Worldline (WLN) Q4 2025 earnings summary

Executive summary

• FY 2025 revenue was €4.03B–€4.5B, with a 2.4–2.7% organic decline, and adjusted EBITDA at €737M–€841M (18.3–18.7% margin), meeting guidance.

• Free cash flow was negative at €(9)M to €(26)M, at the top end of guidance, with H2 2025 at €(49)M.

• Net result was a loss of €5,157M due to €4.6B–€4.65B goodwill impairments; normalized net income was €175M and normalized diluted EPS €0.63.

• Major transformation and pruning program advanced, with five divestments including Worldline India, North America, Cetrel, PaymentIQ, and MeTS, focusing on European payments.

• Capital increase of €500M planned for March 2026, with strong commitments from anchor shareholders to reinforce the balance sheet and support strategic flexibility.

Financial highlights

• FY 2025 revenue: €4.03B (IFRS 5 restated, -2.7% organic) to €4.5B (pre-IFRS 5, -2.4% organic); Q4 at -1.1% to -1.5% organic.

• Adjusted EBITDA: €737M–€841M (18.3–18.7% margin), within guidance.

• Free cash flow: €(9)M to €(26)M, with adjusted EBITDA conversion rate at (3.5)%.

• Net income impacted by €4.6B goodwill impairment; normalized net income €175M, normalized diluted EPS €0.63.

• Net debt at year-end: €2.2B–€2.22B, leverage ratio 2.5x–3.0x.

Outlook and guidance

• 2026 guidance: low single-digit organic revenue growth, adjusted EBITDA €630–650M, free cash flow €(80)M–€(70)M, leverage targeted at <2x post equity raise and asset sales.

• 2030 outlook: ~4% organic CAGR, adjusted EBITDA €900M–€1B, free cash flow €300–350M.

• Focus on executing North Star initiatives, platform migrations, and product innovation to drive growth and margin improvement.