Nexi (NEXI) Q4 2025 & CMD 2026 earnings summary

Executive summary

• Revenues grew from €3.1B to €3.6B over three years, with FY25 revenues at €3,585.2M, up 2.1% year-over-year and underlying growth at 6%.

• EBITDA increased from €1.6B to €1.9B, up 2.3% in FY25, with margin expansion and a FY25 margin of 53.1%.

• Cash generation doubled from €400M in 2022 to €806M in 2025, supporting €1.1B returned to shareholders and achieving investment grade status.

• A non-cash goodwill impairment of €3.7B was recorded, resulting in a reported net loss despite normalized net profit growth.

• Focus remains on resilient, mid-single-digit structural growth, efficiency, and long-term shareholder returns.

Financial highlights

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

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

• Normalised net profit rose 7.2% to €783.3M; reported net loss 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 revenue growth expected broadly in line with 2025, with acceleration in H2 and return to mid-single-digit growth by 2028.

• Merchant Solutions to reaccelerate as bank contract effects normalize.

• EBITDA to remain stable in 2026, with margin expansion resuming in 2028.

• Excess cash generation projected at ~€750M annually, totaling €2.4B over 2026–2028.

• Dividend per share increased 20% to €0.30 (€350M total), with at least 5% annual growth committed.