Nexi (NEXI) Q2 2025 earnings summary

Executive summary

• Revenues grew 3.4% year-over-year in H1 2025 to €1,715.5 million, with EBITDA up 5.2% to €869.2 million and margin expansion of 88 basis points, driven by growth across all business units and regions.

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

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

• All major Italian bank contract renewals secured, including a multi-year deal with Crédit Agricole through 2029.

• Major refinancing and M&A transactions completed, including the acquisition of BPPB's merchant acquiring business and issuance of €750 million senior unsecured notes.

Financial highlights

• Net revenues for H1 2025 were €1,715.5 million, up 3.4% year-over-year; Q2 revenue up 3%, with EBITDA at €869.2 million (+5.2%), margin at 51% (+88 bps), and normalised net profit at €328.5 million (+8.5%).

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

• Net leverage at 2.7x EBITDA as of June 30, 2025, after returning ~€1 billion to shareholders; cost of debt at 2.41%.

• Operating costs increased 7.0% year-over-year, while personnel costs decreased 4.5% due to efficiency measures.

Outlook and guidance

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

• Underlying growth expected to accelerate into 2026, with softening impact from past bank contract losses and no major contract renewals expected.