Banqup Group · EURONEXT:BANQ
Banqup — FY2024 Earnings Presentation
23 slides from Banqup's earnings presentation, Feb 27, 2025
Slide 1: Financial Results FY 2024
Financial Results FY 2024 Nicolas de Beco, CEO Koen de Brabander, CFO February 27, 2025
Slide 2: Disclaimers
Disclaimers Cautionary note regarding forward-looking statements: The statements contained herein may include prospects, statements of future expectations, opinions, and other forward-looking statements in relation to the expected future performance of Unifiedpost Group and the markets in which it i
Slide 3: Agenda
Agenda Slides Introductory Remarks Nicolas de Beco 04 FY 2024 highlights Nicolas de Beco 07 FY 2024 financials Koen De Brabander 10 Looking ahead Nicolas de Beco 18 Q&A 3
Slide 4: Introductory Remarks
Introductory Remarks Nicolas de Beco, CEO 4
Slide 5: Rebasing and refining the business to focus on the next phase of growth
Rebasing and refining the business to focus on the next phase of growth Company developments Key foundations for growth Opportunities • Governance structure enhanced • People subject matter experts on • Maximise operational efficiencies board e-invoicing management and reporting structures • N
Slide 6: Streamlining the business model to focus on core digital services, supported by key value drivers
Streamlining the business model to focus on core digital services, supported by key value drivers The UPG offering Pathway to growth • e-invoicing: digital creation, transmission, and receipt of invoice • e-payments: payment facilities banqup • e-reporting: secure transfer of data to the government
Slide 7: FY 2024 Highlights
FY 2024 Highlights Nicolas de Beco 7
Slide 8: Delivered objectives as set out at the strategic update in Q2 2024
Delivered objectives as set out at the strategic update in Q2 2024 Strategic priorities as presented on 30 April 2024 Objectives delivered in FY 2024 Streamlining to focus on Core Digital Services, clear portfolio rationalisation Ongoing review and enhancement of Governance structures Value creation
Slide 9: Key FY 2024 highlights for continued operations including first contributions from client money
Key FY 2024 highlights for continued1 operations including first contributions from client money2 Total Digital services Digital services revenue revenue gross margin €84,3m €47,1m 60% EBITDA Net debt position -€9,2m €29,5m 1Excludes discontinued operations: Wholesale Identity Access Business and 21
Slide 10: Financial review
Financial review Koen De Brabander 10
Slide 11: Impact of divestments on our financial position and income statement according to IFRS
Impact of divestments on our financial position and income statement according to IFRS Discontinued Discontinued operation and Divest: Divest: FitekIn/ operation Note: Financial position FY 2023 Asset held for sale: New Image Serbia Onea Divest: Identity Continued Annual 21 Grams Netherlands operati
Slide 12: FY performance reflects strategic divestments, income from client money and EBITDA improvement
FY performance reflects strategic divestments, income from client money and EBITDA improvement Continued1 operations (€m) 2024 2023 Change % Digital Services2 47,1 50,3 -6% - of which income from client money 0,7 - N/A Traditional Communication Services 37,2 43,9 -15% Total Revenue 84,3 94,2 -11% Gr
Slide 13: Steady growth in subscription and transaction revenues in FY 2024
Steady growth in subscription and transaction revenues in FY 2024 Continued1 digital services revenue2 by product line Continued1 digital services revenue2 by type in €m in €m 50,3 47,1 5,0 1,2 50,3 47,1 2,6 3,3 18,5 12,5 42,7 42,6 18,5 20,2 13,3 14,4 FY-23 FY-24 FY-23 FY-24 e-invoicing e-payments e
Slide 14: Improvement in gross margin and EBITDA throughout the year reflects focus on core business
Improvement in gross margin and EBITDA throughout the year reflects focus on core business Gross Profit and Margin1 (%) LTM EBITDA1 in €m 12,0 64% in €m 10,0 62%62% 61% 8,0 59% 60% -8,4 59% 58% -8,9 6,0 58% -9,2 -10,2 4,0 57% 58% 56% 56% -11,0 2,0 54% 6,0 6,0 6,2 10,9 6,1 7,3 6,3 8,4 - 52% Q1-23 Q2-
Slide 15: Disciplined OPEX and CAPEX management with €7,3m decrease in cash spent
Disciplined OPEX and CAPEX management with €7,3m decrease in cash spent Total OPEX1 Total CAPEX1 in €m in €m Total Total Cash cost capex FY-23 18,4 34,0 21,0 73,4 52,9 FY-23 11,4 5,0 16,4 -8% -9% -7% -8% -13% -3% FY-24 17,0 30,9 19,6 67,5 46,0 FY-24 11,5 4,5 16,0 R&D G&A S&M Banqup-Doc Banqup-Pay •
Slide 16: Cash flow movements reflect successful divestments and initial repayment of Francisco Partners' loan
Cash flow movements reflect successful divestments and initial repayment of Francisco Partners’ loan 98,7 in €m • Cash flow from divestments strategically utilised to de- risk the Company • On the Francisco Partners’ loan, initial repayment €94,8m covering both principal and interest, on December 18
Slide 17: ~€73m improvement in net debt position, significantly de-risking balance sheet
~€73m improvement in net debt position, significantly de-risking balance sheet Goodwill 92,0 Financial Position (€m) 31 Dec 2024 31 Dec 2023 Variance YoY Intangible assets 66,7 Non-current assets 175,1 217,9 -42,8 PPE and other 16,4 Current assets 26,6 28,6 175,1 Cash 14,5 22,5 • No impairment in FY
Slide 18: Looking Ahead
Looking Ahead Nicolas de Beco 18
Slide 19: Clear strategic framework to support growth of core digital services
Clear strategic framework to support growth of core digital services Market Customer Product Focusing on core European Driving customer acquisition Leveraging our network to upsell and geographies where regulatory through partnerships embed payment solutions requirements are expected to come into fo
Slide 20: New targets reflect our growth and operational ambitions
New targets reflect our growth and operational ambitions Organic Subscription Free Cashflow 1 Revenue Growth FY 2025 guidance ~25% +ve by end of 2025 Guidance based on the current reporting structure with improvements expected gradually over the course of the year ¹Free cash flow is defined as net i
Slide 21: Q&A
Q&A
Slide 22: IR data input
IR data input Financial calendar: • 17 April 2025: Publication of the Annual Report for 2024 • 20 May 2025: General Shareholder Meeting • 23 May 2025: Publication of the Q1 2025 business update • 26 August 2025: Publication of the H1 2025 results (webcast). Communicate with us: Alex Nicoll Investor
Slide 23: Slide 23