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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.
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Q4 2025 earnings summary9 Mar, 2026

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.

Drivers for processing margin expansion
Strategic role of Lynkwell in EV charging
Assumptions for 40% FCF conversion in 2026
Quantify ARPU uplift from new financial services
What is the M&A pipeline for 2026?
Expected growth contribution from Japan?
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Frequently asked questions

Nayax Ltd. is a fintech company providing a system and payment platform, which is utilized by retailers across the globe. The company's product range is extensive, featuring solutions like AMIT 3.0 for vending telemetry, Nayax Core for management and monitoring of unattended machines, and a suite of consumer engagement and loyalty platforms, including MoMa, Monyx Wallet, and Tigapo app. Nayax's technology supports a wide variety of sectors, such as vending machines, coffee services, unattended retail, and electric vehicle charging stations, to name a few. With its direct sales and network of resellers and distributors, Nayax addresses the needs of vending machines, coffee machines, self-service kiosks, and more, aiming to enhance operational efficiencies and customer engagement for its clients. The company is headquartered in Herzliya, Israel, and its shares are listed on the Nasdaq.

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