Banqup, the Belgium-based e-invoicing and payments provider, reported a 6% year-over-year increase in total revenue to €26.5 million for the first half of 2026, driven by a 42.3% surge in subscription revenue to €10.4 million. Recurring digital services revenue reached €21.1 million, representing 79.6% of total revenue, while annual recurring revenue (ARR) rose 12.1% to €48.2 million.
The company’s adjusted EBITDA loss improved by 16.4% to negative €6.1 million, a margin expansion of 6.1 percentage points to negative 22.9%, though operating expenses increased 8.5% to €31.9 million. Digital revenue grew 14.4% to €23.9 million, with transaction revenue remaining flat at €8.0 million. Traditional communication revenue, however, declined 36.6% to €2.6 million.
Capital expenditure decreased 9.3% to €8.1 million, while net financial debt stood at €46.1 million as of June 30, 2026, down from €49.1 million at year-end 2025. Cash and cash equivalents fell to €5.0 million from €8.6 million, with operating cash flow remaining negative at €6.4 million. The company’s equity declined to €88.6 million due to an €18.3 million net loss for the period.
Banqup’s shares fell 6.28% to $1.94 following the results presentation, extending a six-month decline of 48% from a 52-week high of $4.24. The company restructured into four autonomous units—Documents, Payments, Consult, and eFaktura—while divesting its Baltic business for €9.5 million.
Regulatory milestones remain a key focus. France will require 8,000 mass senders to accept e-invoices starting September 2026, with B2B sending mandates beginning in September 2027. Spain’s e-reporting and e-invoicing mandates are set for January 2027 and October 2027, respectively. Belgium’s e-reporting mandate, requiring ISO certification and EIDAS 2.0 compliance, is scheduled for 2028.
Full-year 2026 guidance projects digital revenue growth of 25% to 30% and an adjusted EBITDA margin of approximately 3%.
