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RS2 plc – Full-Year Results

Jonathan Falzon

April 24, 2026

24 April, 2026
5 min read
24 April, 2026
5 min read

Following last week's article detailing the performance of the S&P 500 index in 2025, it is worth devoting time to review the developments across the European equity markers in my last article of the year.

Financial Performance

On 23 April 2026, RS2 plc published its Annual Report & Financial Statements for the year ended 31 December 2025.

Total revenue rose by 7.3% to €40.3 million as the growth in ‘Processing solutions’ (+8% to €25.2 million) and ‘Issuing and Acquiring solutions’ (+45% to €5.3 million) outweighed the decline in ‘Software (Licensing) solutions’ (-7% to €9.8 million).

General operating costs (excluding foreign exchange and other income) rose to by 1.5% to €37.1 million, driven by higher cost of sales (+9.9% to €28.3 million), which outweighed the reduction in administrative and marketing expenses.

The Group absorbed a foreign exchange loss on operating activities of €1.7 million, compared to a foreign exchange gain of €0.8 million in 2024.

Consequently, operating profit fell by 34.9% to €1.65 million (2024: €2.54 million). Excluding depreciation and amortisation charges of €2.97 million, EBITDA decreased by 15% to €4.62 million and the EBITDA margin declined to 11.5% from 14.5% in the previous year.

Net finance costs eased to €0.32 million from €0.39 million in 2024.

Profit before tax amounted to €1.33 million, which is 38.1% lower than the €2.15 million figure in the previous year. After accounting for tax expenses of €2.18 million, and a profit attributable to minority interests of €0.06 million, the net loss attributable to shareholders amounted to €0.90 million compared to a profit of €0.04 million in the previous year.

The Statement of Financial Position as of 31 December 2025 shows that total assets increased by 16.7% (or €8.2 million) to €57.3 million, amidst growth in trade and other receivables, contract assets, and intangible assets. Total liabilities rose by 34.4% (or €8.8 million) to €34.2 million, reflecting higher levels of accruals and deferred income combined with an increase in bank borrowings to €8.9 million compared to €5.4 million as at the end of 2024. Shareholders’ funds stood at €25.2 million (31 December 2024: €26.0 million).

Outlook

In his commentary, RS2’s CEO stated that in 2026 the Group will continue scaling its processing capabilities, while expanding its issuing and acquiring sponsorship programmes across Europe and LATAM. RS2 will continue to concentrate on implementing and delivering its strategy around its main business pillars of growing and expanding the managed service business, ramping up the US expansion and building its own direct acquiring and issuing business.

The Group will continue to invest further in its infrastructure to strengthen the technology and complete the product to play a more active role in the digitalisation of the whole customer journey, to offer omni-channel solutions and go beyond traditional payment solutions.

In 2026, business is expected to ramp up with a stronger pipeline, together with the launch of several exciting new products for the Group, including a Data Analytics Portal, a new Merchant Portal, AI and automation initiatives as well as focus on microservices.

From a profitability viewpoint, in 2025, both Software (Licensing) and Managed Services (Processing) Solutions have delivered a positive bottom-line contribution before tax, while Issuing and Acquiring Solutions (previously Merchant Solutions) is expected to start generating a positive bottom line after 2028. The latter will continue to ramp up business organically through direct merchants and partners.

The article contains public information only and is published solely for informational purposes. It should not be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein, nor is it intended to be a complete statement or summary of the securities, markets or developments referred to in this article. Rizzo, Farrugia & Co. (Stockbrokers) Ltd (“Rizzo Farrugia”) is under no obligation to update or keep current the information contained herein. Since the buying and selling of securities by any person is dependent on that person’s financial situation and an assessment of the suitability and appropriateness of the proposed transaction, no person should act upon any recommendation in this article without first obtaining investment advice. Rizzo Farrugia, its directors, the author of this article, other employees or clients may have or have had interests in the securities referred to herein and may at any time make purchases and/or sales in them as principal or agent. Furthermore, Rizzo Farrugia may have or have had a relationship with or may provide or has provided other services of a corporate nature to companies herein mentioned. Stock markets are volatile and subject to fluctuations which cannot be reasonably foreseen. Past performance is not necessarily indicative of future results. Foreign currency rates of exchange may adversely affect the value, price or income of any security mentioned in this article. Neither Rizzo Farrugia, nor any of its directors or employees accepts any liability for any loss or damage arising out of the use of all or any part of this article. Additional information can be made available upon request from Rizzo, Farrugia & Co. (Stockbrokers) Ltd., Airways House, Fourth Floor, High Street, Sliema SLM 1551. Telephone: +356 2258 3000; Email: info@rizzofarrugia.com; Website: www.rizzofarrugia.com © 2021 Rizzo, Farrugia & Co. (Stockbrokers) Ltd. All rights reserved. This article may not be reproduced or redistributed, in whole or in part, without the written permission of Rizzo Farrugia. Moreover, Rizzo Farrugia accepts no liability whatsoever for the actions of third parties in this respect.

This article was produced by Edward Rizzo, Director at Rizzo Farrugia, which is a company licensed to undertake investment services in Malta by the MFSA under the Investment Services Act, Cap. 370 of the Laws of Malta and a member of the Malta Stock Exchange. The company’s registered address is at Airways House, Fourth Floor, High Street, Sliema SLM 1551, Malta.

