Earnings release
Page 1
Banqup Group advances strategic transformation and reports strong Subscription Revenue Growth YoY of 42,3% in H1 2026 La Hulpe, Belgium – 25 August 2026, 7:00 a.m. CEST – REGULATED INFORMATION – Banqup Group SA (Euronext: BANQ) (Banqup, Company), a specialized European fintech provider empowering businesses by simplifying financial flows through an innovative, secure platform for e-invoicing, e-payments, e-reporting, and e-trust solutions, publishes its H1 2026 financial results . Strategic & Operational Highlights ● The Company has moved to a business unit structure (Documents, Payments, Consulting Services and Balkan activities including eFaktura World), with clear priorities and dedicated leadership for each unit, to strengthen accountability and execution against its strategic plan. ● Following the conclusions of its ongoing strategic review, the Board has decided to pursue strategic alternatives for one or more of the Company’s business units and/or the Group as a whole. ● Successful completion of the divestment of the Baltic operations to Fitek Oü on 16 March 2026. ● Maintaining a disciplined approach to cost and liquidity management. Financial Highlights ● Strong subscription revenue growth of 42,3% year-on-year to € 10,4 million, driven by the accelerating adoption of e-invoicing, particularly in the Belgian market. Total digital revenue increased by 14,4% year-on-year, with digital gross profit reaching € 13,6 million and a solid gross margin of 56,8%. ● Annual Recurring Digital Revenue (ARR) reached € 48,2 million as of June 2026, representing an increase of 12,1% compared with June 2025, reflecting continued momentum in the Group’s digital business. ● The Company is currently executing a program aimed at further strengthening its operational and financial foundations, including the progressive establishment of its business units as more autonomous organisations with dedicated functional capabilities. In this context, non-recurring transformation expenses of € 1,4 million were incurred during the first half of 2026. ● Adjusted EBITDA increased by 16,4% year-on-year to € 6,1 million in H1 2026, reflecting the benefits of operating leverage, combined with disciplined cost and overhead management. ● Net financial debt stood at € 46,1 million as of 30 June 2026, supported by (i) € 11,4 million of proceeds collected from divestments and € 8,0 million of new subordinated shareholder loans, and (ii) a repayment of a € 7,5 million bridge loan, during the first half of 2026. The financial covenants with Francisco Partners have been reset, providing the Group with an improved financing framework to support its ongoing transformation. Press Release Banqup Group
Page 2
Commenting on the H1 2026 results, Koen De Brabander, CEO of Banqup Group, stated: "The direction of the market is clear. Digital invoicing and payment features are being progressively implemented across European jurisdictions. In the meantime we are ready to launch our offering into the French market, where mandatory e-invoicing will be introduced from September 2026 onwards. We are moving towards a business model in which dedicated Business Units focus on distinct market segments: Documents, Payments, Consulting Services and Balkan activities including eFaktura World, our governmental platform. The organisation has already started implementing these changes and will remain fully committed to their execution in the coming months. Additionally we are continuously working our cost profile to make the Company more agile and efficient. I am confident that these efforts will further strengthen the Company and provide a solid foundation for the successful establishment of the business unit approach. I would like to sincerely thank all our employees for their commitment, hard work and contribution to the execution of the plan. Their continued engagement will be instrumental in making this transition successful. ” Continuing operations 1 (unless otherwise stated) Thousands of Euro H1 2026 H1 2025 Change (%) Group revenue and income from client money 26.488 25.047 +5,7% Digital revenue 23.871 20.914 +14,1% Subscription 10.430 7.330 +42,3% Transaction 8.004 8.033 -0,4% Of which income from client money 694 715 -2,9% Other 5.437 5.551 -2,1% Traditional communication revenue 2.617 4.133 -36,7% Digital gross profit (incl. net income from client money) 13.566 12.045 +12,6% Digital gross margin 56,8% 57,6% -0,8%pts Loss for the period -21.092 -20.250 -4,1% EBITDA and net income from client money -7.489 -7.654 +2,2% Adjusted EBITDA -6.054 -7.254 +16,5% Adjusted EBITDA margin -22,9% -29,0% +6,1%pts Loss for the period (continuing and discontinued operations) -18.264 -26.244 +30,4% Annual Recurring Digital Revenue 48.204 42.992 +12,1% Press Release Banqup Group
