Monni: Revenue Down to €7.3M in First Half
Monni closed the first half of 2026 with a net profit of 0.9 million euros, in its first consolidated accounts prepared in accordance with Belgian accounting standards. Since its transition to Euronext Growth Brussels on June 26, 2026, the group publishes its consolidated accounts under Belgian standards (BE GAAP) rather than IFRS. This switch mechanically reduces the reported revenue and modifies several balance sheet items, with no impact on cash position. This occurs as revenues decline year-on-year, partly due to a portfolio rationalization process initiated in 2025.
Revenue of €7.3 Million, Net Result of €0.9 Million
During the first six months of 2026, Monni recorded operating income of 7.3 million euros, compared to 8.5 million euros over the same period in 2025, with the 2025 base restated under the same Belgian standards. The terminals and authorizations segment represented 5.8 million euros (compared to 6.7 million), and software 1.5 million euros (compared to 1.8 million). EBITDA stood at 1.8 million euros, compared to 2.3 million a year earlier. Operating income came to 1.1 million euros (compared to 1.7 million in the first half of 2025) and net income to 0.9 million euros (compared to 1.2 million). Operating expenses decreased from 6.8 to 6.1 million euros. According to the group, this reduction was achieved despite costs related to its transformation, including the name change to Monni, the transition to Euronext Growth Brussels, development aimed at obtaining payment institution authorization, and the implementation of new enterprise resource planning (ERP) software.
Portfolio Rationalization Weighs on Revenue
The decline in revenue reflects in particular the impact of the portfolio rationalization already undertaken in 2025, with the termination of contracts from clients presenting structural payment delays, within the framework of stricter credit and receivables monitoring. The group indicates that underlying commercial activities show renewed positive momentum, with an expanding installed base, an increase in new customer contracts, and improved quality of recurring revenue. French activities experienced a revenue decline linked to the temporary suspension of buy now, pay later payment services under its own brand. In the first half, 2.0 million euros in trade receivables were definitively written off, charged against the provision established at the end of 2025. Remaining allowances for trade receivables amount to 1.3 million euros, with debtor management remaining, according to the group, a point of attention.
Posbel Stake, Cash Position at €6.1M After Dividend
The group acquired a 25% stake in Posbel, accounted for using the equity method, so Posbel's revenue is not included in the group's revenue. Part of the acquisition price was settled at closing, with the balance due before December 31, 2026. On the financial front, equity increased to 15.4 million euros, compared to 14.4 million euros at December 31, 2025. Cash and short-term investments stand at 6.1 million euros, down 3.13 million euros over the semester. The group attributes this decrease to the payment of the 2025 dividend (4.05 million euros), investment in Posbel, and the launch of the Monni brand, while the operating cash flow reached 2.79 million euros over the period. The transition to Belgian standards also modifies the comparison of equity: at December 31, 2025, it stood at 28.3 million euros under IFRS compared to 14.4 million euros under BE GAAP, a difference that the group attributes solely to the change in accounting framework, with no impact on cash position or reflection of business deterioration.
