Banqup Group explores a sale and accelerates on subscription revenue in H1
Banqup Group published its first-half 2026 results on August 25, 2026, marked by an acceleration in subscription revenues related to electronic invoicing.
Beyond the commercial momentum, the structuring announcement concerns the board of directors' decision to explore strategic alternatives that could extend to the sale of one or more operating units, or even the group as a whole.
Subscription revenues at €10.4M, adjusted EBITDA up despite a half-year loss
The group's revenue (revenues and products related to client funds) increased by 5.7% year-on-year to €26.5M. Subscription revenues reached €10.4M, compared to €7.3M a year earlier, an increase of 42.3% driven by the adoption of electronic invoicing, particularly in the Belgian market.
Total digital revenues increased by 14.1% to €23.9M, while transaction revenues and products related to client funds remained stable at €8.0M (-0.4%). Traditional communication revenues declined by 36.7% to €2.6M.
Adjusted EBITDA stood at -€6.1M, compared to -€7.3M in the first half of 2025, an improvement of 16.5%. The loss for the period (continuing operations) amounted to €21.1M, compared to €20.3M a year earlier. Including discontinued operations, the total loss came to €18.3M, compared to €26.2M in the first half of 2025.
Digital gross margin of 56.8% and net debt of €46.1M
Digital gross margin stood at 56.8%, down 0.8 percentage points year-on-year, with the company citing higher platform costs partially offset by a reduction in OCR costs. The group notes that a significant portion of these platform costs are fixed in nature and should not grow proportionally with client volumes.
Non-recurring transformation charges of €1.4M were recorded during the half-year. The indirect cost base, excluding non-recurring items, increased by 4.8%, while underlying cash expenditures, excluding non-monetary items, grew by only 2.0%.
As of June 30, 2026, net financial debt stood at €46.1M and cash and equivalents totaled €5.0M (excluding restricted cash). The half-year was supported by €11.4M in proceeds from disposals and €8.0M in new subordinated shareholder loans, as well as the repayment of a €7.5M bridge loan. Financial covenants with Francisco Partners were revised.
ARR growth target maintained at 25-30%, French rollout planned for September 2026
The company confirmed its digital ARR growth target of 25 to 30% by year-end and maintains its forecast of adjusted EBITDA of approximately 3% of revenue. ARR reached €48.2M at the end of June 2026, up 12.1% compared to June 2025.
The group is preparing the first phase of the mandatory electronic invoicing rollout in France starting in September 2026, with a contribution expected from the fourth quarter of 2026. In Germany, the company reports observing increased traction following the confirmation of the obligation coming into effect from January 2027.
On the financing front, the company secured an incremental credit facility from Francisco Partners on July 13, 2026 that could reach €10.0M, subject to the achievement of defined milestones, of which €6.5M had been drawn as of the announcement date. This facility is accompanied by an increase in the PIK interest rate from 8.00% to 10.50% per annum. The extraordinary general meeting on August 3, 2026 also approved an authorized capital of €15.0M.
