Management confirmed the financial targets for the entire financial year.
NEXI – a company listed on the FTSEMib and active in the digital payments sector – has communicated the economic and financial data for the 1st quarter of 2024, better results than the analysts’ consensus.
The management confirmed the financial targets for the entire financial year.
In detail, NEXI ended last quarter with revenues for 781.6 million euros, an increase of 6% compared to the 737.6 million obtained in the first three months of the previous financial year. The consensus of analysts, published on the company’s website, indicated revenues of 776 million euros.
Also increasing gross operating margin (+8.6%), which went from 333.1 million to 361.7 million euros, also thanks to the faster realization of efficiencies and cost synergies in light of the integration of the group; consequently, the margin was 46%. The EBITDA figure was better than the analysts’ consensus (355 million euros), while the margin was indicated at 45.7%.
At the end of March 2024 thenet debt of NEXI amounted to 5.04 billion euros. On the same date the Net Financial Position/EBITDA ratio it was 2.8x, down from 3.3x at the beginning of the year. The weighted average maturity of the debt is approximately 2.8 years with an average cash cost of the debt before taxes substantially stable compared to 2023, equal to approximately 2.86%.
Based on quarterly financial results NEXI has confirmed its financial targets for 2024.
The company expects mid-single digit revenue growth (approximately 5%) and mid-to-high single digit EBITDA growth (between 5% and 10%), with excess cash generation of over €700 million EUR.
Net leverage is expected to decrease to below 2.9x EBITDA, including previously announced M&A transactions and the effects of the share buyback program (around 2.6x on an organic basis).
