Nexi (NEXI) Q4 2025 & CMD 2026 earnings summary

Executive summary

• FY25 revenues reached €3,585.2M, up 2.1% year-over-year, with underlying growth at 6% excluding bank contract effects.

• EBITDA for FY25 was €1,904.3M, up 2.3% year-over-year, with margin expansion to 53.1%.

• Excess cash generation reached €806M in FY25, up 12% year-over-year, supporting leverage reduction and shareholder returns.

• A non-cash goodwill impairment of €3.7B was recorded, reflecting sector de-rating and share price evolution.

• €1.1B was returned to shareholders in 2024–2025, and Investment Grade status was achieved.

Financial highlights

• Net revenues for FY25 were €3,585.2M, up 2.1% year-over-year; underlying growth was 6% excluding bank contract effects.

• EBITDA margin at 53.1% for FY25, up 11bps year-over-year.

• Normalised net profit rose 7.2% to €783.3M, while reported net loss was €3.4B due to goodwill impairment.

• Capex decreased by 3.2% to €429M, with capex intensity down to 12% of net revenues.

• Total costs increased by 1.8% year-over-year, reflecting efficiency measures.

Outlook and guidance

• 2026 guidance targets stable net revenues and EBITDA, with Merchant Solutions expected to reaccelerate in H2.

• Return to mid-single digit revenue growth anticipated by 2028 as bank contract effects normalize.

• Excess cash generation projected at ~€750M in 2026 and €2.4B over 2026–2028.

• Dividend per share increased 20% to €0.30 for 2026, with a policy to grow at least 5% annually.

• Commitment to maintain Investment Grade status and reduce EBITDA leverage to 2.0x–2.5x.