Nexi (NEXI) Q3 2026 earnings summary

Executive summary

• 9M26 revenue was €2,678M, up 1.1% reported and 4% underlying; Q3 underlying growth was 4%, with Merchant Solutions re-accelerating.

• 9M26 EBITDA rose 0.3% to €1,400M, supported by cost efficiencies; 2026 guidance was confirmed.

Financial highlights

• 9M26 net revenue was €2,678M, up 1.1%; Q3 revenue was €942M, up 1.3%.

• 9M26 EBITDA was €1,400M, up 0.3%, with a 52.3% margin; Q3 EBITDA rose 0.6% to €530M, with a 56.3% margin.

• 9M26 costs rose 2.0% to €1,278M; personnel costs increased 3.8% to €581M and operating costs rose 0.6% to €697M.

Outlook and guidance

• 2026 guidance confirmed: revenue growth broadly in line with 2025, absolute EBITDA broadly stable after strategic investments, and excess cash generation of ~€750M.

• Q4 Merchant Solutions growth is expected to accelerate with lower bank-contract headwinds and seasonal spending; Issuing Solutions is not expected to show a strong Q4.

• Q4 cost growth is expected to remain controlled; EBITDA guidance is considered secure, though an upside is too early to call.

• 2027 growth drivers include sales-force investment, ISV initiatives and new products; management expects market and bank-contract effects broadly similar to 2026, with reported and underlying growth converging in 2028.