e gi ee i g, automotive desig a d fast-movi g co sume goods secto s. I H1 2026, it emai ed Pla iswa e’s p i cipal pilla with 54% of total eve ue a d accou ti g fo 69% of total eve ue g owth tha ks to a st o g +19.4% i c ease esulti g f om both ew custome wi s a d the expa sio of offe i gs to existi g custome s.
- P oject Co t ols & E gi ee i g (“PC&E”) suppo ts p oductio teams i i dust ies with sophisticated p oducts, pla ts a d i f ast uctu e, such as ae ospace a d defe se, e e gy a d utilities, ma ufactu i g a d e gi ee i g a d life scie ces. It ep ese ted 25% of H1 2026 total eve ue a d 39% of total eve ue g owth. The +25.2% i c ease was well dist ibuted ac oss geog aphies.
- IT Gove a ce & Digital T a sfo matio (“IT&DT”) helps IT teams ac oss all secto s develop comp ehe sive solutio s to automate IT po tfolio ma ageme t, accele ate digital t a sfo matio a d simplify IT a chitectu e. IT&DT ep ese ted 15% of H1 2026 G oup eve ue a d modestly g ew by +1.6% d ive almost e ti ely by a ew logo i the ba ki g i dust y i No th Ame ica offsetti g lowe co t ibutio f om the i stalled base, otably f om o e la ge Asia gove me tal digital age cy.
- P oject Busi ess Automatio (“PBA”) suppo ts compa ies i all i dust ies that seek to i c ease thei eve ue-based p ojects a d e ha ce thei ope ati g esults th ough automated p ocesses. As Pla iswa e e te ed this ma ket mo e ece tly a d followi g a sig ifica t eve ue e osio f om the existi g custome base a d limited ew-custome acquisitio , PBA ep ese ted o ly 5% of H1 2026 total eve ue.
| I € millio | Cost of sales | -28.5 | -25.7 | +10.9% | Ope ati g expe ses | -46.9 | -43.0 | +9.1% | Othe ope ati g i come & expe ses | – | – |
* No -IFRS measu e. No -IFRS measu es i cluded i this docume t a e defi ed i the disclaime at the e d of this docume t.
Reachi g € 28.5 millio i H1 2026, cost of sales was up by 10.9%. As a pe ce tage of eve ue, cost of sales ep ese ted 26.9%, b oadly stable yea -o -yea with a less p ofitable eve ue mix evolutio compe sati g fo co ti uous ope atio al efficie cy a d scale gai s. As a esult, Pla iswa e delive ed a
R&D expe ses, co sisti g p ima ily of staff expe ses di ectly associated with R&D teams, as well as amo tizatio of capitalized developme t costs a d the be efits f om the F e ch esea ch tax c edit, ep ese ted 12.0% of eve ue (+30 basis poi ts vs. 11.7% i H1 2025) a d eached € 12.8 millio . Pla iswa e co ti ued to i vest sig ifica tly i R&D which be efits f om the deployme t of AI tools, boosti g R&D efficie cy a d Pla iswa e’s ability to leve age its R&D effo ts to p ovide i ovative p oducts a d softwa e solutio s, expa d its offe i g po tfolio a d p omote its offe i gs i the p oject ma ageme t ma ket. I H1 2026, capitalized developme t costs amou ted to € 2.0 millio , +40.3% compa ed to € 1.4 millio i H1 2025, eflecti g the ece t deployme t of ume ous R&D p ojects.
Reachi g € 19.5 millio i H1 2026 a d ep ese ti g 18.4% of eve ue (+20 basis poi ts vs. 18.2% i H1 2025), Sales & ma keti g expe ses i c eased by €+2.1 millio , o +11.8%, compa ed to € 17.4 millio i H1 2025, led i pa ticula by the ma keti g costs elated to the lau ch of ewly eleased Pla iswa e’s solutio s.
