LM PAY S.A., a fintech provider of embedded finance solutions for healthcare and insurance, reported preliminary financial results for fiscal year 2025, showcasing strong revenue growth and operational efficiency despite a net loss attributed to non-operational accounting adjustments. The company also provided a business update for the first quarter of 2026, highlighting continued sales momentum but noting challenges in its international expansion.
For FY 2025, total revenue rose 48.5% year-over-year to PLN 37.8 million (approximately EUR 8.9 million), compared to PLN 25.46 million in 2024. Earnings Before Interest and Tax (EBIT) increased by over half to PLN 10.8 million (approximately EUR 2.6 million), up from PLN 7.0 million. The company attributed this growth to the expansion of its partner network, rising consumer demand in beauty and healthcare, and strong performance in vehicle insurance premium financing. Customer loyalty remained robust, with returning clients accounting for 32% of business, and the total volume of services processed grew 12% to 43,000 individuals.
Despite operational strength, LM PAY reported a net loss of PLN 1.9 million (approximately EUR 0.4 million) for FY 2025, primarily due to deferred tax adjustments—a non-operational, timing-related accounting item. The company also noted a change in accounting policy for early loan repayments and customer withdrawals, which are now presented as costs rather than revenue reductions. This change is presentation-only and does not affect operating profit. One-off costs related to a refinancing partner change also impacted results. Gross profit stood at PLN 1.2 million, demonstrating core business solidity. The company’s audited financial report will be released after the external audit cycle.
In Q1 2026, sales continued to grow, reaching PLN 7.5 million (approximately EUR 1.7 million), a 3.8% increase over the same quarter last year. However, EBIT fell 24.6% to PLN 1.6 million due to development costs for product expansion and new insurance partnerships. Customer acquisition rose 6.4% to 12,800, with returning customer share remaining high at 34%.
On the international front, LM PAY’s expansion into Romania has been suspended after the National Bank of Romania (NBR) refused to approve the registration of its branch. The denial was based on the company’s inability to provide detailed documentation for minority shareholders, citing the volatility of its share registry on the exchange. All other NBR compliance requirements were met. The company will focus on its Polish market strategy and partnerships for the current year.
Management will present the results and 2026 outlook during an earnings call on July 7 at 2 p.m. CEST, organized by MWB. Interested parties can register at https://research-hub.de/events/registration/2026-07-07-14-00/Y00-GR. LM PAY, listed on the Düsseldorf Stock Exchange, aims to further develop its B2B network in Poland and diversify into new sectors such as auto insurance and legal services.
