Banqup Group (BANQ) H1 2026 earnings summary

Executive summary

• Transitioned to a business unit structure with dedicated leadership for Documents, Payments, Consult/Consulting Services, and B2G/e-invoicing in the Balkans, enhancing autonomy and accountability.

• Achieved solid digital services growth in H1 2026, driven by regulatory-driven digital adoption and e-invoicing mandates in France, Belgium, Germany, and Spain.

• Launched in the French market, onboarding 150,000 enterprises, with further expansion planned in Germany and the Netherlands.

• Completed divestment of Baltic operations and print businesses, strengthening liquidity and net debt position.

• Strategic simplification and transformation plans underway, supported by Lazard, with ongoing review of strategic alternatives.

Financial highlights

• H1 2026 total revenue: €26.5 million; recurring digital revenue: €21.1 million; subscription revenue up 42.5% to €10.4 million.

• Adjusted EBITDA: €-6.1 million (improved from €-7.3 million); margin at -22.9% (up 6.1 percentage points YoY).

• Net financial debt: €46.1 million; CapEx: €8.1 million, mainly for digital platform investments.

• Cash and cash equivalents at 30 June 2026: €5.0 million; operating cash flow: €-6.4 million.

• Loss for the period from continuing operations: €-18.3 million to €-21.1 million.

Outlook and guidance

• Guidance confirmed for ARR digital revenue growth of 25–30% by year-end 2026; adjusted EBITDA margin expected at approximately 3%.

• Management forecasts continued revenue growth, improved margins, and disciplined cost management for H2 2026 and into 2027.

• Anticipates further subscription growth in H2 2026, especially with the French e-invoicing rollout.

• Focus on achieving cash break-even with continued lender support and new financing arrangements.