Q1'26 recap: A good start with healthy underlying metrics momentum

研报英文原文证据摘录

Q1'26 recap: A good start with healthy underlying metrics momentum

Israel | Payments, Processors & IT Services

Nayax EquityMayResearch14, 2026

TARGET | ESTIMATE CHANGEQ1'26 recap: A good start with healthy

RATING BUYunderlying metrics momentum

PRICE ILS190.00^

Q1 beat was driven by strong hardware sales, more than compensating

ILS221.00 (ILS210.00) |

for the miss in payment processing, while favourable FX (strong ILS) also PRICE TARGET | % TO PT +16%

helped. Given ILS modestly strengthened further, we see FX tailwinds 52W HIGH-LOW ILS215.40 - ILS116.10

persisting in 2026, further derisking organic growth guidance. With FLOAT (%) | ADV MM (USD) 39.2% | 16.85

underlying metrics (customer, managed devices) strong, we believe MARKET CAP ILS7.1B | $2.4B

Nayax's current momentum can continue, albeit current valuation already TICKER NYAX IT

includes some inorganic growth. ^Prior trading day's closing price unless otherwise

noted.

Q1 Recap: RATING BUY

The Positives: (1) Q1 beat with +26% organic (NYAX-def) is a good start, and with FX TICKER NYAX

tailwinds likely to persist for the greater part of the year, 2026 guidance feels achievable; PRICE $68.51^

(2) Hardware sales continue to perform, partly pushed due to the 2G upgrade cycle which PRICE TARGET | % TO PT $79.80 ($65.22) | +16%

came through later than expected as VPOS Media for Europe wasn't ready yet in mid-2025;

(3) Customer net adds (+5k) remained strong; pointing to the experienced strong underlying

growth momentum. FY (Dec) CHANGE TO JEFe JEF vs CONS

2026 2027 2026 2027

The Negatives: (1) TPV solid, but still below our expectations, despite FX tailwinds, pointing REV NM NM +2% +1%

towards fewer EV tailwinds than we anticipated, which is more likely a timing than execution EPS +12% +5% +7% +3%