Quirin Privatbank Updates PSI Software SE Rating to Hold

Quirin Privatbank has updated its rating on PSI Software SE to "Hold" after reviewing the company's robust nine-month performance in 2025. PSI reported a 14.8% year-on-year revenue increase, totaling EUR 203.6 million, which surpassed initial estimates by 1.0%. This growth was driven by increased demand across all segments, notably in Grid & Energy Management, despite ongoing restructuring efforts.

The company's adjusted EBIT margin stood at 2.8%, aligning with predictions, while the unadjusted margin saw a slight improvement from -10.9% to -10.0% year-on-year, impacted by restructuring and costs tied to the Warburg Pincus agreement. PSI reaffirmed its full-year guidance, targeting approximately 10.0% revenue growth and a 4.0% adjusted EBIT margin. The target price was raised to EUR 45.00 from EUR 36.50 due to the Warburg Pincus deal.