Westpay (WPAY) Q4 2025 earnings summary

Executive summary

• Achieved profitable growth in 2025, shifting from building to proving the SaaS-driven business model.

• Recurring revenues increased, now representing 67% of total sales for the year and 61% in Q4.

• Commercial momentum continued with expansion of the POS Partner network and launch of the Phoenix platform.

• Strengthened financial flexibility through a new SEK 12 million loan facility.

Financial highlights

• Q4 2025 net sales: MSEK 20.8 (+4% YoY); full year: MSEK 74.0 (+9% YoY).

• Q4 EBITDA: MSEK 4.9 (+53% YoY); full year EBITDA: MSEK 14.4 (+145% YoY).

• Q4 EBIT: MSEK 2.5 (+270% YoY); full year EBIT: MSEK 4.8 (from -3.6 prior year).

• Q4 net earnings: MSEK 1.8 (+635% YoY); full year net earnings: MSEK 4.2 (from -6.2 prior year).

• Gross margin improved to 88% for the year (from 85%).

• Operating cash flow for the year: MSEK 10.1 (+17% YoY).

Outlook and guidance

• Updated long-term targets: average annual ARR growth of 15% and EBIT margin of at least 10% over 3-5 years.

• Focus remains on scalable SaaS-driven growth, resilience, and long-term shareholder value.