Nexi stock weighs modest growth against confirmed 2026 outlook

Published on 11/05/2026 at 17:34 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Nexi stock is weighing the first nine-month results against a confirmed 2026 outlook. Merchant Solutions is expected to regain momentum as cash generation remains central.

Key points for Nexi investors

Nexi reported nine-month revenue of 2.678 billion euros, up 1.1 percent year over year.
Underlying revenue growth reached 4 percent after excluding lost banking clients and other one-off effects.
Nexi kept its 2026 outlook unchanged, including about 750 million euros of excess cash generation.

Nexi, IT0005366767, Illustration mit AI erstellt.

Nexi reported modest reported growth for the first nine months of 2026 on Thursday, November 5, while keeping its full-year outlook unchanged. Il Sole 24 ORE reported that the payments group delivered revenue of 2.678 billion euros, an increase of 1.1 percent from the prior-year period.

What changed since the last report

The new nine-month figures provide the next operating checkpoint after Nexi's first-half update. Revenue in the July-to-September quarter reached 942 million euros, up 1.3 percent year over year. Underlying revenue growth was 4 percent for both the quarter and the first nine months after excluding the loss of certain banking clients following mergers and acquisitions, mainly in Italy, and other one-off effects.

Merchant Solutions showed renewed momentum, a key point for investors because the division is central to Nexi's payment-processing activity. The reported growth rate remains held back by the earlier loss of banking contracts, making the underlying trend important when assessing the group's operating progress.

Margins and capital allocation

EBITDA rose 0.3 percent to 1.400 billion euros in the first nine months, with a margin of 52.3 percent above the 51.8 percent consensus cited by Il Sole 24 ORE. Third-quarter EBITDA increased 0.6 percent to 530 million euros, while the quarterly margin reached 56.3 percent.

Nexi maintained its 2026 guidance for net-revenue growth broadly in line with 2025 and broadly stable absolute EBITDA after strategic investments. Excess cash generation is expected at about 750 million euros after strategic investments and higher taxes. The company also indicated a dividend of 0.30 euros per share, equivalent to about 350 million euros, while reaffirming its commitment to investment-grade status.

Net financial debt stood at about 5 billion euros at the end of September, and the net-financial-position-to-EBITDA ratio declined to 2.6 times. Cash generation, Merchant Solutions growth and leverage therefore remain the main markers for the final quarter.