- Revenues at € 1,577.0 million in 1H23, +8.1% Y/Y; EBITDA at
€ 771.8 million in 1H23, +11.6% Y/Y, with a continued EBITDA margin
expansion of c.+153 bps
- Sustained volume growth in all geographies in 2Q23 despite
tough Y/Y comparison; accelerated volume growth in 1H23 across all
geographies vs 2019
- Continued acceleration on EBITDA minus Capex and
non-recurring cash items at +18% Y/Y
- 2023 Guidance confirmed
The Board of Directors of Nexi S.p.A. approved on July 31st the
Group’s consolidated financial results as of June 30th 2023.
“This first half of the year confirms a solid and profitable
growth in all our businesses and in the different geographic areas
in which we operate, despite the ongoing uncertain macroeconomic
situation," commented Paolo Bertoluzzo, CEO of Nexi Group. "We are
progressing with our development with great rationality and
discipline, investing in the areas with the greatest growth
potential, increasingly focusing our business portfolio and
accelerating cash generation, to the benefit of our shareholders.
In an increasingly competitive digital payments market, our goal
remains to strengthen our European leadership position in the
industry, supporting the digital development of the countries in
which we operate."
In 2Q23 the acquiring volumes1 registered a sustained volume
growth in all geographies, despite tough Y/Y comparison due to
Covid-19 re-openings in 2Q22. Compared to 2019, there has been an
acceleration of volumes in 1H23, reaching approximately 30%+ across
all geographies in June. The volume growth rates across different
categories started to converge towards more normalised levels, post
Covid-19.
Key consolidated financial managerial
results2
In 1H23 the Group delivered solid financial results, with
revenues reaching € 1,577.0 million, +8.1% versus 1H22, and EBITDA
reaching € 771.8 million, +11.6% versus 1H22. The EBITDA Margin was
at 49%, up by 153 basis points compared to 1H22. In 2Q23, revenues
reached € 835.3 million, +7.3% versus 2Q22 and EBITDA was at €
436.1 million, +10.1% versus 2Q22, with EBITDA Margin at 52%.
Nexi Group’s operating businesses delivered the following
results in 1H23:
Merchant Solutions, representing approximately 56% of
Group's total revenues, reported revenues of € 886.4 million, +9.8%
Y/Y. In 1H23 8,766 million transactions were processed, +14.9% Y/Y,
with value of processed transactions at € 392.0 billion, +9.7% Y/Y.
Transactions value growth continued across the Group, primarily
driven by international schemes, coupled with continued strong
growth of customer base and number of terminals.
In 2Q23, Merchant Solutions revenues reached € 473.9 million,
+8.3% Y/Y, despite tough Y/Y comparison.
The main initiatives realized in Merchant Solutions during 1H23
include:
- ISVs partnership: with new partnership wins in both ECRs and
vertical specialists in hospitality and retail;
- Progress on roll-out of SME capabilities and best practices
across markets. SoftPOS roll-out across geographies
progressing;
- Strategic partnership with Computop, the leading eCommerce
provider in Germany, strengthening our online and omnichannel
proposition across all verticals in DACH and beyond;
- Continued strengthening of the partnerships (e.g., with eCom
enabler Shopware). Additionally, a preferred partnership with
Shopify has been signed in Poland;
- Continued progress of LAKA propositions evolution, including
data-enabled insights suite in Nordics and progress in unattended
capabilities for hospitality & EV charging.
- Issuing Solutions, representing approximately 33% of
Group's total revenues, reported revenues of € 516.5 million, +8.2%
Y/Y. In 1H23 9,178 million transactions were processed, +12.2% Y/Y,
with value of processed transactions at € 425.4 billion, +9.3% Y/Y.
Transaction volumes showed a sustained growth versus last year,
mainly driven by international schemes. In 2Q23, Issuing Solutions
reached € 270.0 million of revenues, +8.2% Y/Y. In particular, the
quarterly performance in Italy has been sustained by positive
volume mix, acceleration of international debit, and one-off
contribution related to banks’ M&A.
- Digital Banking Solutions, representing approximately
11% of Group's total revenues, reported revenues of € 174.2
million, +0.3% Y/Y, with strong volume growth broadly offset by
impacts from banking consolidation in Italy in 2022. In 2Q23,
Digital Banking Solutions reached € 91.4 million of revenues,
stable Y/Y.
