PSI SE's Q3 Results and Delisting Offer Evaluation

On November 4, 2026, First Berlin Equity Research published a report on PSI SE, maintaining their recommendation to accept Warburg Pincus's offer and marginally increasing the target price to €45.15. The Q3 2026 results surpassed expectations, with an adjusted EBIT of €5.7 million, notably higher than the forecasted €2.6 million, largely driven by the Grid & Energy Management sector, where the adjusted EBIT margin rose to 20% from the previous year's 5%.

Warburg Pincus's takeover of PSI SE received regulatory approval in July, with 83% of PSI shares now held by Warburg Pincus and its associates. Amid the planned delisting from the Frankfurt Stock Exchange, Warburg Pincus extended a €45.15 per share cash offer to remaining shareholders, reflecting a slight upside of 0.3%. Despite continued listing in Hamburg, decreased trading liquidity and reduced business information are expected post-delisting. Shareholders have until November 17 to accept this offer.