PSI Sees Decline in First Quarter Sales Due to Cyberattack, Yet Stable Cash Flow

In the first quarter of 2024, PSI Software SE faced a challenging situation following a major cyberattack. The company's sales dropped by 13.7%, totaling 50.3 million euros compared to 58.2 million euros in the same period of 2023. The cyberattack significantly impacted the operating result, which turned negative at −14.8 million euros from a positive 4.0 million euros the previous year.

Despite the setbacks, PSI managed to improve its operating cash flow by 25%, reaching 15.9 million euros. The Energy Management segment was particularly hard-hit, seeing a 19.3% reduction in sales to 23.8 million euros. The segment’s operating result plummeted to −11.1 million euros. Conversely, the Production Management segment experienced a smaller decrease in sales by 8.0% to 23.8 million euros.

The cyberattack led to a temporary shutdown of PSI’s IT systems, limiting business operations. However, by early May, most operations had resumed. To prevent future incidents, PSI has implemented enhanced security measures.

Looking ahead, PSI’s Executive Board anticipates an annual decline in sales of around 20 to 30 million euros, with a negative operating result expected to be in the upper single-digit to lower double-digit million range.