First Berlin Equity Research has published a research update on PSI SE (ISIN: DE000A0Z1JH9). Analyst Simon Scholes reiterated his BUY rating and maintained his EUR 40.00 price target.

Abstract
PSI’s Q2/25 results showed a 4.8% increase in sales to €65.0m (FBe: €66.4m; Q2/24: €62.0m) while adjusted EBIT came in at €1.4m (FBe: €2.9m; Q2/24: €-4.6m). Sales were close to our expectations but adjusted EBIT was below our forecast mainly due to a weak quarter at the Process Industries and Metals segment. The most important part of this segment is the U.S. operation within the metals software business. This business should benefit from expansion of U.S. steel capacity following the imposition of tariffs, and so we expect strong second half results at this operation to compensate for a weak second quarter. The group order intake fell 11.9% to €52m (Q2/24: €59m). The prior year figure benefitted from catch-up affects following the cyberattack in February 2024. In March 2024 PSI received very few orders. In addition, the large E.ON order (>€30m) received in Q1 this year tied up sales capacity which had a negative impact on Q2. Following the very strong Q1/25 order intake (which reached a record level even without the E.ON order), we expect full year group order growth to exceed management guidance of 10%. We also see PSI on track to achieve 2025 guidance for sales (ca. +10%) and the adjusted EBIT margin (ca. 4%). Our adjusted EBIT forecasts for FY/25 and subsequent years are little changed and we maintain our Buy recommendation and price target of €40. Upside: 43%.