New Risk • Apr 04
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Over 6x increase in shares outstanding. This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (25% average weekly change). Shareholders have been substantially diluted in the past year (over 6x increase in shares outstanding). New Risk • Mar 24
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: €85.4m (US$98.9m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (24% average weekly change). Minor Risk Market cap is less than US$100m (€85.4m market cap, or US$98.9m). Announcement • Mar 16
ANZ Reportedly Mulls Buyout of Worldline Stake in Merchant Payments Joint Venture Speculation is mounting that ANZ Group Holdings Limited (ASX:ANZ) is moving towards a decision to buy out French payments giant Worldline SA (ENXTPA:WLN)'s 50% stake in their $925 million merchant payments joint venture after a year-long strategic review by Macquarie Capital revealed the partnership was unworkable. Sources understand that ANZ has reached the decision after private equity groups including Brookfield and Bain Capital examined the business but were unable to make the numbers work. The bank opened a data room as part of the review process as it sought a solution for the joint venture, which has not lived up to expectations since it was struck in 2020. One sticking point has been Worldline's European banking technology stack, which sources say doesn't work for the Australian market. While the likes of Brookfield may have examined the opportunity, it doesn't have an existing payments technology platform, say sources, and would have had to build one from scratch. Sources say ANZ needed to retain ownership of the customer relationships. The review has been complicated by the recent departure of former Macquarie Capital -financial services banker Laura Golis, who had been leading the strategic options process with assistance from investment bankers in Macquarie's technology division. Ms Golis recently moved to Jefferies and is currently on gardening leave, not starting in her new role until August. It's understood the process may be picked up by Jefferies once she starts. DataRoom revealed last week that Macquarie Capital was weighing options for the joint venture amid speculation Worldline was looking to exit following a fraud scandal that wiped more than $700 million off its market value. Options being considered at the time included selling the entire platform to a third party or ANZ buying back Worldline's 50% stake. ANZ sold its merchant-acquiring business into the joint venture in 2020, choosing to partner with the world's fourth-largest payments processor rather than spend an estimated $200 million and three years building its own platform. At the time, ANZ managed two billion transactions annually for 80,000 physical and online merchants. Worldline was attracted by Australia's high adoption of electronic payments - ranking fourth globally for payment terminals per capita - and the shift from cash to cards accelerated by the pandemic. But last year the company was engulfed in scandal after several media outlets reported it had covered up fraud by some customers to shield its own revenue, The Wall Street Journal reported. The shares collapsed 38%. Reported Earnings • Mar 03
Full year 2025 earnings released: €18.35 loss per share (vs €1.05 loss in FY 2024) Full year 2025 results: €18.35 loss per share (further deteriorated from €1.05 loss in FY 2024). Revenue: €4.03b (down 13% from FY 2024). Net loss: €5.14b (loss widened €4.84b from FY 2024). Revenue is forecast to grow 1.9% p.a. on average during the next 3 years, compared to a 18% 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 53 percentage points per year, which is a significant difference in performance. Announcement • Feb 25
IndiaIdeas.com Limited entered into a definitive agreement to acquire Worldline India Private Limited from Worldline SA (ENXTPA:WLN) for €60 million. IndiaIdeas.com Limited entered into a definitive agreement to acquire Worldline India Private Limited from Worldline SA (ENXTPA:WLN) for €60 million on February 25, 2026. A consideration of €60 million will be paid by IndiaIdeas.com Limited. As part of consideration, €60 million is paid towards None of Indian payment activities of Worldline SA.
The transaction remains subject to customary regulatory approvals and closing conditions. The expected completion of the transaction is July 1, 2026 to December 31, 2026.
