Focus on Near-Term Headwinds and FCF Generation Driving Capital Returns

Goldman Sachs maintains its Neutral rating on Nexi following 1Q26 results that were in line with expectations. While near-term growth is pressured by contract renegotiations, strong free cash flow generation remains a key support for capital returns.

Key Takeaways

• 1.1Q26 results were broadly in line with consensus with revenue growth of c.1% yoy and an EBITDA margin of 48.3%.
• 2.Near-term growth visibility remains limited due to ongoing bank contract re-negotiations in Merchant Services and persistent CDP headwinds.
• 3.Despite growth headwinds, Nexi is expected to maintain a strong free cash flow generation profile to support ongoing capital returns.

Table of Contents

• Changes to estimates
• Price target risks and methodology
• Disclosure Appendix
• GS Factor Profile
• M&A Rank
• Quantum
• Disclosures
• Company-specific regulatory disclosures
• Distribution of ratings/investment banking relationships
• Price target and rating history chart(s)
• Target price history table(s)
• Regulatory disclosures

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