Nexi SpA

NEXI: XMIL (ITA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Nexi Earnings: Good Cost Control Stands Out as Margins Expand

Niklas Kammer

May 8, 2025

Nexi reported first-quarter 2025 revenue growth of 3.7%, in line with company-compiled consensus estimates. The Italian payment services provider showed good cost control, with total costs climbing 0.8% versus 2.3% consensus estimates. Efficiency measures taken last year reduced personnel expenses by 5.4%, while operating costs grew 6.8% due to higher volumes and business growth. EBITDA of EUR 386.9 million, up 7.1%, benefited from this positive operating leverage effect. The EBITDA margin expanded to 48% from 46% previously. We maintain our EUR 10.40 fair value estimate and narrow moat rating.

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Nexi SpA

Nexi Earnings: Good Cost Control Stands Out as Margins Expand

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