Worldline Reports 2025 Results in Line with Forecasts Despite Business Downturn
The European leader in payment services released its 2025 results on Thursday, showing a revenue of 4.0 billion euros, down by 2.7%, and an adjusted EBITDA margin of 18.3%. The group is accelerating its operational recovery and completing its strategic divestiture program.
Financial Performance Overview
Worldline recorded a revenue of 4,030 million euros in 2025, a decrease of 2.7% compared to the previous year. The Merchant Services segment generated 3,238 million euros, marking an organic decline of 1.4%. This performance was impacted by the completion of high-risk merchant portfolio terminations in the first half of the year and by challenges in terminal delivery, which were largely resolved by the end of the year. The Financial Services segment decreased by 7.7% to 792 million euros, affected by the termination of certain contracts, while the emissions processing activity remained stable. The group's adjusted EBITDA stood at 737 million euros, representing 18.3% of revenue, compared to 23.3% in 2024.
Completion of Divestiture Program
The divestiture program is nearing completion with the anticipated finalization of Worldline North America, Cetrel, and Payment IQ in the first quarter of 2026, while MeTS is expected to be divested in the second quarter. These divestitures will have an impact of approximately 900 million euros on revenue, 200 million euros on adjusted EBITDA, and 55 million euros on annual free cash flow. The free cash flow for 2025 stands at negative 26 million euros. The group's net debt amounts to 2,219 million euros, including lease contracts according to IFRS 16 standards, equivalent to three times the 2025 EBITDA. A capital increase of 500 million euros, approved by the general assembly on January 8, 2026, is set to be finalized in March and will strengthen the group's financial structure.
North Star 2030 Transformation
The North Star 2030 transformation, announced in November 2025, aims to generate an annual recurring adjusted EBITDA of 210 million euros by 2030. Significant progress was observed in 2025 across its four pillars. The convergence towards target platforms advanced significantly with the decommissioning of four legacy platforms. Organizational simplification was realized through the reduction of hierarchical levels in Merchant Services and the liquidation of seven legal entities. The growth component began to yield positive results with a 15 million euro impact in the fourth quarter of 2025 due to value-based pricing.
