Banqup Group delivers 21% organic subscription revenue growth in H1 2025 and continues its transformation journey
PRESS RELEASE - REGULATED INFORMATION
La Hulpe, Belgium, 26 August 2025, 7:00 a.m. CEST, Regulated Information - Banqup Group SA, formerly Unifiedpost Group SA, (Euronext: BANQ) (Banqup, Company), a leading provider of integrated business communications solutions, presents its results for H1 2025.
Strategic & Operational Highlights
Rebranded as Banqup Group, strengthening our position as a dedicated SaaS provider
Gearing up for accelerated growth in the Belgian, French, and German markets
Successfully completed the divestment of 21 Grams (June 2025) and the UK print business (August 2025), allowing us to focus on SaaS growth
Appointment of new Chief Revenue Officer, Chrystele Dumont, reshaped the sales organisation to enhance customer engagement
Established new partnerships to create value across key markets in both e-invoicing and e-payments
H1 2025 Financial Highlights, continuing operations1
Organic subscription revenue grew steadily by 20,6% y/y
Digital services revenue (including income from client money) increased to € 23,1 million
EBITDA (including net income from client money) was € -6,4 million
Cash flow from divestments totaled € 23,7 million
Reiterating FY 2025 guidance: ~25% organic subscription revenue growth and FCF2 positive by year-end
Nicolas de Beco, CEO of Banqup Group, commenting on the H1 2025 results: "H1 performance was in line with expectations, with organic subscription growth on track to meet full-year guidance. We sharpened our strategic focus through two non-core divestments, new partner agreements, and further professionalisation of our technology and go-to-market operations. The transition to Banqup Group and rollout of a unified brand identity reinforce our positioning as a pure-play SaaS provider. With Belgian regulation set to take effect in 2026, we are fully mobilised to support customers and partners in e-invoicing and payments as the market prepares ahead of the deadline. With a strengthened leadership team and streamlined organisation, our focus is squarely on execution"
Key financial figures - continuing operations (unless otherwise stated)
Thousands of EUR
H1 2025
H1 2024
Change (%)
Group revenue and income from client money
31.834
35.188
-9,5%
Digital services revenue
23.130
22.370
+3,4%
Subscriptions
7.369
6.645
+10,9%
of which Organic3
7.369
6.113
+20,6%
Transactions
10.110
9.670
+4,6%
of which income from client money
715
78
PM%
Other
5.650
6.055
-6,7%
Traditional communication services revenue
8.703
12.818
-32,1%
Gross profit digital services (incl. net income from client money)
13.417
13.252
+1,2%
Gross margin of digital services
58,0%
59,2%
-1,2%pts
EBITDA and net income from client money
(6.399)
(5.982)
-7,0%
Loss for the period (continuing and discontinued operations)
(26.243)
(24.354)
+7,8%
Cash and cash equivalents at the end of the period
17.060
14.525
+17,5%
Portfolio rationalisation underpins Banqup's transformation to a pure SaaS provider
In June 2025, Banqup completed the divestment of 21 Grams, followed by the sale of its UK print business in August 2025. These divestments, together with the earlier sales of the Wholesale Identity Access Business and FitekIN/ONEA products in 2024, reflect Banqup's clear strategy to streamline operations and concentrate on high-growth SaaS opportunities.
The completion of our rebrand to Banqup, with a ticker symbol change from UPG to BANQ effective June 2025, marks a milestone in our transformation journey. The new brand identity aligns with our Banqup platform. This brand evolution, combined with our portfolio rationalisation, strengthens our market positioning and provides greater clarity for customers, partners, and investors about our strategic direction. Overall, we are advancing decisively in our transition to become a pure-play SaaS provider. This is also reflected in our leadership team, with the recent appointment of Chrystèle Dumont as Chief Revenue Officer and the planned departure of Tom Van Acker, Chief Operating Officer, aligning our organisation more closely with our focus on commercial excellence, product innovation, and sustainable growth.
Digital services business
Subscription revenue increased from € 6,6 million to € 7,4 million by 10,9% year-on-year. However, since the 2024 figures still include subscription revenue from the divested FitekIn/Onea business, the organic year-on-year growth is at 20,6% (subscription revenue for H1-2024, excluding the sold FitekIn/Onea activities, amounted to € 6,1 million).
Transaction revenue and income from client money (transactional) (€ 10,1 million) increased, supported by the growing level of the client money portfolio, which reached € 0,7 million in H1 2025, reflecting steady progress since the business was launched in July 2024.
