Upcoming Dividend • May 11
Upcoming dividend of €0.30 per share Eligible shareholders must have bought the stock before 18 May 2026. Payment date: 20 May 2026. The company is not currently making a profit but it is cash flow positive. Trailing yield: 7.2%. Within top quartile of German dividend payers (4.6%). Higher than average of industry peers (4.5%). Announcement • Apr 17
Nexi S.p.A. (BIT:NEXI) completed the acquisition of Business unit of Banca Popolare di Sondrio S.p.A. (BIT:BPSO) for €105 million. Nexi S.p.A. (BIT:NEXI) signed an agreement to acquire Business unit of Banca Popolare di Sondrio S.p.A. (BIT:BPSO) for €105 million on December 24, 2025.
The transaction is subject to subject to antitrust regulations. The expected completion of the transaction is January 1, 2026 to April 30, 2026.
Giuseppe Rossano Latorre, Silvano Lenoci, Gianluca Viola, and Marcello Adriano Ponti of Kitra Advisory S.p.A. acted as financial advisor for Banca Popolare di Sondrio S.p.A. Alessandro Fustinoni and Stefano Pinsino of Equita SIM acted as financial advisor for Nexi S.p.A. PedersoliGattai acted as legal advisor for Nexi S.p.A. Gaia Mazzalveri, Domenico Soprano and Andrea Fornara of Vitale&Co. S.P.A. acted as financial advisor for Banca Popolare di Sondrio S.p.A. Studio Legale Carbonetti e Associati acted as legal advisor for Banca Popolare di Sondrio S.p.A.
Nexi S.p.A. (BIT:NEXI) completed the acquisition of Business unit of Banca Popolare di Sondrio S.p.A. (BIT:BPSO) on March 17, 2026. Reported Earnings • Apr 06
Full year 2025 earnings released: €2.81 loss per share (vs €0.14 profit in FY 2024) Full year 2025 results: €2.81 loss per share (down from €0.14 profit in FY 2024). Revenue: €3.62b (up 1.1% from FY 2024). Net loss: €3.38b (down €3.56b from profit in FY 2024). Revenue is forecast to grow 2.4% p.a. on average during the next 3 years, compared to a 20% growth forecast for the Diversified Financial industry in Germany. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 46 percentage points per year, which is a significant difference in performance. Announcement • Mar 09
Nexi S.p.A., Annual General Meeting, Apr 29, 2026 Nexi S.p.A., Annual General Meeting, Apr 29, 2026. Declared Dividend • Mar 09
Dividend increased to €0.30 Dividend of €0.30 is 20% higher than last year. Ex-date: 18th May 2026 Payment date: 20th May 2026 Dividend yield will be 11%, which is higher than the industry average of 6.4%. Sustainability & Growth Dividend is not covered by earnings (102% earnings payout ratio). However, it is covered by cash flows (65% cash payout ratio). The company is yet to establish a track record of dividend growth or stability as it hasn't paid a regular dividend for at least 2 years. The company's earnings per share (EPS) would need to grow by 13% to bring the payout ratio under control. EPS is expected to grow by 46% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Announcement • Mar 07
Nexi S.p.A. announces Annual dividend, payable on May 20, 2026 Nexi S.p.A. announced Annual dividend of EUR 0.3000 per share payable on May 20, 2026, ex-date on May 18, 2026 and record date on May 19, 2026. Reported Earnings • Mar 05
First half 2025 earnings released: EPS: €0.072 (vs €0.023 loss in 1H 2024) First half 2025 results: EPS: €0.072 (up from €0.023 loss in 1H 2024). Revenue: €2.97b (up 1.7% from 1H 2024). Net income: €88.0m (up €118.0m from 1H 2024). Profit margin: 3.0% (up from net loss in 1H 2024). Revenue is expected to decline by 9.4% p.a. on average during the next 4 years, while revenues in the Diversified Financial industry in Germany are expected to grow by 18%. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has fallen by 28% per year, which means it is performing significantly worse than earnings. Valuation Update With 7 Day Price Move • Mar 05
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €2.88, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 9x in the Diversified Financial industry in Germany. Total loss to shareholders of 61% over the past three years. Buy Or Sell Opportunity • Nov 19
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 30% to €3.84. The fair value is estimated to be €4.89, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.4% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 13% per annum. Earnings are forecast to grow by 23% per annum over the same time period. Valuation Update With 7 Day Price Move • Nov 07
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to €4.06, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 8x in the Diversified Financial industry in Germany. Total loss to shareholders of 57% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €4.82 per share. Reported Earnings • Aug 01