In 1H23, Total Costs were at € 805.2 million, up by 5.0%
Y/Y, due to volume and business growth, people investments in key
strategic areas and inflationary pressure. In 2Q23 Total Costs were
at € 399.2 million, +4.4% versus 2Q22, normalised after the peak in
1Q23.
Nexi confirmed its commitment on investments in technology and
innovation, with total Capex3 at € 230 million for 1H23,
equal to 15% net revenues. In particular, € 78 million were related
to transformation and integration initiatives, and € 152 million
were related to the ordinary innovation of products and services,
maintenance of high-quality services and security, POS and ATM
purchase and strategic one-off infrastructure renewals.
Continued strong reduction of transformation and integration
costs at € 54.0 million, down 25% versus 1H22; non-recurring
items below EBITDA decreased to € 79.1 million in 1H23.
During the semester the Group delivered strong EBITDA minus
Capex and non-recurring cash items performance at +18.4%
Y/Y.
Normalised net profit4 in 1H23 was € 295.0 million, with
normalised EPS at 0.22 € up by 8.0% Y/Y.
The excess cash generation was equal to € 270,5 million
in 1H23.
As of June 30th 2023, the Net Financial Debt was at €
5,422 million, while the Net Financial Debt/ EBITDA ratio reached
3.2x. The pro-forma Net Financial Debt / EBITDA ratio including the
run-rate synergies was at ~2.8x, in line with the plan. The
weighted average maturity is ~3.6 years with an average pre-tax
cash cost of debt at ~2.8%. 2024 maturities are expected to be met
with existing cash resources triggering a gross debt reduction.
Group strategy execution progressing well, with expected ~2.8€B
organic excess cash generated in 2023-25. At least € 1.5 billion
earmarked for debt reduction, still leaving plenty of room for
returning cash to shareholders and strategic value accretive
M&A.
2023 Guidance
Nexi confirms the 2023 Guidance in line with CMD medium-long
term growth ambition:
- Net revenues: more than 7% Y/Y growth;
- EBITDA: more than 10% Y/Y growth;
- Excess cash generation: at least € 600 million5;
- Net leverage: ~3.0x EBITDA (~2.7x EBITDA incl. run-rate
synergies) including the acquisition of Sabadell merchant book
(announced in February 2023, closing expected in 4Q23);
- Normalised EPS: more than 10% Y/Y growth.
Significant subsequent
events
In addition, Nexi informs that Mr. Jeffrey David Paduch, a
non-executive and non-independent Director, has submitted effective
as of 31 July 2023 his resignation due to new professional
commitments. The Board of Directors unanimously thanks Mr. Jeffrey
David Paduch for his professional contribution. Based on the
communications to the Company and to the public, at the time of the
resignation Mr. Jeffrey David Paduch does not hold any shares of
the Company.
In light of the above, the Board of Directors of the Company
during yesterday’s meeting, appointed by co-optation Mr. Francesco
Casiraghi as a non-executive and non-independent Director, after
the favorable opinion of the Board of Statutory Auditors. His
curriculum vitae is available on the website at the following link
www.nexigroup.com/en/group/governance/corporate-bodies/
Mr. Francesco Casiraghi will remain in post until the next
Shareholders' Meeting and, as of today, does not own any shares in
Nexi.
* * *
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..
Reported results under review by PricewaterhouseCoopers that
will release limited revision.
* * *
Disclaimer: This is the English translation of the original
Italian press release “Approvati i risultati finanziari di Gruppo
al 30 giugno 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. www.nexi.it/en
www.nexigroup.com
1H 2023 P&L – Reported vs
Normalised
Reported data at current FX with ISP merchant book acquisition
in Croatia consolidated from February 28th 2023. Normalised data
pro-forma for M&A (i.e. ISP merchant book acquisition in
Croatia consolidated from January 1st 2023), at constant FX and
excluding non‐recurring items and other one-offs (e.g. D&A of
customer contracts).
Income Statement
Balance Sheet
________________________ 1 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. 2 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). 3
Managerial figure. 4 Net profit to which non-recurring items and
D&A customer contracts are added back net of taxes. 5 Gross of
c.100€M deferred taxes in 2023.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230731462123/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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