Worldline Sa · EURONEXT:WLN
Worldline Sa — Worldline Sa Ord — FY 2025 Earnings Presentation
45 slides from Worldline Sa's earnings presentation, Feb 25, 2026
Slide 1: FY 2025 Results
FY 2025 Results February 25th, 2026
Slide 2: Disclaimer
Disclaimer “This document contains forward-looking statements that involve risks and uncertainties, including references, concerning the Group's expected growth and profitability in the future which may significantly impact the expected performance indicated in the forward-looking statements. These
Slide 3: Agenda
Agenda 01 A year of stabilisation and 02 FY’25 financials Srikanth Seshadri 03 Outlook 2026 Srikanth Seshadri Group CFO Group CFO turnaround Pierre-Antoine Vacheron CEO 04 2026 : 05 Appendices Execution under way Pierre-Antoine Vacheron CEO
Slide 4: A year of stabilisation and turnaround
A year of stabilisation and turnaround Pierre-Antoine Vacheron Chief Executive Officer
Slide 5: Turned 2025 into a strong position to shape the new Worldline
Turned 2025 into a strong position to shape the new Worldline €4,499M revenue1 €(9)M free cash flow1 2025 guidance (2.4)% organic €841M adj. EBITDA1 met With H2 2025 €(49)m free cash With Q4 2025 €1,145M revenue1 18.7% adj. EBITDA margin flow (1.9)% organic Stabilise Turnaround Transform ✓ Managemen
Slide 6: Turnaround Proof points: Market wins
Turnaround Proof points : Market wins Luxury Hospitality 10-year Win-Back contract Solution Solution • Integrated Omnichannel • Modernisation towards target platforms • DCC in-house • Modern, resilient and fully • Advanced reconciliation sovereign cloud enabled • Multi-local support solutions
Slide 7: Pruning program nearing the end
Transformation Pruning program nearing the end Net proceeds expected at €540 - 590M Expected closing dates Q1 2026 Q2 2026 H2 2026 PaymentIQ MeTS WL MS India WL NA Non-core Cetrel payment MeTS Cetrel -30% 19,200 FTEs 13,400 FTEs WL North Payment WL Other assets Non-synergetic payment America IQ MS I
Slide 8: North Star 2030 in full execution mode
Transformation North Star 2030 in full execution mode Simplify Converge Integrate Grow 4 platforms Value based pricing Delayered +300 FTEs Off/near shore decommissioned (€15M in Q42025) 50% Ogone SME portfolio 7% efficiency gains in India 7 entities closed Merchant loan, Wero on GOPAY through Gen AI
Slide 9: Contemplated capital increase as strategic accelerator
Contemplated capital increase as strategic accelerator • Strengthening balance sheet NL: Dutch ACH, card • Support of leading European switching and stand- in institutions (BNPP, Bpifrance authorisation Account payments, Participations and Crédit Belgium: issuing commercial acquiring processing and
Slide 10: FY'25 financials
FY’25 financials Srikanth Seshadri Group CFO
Slide 11: Guidance 2025 achieved
Guidance 2025 achieved 2025 pre IFRS 5 2025 Guidance1 Annual Results Revenue/ Low-single digit percentage €4.5B growth decline (c.€4.5B) (2.4)% organic decline Adj €830M to €855M €841M EBITDA Free cash €(30)M to €0M+ €(9)M flow €2.1B Net Debt N/A (2.5x) (Leverage) 1. As of October 21, 2025 Q3 Result
Slide 12: IFRS 5 impacts of divestments
IFRS 5 impacts of divestments Divestments presented Additional divestments after CMD during CMD Discontinued operations MeTS (Impacts P&L, Cash and Balance Sheet) Assets held for sale WL Payment WL North Cetrel Other assets IQ MS India (Impacts Balance Sheet America only) - 12
