Nexi (NEXI) Q2 2026 earnings summary

Executive summary

• Revenues reached €1,736 million in 1H26, up 1.0% year-over-year, with underlying growth at 5% and Merchant Solutions showing gradual recovery in 2Q26.

• EBITDA was stable at €870 million in 1H26, with a margin of 50.1%, supported by resilient business performance and strong cash generation.

• Excess cash generation totaled €400 million in 1H26, enabling significant debt paydown and dividend distributions.

• Strategic initiatives included organization simplification, cost containment, and investments in innovation and digital infrastructure.

• The Group completed the acquisition of Banca Popolare di Sondrio's merchant acquiring business and a 49% stake in Custom Pay.

Financial highlights

• Net revenues grew 1.0% year-over-year to €1,736 million in 1H26; 2Q26 revenues were €915 million, also up 1.0% year-over-year.

• EBITDA was €870 million in 1H26, up 0.1% year-over-year; EBITDA margin at 50.1%.

• Normalised net profit was €354 million in 1H26, up 7.0% year-over-year; reported net profit was €115 million (+31.1% YoY).

• Capex for H1 was €168 million (10% of net revenues), down 3% year-over-year; total Capex reported at €221 million.

• Net financial debt at €5,098 million as of June 30, 2026; Net Financial Debt/EBITDA at 2.7x.

Outlook and guidance

• 2026 guidance confirmed: net revenues and EBITDA expected broadly stable year-over-year, with Merchant Solutions reaccelerating.

• Excess cash generation for 2026 targeted at ~€750 million after investments and higher taxes.

• Dividend distribution of €0.30 per share (~€350 million) planned; commitment to maintaining investment grade status.

• Merchant Solutions expected to accelerate in H2 as bank contract effects diminish.

• No unusual seasonality or one-off items expected in H2; tax payments and seasonal business peaks anticipated.