Nexi Q1 2026: revenue +1.0% (5% underlying), EBITDA margin 48.3%, dividend +20%, FY guidance confirmed under new CEO Mingrone

On 7 May 2026, Nexi reported Q1 2026 results under new CEO Bernardo Mingrone. Net revenues reached €821.4M, up 1.0% year-on-year; underlying growth was 5% excluding tougher bank-contract comparisons. EBITDA reached €396.5M, up 2.6%, with margin expanding 73bps to 48.3% on disciplined cost execution (total costs roughly stable at €424.9M). Management highlighted commercial momentum in e-commerce in Germany and the DACH region and progress in ISV and direct channels, with some efficiency programmes enabled by AI initiatives.

A dividend of €0.30/share (~€350M, +20% y/y) was paid 20 May. FY2026 guidance was confirmed: revenue growth broadly in line with 2025, Merchant Solutions reaccelerating, EBITDA broadly stable, excess cash ~€750M, investment-grade status maintained.

Steady results and confirmed guidance stabilise the picture at Ingenico's most important Italian customer after a turbulent quarter (CMD slump, CEO change, CVC approach). The cash-generation strategy — higher dividends, stable EBITDA after strategic investment — implies continued capex discipline, which tempers expectations for aggressive terminal estate refresh.

German/DACH e-commerce momentum confirms Nexi is winning where Worldline has been losing, shifting relative customer weight within Ingenico's account portfolio. The AI-enabled efficiency narrative echoes sector-wide cost-control trends.

Monitor whether Merchant Solutions reacceleration materialises in Q2/H2 as guided. Track capex allocation under Mingrone and any vendor strategy changes. Watch the interplay between the CVC situation and management's capital-return commitments.

• payspacemagazine.com