Press release




HiPay: 2024 results
138 million commercial transactions via our
platforms in 2024
Revenue growth: + 13.4%
Consistent operating performance with EBITDA
at €10.8m and current EBIT at €6.2m
Stabilized financial structure
● HiPay maintains significant growth (+13.4%) and notable operating
profitability, with EBITDA at 14.5% of revenue and current operating
income at 8.4% of revenue.
● Reinforced financial structure with free cash flow excluding working
capital of €11.2m, cash of €12.1m and new debts of €9.0m.
● The forecasts are healthy and will be supported by growth
investments.

April 14, 2025, at 8:30 am: HiPay, the fintech specializing in omnichannel payment solutions,
announces its results for 2024.


In millions of euros (IFRS norms) 2024 2023 Var.
(% or €m)
Consolidated Income Statement1

Payment volume 9,152.4 8,769.3 + 4.4%

Revenue 74.2 65.5 + 13.4 %

EBITDA 10.8 9.8 + €1.0m

Recurring operating income 6.2 4.9 + €1.3m

Net income 5.8 2.2 + €3.6m

Consolidated Balance Sheet1

Shareholders’ equity 30.3 24.3 + €6.0m

Available cash 12.1 0.9 + €11.2m

Financial debt (IFRS 16 incl.) 31.4 23.8 + €7.6m


1
The consolidated financial statements as of December 31, 2024, are currently being reviewed by external
auditors. They were approved by the board of directors on April 10, 2025. The 2024 financial report and the
auditors' report will be published on the company's website on April 30, 2025.

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HiPay maintains strong annual growth at +13.4% and increases its margins.

In a continued growth momentum, HiPay has achieved a 4.4% increase in payment volumes
and a 13.4% increase in revenue in 2024. The billing rate has improved (0.81% vs. 0.75%).

In France, HiPay’s market dynamic is strong, with 302 new contracts signed in the retail sector.
The Digital/iGaming sectors continued to grow over the period. Revenue outside France rose
by a substantial +20%, reflecting strong volume growth in Portugal, Italy and Germany.

By combining this growth with better control of acquisition costs, and due to
product/customer mix effects, the Group reports a sharp rise in gross operating margin
(+ €6.9m).



Operating profitability

Continued cost-containment efforts, though to a lesser extent than in 2023, enabled the
Group to keep the increase in payroll and overheads (+€6.3m) below the increase in operating
margin (+ €6.9m), generating EBITDA representing 14.5% of revenue and current operating
income of 8.4% of revenue.


Non-current, financial and net income

Non-current operating income amounted to €1.3m (vs. an expense of €1.0m in 2023). The
financial result improved (+ €0.6m) due to foreign exchange gains and interest on investments
of €382K. Net income improved from €3.6m to €5.8m, representing 7.9% of revenue.



Financial structure

On December 31, 2024, cash was up by €11.2m and financial debt (including IFRS 16) was up by
€7.6m. This is mainly due to cash generated by operations of €11.2m, a (non-recurring)
increase in working capital of €2.9m, and financial debt flows of +€6.5m (including new loans
of €9m).


Outlook

Hybrid shopping journeys, increasingly favored by consumers, are driving merchants to adopt
unified commerce. After a last quarter marked by a third of new customers choosing
omnichannel with HiPay, we anticipate sustained growth in this trend in 2025, both in our
existing base and among our new customers.




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At the same time, the quest for fluidity at checkout is accelerating the adoption of digital
wallets. Their integration by our merchant is generating immediate results, with market share
reaching 20% in the first few weeks, with significant effects expected in 2025.

Deferred or installment payment solutions (BNPL - Buy Now, Pay Later) are also continuing to
grow, particularly in sectors where price is a barrier to purchase. Driven by growing demand,
they are gradually establishing themselves as an essential conversion lever, and will continue
to grow strongly in 2025.

