Nexi stock enters final quarter with Merchant Solutions recovery

Nexi reported stronger operating momentum in the third quarter and maintained its 2026 targets, as Merchant Solutions began to recover from earlier contract losses. Il Sole 24 ORE reported on November 5 that revenue for the first nine months rose 1.1 percent year over year to 2.678 billion euros.

Reported Growth Remains Moderate

Revenue in the July-to-September period increased 1.3 percent to 942 million euros. EBITDA rose 0.6 percent to 530 million euros, while the quarterly margin reached 56.3 percent. For the nine-month period, EBITDA increased 0.3 percent to 1.400 billion euros, producing a 52.3 percent margin.

The reported figures remain affected by the loss of certain banking clients following mergers and acquisitions, mainly in Italy, as well as other one-off effects. Excluding those effects, underlying revenue growth stood at 4 percent for both the first nine months and the third quarter, according to the report by Il Sole 24 ORE.

Merchant Solutions Sets The Pace

Merchant Solutions was the main contributor to the quarterly improvement. Management expects the division to accelerate further in the fourth quarter as the effect of lost banking contracts gradually fades and seasonal consumer spending supports transaction activity.

The distinction between reported and underlying growth remains central for investors. Nexi's headline expansion is still restrained by the earlier contract exits, while the underlying trend points to better momentum in its payment-processing operations. Management has indicated that the gap may continue into 2027 and gradually converge by 2028.

Guidance Remains Unchanged

Nexi confirmed its outlook for 2026. Net revenue growth is expected to be broadly in line with 2025, while EBITDA should remain broadly stable in absolute terms after strategic investments. 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, equivalent to approximately 350 million euros in total dividends, and said it remains committed to maintaining investment-grade status. For the share, the final-quarter focus is on Merchant Solutions growth, cash generation and the conversion of underlying momentum into the confirmed full-year targets.

Nexi stock traded at 4.48 euros on Lang & Schwarz at 11:41 CET on Tuesday, November 10, 2026.

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