Skip to main content

AI assistant

Sign in to chat with this filing

The assistant answers questions, extracts KPIs, and summarises risk factors directly from the filing text.

Nexi Earnings Release 2025

Mar 5, 2026

4248_rns_2026-03-05_5833a41f-f25b-4fa1-9c09-e8fea3f7283c.pdf

Earnings Release

Open in viewer

Opens in your device viewer

teleborsa

Informazione Regolamentata n. 2170-11-2026 Data/Ora Inizio Diffusione 5 Marzo 2026 07:08:25 Euronext Milan

Societa': NEXI

Utenza - referente : NEXIN03 - MANTEGAZZA STEFANIA

Tipologia : 1.1

Data/Ora Ricezione : 5 Marzo 2026 07:08:25

Oggetto : GROUP FINANCIAL RESULTS AS OF DECEMBER 31st 2025 APPROVED

Testo del comunicato

Vedi allegato


enarket

market

service

next

GROUP FINANCIAL RESULTS AS OF DECEMBER 31st 2025 APPROVED CONTINUED DELIVERY OF GROWTH AND STRONG EXCESS CASH GENERATION ~€ 350 MILLION PROPOSED DIVIDEND IN 2026 (+20% Y/Y)

  • Revenues at € 3,585.2 million in FY25, +2.1% Y/Y
  • EBITDA at € 1,904.3 million in FY25, +2.3% Y/Y, with ~+11 bps EBITDA margin expansion
  • Strong excess cash generation at € 806 million in FY25, +12% Y/Y
  • Net Financial Debt / EBITDA ratio down to 2.6x in FY25, including ~€ 600 million shareholder remuneration in the year. Commitment to maintain Investment Grade status
  • 2026 proposed dividend at ~€ 350 million (€ 0.30 dividend per share, +20% Y/Y), corresponding to ~9% dividend yield
  • Non-cash impairment of goodwill for ~€ 3.7 billion

Milan, March 5th 2026 – The Board of Directors of Nexi S.p.A. approved on March 4th the Group’s consolidated financial results as of December 31st 2025.

Key consolidated financial managerial results¹

FPI FY24 FY25 Δ% vs. FY24 4Q24 4Q25 Δ% vs. 4Q24
Merchant Solutions 1,995.6 2,037.6 +2.1% 519.0 520.9 +0.4%
Issuing Solutions 1,127.8 1,156.5 +2.5% 310.3 305.0 -1.7%
Digital Banking Solutions 389.2 391.1 +0.5% 112.9 116.6 +3.3%
Net revenues 3,512.6 3,585.2 +2.1% 942.2 942.5 +0.0%
Personnel Costs (742.3) (724.3) -2.4% (178.4) (178.4) +0.0%
Operating Costs (908.4) (956.6) +5.3% (250.3) (255.4) +2.1%
Total Costs (1,650.7) (1,680.9) +1.8% (428.7) (433.9) +1.2%
EBITDA 1,862.0 1,904.3 +2.3% 513.5 508.6 -1.0%
Ordinary D&A (479.8) (485.8) +1.3%
Normalised Interests & financing costs (230.8) (220.5) -4.5%
Normalised Pre-tax profit 1,151.4 1,198.0 +4.0%
Income taxes (376.7) (389.4) +3.4%
Profit (loss) after tax from AFS, equity investments and minorities (44.2) (25.2) -42.9%
Normalised Net profit 730.4 783.3 +7.2%

¹ Normalised managerial data at constant scope and FX (average 2025 budget FX).

Nexi SpA

Corso Sempione SS, 20149 Milano • T. +39 02 3488.1 • F. +39 02 3488.4180 • www.nexigroup.com

Reg. Imprese Milano, Monza Brianza e Lodi, C.F. 09489670969 • Rappresentante del Gruppo IVA Nexi P.IVA 10542790968 • REA Milano 2093618

Capitale Sociale € 118.718.524,00 i.v.


emarket
Fair Storage
CERTIFIED

nexi

In FY25 the Group delivered revenues at € 3,585.2 million, +2.1% versus FY24, and in 4Q25 reached € 942.5 million, flat versus 4Q24, impacted by bank contracts effects. The underlying² revenue growth was at +6% Y/Y both in FY25 and in 4Q25.

