Banqup Group (BANQ) Q1 2025 earnings summary

Executive summary

• Achieved 25.9% year-over-year organic subscription revenue growth in Q1 2025, tracking full-year guidance.

• Digital service revenue rose 7.7% year-over-year, driven by e-invoicing subscriptions and transaction growth.

• Rebranded to Banqup Group and reinforced SaaS focus, with new Chief Revenue Officer appointed.

• Divestment of non-core activities, including Wholesale Identity Access business and 21 Grams, progressing as planned.

Financial highlights

• Group revenue and income from client money declined 4.2% year-over-year to €20.3m in Q1 2025.

• Digital services revenue increased to €11.5m (+7.7% y/y); traditional communication services fell 16.5% to €8.7m.

• Organic subscription revenue reached €3.6m (+25.9% y/y); transaction revenue up 6.0% to €5.2m.

• Client money from embedded e-payment services totaled €0.4m in Q1 2025.

Outlook and guidance

• Reiterated FY 2025 guidance: ~25% organic subscription revenue growth and free cash flow positive by year-end.

• Focused on operational readiness for e-invoicing mandates in key European markets.