Day and thank you for standing by. Welcome to the Planisware H1 2025 Results Webcast and Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there'll be a question and answer session. To ask a question during the session, you will need to press star one and one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star one and one again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to our first speaker today, Loïc Sautour, CEO. Please go ahead. Thank you. Good morning, and thank you everyone for joining us today on our call on H1 2025 Results of Planisware. This is Loïc Sautour speaking, and as usual, I will share this presentation with Stéphanie Pardo, our CFO. I would like to start with the key messages of this publication. H1 revenue amounted to EUR 95.8 million, up by 10.6% in current currency. In constant currency, H1 revenue grew by 11%, which is EUR +9.1 million, with a growth of 8.1% in Q2 after a growth of 14.3% in Q1. Revenue growth was fully generated by our recurring business lines that have continued to deliver solid performance, particularly with existing clients and with the continued success of the group SaaS model, which has been up by 17.4% in constant currency. In recent months, global macroeconomic uncertainties intensified across our key markets, and we've noticed increased cautiousness from our customers. It had a tangible impact on delayed customer decision-making, and we observed longer decision-making cycles that are weighing on our commercial momentum and revenue growth, primarily in our non-recurring activities and with new logos. Despite the softer revenue growth trajectory, Planisware achieved a significant improvement in profitability in H1 2025. Our ongoing focus on operational efficiency and disciplined resource allocation enabled us to enhance margins and maintain best-in-class cash conversion rates, further strengthening the group foundation for the future. In light of these dynamics and a more moderate outlook for the remainder of 2025, we have predominantly revised our 2025 revenue objective to circa 10%. We now target an adjusted EBITDA margin of 36%, up from 35% previously. This adjustment reflects our commitment to navigating the current environment with discipline while safeguarding profitability and preserving our ability to invest in long-term growth. As always, Planisware remains focused on supporting our customer strategic priorities and on reinforcing our leadership in project and portfolio management solutions, even in the face of a tight economic headwind. On this slide, I would like to comment on our recent commercial dynamics and performance. We still have had a robust commercial delivery in Q2 2025, securing new logos as we are showcasing some notable ones on this view. It's important to note that most of these wins were gained as part of competitive standards for which we exhibited a very strong performance against our direct competitors and where, in some cases, we even replaced this competitive offering by providing a more modern, comprehensive, and specialized solution, clearly aligning with the client's specific needs. With a sustained competitive win rate, our commercial focus now is not specifically winning against the competition, but clearly, it's winning against time. Beyond the Q2 signature, our commercial pipeline continues to expand, supported by a high volume of strategic engagement with both existing customers and new prospects, underscoring the strength and relevance of our competitive value proposition. We consider this as a testament to the strong demand for our solutions and their sustained business impact, providing encouraging mid-term visibility for renewed momentum once market conditions stabilize. Now, let's have a look at the evolution of our revenue mix, trending toward more and more recurrence. In H1 2025, recurring revenue made of our SaaS model and maintenance of perpetual licenses represented 92% of total revenue, 400 basis points higher than a year ago, and 650 basis points higher than two years ago. The SaaS model itself represents now 82% of our total revenue, while it was 78% in H1 2024 and 74% in H1 2023, and posted a healthy growth rate of 17.4% over the semester. It is worth mentioning that this evolution also has a significant positive effect on profitability, in particular thanks to the growth of the SaaS & Hosting line, which is the most profitable stream of our revenue. As for the non-recurring part, it is significantly decreasing, and in particular perpetual licenses. Despite several license expansions and upgrades sold in H1, it represented only 2% of H1 group revenue, slightly less than the level usually achieved in a given first semester. As far as reporting is concerned, the revenue evolution declined even sharper as it compares to a particularly strong demand in H1 last year, when perpetual licenses represented 5% of total revenue. Concerning the revenue performance by geography, every single one of them has contributed to Planisware growth in H1. North America, representing 