In FY25 the Group delivered EBITDA at € 1,904.3 million, +2.3% versus FY24. The EBITDA margin was at 53.1%, up by 11 basis points compared to FY24. In 4Q25 EBITDA was at € 508.6 million, -1.0% versus 4Q24, with EBITDA margin at 54.0%.

Nexi Group’s operating businesses delivered the following results in FY25:

  • Merchant Solutions, representing approximately 57% of Group's total revenues, reported revenues of € 2,037.6 million, +2.1% Y/Y. In FY25, 20,066 million transactions were processed, +4.9% Y/Y, with value of processed transactions at € 837.0 billion, mainly driven by continued international schemes volume growth across geographies with impacts by known banks lost in Italy due to M&A.

In 4Q25, Merchant Solutions revenues reached € 520.9 million, +0.4% Y/Y. The performance in the quarter was affected by volume dynamics, by known negative impacts from bank contracts and by unfavourable volume mix and pricing in E-commerce in Poland, despite a continued strong performance in Germany.

The underlying² revenue growth was at +6% Y/Y in FY25 and +5% Y/Y in 4Q25.

A robust growth of the customer base³ has been registered in the SMEs segment, in particular in Germany and in Poland, and in E-commerce across geographies. Additionally, Nexi maintained a continued contribution from Value Added Services upselling.

  • Issuing Solutions, representing approximately 32% of Group's total revenues, reported revenues of € 1,156.5 million in FY25, +2.5% Y/Y, thanks to the continued success of international debit in Italy as well as the up-selling/cross-selling of Value Added Services. In FY25, 21,990 million transactions were processed, +9.1% Y/Y, with value of processed transactions at € 952.3 billion, +6.5% Y/Y, sustained by the performance of the international schemes.

In 4Q25, Issuing Solutions revenues reached € 305.0 million, -1.7% Y/Y impacted by some phasing effects reverting from 3Q25 and by single client migration in the Nordics previously disclosed.

  • Digital Banking Solutions, representing approximately 11% of Group's total revenues, in FY25 reported revenues of € 391.1 million, +0.5% Y/Y.

In 4Q25, Digital Banking Solutions reached € 116.6 million of revenues, +3.3% Y/Y, sustained by projects phasing reverting from 3Q25.

Continued volume growth has been supported by key initiatives, especially in Instant Payments, network, and PagoPA bill payment campaigns in Italy.

In FY25, Total Costs were at € 1,680.9 million, up by 1.8% Y/Y, while in the quarter they were at € 433.9 million, +1.2% versus 4Q24. The continued efficiency measures and the

² Excluding known banks lost due to M&A mainly in Italy and Banks’ contracts renegotiations.
³ # of POS terminals.

Nexi SpA
Corso Sempione 55, 20149 Milano • T. +39 02 3488.1 • F. +39 02 3488.4180 • www.nexigroup.com
Reg. Imprese Milano, Monza Brianza e Lodi, C.F. 09489670969 • Rappresentante del Gruppo IVA Nexi P.IVA 10542790968 • REA Milano 2093618
Capitale Sociale € 118.718.524,00 i.v.


emarket

with storage

CERTIFIED

nexi

operating leverage have limited the cost growth notwithstanding volume, business growth and inflationary pressures.

Total Capex⁴ were down at € 429 million in FY25, -3.2% Y/Y, representing 12% of net revenues, -1 p.p. Y/Y, thanks to the continued focus on Capex efficiency, while continuing to invest to support innovation, quality and security.

Continued reduction of transformation and integration costs at € 85.7 million in FY25, down 8% versus FY24. Non-recurring items below EBITDA Reported (shown in the Annex) at € 3.8 billion in FY25 and are affected by the non-cash impairment charge to the carrying value of goodwill of € 3.7 billion, based on estimated value in use, as required by accounting standards, giving greater weight to external information and therefore using market parameters affected by the de-rating of the payments sector and share price trends, which almost entirely absorbed the headroom resulting from the previous impairment test.