Other revenue declined due to lower project-related income in 2025. The gross margin decreased by 1,2 percentage points year-on-year to 58,0%, mainly as a result of higher direct staff costs and increased platform costs. These costs are largely fixed and will not scale proportionally with customer volumes, providing a solid foundation for margin expansion as subscription growth continues to accelerate.
Our sales pipeline for e-invoicing and e-payments in Belgium is positioning Banqup for subscription growth in Q4, in line with our strategic plan and anticipated market dynamics ahead of the January 2026 e-invoicing mandate.
In France, regulatory adoption is progressing without delays, offering certainty to market participants. In Germany, we are already seeing increased traction as the e-invoicing regulatory rollout has been confirmed for January 2027. Meanwhile, our governmental eFaktura platform continues to demonstrate its attractiveness in new markets, although such processes typically involve longer lead times.
Traditional communication services business
Traditional communication services revenue continued to decline as expected (from € 12,8 million in H1 2024 to € 8,7 million in H1 2025), reflecting the ongoing shift toward digital solutions and lower managed services volumes. As a result, gross profit decreased by € 1,5 million.
Cost optimisation
Despite an inflationary environment, indirect costs decreased year-on-year by 3,4% (from € 32,4 million in H1 2024 to € 31,3 million in H1 2025). This reduction is mainly attributable to lower G&A and S&M expenses, while R&D spending remained broadly unchanged. Capital expenditures amounted to € 8,7 million, in line with the same period last year.
In H1 2025, the Group employed an average of 570 FTEs in indirect functions (R&D, G&A and S&M), compared to an average of 636 FTEs in H1 2024, representing a decrease of 10,4%.
Liquidity position normalised with cash inflow from divestments
At the end of June 2025, Banqup reported a financial position with cash and cash equivalents totalling € 17,1 million, including € 0,7 million of restricted cash.
Review the interim consolidated financial statements
The statutory auditor, BDO Réviseurs d'Entreprises SRL represented by Ellen Lombaerts, has confirmed that the review of the interim consolidated statement of financial position as per 30 June 2025 and the interim consolidated statement of profit and loss and other comprehensive income, changes in equity and cash flows for the six-month period ended 30 June 2025, is substantially completed and concluded that to date, based on the review, nothing has come to the attention that causes them to believe that the interim consolidated financial position as per 30 June 2025 and the interim consolidated statement of profit and loss and other comprehensive income, changes in equity and cash flows for the six-month period ended 30 June 2025 are not prepared, in all material respects, in accordance with IAS 34, as adopted by the European Union.
H1 2025 webcast:
Management will host a live video webcast for analysts, investors and media today at 11:00 a.m. CEST.
To register and attend the webcast, please click here: link
A full replay will be available after the webcast here: link
Financial Calendar:
27 August 2025: Publication of the half-year Interim consolidated financial report
13 November 2025: Publication of the Q3 2025 business update
26 February 2026: Publication of the FY 2025 results (webcast)
16 April 2026: Publication of the 2025 Annual Report
Contacts Alex NicollInvestor RelationsBanqup
Interim consolidated statement of profit or loss and other comprehensive income (unaudited)
Thousands of Euro, except per share data
For the six-month period ended 30 June
2025
2024 (*)
Digital services revenues
22.416
22.291
Digital services cost of services
(9.570)
(9.090)
Digital services gross profit
12.846
13.201
Traditional communication services revenues
8.703
12.818
Traditional communication services cost of services
(6.553)
(9.207)
Traditional communication services gross profit
2.150
3.611
Research and development expenses
(9.066)
(8.940)
General and administrative expenses
(14.347)
(15.101)
Selling and marketing expenses
(7.916)
(8.394)
Other income / (expenses), net
(741)
(470)
Impairment losses
-
-
Loss from operations
(17.074)
(16.093)
Net financial income from client money
575
51
Financial income
53
197
Financial expenses
(2.906)
(8.286)
Gain realised upon losing control over subsidiaries
36
1.295
Share of profit / (loss) of associates
(50)
236
Loss before tax
(19.366)
(22.600)
Current income tax
11
80
Deferred tax
163
142
LOSS FOR THE PERIOD FROM CONTINUING OPERATIONS
(19.192)
(22.378)
Loss from discontinued operations, net of tax
(7.052)
(1.976)
LOSS FOR THE PERIOD
(26.244)
(24.354)
Other comprehensive income/ (loss):
3.956
(416)
