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Revenue of 781.6 million euros 1st quarter of 2024, +6.0% YoY
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EBITDA for the first quarter of 2024 amounted to approximately 361.7 million euros, an increase of 8.6% compared to the same period last year. +112 bps EBITDA margin expansion
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2024 guidance confirmed
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Share buyback program of up to €500 million launched today
Milan, May 9, 2024–(BUSINESS WIRE)–Nexi SpA's Board of Directors Approved on May 8thth Group consolidated results as of March 31stcent 2024.
Main consolidated financial results1
In the first quarter of 2024, the Group's revenue amounted to EUR 781.6 million (up 6.0% compared to Q1 2023) and EBITDA amounted to EUR 361.7 million (up 8.6% compared to Q1 2023). EBITDA margin was 46%, an increase of 112 basis points compared to the first quarter of 2023. This is also thanks to the acceleration of efficiency and cost synergies resulting from group integration.
Nexi Group's operating businesses achieved the following results in the first quarter of 2024:
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merchant solutions, Accounting for approximately 56% of the Group's total revenue, e-commerce grew in double digits due to accelerating customer base growth and increased sales volumes, with sales reported at €437.7 million (up 6.8% year-on-year). Ta. In the first quarter of 2014, 4.514 billion transactions were processed, an increase of 9.5% compared to the previous year, and the transaction value processed was 192.5 billion euros, an increase of 5.0% compared to the previous year. In Q1 2024, international scheme sales volume growth continued in all regions, with double-digit year-over-year growth in the DACH region and high-single-digit growth in Italy. During the quarter, SME acquisition volumes continued to increase due to the expansion of our customer base, particularly in Italy and the DACH region.
At Nexi, we strongly believe that the convergence of digital payments and software for small and medium-sized businesses is a theme that will help shape the industry in the coming years. Nexi therefore continues to strengthen its position as the “partner of choice” for best-in-class local ISVs in Europe, with over 500 of his ISV partners in 8 markets and POS solutions already in the Nordic and Sold on his Nexi channel in Germany. May expand to additional markets and industries over time.
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Publishing solutions; Accounting for approximately 33% of the Group's total revenue, it reported revenue of 257.6 million euros in 1Q24, an increase of 5.2% year-on-year. This growth was mainly supported by performance in Italy and benefited from an acceleration in international debits. In the first quarter of 2024, 4.737 billion transactions were processed, an increase of 8.2% year-on-year, and the transaction value processed was €207.9 billion, an increase of 4.6% year-on-year.
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digital banking solutions, Accounting for around 11% of the Group's total revenue, it reported sales of €86.3 million, up 4.3% year-on-year, supported by higher volumes and the positive impact of new initiatives. Specifically, during the first quarter, Nexi launched its EBA Clearing new pan-European anti-fraud solution for SEPA credit transfers and instant payments.
In the first quarter of 2024, total cost Revenues of 419.9 million euros grew by 3.8% year-on-year, despite sales and business growth and inflationary pressures, mainly thanks to operating leverage, synergies and efficiencies, and cascading effects. I accomplished it.
As of March 31stcent 2024, net financial debt The net financial debt/EBITDA ratio decreased to 2.8 times, while net financial debt decreased to 5,035 million euros. The weighted average debt maturity is approximately 2.8 years and the average pre-tax cash cost of debt is stable at approximately 2.86% compared to 2023. Nexi has confirmed plans to fully repay approximately EUR 1.3 billion of debt maturing in 2024-2025 using existing cash. In particular, around 220 million euros have already been refunded to him in April 2024.
2024 guidance confirmed
Looking ahead to 2024, and given the complex long-term macro outlook, Nexi confirms the following objectives:
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Net Revenue: Mid-single digit growth year over year.
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EBITDA: Mid-to-high single-digit growth year over year, with margin expansion of over 100 bps.
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Excess cash generation: more than 700 million euros.
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Net leverage: Decreased to less than 2.9x when the effects of announced M&A and share buybacks are included (approximately 2.6x on an organic basis).
Important events that followed
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Nexi announces start of share buyback program of up to 500 million euros, expected to be completed by October 31stcentalready approved at the general meeting of shareholders on April 30, 2025th2024.
Significant existing cash balances and significant increases in current and expected cash generation allow us to begin returning capital to shareholders in 2024, while continuing to capitalize on future planned debt reductions and limited M&A opportunities. We support you. Nexi's management and board of directors believe that the current stock price does not fully reflect the value and prospects of the company's business, and that stock repurchases are the most effective value creation opportunity for shareholders to leverage excess cash. I think it will be. In the long term, Nexi plans to continue to distribute a significant portion of its excess capital to shareholders through additional share repurchase programs or dividends, depending on overall market conditions.
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April 8thThe bonds issued by Nassa TopCo AS in 2024 for a nominal amount of approximately EUR 219.6 million plus accrued interest were redeemed at maturity using cash already available.
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Following Bo Nilsson's resignation from the Board of Directors on April 30th.th, 2024, at yesterday's meeting of the Board of Directors, following the favorable opinion of the Supervisory Board, Mr. Luca Verssi was appointed by co-option as a non-executive and non-independent director. His resume is available in the governance section of the company's website, www.nexigroup.com. Mr. Luca Verussi will remain in his position until the next shareholders' meeting and, as of today, does not own any Nexi shares.
Pursuant to Paragraph 2 of Article 154bis of the Consolidated Finance Act, the undersigned Enrico Marchini, in his capacity as manager responsible for the preparation of Nexy's financial reports, confirms that the accounting information contained in this press release has been included in the financial statements. Declare a match. Nexi SpA Books and Records.
Disclaimer: This is an English translation of the original Italian press release “Approvati i risultati finanziari di Gruppo al 31 marzo 2024”. In the event of any discrepancy between the English and Italian versions, the original Italian document shall prevail for legal purposes.
nexi
Nexi is a European PayTech company operating in high-growth and attractive European markets and technologically advanced countries. Listed on Euronext Milan, Nexi has the scale, geographic reach and capabilities to drive Europe's cashless journey. With a portfolio of innovative products, e-commerce expertise and industry-specific solutions, Nexi provides flexible support across the global digital economy and payments ecosystem across a wide range of different payment channels and methods. . Nexi's technology platform and best-in-class specialized skills in the field enable the company to operate best in its three market segments: merchant solutions, issuance solutions, and digital banking solutions. Nexi continuously invests in technology and innovation, focusing on his two guiding principles: collaborating with partner banks to meet customer needs and create new business opportunities for customers. Nexi supports people and businesses of all sizes and is committed to transforming the way people pay and businesses accept payments. We provide businesses with the most innovative and reliable solutions to better serve their customers and grow their businesses. Nexi facilitates progress that benefits everyone by simplifying payments and empowering people and businesses to connect and grow together. www.nexi.it/ja www.nexigroup.com
1 Pro forma for 2023 and 2024 is operating data normalized to a constant scope and exchange rate (2024 average budgeted exchange rate).
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contact address
Nexi – External Communications and Media Relations
DAniere de Sanctis
daniele.desanctis@nexigroup.com
Mobile: +39 346 0151000
Mateo Abbondanza
mateo.abbondanza@nexigroup.com
Mobile: +39 348 4068858
Soren Winge
soeren.winge@nexigroup.com
Mobile: +45 29482635
Danja Giacomin
danja.giacomin@nexigroup.com
Mobile: +39 334 2256777
Nexi – Investor Information
Stefania Mantegazza
stefania.mantegazza@nexigroup.com
Mobile: +39 335 5805703
