New Risk • Jun 09
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 9.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Less than 1 year of cash runway based on current free cash flow (-€28m). Currently unprofitable and not forecast to become profitable over next 3 years (€7.1m net loss in 3 years). Share price has been volatile over the past 3 months (9.8% average weekly change). Market cap is less than US$100m (€58.3m market cap, or US$67.3m). New Risk • May 25
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: €85.4m (US$99.4m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Less than 1 year of cash runway based on current free cash flow (-€28m). Currently unprofitable and not forecast to become profitable over next 3 years (€7.1m net loss in 3 years). Market cap is less than US$100m (€85.4m market cap, or US$99.4m). Board Change • May 20
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Independent Non-Executive Director Koen Hoffman was the last director to join the board, commencing their role in 2025. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Tillkännagivande • Mar 17
FitekIn completed the acquisition of Baltic operations from Banqup Group SA (ENXTBR:BANQ). FitekIn signed share purchase agreement to acquire Baltic operations from Banqup Group SA (ENXTBR:BANQ) for an enterprise value of €9.5 million on January 26, 2026. The consideration is subject to potential adjustments reflecting the net financial cash/debt position of the in-scope entities as of 31 December 2025.
The Completion would be subject to approval by competition authorities in Estonia, Latvia and Lithuania, regulatory approvals and the satisfaction of certain customary closing conditions. The merger is expected to complete by the end of February 2026. The proceeds from this transaction, if completed, are expected to be used to strengthen the Group’s balance sheet and working capital position.
FitekIn completed the acquisition of Baltic operations from Banqup Group SA (ENXTBR:BANQ) on March 16, 2026. The transaction has received regulatory approvals in Estonia, Latvia and Lithuania. Tillkännagivande • Mar 16
Banqup Group SA to Report Q3, 2026 Results on Nov 12, 2026 Banqup Group SA announced that they will report Q3, 2026 results on Nov 12, 2026 Tillkännagivande • Feb 07
Banqup Group SA Announces Appointments of Sébastien Imbert as Chief Marketing Office and Wim Focquet as Chief People Officer, Effective February 5, 2026 Banqup Group SA has appointed Sébastien Imbert as Chief Marketing Officer. Sébastien brings 25 years of experience scaling technology and SaaS companies, including Microsoft and Septeo, specialising in building marketing engines and go-to-market strategies that directly impact pipeline, revenue, and valuation. At Banqup, he will focus on strengthening marketing capabilities to drive the upsell of payment solutions across Banqup's existing customer base through disciplined, measurable marketing automation and revenue operations excellence. Banqup Group SA has appointed Wim Focquet as Chief People Officer. Wim brings over 25 years of experience in senior HR leadership and organisational transformation in complex, regulated, and high-growth environments, with a strong track record in aligning strategy, governance, culture, and execution. Prior to Banqup, he held global HR and talent leadership roles and advised executive teams on transformation and execution reliability. At Banqup, Wim will lead people practices across the organisation, focusing on building clarity, strengthening ownership, and supporting teams. Tillkännagivande • Jan 13
Banqup Group SA to Report First Half, 2026 Results on Aug 25, 2026 Banqup Group SA announced that they will report first half, 2026 results on Aug 25, 2026 Tillkännagivande • Nov 08
Banqup Group SA to Report Q1, 2026 Results on May 21, 2026 Banqup Group SA announced that they will report Q1, 2026 results on May 21, 2026 Tillkännagivande • Oct 06
Banqup Group Sa Announces Hans Leybaert Will Step Down from Role as Chairman of the Board of Directors Banqup Group SA announced that Sofias BV, represented by Hans Leybaert, will step down from his role as Chairman of the Board of Directors with immediate effect. He will, however, continue to serve as a member of the Board, ensuring continuity and ongoing contribution to the company’s strategic journey. This transition forms part of Banqup’s planned succession process to further strengthen its governance framework and ensure independent leadership at the Board level.Hans Leybaert has served as Chairman since October 2024, providing continuity during a key phase of Banqup’s transformation and supporting the company in the execution of its strategic priorities. The Board is in the process of finalising the appointment of a new independent Chair and will provide an update in due course. Tillkännagivande • Jun 06
PostNord Stralfors AB completed the acquisition of 21 Grams AB from Unifiedpost Group SA (ENXTBR:UPG). PostNord Stralfors AB signed an agreement to acquire 21 Grams AB from Unifiedpost Group SA (ENXTBR:UPG) for an enterprise value of SEK 200 million on July 5, 2024. The purchase price is subject to certain potential adjustments based on the financial position of 21 Grams at completion of the sale. The agreement also includes an exclusive partnership to distribute Banqup and B2B digital products to PostNord Strålfors’ customer network. For the period ending December 31, 2023, 21 Grams AB reported total revenue of €83.2 million. The transaction is subject to approval from the relevant competition authorities, FDI approval and certain additional relevant closing conditions. The transaction is expected to close in the second half of 2024. Ernst & Young Corporate Finance AB acted as financial advisor to PostNord Stralfors AB. As of May 30, 2025, Banqup Group has received approval from the Swedish Competition Authority for the divestment of 21 Grams.
