Original-Research: PSI Software SE (von Quirin Privatbank Kapitalmarktgeschäft): Hold

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: PSI_SOFTWARE_AG_20251104 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/