Worldline (WLN) CMD 2025 summary

Strategic vision and transformation plan

• North Star 2030 aims to make the company the leading European payments partner for merchants and financial institutions by 2030, focusing on payments, innovation, efficiency, and a streamlined operating model.

• The transformation is driven by simplifying the model, converging platforms, integrating operations through global competence centers, and driving growth via efficiency and revenue management, with a progressive, staged approach to minimize risk and restructuring costs.

• Platform convergence will reduce acquiring platforms from nine to two and acceptance platforms from 23 to 12 by 2030, delivering €80 million in recurring savings and 40% of the North Star 2030 EBITDA contribution.

• The plan leverages global competence centers, AI-driven automation, and innovation partnerships, targeting a 20% time-to-market improvement by 2028, 20% tech productivity increase by 2029, and 10% of transformation EBITDA from AI and agentic automation.

• Committed to ESG leadership, with decarbonization initiatives and CSR programs linked to performance incentives.

Financial strategy, guidance, and capital structure

• 2030 targets include €1 billion+ adjusted EBITDA, €300–350 million free cash flow, and 4% CAGR revenue growth (2027–2030), with the plan becoming cash positive from 2027.

• 2025 pro forma revenue is expected at €4.0 billion, with adjusted EBITDA of €720–745 million and free cash flow between €(85) million and €(55) million.

• A €500 million capital increase is planned, split between a reserved tranche for core/anchor investors and a rights issue for all shareholders, to strengthen the financial structure, reduce leverage to c.2x by end-2026, and support transformation.

• Divestments of non-core assets (METS, North America, Cetrel) will bring €350–400 million in cash by 2026, with portfolio streamlining and capital allocation to support growth.

• CapEx will remain stable at 5–6% of sales, with restructuring and integration costs declining as transformation progresses, and cost savings from headcount reduction, automation, and platform rationalization.

Business segment strategies and innovation

• Merchant Services (80% of revenue) will focus on SMBs, enterprise, and global commerce, leveraging digitalization, upselling, platform convergence, and omnichannel solutions to outgrow core markets and expand in challenger markets.

• Financial Institutions (20% of revenue) are a renewed strategic focus, with efforts to regain growth from 2027 by improving service quality, accelerating innovation, and supporting client modernization with multi-rail solutions.

• SMB go-to-market leverages direct sales, bank partnerships, ISVs, and new digital onboarding (Launchpad), Tap on Mobile, and commerce solutions like Wix and YouLend to drive merchant growth.

• Enterprise and global commerce segments will use omnichannel solutions, advanced APIs, and partnerships to optimize transaction success rates and expand in travel, hospitality, and digital goods.

• AI and agentic commerce are central to future innovation, with plans for AI-assisted merchant journeys, predictive fraud models, and agentic protocols for secure delegated payments.