Normalised net profit⁵ in FY25 was at € 783.3 million. The reported Group loss for FY25 Reported (shown in the Annex) is equal to € 3.4 billion, following the above mentioned non-cash impairment.

During the year, the excess cash generation⁶ increased to € 806 million, +12% Y/Y.

As of December 31st 2025, the Net Financial Debt was at € 4,942 million, while the Net Financial Debt / EBITDA ratio decreased to 2.6x (2.0x excluding the capital return to shareholders executed in 2024 and 2025). The weighted average debt maturity is ~3.1 years with an average pre-tax cash cost of debt stable at ~2.35%.

Capital Allocation

In 2025, the cash generation resulting from the compounding of growth, operating leverage and cash leverage allowed the Group to progress significantly on debt and leverage reduction and capital return to Shareholders. Regarding debt and leverage reduction, ~€ 507 million debt maturities have been reimbursed in 2025 with available cash and the Net Financial Debt / EBITDA ratio decreased to 2.6x (2.0x excluding the capital return to shareholders executed in 2024 and 2025). Additionally, the Group has been upgraded to Investment Grade by S&P Global Ratings in March 2025, after the same upgrade from Fitch Ratings in December 2024.

Moreover, ~€600 million was returned to shareholders in 2025, +20% increase versus 2024, including ~€300 million through a share buy-back program launched in May 2025 and completed in September 2025, which led to the cancellation of 57,646,861 treasury shares, and ~€300 million in dividend (€0.25 dividend per share) distributed in May 2025. On M&A, during the year, the Group confirmed its selective approach, with the closing of Banca di Credito Popolare merchant book acquisition and the signing of Banca Popolare di

⁴ Managerial figure.

⁵ Normalised net profit excluding non-recurring items and other one-offs (e.g., D&A of customer contracts).

⁶ Operating cash flow generation after cash interest expenses and other cash items (cash taxes, IFRS 16 and other).

Nexi SpA

Corso Sempione SS, 20149 Milano • T. +39 02 3488.1 • F. +39 02 3488.4180 • www.nexigroup.com

Reg. Imprese Milano, Monza Brianza e Lodi, C.F. 09489670969 • Rappresentante del Gruppo IVA Nexi P.IVA 10542790968 • REA Milano 2093618

Capitale Sociale € 118.718.524,00 i.v.


emarket

with storage

CERTIFIED

nexi

Sondrio merchant book acquisition, as well as the completion of the acquisition of Computop, the leading Ecommerce player in the DACH region. Furthermore, during the year, the sale of E-boks business, the Nordic provider of secure platforms and digital postboxes, has been closed.

The resilient continued growth outlook for the future years and the strong cash generation enable structural return of capital to Shareholders.

The next Shareholders’ meeting on April 29th, 2026 will be called to resolve a distribution of dividends (ordinary dividends under the meaning of Borsa Italiana Rules), drawn from the available reserves, of ~€ 350 million (€ 0.30 dividend per share⁷, +20% Y/Y, corresponding to ~9% dividend yield⁸).


Pursuant to paragraph 2 of article 154 bis of the Consolidated Finance Act, the undersigned, Enrico Marchini, in his capacity as the manager in charge of preparing Nexi’s financial reports, declares that the accounting information contained in this press release corresponds to the accounting documents, books and records of Nexi S.p.A..

Reported results under review by PricewaterhouseCoopers.


Disclaimer: This is the English translation of the original Italian press release “Approvati i risultati finanziari di Gruppo al 31 dicembre 2025”. In any case of discrepancy between the English and the Italian versions, the original Italian document is to be given priority of interpretation for legal purposes.

⁷The dividend, if approved by the Shareholders’ meeting, will be paid on May 20, 2026, with record date May 19, 2026 and ex-dividend date May 18, 2026, coupon n.2.

