HiPay Group (ALHYP) Q3 2025 TU earnings summary

Executive summary

• Q3 2025 saw a 4.0% increase in payment volumes to €2.2 billion, with revenue stable at €17.7 million compared to Q3 2024.

• Over the first nine months of 2025, payment volumes rose 5.1% year-over-year to €6.85 billion, and revenue increased 2.4% to €55.1 million.

• Organic growth reaccelerated after a low point in Q2 2025, with commercial momentum supported by new merchant launches and product rollouts.

Financial highlights

• Revenue for the first nine months reached €55.1 million, up 2.4% year-over-year; excluding isolated Q2 2024 items, growth was 4.7%.

• Revenue rate on flows was 0.804%, stable versus 2024 after restating Q2 2024 isolated items.

• Portugal business unit experienced a 20% decline in flows and 29% drop in turnover due to cyclical factors.

Outlook and guidance

• 2025 annual revenue growth is expected between 3% and 5%, with profitability targets confirmed.

• Operating and net profitability for 2025 are anticipated to be at or above 2024 levels as a percentage of revenue.

• Further sequential acceleration in organic growth is expected in Q4 2025, driven by new merchant integrations.