Worldline: Merchant Growth Masks a Mixed Q1
Worldline reported on Tuesday a first-quarter 2026 revenue of 831 million euros excluding disposals, a marginal decrease of 0.5% year-on-year. The European payments leader posted results in line with expectations, with the first growth in Merchant Services since Q4 2024, but remains hindered by a 7.4% decline in Financial Services, still impacted by lost contracts. However, the group is strengthening its strategic position by finalizing its refocus (announced Australian and New Zealand disposals) and by raising 500 million euros in March, elements intended to accelerate the North Star 2030 transformation plan.
Merchant Services Up, Financial Services Still Weakened
The Merchant Services division reported revenue of 652 million euros in Q1 2026, up 1.6% from Q1 2025, marking a return to growth since Q4 2024. The merchant acquisition business volume increased by 3.5%, supported by the dynamics of both physical and online channels. This is the first positive momentum recorded in this activity after four quarters of near-stagnation. The Financial Services division, on the other hand, recorded revenue of 179 million euros, down 7.4% from Q1 2025. This contraction extends a previous negative trend, linked to the termination of previously lost contracts. However, Worldline indicates that its commercial momentum in this segment remains solid and should gradually generate additional implementation revenues from the second half of 2026, given the long sales cycles characteristic of the sector.
Portfolio Refocusing Completed, Financial Profile Strengthened
Worldline announced the sale of its 51% stake in ANZ Worldline Payment Solutions to its partner ANZ for an enterprise value of approximately 107 million euros, expected in the second half of 2026. The group also announced on April 14 that it has entered into exclusive negotiations with Cuscal for the sale of its payment activities in New Zealand, for an estimated value of about 17 million euros. These two projects finalize the group's refocusing program on its payment activities in Europe. The cumulative net proceeds from the announced disposals (including MeTS, Worldline North America, Cetrel, PaymentIQ, Worldline India, Worldline New Zealand, and ANZ) are estimated between 590 and 640 million euros in cash terms, of which 225 million have already been received. This revitalization of the balance sheet adds to the success of the 500 million euros capital increase completed in March 2026 (subscription rate of 121%), which enhances the group's strategic flexibility and its ability to redeploy capital towards core activities.
2026 Guidance Confirmed, North Star Plan in Execution
Worldline confirms its 2026 outlook (excluding disposals), despite a geopolitical context that the group describes as requiring caution. The North Star 2030 transformation plan, announced in November 2025, aims to generate an additional 210 million euros in recurring adjusted EBITDA by 2030 on an annual basis. This plan is currently being executed with major milestones reached as planned. For 2026, the impact of disposals in the Pacific on the group's revenue, adjusted EBITDA, and cash flow is estimated at approximately 225 million euros, 30 million euros, and -30 million euros, respectively. The group also highlights that a share consolidation at a 40 to 1 ratio is expected to begin on May 14, 2026, with delivery of new shares scheduled for June 17, 2026. Group CEO Pierre-Antoine Vacheron states that Worldline is 'on the right track' and remains 'committed to restoring sustainable growth and cash generation.'
