Banqup Group (BANQ) H2 2025 earnings summary

Executive summary

• Completed a major transformation to a pure SaaS model, including rebranding, board restructuring, and divestment of non-core businesses.

• Achieved 24.4% organic subscription revenue growth, with strong momentum in Belgium due to regulatory mandates and additional revenue from e-Faktura.

• Expanded strategic partnerships, notably with Visa, and enhanced governance with an independent chairman.

• Recognized for sustainability with an EcoVadis Silver Medal.

Financial highlights

• Total revenue from continued businesses reached €52.9 million, with digital services revenue at €45.2 million.

• ARR digital services revenue was €47.7 million; organic subscription revenue grew 24.4% year-over-year.

• Digital services gross margin was 59.8%, with a target to improve by at least 10 points by 2026.

• Adjusted EBITDA loss improved to €-11.3 million from €-13.1 million year-over-year.

• Cash and cash equivalents at year-end were €8.6 million; net financial debt at €38.3 million.

Outlook and guidance

• FY 2026 guidance targets ARR digital revenue growth of 25–30% and adjusted EBITDA margin of ~3%.

• Growth expected to be weighted toward the second half of 2026 due to regulatory adoption timing.

• Focus on cost control, margin improvement, and SaaS-driven metrics.

• Anticipates further acceleration from regulatory mandates in France and other European markets.