Nexi (NEXI) Q2 2025 earnings summary

Executive summary

• Revenues grew 3.4% year-over-year in H1 2025 to €1,715.5 million, with Merchant Solutions up 3.9% and EBITDA up 5.2%, reflecting margin expansion and cost control.

• Excess cash generation reached €407 million in H1, supporting a planned €1.1 billion return to shareholders for 2024-2025, including the first €300 million dividend paid in May.

• Strategic focus on integrated payments, ISV partnerships, SME channel growth, and e-commerce expansion, with notable progress in the Nordics and Italy.

• 100% renewal of expiring Italian bank contracts, including a major multi-year deal with Crédit Agricole through 2029.

• Issued €750 million in senior unsecured notes as an investment grade issuer, extending debt maturity profile.

Financial highlights

• Net revenues for H1 2025 were €1,715.5 million, up 3.4% year-over-year; Q2 revenue up 3%, in line with expectations.

• EBITDA rose to €869.2 million in H1 2025, a 5.2% increase, with margin expanding by 88 bps to 51%.

• Normalised net profit was €328.5 million in H1 2025, up 8.5% year-over-year.

• CapEx reduced by 8.7% to €179 million, lowering capex intensity to 10% of net revenues.

• Net leverage at 2.7x EBITDA after €1 billion returned to investors; cost of debt contained at 2.4%.

Outlook and guidance

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

• Gradual acceleration expected into 2026, with underlying growth engines and softening impact from past bank contract losses.

• No major contract renewals expected in 2026; ongoing proactive management of bank relationships.