Nexi S.p.A. said on Thursday that it delivered a 1% increase in revenue for the first quarter of 2026, bringing top-line sales to €821 million. That result was marginally higher than the company-compiled consensus of €815 million.
Segment performance
The company reported mixed outcomes across its business lines. The Issuing Solutions division grew 5% year-over-year to €278 million, a result the company attributed to robust volume growth and favorable timing of projects. This print was above analysts' expectations of €271 million for the segment.
By contrast, Merchant Solutions revenue edged down 1.4% to €460 million. The company noted that underlying activity - when excluding bank contracts - showed 3% growth. Consensus for Merchant Solutions had been €456 million.
Digital Banking Solutions registered 3% growth, maintaining the pace seen in the previous quarter.
Profitability and costs
EBITDA increased 3% to €397 million, yielding a margin of 48.3%. Both the absolute EBITDA and margin exceeded the company-compiled consensus of €380 million and a 46.6% margin. Operating expenses were flat on a year-over-year basis.
Balance sheet and guidance
Net debt was reported at €4.9 billion at the end of March, unchanged from the December level, and equivalent to 2.5 times the last twelve months of EBITDA. The company reiterated its full-year guidance. Management scheduled a conference call for 8am Central European Summer Time to discuss the quarter.
Implications
The quarter showed a modest top-line improvement accompanied by an EBITDA beat and steady operating costs. Results were uneven across segments - with issuing-related activities lifting growth while merchant-facing revenue softened on a headline basis - and leverage remained stable at 2.5 times LTM EBITDA.