Worldline Q1 2026: Merchant Services returns to growth (+1.6%) for first time since Q4 2024; 2026 outlook confirmed; reverse 40:1 stock split set for May

On 28 April 2026, Worldline reported Q1 2026 revenue under new CEO Pierre-Antoine Vacheron. On a fully pruned basis, revenue reached €831M (down 0.5% vs Q1 2025); published revenue €924M (down 1.5%). Merchant Services revenue reached €652M, up 1.6% — the first quarterly growth since Q4 2024 — with acquiring Merchant Sales Value up 3.5%. SMB churn stabilised across all geographies, with accelerating momentum in the Nordics and Germany, and underlying growth in Greece, Central Europe and Italy; Switzerland and Benelux remain in turnaround.

The company confirmed its 2026 outlook (low single-digit organic growth, adjusted EBITDA €630-650M, free cash flow €(80)M-€(70)M). A reverse 40-for-1 stock split (approved at the 8 January EGM) starts 14 May 2026 with new shares delivered 17 June 2026. Worldline also extended a partnership with a large tier-one bank for card issuing and personalisation.

The return to Merchant Services growth is the first concrete evidence that the North Star 2030 turnaround is taking hold operationally, not just financially. The stabilisation of SMB churn in Germany and the Nordics is directly relevant — these are core Ingenico terminal markets where Worldline had been bleeding merchants to the 'Tap Pack' (SumUp, Viva.com, myPOS, Flatpay).

A healthier Worldline is more likely to sustain terminal refresh budgets. The reverse 40:1 split is a cosmetic but symbolically important step to restore the share price from sub-€1 penny-stock territory following the massive rights-issue dilution. Confirmation of full-year guidance is a credibility win for new management after years of misses.

Monitor Q2 2026 (management flagged a softer Q2 y/y, with H2 acceleration) for confirmation the recovery is durable. Track the reverse split execution (14 May - 17 June) and post-split share price. Watch whether SMB momentum in Germany and the Nordics translates into terminal volume stability for Ingenico.

• investors.worldline.com