PostNord Stralfors AB completed the acquisition of 21 Grams AB from Unifiedpost Group SA (ENXTBR:UPG) on June 5, 2025. Tillkännagivande • Mar 07
Unifiedpost Group SA to Report Q3, 2025 Results on Nov 13, 2025 Unifiedpost Group SA announced that they will report Q3, 2025 results on Nov 13, 2025 Tillkännagivande • Dec 18
Unifiedpost Group SA to Report First Half, 2025 Results on Aug 26, 2025 Unifiedpost Group SA announced that they will report first half, 2025 results on Aug 26, 2025 Reported Earnings • Aug 30
First half 2024 earnings released: €0.53 loss per share (vs €0.63 loss in 1H 2023) First half 2024 results: €0.53 loss per share (improved from €0.63 loss in 1H 2023). Revenue: €50.8m (flat on 1H 2023). Net loss: €19.1m (loss narrowed 16% from 1H 2023). Revenue is forecast to grow 6.6% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Software industry in Germany. Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has fallen by 42% per year, which means it is performing significantly worse than earnings. Tillkännagivande • Jul 08
Unifiedpost Group Sa Announces Resignation of Stefan Yee as Chairman of the Board of Directors Unifiedpost Group SA announced the strategic decision to enhance the Board composition. Stefan Yee, representing AS Partners BV, announces his resignation as Chairman of the Board of Directors of Unifiedpost Group. Stefan Yee, representing AS Partners BV, has voluntarily decided to step down as Chairman of the Board of Directors after serving nearly 10 years since 2014. He will continue in his role as resigning Chairman, until a replacement has been selected and approved. Stefan Yee made this decision solely in the interest of the company in order to facilitate the transition towards a new governance structure. Stefan confirms that, as before, he will continue to support the company as CEO of PE Group NV, one of the reference shareholders of Unifiedpost Group. The Board of Directors has formed a search committee, and engaged an executive search firm to conduct a comprehensive search for additional Board members to strengthen the Board and align it with evolving good corporate governance standards and its strategic goals as an international public company. An update on the search and selection of new Board members, as well as the appointment of the new Chairman, will be announced when the procedure is completed, which is expected before the end of Q3. New Risk • May 19
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 3.6% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (€6.5m net loss in 3 years). Shareholders have been diluted in the past year (3.6% increase in shares outstanding). Tillkännagivande • Apr 30
Unifiedpost Group Announces Board Resignations, Effective May 21, 2024 Unifiedpost Group's Ordinary General Shareholders Meeting will be held on May 21, 2024, the board proposed the following resignations: Resignation of AS Partners BV, with enterprise number 0466.690.556, represented by its permanent representative, Stefan Yee, as director of the company, effective May 21, 2024. Resignation of First Performance AG, with enterprise number 0781484854, represented by its permanent representative, Michaël Kleindl, as director of the company, effective May 21, 2024. Reported Earnings • Apr 22
Full year 2023 earnings released: €2.34 loss per share (vs €1.26 loss in FY 2022) Full year 2023 results: €2.34 loss per share (further deteriorated from €1.26 loss in FY 2022). Revenue: €191.4m (flat on FY 2022). Net loss: €83.9m (loss widened 93% from FY 2022). Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 9.5% growth forecast for the Software industry in Germany. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has fallen by 43% per year, which means it is performing significantly worse than earnings. New Risk • Apr 19
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 3 years. Trailing 12-month net loss: €84m Forecast net loss in 3 years: €18m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (€18m net loss in 3 years). Share price has been volatile over the past 3 months (9.4% average weekly change). Tillkännagivande • Apr 13
Unifiedpost Group SA to Report Fiscal Year 2024 Results on Mar 13, 2025 Unifiedpost Group SA announced that they will report fiscal year 2024 results on Mar 13, 2025 Tillkännagivande • Mar 26
Unifiedpost Group Announces Chief Financial Officer Changes Unifiedpost Group announced leadership changes that position the company for continued growth and innovation. Mr. Koen De Brabander has been appointed as the new Chief Financial Officer (CFO), taking over from Mr. Laurent Marcelis, effective from 15 April 2024. Mr. De Brabander has extensive experience in financial management and strategic planning. He has been working for the Group from 2020 as operational finance director. Before joining Unifiedpost, Mr. De Brabander excelled in various senior financial roles at BDO, KBVB and as independent advisor, demonstrating a strong track record of leading teams and enhancing business growth. Reported Earnings • Feb 28
Full year 2023 earnings released: €2.32 loss per share (vs €1.26 loss in FY 2022) Full year 2023 results: €2.32 loss per share (further deteriorated from €1.26 loss in FY 2022). Revenue: €191.4m (flat on FY 2022). Net loss: €83.9m (loss widened 93% from FY 2022). Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 9.3% growth forecast for the Software industry in Germany. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has fallen by 47% per year, which means it is performing significantly worse than earnings. Board Change • Feb 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. 2 highly experienced directors. Independent Director Philippe De Backer was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. New Risk • Jan 08
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -€22m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risk Less than 1 year of cash runway based on free cash flow trend (-€22m free cash flow). Minor Risks Share price has been volatile over the past 3 months (7.2% average weekly change). Shareholders have been diluted in the past year (3.7% increase in shares outstanding). Breakeven Date Change • Dec 31
Forecast to breakeven in 2026 The 2 analysts covering Unifiedpost Group expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of €23.0m in 2026. Average annual earnings growth of 65% is required to achieve expected profit on schedule. New Risk • Oct 06
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of German stocks, typically moving 8.8% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (8.8% average weekly change). Minor Risks Shareholders have been diluted in the past year (3.7% increase in shares outstanding). Market cap is less than US$100m (€89.4m market cap, or US$94.7m). Reported Earnings • Aug 30
First half 2023 earnings released: €0.67 loss per share (vs €0.61 loss in 1H 2022) First half 2023 results: €0.67 loss per share (further deteriorated from €0.61 loss in 1H 2022). Revenue: €93.2m (up 1.6% from 1H 2022). Net loss: €24.1m (loss widened 16% from 1H 2022). Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 7.1% growth forecast for the Software industry in Germany. New Risk • Aug 30
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.3% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.3% per year for the foreseeable future. Minor Risks Share price has been volatile over the past 3 months (6.5% average weekly change). Shareholders have been diluted in the past year (3.7% increase in shares outstanding). New Risk • Jul 13
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 3 years. Trailing 12-month net loss: €44m Forecast net loss in 3 years: €1.0m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (€1.0m net loss in 3 years). Share price has been volatile over the past 3 months (7.8% average weekly change). Shareholders have been diluted in the past year (3.7% increase in shares outstanding). Breakeven Date Change • Jul 12
No longer forecast to breakeven The analyst covering Unifiedpost Group no longer expects the company to break even during the foreseeable future. The company was expected to make a profit of €4.90m in 2025. New forecast suggests the company will make a loss of €1.40m in 2025. Reported Earnings • Apr 18
Full year 2022 earnings released: €1.26 loss per share (vs €0.80 loss in FY 2021) Full year 2022 results: €1.26 loss per share (further deteriorated from €0.80 loss in FY 2021). Revenue: €191.0m (up 12% from FY 2021). Net loss: €43.6m (loss widened 67% from FY 2021). Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 7.0% growth forecast for the Software industry in Germany. Board Change • Feb 15
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Independent Director Philippe De Backer was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Breakeven Date Change • Dec 31
Forecast to breakeven in 2025 The analyst covering Unifiedpost Group expects the company to break even for the first time. New forecast suggests the company will make a profit of €4.00m in 2025. Average annual earnings growth of 50% is required to achieve expected profit on schedule. Board Change • Nov 18
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Independent Director Philippe De Backer was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Board Change • Sep 22
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Independent Director Philippe De Backer was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Board Change • Apr 29
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Independent Director Philippe De Backer was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Board Change • Apr 12
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Independent Director Philippe De Backer was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Breakeven Date Change • Mar 15
Forecast breakeven date pushed back to 2024 The analyst covering Unifiedpost Group previously expected the company to break even in 2023. New forecast suggests the company will make a profit of €12.6m in 2024. Average annual earnings growth of 53% is required to achieve expected profit on schedule. Reported Earnings • Sep 23
First half 2021 earnings released: €0.35 loss per share (vs €0.78 loss in 1H 2020) The company reported a solid first half result with reduced losses, improved revenues and improved control over expenses. First half 2021 results: Revenue: €80.7m (up 141% from 1H 2020). Net loss: €11.1m (loss narrowed 34% from 1H 2020). Breakeven Date Change • Sep 23
Forecast to breakeven in 2023 The analyst covering Unifiedpost Group expects the company to break even for the first time. New forecast suggests the company will make a profit of €1.20m in 2023. Average annual earnings growth of 70% is required to achieve expected profit on schedule. Is New 90 Day High Low • Mar 06
New 90-day low: €19.34 The company is down 5.0% from its price of €20.35 on 04 December 2020. The German market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Software industry, which is flat over the same period. Is New 90 Day High Low • Jan 09
New 90-day high: €23.95 The company is up 16% from its price of €20.60 on 09 October 2020. The German market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Software industry, which is down 18% over the same period. 
