Press release H1 2026 activity report
H1 2026 results in line with the Company’s roadmap
Continued growth
Strong operating cash generation
Continued investment in products, international development and operating efficiency
2026 targets confirmed
- Payment volumes up 6.0%
- Revenue down 2.1%, following a sequential improvement in Q2 to -0.3%
- EBITDA of €2.5 million, representing 6.8% of revenue, while recurring operating income was breakeven
- Net loss of €1.4 million, impacted by an unfavorable business mix in the Digital markets in a less favorable market environment, while other activities continued to grow
- Operating cash flow of +€5.5 million, benefiting in particular from a significant improvement in working capital
- Investments made in recent months in the Group’s products and portfolio of pan-European and local payment methods, together with efforts to strengthen its sales teams, technology infrastructure and operating efficiency, are progressing in line with the roadmap. These investments reinforce HiPay’s ability to support solid growth while continuing to pursue the objective of sustainably improving its annual profitability.
September 16, 2026, at 8:00 am. HiPay (ISIN code FR0012821916 – ALHYP), the Fintech specializing in omnichannel payment solutions, announces its results for the first half of 2026.
| S1 2026 | S1 2025 | Var. (% or M€) | |
|---|---|---|---|
| Consolidated Income Statement1 | |||
| Payment volume | 4 891,5 | 4 615,8 | + 6,0 % |
| Revenue | 36,6 | 37,4 | - 2,1 % |
| EBITDA | 2,5 | 3,5 | - 1,0 M€ |
| Recurring operating income | -0,0 | 1,7 | - 1,7 M€ |
| Net income | -1,4 | 0,4 | - 1,7 M€ |
| Cash flow from operational activities | 5,5 | 2,8 | + 2,6 M€ |
| Consolidated Balance Sheet1 | |||
| Shareholders’ equity | 42,1 | 37,6 | + 4,4 M€ |
| Available cash | 10,2 | 11,7 | - 1,5 M€ |
| Financial debt net of available cash | 21,6 | 13,3 | + 8,2 M€ |
(1) The Company’s Board of Directors met on September 11, 2026, chaired by Benjamin Jayet, and approved the Group’s consolidated half-year financial statements. The consolidated half-year financial statements will be published by September 30, 2026.
Growth in payment volumes and revenue
During the first half of 2026, HiPay processed €4.9 billion in payments, up 6.0% compared with the same period in 2025. This performance confirms the strength of the Group’s commercial momentum, driven by French Retail, International Retail and regulated iGaming.
Revenue amounted to €36.6 million, representing a limited decline of 2.1%. This change was mainly due to an unfavorable business mix in the Digital markets, while the other activities continued to grow. After a first quarter at -3.9%, the second quarter showed a marked improvement, with revenue close to break-even at -0.3%. As expected, this reflects a gradual improvement in the Group’s performance trajectory, which is expected to accelerate significantly in the second half of the year.
Operating profitability
EBITDA amounted to €2.5 million, representing 6.8% of revenue, while recurring operating income was break-even. Recurring operating margin declined by 4.6 percentage points, while gross margin decreased by 5.8 percentage points. Payroll costs increased by 10.9%2 , in line with the recruitment plan approved in 2025 to accelerate investment in the Group’s product portfolio. General expenses decreased by 20.2%.
Non-recurring, financial and net income
Non-recurring operating expenses amounted to €0.2 million. The financial result improved by €0.1 million, driven by foreign exchange gains. Net income decreased by €1.7 million to a loss of €1.4 million.
Financial position
As of June 30, 2026, cash was down €1.5 million compared with June 30, 2025, and down €5.8 million compared with December 31, 2025.
Net financial debt increased by €8.2 million compared with June 30, 2025, and by €6.0 million compared with December 31, 2025.
Over the first half of the year, this was mainly attributable to cash generated from operating activities of +€4.0 million, capital expenditure of -€5.1 million and financial debt flows of -€4.6 million, including €3.0 million in new medium- and long-term borrowings.
Outlook
The first half of the year confirms the strength of HiPay’s business model. Despite a less favorable environment in certain Digital segments, the Group’s structural growth drivers remain well oriented.
With payment volumes expected to grow by double digits in the second half of the year, the Group confirms its objective of annual revenue growth of between 5% and 8%, supported by the ramp-up of new merchants, the rollout of new offerings, European expansion and the expected benefits of the transformation plan.
HiPay therefore enters the second half of the year with confidence and confirms its 2026 objectives of profitable growth, with an EBITDA margin between 10% and 11% of revenue.
1 Including capitalized R&D investments, payroll costs were down 2.1%.
Next financial communication:
November 3, 2026 before market open: Q3 2026 revenue and 2027 financial calendar.
À propos de 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 (DGA)
+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 highly evolving sector in which new risk factors may emerge. HiPay Group does not undertake any obligation to update these forward-looking statements to reflect new information, events or other circumstances.hipay.com, Investors section. This press release may contain certain forwardlooking 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 highly evolving sector in which new risk factors may emerge. HiPay Group does not undertake any obligation to update these forward-looking statements to reflect new information, events or other circumstances.
