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Original-Research: PSI Software SE - from Quirin Privatbank
Kapitalmarktgeschäft

04.11.2025 / 16:07 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
Group.
The issuer is solely responsible for the content of this research. The
result of this research does not constitute investment advice or an
invitation to conclude certain stock exchange transactions.

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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
research@quirinprivatbank.de
https://research.quirinprivatbank.de/

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2223784 04.11.2025 CET/CEST

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