43% of total revenue in H1 2025, is the main contributor to this semester revenue growth, with + 12% in constant currency. Growth was quite steady in Q2 compared to Q1 and was driven by a higher portion of new logos than for the rest of the group. You may remember that a year ago, I mentioned that it was in North America that we started to face elongated customer decision-making processes, and this is mechanically impacting now the level of upselling with existing customers. As for Europe, by contrast, it showed a significant slowdown in Q2 compared to Q1. All in all, it grew by 8.6% over the semester and represented 48% of group revenue. The performance was contrasted across countries. In particular, France recovered from its 2024 low points when it started to suffer from elongated sales cycles. This recovery in France was compensated by softer performance in the U.K. and more significantly in Germany, which faced a tough situation in autumn and a very high pay effect from Q2 2024, which had a strong growth in perpetual licenses. Planisware growth in APAC and the rest of the world of 20.4% resulted from a continued strong commercial momentum in Singapore and in the Middle East, although it is on a smaller base. Regarding the revenue evolution by pillar, the situation was even more contrasted with revenue growth quite concentrated in project control and engineering, a pillar in which we support production teams in industries with sophisticated products, plants, and infrastructure, such as aerospace defense, energy and utilities, manufacturing, engineering, and life science. While in a recent pillar for Planisware, it represented 23% of H1 2025 total revenue and was the main contributor to revenue growth supported by the successful rollout of offerings in North America, PC&E grew by 38.8%. One fourth of H1 revenue growth came from product development and innovation, our historical pillar which drives R&D and product development teams with a focus on companies in the life science, manufacturing, and infrastructure development engineering, automotive design, and fast-moving consumer goods sector. In H1 2025, it remains Planisware's principal pillar with 53% of total revenue and grew by 6.9%, resulting from both new customers' wins and the expansion of our offerings to existing customers. The IT governance and digital transformation pillar, which helps IT teams across all sectors to develop comprehensive solutions to automate IT portfolio management, to accelerate digital transformation, and to simplify IT architecture. This pillar represented 17% of this semester group revenue and grew by 5.1% on the back of a strong growth delivered in H1 2024, back then of +27.3%, fueled by continuous cross-sell to Planisware clients needing to accelerate their digital transformation. Finally, project business automation, the most recent pillar of Planisware supporting companies in all industries that seek to increase their revenue-based projects and enhance their operating results through automated processes, slightly contributed to the group revenue growth with 2.7% year on year and represented 7% of H1 2025 total revenue. I will now leave the floor to Stéphanie to detail the financial aspects of the first semester. Thank you, Loïc, and good morning to all. As usual, I will start my presentation with the building block of our growth. Total reported revenue, which is EUR 95.8 million in H1, up by EUR 9.1 million year on year, and representing a reported growth of +10.6%. This reported growth encompasses a negative effect for EUR 0.4 million, mostly related to the depreciation of the euro versus the U.S. dollar and partially compensated by the appreciation of the Japanese yen and the British pound versus euro. In order to reflect the underlying performance of the company, independently from the exchange rate fluctuations, I will now focus my comments on revenue evolution in constant currency, which means applying H1 2024 average exchange rate to H1 2025 revenue figure. In constant currency, total revenue growth, which is EUR 9.5 million or +11% over the semester, is encompassed by a significant deceleration in Q2 with 8.1% growth in constant currency, mostly in Europe, as already commented by Loïc. As expected, the key driver of this performance was our SaaS model, which represented 82% of the total revenue and grew by EUR 11.7 million or +17.4%, fueled by new customer wins, as well as continued expansion with our large install base. The SaaS model is made of SaaS & Hosting revenue up by 18.1% and evolutive and sufficient support, up by 16.4% together. Still in the recurring part of our revenue profile, we have maintenance activity on perpetual licenses, which is a legacy from the former business model of Planisware before the SaaS transformation years ago. This activity reported a decent growth of +5.2% over the semester, steadily in Q1 and Q2. This growth for this revenue line was related to the strong demand for licenses we have in the start of 2024 for customers with specific