BANGO PLC - Full year results for the year ended 31 December 2025

Bango PLC’s FY25 investor update highlights strong operational execution and improving financial performance, driven by the continued scale-up of its Digital Vending Machine (DVM) platform and a higher-quality revenue mix. Despite broadly flat reported revenue, the company delivered 30% ARR growth and a 60% increase in active subscriptions, underpinned by zero customer churn and 117% net revenue retention, reinforcing the strength of its recurring revenue model. Group profitability improved significantly, with gross margins rising to 84% and adjusted EBITDA margin expanding to 31%, supported by cost efficiencies and a £3.8 million reduction in operating expenses. Notably, Bango achieved positive cash EBITDA for the first time, marking a key inflection point toward sustainable cash generation. The business has introduced clearer segmental reporting across Payments and Subscriptions, highlighting a cash-generative payments division and a high-growth subscriptions segment expected to drive future value. Strategic focus remains on scaling the DVM platform, which enables telecom operators, banks, and retailers to bundle and monetise subscription services, positioning Bango as a leading platform in the global subscription economy. With a record number of new DVM customer wins, expanding order book momentum, and growing adoption across new verticals, the company enters FY26 with strong trading, improved revenue visibility, and a clear growth strategy centred on platform scalability, margin expansion, and long-term value creation.