HiPay: Payment Volumes Up 7.5% in Q1, Yet Revenue Declines
HiPay released its first quarter 2026 results on Wednesday, marked by an apparent contradiction: payment volumes processed increased by 7.5% to 2.5 billion euros, while revenue contracted by 3.9% to 18.3 million euros. This trend reflects a decrease in the revenue rate relative to the volumes of payments processed, which HiPay primarily attributes to changes in its client mix.
Volumes Increase but Revenue Falls
The first quarter of 2026 shows a significant gap between the dynamics of processed flows and revenue. HiPay processed 2.5 billion euros in payment volumes, up 7.5% compared to 2.3 billion euros in the first quarter of 2025.
Meanwhile, the revenue for the quarter stands at 18.3 million euros, down 3.9% from 19.1 million euros in the first quarter of 2025. This contraction occurs despite the increase in volumes, revealing a decrease in the revenue conversion rate on payment volumes: this ratio is at 0.74% for the quarter, compared to an average of 0.78% in 2025, eroding by 0.04 points.
Client Mix Changes Impact Unit Economics
The company explains this unit compression by the evolution of its client mix. Among growth drivers, the regulated iGaming sector showed a 24.5% increase for the quarter, boosting overall volumes.
Commercially, HiPay maintains its momentum with 65 new clients signed during the quarter, mainly in distribution (Oscaro, SRS Sport, Danisport, Aquarelle). The POS segment in sales points recorded a 3.2% growth in revenue. Payments processed outside France represent 45.8% of the total, supported by the iGaming dynamics. Over the past three years, the revenue has shown an average annual growth (CAGR) of 8%.
Recovery Expected in the Second Half with Product Acceleration
HiPay confirms its 2026 targets: growth in processed payment volumes around 10% for the year, accompanied by a recovery in revenue growth starting from the second half of 2026. The fintech relies on a schedule of regular new product launches throughout the year to support this momentum.
Operationally, HiPay anticipates an EBITDA around 10 to 11% of revenue for the fiscal year 2026, confirming a stable profitability target. Investments in innovation and new services will remain significant, aiming to support sustainable and significant growth in the medium term. The fintech continues its actions of transformation and efficiency simultaneously.
