Worldline H1 2026 results

Gaining momentum and North Star execution on track

H1 2026 results on a fully pruned basis ¹

€1,736M External revenue¹ (-0.2% y/y organic growth)
€294M adjusted EBITDA¹, 16.9% adj. EBITDA margin
€(27)M free cash flow¹

Q2 2026 External revenue flat on a fully pruned basis¹

€904M External revenue¹ (flat y/y)
Merchant Services: accelerated growth (+2% y/y organic growth)
Financial Services: impacted by planned contract terminations (-6.9% y/y organic decline)

H1 2026 results on a published basis

On a published basis, revenue, adj. EBITDA and free cash flow respectively amount to €1,897M^{^[1]} (-1.3% organic decline), €328M² and €(35)M² in H1 2026
Net income from continuing operations at €(97)M² Group Share on a published² IFRS basis
Net debt reduced significantly to €1,165M² with successful completion of the capital increase and the divestment program, achieving already the reported leverage below 2x

Driving disciplined execution on all priorities

Improved momentum across Merchant Services markets and recent commercial wins in Financial Services
North Star: tangible milestones achieved so far in 2026
Enhanced cost discipline supporting EBITDA margin on NNR, 22% (+30 bps y/y)
Accelerated ramp up of Gen AI adoption across the board. Solid pace of new product introduction including the successful execution of the first European end-to-end agentic payment transaction

Outlook for FY 2026 on a fully pruned basis¹

Revenue growth outlook: flat to marginally positive (previously low-single digit organic growth), confirming anticipated dynamics in Merchant Services while reflecting timing effect in Financial Services’ commercial rebound
Adj. EBITDA outlook of €630M to €650M confirmed, supported by strong cost discipline and continued North Star execution
Free cash flow outlook improved to €(60)M–€(40)M (previously €(80)M–€(70)M), driven by tighter capital allocation and enhanced operational discipline

Paris, La Défense — 30 / 07 / 2026 Worldline [Euronext: WLN], a European leader in payment services, today announces its first-half 2026 results.

Press release

Pierre-Antoine Vacheron, CEO of Worldline, said: “H1 2026 marks an important step in Worldline’s turnaround and transformation. We have strengthened our balance sheet, reduced leverage and completed our portfolio pruning program, while maintaining momentum, notably in Merchant Services.

In Financial Services, while our current performance continues to reflect anticipated contract terminations and longer sales cycles, recent commercial wins reinforce our confidence in Worldline’s positioning and potential as a critical payment infrastructure partner for European financial institutions.

Platform convergence, product innovation, disciplined cost management and infusion of generative AI across the organisation are already delivering tangible benefits. Going into the second half of the year, we remain focused on accelerating commercial execution, executing our transformation roadmap with discipline, and advancing our ambition to become the European payments partner of choice for merchants and financial institutions.”

H1 2026 performance in published numbers

In € million	H1 2026**	H1 2025***	change
Published Revenue	1,897	1,970	(3.7%)
Net Net Revenue*	1,430	1,479	(3.3%)
Adjusted EBITDA	328	347	(5.5%)
% of Published revenue	17.3%	17.6%
% of Net Net Revenue	22.9%	23.5%
EBITDA	296	275	+7.6%
% of Published revenue	15.6%	14.0%
% of Net Net Revenue	20.7%	18.6%
Net income Group share	(97)	(4 247)
Normalized net income Group share	65	88	(26.1%)
% of statutory revenue	3.4%	4.5%
Free cash flow (FCF)	(35)	21	(268.2%)
Adjusted EBITDA to FCF conversion rate	-10.7%	6.0%
Closing net debt	1,165	2,191

* revenue excluding schemes and partner fees

** scope excl MeTS for the whole period (restated under IFRS 5), WL North America and PaymentIQ starting March 2026, Cetrel starting May 2026 and WL New Zealand starting June 2026

*** scope excl. MeTS only

In the table below, H1 2025 figures are restated to reflect changes in scope and YTD June 2026 exchange rates. Therefore scope for H1 2025 in the below table exclude MeTS for the whole period, WL North America and PaymentIQ starting March 2025, Cetrel starting May 2025 and WL New Zealand starting June 2025.

