Nexi (BIT:NEXII) SpA, the European payments giant, reported a 5% year-on-year revenue increase for Q3 to EUR 871.7 million ($933.7 million) today, matching analyst forecasts. This growth was largely driven by its merchant solutions division, which saw a 5.6% increase to EUR 504.3 million. The company's EBITDA also climbed 8% to EUR 495.8 million, while total costs were at EUR 375.9 million.
Despite challenges in the macroeconomic environment and concerns over inflated valuations in Europe's fintech industry, Nexi continues to outperform, with acquiring volumes expanding across all geographies. The company confirmed its annual outlook of a 7% revenue rise and expects to generate €600 million ($643 million) surplus cash.
The company's net financial debt, primarily fixed-rate, dropped to €5.35 billion from €5.42 billion in June. As part of its rationalization and simplification strategy, Nexi sold its Nordic digital identity solutions unit, eID, to IN Groupe for up to €127.5 million.
These developments come amidst ongoing negotiations with UniCredit over processing services deal terms and speculation about potential interest from firms like CVC Capital Partners in acquiring Nexi. This follows Nexi's aggressive acquisition strategy as seen with the purchase of Nets A/S.
Despite economic warnings and sales outlook reductions from competitors like Worldline SA, Nexi maintains a positive outlook for the year with over 7% net revenue and more than 10% Ebitda growth forecast.
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