BNP Paribas SA acted as financial advisor for Worldline SA. Hogan Lovells LLP acted as legal advisor for Worldline SA. Cyril Amarchand Mangaldas acted as legal advisor for Worldline SA. Shardul Amarchand Mangaldas & Co acted as legal advisor for IndiaIdeas.com Limited. Ernst And Young India Private Limited acted as due diligence provider for IndiaIdeas.com Limited. New Risk • Jan 30
New minor risk - Profitability The company is currently unprofitable and not forecast to become profitable over the next 3 years. Trailing 12-month net loss: €4.5b Forecast net loss in 3 years: €9.2m This is considered a minor risk. Companies that are not profitable are more likely to be burning through cash and less likely to be well established. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. Without profits, the company is under pressure to grow significantly while potentially having to reduce costs and possibly needing to take on debt or raise capital to remain afloat. Currently, the following risks have been identified for the company: Minor Risks Currently unprofitable and not forecast to become profitable over next 3 years (€9.2m net loss in 3 years). Share price has been volatile over the past 3 months (8.5% average weekly change). Announcement • Jan 19
Worldline and YouLend Launch Cash Advance to Unlock Fast, Seamless Capital for Europe's SMBs Worldline and YouLend announced the launch of Cash Advance, an innovative financing solution designed to empower small and medium-sized businesses (SMBs) with fast, data-driven access to capital. Cash Advance enables merchants to apply for funding through a simple, fully integrated user experience - eliminating traditional friction, paperwork, and uncertainty. By combining Worldline's extensive payments infrastructure with YouLend's advanced embedded financing technology, the two companies have created a transformative lending experience tailored to the needs of modern SMBs. Cash Advance empowers business owners to plan ahead, fuel growth initiatives and manage short-term cash needs with confidence and ease. Leveraging real-time payments data, Cash Advance delivers fast, personalised financing offers that accurately reflect a merchant's financial performance. Eligible businesses can access up to EUR250,000 in as little as 48 hours, with repayments automatically linked to daily turnover - making it ideal for companies looking to stabilize cash flow, restock inventory, invest in expansion or hire additional staff during peak seasons or busy periods. Following the successful rollout in Belgium and the Netherlands, Worldline and YouLend plan to expand Cash Advance across Europe, alongside new product features designed to meet the evolving needs of SMBs in every market. Announcement • Jan 16
Worldline SA to Report First Half, 2026 Results on Jul 30, 2026 Worldline SA announced that they will report first half, 2026 results on Jul 30, 2026 Announcement • Sep 16
Worldline Announces CFO Changes Worldline announced that it appointed Srikanth Seshadri as Chief Financial Officer and Executive Committee member, effective on 8 September 2025. He replaces Gregory Lambertie who has decided to leave Worldline to pursue other opportunities. Srikanth Seshadri brings deep global finance expertise to Worldline. With a robust foundation in financial control, corporate finance, and strategic funding, his career spans high-impact roles across international markets. Srikanth's early experience in Audit & Risk consulting at Arthur Andersen, combined with his leadership tenure at Alstom in complex global environments, equips him to drive meaningful change and financial agility at Worldline. Reported Earnings • Jul 31
First half 2025 earnings released First half 2025 results: Revenue: €2.21b (down 3.7% from 1H 2024). Net loss: €4.22b (loss widened €4.19b from 1H 2024). Revenue is forecast to stay flat during the next 3 years compared to a 13% growth forecast for the Diversified Financial industry in Germany. Announcement • Jul 30
Worldline Reportedly Seeks to Sell Unit to Focus Business After Stock Crash Worldline SA (ENXTPA:WLN) entered into talks to sell its digital-services unit as the French payments company seeks to focus its activities after its stock collapsed following media reports alleging that it turned a blind eye to fraud. The firm “entered into exclusive negotiations” with Magellan Partners (The Magellan Partners Group SAS) after receiving a binding offer that values the Mobility & e-Transactional Services business at €410 million ($473.6 million), according to a statement on July 29, 2025. The unit has about 3,800 employees. New Risk • Jun 25
