HiPay: EBITDA Declines by €2.5M in 2025, Company Bets on Rebound in 2026
Fintech company HiPay released its 2025 results on Wednesday, showing subdued growth. Revenue increased by only 0.7%, while EBITDA fell by €2.5 million. However, the group is betting on a rebound in 2026, with an expected acceleration in volume growth to around 10%.
Operational Performance in 2025
HiPay processed 145 million commercial transactions in 2025, supporting a 4.4% increase in payment volumes. This led to a revenue growth of 0.7%, or 2.3% on a like-for-like basis. The billing rate stood at 0.78%, down by 0.03 percentage points from 2024, affected by a decline in digital volumes. On the other hand, the group saw significant growth in omnichannel payments, with the physical point-of-sale (POS) transactions branch recording a 38.7% year-on-year increase. The gradual rollout of the Tap to Pay solution in stores, launched last autumn, is accelerating, with the first Jonak stores now equipped.
Financial Results Reflect Mixed Outcomes
The group's operating result reflects a mixed situation. EBITDA reached €8.2 million, down €2.5 million compared to 2024, for an EBITDA margin of 11.0% of revenue. The current operating result amounted to €5.3 million, down from €6.2 million the previous year, representing a margin of 7.0% of revenue. A €3.5 million decrease in gross margin, due to the decline in digital volumes, was only partially offset by a €1 million reduction in personnel costs and general expenses. The net result remained stable at €5.9 million, or 7.9% of revenue, benefiting particularly from a non-recurring result of €0.9 million.
Anticipated Growth Acceleration in 2026
The group anticipates a significant acceleration of growth in the second half of 2026, supported by a structured roadmap of product launches. For the 2026 fiscal year, HiPay targets a volume growth of around 10% and an EBITDA margin between 10% and 11% of revenue. Investments in innovation and new services for merchants will remain significant in 2026, to support sustainable and substantial medium-term growth. Financially, HiPay has strengthened its structure: cash reserves increased by €3.9 million to €16.0 million, net debt was reduced by €3.8 million, and free cash flow (excluding changes in working capital requirements) reached €11.1 million. These developments come after three consecutive years of profitability, and the group highlights the resilience of its business model amid persistent weak consumption in France and Europe.
