Slides
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H1 2025 RESULTS July 30th, 2025
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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 risks and uncertainties are linked to factors out of the control of the Company and not precisely estimated, such as market conditions or competitors’ behaviours. Any forward-looking statements made in this document are statements about Worldline’s beliefs and expectations and should be evaluated as such. Forward-looking statements include statements that may relate to Worldline’s plans, objectives, strategies, goals, future events, future revenues or synergies, or performance, and other information that is not historical information. Actual events or results may differ from those described in this document due to a number of risks and uncertainties that are described within the 2024 Universal Registration Document filed with the French Autorité des marchés financiers (AMF) on April 14, 2025 under the filling number: D.25-0257. Revenue organic growth and Adjusted EBITDA improvement are presented at constant scope and exchange rate. Adjusted EBITDA is presented as defined in the 2024 Universal Registration Document. All amounts are presented in € million without decimal. This may in certain circumstances lead to non-material differences between the sum of the figures and the subtotals that appear in the tables. 2025 objectives are expressed at constant scope and exchange rates and according to Group’s accounting standards. No reliance should be placed on, and no representation or warranty, express or implied, is made as to, the fairness, accuracy, reasonableness or completeness of the information contained herein. The Company, its advisors, or any of its affiliates, directors, officers and employees do not accept any liability (in negligence or otherwise) for any loss howsoever arising, directly or indirectly, from this presentation or its contents. Worldline does not undertake, and specifically disclaims, any obligation or responsibility to update or amend any of the information above except as otherwise required by law. This document is disseminated for information purposes only and does not constitute an offer to purchase, or a solicitation of an offer to sell, any securities in the United States or any other jurisdiction. Securities may not be offered or sold in the United States unless they have been registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”) or the securities laws of any U.S. state, or are exempt from registration. The securities that may be offered in any transaction have not been and will not be registered under the U.S. Securities Act or the securities laws of any U.S. state and Worldline does not intend to make a public offering of any such securities in the United States. H1 2025 results | 30-07-2025 | © Worldline | 2
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Opening Remarks Pierre-Antoine Vacheron Group CEO
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* Normalized figures adjusted for (Group share): integration and restructuring costs (previously named RRI without calculation changes), equity-based compensation, customer relationships & patents amortization and goodwill impairment €2,205m revenues (3.4)% organic growth (7.3%) organic growth on NNR basis* €401m adj. EBITDA 18.2% adj. EBITDA margin 22.9% margin on NNR basis €40m free cash-flow 9.9% of adj. EBITDA including €62m of non-recurring strategic costs €121m net income Group Share normalized* €(4,218)m reported Net Income Group Share after impact of €4.1bn related to the impairment €0.43 diluted EPS normalized* vs. €0.74 in H1’24 H1 2025 REFLECTING CURRENT CHALLENGES H1 2025 results | 30-07-2025 | © Worldline | 4
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H1 2025 HIGHLIGHTS Taking actions: laying the groundwork for therecovery H1’25 highlights IMMEDIATE ACTIONS ON INITIAL FINDINGS H1 2025 results | 30-07-2025 | © Worldline | 5 Deliver projects Stabilize customer base Adapt MS operating model Committed to €50m cash costs savings for 2025 run-rate Portfolio pruning in execution HBR portfolio & control framework assessment Successful refinancing Goodwill impaired SOLID GROUNDWORK TRANSFORMING WORLDLINE Strengthened management team with proven transformation skills Board alignment on priorities and strategic orientations Capital Markets Day on November 6th, 2025