	Revenue			Adjusted EBITDA			Adjusted EBITDA %

In € million	H1 2026	H1 2025*	Organic change	H1 2026	H1 2025*	Organic change	H1 2026	H1 2025*	Organic change
Merchant Services	1 530	1 526	+0.3%	293	272	+7.9%	19.2%	17.8%	*+1.4 pts*
Financial Services	367	395	-7.1%	69	87	-20.4%	18.8%	22.0%	*-3.1 pts*
Corporate				(34)	(32)		-1.8%	-1.7%
Worldline	1 897	1 921	-1.3%	328	327	+0.4%	17.3%	17.0%	*+0.3 pts*

* At constant scope (ie. for both H125 and H226 excl MeTS for the whole period under IFRS 5, WL North America and PaymentIQ starting March, Cetrel starting May and WL New Zealand starting June) and average YTD June 2026 exchange rates

Worldline’s H1 2026 revenue reached €1,897 million, down 1.3% organically vs. H1 2025.

Merchant Services reported €1,530 million in external revenue in H1 2026, representing a 0.3% organic growth. Adjusted EBITDA totaled €293 million, representing 19.2% of revenue supported by ongoing cost discipline.

Financial Services achieved €367 million in revenue in H1 2026, representing a 7.1% organic decline, reflecting the impact of previously terminated contracts. Adjusted EBITDA reached €69 million, representing 18.8% of revenue, as a result of lower sales.

Corporate costs amounted to €34 million in H1 2026 (€32 million in H1 2025). The Group’s adjusted EBITDA therefore reached €328 million in H1 2026 (17.3% of revenue).

The net income Group share came in at €(97) million. On a normalised basis (excluding other operating income, net of tax, and asset impairments), the Group's net income share reached €65 million.

Normalised basic and diluted EPS were both €2.04 in H1 2026, versus €12.49 in H1 2025.

Free cash flow was €(35) million. It mainly reflects:

Lower rationalisation and integration costs of €45m (vs. €112m in H1 25)
Capex of €121m, below last year’s level of €125m;
A working capital outflow of €61m.

At the end of H1 2026, the Group's net debt totaled €1,165 million, including leases under IFRS 16. As of June 30, Worldline had cash of €1,847 million. Net of the July 2026 convertible bond repayment of €414 million, Worldline’s cash is €1,433 million.

In addition, Worldline entered in July 2024 into a €1,125 million Revolving Credit Facility (“RCF”) maturing in July 2029, with two one-year extension options at the lenders’ discretion, which remains fully undrawn as of June 2026.

In May 2025, Worldline obtained approval of all lenders for the 1^st extension of one year. The 2^nd extension of the RCF was approved in June 2026 for a total amount of €900m. Therefore the total facility amount until July 2030 is €1,125 million, and between July 2030 and the final maturity of July 2031 it is €900 million.

H1 2026 performance on a fully pruned basis

	Revenue			Adjusted EBITDA			Adjusted EBITDA %

In € million	H1 2026	H1 2025*	Organic change	H1 2026	H1 2025*	Organic change	H1 2026	H1 2025*	Organic change
Merchant Services	1 373	1 349	+1.8%	261	247	+5.4%	19.0%	18.3%	*+0.7 pts*
Financial Services	362	390	(7.1)%	67	84	(20.0)%	18.5%	21.4%	*-3.0 pts*
Corporate				(34)	(32)		(1.9)%	(1.8)%
Worldline	1 735	1 739	(0.2)%	294	299	(1.8)%	16.9%	17.2%	*+0.3 pts*

* at constant scope (fully pruned) and average YTD June 2026 exchange rates

Worldline’s H1 2026 revenue reached €1,736 million, down 0.2% versus H1 2025.

Merchant Services reported €1,373 million in external revenue, growing 1.8% vs H1 2025 (down 1.4% on a net net basis), on the back of Merchant volumes (MSV) growing c. 4%. Merchant Services benefitted from continued growth in Germany, Italy, Greece, Nordics in the SMB markets, sustained momentum in Mobility and Self-service and a return to growth in Global Collect, promisingly repositioned on travel and digital segments. Adjusted EBITDA totaled €261 million, representing 19.0% of revenue thanks to solid cost discipline.

Financial Services achieved €363 million in revenue in H1 2026, representing a 7.1% organic decline, reflecting the impact of previously terminated contracts. Adjusted EBITDA reached €67 million, or 18.5% of revenue, as a result of lower sales.

