(Alliance News) - Nexi Spa reported Thursday that it closed the first quarter with revenues up 6.0 percent to EUR781.6 million from EUR737.6 million recorded as of March 31, 2023.

Ebitda was EUR361.7 million, up 8.6 percent from EUR333.1 million in the first three months of 2023. Ebitda margin reached 46 percent, up 112 basis points from the first quarter a year earlier, "partly due to the faster realization of efficiencies and cost synergies in light of the group integration," the note said.

In the first quarter of 2024, total costs amounted to EUR419.9 million, up 3.8 percent year-on-year, "mainly due to operating leverage and the realization of efficiencies and synergies, as well as some phasing effects, despite increased volumes and business and inflationary pressure," Nexi points out.

Net operating financial position decreased to EUR5.04 billion million and the NFP/Ebitda ratio decreased to 2.8x.

The weighted average maturity of debt is about 2.8 years with a substantially stable average cash cost of debt before tax compared to the full year 2023 of about 2.9 percent. With reference to the debt maturing in the period 2024-2025 of approximately EUR1.3 billion, Nexi confirms its full repayment plans with existing cash; in particular, it is noted that approximately EUR220 million has already been repaid in April.

In addition, Nexi announced the start of the share buyback program up to a maximum of EUR500 million to be completed by October 31, 2025, which was already approved by the shareholders' meeting on April 30.

For 2024, in light of a persistent complex macroeconomic scenario, Nexi confirmed the following year-on-year targets: revenues with mid-single digit growth; Ebitda with mid-to-high single digit growth, with a margin expansion of more than 100 basis points; excess cash generation at more than EUR700 million; net financial leverage decreasing below 2.9x Ebitda, including M&A transactions already announced and the effects of the share buyback program.

Nexi's stock on Wednesday closed in the green by 0.4 percent at EUR5.70 per share.

By Chiara Bruschi, Alliance News reporter

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