Nexi beats expectations and convinces the market. The first quarter 2026 results show moderate but solid growth, accompanied by improving margins and cash generation that allows the group to confirm dividends and guidance. And on the Milan Stock Exchange the signal is immediate: the stock jumps over 3% in early trading, then settles still higher, continuing the recovery started after the leadership change.
SOLID (AND BETTER THAN EXPECTED) FIGURES
The results tell of contained but stronger growth than expected. In the first three months of the year, revenues stand at 821.4 million euros, up 1% compared to 2025, while EBITDA rises to 396.5 million (+2.6%), with improving margins at 48.3%.
The most interesting figure remains the underlying one: adjusted for the effects of the loss of some significant banking contracts – Banco BPM and Cassa Centrale foremost – revenues grow by about 5%, signaling a more solid operational resilience than the overall data suggest.
On the cost side, the group manages to keep them under control, stable at 424.9 million despite inflation and business growth. Meanwhile, the debt reduction path continues: the net financial position stands at 4.86 billion and the debt to EBITDA ratio is 2.5 times.
DIVISIONS BETWEEN PRESSURES AND DEVELOPMENT
Looking in detail, a mixed picture emerges. The Merchant Solutions division, which weighs more on revenues, still records a slight decline (-1.4%), held back precisely by the loss of banking contracts and a lackluster consumer demand.
The dynamic is different for Issuing Solutions, which grows by 4.7% thanks to increased transactions and new client acquisitions, while Digital Banking Solutions marks +2.8%, supported by the development of digital services and account-to-account payments (direct digital payments between bank accounts, bypassing card circuits).
Overall, the group continues to grow, but the issue remains the business linked to payments for merchants and businesses, still held back by the loss of some banking contracts.
DIVIDENDS, COUPON AND RETURN TO SHAREHOLDERS
For shareholders, meanwhile, a richer coupon arrives. Nexi will distribute a dividend of 0.30 euros per share, for a total of about 350 million, up 20% year-on-year.
The coupon will be detached on May 18 and paid on the 20th. But above all, as explained by Bernardo Mingrone, the group’s CEO, this is a policy intended to consolidate: “We have a dividend policy that we intend to maintain,” with annual payments set to grow over time.
The CEO indicated a minimum annual growth of 5%, also leaving open the possibility of buybacks or extraordinary dividends, depending on cash flow performance.
The guidance for 2026 is also confirmed: substantially stable revenues, EBITDA in line, and cash generation around 750 million.
MINGRONE AND THE NEW PHASE: LESS EXPANSION, MORE CONCRETENESS
The phase change also emerges from the words of the new CEO. The results confirm “the solidity and resilience of the diversified model.” Mingrone also claims Nexi’s ability to generate cash and return it to shareholders.
At the same time, he indicates a more pragmatic direction: “we are entering a new phase strongly focused on execution,” with the goal of strengthening commercial performance, improving efficiency, and also leveraging artificial intelligence to increase productivity.
The issue, however, remains the relationship with the market. Mingrone openly speaks of the need to build “a credible roadmap” to close the gap between the company’s intrinsic value and its stock market valuation, and to convince investors of the ability to compete in the long term.
THE STOCK MARKET REBOUND AND THE TRUST ISSUE
On the Milan Stock Exchange the reaction is immediate. Nexi’s stock gains ground, reaching gains above 3% on the day of the results, and consolidates the recovery started after the leadership change.
A sign of confidence, although not yet definitive. Analysts speak of overall positive results, especially for margin resilience, but remain awaiting clearer signals on the recovery of the payments sector for merchants and businesses in the second half of the year.
SHAREHOLDERS, GOVERNANCE AND CHANGE OF COURSE
The change of pace fits into a context of renewed balances among shareholders. Nexi’s main shareholders are Cassa Depositi e Prestiti (about 19.1%) and Hellman & Friedman (over 22%).
It is precisely from these shareholders that the decision to replace Paolo Bertoluzzo with Mingrone matured. A choice linked to the need to send a signal to the market after difficult years for the stock, more than a judgment on industrial results, which have nonetheless transformed the group into a European player.
The stock market, in fact, has expressed a harsh judgment in recent years, with a strong reduction in valuations and a growing demand for visibility on returns.
THE CHALLENGE OF DIGITAL PAYMENTS IN EUROPE
At the core remains the broader game: that of digital payments in Europe, increasingly competitive and crowded. Nexi claims a central role as an infrastructure of the system, with a widespread presence in major markets.
Mingrone emphasizes that the group is “in a unique position to lead the evolution of digital payments in Europe,” thanks to the combination of international scale and local roots.
But competition is intensifying, among new tech operators and global platforms. And this is where the challenge of the new course is played.
