Banqup Group delivers 21% organic subscription revenue growth in H1 2025 and continues its transformation journey
PRESS RELEASE – REGULATED INFORMATION
La Hulpe, Belgium – 26 August 2025, 7:00 a.m. CEST – Regulated Information – Banqup Group SA, formerly Unifiedpost Group SA, (Euronext: BANQ) (Banqup, Company), a leading provider of integrated business communications solutions, presents its results for H1 2025.
Strategic & Operational Highlights
- Rebranded as Banqup Group, strengthening our position as a dedicated SaaS provider
- Gearing up for accelerated growth in the Belgian, French, and German markets
- Successfully completed the divestment of 21 Grams (June 2025) and the UK print business (August 2025), allowing us to focus on SaaS growth
- Appointment of new Chief Revenue Officer, Chrystele Dumont, reshaped the sales organisation to enhance customer engagement
- Established new partnerships to create value across key markets in both e-invoicing and e-payments
H1 2025 Financial Highlights – continuing operations1
- Organic subscription revenue grew steadily by 20,6% y/y
- Digital services revenue (including income from client money) increased to € 23,1 million
- EBITDA (including net income from client money) was € -6,4 million
- Cash flow from divestments totaled € 23,7 million
- Reiterating FY 2025 guidance: ~25% organic subscription revenue growth and FCF2 positive by year-end
Nicolas de Beco, CEO of Banqup Group, commenting on the H1 2025 results: “H1 performance was in line with expectations, with organic subscription growth on track to meet full-year guidance. We sharpened our strategic focus through two non-core divestments, new partner agreements, and further professionalisation of our technology and go-to-market operations. The transition to Banqup Group and rollout of a unified brand identity reinforce our positioning as a pure-play SaaS provider. With Belgian regulation set to take effect in 2026, we are fully mobilised to support customers and partners in e-invoicing and payments as the market prepares ahead of the deadline. With a strengthened leadership team and streamlined organisation, our focus is squarely on execution”
Key financial figures – continuing operations (unless otherwise stated)
| Thousands of EUR | H1 2025 | H1 2024 | Change (%) |
| Group revenue and income from client money | 31.834 | 35.188 | -9,5% |
| Digital services revenue | 23.130 | 22.370 | +3,4% |
| Subscriptions | 7.369 | 6.645 | +10,9% |
| of which Organic3 | 7.369 | 6.113 | +20,6% |
| Transactions | 10.110 | 9.670 | +4,6% |
| of which income from client money | 715 | 78 | PM% |
| Other | 5.650 | 6.055 | -6,7% |
| Traditional communication services revenue | 8.703 | 12.818 | -32,1% |
| Gross profit digital services (incl. net income from client money) | 13.417 | 13.252 | +1,2% |
| Gross margin of digital services | 58,0% | 59,2% | -1,2%pts |
| EBITDA and net income from client money | (6.399) | (5.982) | -7,0% |
| Loss for the period (continuing and discontinued operations) | (26.243) | (24.354) | +7,8% |
| Cash and cash equivalents at the end of the period | 17.060 | 14.525 | +17,5% |
Portfolio rationalisation underpins Banqup’s transformation to a pure SaaS provider
In June 2025, Banqup completed the divestment of 21 Grams, followed by the sale of its UK print business in August 2025. These 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 rebrand 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. Overall, we are advancing decisively in our transition to become a pure-play SaaS provider. This is also reflected in our leadership team, with the recent appointment of Chrystèle Dumont as Chief Revenue Officer and the planned departure of Tom Van Acker, Chief Operating Officer, aligning our organisation more closely with our focus on commercial excellence, product innovation, and sustainable growth.
Digital services business
Subscription revenue increased from € 6,6 million to € 7,4 million by 10,9% year-on-year. However, since the 2024 figures still include subscription revenue from the divested FitekIn/Onea business, the organic year-on-year growth is at 20,6% (subscription revenue for H1-2024, excluding the sold FitekIn/Onea activities, amounted to € 6,1 million).
Transaction revenue and income from client money (transactional) (€ 10,1 million) increased, supported by the growing level of the client money portfolio, which reached € 0,7 million in H1 2025, reflecting steady progress since the business was launched in July 2024.
Other revenue declined due to lower project-related income in 2025. The gross margin decreased by 1,2 percentage points year-on-year to 58,0%, mainly as a result of higher direct staff costs and increased platform costs. These costs are largely fixed and will not scale proportionally with customer volumes, providing a solid foundation for margin expansion as subscription growth continues to accelerate.
