A very dark day for Nexi on the stock market. The title of the digital payments company has lost almost 20% in Business Square, falling to around 2,64 euros per share, at lowest since 2020A collapse that worsens an already negative trend: the stock has fallen by 32% since the beginning of 2026 and by around 45% in the last twelve months. The sharp decline came after the presentation of the results and new business plan, which did not convince some investors. Analysts in fact judged cautious prospects of growth in the short term and below expectations of the market.
Nexi presents a long-term plan
Management led by the CEO Paul Bertoluzzo presented the strategy for the coming years during the Capital Markets Day, The first after a long four-year hiatus. The plan, called "The Enduring Platform to Power Cash Generation," aims to strengthen the group's cash generation and solidity in the medium to long term.
The company's idea is to focus on a more sustainable growth, including through investments in technology, new products, and artificial intelligence. "The market is not particularly calm at this time. That said, we have presented a plan that includes investments to ensure long-term sustainable growth," Bertoluzzo explained to reporters during the CMD.
The critical point, according to many investors, is that the growth Preview since short period appare rather slow. Revenues and EBITDA are in fact expected to increase around 2-3% in the next few years, while only from 2028 growth is expected to accelerate towards the so-called mid-single digit, that is, between 4% and 6%.
No share buyback
Another element that weighed on the title concerns the remuneration of shareholders. In recent years, Nexi had combined dividends with share buyback programs (buyback), which tend to support the price on the stock exchange. In new plan however does not foresee a buyback in 2026According to Bertoluzzo, this is precisely one of the points that has disappointed part of the market: “Perhaps some people expected a better return in the short term and some others, especially the American investors, expected a buyback,” he said.
The company prefers to focus on dividends, which this year will be equal to approximately 350 million euros, up from 300 million last year, with an estimated yield of close to 9%. The proposal will be submitted to the next shareholders' meeting Preview the 29 April 2026Overall, the group expects a distribution to shareholders of over 1,1 billion euros over the three-year period, a level that many investors, however, consider lower than expected.
Nexi: shares also weighed down by below-expected 2025 results.
The climate on the markets was also worsened by the numbers for the last quarter of 2025, slightly better results below expectations analysts. In the fourth quarter, revenues stopped at 942,5 million euros, substantially stable compared to the same period in 2024. The "underlying" growth of the business remains around 6%, but was slowed by the impact of some banking contracts.
Overall Nexi has closed 2025 with revenues up 2,1% to 3,59 billion euros, while the EBITDA rose 2,3% to 1,9 billion, with a edge Ebitda equal to 53,1%. The cash generation in excess rose to 806 million euros, while the net debt It stands at €4,94 billion, with a debt/EBITDA ratio down to 2,6x. Over the course of 2025, the group also repaid approximately €507 million in maturing debt, continuing its debt reduction process following the major acquisitions of recent years.
For the 2026 the group also estimates a cash generation (free cash flow) of approximately 750 million euros, down from over 800 million in 2025, mainly due to higher taxes and increased investments.
The massive devaluation that weighs on the budget
A number also appeared in the accounts accounting write-down of goodwill for about 3,7 billion, linked to the acquisitions made in recent years in the payments sector. According to Bertoluzzo, this is a purely technical correction"It was done to realign the values of the acquisitions made a few years ago with the sector's market multiples, which have fallen significantly in recent years." The CEO emphasized that the transaction has no impact on cash flow and does not change the group's ability to generate cash or pay dividends. "Those acquisitions were not made for cash, but for paper," he explained, referring to the integrations of Nets and SIA.
Due to the devaluation Nexi closed 2025 with a accounting loss of approximately 3,4 billion, but excluding these extraordinary items, the “normalized” profit remains positive and growing, reaching 783 million euros.
Nexi in crisis: an increasingly competitive sector
Nexi operates in a increasingly crowded market. In addition to traditional payment operators, new fintechs and financial apps are entering, such as Revolut, which increases pressure on margins. Furthermore, in Italy, bank consolidation is leading to the renegotiation of many contracts, reducing part of the revenues for payment operators.
Bertoluzzo defended the group's strategy, emphasizing that Nexi is now a different company than it was in the past. "There's also a shift in our shareholder base: some investors years ago had bought a more growth-oriented stock, with less focus on cash flow. Today, we're a company that generates around €800 million in cash annually and returns value to shareholders."
According to the CEO, the strong cash generation demonstrates that the the title could have room for recovery: “If you look at the cash flow compared to the stock market valuation, there is a considerable gap to fill.”
Regarding speculation about a possible delisting, which has been circulating among analysts following the shareholder changes and the potential strengthening of Cassa Depositi e Prestiti's role, Bertoluzzo, however, cut short: "These are considerations that are not for management to make."
Today's plunge comes after a difficult few years on the stock market. Nexi shares were worth around 19 euros in 2021, around 8 euros in 2023, and are now trading below 3 euros. The main factors that have weighed on the company over time are the high debt accumulated after acquisitions and the slower growth prospects than envisioned when the group expanded.
