SimCorp Q1 Earnings Below Expectations on Revenue, EBIT; Margins Drop Significantly

• (PLX AI) - SimCorp Q1 EBIT margin 13.5%, down from 21.8% last year.
• • Q1 revenue EUR 114.7 million vs. estimate EUR 118 million
• • Q1 EBIT EUR 15.5 million vs. estimate EUR 24 million
• • Says lower EBIT was due in large part to investments in the future, including investments in new SaaS operations and solutions
• • Q1 orders EUR 26 million, primarily due to early renewals of two subscription agreements in North America (NA) where revenue will be recognized in Q1 2023 and in 2027, respectively
• • Outlook unchanged