Page 3
Digital Business Performance Subscription revenue, driven by the launch of digital invoicing in the Belgian market, increased by 42,3% year-on-year, from € 7,3 million to € 10,4 million. Transaction revenue and income from client funds remained broadly stable at € 8,0 million, supported by a stable level of transaction volumes. Gross margin decreased by 0,8 percentage points year-on-year to 56,8%, primarily reflecting higher platform costs, partly offset by lower OCR costs. A significant portion of these platform costs is fixed in nature and is therefore not expected to increase proportionally with customer volumes. As subscription revenue continues to grow, this provides a solid foundation for operating leverage and future margin expansion. The Company’s sales pipeline for e-invoicing and e-payments in Belgium and France provides a basis for continued subscription growth in the second half of 2026. In France, the Group is preparing for the first phase of the mandatory e-invoicing rollout starting from September 2026. In Germany, the Company is already seeing increased market traction following confirmation of the regulatory rollout of mandatory e-invoicing from January 2027. Meanwhile, the Company’s governmental eFaktura platform continues to demonstrate its potential to enter additional markets, although such opportunities typically involve longer sales and implementation cycles. Cost Optimisation The indirect cost base, excluding non-recurring transformation-related expenses, increased by 4,8% year-on-year. This increase primarily reflects salary inflation, together with higher investments in direct and indirect sales capabilities across the different jurisdictions. The delivery of the Banqup 3.0 communication platform towards the end of 2025 also resulted in higher depreciation charges included in R&D costs. These depreciation charges are non-cash items and therefore have no direct impact on the Group's cash expenditure. Despite the 4,8% increase in the reported indirect cost base, underlying cash expenditure, excluding non-cash items, increased by only 2,0% year-on-year. The Group will continue to execute its transformation program during the second half of 2026, with further measures aimed at streamlining the organisation and reducing the underlying cost base. Liquidity position and net financial debt position As of 30 June 2026, Banqup reported cash and cash equivalents of € 5,0 million, excluding restricted cash, and a net financial debt position of € 46,1 million. Press Release Banqup Group
Page 4
Funding - Going concern On 13 July 2026, the Company secured an incremental loan facility from Francisco Partners of up to € 10,0 million, subject to the achievement of defined deliverables and approval of Franscico Partners at each draw moment. In connection with the Incremental Facility, the Company and its senior lenders agreed certain amendments to the Senior Facilities Agreement. These amendments include an increase in the applicable PIK interest rate on the Facility from 8,00% to 10,50% per annum, an original issue discount of 3,00% on amounts drawn under the Incremental Facility, and the introduction of a 5,00% prepayment premium on amounts prepaid or repaid under the Facility. As of the date of this announcement, € 6,5 million has been drawn under the Incremental Facility to support the Company's working capital requirements. On 3 August 2026, the Extraordinary General Meeting of Shareholders approved an authorised capital of € 15,0 million, further strengthening the Company's financial flexibility and supporting its ongoing transformation and going-concern position. More details can be found in the press release of 17 August 2026. Guidance The Company confirms its guidance for ARR digital revenue growth of 25-30% by year-end and maintains its guidance on adjusted EBITDA to be appr. 3% of revenue. The core Documents and Consulting businesses delivered positive adjusted EBITDA in the first half, and the Company is preparing for the first phase of the mandatory e-invoicing rollout in France, which is expected to contribute from Q4 2026. Review of the Interim Consolidated Financial Statements The Interim Consolidated Financial Statements for the six-month period ended 30 June 2026 have been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the European Union. In line with the decision by the Board of Directors on 25 June 2026, these interim financial statements are unaudited and have not been subject to a limited review by the statutory auditor. Press Release Banqup Group
