Nayax (NYAX) Q4 2025 earnings summary

Executive summary

• Achieved full-year revenue of $400.4 million in 2025, up 28% year-over-year, with organic growth of 24% and net income of $35.5 million, reversing a prior-year loss.

• Recurring revenue grew 29% to $287.2 million, representing 72% of total revenue, supporting predictable financial performance.

• Adjusted EBITDA rose 72% to $61.1 million (15.3% margin), with operating profit at $37.6 million and ARPU up 11% to $239.

• Customer base expanded 21% to nearly 115,000, with managed and connected devices up 16% to 1.46 million.

• Strategic acquisitions (Lynkwell, Tigapo, UPPay, Nayax Capital, Inepro) enhanced platform capabilities and geographic reach.

Financial highlights

• Gross margin improved to 48.2% from 45.1%, with recurring margin at 53.3% and hardware margin at 35.3%.

• Payment processing revenue grew 30% to $174 million; SaaS revenue up 27.9%; hardware revenue increased 23.5% to $113.2 million.

• Adjusted EBITDA margin was 15.3% for FY 2025 and 17.2% in Q4; operating profit reached $37.6 million.

• Free cash flow was $12.2 million, impacted by working capital investments and capitalized development costs.

• Year-end cash and equivalents totaled $320.7 million; total debt was $327.7 million.

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 ~17%); free cash flow conversion targeted at 40% of Adjusted EBITDA.

• Midterm 2028 targets: $1 billion revenue, 50% gross margin, 30% adjusted EBITDA margin.