Nayax (NYAX) Q4 2025 earnings summary

Executive summary

• Achieved full-year revenue of $400.4 million in 2025, up 28% year-over-year, with organic growth of 24% and Q4 revenue up 34% to $119.5 million.

• Net income reached $35.5 million, reversing a prior-year loss; Adjusted EBITDA rose 72% to $61.1 million (15.3% margin), with operating profit at $37.6 million.

• Recurring revenue grew 29% to $287.2 million, representing 72% of total revenue.

• Customer base expanded to nearly 115,000, with 1.46 million connected devices and transaction value up 31% to $6.4 billion.

• Strategic acquisitions in 2025 (Lynkwell, Tigapo, UPPay, Nayax Capital, Inepro) enhanced platform capabilities and geographic reach.

Financial highlights

• Gross margin improved to 48.2% from 45.1% year-over-year, with recurring margin at 53.3% and hardware margin up to 35.3%.

• Adjusted EBITDA margin was 15.3% for 2025 and 17.2% in Q4; operating profit reached $37.6 million.

• Free cash flow was $12.2 million, impacted by working capital and capitalized development costs.

• ARPU increased 11% year-over-year to $239 per connected device.

• Net income included a $10.3 million one-time gain from share purchases.

Outlook and guidance

• 2026 revenue guidance: $510–$520 million, with 22–25% organic growth and contribution from Lynkwell.

• Adjusted EBITDA expected at $85–$90 million, margin around 17%; free cash flow conversion targeted at 40% of Adjusted EBITDA.

• Midterm 2028 targets: $1 billion revenue, 50% gross margin, 30% adjusted EBITDA margin.