Slide 1: FY 2025 Financial Results
FY 2025 Financial Results Nicolas de Beco, CEO Koen de Brabander, CFO 26 February 2026
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 Banqup Group and the markets in which it is act
Slide 3: Agenda
Agenda Slides FY 2025 highlights Nicolas de Beco 04 Financial review Koen de Brabander 10 Looking ahead Nicolas de Beco 18 Q&A 3
Slide 4: FY 2025 highlights
FY 2025 highlights Nicolas de Beco
Slide 5: 2025 a year for driving execution and organisational transformation
2025 a year for driving execution and organisational transformation Completed strategic rebrand and advanced divestments of non-core solutions to accelerate transformation to a focused, pure-play SaaS company Delivered 24.4% organic subscription revenue growth in FY 2025, with accelerating momentum
Slide 6: Banqup, a leading provider of integrated financial workflow management solutions
Banqup, a leading provider of integrated financial workflow management solutions A focused, core offering to capture European mandates and beyond e-invoicing & e-reporting e-payments e-trust Selected Services PDP/PPF Peppol Authorised for local IBAN Invoice Sealing Licensed Sdl TicketBAI Electronic
Slide 7: Onboarded new partners under the partnership-led growth model
Onboarded new partners under the partnership-led growth model Partnership model Referral Reseller Case specific • Demand creation and sourcing of SME customers • Handle demos, onboarding and first-line support • Partner manages the end-to-end customer • Commission based • Commission based journey ~2
Slide 8: Positive momentum in Belgium underscores ability to scale across Europe
Positive momentum in Belgium underscores ability to scale across Europe 2025 2026 Customer journey Full scale implementation phase with Increasing need for integration of e-invoice Preparing for regulatory deadlines mandates effective 1 Jan 2026 in Belgium to e-payment systems Wait and see phase Dea
Slide 9: Key 2025 financial highlights for continuing operations
Key 2025 financial highlights for continuing operations1 Total Digital services Org.3 subscription revenue2 revenue2 revenue growth € 52,9m € 45,2m 24,4% Digital services ARR Digital services Adjusted EBITDA4+5 gross margin4 revenue6 59,8% € -11,3m € 47,7m 1 Excludes discontinued operations: 21grams
Slide 10: Financial review
Financial review Koen De Brabander
Slide 11: Divestments: Presentation of our financial position and income statement according to IFRS
Divestments: Presentation of our financial position and income statement according to IFRS Identity 21 Grams New Image doo FitekIN/Onea Wholesale Tehnobiro doo Print Business Print Business Baltic operations Nordics Serbia BE / Baltics business Serbia UK Belgium Netherlands Impact on financial posit
Slide 12: Reconciliation from consolidated revenue perspective
Reconciliation from consolidated revenue perspective Consolidated Revenue 2025 € 111,1m Annual Accounts Continued Business Discontinued Operations Revenue 2025 Total Divested Revenue in 2025 € 52,9m € 25,8m € 32,4m Print Balkan 21Grams 4 months 5 months Digital Banqup TCS Print Baltics Print Belgium
Slide 13: FY 2025 performance reflects solid growth in Digital Services
FY 2025 performance reflects solid growth in Digital Services Continuing operations1 (EUR m) FY 2025 FY 2024 Change (%) Total revenue and income from client money 52,9 55,1 -3,9% Digital Services revenue 45,2 42,3 +6,7% Subscriptions 16,3 13,7 +18,7% - of which organic2 16,3 13,1 +24,4% Transactions
Slide 14: Expected growth in subscription and transaction revenues in FY 2025
Expected growth in subscription and transaction revenues in FY 2025 Continuing1 digital services revenue2 by product line Continuing1 digital services revenue2 by type in EUR m in EUR m 45,2 1,1 45,2 42,3 42,3 1,2 13,3 4,1 12,9 3,1 15,6 15,7 40,0 38,0 13,7 16,3 FY24 FY25 FY24 FY25 e-invoicing e-paym
Slide 15: FY 2025 monthly digital revenue and gross margin development
FY 2025 monthly digital revenue and gross margin development 64% 65% 60% 58% 59% 58% 58% +6.0% 57% 58% 58% 58% 57% 60% 57% 4,0 55% 3,8 3,5 3,5 3,6 3,6 3,6 3,6 3,5 3,4 3,4 3,3 50% 45% 40% 0,0 35% Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 DIG-REV Gross Margin
Slide 16: Cost and Capex YoY evolution (continuing operations)
Cost and Capex YoY evolution (continuing¹ operations)2 OPEX (EUR m) Capex (EUR m) Total Total cash costs Total 59,4 39,1 17,5 FY25 FY25 FY25 18,2 26,8 12,9 1,5 39,1 18,8 1,5 10,9 6,5 0,1 +0,4% -2.2% +10,1% FY24 FY24 FY24 17,1 26,5 14,9 0,7 40,0 18,5 0,7 10,1 5,8 59,2 40,0 15,9 R&D G&A S&M Non-recurr
Slide 17: Banqup cash flow statement reflects progress on divestments of non-core services
Banqup cash flow statement reflects progress on divestments of non-core services Cash flow position (EUR m) Equity position (EUR m) 14,5 9,4 148,3 3,8 0,3 107,0 -2,8 8,6 -0,3 -0,3 -0,3 -1,4 -44.8 -10,8 Cash at 31 CF Operating CF Investing CF Financing FX impact Cash Cash at 31 Equity at 31 Gain of t
Slide 18: FY 2025 Guidance
FY 2025 Guidance Organic Subscription Revenue Free Cash Flow Growth ~25% +ve by end of 2025 Non-assessed as the consolidated perimeter of the Achieved Group significantly changed during the year 18
Slide 19: Looking ahead
Looking ahead Nicolas de Beco
Slide 20: Strong alignment with current regulatory landscape
Strong alignment with current regulatory landscape e-Invoicing Mandates in Europe ViDA - Harmonisation of e-invoicing and e-reporting in Europe by 2030 2026 2030 Belgium Poland France Croatia Germany Spain Netherlands 2026 2026 2026 2026 2027 2028 2030 eIDAS 2.0 introduces the European Digital Ident
Slide 21: FY 2026 objectives
FY 2026 objectives Consolidation of Belgium and upsell Cross border e-invoicing mandate e-payment solutions opportunities Strategic priorities Reorganisation & optimisation of the cost Focus on readiness in French market structure ARR Digital services revenue growth Adjusted EBITDA Margin FY 2026¹ g
Slide 22: Q&A
a banqup Q&A