Worldline: organic revenue growth of 2.5% in third quarter, net revenue down 1%
Worldline published on October 27, 2026 a third quarter whose growth is driven by merchant services, while banking activities remain in decline. Excluding commissions paid back to card networks and partners, the group's net-net revenue falls by 1.0%. This gap clarifies the nature of the published progression.
The European payment specialist also completed its disposal program, with the sale of its Australian and Indian activities in July and August 2026.
€946 million in revenue, driven by merchant services
The refocused scope excludes divested activities. On this basis and at constant exchange rates, third quarter 2026 revenue reaches €946 million, compared to €922 million a year earlier, representing organic growth of 2.5%. On a reported basis, it stands at €967 million, up 2.0% organically.
Third quarter 2025 reported revenue, before restatement, was €1,148.8 million. In the reconciliation provided by the group, scope effects related to disposals represent €226.1 million.
The Merchant Services division, which includes merchant services, totals €759 million, up 4.0% organically. The value of merchant transactions grows by 3.4%.
Small and medium merchants show single-digit low growth, large account customers show high single-digit growth, and Global Commerce activity returns to single-digit low growth.
Within large accounts, the mobility and self-service division records a rise of approximately 10% in its revenue. Its orders have progressed by 15% since the beginning of the year. In Global Commerce, Global Collect grows by more than 10%, which offsets anticipated attrition and risk reduction in the pure acquisition portfolio.
Net-net revenue stable among merchants, down among banks
The group also publishes net-net revenue, which excludes card network and partner commissions to facilitate comparison with its peers. On this basis, Merchant Services is stable at €517.1 million compared to €516.9 million, a first since second quarter 2024 according to the group.
The division's card network and partner commissions increase from €212.9 million to €242.1 million. The increase in revenue generated with merchants therefore incorporates a larger share of amounts paid back.
The Financial Services division, which serves financial institutions, achieves €186 million. It declines by 3.3% organically, and by 5.1% excluding positive non-recurring income. The group attributes this decline to the effects of termination of legacy contracts, notably in card issuance.
The division's order intake, however, progresses by 91% since the beginning of the year. In total, the group's net-net revenue stands at €700.7 million, compared to €707.8 million, representing organic decline of 1.0%.
Disposals completed and adjusted EBITDA of €630 to €650 million confirmed
On the operational front, the customer satisfaction index NPS reaches 40, up 10 points compared to 2025. The migration of the Ogone portfolio for small and medium merchants to the GoPay platform is 98% complete, and four platforms have been closed since the beginning of the year.
Headcount in Western Europe declines by approximately 4% over the same period, with a confirmed target of 500 full-time equivalents fewer by year-end.
The group finalized on July 31, 2026 the sale of its 51% stake in Worldline Australia to its partner ANZ, then on August 3, 2026 that of its Indian payment activities to BillDesk. It also signed a ten-year contract with SBB, the Swiss national railway operator.
On October 23, 2026, the stock fell nearly 60% over one year. According to the consensus of analysts surveyed, it trades at approximately 3.2 times expected earnings for the current fiscal year.
In retail trade, the group indicates that attrition materialized later than expected and anticipates its normalization in fourth quarter 2026. On the refocused scope, Worldline has confirmed targeting for 2026 flat to slightly positive organic revenue growth, as well as free cash flow between -€60 million and -€40 million.
The group also confirmed adjusted EBITDA between €630 million and €650 million, a range that brackets the level of €640 million included in the guidance associated with the 2025 fiscal year report, published on March 18, 2026.
