HiPay: 2025 results
145 million commercial transactions through our platforms in 2025 - Payment volumes up by 4.4%
Revenue growth: +0.7% (+2.3% like-for-like)
Operational performance confirmed with EBITDA at €8.2M and recurring operating income at €5.3M
Strengthened financial structure
2026 targets: Accelerating volume growth of around +10%, with an expected EBITDA margin of 10% to 11%
HiPay maintains satisfactory payment volume growth of +4.4%, translating into revenue growth of +0.7%.
Continuingly collecting the benefits of the transformation initiated since 2023, the Group maintains solid operating profitability with EBITDA at 11.0% of revenue and recurring operating income at 7.0% of revenue despite unfavourable comparison effects with 2024.
These results allow the continued strengthening of the financial structure, with Free Cash Flow excluding working capital of €11.1M, cash of €16.0M, and net debt reduced by €3.8M.
Building on its transformation and accelerated growth investments, the HiPay Group is expanding its product range - with initial commercial benefits expected in 2026 - and continues to strengthen its long-term outlook.
April 15th 2026, at 8:30 AM: HiPay, the fintech specializing in omnichannel payment solutions, announces its results for 2025.
In millions of euros (IFRS norms) | 2025 | 2024 | Var. (% ou €m) |
Consolidated Income Statement1 | |||
Payment volume | 9 551,6 | 9 152,4 | + 4,4 % |
Revenue | 74,8 | 74,2 | + 0,7 % |
EBITDA | 8,2 | 10,8 | - €2,5m |
Recurring operating income | 5,3 | 6,2 | - €0,9m |
Net income | 5,9 | 5,8 | + €0,1m |
1 The consolidated financial statements as of December 31, 2025, are currently being reviewed by external auditors. They were approved by the board of directors on April 10, 2026. The 2025 financial report and the auditors' report will be published on the company's website on April 30, 2026
In millions of euros (IFRS norms) | 2025 | 2024 | Var. (% ou €m) |
Consolidated Balance Sheet1 | |||
Shareholders' equity | 43,3 | 30,3 | + €13,0m |
Cash and cash equivalents | 16,0 | 12,1 | + 3,9 M€ |
Financial debts (IFRS 16 incl.) | 31,6 | 31,4 | + 0,2 M€ |
HiPay maintains its growth of +0.7% (+2.3% like-for-like) and +14% compared to 2023.
With continuous growth momentum, HiPay delivers in 2025 a 4.4% increase in payment volumes and 0.7% revenue growth. The billing rate stands at 0.78%, declining by
0.03 percentage points compared to 2024 (0.81%), impacted by a volume decrease in digital.
HiPay observes very strong and continuous growth in omnichannel payments, with revenue from transactions generated at physical points of sale (POS) up by +38.7% year-on-year compared to 2024.
Furthermore, HiPay continues the progressive rollout, since last autumn, of its in-store Tap to Pay checkout solution, with the first Jonak stores now equipped.
Operating Profitability
The €1.0M reduction in personnel costs and overheads partially mitigated the decline in gross margin (€3.5M), which was affected by the volume decrease in digital. Personnel costs include capitalised production, which increased in 2025 following the launch of numerous development projects.
The Group delivered solid operating profitability, characterized by an EBITDA margin of 11.0% and a current operating income representing 7.0% of revenue.
Non-recurring, Financial and Net Income
Non-recurring operating income amounts to €0.9M (vs. €1.3M in 2024). The financial result decreased (-€0.4M), primarily due to foreign exchange losses. Net income is stable at €5.9M, representing 7.9% of revenue.
Financial Structure
As of 31 December 2025, cash increased by €3.9M and financial debt (including IFRS 16) rose by €0.2M. This is mainly driven by operating cash flow of €11.1M, a (non-recurring) increase in working capital of €1.7M, and net cash flow from financing activities of +€4.0M (including
€4.0M from a capital increase, €8.5M in new medium/long-term borrowings, and €7.0M in loan repayments excluding IFRS 16).
Outlook
Following a third consecutive year of profitability, revenue growth momentum is expected to accelerate sharply in the second half of 2026, strongly supported by a consistent roadmap of product launches. Investments in innovation and new services for our merchants will remain significant in 2026, aimed at achieving sustainable and meaningful growth over the medium term.
Volume growth for the full year 2026 is anticipated at around +10%, with an EBITDA margin of 10% to 11% of revenue.
These results demonstrate the success of our strategic transformation and the inherent resilience of our business model, even amidst the sluggish consumer spending currently observed across France and Europe.
Annual General Meeting
HiPay SA's General Meeting will be held on 10 June 2026 (contrary to the indications in the initial financial calendar) at 10:00 a.m. at the Company's registered office.
Next financial communication: April 30, 2026 - Annual Financial Statements
About HiPay
HiPay is a global payment service provider. By harnessing the power of payment data, we help our merchants grow by giving them a 360-degree view of their business.
More information on hipay.com. You can also find us on LinkedIn.
HiPay Group is listed on Euronext Growth (ISIN code: FR0012821916 - ALHYP).
