PRESS RELEASE - REGULATED INFORMATION
La Hulpe, Belgium - 26 February 2026, 8:00 a.m. CET - Regulated Information - Banqup Group SA, formerly Unifiedpost Group SA, (Euronext: BANQ) (Banqup, Company), a leading provider of integrated financial workflow management solutions, presents its results for FY 2025.
Strategic & Operational Highlights
- Successfully rebranded to Banqup Group and progressed divestments of non-core solutions, strengthening transformation to a pure-play SaaS provider
- Captured market momentum in Belgium in Q4, ahead of the e-invoicing mandate on 1 January 2026, reflecting solid delivery on market potential and demonstrating that we remain well-positioned for similar opportunities across key European markets with upcoming mandates (first to come France September 2026)
- Expanded strategic partnerships, optimising value for e-invoicing and e-payments platforms
- Executive Committee was further strengthened with new functions to support the shift towards a pure-play SaaS company
FY 2025 Financial Highlights - continuing operations1
- ARR Digital services revenue2 € 47,7 million
- Organic subscription revenue (FY 2025 Guidance) growth of 24,4% y/y, mainly driven by the Belgian mandate for e-invoicing
- Digital services revenue and net income from client money growth of 6,7% y/y
- OPEX, excluding non-cash items and one-off restructuring costs, decreased by 2,0% y/y
- Adjusted EBITDA3 and net income from client money of € -11,3 million
- Due to the transformation and the fundamental change in the Group's consolidation scope following the completed and planned divestments, Free Cash Flow4 is not presented on a comparable basis to the guidance previously communicated for FY 2025 and is therefore not assessed
FY 2026 Guidance (based on current reporting structure)
- ARR Digital Revenue Growth range between 25% ~ 30%
- Adjusted EBITDA margin of ~3,0%
Nicolas de Beco, CEO of Banqup Group, commenting on the FY 2025 results: "We executed on our 2025 objectives, capturing the Belgium mandate and drawing key insights to continue our accelerated growth trajectory. Looking ahead, we remain focused on product readiness in key European markets, cross-border opportunities, partner-driven go-to-market initiatives, upselling our payment solutions and optimising our cost base. The contributions of the entire Banqup team have been instrumental in our ongoing transformation and will continue to drive momentum as we execute our strategic priorities in 2026."
Banqup's transformation into a pure-play SaaS provider
Divestments: In June 2025, Banqup completed the divestment of 21 Grams, followed by the sale of its UK print business in August 2025. Furthermore we announced the sale of our Baltic activities in early January 2026. These closed and planned divestments, together with the earlier sales of the Wholesale Identity Access Business and FitekIN/ONEA products in 2024, reflect Banqup's clear strategy to streamline operations and concentrate on high-growth SaaS opportunities.
The completion of our rebranding to Banqup, with a ticker symbol change from UPG to BANQ effective June 2025, marks a milestone in our transformation journey. The new brand identity aligns with our Banqup platform. This brand evolution, combined with our portfolio rationalisation, strengthens our market positioning and provides greater clarity for customers, partners, and investors about our strategic direction.
In parallel, Wim Focquet was appointed Chief People Officer. Wim will lead the HR organisation and shall ensure that the Group retains, develops and attracts the talents needed to achieve its business goals.
Strengthened Board governance: As part of Banqup's continued commitment to independent leadership, Peter Mulroy was appointed as acting independent Chairman in October 2025, following Hans Leybaert's transition to Board member. Peter Mulroy brings extensive experience in international financial services and will serve as acting Chairman until the General Shareholder Meeting in May 2026. This transition reinforces Banqup's governance framework and ensures transparent, independent oversight as the Group executes on its strategic priorities.
Product-centric approach: With the appointment of Chrystèle Dumont, Chief Revenue Officer, and Sébastien Imbert, Chief Marketing Officer, Banqup will ensure it not only captures the regulatory market but also drives the upsell of payment solutions across Banqup's customer base through disciplined, measurable marketing automation and revenue operations excellence.
Overall, we are advancing decisively in our transition to become a pure-play SaaS provider.
