Nexi S.p.A.

Reported H1 revenue was slightly above EUR 1.7 billion, up 1% versus 2025. H1 EBITDA was EUR 870 million, in line with last year, and H1 EBITDA margin was 50.1% versus 50.6% in 2025. H1 excess cash generation was EUR 400 million, and H1 CapEx was approximately EUR 168 million. Management reaffirmed 2026 guidance, including revenue in line with prior guidance, EBITDA guidance, and excess cash of around EUR 750 million. It also said full-year Issuing Solutions growth should be in the low single-digit range and DBS growth should also be in the low single digits.

Bernardo Mingrone framed the quarter as consistent with the first quarter: steady underlying growth, disciplined execution, and strong cash generation. He emphasized that Nexi is reshaping itself for profitable growth through ISV expansion, software-payments convergence, and an organization simplification that should improve efficiency. He also spent considerable time on capital allocation, noting dividends, debt reduction, and a willingness to use cash to repay maturities without accessing capital markets.

Piergiorgio Pedron said H1 costs increased by slightly less than 2%, from EUR 850 million to EUR 866 million, while personnel costs rose about 4% and operating expenses were essentially flat. He noted H1 EBITDA of EUR 870 million and a margin of 50.1%, both consistent with guidance, and said H1 CapEx was approximately EUR 168 million, broadly in line with last year. He reiterated that H1 excess cash was EUR 400 million, supporting confidence in the around EUR 750 million full-year cash target, and said the company remains comfortable with its liquidity and investment-grade profile after repaying about EUR 1 billion of debt and paying around EUR 350 million in dividends.

Analysts focused on whether softer macro trends, especially in Germany, could threaten guidance and whether excess cash could end up above target. Management said there was no one-off to normalize, reiterated that it is still planning for at least EUR 750 million of excess cash, and said the second half is usually heavier for both EBITDA and cash generation despite taxes. Questions also probed Merchant Solutions run-offs, installed-base revenue pressure, and Digital Euro investments; management said the bank-related migrations are largely as planned, installed-base fluctuations should not be overread, and Digital Euro spending is already included in guidance with only small near-term revenue and investment amounts.