Stocks Market
HPS Revives Profitability and Confirms 2026 Growth Targets
HPS has turned its fortunes around in Q1 2026, shifting from a 47 million MAD loss in 2025 to a net profit of 35 million MAD. The payment solutions specialist confirms its 2026 objectives, driven by strong operating performance, expansion into new markets like Australia and Malaysia, and significant improvements in operational margins.
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HPS Revives Profitability and Confirms 2026 Growth Targets
Saturday, September 26, 2026 — The HPS group has delivered a significant turnaround in its financial performance for the first half of 2026. After posting a substantial loss of 47 million MAD at the end of June 2025, the payment solutions specialist now reports a net profit of 35 million MAD. This recovery marks a pivotal moment for the group, which continues to pursue its ambitious 2026 objectives.
Strong Operational Recovery
HPS has achieved a net result of 35 million MAD, compared to a loss of 47 million MAD one year earlier. This improvement reflects both a growth in activity and enhanced operational profitability, building on the momentum established in the second half of 2025.
Revenue Growth and Margin Improvement
The consolidated operating products reached 761 million MAD, up 13.1% year-on-year. The second quarter saw particularly strong growth at 15.3%, accelerating from 10.7% in the first quarter. HPS attributes this acceleration to increased usage of its SaaS platforms, execution of its order book, and additional demand from existing customers.
Profitability Metrics
Non-operating expenses excluding provisions rose by 6% to 639 million MAD, outpacing revenue growth. As a result, EBITDA increased by 74.7% to 122 million MAD, lifting the margin to 16% compared to 10.4% a year ago. At constant exchange rate, this margin stands at 15.2%.
Top-Performing Business Lines
The Payment business remains the primary growth engine, generating 654 million MAD in revenue—up 17.9% year-on-year. Projects PowerCARD and BankWorld have seen revenue growth of 33%, while additional sales to existing customers increased by 58.9%. SaaS licensing fees grew by 25.4%, and maintenance revenues rose by 3.1%. However, CR2 contributions declined by 2.7% to 118 million MAD due to base effects from license extension extensions.
New Contracts and Global Expansion
During the semester, HPS signed new contracts totaling 400 million MAD, largely in SaaS form, including implementation and five years of maintenance or licensing fees. In Australia, a SaaS platform for a leading bank went live in April, with volume migration proceeding according to schedule. HPS also opened a new office in Malaysia, bringing its global footprint to fifteen locations.
Other Segments
The Switching segment generated 49 million MAD in revenue, up 1.5%, attributed to early application of volume-based discounts previously adjusted at year-end. The Testing segment showed stronger growth at 14.1% to reach 38 million MAD.
Financial Health
As of late June, the order backlog reached 1.73 billion MAD, up 3.4% from the end of 2025. Regular recurring revenues totaled 576 million MAD, up 13.5%. The group reported a reduction in financial deficit, lowering it from 39.9 million MAD to 9 million MAD, further supporting the turnaround.
2026 Objectives
The group maintains its 2026 targets: organic revenue growth between 12% and 17%, accompanied by gradual improvement in EBITDA margin compared to 2025. Success will depend on project execution and continued scaling of recently launched SaaS platforms.