Cliq Digital AG

Q2 2025 sales were 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 a margin of 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 the first half of 2025, sales were EUR 98 million versus EUR 141 million in H1 2024, EBITDA was EUR 6.5 million, and the EBITDA margin was 7% versus 3% a year earlier. Customer acquisition costs were EUR 12 million in Q2 versus EUR 15 million in Q1; cash tax paid was EUR 2.8 million; operating free cash flow was EUR 6.8 million versus EUR 2.1 million in Q1; and net cash rose to EUR 20 million from EUR 13.6 million at end-March. Management withdrew its previously communicated 2025 outlook and said it expects a material adverse effect on sales for the rest of 2025, with negative impacts on EBITDA, capitalized contract costs, and customer LTV. It said Q3 results are still planned for November in a streamlined format.

Luc Voncken framed the quarter around a major external disruption: tighter Visa/acquirer standards, including VAMP from October 1, 2025, are limiting both new customer acquisition and payment processing for parts of the existing base. He said the problem is not easily fixable internally and requires coordination among Cliq, payment partners, acquiring banks, and card schemes; the company is also evaluating alternatives such as Apple Pay, Google Pay, and PayPal. His tone was defensive but resolute, emphasizing liquidity preservation, operational adaptation, and a continued commitment to transparency and stakeholder duties.

Ben Bos emphasized that the profitability-first strategy is still improving operating quality despite macro headwinds. He pointed to Q2 EBITDA of EUR 3.3 million, a 6.9% margin, Q2 sales of EUR 48 million, and a 20% reduction in total customer acquisition costs from EUR 15 million in Q1 to EUR 12 million in Q2; the marketing cost ratio improved from 41% to 32%. He also highlighted strong cash generation, with operating free cash flow of EUR 6.8 million, net cash of EUR 20 million, zero bank borrowings, and an equity ratio of 78%, while warning that contract costs and the balance sheet may be affected by the payment ecosystem changes.

Analysts pressed management on how severe the payment restrictions are, why they exist if customers authorized the payments, whether they affect Europe or North America, and whether other payment methods could reduce the risk. Management said the restrictions primarily hit Europe, with some effect in the U.S., and that some acquiring banks have stopped processing transactions tied to certain merchant IDs; it also said the issue is industry-wide for some subscription businesses and not simply a Cliq-specific product problem. On the HSBC facility, management said there was no covenant breach and no immediate impact, while confirming regular dialogue with HSBC and that Dylan Media has not sold shares to their knowledge.