Nexi H1 2026: revenue +1.0%, 5% underlying as Italian bank contract losses bite

Nexi reported H1 2026 net revenue of €1,736m, up 1.0% year on year, with underlying organic growth of 5% once known bank contract losses — mostly in Italy — are excluded. EBITDA was flat at €870m for a 50.1% margin. Excess cash generation reached €400m, and gross financial debt fell from €7,108m in June 2025 to €5,903m after roughly €1bn of maturities were repaid from cash.

Guidance for 2026 was confirmed, with revenue growth broadly in line with 2025 and a reacceleration expected in Merchant Solutions. Fitch and S&P reaffirmed investment grade in July. Germany remained the weakest major market; Austria and Switzerland performed better within DACH.

Nexi is the largest acquirer in Italy and a top-three player in DACH, so the split it reports is a market signal: Italian bank-channel attrition is a structural drag on the distribution model that Italian acquiring is built on, while continued German weakness confirms that DACH acceptance remains the hardest pricing environment in Europe. The deleveraging also shapes what CVC would be buying if the take-private talks revive.

Whether Merchant Solutions reaccelerates in H2 as guided, and whether German revenue stabilises or drags a third consecutive half.

• nexigroup.com
• Nexi Group (1H 2026 presentation)