Nexi (NEXI) Q3 2025 earnings summary

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.