In Q1 2024, turnover reached €781.6 million, marking a 6.0% year-on-year increase. EBITDA for the same period was €361.7 million, up 8.6% year-on-year, resulting in an EBITDA margin increase of approximately +112 basis points. Forecasts for 2024 remain confirmed. Additionally, a share buyback program of up to €500 million was launched
Key Consolidated Financial Highlights:
- Revenue Growth: In the first quarter of 2024, the group attained a turnover of €781.6 million, marking a notable increase of 6.0% compared to the same period in 2023. The EBITDA surged to €361.7 million, up by 8.6% from Q1 2023. The EBITDA margin also exhibited growth, reaching 46%, an increase of 112 basis points, attributed to enhanced efficiency gains and cost synergies within the group’s integration framework.
Operational Performance in Q1 2024:
- Merchant Solutions Business: Constituting approximately 56% of the group’s total turnover, this segment recorded a turnover of €437.7 million, reflecting a robust year-on-year growth of 6.8%. Notably, there was a substantial surge in e-commerce, driven by accelerated customer base and volume growth. International program sales volume witnessed double-digit year-over-year growth in various regions, with notable expansion in Italy and the DACH region.
- Emission Solutions Business: Representing around 33% of the group’s total revenue, this segment reported revenue of €257.6 million, indicating a growth of 5.2% year-on-year. The performance was primarily bolstered by the Italian market, benefiting from increased international throughput.
- Digital Banking Solutions Business: Accounting for approximately 11% of the group’s total revenues, this segment achieved revenues of €86.3 million, a year-on-year increase of 4.3%, supported by volume growth and the positive impact of new initiatives.
Financial Position and Outlook:
- Debt Reduction: As of March 31, 2024, net financial debt decreased to €5,035 million, with the net financial debt/EBITDA ratio dropping to 2.8x. Nexi remains committed to its debt repayment plan, with a significant portion already repaid in April 2024.
- Forecasts for 2024: Nexi reiterates its objectives for 2024, anticipating mid-single-digit growth in net sales, mid-to-high single-digit growth in EBITDA, and excess cash generation of more than €700 million. The company aims to decrease net leverage to less than 2.9x, including the anticipated effects of M&A and share buybacks.
Subsequent Significant Events:
- Share Buyback Program: Nexi announces the initiation of a share buyback program, amounting to a maximum of €500 million, scheduled for completion by October 31, 2025. The program has already received approval from the general meeting of shareholders held on April 30, 2024.
- Board Appointment: Following the resignation of Mr. Bo Nilsson, Mr. Luca Velussi has been appointed as a non-executive director by co-optation, effective April 30, 2024. Mr. Velussi will hold office until the next general meeting of shareholders.
Conclusion:
Nexi continues to position itself as a leading PayTech company in Europe, leveraging its innovative product portfolio and industry expertise to drive growth and support the transition to a cashless society. The company remains focused on delivering value to shareholders while maintaining a strong financial position and pursuing strategic growth opportunities.
[Note: This translation is provided for informational purposes only. In case of any discrepancies between this translation and the original Italian press release, the latter shall prevail for legal purposes.]