Our sales pipeline for e-invoicing and e-payments in Belgium is positioning Banqup for subscription growth in Q4, in line with our strategic plan and anticipated market dynamics ahead of the January 2026 e-invoicing mandate.
In France, regulatory adoption is progressing without delays, offering certainty to market participants. In Germany, we are already seeing increased traction as the e-invoicing regulatory rollout has been confirmed for January 2027. Meanwhile, our governmental eFaktura platform continues to demonstrate its attractiveness in new markets, although such processes typically involve longer lead times.
Traditional communication services business
Traditional communication services revenue continued to decline as expected (from € 12,8 million in H1 2024 to € 8,7 million in H1 2025), reflecting the ongoing shift toward digital solutions and lower managed services volumes. As a result, gross profit decreased by € 1,5 million.
Cost optimisation
Despite an inflationary environment, indirect costs decreased year-on-year by 3,4% (from € 32,4 million in H1 2024 to € 31,3 million in H1 2025). This reduction is mainly attributable to lower G&A and S&M expenses, while R&D spending remained broadly unchanged. Capital expenditures amounted to € 8,7 million, in line with the same period last year.
In H1 2025, the Group employed an average of 570 FTEs in indirect functions (R&D, G&A and S&M), compared to an average of 636 FTEs in H1 2024, representing a decrease of 10,4%.
Liquidity position normalised with cash inflow from divestments
At the end of June 2025, Banqup reported a financial position with cash and cash equivalents totalling € 17,1 million, including € 0,7 million of restricted cash.
Review the interim consolidated financial statements
The statutory auditor, BDO Réviseurs d’Entreprises SRL represented by Ellen Lombaerts, has confirmed that the review of the interim consolidated statement of financial position as per 30 June 2025 and the interim consolidated statement of profit and loss and other comprehensive income, changes in equity and cash flows for the six-month period ended 30 June 2025, is substantially completed and concluded that to date, based on the review, nothing has come to the attention that causes them to believe that the interim consolidated financial position as per 30 June 2025 and the interim consolidated statement of profit and loss and other comprehensive income, changes in equity and cash flows for the six-month period ended 30 June 2025 are not prepared, in all material respects, in accordance with IAS 34, as adopted by the European Union.
H1 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:
- 27 August 2025: Publication of the half-year Interim consolidated financial report
- 13 November 2025: Publication of the Q3 2025 business update
- 26 February 2026: Publication of the FY 2025 results (webcast)
- 16 April 2026: Publication of the 2025 Annual Report
Contacts
Alex Nicoll
Investor Relations
Banqup Group
alex.nicoll@banqup.com
Interim consolidated statement of profit or loss and other comprehensive income (unaudited)
| Thousands of Euro, except per share data | For the six-month period ended 30 June | ||
| 2025 | 2024 (*) | ||
| Digital services revenues | 22.416 | 22.291 | |
| Digital services cost of services | (9.570) | (9.090) | |
| Digital services gross profit | 12.846 | 13.201 | |
| Traditional communication services revenues | 8.703 | 12.818 | |
| Traditional communication services cost of services | (6.553) | (9.207) | |
| Traditional communication services gross profit | 2.150 | 3.611 | |
| Research and development expenses | (9.066) | (8.940) | |
| General and administrative expenses | (14.347) | (15.101) | |
| Selling and marketing expenses | (7.916) | (8.394) | |
| Other income / (expenses) – net | (741) | (470) | |
| Impairment losses | – | – | |
| Loss from operations | (17.074) | (16.093) | |
| Net financial income from client money | 575 | 51 | |
| Financial income | 53 | 197 | |
| Financial expenses | (2.906) | (8.286) | |
| Gain realised upon losing control over subsidiaries | 36 | 1.295 | |
| Share of profit / (loss) of associates | (50) | 236 | |
| Loss before tax | (19.366) | (22.600) | |
| Current income tax | 11 | 80 | |
| Deferred tax | 163 | 142 | |
| LOSS FOR THE PERIOD FROM CONTINUING OPERATIONS | (19.192) | (22.378) | |
| Loss from discontinued operations, net of tax | (7.052) | (1.976) | |
| LOSS FOR THE PERIOD | (26.244) | (24.354) | |
| Other comprehensive income/ (loss): | 3.956 | (416) | |
| Items that will or may be reclassified to profit or loss, net of tax: | |||
| Exchange gains / (losses) arising on translation of foreign operations | 37 | (72) | |
| Recycling of translation differences on disposal of foreign operations | 4.093 | ||
| Exchange gains/ (losses) arising on translation of foreign operations related to discontinued operations | (174) | (344) | |
| TOTAL COMPREHENSIVE LOSS FOR THE PERIOD | (22.288) | (24.770) | |
| Total loss for the period is attributable to: | |||
| Owners of the parent | (26.102) | (24.469) | |
| Continuing operations | (19.050) | (22.493) | |
| Discontinued operations | (7.052) | (1.976) | |
| Non-controlling interests | (142) | 115 | |
| Total comprehensive loss for the period is attributable to: | |||
| Owners of the parent | (22.146) | (24.885) | |
| Continuing operations | (14.920) | (22.565) | |
| Discontinued operations | (7.226) | (2.320) | |
| Non-controlling interests | (142) | 115 | |
| Loss per share attributable to the equity holders of the parent: | |||
| Basic | (0,71) | (0,67) | |
| Diluted | (0,71) | (0,67) | |
| Loss from continuing operations per share attributable to the equity holders of the parent: | |||
| Basic | (0,52) | (0,62) | |
| Diluted | (0,52) | (0,62) | |
(*) The comparative figures for the six-month period ended 30 June 2024 have been restated to reflect the restatement of the profit and loss related to the discontinued operations in accordance with IFRS 5.
