Worldline (WLN) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue performance was in line with expectations, marking a transition to operational execution and business stabilization, with a completed geographic refocus and portfolio pruning, including divestments in Australia and New Zealand.

• Merchant Services returned to growth (+1.6% y/y), while Financial Services declined (-7.4% y/y) due to planned contract terminations.

• EUR 500 million capital increase completed, including a EUR 392 million rights issue with a 121% take-up rate, reinforcing the balance sheet and shareholder base with long-term European investors.

• North Star 2030 transformation plan is in execution, with milestones achieved in platform migration and operational simplification.

Financial highlights

• Fully pruned Q1 2026 revenue was EUR 831 million, down 0.5% organically year-over-year; published revenue was EUR 924 million, down 1.5% organically.

• Merchant Services revenue grew 1.6% organically to EUR 652 million, while Financial Services declined 7.4% to EUR 179 million.

• Acquiring Merchant Sales Value (MSV) grew 3.5% year-over-year in Q1 2026.

• Net cash proceeds from divestments expected to total EUR 590–640 million in 2026.

Outlook and guidance

• 2026 outlook confirmed: low single-digit organic revenue growth, adjusted EBITDA of EUR 630–650 million, and free cash flow of EUR (80) million to EUR (70) million.

• H2 2026 expected to show accelerated momentum after a softer Q2; no material impact from geopolitical context observed so far.

• North Star 2030 plan targets EUR 210 million additional recurring adjusted EBITDA by 2030.