Nexi (NEXI) Q1 2025 earnings summary

Executive summary

• Revenues increased by 3.7% year-over-year to €810.2 million in Q1 2025, with Merchant Solutions up 4.5% and Issuing Solutions up 3.3%.

• EBITDA grew 7.1% year-over-year to €386.9 million, with margin expanding by 149 basis points to 48%.

• Strong cost control limited cost growth to 0.8% year-over-year, with personnel costs down 5.4% and operating costs up 6.8%.

• 2025 guidance confirmed: low-to-mid single digit net revenue growth, at least 50 basis points EBITDA margin expansion, and excess cash generation of at least €800 million.

• Returning €600 million to shareholders in 2025 via €300 million dividend and €300 million share buyback.

Financial highlights

• Net revenues: €810.2 million (+3.7% year-over-year); EBITDA: €386.9 million (+7.1% year-over-year); EBITDA margin: 48% (+149 bps year-over-year).

• Personnel costs decreased by 5.4% year-over-year; operating costs increased by 6.8%.

• Net Financial Debt reduced to €4,790 million; Net Financial Debt/EBITDA improved to 2.5x.

• Weighted average debt maturity extended to ~3.3 years; average pre-tax cash cost of debt at ~2.35%.

• Excess cash generation expected to reach at least €800 million in 2025, up €100 million from 2024.

Outlook and guidance

• 2025 guidance reaffirmed: low-to-mid single digit net revenue growth, at least 50 basis points EBITDA margin expansion, and excess cash generation of at least €800 million.

• Q1 expected to be the strongest quarter, with softer top-line growth in subsequent quarters due to known client and pricing effects.

• Macro headwinds remain limited, with only minor softness in discretionary spending segments.

• Continued focus on cost efficiency and further measures planned for 2026 and beyond.

• Dividend of ~€300 million and share buy-back of ~€300 million planned for 2025, totaling ~€600 million returned to shareholders (+20% vs 2024).