The article contains public information only and is published solely for informational purposes. It should not be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. No representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein, nor is it intended to be a complete statement or summary of the securities, markets or developments referred to in this article. Rizzo, Farrugia & Co. (Stockbrokers) Ltd (“Rizzo Farrugia”) is under no obligation to update or keep current the information contained herein. Since the buying and selling of securities by any person is dependent on that person’s financial situation and an assessment of the suitability and appropriateness of the proposed transaction, no person should act upon any recommendation in this article without first obtaining investment advice. Rizzo Farrugia, its directors, the author of this article, other employees or clients may have or have had interests in the securities referred to herein and may at any time make purchases and/or sales in them as principal or agent. Furthermore, Rizzo Farrugia may have or have had a relationship with or may provide or has provided other services of a corporate nature to companies herein mentioned. Stock markets are volatile and subject to fluctuations which cannot be reasonably foreseen. Past performance is not necessarily indicative of future results. Foreign currency rates of exchange may adversely affect the value, price or income of any security mentioned in this article. Neither Rizzo Farrugia, nor any of its directors or employees accepts any liability for any loss or damage arising out of the use of all or any part of this article. Additional information can be made available upon request from Rizzo, Farrugia & Co. (Stockbrokers) Ltd., Airways House, Fourth Floor, High Street, Sliema SLM 1551. Telephone: +356 2258 3000; Email: info@rizzofarrugia.com; Website: www.rizzofarrugia.com © 2021 Rizzo, Farrugia & Co. (Stockbrokers) Ltd. All rights reserved. This article may not be reproduced or redistributed, in whole or in part, without the written permission of Rizzo Farrugia. Moreover, Rizzo Farrugia accepts no liability whatsoever for the actions of third parties in this respect.

This article was produced by Edward Rizzo, Director at Rizzo Farrugia, which is a company licensed to undertake investment services in Malta by the MFSA under the Investment Services Act, Cap. 370 of the Laws of Malta and a member of the Malta Stock Exchange. The company’s registered address is at Airways House, Fourth Floor, High Street, Sliema SLM 1551, Malta.

On 23 April 2026, RS2 plc published its Annual Report & Financial Statements for the year ended 31 December 2025.

Total revenue rose by 7.3% to €40.3 million as the growth in ‘Processing solutions’ (+8% to €25.2 million) and ‘Issuing and Acquiring solutions’ (+45% to €5.3 million) outweighed the decline in ‘Software (Licensing) solutions’ (-7% to €9.8 million).

General operating costs (excluding foreign exchange and other income) rose to by 1.5% to €37.1 million, driven by higher cost of sales (+9.9% to €28.3 million), which outweighed the reduction in administrative and marketing expenses.

The Group absorbed a foreign exchange loss on operating activities of €1.7 million, compared to a foreign exchange gain of €0.8 million in 2024.

Consequently, operating profit fell by 34.9% to €1.65 million (2024: €2.54 million). Excluding depreciation and amortisation charges of €2.97 million, EBITDA decreased by 15% to €4.62 million and the EBITDA margin declined to 11.5% from 14.5% in the previous year.

Net finance costs eased to €0.32 million from €0.39 million in 2024.

Profit before tax amounted to €1.33 million, which is 38.1% lower than the €2.15 million figure in the previous year. After accounting for tax expenses of €2.18 million, and a profit attributable to minority interests of €0.06 million, the net loss attributable to shareholders amounted to €0.90 million compared to a profit of €0.04 million in the previous year.

The Statement of Financial Position as of 31 December 2025 shows that total assets increased by 16.7% (or €8.2 million) to €57.3 million, amidst growth in trade and other receivables, contract assets, and intangible assets. Total liabilities rose by 34.4% (or €8.8 million) to €34.2 million, reflecting higher levels of accruals and deferred income combined with an increase in bank borrowings to €8.9 million compared to €5.4 million as at the end of 2024. Shareholders’ funds stood at €25.2 million (31 December 2024: €26.0 million).

Outlook

In his commentary, RS2’s CEO stated that in 2026 the Group will continue scaling its processing capabilities, while expanding its issuing and acquiring sponsorship programmes across Europe and LATAM. RS2 will continue to concentrate on implementing and delivering its strategy around its main business pillars of growing and expanding the managed service business, ramping up the US expansion and building its own direct acquiring and issuing business.

The Group will continue to invest further in its infrastructure to strengthen the technology and complete the product to play a more active role in the digitalisation of the whole customer journey, to offer omni-channel solutions and go beyond traditional payment solutions.

In 2026, business is expected to ramp up with a stronger pipeline, together with the launch of several exciting new products for the Group, including a Data Analytics Portal, a new Merchant Portal, AI and automation initiatives as well as focus on microservices.

From a profitability viewpoint, in 2025, both Software (Licensing) and Managed Services (Processing) Solutions have delivered a positive bottom-line contribution before tax, while Issuing and Acquiring Solutions (previously Merchant Solutions) is expected to start generating a positive bottom line after 2028. The latter will continue to ramp up business organically through direct merchants and partners.