RS2 plc - Full-Year Results

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.