First half 2025 earnings released: EPS: €0.07 (vs €0.023 loss in 1H 2024) First half 2025 results: EPS: €0.07 (up from €0.023 loss in 1H 2024). Revenue: €1.74b (down 42% from 1H 2024). Net income: €88.0m (up €117.9m from 1H 2024). Profit margin: 5.1% (up from net loss in 1H 2024). The move to profitability was driven by lower expenses. Revenue is expected to decline by 12% p.a. on average during the next 3 years, while revenues in the Diversified Financial industry in Germany are expected to grow by 13%. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has fallen by 14% per year, which means it is performing significantly worse than earnings. Announcement • May 06
Nexi S.p.A. announces Annual dividend, payable on May 21, 2025 Nexi S.p.A. announced Annual dividend of EUR 0.2500 per share payable on May 21, 2025, ex-date on May 19, 2025 and record date on May 20, 2025. Reported Earnings • Mar 06
Full year 2024 earnings released Full year 2024 results: Revenue: €6.29b (up 6.6% from FY 2023). Net income: €186.8m (up €1.21b from FY 2023). Profit margin: 3.0% (up from net loss in FY 2023). Revenue is expected to decline by 15% p.a. on average during the next 3 years, while revenues in the Diversified Financial industry in Germany are expected to grow by 13%. Announcement • Mar 04
Nexi S.p.A., Annual General Meeting, Apr 30, 2025 Nexi S.p.A., Annual General Meeting, Apr 30, 2025. New Risk • Mar 01
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 9.2% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (9.2% operating cash flow to total debt). Shares are highly illiquid. Minor Risk Large one-off items impacting financial results. Buy Or Sell Opportunity • Jan 14
Now 21% undervalued The stock has been flat over the last 90 days, currently trading at €4.66. The fair value is estimated to be €5.90, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 30% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Aug 06
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: €878.8m (down 37% from 2Q 2023). Net income: €465.4m (up €449.2m from 2Q 2023). Profit margin: 53% (up from 1.2% in 2Q 2023). Revenue is expected to decline by 10% p.a. on average during the next 3 years, while revenues in the Diversified Financial industry in Germany are expected to grow by 15%. Reported Earnings • Mar 11
Full year 2023 earnings released Full year 2023 results: Revenue: €5.90b (up 8.7% from FY 2022). Net loss: €1.03b (down €1.16b from profit in FY 2022). Revenue is expected to decline by 11% p.a. on average during the next 3 years, while revenues in the Diversified Financial industry in Germany are expected to grow by 12%. Announcement • Mar 07
Nexi S.p.A. Provides Earnings Guidance for the Year 2024 Nexi S.p.A. provided earnings guidance for the year 2024. For 2024, the company expects net revenues to be in mid-single digit year on year growth. Announcement • Oct 19
CVC Capital Reportedly in the Early Stages of Considering Potential Bid for Nexi Nexi S.p.A. (BIT:NEXI) jumped as much as 19% after people with knowledge of the matter said CVC Capital Partners Limited is in the early stages of considering a potential bid for European payments firm. The buyout group has been evaluating Nexi for some time, the people said, asking not to be identified because the information is private. Shares in Nexi hit an intraday record in early trading on October 18, 2023. The stock was up 10% at 12:17 p.m. in Milan, giving the company a market value of €8.3 billion ($8.8 billion). Other investment firms have also been studying Nexi, the people said. Buyout funds could end up partnering on a joint bid for the company given the size of the potential deal, some of the people said. Nexi is among a number of possible targets being studied by CVC, the people said. It hasn’t yet made a formal approach to the Italian firm, and there’s no certainty it will proceed with a bid, they said. Private equity-backed Nexi has grown rapidly through a series of acquisitions in recent years to become one of the biggest players in the European payments industry. Its major shareholders include Hellman & Friedman LLC, as well as a vehicle backed by Bain Capital, LP and Advent International Corporation, according to data compiled by Bloomberg. It’s unclear whether Nexi’s owners would be open to a sale in the near term given the depressed valuation. Representatives for CVC, Nexi, Advent and Hellman & Friedman declined to comment, while a spokesperson for Bain didn’t immediately respond to a request for comment. 
