Group Financial Results as of September 30th 2023 Approved Solid Growth Performance in Line With Plan, With Continued EBITDA Margin Expansion
09 Novembro 2023 - 3:30AM
Business Wire
- Revenues at € 2,448.8 million in 9M23, +7.0% Y/Y;
EBITDA at € 1,267.7 million in 9M23, +10.2% Y/Y, with a continued
EBITDA margin expansion of c.+149 bps
- Sale of Nordic eID business coherently with the portfolio
rationalization and simplification announced at the Capital Markets
Day
- 2023 Guidance confirmed
The Board of Directors of Nexi S.p.A. approved on November 8th
the Group’s consolidated financial results as of September 30th
2023.
Key consolidated financial managerial
results1
In 9M23 the Group delivered revenues at € 2,448.8 million, +7.0%
versus 9M22, and EBITDA at € 1,267.7 million, +10.2% versus 9M22.
The EBITDA Margin was at 52%, up by 149 basis points compared to
9M22.
As expected, due to tough Y/Y comparison in the summer period,
3Q23 revenues reached € 871.7 million, +5.0% versus 3Q22. 3Q23
EBITDA was at € 495.8 million, +8.0% versus 3Q22, with EBITDA
Margin at 57%, up by 156 basis points compared to 3Q22.
Nexi Group’s operating businesses delivered the following
results in 9M23:
- Merchant Solutions, representing approximately 57% of
Group's total revenues, reported revenues of € 1,390.7 million,
+8.2% Y/Y. In 9M23, 13,708 million transactions were processed,
+13.9% Y/Y, with value of processed transactions at € 611.6
billion, +8.6% Y/Y. Transactions value growth continued across the
Group, primarily driven by international schemes, coupled with
continued growth of number of terminals. In 3Q23, Merchant
Solutions revenues reached € 504.3 million, +5.6% Y/Y impacted by
Y/Y comparison on the wave of a strong 2022 summer period across
geographies. In Germany revenue grew +12.6% Y/Y in 9M23 and +7.6%
Y/Y in 3Q23. Acquiring volumes2 increased mid-to-high single digit
Y/Y in 3Q23 in all geographies, despite the above mentioned tough
comparison especially in August and the overall macro weakness.
Acquiring volumes grew in all consumption categories and in all
segments during the 3Q23 and continued their solid y/y growth in
September and October across geographies.
The main initiatives realized in Merchant
Solutions during 9M23 include:
- ISVs partnership: around 40 new partnership wins in POS
software solutions and vertical specialists in 3Q23, extending the
overall partner base to 1,100+;
- Extension of Group SME propositions across countries
progressing incl. SoftPOS launch in Italy, SmartPay launched in
Austria, new companion app in Nordics and new digital shop in
DACH;
- Announcement of strategic premium partnership at group level
with key European e-commerce enablers (i.e., Shopware, Magento and
Prestashop);
- Extension of Group LAKA vertical propositions across countries
progressing incl. new data-enabled insights suite released in
Nordics, continued focus in evolving unattended capabilities for
hospitality and EV charging.
- Issuing Solutions, representing approximately 32% of
Group's total revenues, reported revenues of € 789.3 million, +6.9%
Y/Y. In 9M23, 14,269 million transactions were processed, +11.5%
Y/Y, with value of processed transactions at € 659.6 billion, +9.4%
Y/Y. Transaction volumes showed a sustained growth versus last
year, mainly driven by international schemes. In 3Q23, Issuing
Solutions reached € 272.8 million of revenues, +4.5% Y/Y. In
particular, the quarterly performance has been affected by a not
linear project phasing among quarters.
- Digital Banking Solutions, representing approximately
11% of Group's total revenues, reported revenues of € 268.7
million, +1.3% Y/Y. In 3Q23, Digital Banking Solutions reached €
94.6 million of revenues, +3.3% Y/Y, sustained by volume growth and
positive commercial performance.
In 9M23, Total Costs were at € 1,181.1 million, up by
3.8% Y/Y thanks to operating leverage, cost control and synergies,
partially offsetting inflationary pressure. In 3Q23 Total Costs
were at € 375.9 million, +1.3% versus 3Q22.