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of German stocks, typically moving 14% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. This is currently the only risk that has been identified for the company. Announcement • May 14
Worldline Reportedly Looks to Sell India Payments Business French payments company Worldline SA (ENXTPA:WLN) has hired investment bank BNP Paribas to explore a potential sale of its India business, two people aware of the matter said. Discussions are at a preliminary stage, and the deal size could be above $200 million, one of the two people said on the condition of anonymity. "The sale is expected to happen through an auction process among a wide buyer pool, including strategic players in the payments space in India," the person added. The exit plan comes at a time Worldline is restructuring its global portfolio to restore investor confidence and revive growth and profitability amid macroeconomic headwinds. Worldline declined to comment, while queries emailed to BNP Paribas remained unanswered. According to the second person, Indian payments companies such as Razorpay and PayU could gain scale from an acquisition of the business. Worldline's new chief executive Pierre-Antoine Vacheron said at an earnings call last month that the company would exit non-performing geographies and segments to revive growth, without sharing details. "We need to be more selective given the investment required to address innovation and compliance requirements. This will mean exiting from segments or geographies inherited from past acquisitions and considered as non-core, " he said. Announcement • May 02
Worldline SA, Annual General Meeting, Jun 05, 2025 Worldline SA, Annual General Meeting, Jun 05, 2025. Location: 100 110 esplanade du general de gaulle, la defense France Reported Earnings • Apr 15
Full year 2024 earnings released: €1.05 loss per share (vs €2.90 loss in FY 2023) Full year 2024 results: €1.05 loss per share (improved from €2.90 loss in FY 2023). Revenue: €4.63b (flat on FY 2023). Net loss: €297.0m (loss narrowed 64% from FY 2023). Revenue is forecast to grow 2.5% p.a. on average during the next 3 years, compared to a 12% 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 47 percentage points per year, which is a significant difference in performance. Reported Earnings • Feb 27
Full year 2024 earnings released Full year 2024 results: Revenue: €4.63b (flat on FY 2023). Net loss: €297.0m (loss narrowed 64% from FY 2023). Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Diversified Financial industry in Germany. Announcement • Nov 19
Worldline SA to Report Fiscal Year 2024 Results on Feb 26, 2025 Worldline SA announced that they will report fiscal year 2024 results on Feb 26, 2025 Announcement • Nov 02
Worldline SA Provides Earnings Guidance for the Full Year 2024 Worldline SA provided earnings guidance for the full year 2024. For the year, the company expected organic revenue growth of around 1%. Reported Earnings • Aug 04
First half 2024 earnings released First half 2024 results: Revenue: €2.29b (up 2.1% from 1H 2023). Net loss: €29.0m (down 136% from profit in 1H 2023). Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Diversified Financial industry in Germany. Announcement • Jun 15
Worldline SA Announces Board Appointments Worldline SA Announced that at its Shareholders Meeting held on June 13, 2024, approved the appointment of three new directors, Mrs. Agnès Park, Mrs. Sylvia Steinmann and Mr. Olivier Gavalda for a period of three years. The company also approved the Wilfried Verstraete as Chairman of the Board of Directors and governance update. Upon recommendation of the Nomination Committee, the Board of Directors also approved the new composition of its Committees: Audit and Risks Committee:Aldo Cardoso (Chairman), Mette Kamsvåg, Nazan Somer Özelgin, Sylvia Steinmann and Daniel Schmucki; Nomination Committee:Giulia Fitzpatrick (Chairwoman), Wilfried Verstraete (Vice- Chairman), Agnès Park and Thierry Sommelet; Remuneration Committee:Wilfried Verstraete (Chairman), Giulia Fitzpatrick; Vice-Chairwoman), Agnès Park, Thierry Sommelet and Marie-Christine Lebert; Investment Committee: Daniel Schmucki (Chairman), Aldo Cardoso, Olivier Gavalda, Gilles Grapinet, Mette Kamsvåg, Thierry Sommelet and Wilfried Verstraete; CSR Committee: Agnès Park (Chairwoman), Giulia Fitzpatrick (Vice-Chairwoman), Gilles Grapinet, Sylvia Steinmann and Stephan Van Hellemont. Announcement • Feb 28
Worldline SA to Report First Half, 2024 Results on Aug 01, 2024 Worldline SA announced that they will report first half, 2024 results on Aug 01, 2024 