on-premise needs, in particular in the defense industry. I now move to the non-recurring part of our revenue, which represented only 8% of the total revenue in H1 and decreased by 27.5%. Despite several expansions and upgrades sold to customers with specific on-premise needs, the 52.2% year-on-year decrease in perpetual licenses is imputable, as already explained, to a particularly strong H1 2024 comparison base. Finally, implementation performance, structurally under pressure due to continuous focus on Planisware to deliver shorter implementation and faster delivery to customers, also suffered in H1 2025 from the lack of new logo signatures since H2 2024. The combination of the two resulted in a -10.4% revenue decrease. Turning to gross profits, I'm proud of the continued disciplined approach to expenses implemented in the group, with the 190 basis points of gross margin improvement posted last semester, leading to a 73.2% of revenue. This strong performance is consistent with progresses made in the last semester and driven by the business mix evolution, combined with a continuous check monitoring cost and further operational efficiency gains. The next slide presents the repartition of our operating expenses, which is very much consistent with the one observed in the past. At 12% of revenue, R&D expenses consisting primarily of staff expenses directly associated with R&D teams, as well as amortization and capitalized development costs and the benefits from the French tax research credit, are reflecting the group ambition for continuous product development and leadership. Representing 18% of revenue, sales and marketing expenses increased by EUR 1.9 million or +12.5% compared to EUR 15.5 million in H1 2024. This increase is led, in particular, by the increase in employee costs in the sales force and marketing team, which concentrated most of our recent hiring efforts. Sales and marketing expenses are expected to continue to increase in the future as Planisware plans to expand its domestic and international selling and marketing activities. Finally, at 15% of revenue in H1 2025, G&A reached EUR 14.3 million, up by EUR 2.4 million or +19.6% compared to H1 2024. Two-thirds of this increase was related to employee costs engaged to support the growth of our business, the strengthening of our global support functions, and the international expansion of the group. The remaining third was related to foreign exchange effects on operating assets and liabilities, and also to the share-based compensation expenses accounting on a significantly higher price in H1 2025 than in H1 2024, partially pre-IPO. Not from these two effects, G&A was stable year on year as a percentage of the revenue. Looking forward, Planisware expects that as the company continues to scale up, G&A will slightly decrease as a percentage of the revenue. As a result of the gross margin improvement and consistent level of expenses, adjusted EBITDA reached EUR 34.3 million, up to 18.1% in H1 versus H1 2024. It represents an improvement of 230 basis points in H1 2025 compared to H1 2024, consistent with the improvement posted in H1 2024. The increase in adjusted EBITDA reflects the transition of a revenue growth into profit as the business is fueled by the addition of new customers, a positive mix effect, and further operational efficiencies on employee-related costs. Representing 35.8% of the revenue in H1, the H1 2025 margin was higher than the objective of circa 35% for 2025, despite a usual stability implying a higher margin in H2 compared to H1. It provides comfort toward the raised objective of circa 36% of adjusted EBITDA. Moving to the cash generation now with adjusted FCF reaching EUR 32.9 million, it represented a cash conversion rate of 95.9%. This conversion level, even if it's quite strong, was a bit lower than the one usually recorded in H1 due to delays in collection of some invoices and earlier payments of Social Security contributions in France than in H1 2024. Nevertheless, it does not question the yearly objective of 80% level that the group considers being the normative cash conversion rate for the coming year. Looking at the detail on the conversion of EBITDA into FCF, change in working capital was quite positive by EUR 8.3 million, consistent with the usual stability in H1 and the SaaS solution cash collection at the beginning of the year. Capital expenditure amounted to EUR 2.4 million, representing 2.5% of the revenue compared to 2.4% in H1 2024. This is perfectly in line with the usual circa 3% level targeted over a year. Finally, tax paid increase in H1 2025 reflects a significant increase of the taxable profit. I will finish my presentation with the net cash position evolution driven by the cash generation that I just commented, coupled with the payment in June of a dividend of 2020 in 2024 results. The net cash position reached EUR 182 million at the end of the semester, 16.4% higher than two months earlier. I remind you that except these liabilities related to offices and data