Key financial figures - continuing operations (unless otherwise stated)
| Thousands of EUR | FY 2025 | FY 2024 | Change (%) |
| Group revenue and income from client money | 52.935 | 55.094 | -3,9% |
| Digital services revenue and income from client money | 45.185 | 42.329 | +6,7% |
| Subscriptions | 16.322 | 13.745 | +18,7% |
| of which Organic5 | 16.322 | 13.116 | +24,4% |
| Transactions | 15.581 | 15.718 | -0,9% |
| of which income from client money | 1.295 | 723 | +79,3% |
| Other | 13.282 | 12.865 | +3,2% |
| Traditional communication services revenue | 7.750 | 12.765 | -39,3% |
| Gross profit of digital services and net income from client money | 27.015 | 25.270 | +6,9% |
| Gross margin of digital services and net income from client money | 59,8% | 59,7% | +0,1%pts |
| EBITDA and net income from client money | (12.848) | (13.800) | +3,6% |
| Adjusted EBITDA and net income from client money6 | (11.324) | (13.100) | +13,6% |
| Loss for the period (continuing and discontinued operations) | (44.763) | 71.195 | -162,9% |
| Cash and cash equivalents at the end of the period | 8.636 | 14.525 | -40,5% |
Digital services business
Organic Subscription revenue increased by 24,4% year-on-year from € 13,1 million to € 16,3 million in FY 2025, with the main acceleration recorded in Q4 2025, representing 31,8% compared to Q4 2024, driven by the Belgian mandate.
Transaction revenue and income from client money (transactional) remained stable (€ 15,6 million in FY 2025), supported by the growing level of the client money portfolio, which reached € 1,3 million in FY 2025.
Total digital services revenue and net income from client money grew by 6,7% y/y, and by 8,8% organically.
Gross margin and net income from client money increased by 0,1 percentage points year-on-year to 59,8%. During the year, some direct costs such as platform costs and direct staff costs grew in order to prepare for the scaling up. This cost increase was offset by the growing effect of revenues in Q4.
Progress across key European markets
Belgium experienced marked acceleration in the second half of the year, with SME run-rate ARR Growth standing at 51,2% y/y, driven by the mandatory B2B e-invoicing deadline in January 2026. This momentum positions Belgium as a proof of concept for Banqup's scalability across Europe.
France remains a key priority. Banqup's jefacture.com solution, developed in partnership with ECMA, has been included as one of the providers in the French government's mandatory e-invoicing pilot phase ahead of the September 2026 mandate. We continue to see strong momentum on the onboarding of accountants within the ECMA network.
Germany is showing early signs of regulatory-driven demand, with the Banqup platform registering approximately 50% year-on-year growth in FY 2025, as businesses prepare for the mandatory e-invoicing rollout, confirmed for 2027.
Traditional communication services business
Traditional communication services revenue continued to decline as expected (from € 12,8 million in 2024 to € 7,8 million in 2025), reflecting the ongoing shift toward digital solutions. This resulted in a gross profit decrease of € 0,8 million, demonstrating our ability to maintain margins within the segment, which have grown by 1,4 percentage points year-on-year.
Cost optimisation
The Group's indirect cost structure remained stable year-on-year, growing by 0,4% (from € 59,2 million in FY 2024 to € 59,4 million in FY 2025). Excluding non-cash items as well as one-off restructuring costs, the operational expenses decreased slightly from € 39,9 million at the end of 2024 to € 39,1 million at the end of 2025 (a 2,0% decrease y/y).
In FY 2025, the Group employed an average of 516 FTEs in R&D, G&A and S&M functions, compared to an average of 546 FTEs in FY 2024, representing a decrease of 5,5%.
Building on the headcount reduction initiated in 2024, from 633 FTEs in December 2024 to 618 FTEs by the end of December 2025, Banqup continues to right-size its organisation with further optimisation planned for 2026.
Liquidity position normalised with cash inflow from divestments
At the end of December 2025, Banqup reported a financial position with cash and cash equivalents for its continuing operations totalling € 8,6 million, including € 0,6 million of restricted cash. In addition, an amount of € 1,1 million cash is owned by the entities qualified as discontinued operations.
Subsequent to year-end, on 26 January 2026 (link to press release), Banqup took steps to reinforce its financial position, supporting its growth ambitions.
