Nexi stock enters final quarter with Merchant Solutions recovery

Published on 11/09/2026 at 11:48 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Nexi stock enters the final quarter with Merchant Solutions regaining momentum. The payments group kept its 2026 targets unchanged.

Revenue Growth Meets Confirmed Outlook

Nexi increased nine-month revenue by 1.1 percent, while underlying growth reached 4 percent after exclusions.
Merchant Solutions regained momentum in the third quarter, supporting the payments group's full-year targets.
Management expects about 750 million euros of excess cash generation in 2026.

Nexi, IT0005366767, Illustration mit AI erstellt.

Nexi reported modest reported growth for the first nine months of 2026 while keeping its full-year targets unchanged. Il Sole 24 ORE reported on Thursday, November 5, that revenue for the January-to-September period rose 1.1 percent year over year to 2.678 billion euros.

Merchant Solutions Regains Momentum

The July-to-September quarter showed a faster pace, with revenue up 1.3 percent to 942 million euros. Merchant Solutions was the main driver of the improvement, while Nexi said underlying revenue growth reached 4 percent in both the third quarter and the first nine months.

The underlying measure excludes the loss of certain banking clients following mergers and acquisitions, mainly in Italy, as well as other one-off effects. That distinction remains important for investors: reported growth is still restrained by contract losses, while the underlying trend points to stronger operating momentum.

Merchant Solutions revenue growth improved from a decline in the first quarter to a smaller decline in the second quarter and positive growth in the third quarter, according to management's results presentation. The division's recovery is central to Nexi's plan for the final quarter, when seasonal consumer spending should provide an additional operating test.

Cost Control Supports Guidance

EBITDA reached 1.400 billion euros in the first nine months, up 0.3 percent, while the margin stood at 52.3 percent. In the third quarter, EBITDA rose 0.6 percent to 530 million euros and the margin reached 56.3 percent. Il Sole 24 ORE said the nine-month margin exceeded the 51.8 percent consensus cited in its report.

Nexi maintained its 2026 expectations for net-revenue growth broadly in line with 2025. Absolute EBITDA is expected to remain broadly stable after strategic investments, and excess cash generation is projected at approximately 750 million euros after those investments and higher taxes. The company also expects to pay a dividend of 0.30 euros per share, subject to the relevant corporate process.

Management has indicated that the effect of lost banking contracts will continue to weigh on the gap between reported and underlying growth. The group expects Merchant Solutions to accelerate further in the fourth quarter as those effects fade and geographic trends improve.

Stock Context For Investors

Nexi stock traded at 4.54 euros on Lang & Schwarz at 11:43 CET on Monday, November 9, 2026. Investors can follow the real-time quote of Nexi stock.

The key indicators for the final quarter are Merchant Solutions growth, cash generation and the conversion of reported revenue momentum into the confirmed full-year targets. Nexi's diversified presence across more than 25 European countries remains part of its operating model, serving merchants, banks, corporate clients and consumers.