center facilities, which amounted to EUR 17.9 million and small amounts of bank overdraft, Planisware does not have any financial debt. Thank you for your attention. I now give the mic back to Loïc to conclude. Thank you, Stéphanie. Before we move on to your questions, let me close with a few thoughts on our updated outlook for the year. As you've heard, we continue seeing further elongation of sales cycles. This trend is delaying the ramp-up of new contracts and reflects a more cautious tone across our markets. We believe this is largely cyclical and linked to the broader macroeconomic uncertainties. Clearly, it's not structural. In light of these dynamics, we've adjusted our full-year revenue growth objective to circa 10% versus our prior expectation of mid to eighties. At the same time, we're raising our adjusted EBITDA margin target to approximately 36%, up from 35%. This reflects the strength of our operating model and our continued focus on discipline execution. Even in a more moderate growth environment, we're managing to deliver improved profitability while staying firmly committed to investing in long-term innovation and commercial reach. We also, as Stéphanie mentioned, reaffirmed our free cash flow conversion target of around 80%, which we continue to view as a structural level for our business over the cycle. We remain confident in the resilience of our model, in the strength of our client relationships, in the robustness and agility of our platform, and in our ability to resume growth momentum as market conditions stabilize. Thank you. That concludes our presentation. We now welcome your questions. Thank you. To ask a question, you will need to press star one and one on your telephone and wait for your name to be announced. To withdraw your question, please press star one and one again. We will now go to our first question. One moment, please. Your first question today comes from the line of Frederic Boulan from Bank of America. Please go ahead. Hi, good morning. Fred at Bank of America, thanks for taking the question. First of all, on the revenue side, at the Q1, we're still expecting a recovery in the second half on easier comps. Can you spend a bit more time on what specifically is happening with customer discussions? I mean, if I understand well, it's more about the pipeline is there, but it's more, longer delays in pulling the trigger on some deals, but it would be interesting to understand a little bit more specifically what you've seen, which has changed. This implies a fairly bearish growth, especially in facing easier comp in Q4. Secondly, on the revenue side, if you can maybe step back a little bit and discuss how you see growth in the kind of mid to long term. We raised this year, but it would be great to understand how you think about your long-term ambitions and phasing versus your kind of previous long-term guide. Maybe the same thing on the margin side. I mean, we have a very strong delivery on the gross margin side, a higher base for 2025. Is this a little bit one-off in nature, or is it a sustainable improvement that you can further enhance in the coming years? Thank you. Thank you for the question. In terms of the revenue side for H2, as we commented, timing is everything now. What we've noticed is that, and that's why we want to be more cautious, at the end of H1, usually across the summer, that's where we expect a lot of signatures, and the delays are still there. That's why we took this more cautious approach, which reflects on H2 because it's not like the opportunities are going away. They are here, but there is so much focus on some other things that there is a delay in starting those, especially new projects with Planisware. It's primarily a timing issue, and that's why we have that question on H2. Your question about margin, maybe I'll come back to the visibility on H2. The visibility on H2 that we have and for after H2 and for the other year, we need to weigh a little bit about what will be the new normal in terms of timing, and we need to have that clarity in order to give some further outlook after this year. What we know for a fact, though, is that our revenue is highly recurring. The recurring portion of our revenue is actually growing very strongly, and that gives us some confidence and visibility in the future. Now, back to the comment on margin, actually, it's linked to the revenue mix that we have as well. In our revenue, SaaS & Hosting is the most profitable line of our revenue. The margin improvement is also attributed to the fact that the fastest growing line of our revenue is the one with the higher margin. That's point number one. Point number two is also that we're piloting how we hire in order to adapt that to our revenue growth. Still, we're eyeing on the long term, and that's why we've continued to hire because we are really looking for the long term. To sum up on the margin side, we should see continued margin expansion on the mix. The hiring is kind of a feature of the model, but this is a structural permanent