Consolidated income (1)
| in thousands of euros | 30 June 2026 | 30 June 2025 |
|---|---|---|
| Sales | 36 582 | 37 382 |
| Direct costs | -20 070 | -18 342 |
| Payroll charges | -9 205 | -9 401 |
| General expenses | -5 424 | -6 796 |
| Other current operating income and expenses | 603 | 672 |
| EBITDA2 | 2 485 | 3 515 |
| Allocation to and writebacks of amortization and provisions | -2 487 | -1 797 |
| Current operating income | -2 | 1 718 |
| Valuation of stock options and free shares | -176 | -133 |
| Other non-current income and expenses | -224 | -339 |
| Operating income | -402 | 1 247 |
| Other financial income and expenses | -755 | -859 |
| Pre-tax income | -1 158 | 387 |
| Tax | -205 | -36 |
| Net income | -1 363 | 351 |
(1) The Company’s Board of Directors met on September 11, 2026, chaired by Benjamin Jayet, and approved the Group’s consolidated half-year financial statements. The consolidated half-year financial statements will be published by September 30, 2026.
(2) Recurring operating income before depreciation, amortization and provisions.
Consolidated balance sheet (1)
| ASSETS - in thousands of Euros | 30 June 2026 | 31 Dec. 2025 | 30 June 2025 |
|---|---|---|---|
| Net Goodwill | 40 222 | 40 222 | 40 222 |
| Net intangible fixed assets | 12 755 | 9 197 | 6 738 |
| Net tangible fixed assets | 6 480 | 3 070 | 2 828 |
| Deferred tax assets | 3 379 | 3 379 | 1 422 |
| Other financial assets | 968 | 899 | 916 |
| Non-current assets | 63 804 | 56 767 | 52 127 |
| Receivables and other debtors | 1 566 | 1 130 | 1 831 |
| Other current assets | 158 660 | 151 886 | 145 632 |
| Cash and cash equivalents | 10 216 | 16 026 | 11 706 |
| Current assets | 170 442 | 169 042 | 159 169 |
| TOTAL ASSETS | 234 246 | 225 808 | 211 295 |
| LIABILITIES - in thousands of Euros | 30 June 2026 | 31 Dec. 2025 | 30 June 2025 |
|---|---|---|---|
| Share capital | 25 256 | 25 256 | 25 256 |
| Issue and acquisition premiums | 51 509 | 51 509 | 51 509 |
| Reserves and retained earnings | -33 352 | -39 394 | -39 500 |
| Consolidated income (Group share) | -1 363 | 5 894 | 351 |
| Shareholders’ equity | 42 050 | 43 265 | 37 616 |
| Long-term borrowings and financial liabilities | 21 163 | 17 895 | 11 610 |
| Non-current Provisions | 3 134 | 3 131 | 4 709 |
| Non-current liabilities | 24 297 | 21 027 | 16 319 |
| Short-term financial liabilities and bank overdrafts | 10 630 | 13 677 | 13 441 |
| Suppliers and other creditors | 6 122 | 6 575 | 6 996 |
| Other current liabilities | 151 147 | 141 264 | 136 923 |
| Current liabilities | 167 899 | 161 516 | 157 361 |
| TOTAL LIABILITIES | 234 246 | 225 808 | 211 295 |
(1) The Company’s Board of Directors met on September 11, 2026, chaired by Benjamin Jayet, and approved the Group’s consolidated half-year financial statements. The consolidated half-year financial statements will be published by September 30, 2026.
Consolidated cash flow statement (1)
| in thousands of euros | 30 June 2026 | 30 June 2025 |
|---|---|---|
| Net income | -1 363 | 351 |
| Adjustments for : | ||
| Amortization of fixed assets | 1 426 | 1 281 |
| Amortization of IFRS 16 fixed assets | 868 | 533 |
| Provisions for risks | 3 | -430 |
| Cost of IFRS 16 debt | 130 | 71 |
| Cost of debt | 1 958 | 842 |
| Gains and losses on disposal of fixed assets IFRS 16 | -22 | 0 |
| Cost of share-based payments | 176 | 133 |
| Current and deferred tax expenses | 205 | 36 |
| Operating income before WCR variation and provisions | 3 380 | 2 817 |
| WCR variation | 2 084 | 16 |
| Cash flow from operational activities | 5 464 | 2 833 |
| Interest paid | -1 438 | -299 |
| Income tax paid | -61 | -48 |
| Net cash from operational activities | 3 965 | 2 487 |
| Acquisition of fixed assets, claims and liabilities | -5 054 | -2 178 |
| Variation of financial assets | -69 | 58 |
| Net cash from investment activities | -5 123 | -2 121 |
| Share capital increase | 0 | 3 953 |
| New loans | 3 000 | 578 |
| Loan repayments | -6 687 | -4 760 |
| IFRS 16 lease liability repayment | -804 | -548 |
| IFRS 16 interest paid | -130 | -71 |
| Net cash from funding activities | -4 621 | -849 |
| Effect of exchange rates variation | -29 | 101 |
| Net variation of cash and cash equivalents | -5 808 | -382 |
| Net cash on January 1st | 16 026 | 12 089 |
| Net cash at end of period | 10 218 | 11 707 |
(1) The Company’s Board of Directors met on September 11, 2026, chaired by Benjamin Jayet, and approved the Group’s consolidated half-year financial statements. The consolidated half-year financial statements will be published by September 30, 2026.
Notes
- The Company’s Board of Directors met on September 11, 2026, chaired by Benjamin Jayet, and approved the Group’s consolidated half-year financial statements. The consolidated half-year financial statements will be published by September 30, 2026.
- Including capitalized R&D investments, payroll costs were down 2.1%.
- Recurring operating income before depreciation, amortization and provisions.