⁸Based on Nexi share price as of 04/03/2026.

Nexi SpA

Corso Sempione SS, 20149 Milano • T. +39 02 3488.1 • F. +39 02 3488.4180 • www.nexigroup.com

Reg. Imprese Milano, Monza Brianza e Lodi, C.F. 09489670969 • Rappresentante del Gruppo IVA Nexi P.IVA 10542790968 • REA Milano 2093618

Capitale Sociale € 118.718.524,00 i.v.


enarket

with storage

CERTIFIED

nexi

Nexi

Nexi is Europe's PayTech company operating in high-growth, attractive European markets and technologically advanced countries. Listed on Euronext Milan, Nexi has the scale, geographic reach and abilities to drive the transition to a cashless Europe. With its portfolio of innovative products, e-commerce expertise and industry-specific solutions, Nexi provides flexible support for the digital economy and the entire payment ecosystem globally, across a broad range of different payment channels and methods. Nexi's technological platform and the best-in-class professional skills in the sector enable the company to operate at its best in three market segments: Merchant Solutions, Issuing Solutions and Digital Banking Solutions. Nexi constantly invests in technology and innovation, focusing on two fundamental principles: meeting, together with its partner banks, customer needs and creating new business opportunities for them. Nexi is committed to supporting people and businesses of all sizes, transforming the way people pay and businesses accept payments. It offers companies the most innovative and reliable solutions to better serve their customers and expand. By simplifying payments and enabling people and businesses to build closer relationships and grow together, Nexi promotes progress to benefit everyone. www.nexi.it/en www.nexigroup.com

Nexi - External Communication & Media Relations

Daniele de Sanctis
[email protected]
Mobile: +39 346/015.1000

Søren Winge
[email protected]
Mobile: +45 29 48 26 35

Nexi - Investor Relations
Stefania Mantegazza
[email protected]
Mobile: +39.335.5805703

Matteo Abbondanza
[email protected]
Mobile: +39.348/406.8858

Danja Giacomin
[email protected]
Mobile: +39.334/225.6777

Nexi SpA

Corso Sempione SS, 20149 Milano • T. +39 02 3488.1 • F. +39 02 3488.4180 • www.nexigroup.com

Reg. Imprese Milano, Monza Brianza e Lodi, C.F. 09489670969 • Rappresentante del Gruppo IVA Nexi P.IVA 10542790968 • REA Milano 2093618

Capitale Sociale € 118.718.524,00 i.v.


emarket

with storage

CERTIFIED

nexi

FY 2025 P&L – Reported vs Normalised

EM FY25 Reported Delta FY25 Normalised
Merchant Solutions 2,042 (4) 2,038
Issuing Solutions 1,157 (0) 1,157
Digital Banking Solutions 391 (0) 391
Net Revenues 3,590 (4) 3,585
Personnel & related expenses (725) 1 (724)
Operating Costs (957) 1 (957)
Total Costs (1,682) 1 (1,681)
EBITDA 1,908 (3) 1,904
D&A (962) 476 (486)
Interests & financing costs (230) 10 (221)
Non recurring items (3,862) 3,862 -
Pre-tax Profit (3,147) 4,345 1,198
Income taxes (226) (164) (389)
Profit (loss) after tax from AFS and equity investments - (21) (21)
Minorities (4) - (4)
Net Profit (loss) (3,377) 4,160 783

Reported data at current FX. Normalised data at constant FX and excluding non-recurring items and other one-offs (e.g. D&A of customer contracts).