Corporate costs amounted to €34 million in H1 2026 (€32 million in H1 2025). The Group’s adjusted EBITDA therefore reached €294 million in H1 2026 (16.9% of revenue).

Q2 2026 revenue by Global Business Line (fully pruned)

	Revenue

In € million	Q2 2026	Q2 2025*	Organic growth	Organic growth (NNR)
Merchant Services	721	707	+2.0%	(2.1%)
Financial Services	183	197	(6.9%)	(6.8%)
Worldline	904	904	+0.0%	(3.4%)

*at fully pruned scope and constant exchange rates

Worldline’s Q2 2026 revenue reached €904 million, flat vs Q2 2025. By division, the performance was the following:

Merchant Services

Merchant Services’ revenue in Q2 2026 amounted to €721 million, an increase of 2.0% vs Q2 2025, and a decline of 2.1% on a net net revenue basis.

The performance by go-to market was the following:

SMB: Good growth in acquiring driven by a continued positive performance in the Nordics, Germany, Greece, Italy and Central & Eastern Europe. Switzerland is showing signs of improvement with Q2 sequentially better than Q1, and Benelux is still turning around. Acceptance is lower, impacted by churn linked to the migration from SMB portfolios to GoPay;
Enterprise: Self-service and Mobility is continuing to deliver strong growth, driven by Petrol & transportation and promising geographic expansion, while MSV and transaction volumes, continued to increase at a mid‑single‑digit rate. Retail is stable. During the quarter, the Group extended certain partnerships in the Mobility & Self-Service and Consumer Goods verticals. Notably, it won a significant contract with the Independent Authority for Public Revenue in Greece to enable the clearing of non-domestic cards via the DIAS NSP platform (Greek hub for credit transfers and direct debits). Additionally, Salesforce Commerce Cloud (SFCC) was connected to Worldline’s commerce platform, mainly operating in Germany and Austria, opening the omnichannel portfolio for all users of SFCC as their shop system;
Global Commerce: While the division remains impacted by anticipated churn and proactive portfolio derisking, it is now well advanced in its turnaround, on the back of the return to growth of the Global Collect entity. The refocused operating model leverages a fully modernised stack and benefits of Worldline acquiring to regain momentum in its two core segments, travel and digital. In the period, Global Collect has increased share of wallets with major brands, through geographic expansion and additional payments methods, while winning new clients. Global Collect has successfully piloted Wero with a major airline, has been the first European operator of Click to pay for recurring payments while being ready for agentic commerce.

Financial Services

Q2 2026 revenue reached €183 million, a 6.9% decrease compared to Q2 2025, due to previously identified client terminations. Order intakes and build revenue recognition have been taking more time to materialise in the context of the turnaround. The underlying commercial dynamic is positive, which should lead to a progressive improvement.

The performance by segment was the following:

Issuing: Revenue decline driven by anticipated contract terminations while new project deliveries are partially offsetting the decline. A major externalisation deal was signed in the Netherlands early July with ABN Amro/ICS to manage their credit card portfolio, confirming the positioning and potential of Worldline value proposition in this domain;
Acquiring: the company has positive volume developments in most regions (Germany, France and Belgium) and is supporting clients in developing Wero acceptance;
Account & Instant Payments: Legacy contract terminations led to lower revenues, though this impact was partly mitigated by volume growth in Instant Payments and CSM, alongside strong commercial momentum in account-to-account (A2A) infrastructure connectivity via the Worldline Service Bureau;
Digital Services & Fraud: Revenue growth was driven by ACS, wallet solutions, and trusted authentication, backed by strong volumes in France and Belgium and the successful execution of the first European end-to-end agentic payment transactions.
In the second quarter, Worldline recorded a number of wins, including the following:
Worldline announced a partnership with ABN Amro/ICS for the outsourcing of payments operations, including credit card issuing, transaction processing, the IT platform and customer services.
Worldline also signed a partnership supporting the Centrale Bank van Aruba and the Centrale Bank van Curaçao en Sint Maarten with one domestic Verification of Payee scheme, adding a key fraud layer protecting on-island and cross-island transactions.
Worldline will support BNP Paribas in the Netherlands to migrate to Wero and will continue to process Wero when the Dutch market shifts to Wero in 2028.