difference, and we should expect continued margin expansion going forward. Sorry. Yes, we could slightly increase the margin now with the mixed product. As you know, we want to continue to invest in R&D and sell our marketing. It's important for us to continue to do this investment. Yes, with the mixed product, it will slightly increase. Okay, thank you very much. Thank you. We will now go to our next question. The question comes from the line of Pavan Daswani from Citi. Please go ahead. Morning. Yeah, thanks for taking my questions. I've got a couple if I may. Firstly, I just wanted to touch on the lower growth guidance in a bit more detail. How do we think about that across recurring and non-recurring? Also, given two-thirds of growth typically comes from existing customers, taking guidance from mid to high teens, so I guess 10%, does that suggest the existing customer growth as well saw a bit of impact from the weaker macro and it's not just new wins? How do we kind of think about that impact? Secondly, on the margins, how much of that better performance is driven by a kind of mix from high growth and recurring versus cost savings that's a bit more permanent. Okay. In terms of recurring and non-recurring, what's impacting largely is the non-recurring. As a matter of fact, the recurring portion of our new, as we've demonstrated, is continuing to grow significantly. The non-recurring, which in the non-recurring, there is a perpetual license, which last year, there was actually a fairly strong Q2 in perpetual licenses. We don't see that now. In the non-recurring, there is also the new implementation. The new implementation has reduced a lot because of the delayed signatures of new logos that is impacting the non-recurring. The recurring part is going. You're right that in terms of existing customer growth, it's still solid. The delayed new customers that we started to see and to comment about a year ago have a slight impact because the new customers that did not enter since about a year ago is impacting the they are not currently the existing customers. There is a little bit of a lack there as well. About the improvement of the margin, it's mostly due, as Loïc explained, to the mixed product, which is structural with the increase of the SaaS, which is growing faster than the other one, which is more profitable. It's also linked to the financial discipline on top, which is conjectural. It's a combination of both. Great. Thank you. Thank you. As a reminder, if you would like to ask a question, please press star one and one on your telephone keypad. We will now go to our next question. Your next question comes from the line of Ben Castillo- Bernaus from BNP Paribas. Please go ahead. Morning, Loïc. Welcome to Stéphanie. Thanks for having me on here. A couple from me, please. Just looking at your H2 assumptions here, what are you thinking in terms of the demand environment and customer decision cycles? Are you basing it on further deterioration or sort of stable as we are today? Could you just give us a sense of how much lower pipeline conversion rates are today than what you would normally expect? What's your pipeline coverage for H2 compared to previous years? The last question would be on net retention rate that's historically been in, you know, in and around 120%. Could you just give us a sense on how that's trending? Looking at your current customers, what's the level of upsell and cross-sell like today versus in the past? Thank you. Yeah. In terms of H2, that's the question that we're taking now. We don't expect further deterioration. What we're expecting is a continued level of deteriorated environment in which we're operating now. We don't expect further deterioration, but we don't expect things would get better. We shall see. Things are moving very rapidly at the moment on the macroeconomic front. Concerning the pipeline, as I mentioned, there is no issue in the pipeline. As a matter of fact, the pipeline is really, really, really strong at the moment. The issue with the pipeline is timing. It's timing and closing. The pipeline is strong, but the new logos are not necessarily deciding to embark into what could be a transformation project for them because they are focused on some other things, and they are waiting to see what's happening. That's where the timing is there. The needs remain. The needs remain. The solution that we bring is very well specialized to those specific needs. The pipeline is strong, but it's a question of timing. As for the net retention rates, it has slightly reduced because there is some, clearly, there is some scrutiny in expansion as well. It still remains very strong in the market in which we operate. Thank you. Thank you. There are currently no further questions. I will hand the call back to you. Thank you for attending. Please contact Benoit d'Amécourt if you have any additional questions about this publication. Thank you. Thank you. Thank you. This concludes today's conference call. Thank you for participating. You may now disconnect.