Investor relations Eric Meynard (DGM)
+33 (0)6 98 04 33 07
emeynard@hipay.com
This press release does not constitute an offer to sell or the solicitation of an offer to buy any HiPay securities. For further information on HiPay Group, please visit our website hipay.com, Investors section. This press release may contain certain forward-looking statements. Although HiPay Group believes that these statements are based on reasonable assumptions as of the date of this press release, they are inherently subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statements. HiPay Group operates in a fast-moving industry in which new risk factors may emerge. HiPay Group assumes no obligation to update these forward-looking statements to reflect new information, events or circumstances..
Consolidated income statement (1)in thousands of euros | 31 déc. 2025 | 31 déc. 2024 |
Sales | 74 780 | 74 295 |
Direct costs | -38 111 | -34 083 |
Payroll charges | -16 532 | -18 190 |
General expenses | -13 120 | -13 560 |
Other current operating income and expenses | 1 202 | 2 301 |
EBITDA(2) | 8 219 | 10 764 |
Allocation to and writebacks of amortization and | ||
provisions | -2 965 | -4 563 |
Current operating income | 5 254 | 6 201 |
Valuation of stock options and free shares | -233 | -172 |
Other non-current income and expenses | 884 | 1 257 |
Operating income | 5 905 | 7 286 |
Other financial income and expenses | -1 595 | -1 200 |
Pre-tax income | 4 310 | 6 086 |
Tax | 1 584 | -252 |
Net income | 5 894 | 5 835 |
(1) - These financial statements are currently being audited by the Company's statutory auditors. The complete consolidated financial statements will be published by April 30, 2026.
(2) - Recurring operating income before depreciation, amortization and provisions.
Consolidated balance sheet (1)ASSETS - in thousands of Euros | 31 dec. 2025 | 31 dec. 2024 |
Net Goodwill | 40 222 | 40 222 |
Net intangible fixed assets | 9 197 | 6 328 |
Net tangible fixed assets | 3 070 | 2 709 |
Deferred tax assets | 3 379 | 1 422 |
Other financial assets | 899 | 974 |
Non-current assets | 56 767 | 51 656 |
Receivables and other debtors | 1 130 | 2 136 |
Other current assets | 151 886 | 130 680 |
Cash and cash equivalents | 16 026 | 12 089 |
Current assets | 169 042 | 144 905 |
TOTAL ASSETS | 225 808 | 196 561 |
LIABILITIES - in thousands of Euros | 31 dec. 2025 | 31 dec. 2024 |
Share capital | 25 256 | 19 844 |
Issue and acquisition premiums | 51 509 | 50 156 |
Reserves and retained earnings | -39 394 | -45 567 |
Consolidated income (Group share) | 5 894 | 5 835 |
Shareholders' equity | 43 265 | 30 268 |
Long-term borrowings and financial liabilities | 17 895 | 12 695 |
Non-current Provisions | 3 131 | 5 139 |
Non-current liabilities | 21 027 | 17 834 |
Short-term financial liabilities and bank overdrafts | 13 677 | 18 713 |
Suppliers and other creditors | 6 575 | 7 579 |
Other current liabilities | 141 264 | 122 167 |
Current liabilities | 161 516 | 148 459 |
TOTAL LIABILITIES | 225 808 | 196 561 |
Consolidated cash flow statement (1)
in thousands of euros | 31 dec. 2025 | 31 dec. 2024 |
Net income | 5 894 | 5 835 |
Adjustments for : | ||
Amortization of fixed assets | 2 517 | 3 151 |
Amortization of IFRS 16 fixed assets | 1 312 | 1 402 |
Provisions for risks | -1 488 | -1 546 |
Cost of IFRS 16 debt | 147 | 189 |
Cost of debt | 4 098 | 1 763 |
Gains and losses on disposal of fixed assets IFRS 16 | 0 | -3 |
Cost of share-based payments | 233 | 172 |
Current and deferred tax expenses | -1 584 | 252 |
Operating income before WCR variation and provisions | 11 129 | 11 215 |
WCR variation | -1 750 | -2 926 |
Cash flow from operational activities | 9 379 | 8 289 |
Interest paid | -3 035 | -218 |
Income tax paid | -132 | -118 |
Net cash from operational activities | 6 213 | 7 953 |
Acquisition of fixed assets, claims and liabilities | -6 496 | -3 339 |
Variation of financial assets | 75 | 106 |
Net cash from investment activities | -6 421 | -3 233 |
Share capital increase | 3 953 | 0 |
New loans | 8 560 | 10 608 |
Loan repayments | -6 978 | -2 498 |
IFRS 16 lease liability repayment | -1 344 | -1 399 |
IFRS 16 interest paid | -147 | -189 |
Net cash from funding activities | 4 044 | 6 522 |
Effect of exchange rates variation | 101 | -49 |
Net variation of cash and cash equivalents | 3 937 | 11 193 |
Net cash on January 1st | 12 089 | 895 |
Net cash at end of period | 16 026 | 12 089 |