HiPay lowers its 2026 growth target despite a 1.6% rise in third-quarter revenue
HiPay published on 3 November 2026 third-quarter revenue up 1.6% to €18.0 M, while the nine-month cumulative figure remains down 0.9% at €54.6 M. The growth in the latest period is not enough to maintain the annual target set so far.
The omnichannel payment solutions specialist has reduced its 2026 revenue growth forecast to a range of 3% to 6%, compared with 5% to 8% previously. However, it confirmed its target for an EBITDA margin between 10% and 11% of revenue for the year.
Payment volumes are growing faster than revenue
Payment volumes processed by HiPay rose 3.6% in the third quarter to €2,315 M, and 5.2% over nine months to €7,206 M. Over the same cumulative period, revenue fell 0.9%: the increase in flows is not reflected in revenue.
This gap is reflected in the ratio of revenue to payment volumes, i.e., the share of processed flows that turns into revenue. It stood at 0.78% in the third quarter, down 0.01 points year on year from 0.79% in the third quarter of 2025.
By contrast, this same ratio rose 0.03 points compared with the first half of 2026, when it stood at 0.75%. Quarterly revenue returned to growth of 1.6% thanks to a 3.6% increase in payment volumes, despite a revenue-to-volume ratio slightly below that of the third quarter of 2025. The nine-month cumulative figure nevertheless remains down year on year.
International and Retail France drive the quarter's growth
In the third quarter, revenue rose 6.8% internationally and 3.1% in the Retail France business. According to the group, this growth was driven by the momentum of European merchants, mainly in Germany and Spain.
Italy moved in the opposite direction: payment volumes and revenue there fell 21% over the quarter. HiPay attributes this decline to a context in which the implementation of already signed contracts has been postponed to the fourth quarter.
Over nine months, payment volumes grew 29.7% in the Iberia business and 7% in Retail France. Over the same period, 140 new merchants started operating with HiPay, generating €157 M in payment volumes and €2,049k in revenue, mainly within the Digital and Retail France businesses.
A forecast cut to 3-6%, EBITDA margin target confirmed
The new growth range for fiscal year 2026 is based on a 2025 fiscal year closed with revenue of €74.78 M, according to the accounts published on 14 April 2026. The 2026 revenue growth forecast has now been lowered from 5% to 8% to a range of 3% to 6%.
HiPay indicates that several new client integrations are planned for the fourth quarter, in a context of uncertainty about consumer spending, particularly in France. The implementation of the contracts signed in Italy is also expected during this final period of the fiscal year.
This revision comes as HiPay Group shares showed a 59.5% decline over one year on 5 October 2026, following a downward phase that began after the publication of the half-year accounts.
The third quarter narrows the gap in the cumulative figure with the previous year without eliminating it, while management maintains its profitability target despite a lowered growth forecast. HiPay's annual revenue for 2026 will be published on 25 February 2027.