- Banqup secured a subordinated shareholder loan of up to € 6,0 million from a consortium of existing shareholders, including SFPIM NV, Alychlo NV and PE Group NV, reflecting confidence in the Group's transformation. The currently subscribed amount of € 5,45 million will support Banqup's working capital requirements and fund the rollout of its platform in the French market ahead of the September 2026 e-invoicing mandate.
- Concurrently, Banqup reached an agreement with its senior lender, Francisco Partners, to recalibrate the financial covenant framework under its existing senior facilities agreement, resetting financial metrics to reflect the current scale of the facility and the Group's pure-play digital services profile. This provides Banqup with the financial flexibility to execute its growth strategy with confidence.
- Finally, Banqup signed the share purchase agreement with Fitek Oü for the sale of its Baltic operations at an enterprise value of € 9,5 million, with closing expected by early March 2026, subject to competition authority approvals. The proceeds will further strengthen the Group's balance sheet and working capital position.
FY 2026 outlook
Banqup enters 2026 with four clear strategic priorities:
- Consolidating its position in Belgium and upselling e-payment solutions;
- Building market readiness in France ahead of the September 2026 mandate;
- Capturing cross-border e-invoicing opportunities; and
- Executing a product-centric reorganisation to optimise its cost structure.
Guidance7: (i) ARR Digital services revenue growth in a range of 25% ~ 30%, and (ii) adjusted EBITDA margin of ~3%. Given the phasing of regulatory adoption across its core markets, growth is expected to be more weighted towards the second half of the year.
Statement from the external auditor
We are currently finalising the financial statements for the year ended 31 December 2025. Our independent auditor has confirmed that its audit procedures for the financial information for the year ended 31 December 2025, as included in this press release, are substantially complete and have not revealed any material corrections that are required. Should any material changes arise during the audit's finalisation, an additional press release will be issued. The assurance work related sustainability information is currently ongoing and not yet completed.
FY 2025 webcast:
- Management will host a live video webcast for analysts, investors and media today at 11:00 a.m. CEST.
- To register and attend the webcast, please click here: link
- A full replay will be available after the webcast here: link
Financial Calendar:
- 16 April 2026: Publication of the 2025 Annual Report
- 19 May 2026: General Shareholder Meeting
- 21 May 2026: Publication of the Q1 2026 Business Update
- 25 August 2026: Publication of the H1 2026 results (webcast)
Contacts
Vincent Nagels
Investor Relations
Banqup Group
investor.relations@banqup.com
Consolidated statement of profit or loss and other comprehensive income (unaudited)
| Thousands of Euro, except per share data | For the year ended 31 December | ||
| 2025 | 2024 (*) | ||
| Digital services revenues | 43.889 | 41.606 | |
| Digital services cost of services | (17.890) | (16.921) | |
| Digital services gross profit | 25.999 | 24.685 | |
| Traditional communication services revenues | 7.750 | 12.765 | |
| Traditional communication services cost of services | (6.305) | (10.570) | |
| Traditional communication services gross profit | 1.445 | 2.195 | |
| Research and development expenses | (18.325) | (17.059) | |
| General and administrative expenses | (27.459) | (27.256) | |
| Selling and marketing expenses | (13.637) | (14.869) | |
| Other income / (expenses) - net | (1.293) | (1.258) | |
| Impairment losses | - | - | |
| Loss from operations | (33.270) | (33.562) | |
| Net financial income from client money | 1.017 | 584 | |
| Financial income | 165 | 266 | |
| Financial expenses | (5.602) | (22.824) | |
| Gain realised upon losing control over subsidiaries | (233) | 3.972 | |
| Share of profit / (loss) of associates | (33) | 147 | |
| Loss before tax | (37.956) | (51.417) | |
| Current income tax | (447) | (754) | |