Page 5
H1 2026 webcast ● Management will host a live video webcast for analysts, investors and media today at 10:30 a.m. CEST. ● To participate in the live webcast and Q&A session, please register in advance using the following link: Register for Banqup Group H1 2026 Webcast. ● A full replay will be available after the webcast via the same link Financial Calendar 13 November 2026: Publication of the Q3 2026 Business Update 25 February 2027: Publication of the FY 2026 Financial results (webcast) Contact David Geleyn Investor Relations - Banqup Group investor.relations@banqup.com Press Release Banqup Group
Page 6
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 2026 2025 1 Digital services revenues 23.177 20.199 Digital services cost of services (10.224) (8.729) Digital services gross profit 12.953 11.470 Traditional communication services revenues 2.617 4.133 Traditional communication services cost of services (1.927) (3.567) Traditional communication services gross profit 690 566 Research and development expenses (11.900) (9.012) General and administrative expenses (12.324) (13.263) Selling and marketing expenses (7.671) (7.144) Otehr income/ (expenses) - net (308) (767) Loss from operations (18.560) (18.150) Net financial income from client money 613 575 Financial income 25 53 Financial expenses (3.190) (2.884) Gain realised upon losing control over subsidiaries - 36 Share of profit / (loss) of associates 20 (50) Loss before tax (21.092) (20.420) Current income tax (15) 23 Deferred tax 28 147 LOSS FOR THE PERIOD FROM CONTINUING OPERATIONS (21.079) (20.250) Profit / (loss) from discontinued operations, net of tax 2.815 (5.994) PROFIT FOR THE PERIOD (18.264) (26.244) Other comprehensive income / (loss): (12) (137) Items that will or may be reclassified to profit or loss, net of tax: Exchange gains / (losses) arising on translation of foreign operations (12) 37 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) TOTAL COMPREHENSIVE INCOME / (LOSS) FOR THE YEAR (18.279) (22.288) Total profit / (loss) for the period is attributable to: Owners of the parent (12.293) (26.102) Continuing operations (21.108) (20.108) Discontinued operations 2.815 (5.994) Non-controlling interests 29 (142) Total comprehensive income / (loss) for the period is attributable to: Owners of the parent (18.306) (22.146) Continuing operations (21.121) (15.978) Discontinued operations 2.815 (6.168) Non-controlling interests 29 (142) Profit / (loss) per share attributable to the equity holders of the parent: Basic (0,49) (1,21) Diluted (0,49) (1,21) Profit / (loss) from continuing operations per share attributable to the equity holders of the parent: Basic (0,57) (0,55) Diluted (0,57) (0,55) 1 The comparative figures for the six-month period ended 30 June 2025 have been restated to reflect the restatement of profit and loss related to the discontinued operations in accordance with IFRS 5 Press Release Banqup Group
Page 7
Interim Consolidated Statement of Financial Position (unaudited) Thousands of Euro At 30 June At 31 December 2026 2025 ASSETS Goodwill 83.476 83.476 Other intangible assets 58.567 59.629 Property and equipment 545 622 Right-of-use-assets 5.910 5.613 Investments in associates 2.317 2.325 Deferred tax assets 15 49 Other non-current assets 3.361 3.102 Non-current assets 154.191 154.816 Inventories 286 291 Trade and other receivables 9.630 10.961 Consideration receivable (escrow) - 2.138 Current tax assets 403 352 Prepaid expenses 1.515 1.100 Restricted cash related to client money 114.939 75.537 Cash and cash equivalents 4.992 8.636 Current assets from continuing operations 131.765 99.015 Assets classified as held for sale 4.391 14.864 Current assets 136.156 113.879 TOTAL ASSETS 290.348 268.695 SHAREHOLDERS’ EQUITY AND LIABILITIES Share capital 329.256 329.256 Costs related to equity issuance (16.029) (16.029) Share premium reserve 491 491 Accumulated deficit (227.843) (209.632) Reserve for share-based payments 381 447 Other reserve 2.740 2.841 Cumulative translation adjustment reserve (635) (622) Equity attributable to equity holders of the parent 88.360 106.752 Non-controlling interests 253 244 Total shareholders’ equity 88.613 106.996 Non-current loans and borrowings 1.219 838 Non-current lease liabilities 4.083 3.903 Non-current contract liabilities 463 417 Deferred tax liabilities 254 303 Non-current liabilities 6.019 5.461 Current loans and borrowings 43.946 40.582 Current liabilities associated with puttable non-controlling interests 4.000 4.000 Current lease liabilities 2.115 1.939 Liabilities related to client money 114.921 75.524 Trade and other payables 22.682 22.309 Contract liabilities 5.971 6.072 Current income tax liabilities 428 187 Current liabilities from continuing operations 194.064 150.613 Liabilities directly associated with assets classified as held for sale 1.651 5.625 Current liabilities 195.715 156.238 TOTAL EQUITY AND LIABILITIES 290.348 268.695 Press Release Banqup Group