Rep ese ti g 13.8% of eve ue i H1 2026, (-120 basis poi ts vs. 15.0% i H1 2025), Ge e al & admi ist ative expe ses eached € 14.6 millio (i cludi g € 0.2 millio of fo eig excha ge losses vs. € 0.9 millio i H1 2025). Adjusted fo these fo eig excha ge losses, Ge e al & admi ist ative expe ses dec eased by -40 basis poi ts yea -o -yea as a pe ce tage of eve ue, mate ializi g scale effects.
As a esult of the above,
Rep ese ti g a p ofit of € 3.9 millio i H1 2026 compa ed to a loss of € 0.8 millio i H1 2025, fi a cial esult was p ima ily d ive by €+3.1 millio of i te est i come f om time deposits as well as ealized a d u ealized gai s o ma ketable secu ities.
I come tax expe se amou ted to € 6.1 millio i H1 2026, +30.2% compa ed to € 4.7 millio i H1 2025, b oadly i li e with the i c ease i p ofit fo the pe iod.
As a esult of these evolutio s,
Cha ge i wo ki g capital was €+16.0 millio d ive by subsc iptio co t acts billed i adva ce of the se vices e de ed. Capital expe ditu es totaled € 6.2 millio , ep ese ti g 5.8% of eve ue, compa ed to € 2.4 millio i H1 2025 (2.5% of eve ue), sig ifica tly highe tha the usual c. 3% level, due to the ope i g of ew datace te s, ea ly cash-out to a ticipate isi g RAM p ices a d mitigate pote tial delive y delays, a d € 1.5 millio elated to e ovatio a d efu ishi g costs i the G oup’s headqua te s. The G oup expects the level of capital expe ditu es to o malize at c. 3% of eve ue i H2 2026. Fi ally, tax paid i H1 2026 amou ted to € 6.8 millio compa ed to € 7.5 millio i H1 2025 which was impacted by payme ts elated to 2024.
As a esult of these eleme ts coupled with a imp oved collectio of i voices,
As of Ju e 30, 2026, except fo lease liabilities elated to offices a d datace te facilities which amou ted to € 18.2 millio (€ 17.6 millio as of Decembe 31, 2025 a d € 17.9 millio as of Ju e 30, 2025), Pla iswa e did ot have a y fi a cial debt. As a esult, the G oup’s
| Total umbe of employees by egio | Eu ope | 429 | 458 | 489 | No th Ame ica | 183 | 184 | 192 | APAC & ROW | 188 | 196 | 200 |
Total headcou t g ew by +5.1% (+43 employees) ove the fi st half of the yea a d by +10.1% (+81 employees) ove 12 mo ths.
Hi i gs i H1 2026 we e mostly located i Eu ope (72% total headcou t i c ease), the fastest g owi g egio ove the semeste a d was also elated to the ope i g of the Vie a a d Rome offices.
By fu ctio , hi i gs effo ts we e co ce t ated o suppo t a d p oductio teams (81% total headcou t i c ease) a d i Sales & ma keti g (23% total headcou t i c ease), as pa t of Pla iswa e’s g owth st ategy.
Co side i g the st o g sta t of the yea , the co ti ued st o g comme cial mome tum, a d a solid comme cial pipeli e o o e ha d, a d a global e vi o me t pa ticula ly volatile a d u ce tai o the othe ha d, Pla iswa e updates its 2026 objectives:
- Reve ue g owth i co sta t cu e cies: at least +13% (vs. low double-digit ate p eviously)
- Adjusted EBITDA ma gi *: At least the level eached i FY 2025 (i.e. 37.4% of eve ue vs. c. 37% p eviously)
- Co fi med c. 80% Cash Co ve sio Rate*
| I € millio | SaaS & Hosti g | 27.3 | 22.9 | +19.1% | +21.0% | A ual lice ses | 0.01 | 0.09 | -93.3% | -93.3% | Evolutive suppo t | 15.0 | 14.0 | +7.2% | +9.5% | Subsc iptio suppo t | 3.1 | 2.9 | +7.4% | +9.7% | Mai te a ce | 4.6 | 4.8 | -5.3% | -4.6% | Pe petual lice ses | 0.9 | 1.1 | -17.9% | -18.0% | Impleme tatio & othe s o – ecu i g | 4.2 | 2.5 | +72.3% | +73.9% |
* Reve ue evolutio i co sta t cu e cies, i.e. at Q2 2025 ave age excha ge ates.
