Nexi Earnings: Volume Normalisation a Headwind, but Margin Expansion Is Positive

Nexi reported second-quarter EBITDA of EUR 436.1 million, up 10.1% from the same period a year ago, on a good performance in merchant solutions and issuing solutions. Costs saw a normalisation in the second quarter, growing 4.4% overall, which, paired with a 7.3% revenue growth, culminated in an EBITDA margin expansion of 132 basis points to 52.2%. We maintain our EUR 15.8 per share fair value estimate and narrow moat rating.