HiPay swings to net loss in first half 2026, but confirms annual targets
HiPay published its first half 2026 accounts on September 16, 2026. The payment solutions group posted a 6.0% increase in volumes processed but a 2.1% decline in revenue, due to an unfavorable business mix in its Digital segments.
The company swung to a net loss over the period, while confirming its annual targets and highlighting a sequential improvement in its trajectory in the second quarter.
Volumes up 6.0%, revenue down 2.1%
In the first half of 2026, HiPay processed 4.9 billion euros in payments, up 6.0% compared to the same period in 2025. Revenue stood at 36.6 million euros, down 2.1% (against 37.4 million euros a year earlier).
According to the company, this decline is primarily linked to an unfavorable business mix in the Digital segments, while other activities continued to grow. The group highlights a sequential improvement: after a first quarter at −3.9%, the second quarter came in close to breakeven at −0.3%.
Swing to net loss and decline in operating margins
EBITDA stood at 2.5 million euros, or 6.8% of revenue, compared to 3.5 million euros a year earlier. Current operating income broke even, after 1.7 million euros in the first half of 2025. Current operating margin declined by 4.6 percentage points and gross margin by 5.8 percentage points.
Net income swung from a profit of 0.4 million euros to a loss of 1.4 million euros, a change of 1.7 million euros. Personnel expenses increased by 10.9%, linked to the recruitment plan approved in 2025, while general expenses decreased by 20.2%. On the consolidated income statement, personnel expenses came to 9.2 million euros, compared to 9.4 million euros a year earlier, a decline of 2.1% which the company presents as reflecting capitalized R&D investments.
2026 targets confirmed, net debt up 8.2 million euros
HiPay confirmed its annual targets: revenue growth between 5% and 8% and EBITDA margin between 10% and 11% of revenue. The group anticipates double-digit growth in payment volumes in the second half.
On the financial side, cash flow generated from operating activities amounted to 5.5 million euros, compared to 2.8 million euros a year earlier, driven notably by an improvement in working capital requirements. Available cash stood at 10.2 million euros as of June 30, 2026, down 1.5 million euros year-on-year and 5.8 million euros compared to December 31, 2025. Net financial debt stands at 21.6 million euros, up 8.2 million euros compared to June 30, 2025 and 6.0 million euros compared to end-2025.