Interim consolidated statement of financial position (unaudited)
| Thousands of Euro | At 30 June | At 31 December | |
| 2025 | 2024 | ||
| ASSETS | |||
| Goodwill | 86.226 | 92.048 | |
| Other intangible assets | 63.771 | 66.725 | |
| Property and equipment | 1.364 | 1.486 | |
| Right-of-use-assets | 7.446 | 9.391 | |
| Investments in associates | 2.358 | 2.400 | |
| Deferred tax assets | 48 | 39 | |
| Other non-current assets | 3.236 | 3.036 | |
| Non-current assets | 164.449 | 175.125 | |
| Inventories | 379 | 544 | |
| Trade and other receivables | 12.251 | 16.493 | |
| Contingent consideration receivable Consideration receivable (escrow) | – 2.138 | 7.774 – | |
| Current tax assets | 341 | 291 | |
| Prepaid expenses | 1.503 | 1.484 | |
| Restricted cash related to client money | 78.929 | 75.798 | |
| Cash and cash equivalents | 17.060 | 14.525 | |
| Current assets from continuing operations | 112.601 | 116.909 | |
| Assets classified as held for sale | 11.050 | 31.250 | |
| Current assets | 123.651 | 148.159 | |
| TOTAL ASSETS | 288.100 | 323.284 | |
| SHAREHOLDERS’ EQUITY AND LIABILITIES | |||
| Share capital | 329.238 | 329.238 | |
| Costs related to equity issuance | (16.029) | (16.029) | |
| Share premium reserve | 492 | 492 | |
| Accumulated deficit | (190.705) | (164.603) | |
| Reserve for share-based payments | 284 | 175 | |
| Other reserve | 2.571 | 2.697 | |
| Cumulative translation adjustment reserve | (515) | (4.470) | |
| Equity attributable to equity holders of the parent | 125.336 | 147.500 | |
| Non-controlling interests | 250 | 758 | |
| Total shareholders’ equity | 125.586 | 148.258 | |
| Non-current loans and borrowings | 29.545 | 29.010 | |
| Non-current lease liabilities | 4.985 | 6.376 | |
| Non-current contract liabilities | 565 | 387 | |
| Deferred tax liabilities | 304 | 1.463 | |
| Non-current liabilities | 35.399 | 37.236 | |
| Current loans and borrowings | 5.019 | 5.698 | |
| Current liabilities associated with puttable non-controlling interests | 3.980 | 3.980 | |
| Current lease liabilities | 2.609 | 3.232 | |
| Liabilities related to client money | 78.909 | 75.774 | |
| Trade and other payables | 25.286 | 31.127 | |
| Contract liabilities | 5.883 | 5.330 | |
| Current income tax liabilities | 42 | 410 | |
| Current liabilities from continuing operations | 121.728 | 125.551 | |
| Liabilities directly associated with assets classified as held for sale | 5.387 | 12.239 | |
| Current liabilities | 127.116 | 137.790 | |
| TOTAL EQUITY AND LIABILITIES | 288.100 | 323.284 | |
Interim 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 | – | – | – | (26.102) | – | – | – | (142) | (26.244) | |
| Other comprehensive income / (loss) | – | – | – | – | – | – | 3.956 | – | 3.956 | |
| Total comprehensive income / (loss) for the year | – | – | – | (26.102) | – | – | 3.956 | (142) | (22.288) | |
| Profit and OCI of NCI with put option | – | – | – | – | – | (126) | – | 126 | – | |
| Dividend payments | (270) | (270) | ||||||||
| Share based payments | – | 109 | – | 109 | ||||||
| Other | (1) | (222) | (223) | |||||||
| Balance at 30 June 2025 | 329.238 | (16.029) | 492 | (190.705) | 284 | 2.571 | (515) | 250 | 125.586 | |
| 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 | – | – | – | (24.469) | – | – | – | 115 | (24.354) | |
| Other comprehensive income / (loss) | – | – | – | – | – | – | (416) | – | (416) | |
| Total comprehensive income / (loss) for the year | – | – | – | (24.469) | – | – | (416) | 115 | (24.770) | |
| Conversion subscription rights | 2.432- | – | – | – | (1.656) | 1.656 | – | – | 2.432 | |
| Profit and OCI of NCI with put option | – | – | – | – | – | 108 | – | (108) | – | |
| Changes in carrying value of liabilities associated with puttable NCI | – | – | – | – | – | (210) | – | – | (210) | |
| 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 | – | – | – | (904) | – | – | – | – | (904) | |
| Other | – | – | – | (8) | – | – | 1 | 1 | (6) | |
| Balance at 30 June 2024 | 329.238 | (16.029) | 492 | (260.075) | 175 | 2.144 | (4.266) | 773 | 52.452 | |
Interim consolidated statement of cash flows (unaudited)
| For the six-month period ended 30 June | ||
| Thousands of Euro | 2025 | 2024 |
| CASH FLOWS FROM OPERATING ACTIVITIES | ||
| Profit / (loss) for the year | (26.244) | (24.354) |
| Adjustments for: | ||
| 8.195 | 10.545 |
| 370 | 657 |
| 1.671 | 2.047 |
| 325 | 151 |
| – | (13) |
| (73) | (315) |
| 3.123 | 8.648 |
| 5.303 | (1.295) |
| 3.709 | 4.884 |
| 50 | (236) |
| 270 | 1.075 |
| (170) | – |
| (185) | – |
| Subtotal | (3.656) | 1.794 |
| Changes in Working Capital | ||
| 1.395 | (1.096) |
| (699) | (677) |
| (29) | (64) |
| (2.529) 89 | 6.607 – |
| Cash generated from / (used in) operations | (5.429) | 6.564 |
| Income taxes paid | (159) | (1.051) |
| Net cash provided by / (used in) operating activities | (5.588) | 5.513 |
| CASH FLOWS FROM INVESTING ACTIVITIES | ||
| Payments made for acquisition of subsidiaries, net of cash acquired | – | (282) |
| Payments received for divestment of business | 23.727 | – |
| Payments made for purchase of intangibles and development expenses | (8.453) | (8.530) |
| Proceeds from the disposals of intangibles and development expenses | – | 37 |
| Payments made for purchase of property and equipment | (346) | (160) |
| Proceeds from the disposals of property and equipment | 7 | 572 |
| Net cash provided by / (used in) investing activities | 14.935 | (8.363) |
| CASH FLOWS FROM FINANCING ACTIVITIES | ||
| Conversion of subscription rights | – | 2.432 |
| Dividends paid to non-controlling interests | (270) | – |
| Proceeds from loans and borrowings | 582 | 1.832 |
| Repayments of loans and borrowings | (2.635) | (1.426) |
| Repayment of lease liabilities | (2.339) | (2.071) |
| Interest received | 73 | 315 |
| Interest paid on loans, borrowings and leasings | (852) | (2.536) |
| Net cash provided by / (used in) financing activities | (5.441) | (1.454) |
| FX impact cash | (247) | – |
| Net increase / (decrease) in cash & cash equivalents | 3.659 | (4.304) |
| Net (increase)/decrease in cash classified within current assets held for sale Cash movement due to change in consolidation range | (699) (425) | (3.123) (175) |
| Net increase/(decrease) in cash & cash equivalents, including cash classified within current assets held for sale | 2.535 | (7.602) |
| Cash and cash equivalents at beginning of period | 14.525 | 26.323 |
| Cash and cash equivalents at end of period | 17.060 | 18.721 |
About Banqup Group
Banqup Group delivers integrated cloud-based SaaS solutions to streamline business transactions 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 and Belgium print business
2 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.
3 Organic figures exclude FitekIN/ONEA in H1-2024 (divestment closed on 5 July 2024) in the comparative figures
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