Hightech Payment Systems (HPS) H2 2025 earnings summary

Executive summary

• Revenue grew 22.3% year-over-year to MAD 1,551M, surpassing annual targets, with SaaS becoming the largest revenue stream and recurring revenues reaching 72.3% of total revenue, driven by strong growth in Canada and Australia platforms.

• Record backlog of MAD 1,672M (+89% YoY), with nearly 60% fully recurring, provides strong revenue visibility into 2026.

• EBITDA rose 30% to MAD 286M, net profit increased by over 40%, and all key metrics exceeded initial guidance.

• Operating cash flow surged to MAD 239M (5x 2024), net debt reduced by over 42%, and the balance sheet is at its strongest.

• Strategic focus on SaaS acceleration, AI-driven productivity, and geographic diversification, especially in Asia and the Americas.

Financial highlights

• Consolidated revenue reached MAD 1,551M (+22.3% YoY); underlying growth at constant currency was 10.7%.

• Recurring and regular revenue hit MAD 1,120M (+25% YoY), representing 72.3% of total revenue.

• EBITDA reached MAD 286M (18.4% margin), up 30% year-over-year; H2 EBITDA margin was 25%.

• Operating cash flow reached MAD 239M, 5x the 2024 level; closing cash position at MAD 256M.

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

Outlook and guidance

• 2026 organic revenue growth guided between 12%-17%, supported by SaaS ramp-up, backlog deployment, and expansion in Asia and Americas.

• EBITDA margin expected above 25% in 2026, progressing toward 25%-30% by 2027, driven by SaaS operating leverage and disciplined cost management.

• 2027 SaaS run rate from existing customers projected at MAD 480M, implying a 30% CAGR from 2025.

• Continued focus on innovation in cloud, AI, and open banking.

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