Banqup Group (BANQ) Q3 2025 earnings summary

Executive summary

• Achieved 21.2% organic subscription revenue growth year-over-year for the nine months of 2025, driven by e-invoicing momentum in Belgium ahead of the 2026 mandate.

• Digital service revenue grew 5.0% year-over-year, supported by both subscription and transaction revenue increases.

• Strategic partnerships with Deloitte Belgium and Rentio, plus a government e-invoicing contract in the Middle East, are expanding market reach.

• Completed divestment of the UK print business to focus on core digital services.

Financial highlights

• Group revenue and income from client money totaled €47.6 million, down 6.5% year-over-year due to divestments.

• Digital services revenue reached €34.9 million, up 5.0% year-over-year.

• Subscription revenue rose 13.6% to €11.4 million, with organic growth at 21.2%.

• Transaction revenue increased 2.3% to €14.9 million, with client money contributions rising from €0.3 million to €1.0 million.

• Traditional communication services revenue declined 28.3% to €12.6 million, reflecting the shift to digital.

Outlook and guidance

• Expects 25% organic subscription revenue growth and positive free cash flow by year-end 2025.

• Anticipates continued onboarding momentum in Belgium and France ahead of e-invoicing mandates in 2026.