Worldline S.A.

On a fully pruned basis, H1 external revenue was broadly stable year on year, with Group external revenue at -0.2% and Merchant Services at +1.8%, offset by a -7.1% decline in Financial Services. Adjusted EBITDA was €294 million; normalized net income was €65 million and normalized diluted EPS was €0.04. Net debt was reduced from €2.2 billion to €1.1 billion, with leverage now below 2x. For H1 2026, Merchant Services Q2 external revenue was +2% and Financial Services was -7.9% on the post-pruned scope. Management confirmed FY 2026 adjusted EBITDA guidance of €630 million to €650 million, upgraded free cash flow guidance, and marginally revised revenue outlook lower due to timing effects in the commercial rebound and Financial Services. Srikanth said Financial Services should be down about 6% to 7% for the full year, and that the leverage target had been achieved 6 months early.

Pierre-Antoine Vacheron described H1 as an important step in Worldline’s turnaround, saying the company delivered on its commitments and is seeing momentum across the organization. He emphasized that Merchant Services has regained traction, North Star initiatives are progressing on simplification, integration and platform convergence, and profitability is starting to improve, especially in Merchant Services. He was upbeat but measured, repeatedly noting that “everything is not done yet” and that execution discipline still needs to continue.

Srikanth Seshadri framed H1 as in line with expectations on a fully pruned basis and highlighted that the balance sheet strengthening is complete. He pointed to €294 million of adjusted EBITDA, €65 million of normalized net income, and the reduction in net debt from €2.2 billion to €1.1 billion, with leverage below 2x six months ahead of plan. He also said divestment proceeds are tracking toward the upper end of the earlier €590 million to €640 million range, with €580 million already received and €40 million to €50 million still to come from India and Australia, while free cash flow should improve as restructuring costs fall and working capital normalizes.

Analysts focused on why Merchant Services revenue improved in Q2, why the revenue guide was lowered despite better Merchant Services momentum, and how much of the Financial Services weakness was already expected. Management said the Q2 improvement reflected stronger discipline, better momentum across the business, and some temporary benefit from delayed merchant migrations, while also acknowledging some macro conservatism in the second half. On the Crédit Agricole JV, Worldline said both parties reached a joint decision to simplify the structure and move to a more commercial partnership centered on acceptance and e-commerce distribution, not a full contribution of acquiring assets. Questions on free cash flow and liquidity were answered with details on lower restructuring spend, reduced payables, the €400 million convertible bond repayment, the Italian put with Nexi, and the timing of remaining divestment cash.