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HBR PORTFOLIO - STRONG COMMITMENT TO ROBUSTNESS Two external firms engaged to assess risk framework and audit on remaining HBR portfolio Audit initiated in July 2025 Analysis on the remaining High Brand Risk (HBR) portfolio ACCURACY OLIVER WYMAN Interim conclusions show no need for material offboarding of merchants identified in the regulated entities of the Group so far Ongoing review of the technical orchestration layer activity for potential offboarding of some merchants with marginal impact in 2025 Audit process on-going Overall assessment of compliance and risk framework Evaluation of right implementation of measures and control systems Objective to detect potential weaknesses, improvement areas and action plans if needed Results to be published end of October 2025 H1 2025 results | 30-07-2025 | © Worldline | 6
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DIVESTMENT OF MeTS ACTIVITIES Major step in our simplification journey: entry into exclusive negotiations with Magellan Partners regarding the divestment of our digital, mobility and e-transactional services activities after a competitive process Refocus on core payment activities Simplify group operations Optimize Resources allocation Enhance Strategic flexibility * Including c.€10m Earn-Out to receive not included in the Enterprise Value ** Divested scope includes activities reported within MeTS business line, as well as limited additional activities from MS and FS which were synergistic with the perimeter and with lim ited entanglements with the rest of the group. Additional resources have also been contributed to operate the scope on a standalone basis. Contribution from t he MeTS perimeter to Group Adjusted EBITDA is expected to be c.€100m. *** Subject to customary approvals H1 2025 results | 30-07-2025 | © Worldline | 7 c.€410m Enterprise Value* representing c.11x proforma standalone adj. operating income c.3,800 Employees c.€450m Revenues in 2024** H1 2026 Expected closing***
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A RENEWED MANAGEMENT TEAM TO DRIVE TRANSFORMATION H1 2025 results | 30-07-2025 | © Worldline | 8 Chief Executive Officer (CEO) Pierre-Antoine Vacheron Head of Financial Services Madalena Cascais (previously @ Sibs) Head of Mobility & e-Transactional Services Caroline Jéséquel Chief People Officer Anika Grant (previously @ Ubisoft) Head of Transformation office Maelle Lafont de Sentenac Chief Risk Officer Joe Katz Chief Technology Officer Candice Dillon (previously @ Vodafone Ziggo) Chief Financial Officer Srikanth Seshadri (previously @ Alstom) General Secretary Charles-Henri de Taffin Head of Merchant Services Paul Marriott-Clarke (previously @ Paypal) As of Sept.15th, 2025 Since July 1st, 2025 As of Oct. 1st, 2025 Since October 2024 Since July 1st, 2025 As of Sept.1st, 2025 New joiners Renewed leadership team Increased diversity and competencies Strong acumen for transformation Until closing expected in H1'26
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Focus on Q2’25 financials Pierre-Antoine Vacheron Group CEO
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Q2’25 EXTERNAL REVENUE OVERVIEW Q2 2025 Group Revenue (in €m) Q2 2025 Q2 2024* Organic growth (Published Revenue) Organic growth (NNR) Merchant services 841 870 (3.4%) (7.3%) Financial services 206 230 (10.6%) (10.6%) MeTS 91 89 +2.1% +1.8% Worldline 1,137 1,190 (4.4%) (7.3%) *at 2024 constant scope and exchange rates Underlying business dynamics close to Q1'25 excluding merchant terminations and hardware softness Lag in NNR vs. published revenue increase vs. Q1 driven by merchant and product mix Merchant Services Slowdown of the underlying growth compared to Q1’25 mainly due to high comparison base in licences in 2024 Delays in project delivery Impact of contract terminations Financial Services Overall organic growth performance in line with expectations Transport and mobility as the main growth driver in Q2 MeTS H1 2025 results | 30-07-2025 | © Worldline | 10