Page 8
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 Noncontrolling interests Total equity Balance at 1 January 2026 329.256 (16.029) 491 (209.632) 447 2.841 (622) 244 106.996 Result for the period - - - (18.293) - - - 29 (18.264) Other comprehensive income / (loss) - - - - - - (12) - (12) Total comprehensive income / (loss) for the year - - - (18.293) - - (12) 29 (18.276) Profit AND OCI of NCI with put option - - - - - 20 - (20) - Share-based payments - - - - (66) - - - (66) Other - - - 82 - (121) - - (39) Balance at 31 December 2025 329.256 (16.029) 491 (227.843) 381 2.740 (635) 253 88.614 Thousands of Euro Share capital Costs related to equity issuance Share premium reserve Accumulated deficit Share- based payments Other reserves Cumulative translation adjustment reserve Noncontrolling 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 329.256 (16.029) 491 (190.705) 284 2.571 (515) 250 125.586 Press Release Banqup Group
Page 9
Interim Consolidated Statement of Cash Flows (unaudited) Thousands of Euro For the six-month period ended 30 June 2026 2025 CASH FLOWS FROM OPERATING ACTIVITIES Profit / (loss) for the year (18.264) (26.244) Adjustments for: ▪ Amortisation and impairment of intangible fixed assets 8.983 8.195 ▪ Depreciation and impairment of property, plant & equipment 197 370 ▪ Depreciation of right-of-use-assets 1.157 1.671 ▪ Impairment of trade receivables - 325 ▪ Financial (income) / expenses 3.190 3.050 ▪ (Gain) / loss realised upon losing control over subsidiaries (1.915) 5.303 ▪ Loss of remeasurement at fair value less costs to sell for disposal groups - 3.709 ▪ Share of (profit) / loss of associate (20) 50 ▪ Income tax expense / (income) ▪ Deferred income tax expense 10 (28) 270 (170) ▪ Other non-cash operating profit - (185) Subtotal (6.689) (3.656) Changes in Working Capital ▪ (Increase) / decrease in trade receivables and contract assets 1.332 1.395 ▪ (Increase) / decrease in other current and non-current receivables (728) (699) ▪ (Increase) / decrease in Inventories (13) (29) ▪ Increase / (decrease) in trade and other liabilities 31 (2.529) ▪ Increase / (decrease) - others (194) 89 Cash generated from / (used in) operations (6.258) (5.429) Income taxes paid (140) (159) Net cash provided by / (used in) operating activities (6.397) (5.588) CASH FLOWS FROM INVESTING ACTIVITIES Payments received for divestment of business 11.405 23.727 Payments made for purchase of intangibles and development expenses (7.923) (8.453) Payments made for purchase of property and equipment (170) (346) Proceeds from the disposals of property and equipment 2 7 Net cash provided by / (used in) investing activities 3.314 14.935 CASH FLOWS FROM FINANCING ACTIVITIES Dividends paid to non-controlling interests - (270) Proceeds from loans and borrowings 10.728 582 Repayments of loans and borrowings (9.496) (2.635) Repayment of lease liabilities (1.400) (2.339) Interest received 25 73 Interest paid on loans and borrowings (600) (852) Net cash provided by / (used in) financing activities (743) (5.441) FX impact cash (11) (247) Net increase / (decrease) in cash & cash equivalents (3.837) 3.659 Net (increase)/decrease in cash classified within current assets held for sale Cash movement due to change in consolidation range (37) 231 (699) (425) Net increase/(decrease) in cash & cash equivalents, including cash classified within current assets held for sale (3.643) 2.535 Cash and cash equivalents at beginning of year 8.636 14.525 Cash and cash equivalents at end of year 4.992 17.060 Press Release Banqup Group
Page 10
About Banqup Group Banqup Group empowers businesses to thrive by simplifying financial flows through an innovative, secure all-in-one platform for e-invoicing, e-payment, e-reporting, and e-trust solutions with built-in compliance at its core. Headquartered in Belgium and listed on Euronext Brussels (BANQ), the group has pioneered digital transformation since 2001. Today, as a specialized European fintech provider, Banqup links companies, accounting networks, banks, ERP systems, and tax authorities to turn administrative complexity into a frictionless, connected trade ecosystem. To learn more about Banqup Group and our software 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. Press Release Banqup Group