| I € millio | Cu e t ope ati g p ofit afte sha e of p ofit of equity-accou ted i vestee | 30.7 | 27.1 | Dep eciatio a d amo tizatio of i ta gible, ta gible a d ight-of-use assets | 5.1 | 4.2 | Sha e-based payme ts | 2.3 | 3.0 |
| I € millio | Net cash f om ope ati g activities | 49.4 | 36.2 | Capital expe ditu es | -6.2 | -2.4 | Othe fi a ce i come/costs | -2.1 | -1.0 |
** No -IFRS measu e. No -IFRS measu es i cluded i this docume t a e defi ed i the disclaime at the e d of this docume t.
Pla iswa e’s ma ageme t team will host a i te atio al co fe e ce call o July 30, 2026 at 8:00am CET to detail H1 pe fo ma ce a d key achieveme ts, by mea s of a p ese tatio followed by a Q&A sessio . The webcast a d its subseque t eplay will be available o pla iswa e.com.
- Octobe 23, 2026: Q3 2026 eve ue publicatio
Pla iswa e is a leadi g busi ess-to-busi ess (“B2B”) p ovide of AI-powe ed Softwa e-as-a-Se vice (“SaaS”) platfo ms se vi g the apidly g owi g P oject Eco omy. Pla iswa e’s missio is to p ovide solutio s that help o ga izatio s t a sfo m how they st ategize, pla a d delive thei p ojects, p oject po tfolios, p og ams a d p oducts.
With ci ca 900 employees ac oss 20 offices, Pla iswa e ope ates at sig ifica t scale se vi g a ou d 650 o ga izatio al clie ts i a wide a ge of ve ticals a d fu ctio s ac oss mo e tha 35 cou t ies wo ldwide. Pla iswa e’s clie ts i clude la ge i te atio al compa ies, medium-sized busi esses a d public secto e tities.
Pla iswa e is listed o the egulated ma ket of Eu o ext Pa is (Compa tme t A, ISIN code FR001400PFU4, ticke symbol “PLNW”).
Fo mo e i fo matio , visit: https://pla iswa e.com/ a d co ect with Pla iswa e o Li kedI .
This docume t co tai s stateme ts ega di g the p ospects a d g owth st ategies of Pla iswa e. These stateme ts a e sometimes ide tified by the use of the futu e o co ditio al te se, o by the use of fo wa d-looki g te ms such as “co side s”, “e visages”, “believes”, “aims”, “expects”, “i te ds”, “should”, “a ticipates”, “estimates”, “thi ks”, “wishes” a d “might”, o , if applicable, the egative fo m of such te ms a d simila exp essio s o simila te mi ology. Such i fo matio is ot histo ical i atu e a d should ot be i te p eted as a gua a tee of futu e pe fo ma ce. Such i fo matio is based o data, assumptio s, a d estimates that Pla iswa e co side s easo able. Such i fo matio is subject to cha ge o modificatio based o u ce tai ties i the eco omic, fi a cial, competitive o egulato y e vi o me ts.
This i fo matio i cludes stateme ts elati g to Pla iswa e’s i te tio s, estimates a d ta gets with espect to its ma kets, st ategies, g owth, esults of ope atio s, fi a cial situatio a d liquidity. Pla iswa e’s fo wa d-looki g stateme ts speak o ly as of the date of this docume t. Abse t a y applicable legal o egulato y equi eme ts, Pla iswa e exp essly disclaims a y obligatio to elease a y updates to a y fo wa d-looki g stateme ts co tai ed i this docume t to eflect a y cha ge i its expectatio s o a y cha ge i eve ts, co ditio s o ci cumsta ces, o which a y fo wa d-looki g stateme t co tai ed i this docume t is based. Pla iswa e ope ates i a competitive a d apidly evolvi g e vi o me t; it is the efo e u able to a ticipate all isks, u ce tai ties o othe facto s that may affect its busi ess, thei pote tial impact o its busi ess o the exte t to which the occu e ce of a isk o combi atio of isks could have sig ifica tly diffe e t esults f om those set out i a y fo wa d-looki g stateme ts, it bei g oted that such fo wa d-looki g stateme ts do ot co stitute a gua a tee of actual esults.