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MERCHANT SERVICES Q2’25 highlights €841m revenues (3.4%) organic growth / (0.3%) excl. Merchant termination and hardware base effect Revenue reached €841 million, a (3.4%) organic growth ▪ Enterprise: still weak performance in terminals, but a stabilized acquiring business. Nordics showing good resilience. Axis acceptance reaching 5bn transactions in H1. Traction in travel and hospitality although increased scrutiny on airline portfolio. ▪ SMB: POS terminals now available in key markets, still progressively in Benelux. Recent actions underway to stabilize the churn rate. Travel and acceptance showed slight growth, regional growth in CEE and Switzerland, with customer satisfaction and churn bouncing back. Nordics showing good traction with ISVs. ▪ Joint Venture: Strong performance in Italy (boosted by Credem and CCB merchant portfolio migration) and Greece. Germany struggling in acceptance, mainly in Terminals and HoreCA vertical Commercial wins / upsells Unattended product range, eCom and acquiring Online payment and acquiring Full stack with Valina, EP2, GoPay & acquiring End-to-end online payment solution Geo expansion on acquiring and POS H1 2025 results | 30-07-2025 | © Worldline | 11
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FINANCIAL SERVICES Q2’25 highlights €206m revenues (10.6%) organic growth / (4.1%) excl. contract re-insourcing effect Revenue reached € 206 million, a (10,6%) organic growth. Performance impacted by effect of the re-insourcing process, and mostly impacting Account Payments (-4.1% excluding that impact) ▪ Base effect from licenses deals signed Q1’24 ▪ Card-based payment processing: Strong demand in APAC in licensing activities, ramp-up of contracts in Eastern Europe leveraging license products. Overall negative performance linked to negative base effect on issuing and lower project activity ▪ Digital Banking: growth impacted by iDeal volumes in the Netherlands as well as SMS activity in France ▪ Account Payments: Performance penalized by the re-insourcing process Commercial wins / upsells 10-year contract to manage A2A payments based on our innovative payment solution Partnership renewal on cloud-based ACS for the French market H1 2025 results | 30-07-2025 | © Worldline | 12
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MOBILITY & E-TRANSACTIONAL SERVICES Q2’25 highlights €91m revenues 2.1% organic growth Revenue reached € 91 million, up +2.1%. ▪ Transport & Mobility: steady performance driven by higher volumes and incremental Mobile ticketing solutions, growth in France through new mobility projects and ticketing systems ▪ Omnichannel interactions: good momentum largely driven by volume growth in France with key clients ▪ Trusted Services: challenging performance despite some good dynamics in Healthcare in Iberia and Germany, not offsetting the difficult base effect from Track & Trace solution deployed last year Commercial wins / upsells Rail Operations suite solution including Crew Planning and Integrale for Control 5-year contract extension upgrading crew rostering and rolling stock management leveraging Integrale solution H1 2025 results | 30-07-2025 | © Worldline | 13
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H1’25 Financial Highlights Grégory Lambertie Group CFO
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Capex prioritization Active liquidity management H1’24 H1’25 €160m (7.0% of revs) €135m (6.1% of revs) (16)% P&L costs containment * €220m run rate cash costs savings confirmed by end-2025 with €250m implementation cash costs associated (o.w. €70-90m in 2025) Capex representing 6% of revenue, down 15% in € terms, in line with FY’24 trajectory Focus will continue while preserving innovation in products Strong liquidity management in H1’25 with €1.17bn proforma cash** post paydown of the July 2025 convertible bond Next maturities already covered €1,125m RCF extended by one year to 2030 with the support of all banks H1’24 H1’25Costs increase Power24 benefit €1.0bn €1.0bn+€34m -€34m : Subcontractor costs : People costs Costs under control in H1’25 €34m Power24 savings delivered, allowing to contain costs inflation* STRONG MANAGEMENT ACTIONS ON COSTS & LIQUIDITY costs management priority and full execution of Power24* with initial benefits ** Includes €69m mainly in India and APAC subject to local regulatory restrictions that prevent immediate access or centralisation at Group level, but that can by repatriated through dividend distributions or intercompany invoicing as described in note 15.1.3 of the half-year 2025 financial reportH1 2025 results | 30-07-2025 | © Worldline | 15 Cash30/06 PF 07/25 repayment CP 2025 2026 2027 2028 2020 2030 c.€1.17bn €90m €414m€500m €500m €550m€600m bonds