| Deferred tax | 280 | 183 | |
| LOSS FOR THE PERIOD FROM CONTINUING OPERATIONS | (38.123) | (51.988) | |
| Profit / (loss) from discontinued operations, net of tax | (6.640) | 123.183 | |
| PROFIT / (LOSS) FOR THE PERIOD | (44.763) | 71.195 | |
| Other comprehensive income/ (loss): | (3.828) | (656) | |
| Items that will not be reclassified to profit or loss, net of tax: | |||
| Remeasurement of defined benefit pension obligations | (19) | (37) | |
| Items that will or may be reclassified to profit or loss, net of tax: | |||
| Exchange gains / (losses) arising on translation of foreign operations | (96) | (217) | |
| Exchange gains/ (losses) arising on translation of foreign operations related to discontinued operations | 3.943 | (402) | |
| TOTAL COMPREHENSIVE INCOME / (LOSS) FOR THE PERIOD | (40.934) | 70.539 | |
| Total profit / (loss) for the period is attributable to: | |||
| Owners of the parent | (44.895) | 71.031 | |
| Continuing operations | (38.255) | (52.152) | |
| Discontinued operations | (6.640) | 123.183 | |
| Non-controlling interests | 132 | 164 | |
| Total comprehensive income / (loss) for the period is attributable to: | |||
| Owners of the parent | (41.066) | 70.375 | |
| Continuing operations | (38.369) | (52.406) | |
| Discontinued operations | (2.697) | 122.781 | |
| Non-controlling interests | 132 | 164 | |
| Profit / (loss) per share attributable to the equity holders of the parent: | |||
| Basic | (1,21) | 1,94 | |
| Diluted | (1,21) | 1,94 | |
| Profit / (loss) from continuing operations per share attributable to the equity holders of the parent: | |||
| Basic | (1,03) | (1,42) | |
| Diluted | (1,03) | (1,42) | |
(*) The comparative figures for year ended 31 December 2024 have been restated to reflect the restatement of the profit and loss related to the discontinued operations in accordance with IFRS 5.
Consolidated statement of financial position (unaudited)
| Thousands of Euro | At 31 December | At 31 December | |
| 2025 | 2024 | ||
| ASSETS | |||
| Goodwill | 83.476 | 92.048 | |
| Other intangible assets | 59.629 | 66.725 | |
| Property and equipment | 622 | 1.486 | |
| Right-of-use-assets | 5.613 | 9.391 | |
| Investments in associates | 2.325 | 2.400 | |
| Deferred tax assets | 49 | 39 | |
| Other non-current assets | 3.102 | 3.036 | |
| Non-current assets | 154.815 | 175.125 | |
| Inventories | 291 | 544 | |
| Trade and other receivables | 10.961 | 16.493 | |
| Contingent consideration receivable Consideration receivable (escrow) | - 2.138 | 7.774 - | |
| Current tax assets | 352 | 291 | |
| Prepaid expenses | 1.100 | 1.484 | |
| Restricted cash related to client money | 75.537 | 75.798 | |
| Cash and cash equivalents | 8.636 | 14.525 | |
| Current assets from continuing operations | 99.015 | 116.909 | |
| Assets classified as held for sale | 14.864 | 31.250 | |
| Current assets | 113.879 | 148.159 | |
| TOTAL ASSETS | 268.695 | 323.284 | |
| SHAREHOLDERS' EQUITY AND LIABILITIES | |||
| Share capital | 329.256 | 329.238 | |
| Costs related to equity issuance | (16.029) | (16.029) | |
| Share premium reserve | 491 | 492 | |
| Accumulated deficit | (209.632) | (164.603) | |
| Reserve for share-based payments | 447 | 175 | |
| Other reserve | 2.841 | 2.697 | |
| Cumulative translation adjustment reserve | (622) | (4.470) | |
| Equity attributable to equity holders of the parent | 106.752 | 147.500 | |
| Non-controlling interests | 244 | 758 | |
| Total shareholders' equity | 106.996 | 148.258 | |
| Non-current loans and borrowings | 838 | 29.010 | |
| Non-current lease liabilities | 3.903 | 6.376 | |
| Non-current contract liabilities | 417 | 387 | |
| Deferred tax liabilities | 303 | 1.463 | |
| Non-current liabilities | 5.461 | 37.236 | |
| Current loans and borrowings | 40.582 | 5.698 | |
| Current liabilities associated with puttable non-controlling interests | 4.000 | 3.980 | |
| Current lease liabilities | 1.939 | 3.232 | |
| Liabilities related to client money | 75.524 | 75.774 | |
| Trade and other payables | 22.309 | 31.127 | |
| Contract liabilities | 6.072 | 5.330 | |
| Current income tax liabilities | 187 | 410 | |
