Note that the content is AI-generated and might contain mistakes. Generation might take some time.
If AI keeps you waiting, feel free to play the mini-game below in the meantime!
Press Release Banqup Group
Banqup delivers 21% organic subscription revenue growth
and operational momentum in 9M 2025
La Hulpe, Belgium – 13 November 2025, 7:00 a.m. CET – REGULATED INFORMATION - Banqup Group SA,
formerly Unifiedpost Group SA, (Euronext: BANQ) (Banqup, Company), a leading provider of integrated
business communications solutions, publishes its business update for the nine months of 2025.
9M 2025 Financial Highlights
● Solid organic subscription revenue growth of +21,2% y/y
● Digital service revenue (including income from client money) growth of +5,0% y/y driven by subscription and
transaction revenue growth
Strategic & Operational Highlights
● Increasing momentum in Belgium, with onboarding activities accelerating in advance of the 1 January 2026
e-invoicing mandate.
● Successfully signed partnerships with Deloitte Belgium, Rentio and other Belgian accounting firms, with
additional partnerships in the pipeline to create value across key markets in both e-invoicing and e-payments.
● Secured a government e-invoicing infrastructure contract post Q3 in the Middle East.
● Divestment of UK print business completed on 11 August 2025, strengthening focus on core digital services.
Commenting on the 9M 2025 results, Nicolas de Beco, CEO, remarked: “During the period, we continued to
focus on operational preparedness and delivered a solid set of results. Beyond Q3, we see a clear acceleration in
momentum, reaffirming our confidence in our full-year expectations, underpinned by an uptick in onboarding.
Furthermore, our partnership strategy is advancing at pace, with recent agreements signed with Deloitte Belgium
and Rentio, alongside a healthy near-term pipeline.
We remain fully mobilised to support customers and partners in e-invoicing and payments as the market prepares
for upcoming mandates in the fourth quarter and beyond. At the same time, we continue to maintain strong cost
discipline and actively manage our portfolio. As we look ahead, we are excited to see our transition coming together.”
Continuing operations1
Thousands of EUR
9M 2025
9M 2024
Change (%)
Group revenue and income from client money2
47.552
50.858
-6,5%
Digital services revenue
34.925
33.248
+5,0%
Subscription
11.432
10.062
+13,6%
of which Organic3
11.432
9.432
+21,2%
Transaction
14.911
14.582
+2,3%
Other
8.512
8.605
-1,1%
Traditional communication services revenue
12.627
17.609
-28,3%
1 Excludes discontinued operations: 21 Grams, UK print business and Belgium print business.
2 Income from client money is a result of e-payment services and is included in digital services transaction revenue
3 Organic revenue excludes revenue from FitekIN/ONEA (divestment closed on 5 July 2024) in the comparative figures.
Press Release Banqup Group
Digital services business performance
● Subscription revenue growth (+13,6% to € 11,4 million in 9M 2025) was primarily driven by the increase in e-
invoicing subscriptions in Belgium, ahead of the incoming e-invoicing mandate set for 1 January 2026.
● Transaction revenue increased from € 14,6 million to € 14,9 million in 9M 2025 as a result of higher
contributions from client money, part of our embedded e-payment services, which amounted to € 1,0m for 9M
2025 (compared to € 0,3m for 9M 2024, reflecting a business that was launched in July 2024).
Traditional communication services revenue
● Traditional communication services revenue declined 20% on an organic4 basis as expected (from € 15,8
million in 9M 2024 to € 12,6 million in 9M 2025), reflecting the ongoing shift toward digital solutions and lower
managed services volumes.
Partnerships and operational updates
● Deloitte Belgium (link) has adopted Banqup as the digital platform for day-to-day accounting operations
across thousands of its clients, ranging from SMEs to large enterprises. The partnership has been operational
since October this year.
● The Rentio partnership (link), focused on embedding finance capabilities into rental operations, is also
delivering results with thousands of new customers onboarded. Additional partnerships remain in the pipeline
across key markets.
● France market development: Banqup and partner ECMA attended the National Congress of Chartered
Accountants in Lyon in September 2025. The event demonstrated significant interest and engagement from
both accountants and businesses. Subsequent onboarding momentum and follow-up requests demonstrate
early traction for jefacture.com, positioning us ahead of the mandatory e-invoicing mandate in September
2026.
● eFaktura World: In November 2025, Banqup signed an agreement with a Middle East government to deliver
national e-invoicing and e-reporting infrastructure solutions. Within a consortium, Banqup has been selected
as the core technology provider and will be responsible for the design and implementation of the e-invoicing
system using eFaktura World, Banqup’s dedicated government solution for tax administrations. Further
information to follow in the coming weeks.
Governance & Guidance
● Following the governance transition announced in October 2025, Banqup continues to enhance its
governance practices, promoting transparency and independent leadership at the Board level. Peter Mulroy
will continue to serve as acting Chairman up until the General Shareholder Meeting of May 2026.
● The company continues to expect 25% organic subscription revenue growth and to reach a positive FCF5 by
year-end.
4 Organic revenue excludes revenue from FitekIN/ONEA (divestment closed on 5 July 2024) in the comparative figures.
5 Free cash flow is defined as net income (i) plus non-cash items in the income statement, (ii) minus cash out for IFRS 16
adjustments, (iii) minus capital expenditure, (iv) minus reimbursement on loans and leasing for the reporting period
Press Release Banqup Group
Financial Calendar:
●
26 February 2026: Publication of the FY 2025 results (webcast)
●
16 April 2026: Publication of the 2025 Annual Report
●
19 May 2026: General Shareholder Meeting
●
21 May 2026: Publication of the Q1 2026 Business Update
Contacts
Alex Nicoll
Investor Relations
Banqup Group
alex.nicoll@banqup.com
About Banqup Group
Banqup Group delivers integrated cloud-based SaaS solutions to streamline business transactions across the
entire lifecycle, from e-invoicing and e-payments to tax reporting. Banqup, our solution for businesses, unifies
purchase-to-pay, order-to-cash, e-invoicing compliance, and e-payments into one secure platform, removing the
complexity of juggling disconnected tools. eFaktura World, our solution for governments, is a comprehensive
digital platform designed for tax administrations to implement e-invoicing and streamline both B2G and B2B tax
reporting flows. To learn more about Banqup Group and our solutions, please visit our website: Banqup Group
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 active. Such forward-looking statements are based on
management's current views and assumptions regarding future events. By nature, they involve known and unknown
risks, uncertainties, and other factors that appear justified at the time at which they are made but may not turn out
to be accurate. Actual results, performance or events may, therefore, differ materially from those expressed or
implied in such forward-looking statements. Except as required by applicable law, Banqup Group does not undertake
any obligation to update, clarify or correct any forward-looking statements contained in this press release in light of
new information, future events or otherwise and disclaims any liability in respect hereto. The reader is cautioned not
to place undue reliance on forward-looking statements.
