Cliq Digital AG

In Q2 2025, Cliq reported sales of EUR 48 million, down 4% quarter-on-quarter; adjusted for FX, sales were up 3%. Group EBITDA was EUR 3.3 million, up 5% quarter-on-quarter, with EBITDA margin at 6.9% to 7%. Net profit was EUR 0.5 million versus EUR 0.9 million in Q1, and basic EPS fell to EUR 0.09 from EUR 0.16. For H1 2025, sales were EUR 98 million versus EUR 141 million in H1 2024, EBITDA was EUR 6.5 million, and EBITDA margin was 7% versus 3% a year earlier. Management said customer acquisition costs were EUR 27 million in H1 versus EUR 54 million in the prior-year period, and total customer acquisition costs in Q2 were EUR 12 million versus EUR 15 million in Q1. The customer base was 600,000 at end-June, down from 800,000 at end-March, and lifetime value was EUR 89 million at quarter-end (or EUR 72 in H1 commentary versus EUR 80 a year earlier). Forward guidance was withdrawn for 2025 because management expects a material adverse effect on sales and EBITDA from payment-processing restrictions, and it did not provide next-quarter or full-year targets.

Luc Voncken framed the quarter around an unexpected payment-ecosystem shock rather than normal operating performance. He said new card-scheme and acquirer policies, including Visa’s VAMP program, are materially restricting Cliq’s ability to acquire customers and process existing subscriptions, and he explicitly withdrew the 2025 outlook because the full financial impact cannot yet be quantified. He also said the company will focus on mitigating the disruption, diversifying payment methods, and preserving liquidity; as a result, Cliq is no longer pursuing delisting in the foreseeable future.

Ben Bos emphasized that the quarter showed improved efficiency despite top-line pressure: Q2 EBITDA reached EUR 3.3 million, margin improved to 6.9%, and operating free cash flow rose to EUR 6.8 million from EUR 2.1 million in Q1. He highlighted a strong liquidity position, with net cash increasing to EUR 20 million from EUR 13.6 million, no bank borrowings, and no breach of covenants on the EUR 15 million HSBC revolver. He also noted total assets of EUR 94 million, equity of EUR 73.3 million, and an equity ratio of 78%, while warning that contract costs and other balance-sheet items could be significantly affected by the new payment restrictions.

Analysts focused heavily on the payment disruption: management said some acquiring banks have halted transactions linked to specific merchant IDs, affecting recurring payments from part of the existing customer base and temporarily limiting new customer acquisition. They would not disclose the payment provider name, did not provide a reliable estimate of the financial impact, and said resolution requires coordinated action with payment partners, acquirers and card schemes. Questions also covered HSBC, where management said there is no covenant breach and liquidity remains strong, and Dylan Media, where management said it has not sold shares recently and has not indicated any change in its holding.