Nexi raises coupon and writes down goodwill by EUR 3.7bn. The share price plummets on the stock exchange

Nexi , paytech specialising in solutions for banks, merchants, corporates and public administrations, closed 2025 with revenues of EUR 3,585m, up 2.1% on the same period in 2024 and ebitda up 2.3% to 1,904m. Cash generation, a note said, rose 12% to 806 million while net debt decreased to 2.6 times ebitda, after distributing about 600 million in coupons and buybacks. The dividend proposal rose 20% to EUR 0.3 per share, for a coupon payment of EUR 350 million. The company wrote down goodwill by about EUR 3.7 billion, resulting in a loss of EUR 3.4 billion, while normalised profit rose 7.2% to EUR 783.3 million.

Nexi's 2026-2028 business plan calls for the distribution of more than EUR1.1 billion in dividends over the three-year period, up 5% a year from the EUR0.3 coupon the company will pay in 2026, with a commitment to maintain investment grade status. Over the plan period, a note says, about EUR 2.4 billion of surplus capital is expected to be generated, of which about EUR 750 million in 2026, a year that will discount 'strategic investments and higher taxes'.

At the revenue level in 2026 a year-on-year growth substantially in line with 2025" is expected, with the merchant solutions division re-accelerating, while in 2028 "mid-single digit growth" will return. During this year, ebitda will remain 'broadly stable' in absolute terms 'after strategic investments', while from 2028 there will be a return to 'an expansion of the ebitda margin'.

The stock exchange, however, does not like it. The share price - which did not make an immediate price at the start - is down 20% to EUR 2.74, touching an all-time low. What disappointed the market were the lower-than-expected targets and the lack of a buyback plan.