Slide 13: Guidance 2025 achieved
Guidance 2025 achieved 2025 pre IFRS 5 2025 published2 2025 Guidance1 Annual Results (IFRS 5 restated) Revenue/ Low-single digit percentage €4.5B €4.03B growth decline (c.€4.5B) (2.4)% organic decline (2.7)% organic decline Adj €830M to €855M €841M €737M EBITDA Free cash €(30)M to €0M+ €(9)M €(26)M
Slide 14: FY 2025 Financial performance
FY 2025 Financial performance Global business lines Adjusted EBITDA overview FY 2025 Group Revenue FY 2024 Organic growth Organic growth (in €M) FY 2025 Published1 Same scope & FX restated (Published Revenue) (NNR) Merchant services 3,238 3,284 (1.4)% (4.4)% Financial services 792 858 (7.7)% (7.6)%
Slide 15: Operational performance Overview
Operational performance Overview Q4 2025 Group Revenue Organic growth Organic growth (in €M) Q4 2025 Q4 20241 (Published Revenue) (NNR) Merchant services 823 832 (1.1)% (2.6)% Financial services 202 216 (6.5)% (6.4)% Worldline 1,025 1,048 (2.2)%2 (3.6)% 1. At 2025 constant scope and exchange rates 2
Slide 16: Income statement (Published)
Income statement (Published) In €M FY’25 FY’24 restated2 Revenue 4,030 4,163 +€80M inflation fully offset by structural cost savings +€100M costs. 50% from higher scheme fees for cross border Personnel & operating expenses (3,648) (3,551) business. Rest due to one-off transition costs, balance sheet
Slide 17: Free cash-flow
Free cash-flow FY’24 In €M FY’25 Restated1 Adjusted EBITDA 737 967 Lease obligations (119) (106) Stabilisation of working capital in 2025 by Working capital change 36 (88) optimizing inventory levels Capex (248) (263) Integration & Restructuring costs (excl. Power24) (132) (109) Rising interest cost
Slide 18: Net Debt evolution
Net Debt evolution In €M FY’25 FY’24 (Net debt) / cash* as of January 1st (2,012) (2,156) Free Cash-flow (26) 122 Change in lease liability 46 (56) Acquisition net of disposals (97) (23) Acquisition of Credem portfolio in 2025 (Italy) Capital increase - 21 Amortization of interests on convertible bo
Slide 19: Balance Sheet
Balance Sheet As at December 31, 2025 As at December 31, 2024 In €M (Restated for IFRS 5) (Not restated for IFRS 5) Goodwill 3,840 9,004 Of the €5.2B reduction. Impairment is 4.6B, of which €0.6B in H2 Other intangible assets 1,839 2,195 driven by Pruning. Rest 0.6Bn reclassified in asset held for s
Slide 20: Planned capital increase of €500m
Planned capital increase of €500m enhancing strategic flexibility for the new Worldline A transaction that is intended to be launched Strong commitments from core shareholders in March 2026 • €500m equity capital increase, in the form of c.€110m Reserved Capital Increase (RCI) at a price per share o
Slide 21: Cash pooling streamlined
Cash pooling streamlined Dec 2024 Dec 2025 Dec 2026 Notional cash pooling Interco loans & deposits Hybrid cash pooling • €1.6B WL SA overdraft • €500M WL SA overdraft • Continued notional cash • Collateralised by €1.8B cash • Collateralised by €0.7B cash pooling in subsidiary in subsidiary • Intragr
Slide 22: Balance sheet strengthening & Liquidity
Balance sheet strengthening & Liquidity Liquidity & Bond Maturity Profile (€M) Undrawn 1,125 RCF Equity2 500 Assets held 200 for sale Cash1 900 500 600 500 550 59 414 Liquidity CP 2025 Convertible Bond Bond Bond Bond 2026 2027 2028 2029 2030 M&A Cash-in / Cash-out (incl. calls & puts) €540 - 590M3 C
