Nexi reports Q3 revenue growth of 1.3%, misses EBITDA target

Nexi S.p.A. reported third-quarter revenue growth of 1.3%, meeting expectations, while EBITDA fell short of projections by 3%. The Italian payments company confirmed its full-year 2026 guidance.

Revenue growth was recorded across all segments, with underlying growth of 4% when excluding the impact of bank contract roll-offs. Merchant Solutions grew 1.6% on an organic basis, or 3% on an underlying basis, driven by stable volume growth. The take rate decline slowed to 1% compared to 3-4% in previous quarters.

Issuing Solutions revenue increased 1%, affected by lower transaction processing volume and a declining take rate. EBITDA reached €530 million, representing a 56.3% margin and 1% growth, as operating expenses rose 5%.

Merchant Solutions transaction processing volume grew 3%, with international schemes up 2% in the quarter. The take rate declined 1% year-over-year to 23.4 basis points, compared to 23.3 basis points in the second quarter. The company noted macro softness, particularly in Germany’s hospitality sector.

By region, Italy grew 1% year-over-year and accounted for 57% of total revenue. DACH grew 5%, CSEE increased 6%, and the Nordics declined 3%. Non-Italy markets collectively grew 2%.

Net debt at the end of September declined 2% sequentially to €5.0 billion from €5.1 billion at the end of June, representing 2.6 times last twelve months EBITDA.

The company maintained its 2026 guidance for organic revenue growth of approximately 2%, matching fiscal 2025 growth, against consensus estimates of 1.6%. Nexi expects flat EBITDA of approximately €1.9 billion and free cash flow of around €750 million.