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Nexi (NEXI) investor relations material
Nexi Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Revenues increased by 2.8% year-over-year to €2,642.7 million for the first nine months of 2025, with underlying growth at 6% year-over-year, despite headwinds from bank contract discontinuities and legacy bank losses, which are expected to peak in Q4 and ease through 2026.
EBITDA rose to €1,395.7 million, up 3.5% year-over-year, with margin expansion of approximately 35 basis points to 52.8%.
Merchant Solutions in Germany delivered double-digit growth, with market share gains and strong performance against both incumbents and new SME-focused entrants.
Over €1.1 billion was returned to shareholders in 2024-2025, with €600 million in the current year, and Investment Grade issuer status achieved.
Strategic focus continued on integrated payments, expansion of ISV partnerships (over 50 new in 9M25, now ~500 total), and multi-channel SME sales, especially in Italy.
Financial highlights
Net revenues reached €2,642.7 million for 9M25, up 2.8% year-over-year; EBITDA was €1,395.7 million, up 3.5% year-over-year; EBITDA margin expanded to 52.8%.
Merchant Solutions contributed 57% of group revenues, Issuing Solutions 32%, and Digital Banking Solutions 10%.
Merchant Solutions revenue up 2.7% for nine months, with underlying growth mid-single digit; Issuing Solutions revenue up 4.2% for nine months.
Personnel costs decreased by 3.2% year-over-year in 9M25 due to efficiency measures, while operating costs increased by 6.5% year-over-year.
Net financial debt/EBITDA improved to 2.6x as of September 2025, despite €600 million shareholder remuneration in 2025.
Outlook and guidance
2025 guidance confirmed: low-to-mid single digit year-over-year revenue growth, at least 50 basis points EBITDA margin expansion, and excess cash generation of at least €800 million.
Margin expansion expected in Q4, with full-year margin positive and better than Q3.
2026 guidance and capital allocation plans to be detailed at the March 2026 Capital Markets Day.
Impact of lost banks on 2025 revenue guidance
What drives DBS revenue turnaround in 4Q25?
How will cost phasing impact full-year EBITDA margin?
2026 discontinuity impact shift: MS vs IS?
AI investment's role in future margin expansion?
Agentic Commerce: long-term impact on yields/share?
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Frequently asked questions
Nexi S.p.A. provides digital payment solutions, including card issuing, merchant acquiring, and digital banking services. The company serves banks, businesses, and public institutions with platforms for electronic transactions and payment processing. It operates across several European markets. The company is headquartered in Milan, Italy, and its shares are listed on the BIT.
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