Slide 23: Outlook 2026
Outlook 2026 Srikanth Seshadri Group CFO
Slide 24: Scope adjustments
Scope adjustments Divestments presented Additional divestments after CMD during CMD Discontinued MeTS operations WL Assets held Payment WL Other assets North Cetrel held of sale for sale IQ MS India America Rev : c. €0.5B Rev : c. €0.4B Adjusted EBITDA : c. €110M Adjusted EBITDA : c. €90M FCF : c. €
Slide 25: Fully pruned 2026 outlook
Fully pruned 2026 outlook Sale of 2026 Fully pruned PaymentIQ, MS 2026 CMD 2025 Fully pruned1 outlook India and other Guidance2 assets Revenue/ Organic low single digit c. €0.4b Organic low single €3.57B growth growth digit growth c. €90m Adj EBITDA €631M €630M-€650M c. €720M Free cash Neutral €(72)
Slide 26: 2030 refocused scope with same FCF generation
2030 refocused scope with same FCF generation Organic Growth Adjusted EBITDA Free cash-flow 2027-2030: CMD Scope €1B+ €300M - €350M c.4% organic CAGR Fully pruned1 2027-2030: €900M+ €300M - €350M c.4% organic CAGR A more compact scope driving better operational cash conversion 1. Excluding Mets, Wor
Slide 27: 2026: Execution under way
2026: Execution under way Pierre-Antoine Vacheron Chief executive officer
Slide 28: North Star in 2026 Key highlights
North Star in 2026 Key highlights Grow Simplify Platform convergence Support functions Italy acquiring automation Ogone legacy sunset Revenue management Digitalisation of and product innovation customer journey One Commerce Launchpad Integrate Converge - 28
Slide 29: 2026 key milestones
Converge 2026 key milestones 2025 2026 2027 cCredit Wopa => Global Collect decommissioning SIPS SMB => GoPAY SIPS Enterprise => GoPAY Ogone => GoPAY Italy on target acquiring Swiss front office on target acquiring - 29
Slide 30: 2026: Provide visibility on execution progress
2026: Provide visibility on execution progress Operational Performance North Star 2030 Innovation Capacity • SME portfolio churn • Platforms decommissioned • Roll-out of Launchpad • Financial institutions order in 2026 • Next Gen agentic entry • SMEs migration on to Gopay commerce • Enterprise and G
Slide 31: Conclusion: Worldline in 2026, European Infrastructure Play
European Conclusion: Infrastructure Play Turnaround finalized Worldline in 2026… Transformation in motion Quarterly tangible results Restored value creation potential - 31
Slide 32: Appendices
Appendices WORLDLINE a.
Slide 33: Peak transactions and low incidents
Peak transactions and low incidents c. €146B MSV1 in Q4’25 c. +3% (acquiring instore and online ACQUIRING MSV (€M)* MSV growth vs Q4’24 10.5 B+ transactions on Axis 3.4 B+ transactions online acceptance Number of incidents declining in Q4 2025 2023 2024 2025 2026 * Rolling 3-week average transaction
Slide 34: Year-on-Year semester trends
Progressive turnaround in revenue trends Year-on-Year semester trends 3,1% -0,2% -0,5% -2,2% -2,3% -5,5% -8,8% -9,7% H1 2024 H2 2024 H1 2025 H2 2025 MS FS - 34
Slide 35: Merchant Services Key highlights
Turnaround Merchant Services Key highlights Q4’25 revenue at €823M / (1.1)% organic growth / / (2.6)% NNR organic growth Q4’25 Commercial wins / upsells • SMB: Returned to growth in the Nordics, Germany and Switzerland, driven by lower churn, SmartPOS traction and a continued focus on partnerships.
