Q2 2025 Nexi SpA Earnings Call Transcript
Key Points
- Nexi SpA (NEXXY) reported a 3.4% increase in revenues for the first half of 2025, with Merchant Solutions growing close to 4%.
- EBITDA grew by 5.2% with an 88 basis points expansion in EBITDA margin, driven by top-line growth and strong cost control.
- The company generated excess cash of over EUR 400 million in the first half, on track to exceed EUR 800 million for the full year.
- Nexi SpA (NEXXY) has successfully renewed 100% of expiring contracts with Italian banks, including a significant renewal with Credit Agricole until 2029.
- The company is returning EUR 1.1 billion to shareholders through dividends and buybacks across 2024 and 2025, with EUR 600 million returned in 2025 alone.
- There is a slight deceleration in revenue growth in the second quarter to 3%, compared to the first quarter.
- The company faces a 2-percentage-point pressure on the value of managed transactions due to the loss of bank contracts.
- Nexi SpA (NEXXY) anticipates a softer top-line growth in the second half of 2025 due to bank migrations and contract renegotiations.
- The company is experiencing some impact from the migration of issuing processing clients in the DACH region.
- Despite strong performance, the company acknowledges potential macroeconomic impacts on cash-to-card conversion in Italy.
Good morning. This is the chorus call conference operator. Welcome, and thank you for joining the Nexi first half 2025 financial results presentation. (Operator Instructions) At this time, I would like to turn the conference over to Paolo Bertoluzzo, CEO of Nexi. Please go ahead, sir.
Thank you. Good morning, good morning to everyone, and welcome to our results call for the first half of 2025. As usual, I'm here with Bernardo Mingrone, our Deputy GM and CFO; Ms. Stefania Mantegazza, who leads our Investor Relations activities and a number of colleagues that may provide help in case we want to deep dive on very specific topics.
Today, I will start by providing a short overview of the progress in the first half and the key messages associated to it. We'll then hand over to Bernardo for results, and I'll come back for conclusions and most importantly, together with Bernardo to answer to your questions.
Let me start on page 3 of the document with a summary of our key messages. First of all, we continue
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