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Nayax (NYAX) investor relations material
Nayax Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved full-year revenue of $400.4 million in 2025, up 28% year-over-year, with organic growth of 24% and Q4 revenue up 34% to $119.5 million.
Net income reached $35.5 million, reversing a prior-year loss; Adjusted EBITDA rose 72% to $61.1 million (15.3% margin), with operating profit at $37.6 million.
Recurring revenue grew 29% to $287.2 million, representing 72% of total revenue.
Customer base expanded to nearly 115,000, with 1.46 million connected devices and transaction value up 31% to $6.4 billion.
Strategic acquisitions in 2025 (Lynkwell, Tigapo, UPPay, Nayax Capital, Inepro) enhanced platform capabilities and geographic reach.
Financial highlights
Gross margin improved to 48.2% from 45.1% year-over-year, with recurring margin at 53.3% and hardware margin up to 35.3%.
Adjusted EBITDA margin was 15.3% for 2025 and 17.2% in Q4; operating profit reached $37.6 million.
Free cash flow was $12.2 million, impacted by working capital and capitalized development costs.
ARPU increased 11% year-over-year to $239 per connected device.
Net income included a $10.3 million one-time gain from share purchases.
Outlook and guidance
2026 revenue guidance: $510–$520 million, with 22–25% organic growth and contribution from Lynkwell.
Adjusted EBITDA expected at $85–$90 million, margin around 17%; free cash flow conversion targeted at 40% of Adjusted EBITDA.
Midterm 2028 targets: $1 billion revenue, 50% gross margin, 30% adjusted EBITDA margin.
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