Slides
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H1 2026 Financial Results August 25th 2026
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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. Therefore, actual results, performance or events may 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.
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3 01 Introduction Koen De Brabander 02 Documents Division Jan Druppel 03 Payments Division Anouk Arendt 04 Financial Review Koen De Brabander 05 Looking Ahead Koen De Brabander 06 Q&A Session Ask your questions Agenda
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4 Introduction Koen De Brabander
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Standalone RationaleGrowth DriverProfileCore Business Modules Documents Payments Consult eFaktura Fully developed, cash-generative platform with low ongoing development Capex. Tailwinds from European mandatory e-invoicing/e-reporting mandates (Belgium, France and others). Maximizes recurring subscription revenue and expands direct & indirect partner distribution. Strategic growth stage; investment phase targeting embedded payments. Expanding transaction volume via partner software, API distribution, and Banqup Pay. Dedicated regulatory framework (PSD2/eIDAS2.0) and independent GTM model tailored to financial workflows. Specialized service unit focused on high-tier implementation and advisory. Enterprise onboarding, complex ERP integrations, and mandate-driven migrations. Independent delivery model to service third-party platforms and drive consulting-led margins. Proven, cash-positive sovereign platform (e.g., Serbian B2G mandate). Public sector e-tax reporting and specialized governmental tax administration flows. Distinct sales cycle and regulatory dynamics separate from standard B2B commercial operations. Core Strategic Drivers 01 Visibility & Accountability 02 Sharpened Go-To-Market Execution 03 Disciplined Capital Allocation 5 Unlocking value through autonomous business units
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Driving operational transformation through deep domain expertise 6 Jan Druppel Head of Documents Joined in 2017 33+ Anouk Arendt Head of Payments Joined in 2025 28+ Kristoff Suy Head of Consult Joined in 2017 26+ Koen De Brabander CEO & CFO Joined in 2020 39+ Mathias Baert Head of Legal & Compliance Joined in 2020 15+ David Geleyn Head of Marketing & Investor Relations Joined in 2002 24+ Wim Robert Focquet Head of People Joined in 2026 30+
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Executing our strategic priorities to accelerate core digital growth Market 🎯 Focus one - Launch of French market France First: Our premier strategic launchpad; proving our new operational model in action before expanding into Germany and the Netherlands. Market penetration: Scaled pipeline with 150k onboarded enterprises in France ready to accept e-invoices from 8k mass senders. Next markets to come: Next to Belgian and French market the German market will be next focus point. Furthermore note that we have already a nice entrance in the Dutch n and Croatian market pf e-invoicing mandate wand concluded a very important engagement for the Austrian market. Company 🎯 Flat governance, clear ownership, and customer-first execution Simplified Governance: Flat, transparent organization where every euro and decision has a clear owner and move away from complexities a Group normally has after acquisition phase.. Customer Excellence: Customer first is a key focus whereby improved customer support and direct communication are key principles Product Discipline: Focused execution around core platform capabilities (Banqup BTX evolutions) and standardized delivery. Liquidity 🎯 Strict cash management and balance sheet optimization Cash Precision: Adequate liquidity maintained through strict, continuous cash flow tracking. Portfolio Pruning: Completed strategic divestments (e.g., Baltic business at €9.5M EV) to strengthen net debt and cash reserves. Lender Backing: Extended liquidity runway and ongoing support from senior lenders to fund digital platform priorities. Transformation 🎯 Decentralized operational execution empowering division leaders Four Autonomous Units: Structured around specialized divisions: Documents, Payments, Consult, and eFaktura World. Dedicated P&L Focus: Every unit operates with its own market rhythm, tailored know-how, independent funding logic, and dedicated leadership. Model Distinction: Clear structural separation between core digital platform solutions and expert professional consulting services. 7
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8 Documents Jan Druppel
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Documents division: capitalizing on European e-invoicing mandates at scale 9 Key commercial milestones and strategic wins French Market Onboarded 150k businesses through 4,7k accounting firms and 100+ technology partners, ready to accept electronic invoices in September 2026. Tax Automation Partnerships Signed 2 partnerships for rolling out the tax validation capabilities in 40+ countries (including France and DOM-TOM areas). Austrian Post The scope of the project is B2B document transformation and cross-border document distribution for SMEs and corporates. Scope Enabling automation of purchase-to-pay, order-to-cash, and cross-border regulatory compliance (through API first platform). Turning key administrative friction into connected, automated workflows. Powering European e-invoicing and e-reporting compliance Belgium E-reporting is the next opportunity in Belgium (2028) that will raise the bar (ISO certification, EIDaS 2.0 and business wallet)) for the 400+ active vendors in this space (Belgium alone). France Ready for B2B mandate (sending) in Sept 2027. Spain Preparing for Verifactu e-reporting from Jan 2027 and mandatory e-invoicing from October 2027 (Ley Crea y Crece). Germany Preparing for further evolutions in e-invoicing and e-reporting in Germany. Operational focus on upcoming mandates and regulatory tailwinds Strategic Focus Positioning Banqup as a solution for upcoming mandatory European B2B e-invoicing and e-reporting mandates (including tax validation). Focusing on multi-country scalability and effortless integration with ERP systems and accounting networks.
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10 Payments Anouk Arendt
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SME Acquisition Scaling the standalone Banqup App as a direct, frictionless entry point into the SME segment. Payments division: monetizing B2B transactions through scalable embedded payments 11 Scope Core mandate: Seamless B2B payments, identity solutions, and digital trust. Integrating e-payment workflows directly into invoicing and accounting flows. Dual Strategic Go-To-Market Indirect SME Strategy: Positioning Banqup as an add-on for documents (invoices). Direct SME strategy (Banqup Pay): Positioning Banqup as the ultimate, all-in-one financial cockpit for SMEs. We deliver immediate peace of mind by giving businesses a single glance at their financial status, cash flow, and payment flows Frictionless B2B Payments & Trust Infrastructure Commercial Highlights & Growth Levers Partner Monetization Capturing high-volume transactions by onboarding software platforms through direct revenue-sharing models on our API stack. Operational Discipline Standardized Product Delivery Driving high-margin efficiency by offering clear, out-of-the-box product features for SMEs ("sell what we have") alongside standardized API docs for software partners. Automated Trust Operations Straight-through processing for core KYC/AML workflows to ensure rapid onboarding across both direct and partner channels.The "Regulated-as-a-Service" Premium Monetizing our built-in governance, DORA/NIS2 compliance, and National Bank licenses as a key value driver for corporate partners.
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12 Financials H1 2026 Koen De Brabander
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13 H1 2026 key financial highlights for continuing operations 1 Revenue and income from client money (H1) € 26,5m Recurring digital services revenue and income from client money (H1) € 21,1m Subscription revenue and growth (H1) € 10,4m (+42,3%) ARR digital services € 48,2m (Jun 2026) € 47,7m (Dec 2025) ARR growth Δ 06/25 – 06/26 +12,1% Non-recurring costs € 1,4m Total number of FTEs 632 Adjusted EBITDA € -6,1m Net financial debt position € 46,1m Capex € 8,1m ¹ Excludes discontinued operations in 2026 from print business in Belgium (project Bilbao), and Baltic operations (project Dublin) NOTE: Client money is considered as a component of our business model and therefore also presented as part of the generated operational business, although it is recorded as financial income.
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14 H1 2026 performance reflects solid growth in Digital Services Continuing 1 operations (€m) H1 2026 H1 2025 Change (%) Group revenue and income from client money 26,5 25,0 +6,0% Digital revenue 23,9 20,9 +14,4% Subscription 10,4 7,3 +42,5% Transaction 8,0 8,0 - Of which income from client money 0,7 0,7 - Other 5,4 5,5 -1,8% Traditional communication revenue 2,6 4,1 -36,6% Digital gross profit (incl. net income from client money) 13,6 12,0 +13,3% Digital gross margin 56,8% 57,6% -0,8% Loss for the period -21,1 -20,3 -3,9% EBITDA and net financial income from client money -7,5 -7,7 +2,6% Adjusted EBITDA -6,1 -7,3 +16,4% Adjusted EBITDA margin -22,9% -29,0% +6,1% Continuing and discontinued operations (€m) H1 2026 H1 2025 Change (%) Loss for the period -18,3 -26,3 +30,4%
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15 Cost and capex YoY evolution (continuing¹ operations)2 Total OPEX (€m) Total Capex (€m) 31,9 29,4 30,4 29,0 +8,5% +4,8% Total OPEX OPEX excl. non recurring costs Total Capex 8,1 -9,3% 8,7 ¹ Excludes discontinued operations in 2026 from print business and Baltic operations 2 Non-recurring costs linked to (planned) divestments have been processed below EBITDA and are excluded from operational expenses Remarks ● Non recurring costs amounted to € 1,4m in H1 2026, related to the divestments, funding and transformation exercise. ● OPEX, excl non recurring costs, increased by 4,8% YoY (€ 1,4m), mainly driven by higher depreciation of own development costs due to the release of the BTX platform in Q4 2025. ● In H1 2026, the Group employed an average of 527 indirect FTEs, compared to an average of 522 FTEs in H1 2025 (on a like for like basis) ● Within Capex, Documents focuses on Belgium and French market requirements plus accountant user experience. Payment investments address EU QTSP (Qualified Trust Service Provider) compliance for digital identity requirements.
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16 Cash flow position (€m) Equity position (€m) Net Financial Debt position (€m) + Bank borrowings 3,8 + Francisco Partner facility 32,7 + Shareholders’ loan 8,3 + Lease liabilities 6,2 - Available cash and cash equivalents 4,9 = Net financial debt (excl. discontinued operations) 46,1 8,6 -6,4 3,3 -0,7 0,0 0,2 5,0 107,0 -18,3 0,0 -0,1 88,6 Cash flow statement reflects further progress on divestments of non-core services Remarks ● Cash flow from operating activities (€ -6,4m): composed of operations for € -5,3m, working capital of € 0,4m, income taxes for € -0,1m and one-off restructuring costs of € -1,4m ● Cash flow from investing activities (€ 3,3m) reflects divestment proceeds for € 11,4m and Capex of € 8,1m ● Cash flow from financing activities (€ -0,7m) related to repayment loans and leasings for € -10,8m, proceeds from new loans € 10,7m and net interests paid of € -0,5m
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17 Looking Ahead Koen De Brabander
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ARR Digital revenue growth 1 Range: 25%~30% Adjusted EBITDA 2 Margin ~3% Guidance based on the current reporting structure, excluding discontinued operations 18 ¹ Growth of the Annual Recurring Digital Revenue, defined as the annualised value of recurring digital revenue from active customer contracts at the reporting date, including subscriptions, other contracted recurring revenue and recurring financial income from client money, while excluding one-time implementation fees and other non-recurring items. 2 EBITDA plus the net financial income from client money, excluding non-operational, one-off expenses associated with (i) merger and acquisition transactions, including divestments, and (ii) the restructuring of business activities (including, but not limited to, severance costs) FY 2026 Financial Guidance
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01 Launch of French market is key moment in the life cycle of Banqup 02 Operational transformation and autonomous focus to be implemented by EOY 03 Disciplined financial and capital management Key takeaways 19
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20 Q&A Ask your questions through the webcast interface