Hightech Payment Systems (HPS) H2 2025 earnings summary

Executive summary

• Revenue grew 22.3% year-over-year to MAD 1,551M, surpassing guidance, with EBITDA up 30% to MAD 286M and net profit rising over 40%.

• SaaS became the largest revenue stream, with SaaS revenues up 27.2% (32.7% FX-adjusted) and recurring revenues reaching 72.3% of total.

• Record backlog of MAD 1,672M (+89% year-over-year), with 60% recurring revenue, provides strong visibility for future growth.

• Operating cash flow multiplied 5x to MAD 239M, net debt reduced by 42.5%, and balance sheet at its strongest.

• Major contract wins in Asia and strong ramp-up in Canada and Australia platforms underpin future growth.

Financial highlights

• Consolidated revenue: MAD 1,551M (+22.3% YoY); underlying growth at 10.7% FX neutral.

• EBITDA: MAD 286M (+30%), margin at 18.4% (up from 17.3% in 2024).

• Recurring and regular revenue: MAD 1,120M–1,122M (72.3% of total), up 23.8%–25% year-over-year.

• Operating cash flow: MAD 239M–240M, up nearly 5x from 2024; closing cash position: MAD 250M–256M.

• Net debt reduced by 42%–42.5%; long-term debt to equity ratio at 55%.

Outlook and guidance

• 2026 organic revenue growth guided at 12%–17%, supported by SaaS ramp-up, backlog deployment, and geographic expansion.

• EBITDA margin expected above 2025 levels, progressing toward 25%–30% by 2027.

• SaaS revenue from existing customers projected to reach MAD 480M by 2027, implying a 30% CAGR.

• Strategic investments in AI, cloud, and cybersecurity to drive future growth and efficiency.

• Dividend proposed at MAD 8 per share, up 14.2% year-over-year.