Original-Research: PSI Software SE (von Quirin Privatbank Kapitalmarktgeschä...

Original-Research: PSI Software SE - from Quirin Privatbank

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Kapitalmarktgeschäft

04.11.2025 / 16:07 CET/CEST

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Classification of Quirin Privatbank Kapitalmarktgeschäft to PSI Software SE

Company Name: PSI Software SE

ISIN: DE000A0Z1JH9

Reason for the research: Update

Recommendation: Hold

from: 04.11.2025

Target price: 45

Last rating change:

Analyst: Sebastian Droste

Strong 9M, guidance confirmed

On October 30, 2025, PSI released its 9M 2025 results and confirmed its

guidance for 2025. Revenue growth was strong (+14.8% yoy to EUR 203.6m),

exceeding our estimate by 1.0%. Growth was supported by higher demand across

all segments, particularly in Grid & Energy Management, which benefited from

strong project activity despite restructuring. The adjusted EBIT margin of

2.8% was in line with our estimate, while the unadjusted margin improved

slightly from -10.9% to -10.0% yoy, mainly affected by restructuring and

transaction costs linked to the Warburg Pincus agreement. PSI reaffirmed its

full-year guidance of around 10.0% yoy revenue growth and an adjusted EBIT

margin of around 4.0%, in line with our expectations. We raise our target

price to EUR 45.00 (previously EUR 36.50) due to the Warburg Pincus deal and

change our recommendation to Hold.

You can download the research here:

https://eqs-cockpit.com/c/fncls.ssp?u=434a9678d7e7aadbb9f9b5930518f6db

For additional information visit our website:

https://research.quirinprivatbank.de/

Contact for questions:

Quirin Privatbank AG

Institutionelles Research

Schillerstraße 20

60313 Frankfurt am Main

[email protected]

https://research.quirinprivatbank.de/

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2223784 04.11.2025 CET/CEST

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Quelle: dpa-AFX