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H1 2025 FINANCIAL PERFORMANCE global business lines revenue overview (in €m) H1 2025 H1 2024* H1’25 margin (on Published Revenue) vs. H1’24 margin (on Published Revenue) H1’25 margin (on NNR) vs. H1’24 margin (on NNR) Merchant services 311 387 19.3% (4.1) pts 26.7% (4.6) pts Financial services 92 126 22.4% (5.3) pts 22.6% (5.3) pts MeTS 30 30 16.8% (0.3) pts 16.8% (0.3) pts Corporate (32) (29) (1.5%) (0.2) pts (1.8%) (0.2) pts Worldline 401 514 18.2% (4.3) pts 22.9% (4.7) pts * FY 2023 adj. EBITDA at constant scope and exchange rates H1 2025 Group Adjusted EBITDA H1 2025 Group Revenue (in €m) H1 2025 H1 2024* Organic growth (Published Revenue) Organic growth (NNR) Merchant services 1,617 1,655 (2.3%) (5.5%) Financial services 410 454 (9.8%) (9.7%) MeTS 178 174 +2.1% +2.0% Worldline 2,205 2,283 (3.4%) (5.8%) *at 2024 constant scope and exchange rates H1 2025 results | 30-07-2025 | © Worldline | 16
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▪ Operating income mainly impacted by: o €16m Power24 costs while non-P24 integration and rationalization costs are stable to €61m o €112m Customer relationships and patents amortization o €193m of Depreciations & Amortizations ▪ Net finance expenses reached €183m impacted by €142m related to the change of fair value in TSS preferred shares ▪ Income tax expense was €5m implying an annualized Effective Tax Rate (ETR) was 24.9% compared with 24.7% in H1’24 ▪ Net income Group share of €(4,218)m and Normalized net income Group share of €121m ▪ €4.1bn non-cash goodwill impairment driven by the change in environment in Europe and in the payment market is long-lasting reflected into a more cautious approach on long term outlook and further TSS preferred shares write-down ▪ Normalized diluted EPS of €0.43 vs. €0.74 in 2023 In €m H1’25 H1’24 Adjusted EBITDA 401 514 Integration and rationalization costs (excl. Power24) (61) (58) Power24 (16) (174)* EBITDA 324 282 Customer relationships and patents amortization (116) (120) Depreciations & Amortizations (193) (171) Other OOI** (14) (7) Goodwill impairment (4,060) - Operating income (4,060) (16) Net finance costs (183) (35) Income tax expense 10 13 Non-controlling interests & share of associates 14 9 Net Income – Group share (4,218) (29) Normalized Net income – Group share*** 121 210 Normalized diluted EPS (€) 0.43 0.74 Highlights * Mainly driven by Power24 plan and some strategic initiatives **Equity based compensation costs and other items ***Normalized net income Group share excluding unusual and infrequent items net of tax INCOME STATEMENT H1 2025 results | 30-07-2025 | © Worldline | 17
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In €m H1’25 H1’24 Adjusted EBITDA 401 514 Lease obligations (68) (60) Working capital change 25 (42) Capex (135) (160) Integration & Restructuring costs (excl. Power24) (58) (56) Interest paid (12) (4) Tax Paid (50) (66) Others (1) (2) Free Cash Flow before Power24 102 124 Adjusted EBITDA conversion rate (%) 25.4% 24.1% Power24 (62) (42)* Free Cash Flow 40 82 Adjusted EBITDA conversion rate (%) 9.9% 16.0% Highlights ▪ €401m contribution on adjusted EBITDA ▪ Capex representing €135m down by €25m compared to H1’24 and representing 6.1% of revenues ▪ Working capital change with a €25m inflow after normalization operated in 2024 ▪ Integration and restructuring costs excluding Power24 stable at €58m ▪ €50m cash tax paid vs. €66m, in line with the performance of the semester ▪ €102m Free cash Flow before strategic initiatives representing an adjusted EBITDA conversion of 25.4% ▪ €62m cash costs related to Power24 ▪ €40m Free cash Flow reported or 9.9% adjusted EBITDA conversion * Mainly driven by Power24 plan and some strategic initiatives FREE CASH FLOW H1 2025 results | 30-07-2025 | © Worldline | 18
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▪ €40m positive impact from free cash-flow ▪ €19m decrease in lease liabilities mainly driven by fewer major leases signed in real estate ▪ €135m Acquisition net of disposal mainly driven Credem merchant portfolio acquisition and revaluation of put options on Axepta and Eurobank ▪ €2.1bn of net debt* representing a Group leverage ratio LTM of 2.2x In €m H1’25 H1’24 (Net debt) / cash* as of January 1st (2,012) (2,156) Free Cash-flow 40 82 Change in lease liability 19 (31) