Nexi: Feedback from the Leadership Conference

Research evidence excerpt

Nexi: Feedback from the Leadership Conference

Equity Research

European Software & Payments

22 May 2026

Nexi

Feedback from the Leadership

Conference

We hosted investor meetings with Nexi's CEO, CFO and Head NEXII.MI/NEXI IM UNDERWEIGHT

NEUTRALof IR during our Leadership Conference yesterday. EuropeanPayments Software &

Discussions were essentially around bank contract renewals, Price Target EUR 2.60

the distribution model, macro and valuation. Overall, we note Price (21-May-26) EUR 3.43 Potential Upside/Downside -24.2%

Source: Bloomberg, Barclays Researchmanagement's neutral tone on macro and focus on company

valuation.

Grégoire Hermann, CAIA

Bank contract renewals - a recurring question: Since the CMD, investors have increasingly +44 (0)20 7773 1301

focused on the structural headwinds related to bank contract renewals, with discussions gregoire.hermann@barclays.com

centring on the timing of volume migration and the potential economic impact (notably using Barclays, UK

Banco BPM as a reference point). Nexi confirmed that, beyond Monte dei Paschi (BMPS) (in July Sven Merkt, CFA

2027) and BPER, no major renewals are expected before 2029. We note, however, that investor +44 (0)20 3134 1254

attention is likely to shift towards the 2029 renewal cycle as soon as 2028. Bank consolidation sven.merkt@barclays.com

remains outside of Nexi’s control, while pricing is expected to remain a recurring element of Barclays, UK

negotiations. Management indicated that the impact from BMPS is already reflected in current Alice Jennings

guidance. +44 (0)20 3134 9087

alice.jennings@barclays.com

Uncertain macro: Management flagged limited visibility on short-term trends, particularly Barclays, UK

around airlines and tourism, which remain somewhat difficult to assess at this stage. More