Nexi SpA

Corso Sempione 55, 20149 Milano • T. +39 02 3488.1 • F. +39 02 3488.4180 • www.nexigroup.com

Reg. Imprese Milano, Monza Brianza e Lodi, C.F. 09489670969 • Rappresentante del Gruppo IVA Nexi P.IVA 10542790968 • REA Milano 2093618

Capitale Sociale € 118.718.524,00 i.v.


emarket

with storage

CERTIFIED

nexi

Consolidated Income Statement

(Amounts in million euro)

2025 2024
Operating Revenues 6,273 6,109
Interchange, scheme fees and other direct costs (2,652) (2,528)
Net Operating Revenues 3,621 3,580
Personnel expenses (791) (953)
Operating Costs (1,055) (1,077)
Net accruals for risks (48) (25)
Gross operating margin 1,727 1,525
Net value adjustments/write-backs on tangible and intangible assets (4,619) (911)
Profits/(losses) on equity investments (20) 0
Interest and similar expenses (254) (270)
Interest and similar income 18 58
Net non-operating income/costs 3 6
Profit (loss) before taxes from continuing operations (3,146) 408
Income taxes (226) (217)
Profit (loss) from continuing operations (3,373) 190
Income (loss) after tax from discontinued operations - (19)
Profit (loss) for the period (3,373) 171
Profit (Loss) for the period attributable to the parent company (3,377) 167
Profit (Loss) for the period attributable to non-controlling interests 4 4

Nexi SpA

Corso Sempione SS, 20149 Milano • T. +39 02 3488.1 • F. +39 02 3488.4180 • www.nexigroup.com

Reg. Imprese Milano, Monza Brianza e Lodi, C.F. 09489670969 • Rappresentante del Gruppo IVA Nexi P.IVA 10542790968 • REA Milano 2093618

Capitale Sociale € 118.718.524,00 i.v.


emarket

with storage

CERTIFIED

nexi

Consolidated Balance Sheet

(Amounts in million euro)

Dec. 31, 2025 Dec. 31, 2024
Tangible assets 478 510
Goodwill 8,456 11,983
Other intangible assets 3,773 4,185
Equity investments 9 70
Deferred tax assets 245 251
Non-current financial assets 52 81
Other non-current assets 134 84
Non-current hedging derivatives 3 -
Total non current assets 13,150 17,165
Trade and other receivables 960 921
Current tax assets 25 16
Current financial assets 2,899 3,397
of which: Transaction payment assets 2,778 3,224
Other current assets 230 235
Current hedging derivatives - -
Cash and cash equivalents 2,967 2,756
Total current assets 7,080 7,325
Non-current assets held for sale and discontinued operations 2 6
Total assets 20,233 24,496
Dec. 31, 2025 Dec. 31, 2024
Share capital 119 119
Treasury shares (3) (5)
Reserves 10,319 10,653
Profit (Loss) for the period attributable to the parent company (3,377) 167
Equity attributable to non-controlling interests (+/-) 23 23
Total shareholders' Equity 7,081 10,957
Non-current Financial debts 5,695 5,625
Provisions for risks and charges 160 164
Deferred tax liabilities 878 922
Non-current financial liabilities - -
Other non-current liabilities 61 115
Non-current hedging derivatives - 15
Total non current liabilities 6,794 6,842
Current Financial debts 1,088 802
Trade and other payables 1,123 1,108
Current tax liabilities 52 64
Current hedging derivatives 5 8
Current financial liabilities 3,988 4,613
of which: Transaction payment liabilities 3,912 4,574
Other current liabilities 101 102
Total current liabilities 6,358 6,696
Liabilities associated with non-current assets held for sale and discontinued operations - 1
Total liabilities and Equity 20,233 24,496

Nexi SpA

Corso Sempione SS, 20149 Milano • T. +39 02 3488.1 • F. +39 02 3488.4180 • www.nexigroup.com

Reg. Imprese Milano, Monza Brianza e Lodi, C.F. 09489670969 • Rappresentante del Gruppo IVA Nexi P.IVA 10542790968 • REA Milano 2093618

Capitale Sociale € 118.718.524,00 i.v.


emarket

with storage

CERTIFIED

nexi

Individual Income Statement

(Amounts in euro)

2025 2024
Fees for services rendered and commission income 7,892,425 4,724,986
Fees for services received and commission expense (61,862) (52,572)
Net fee and commission income 7,830,563 4,672,414
Interest and similar income 36,226,547 75,590,291
Interest and similar expense (225,035,227) (236,420,440)
Net interest income (188,808,680) (160,830,149)
Profit (Loss) on hedging/financial assets and liabilities at Fair Value through profit or loss/derecognition of assets and liabilities at Amortised cost 7,753,100 8,006,533
Dividends and profit (loss) from sale of assets at FVTOCI 784,082,390 580,831,839
Financial and operating income 610,857,373 432,680,636
Administrative expenses (70,237,973) (69,183,388)
Personnel-related costs (34,599,223) (38,418,166)
Other administrative costs (35,638,750) (30,765,222)
Other operating income/expenses, net (5) (4)
Net accruals to provisions for risks and charges 4,228,225 (908,844)
Net value adjustments/write-backs on tangible and intangible assets (3,106,404) (2,507,475)
Operating margin 541,741,217 360,080,925
Profit (loss) from equity investments and disposals of investments (3,865,944,229) (510,795,038)
Profit (Loss) before taxes from continuing operations (3,324,203,012) (150,714,113)
Income taxes 43,674,908 44,903,482
Profit (Loss) for the year (3,280,528,105) (105,810,630)

Nexi SpA

Corso Sempione SS, 20149 Milano • T. +39 02 3488.1 • F. +39 02 3488.4180 • www.nexigroup.com

Reg. Imprese Milano, Monza Brianza e Lodi, C.F. 09489670969 • Rappresentante del Gruppo IVA Nexi P.IVA 10542790968 • REA Milano 2093618

Capitale Sociale € 118.718.524,00 i.v.


CERTIFIED

nexi

Individual Balance Sheet

(Amounts in euro)

ASSETS Dec. 31, 2025 Dec. 31, 2024
Cash and cash equivalents 709,465,061 74,628,044
Financial assets at Fair Value 11,185,261 47,517,605
Financial assets measured at amortised cost 786,550,999 847,425,832
a) loans and receivables with banks - -
b) loans and receivables with financial entities and customers 786,550,999 847,425,832
Hedging derivatives 3,336,109 -
Equity investments 12,664,390,832 16,485,365,992
Tangible assets 986,304 1,125,648
Intangible assets 14,158,106 10,921,415
of which: Goodwill - -
Tax assets 15,633,909 32,320,372
a) current 2,391,537 3,872,526
b) deferred 13,242,372 28,447,846
Other assets 27,688,346 9,397,251
Total assets 14,233,394,927 17,508,702,159
LIABILITIES Dec. 31, 2025 Dec. 31, 2024
--- --- ---
Financial liabilities measured at amortised cost 6,584,242,021 5,997,648,674
a) due to banks 2,374,088,090 2,592,288,303
b) due to financial entities and customers 31,849,779 22,127,004
c) securities issued 4,178,304,152 3,383,233,368
Financial liabilities at Fair Value through profit or loss 26,576,306 31,259,858
Hedging derivatives 5,344,368 23,167,349
Tax liabilities 22,538,859 8,699,112
a) current 21,552,371 6,968,552
b) deferred 986,488 1,730,561
Other liabilities 52,090,917 60,632,508
Post-employment benefits 540,861 665,756
Provisions for risks and charges 63,501 15,945,900
Share capital 118,718,524 118,718,524
Treasury shares (-) (2,505,040) (5,005,077)
Share premium - -
Reserves 10,739,739,033 11,385,902,665
Valuation reserves (33,426,318) (23,122,480)
Profit (Loss) for the year (3,280,528,105) (105,810,630)
Total liabilities and equity 14,233,394,927 17,508,702,159

Nexi SpA

Corso Sempione SS, 20149 Milano • T. +39 02 3488.1 • F. +39 02 3488.4180 • www.nexigroup.com

Reg. Imprese Milano, Monza Brianza e Lodi, C.F. 09489670969 • Rappresentante del Gruppo IVA Nexi P.IVA 10542790968 • REA Milano 2093618

Capitale Sociale € 118.718.524,00 i.v.


Fine Comunicato n.2170-11-2026 Numero di Pagine: 12