Slide 36: Financial Institutions Key highlights
Turnaround Financial Institutions Key highlights Q4’25 revenue of €202M / (6.5)% organic growth Q4’25 Commercial wins / upsells • Issuing : sustained card-transaction volumes and successful go-lives on the target issuing platform. New features such as Click to Pay, commercial cards, and enhanced dig
Slide 37: Corporate Cash Structure
Corporate Cash Structure as of 31 Dec 2025 Worldline SA (Parent) Subsidiaries Net Cash Position Cash Pool Overdraft €1.16B €0.40B €(0.49)B o.w. €0.74B in cash pooling (0.8B FY’24) €(1.6)B FY’24) (€2.3 B o.w. €1.8B FY’24) Cash Pooling Structure Overdraft (Parent) Cash Subs €(0.49)B €(0.74B) €0.40B €0
Slide 38: NR to NNR bridge and impacts on adjusted EBITDA
NR to NNR bridge and impacts on adjusted EBITDA Revenue FY 2025 Schemes & FY 2025 Net FY 2024 Schemes & FY 2024 Net OG% FY OG% FY Net (in €M) Published Partners fees Net Published Partners fees Net Published Net Merchant services 3,238 (946) 2,292 3,284 (887) 2,397 (1.4)% (4.4)% Financial services 7
Slide 39: EBITDA to Adjusted EBITDA
EBITDA to Adjusted EBITDA & Operating margin to Adjusted EBITDA 12 months ended 12 months ended (in €M) December 31, 2025 December 31, 20241 Operating margin 382 612 + Depreciation of fixed assets 353 324 + Net book value of assets sold/written off 7 6 +/- Net charges/(release) of pension provisions
Slide 40: Net income to normalized net income reconciliation
Net income to normalized net income reconciliation (in €M) 12 months ended December 31, 2025 12 months ended December 31, 2024 Net income – Attributable to owners of the parent (5,138) (352) Other operating income and expenses (Group share) 5,148 493 Financial loss on fair value of preferred shares
Slide 41: Leverage ratio bridge
Leverage ratio bridge excluding and including IFRS16 (in €M) 2023 2024 2025 Net Debt 1,811 1,610 1,936 Lease liability 345 402 283 Net debt including lease liability 2,156 2,012 2,219 Group leverage ratio excluding lease liability 19% 17% 48% Group leverage ratio including lease liability 23% 22% 55
Slide 42: IFRS P&L bridge
IFRS 5 | 25 P&L bridge (in €M) Before IFRS 5 MeTS Assets held for sale 2025 Published Revenue 4 499 (469) 4,030 Personnel expenses (1,514) 220 (1,293) Operating expenses (2,521) 166 (2,355) Operating margin 465 (83) 382 Of which Adjusted EBITDA 841 (104) 737 Other operating income and expenses (5,28
Slide 43: IFRS BS bridge 1/2
IFRS 5 | 25 BS bridge 1/2 (in €M) Before IFRS 5 MeTS Assets held for sale 2025 Published Goodwill 4,284 (183) (261) 3,840 Other Intangible assets 1,995 (59) (97) 1,839 Tangible assets 175 (11) (16) 148 Right-to-use 319 (40) (28) 250 Non-current financial assets 110 (1) (2) 107 Investments in associa
Slide 44: IFRS BS bridge 2/2
IFRS 5 | 25 BS bridge 2/2 (in €M) Before IFRS 5 MeTS Assets held for sale 2025 Published Common stock 193 193 Additional paid-in capital 5,540 5,540 Consolidated retained earnings 2,524 2,524 Translation adjustments 150 150 Net income attributable to the owners of the parent (5,157) (5,157) Equity a
Slide 45: IFRS Cash Flow Statement bridge
IFRS 5 | 25 Cash Flow Statement bridge (in €M) Before IFRS 5 MeTS Assets held for sale 2025 Published Profit before tax (5,231) 2 (5,228) Cash from operating activities before change in WCR, financial interest and 597 (83) 515 taxes Taxes paid (147) 6 (141) Change in working capital requirement 5 30