We've been waiting for this moment for a long time, and we're delighted to announce it: we achieved profitability in 2025. In other words, our revenue now covers all our costs, and we're generating a positive net profit.
In figures, 2025 represents €2.5 billion in processed payments and €114 million in ARR as of 31 December 2025 for Alma — growth rates of 30% for transaction volume and 32% for our annual recurring revenue respectively.
This is a major milestone for the entire Alma team. It validates the strength of a model built for the long term, with a positive operating margin for several years. And it comes at a time when our merchant partners need reliable, high-performing solutions more than ever.
Today, we support 23,000 partner merchants across 10 European countries, with 5,000 new merchants joining us in 2025. New brands include La Redoute, LDLC, KLM, ManoMano, King Jouet and Vente-unique.
Growth is in double digits across all our priority markets (Italy, Spain, Benelux), with particularly significant progress in Germany.
On the consumer side, more than 2.3 million new users chose Alma in 2025, bringing the total base to 9 million. This adoption accelerated particularly in wellness (+57%), travel (+53%) and electronics (+40%), confirming the embedding of buy now, pay later in European habits.
In practical terms, for merchants using Alma, this translates into the highest conversion rate on the market and a direct contribution to increasing average basket size.
From day one, we've chosen never to charge late fees to consumers. Unlike some players in the sector who derive a significant portion of their revenue from penalties, our model is based entirely on transactions.
And it works! This profitability demonstrates that a buy now, pay later player can combine growth and profitability without relying on penalties. We fully stand by this approach. Despite our geographical expansion, the launch of new products and the integration of thousands of new merchants, we maintained stable default rates in 2025. This is the result of rigorous credit risk management.
In a context of increased regulatory oversight of the sector, this positioning represents a structural advantage. It also makes Alma the most appreciated buy now, pay later solution among consumers, rated 4.8/5 by more than 72,000 reviews on Trustpilot.
We're targeting growth of over 30% in 2026, with a strengthened presence in our priority markets (Benelux, Germany, Italy, Spain and Portugal) and a strategy to deepen relationships with European consumers.
So thank you to all our partners for their trust. We're keeping up the momentum!