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Investing.com -- Nexi (BIT:NEXII), the Italian payment technology company, reported a 4% increase in its Q1 revenues, reaching €810m ($980m), a figure that aligns with the company’s estimates.
This growth was primarily driven by a 5% rise in Merchant Solutions to €458m ($554m), and a 3% increase in Issuing Solutions to €266m ($322m). The company attributes the growth to sales volume expansion in Italy, DACH (Germany, Austria, and Switzerland), and Poland.
The company’s EBITDA also saw a 7% increase, reaching €387m ($469m), or a 48% margin, surpassing estimates by 2%. This growth was primarily due to a 1% increase in operational expenses, largely offset by a 5% reduction in personnel costs. The company’s net debt stood at €4.8bn ($5.8bn) at the end of March, down from €5bn ($6bn) at the end of December.
Nexi also announced the start of a share buyback program, which was initially announced in February. The company will repurchase €300m ($363m) of its shares, starting on 21 May and ending on 31 December. Additionally, the company will distribute a €300m ($363m) dividend, equivalent to €0.25 ($0.30) per share.
Despite the positive financial results and the announcement of the share buyback program and dividend, Nexi’s shares dropped by 0.5%.
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