Growth forecasts for 2025 are expected to be between 5 and 10%, taking into account the
growth drivers mentioned above, but remaining cautious given the current wait-and-see
attitude towards consumption growth in Europe.

In addition, the Group continues to work on structuring its technical and material organization,
increasing its margins and, via new customers, preparing its future growth drivers.



Next financial communication: April 30, 2025 - 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.




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Consolidated income (1)

In thousands of euros 31 dec. 2024 31 dec. 2023
Turnover 74,295 65,483
Direct costs - 34,083 - 32,125
Staff costs - 18,190 - 15,736
General costs - 13,560 - 8,781
Other current operating income and expenses 2,301 971
EBITDA(2) 10,764 9,811
Allocation to and writebacks of amortization and
provisions - 4,563 - 4,959
Current operating income 6,201 4,852
Valuation of stock options and free shares - 172 286
Other non-current expenses 1,257 - 968
Operating income 7,286 4,170
Other financial income and expenses - 1,200 - 1,831
Pre-tax income 6,086 2,339
Tax - 252 - 173
Net income 5,835 2,166




(1) - These financial statements are currently being audited by the company’s statutory auditors.
The full consolidated financial statements will be published by 30 April 2025.
(2) - Current operating income before allocation to and writebacks of amortization and provisions.



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Consolidated balance sheet (1)

ASSETS - in thousands of euros 31 dec. 2024 31 dec. 2023
Net goodwill 40,222 40,222
Net intangible assets 6,328 7,109
Net tangible fixed assets 2,709 4,866
Deferred tax assets 1,422 1,422
Other financial assets 974 1,080
Non-current assets 51,656 54,700
Clients and other receivables 2,136 2,223
Other current assets 130,680 132,076
Cash and cash equivalents 12,089 895
Current assets 144,905 135,194
TOTAL ASSETS 196,561 189,894


LIABILITIES - in thousands of euros 31 dec. 2024 31 dec. 2023
Share capital 19,844 19,844
Issue and acquisition premiums 50,156 50,156
Reserves and retained earnings - 45,567 - 47,829
Consolidated income (Group share) 5,835 2,166
Equity 30,268 24,337
Long-term loans and financial liabilities 12,695 10,411
Non-current provisions 5,139 6,657
Non-current liabilities 17,834 17,069
Short-term financial liabilities and bank overdraft 18,713 13,407
Suppliers and other creditors 7,579 7,699
Other current liabilities 122,167 127,383
Current liabilities 148,459 148,489
TOTAL LIABILITIES 196,561 189,894




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Consolidated cash flow statements (1)

In thousands of euros 31 dec. 2024 31 dec. 2023
Net income 5,835 2,166
Adjustments for:
Amortization of fixed assets 3,151 3,343
Amortization of IFRS 16 fixed assets 1,402 1,524
Other elements with no cash impact 0 0
Provisions for tax risks - 1,546 402
Cost of IFRS 16 debt 189 256
Cost of debt 1,763 1,563
Gains and losses on disposal of securities 0 0
Gains and losses on disposal of fixed assets 0 0
Gains and losses on disposal of fixed assets - IFRS
16 -3 - 34
Cost of share-based payments 172 - 286
Current and deferred tax expenses 252 173
Operating income before WCR variation and
provisions 11,215 9,107
WCR variation - 2,926 - 2,890
Cash flow from operational activities 8,289 6,217
Interest paid - 218 - 190
Income tax paid - 118 - 105
Net cash from operational activities 7,953 5,922
Acquisition of fixed assets, claims and liabilities - 3,339 - 3,148
Variation in financial assets 106 35
Net cash from investment activities - 3,233 - 3,114
New loans 10,608 0
Loan repayments - 2,498 - 1,839
IFRS 16 lease liability repayment - 1,399 - 1,476
IFRS 16 interest paid - 189 - 256
Net cash from funding activities 6,522 - 3,571
Net variation of cash and cash equivalents 11 194 - 737
Net cash on 1 January 895 1,632
Net cash at end of period 12,089 895




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