Innovation highlights

Worldline strengthened its innovation capacity during H1 2026 through both near-term product innovation and the development of next-generation payment ecosystems.

The Group became the first payment provider in Europe to enable Click to Pay for recurring payments, extending one-click checkout across the full subscription lifecycle for merchants. Worldline also expanded its payment ecosystem through strategic partnerships with Klarna, Circle and open USD, broadening access to alternative payment methods and new settlement capabilities.

Looking further ahead, Worldline contributed to shape the future of payments in Europe. The Group executed the first end-to-end agentic payment transactions in production environments across three European countries, demonstrating how AI-powered commerce can operate securely within existing payment frameworks. In addition, Worldline was selected by the European Central Bank to participate in the Digital Euro pilot programme, reflecting its unique ability to connect merchants, banks, payment schemes and payment infrastructures across the European payments ecosystem.

Worldline also accelerated the deployment of Generative AI across the organisation, building on several quarters of successful experimentation. Robust governance, policy and control frameworks are now in place, enabling AI adoption to scale in a secure and controlled manner. Initial deployments are already delivering promising results across product development, technology and support functions, helping accelerate execution of the Group's North Star transformation roadmap.

North Star 2030 transformation plan delivering outcomes

Worldline’s execution of North Star 2030 has completed significant milestones in H1 2026 with tangible savings. Western European FTE have been reduced by 3%, on track with the 4-5% annual rhythm announced at the CMD for the duration of the 2030 North star journey. Highlights include:

The full decommissioning of Wopa after the successful migration to Global Collect;
80% of Ogone transactions have been migrated to Gopay, while the SIPS SMB portfolio is well advanced in its migration;
Acceleration of the migration of the Italian portfolio to the target acquiring platform after a successful pilot phase;
The Launchpad digital onboarding platform has moved to pilot on its first market;
Advanced infrastructure modernisation (including datacentre footprint reduction, network upgrades).

Further progress in divestment closings

On May 4, 2026, Worldline announced the finalisation of the divestment of Electronic Data Management (Cetrel) to SIX.

On May 29, 2026, the Group announced the finalisation of the divestment of its New Zealand payment activities to Cuscal Limited for an enterprise value of c.€17M.

Finally, on June 1^st 2026, Worldline announced the finalisation of the divestment of the Mobility & e-Transactional Services perimeter to Magellan Partners Group for an enterprise value of €400M and net cash proceeds of c.€280M. Worldline will continue to provide certain technology and software services to the Magellan Partners Group to ensure business continuity during a transition period.

These operations mark an important step in the strategic and geographical refocusing set out in the North Star 2030 strategic plan, with the objective of focusing investments and innovations on the Group's core business of payments in Europe.

Commercial partnership with Credit Agricole

The partnership with Crédit Agricole is shifting from an equity-based joint venture to a simplified commercial model, reflecting discipline in optimising operating models across the organisation. Collaboration will continue through the ongoing integration of Worldline's acceptance solutions and joint innovation milestones, such as France's first agentic payment transaction. As announced, this transition has no material effect on Worldline’s trajectory and Crédit Agricole is maintaining its position as an anchor shareholder.

France remains a strategic market, where we already support significant local acceptance volumes.

2026 Outlook on a fully pruned basis

Revenue growth outlook for the year from flat to marginally positive, confirming anticipated dynamics in Merchant Services while reflecting timing effects from Financial Services’ commercial rebound;
Adj. EBITDA guidance of €630M to €650M confirmed, supported by strong cost discipline and continued North Star execution;
Free cash flow guidance improved to €(60)M–€(40)M, driven by tighter capital allocation and enhanced operational discipline.

Appendices

RECONCILIATION OF Q2 2025 STATUTORY REVENUE WITH Q2 2025 REVENUE AT CONSTANT SCOPE AND EXCHANGE RATES

For the analysis of the Group’s performance, revenue for Q2 2026 is compared to Q2 2025 revenue at constant scope and exchange rates as presented below per Global Business Lines:

	Revenue

In € million	Q2 2025	Scope effects**	Exchange rates effects	Q2 2025*
Merchant Services	819	-34	+0	785
Financial Services	199	-2	+1	198
Worldline	1 018	-37	+2	983

* At Q2 2026 reported scope and June 2026 YTD average exchange rates