Strong Revenue Performance
HPS reported consolidated operating revenues of MAD 1,547 million for the year 2025, reflecting a robust growth of 22%. This performance exceeded the company's annual targets.
On a pro forma basis, including CR2 for a comparable 2024 analysis, the growth rate stands at 6.1%, indicating solid organic progress despite the accelerating SaaS activity within the business mix.
The fourth quarter of 2025 was particularly noteworthy, achieving record revenues of MAD 517 million, a 30.8% increase, confirming the acceleration observed in the second half of the year.
Key Highlights of 2025
Beyond revenue growth, several key developments characterized 2025 for HPS:
- Strengthening of the recurring revenue profile.
- Significant improvement in financial structure with a notable reduction in net debt.
- A substantial increase in the backlog.
- Expansion of international operations.
Enhanced Revenue Quality and Visibility
Recurring and regular revenues reached MAD 1,135 million, up 25.5%, accounting for 76% of total business revenues. This growth is driven by three complementary engines:
- Strong growth in SaaS royalties, supported by the ramp-up of major platforms signed in 2023 and 2024, alongside ongoing expansion through new client acquisitions.
- Maintenance revenues, bolstered by the continuous expansion of the installed base and the addition of new clients.
- The Switching segment, benefiting from increased transaction volumes and an enhanced participant portfolio.
This combination of existing contract growth and ongoing commercial dynamics, along with a 72% increase in backlog by the end of 2025, significantly enhances the visibility and predictability of future revenues.
Payment Segment: Strong Execution and SaaS Growth
The Payment segment reported annual revenues of MAD 1,329 million, reflecting a 26.6% increase compared to 2024, and a 7.1% rise on a pro forma basis including CR2 for a full year.
This performance is driven by:
- Accelerated execution of major projects, with revenues significantly increasing due to deployments initiated in 2024 and 2025.
- Strong growth in SaaS royalties, particularly from platforms that entered the Run phase in North America and Australia, which saw a 46.6% increase.
- Sustained growth in maintenance revenues, which rose by 63.0%, reflecting the expansion of the active client base.
Switching Segment: Continued Growth
The Switching segment continued its growth trajectory, achieving revenues of MAD 97.6 million, a 9.5% increase.
Key highlights for the year included:
- Surpassing one million daily card transactions.
- Deployment of active-active architectures.
- Progress on tokenization projects.
- Expansion of the acquirer portfolio.
Testing Segment: Strategic Divestiture
The planned divestiture of the Testing segment, announced in September 2025, did not proceed as expected. However, this situation has not impacted operational continuity or service quality.
HPS continues to evaluate strategic options to support the future evolution of this segment, in line with the AccelR8 roadmap.
Backlog: Enhanced Visibility and Growth Security
The backlog, representing secured revenues, showed a significant increase of 72% by the end of December 2025 compared to the end of 2024, enhancing the Group's visibility for upcoming fiscal periods.
This growth is attributed to:
- The signing of substantial On-Premise contracts, generating a significant volume of revenues to be executed in the coming periods.
- Strengthening of multi-year SaaS contracts, which sustainably contribute to the recurring revenue backlog for future years.
This dynamic reflects both the robustness of the commercial pipeline and the Group's ability to secure significant projects, alongside the growing prominence of the SaaS model, thereby increasing future revenue visibility and predictability.
R&D Investments
R&D investments totaled MAD 144 million, down from MAD 156 million in 2024, representing a 7.9% decrease. This shift indicates a return to a more normative pace following several years of significant structural investments.
Key focus areas included:
- Integration of BankWorld.
- Strengthening security and compliance measures.
- Incorporation of advanced AI capabilities.
- Adaptation to open banking and open finance frameworks.
As of the end of December 2025, HPS maintains a solid financial structure, with net cash amounting to MAD 216 million, an increase from MAD 204 million at the end of 2024.
Total debt stands at MAD 453 million, down from MAD 545 million a year prior, reflecting a 16.9% reduction due to ongoing repayment of loans taken for external growth operations and prudent financial management.
Outlook for 2026
HPS enters 2026 with strengthened fundamentals. The upcoming year is expected to be characterized by:
- Ramp-up of platforms deployed in 2024-2025 and anticipated growth in recurring revenues during the Run phase.
- Gradual conversion of the record backlog recorded at the end of 2025.
- Continued integration of CR2, fostering synergies in payment and digital banking.
- Ongoing technological innovation as a lever for differentiation and growth.
With a backlog increase of 72% and an expanding recurring revenue base, the Group is poised to capitalize on its recent investments, aiming to sustainably enhance its recurring growth profile, financial visibility, and value creation.