As of September 30th 2023, the Net Financial Debt was
down to € 5,348 million, while the Net Financial Debt / EBITDA
ratio decreased at 3.1x, in line with plan. The pro-forma Net
Financial Debt / EBITDA ratio including the run-rate synergies was
at ~2.8x. The weighted average debt maturity is ~3.3 years with an
average pre-tax cash cost of debt substantially stable at
~2.84%.
In 9M23 Group strategy execution and synergies’ delivery
progressed well, with further efficiencies and synergies expected
on the back of Group integration.
Moreover, in the context of the portfolio rationalization and
simplification announced at the Capital Markets Day, today Nexi
signed the disposal of the Nordic eID business to IN Groupe - a
leading global identity and secure digital services provider - for
up to € 127.5 million3, of which € 90 million of upfront
consideration and up to € 37.5 million of earn-outs subject to the
achievement of certain financial targets. This business, already
classified as “asset held for sale” from 2023, provides digital
identity solutions in the Nordics to Banks, Corporates and public
sector and is expected to generate c. € 11 million4 run-rate EBITDA
in 2023. The closing is expected by the summer 2024, subject to
several closing conditions including, inter alia, regulatory
approval in Denmark.
Nexi confirms the 2023 Guidance:
- Net revenues: more than 7% Y/Y growth;
- EBITDA: more than 10% Y/Y growth;
- Excess cash generation: at least € 600 million5;
- Net leverage: ~2.9x EBITDA (~2.6x EBITDA incl. run-rate
synergies);
- Normalised EPS: more than 10% Y/Y growth.
* * *
Pursuant to paragraph 2 of article 154 bis of the Consolidated
Finance Act, the undersigned, Enrico Marchini, in his capacity as
the manager in charge of preparing Nexi’s financial reports,
declares that the accounting information contained in this press
release corresponds to the accounting documents, books and records
of Nexi S.p.A..
* * *
Disclaimer: This is the English translation of the original
Italian press release “Approvati i risultati finanziari di Gruppo
al 30 settembre 2023”. In any case of discrepancy between the
English and the Italian versions, the original Italian document is
to be given priority of interpretation for legal purposes.
Nexi
Nexi is Europe's PayTech company operating in high-growth,
attractive European markets and technologically advanced countries.
Listed on Euronext Milan, Nexi has the scale, geographic reach and
abilities to drive the transition to a cashless Europe. With its
portfolio of innovative products, e-commerce expertise and
industry-specific solutions, Nexi provides flexible support for the
digital economy and the entire payment ecosystem globally, across a
broad range of different payment channels and methods. Nexi’s
technological platform and the best-in-class professional skills in
the sector enable the company to operate at its best in three
market segments: Merchant Solutions, Issuing Solutions and Digital
Banking Solutions. Nexi constantly invests in technology and
innovation, focusing on two fundamental principles: meeting,
together with its partner banks, customer needs and creating new
business opportunities for them. Nexi is committed to supporting
people and businesses of all sizes, transforming the way people pay
and businesses accept payments. It offers companies the most
innovative and reliable solutions to better serve their customers
and expand. By simplifying payments and enabling people and
businesses to build closer relationships and grow together, Nexi
promotes progress to benefit everyone.
https://www.nexigroup.com/en/ www.nexigroup.com
________________________
1 2022 and 2023 pro-forma normalised managerial data at constant
FX and scope (for the M&A recently closed - i.e. ISP merchant
book acquisition in Croatia). 2 Volumes data include sales,
International schemes and exclude SIA. For Italy: data also include
national schemes for ISP merchant book only. For Nordics and DACH
region: data include regular business and exclude non-card based
transactions from e-commerce. 3 Not included in Capital Markets Day
targets. 4 Managerial data. 5 Gross of c.100€M deferred taxes in
2023.
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version on businesswire.com: https://www.businesswire.com/news/home/20231108168578/en/
Nexi - External Communication &
Media Relations
Daniele de Sanctis daniele.desanctis@nexigroup.com
Mobile: +39 346/015.1000
Matteo Abbondanza matteo.abbondanza@nexigroup.com Mobile:
+39.348/406.8858
Søren Winge soeren.winge@nexigroup.com Mobile: +45 29 48
26 35
Danja Giacomin danja.giacomin@nexigroup.com Mobile:
+39.334/225.6777
Nexi - Investor Relations
Stefania Mantegazza stefania.mantegazza@nexigroup.com
Mobile: +39.335.5805703 Direct: +39 02/3488.8216
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