| Current liabilities from continuing operations | 150.613 | 125.551 | |
| Liabilities directly associated with assets classified as held for sale | 5.625 | 12.239 | |
| Current liabilities | 156.238 | 137.790 | |
| TOTAL EQUITY AND LIABILITIES | 268.695 | 323.284 | |
Consolidated statement of changes in equity (unaudited)
| Thousands of Euro | Share capital | Costs related to equity issuance | Share premium reserve | Accumulated deficit | Share- based payments | Other reserves | Cumulative translation adjustment reserve | Non- controlling interests | Total equity | |
| Balance at 1 January 2025 | 329.238 | (16.029) | 492 | (164.603) | 175 | 2.697 | (4.470) | 758 | 148.258 | |
| Result for the period | - | - | - | (44.895) | - | - | - | 132 | (44.763) | |
| Other comprehensive income / (loss) | - | - | - | (19) | - | - | 3.847 | - | 3.828 | |
| Total comprehensive income / (loss) for the year | , | , | , | (44.914) | , | , | 3.847 | 132 | (40.935) | |
| Profit and OCI of NCI with put option | - | - | - | - | - | 154 | - | (154) | - | |
| Changes in carrying value of liabilities associated with puttable NCI | - | - | - | - | - | (20) | - | - | (20) | |
| Dividend payments | - | - | - | - | - | - | - | (270) | (270) | |
| Share based payments | - | - | - | - | 272 | 10 | - | - | 282 | |
| Exercise of 1.000 warrants ESOP 2015 | 18 | - | (1) | - | - | - | - | - | 17 | |
| Release historical NCI | - | - | - | - | - | - | - | (222) | (222) | |
| Other | - | - | - | (115) | - | - | 1 | - | (114) | |
| Balance at 31 December 2025 | 329.256 | (16.029) | 491 | (209.632) | 447 | 2.841 | (622) | 244 | 106.996 | |
| Thousands of Euro | Share capital | Costs related to equity issuance | Share premium reserve | Accumulated deficit | Share- based payments | Other reserves | Cumulative translation adjustment reserve | Non- controlling interests | Total equity | |
| Balance at 1 January 2024 | 326.806 | (16.029) | 492 | (232.257) | 1.831 | (1.581) | (3.851) | 499 | 75.910 | |
| Result for the period | - | - | - | 71.031 | - | - | - | 164 | 71.195 | |
| Other comprehensive income / (loss) | - | - | - | (37) | - | - | (619) | - | (656) | |
| Total comprehensive income / (loss) for the year | , | , | , | 70.994 | , | , | (619) | 164 | 70.539 | |
| Conversion subscription rights | 2.432 | - | - | - | (1.656) | 1.656 | - | - | 2.432 | |
| Profit and OCI of NCI with put option | - | - | - | - | - | 171 | - | (171) | - | |
| Changes in carrying value of liabilities associated with puttable NCI | - | - | - | - | - | 280 | - | - | 280 | |
| Acquisitions of 20% of the shares in Unifiedpost d.o.o. | - | - | - | (2.437) | - | 2.437 | - | - | - | |
| Release of NCI due to acquisition of 20% of the shares in Unifiedpost d.o.o. | - | - | - | - | - | (266) | - | 266 | - | |
| Dividend payments | - | - | - | (965) | - | - | - | - | (965) | |
| Other | - | - | - | 62 | - | - | - | - | 62 | |
| Balance at 31 December 2024 | 329.238 | (16.029) | 492 | (164.603) | 175 | 2.697 | (4.470) | 758 | 148.258 | |
Consolidated statement of cash flows (unaudited)
| For the year ended 31 December | ||
| Thousands of Euro | 2025 | 2024 |
| CASH FLOWS FROM OPERATING ACTIVITIES | ||
| Profit / (loss) for the year | (44.763) | 71.195 |
| Adjustments for: | ||
| 17.434 | 20.546 |
| 680 | 1.041 |
| 3.145 | 4.130 |
| 505 | (389) |
| - | (15) |
| (184) | (334) |
| 5.891 | 23.579 |
| 9.035 | (124.168) |
| - | 6.342 |
| 32 | (146) |
| 761 | 3.894 |
| (346) | (841) |
| 203 | - |
| Subtotal | (7.607) | 4.833 |
| Changes in Working Capital | ||
| 790 | (5.318) |
| (142) | (448) |
| 16 | (93) |
| (3.306) (156) | 9.420 - |
| Cash generated from / (used in) operations | (10.405) | 8.394 |
| Income taxes paid | (345) | (1.763) |
| Net cash provided by / (used in) operating activities | (10.750) | 6.631 |
| CASH FLOWS FROM INVESTING ACTIVITIES | ||
| Payments made for acquisition of subsidiaries, net of cash acquired | - | (283) |
| Payments received for divestment of business | 26.901 | 114.388 |
| Payments made for purchase of intangibles and development expenses | (17.506) | (16.015) |
| Proceeds from the disposals of intangibles and development expenses | - | 415 |
