Nexi (NEXI) Q1 2026 earnings summary

Executive summary

• Revenues grew 1.0% year-on-year in Q1 2026 to €821.4 million, with underlying growth at 5%, reflecting resilience despite bank contract effects and macro softness in some regions.

• EBITDA increased 2.6% year-on-year to €396.5 million, with margin expansion to 48.3%, supported by disciplined cost control and efficiency gains, including AI-driven initiatives.

• Strategic initiatives in ISVs, direct channels, and e-commerce, especially in Germany, Italy, and the DACH region, are delivering growth and commercial momentum.

• Approximately €350 million in dividends to be distributed in 2026, representing a 20% increase year-over-year.

• The company is focused on closing the valuation gap, maintaining cost discipline, and prioritizing investments that create network effects and returns, with a strong emphasis on AI adoption.

Financial highlights

• Net revenues reached €821.4 million in Q1 2026, up 1.0% year-on-year, with underlying growth at 5%.

• EBITDA was €396.5 million, up 2.6% year-on-year, with an EBITDA margin of 48.3%.

• Net financial debt to EBITDA improved to 2.5x as of March 2026.

• Total costs remained stable at €424.9 million, with operating costs down and personnel costs up due to inflation.

• ~€976 million of debt maturities reimbursed in April 2026 using available cash.

Outlook and guidance

• 2026 guidance confirmed: net revenue and EBITDA expected broadly in line with 2025, with Merchant Solutions set to reaccelerate.

• H2 2026 expected to show growth acceleration in Merchant Solutions as bank contract headwinds subside and strategic initiatives gain traction.

• Excess cash after investments and higher taxes projected at ~€750 million.

• Dividend policy of at least 5% annual growth reaffirmed, with €0.30 per share (~€350 million) to be paid in May 2026.

• Commitment to maintaining Investment Grade status.