Business Wire
Group Financial Results as of December 31st 2023 Approved, Strong Margin Expansion and Excess Cash Generation at € 601 Million, € 500 Million Share Buy-Back Program
Business Wire
9 min read

In This Article:

  • 2023 guidance delivered

  • Revenues at € 3,361.7 million in FY23, +7.0% Y/Y

  • EBITDA at € 1,751.8 million in FY23, +10.0% Y/Y, with c. +146 bps EBITDA margin expansion

  • Strong Excess cash generation growth, at more than € 600 million in FY23

  • 2024 Guidance confirming continued margin expansion and strong cash generation growth despite a challenging macro outlook

  • Up to € 500 million share buy-back program over 18 months to be proposed to the next Shareholders’ Meeting

  • Non-cash technical impairment of goodwill and intangibles for € 1,256.8 million

MILANMILAN, March 07, 2024--(BUSINESS WIRE)--The Board of Directors of Nexi S.p.A. approved on March 6th the Group’s consolidated financial results as of December 31st 2023.

"In 2023, we have continued our growth journey across all geographies, we have further increased our margins, and significantly accelerated cash generation. Additionally, we have made further progress in product innovation, in the modernization of our technological platforms, in the strengthening of our skills, and in the integration of our organization, which allows us to further accelerate efficiency and synergies," commented Paolo Bertoluzzo, CEO of Nexi Group. "Looking ahead, despite a still uncertain macroeconomic outlook, we expect to continue to expand our margins and significantly increase the cash generation, returning to accelerate revenues in the medium term, also thanks to new drivers of growth such as eCommerce, Germany, and Spain, which we recently acquired. Given this outlook, we are entering a new phase in terms of capital allocation: we have decided to initiate the process of returning capital to our shareholders, while continuing the ongoing reduction of financial leverage and sustaining the investments in the organic development of the business. For this reason, we will propose to the Shareholders' General Meeting to start a significant buy-back program, with the conviction that this is the most effective way to create value for our shareholders in this phase. This progress is possible thanks to the continued trust of our Customers, the support of our Partners, and the extraordinary contribution of the People of Nexi."

Key consolidated financial managerial results1

In FY23 the Group delivered revenues at € 3,361.7 million, +7.0% versus FY22, and EBITDA at € 1,751.8 million, +10.0% versus FY22. The EBITDA margin was at 52%, up by 146 basis points compared to FY22, also thanks to the accelerating efficiencies and synergies delivery on the back of Group integration.

4Q23 revenues reached € 912.9 million, +6.8% versus 4Q22. 4Q23 EBITDA was at € 484.1 million, +9.7% versus 4Q22, with EBITDA margin at 53%, up by 139 basis points compared to 4Q22.

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