Nexi to generate 2.8 billion euros for M&A, buybacks in 2023-25 By Reuters

© Reuters. FILE PHOTO: The logo of Italian payments group Nexi is pictured inside their headquarters in Milan, Italy, March 28, 2019. REUTERS/Alessandro Garofalo/

MILAN (Reuters) – Nexi (BIT:) expects to generate around 2.8 billion euros ($2.7 billion) in excess cash in 2023-2025, which it can use for mergers and acquitisions or to return capital to shareholders, Europe’s biggest payments group by volume said on Tuesday.

Under a new strategic plan, Milan-based Nexi forecast average annual revenue growth of 9% between 2021 and 2025, to around 4.2 billion euros, with a 14% annual rise in core profit over the same period.

Nexi became a top European payments group rivalling France’s Worldline through the acquisition of domestic peer SIA and Denmark’s Nets.

“The European payments market is complex and fragmented, and we love it,” CEO Paolo Bertoluzzo said.

($1 = 1.0378 euros)

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