Nexi S.p.A. Q2 2026 Earnings Recap

Nexi shares gained 3.9% following first half results primarily supported by steady underlying revenue growth and solid excess cash generation, which helped reassure investors despite modest margin pressure and ongoing softness in key segments.

Key Takeaways

• Total revenues increased by 1% year-over-year, with underlying growth steady at around 5%.
• EBITDA remained broadly stable at EUR 870 million year-to-date, in line with guidance, although Q2 EBITDA was slightly lower than last year due to OpEx phasing normalization.
• EBITDA margin contracted slightly to 50.1% from 50.6% last year, reflecting modest margin pressure despite disciplined cost control.
• Merchant Solutions revenues showed signs of bottoming out with a smaller decline of 0.8% year-to-date compared to 1.4% in Q1; underlying revenues in this segment grew about 3%.
• Excess cash generation remained robust at EUR 400 million, supporting debt repayment plans and dividend distributions as part of capital allocation strategy.