Ce tai ume ical figu es a d data p ese ted i this docume t (i cludi g fi a cial data p ese ted i millio s o thousa ds a d ce tai pe ce tages) have bee subject to ou di g adjustme ts a d, as a esult, the co espo di g totals i this docume t may va y slightly f om the actual a ithmetic totals of such i fo matio .
Va iatio s i co sta t cu e cies ep ese t figu es based o co sta t excha ge ates usi g as a base those used i the p io yea . As a esult, such figu es may va y slightly f om actual esults based o cu e t excha ge ates.
This docume t i cludes ce tai u audited measu es a d atios that the G oup uses to measu e fi a cial o o -fi a cial pe fo ma ce (the “ o -IFRS measu es”), such as “Adjusted EBITDA”, “Adjusted EBITDA ma gi ”, “Adjusted F ee Cash Flow”, “cash co ve sio ate”, a d “Net cash positio ”. No -IFRS fi a cial i fo matio may exclude ce tai items co tai ed i the ea est IFRS fi a cial measu e o i clude ce tai o -IFRS compo e ts. Reade s should ot co side items which a e ot ecog ized measu eme ts u de IFRS as alte atives to the applicable measu eme ts u de IFRS. These measu es have limitatio s as a alytical tools a d eade s should ot t eat them as substitutes fo IFRS measu es. I pa ticula , eade s should ot co side such measu eme ts of the G oup’s fi a cial pe fo ma ce o liquidity as a alte ative to p ofit fo the pe iod, ope ati g i come o othe pe fo ma ce measu es de ived i acco da ce with IFRS o as a alte ative to cash flow f om (used i ) ope ati g activities as a measu eme t of the G oup’s liquidity. Othe compa ies with activities simila to o diffe e t f om those of the G oup could calculate o -IFRS measu es diffe e tly f om the calculatio s adopted by the G oup.
Mai o -IFRS measu es used by the G oup a d pote tially i cluded i this docume t a e defi ed as follows:
- Adjusted EBITDA is calculated as Cu e t ope ati g p ofit i cludi g sha e of p ofit of equity-accou ted i vestees, plus amo tizatio a d dep eciatio as well as impai me t of i ta gible assets a d p ope ty, pla t a d equipme t, plus eithe o – ecu i g items o o -ope ati g items.
- Adjusted EBITDA ma gi is the atio of Adjusted EBITDA to total eve ue.
- Adjusted FCF (F ee Cash Flow) is calculated as cash flows f om ope ati g activities, less othe fi a cial i come a d expe ses classified as ope ati g activities i the cash-flow stateme t, a d less et cash elati g to capital expe ditu es.
- Cash Co ve sio Rate is defi ed as Adjusted FCF divided by Adjusted EBITDA.
- Net cash positio is defi ed as Cash mi us i debted ess excludi g lease liabilities.
- Net Rete tio Rate (NRR) calculated as the ecu i g eve ue of a give 12-mo th pe iod ge e ated by custome s havi g co t ibuted to ecu i g eve ue of the p io 12-mo th pe iod, divided by total ecu i g eve ue i the p io 12-mo th pe iod, i co sta t cu e cies. A custome is co side ed as a ew custome du i g the fi st 12 mo ths they ge e ate ecu i g eve ue.
- Chu ate is calculated as the p io 12-mo th pe iod ecu i g eve ue f om custome s which did ot co t ibute to ecu i g eve ue i the give 12-mo th pe iod, divided by the ecu i g eve ue f om all custome s i the p io 12-mo th pe iod.
1 No -IFRS measu e. No -IFRS measu es i cluded i this docume t a e defi ed i the disclaime at the e d of this docume t.