| Payments made for purchase of property and equipment | (70) | (247) |
| Proceeds from the disposals of property and equipment | 30 | 442 |
| Net cash provided by / (used in) investing activities | 9.355 | 98.700 |
| CASH FLOWS FROM FINANCING ACTIVITIES | ||
| Conversion of subscription rights | - | 2.432 |
| Exercise warrants ESOP 2015 | 17 | - |
| Dividends paid to non-controlling interests | (270) | - |
| Proceeds from loans and borrowings | 9.451 | 2.817 |
| Repayments of loans and borrowings | (5.909) | (81.910) |
| Repayment of lease liabilities | (4.086) | (4.486) |
| Interest received | 184 | 334 |
| Interest paid on loans, borrowings and leasings | (2.209) | (23.487) |
| Net cash provided by / (used in) financing activities | (2.822) | (104.300) |
| FX impact cash | (278) | (486) |
| Net increase / (decrease) in cash & cash equivalents | (4.495) | 545 |
| Net (increase)/decrease in cash classified within current assets held for sale Cash movement due to change in consolidation range | (1.144) (250) | (5.423) (3.131) |
| Net increase/(decrease) in cash & cash equivalents, including cash classified within current assets held for sale | (5.889) | (8.009) |
| Cash and cash equivalents at beginning of period | 14.525 | 22.534 |
| Cash and cash equivalents at end of period | 8.636 | 14.525 |
About Banqup Group
Banqup Group delivers integrated cloud-based financial workflow management solutions across the entire lifecycle, from e-invoicing and e-payments to tax reporting. Banqup, our solution for businesses, unifies purchase-to-pay, order-to-cash, e-invoicing compliance, and e-payments into one secure platform, removing the complexity of juggling disconnected tools. eFaktura World, our solution for governments, is a comprehensive digital platform designed for tax administrations to implement e-invoicing and streamline both B2G and B2B tax reporting flows. To learn more about Banqup Group and our solutions, please visit our website: Banqup Group
Cautionary note regarding forward-looking statements: The statements contained herein may include prospects, statements of future expectations, opinions, and other forward-looking statements in relation to the expected future performance of Banqup Group and the markets in which it is active. Such forward-looking statements are based on management's current views and assumptions regarding future events. By nature, they involve known and unknown risks, uncertainties, and other factors that appear justified at the time at which they are made but may not turn out to be accurate. Actual results, performance or events may, therefore, differ materially from those expressed or implied in such forward-looking statements. Except as required by applicable law, Banqup Group does not undertake any obligation to update, clarify or correct any forward-looking statements contained in this press release in light of new information, future events or otherwise and disclaims any liability in respect hereto. The reader is cautioned not to place undue reliance on forward-looking statements.
1 Excludes discontinued operations 21 Grams, UK print business, Belgium print business and Baltic operations
2 ARR Digital services revenue reflects recurring digital services revenue for December, whereby transactional revenues are normalised over a 3-month average, multiplied by 12
3 Adjusted EBITDA reflects the operating EBITDA (€ -12,8 million) of Banqup Group, excluding non-operating, one-off costs related to the divestments (€ 0,4 million) and transformation exercises undertaken (€ 1,1 million)
4 Free Cash Flow is defined as net income (i) plus non-cash items in the income statement, (ii) minus cash out for IFRS 16 adjustments, (iii) minus capital expenditure, (iv) minus reimbursement on loans and leasing for the reporting period
5 Organic figures exclude FitekIN/ONEA in the comparative figures (divestment closed on 5 July 2024)
6 Adjusted EBITDA reflects the operating EBITDA of Banqup Group, excluding non-operational, one-off costs related to the divestments and transformation exercises performed
7 Guidance based on the current reporting structure and thus excluding the discontinued operations.
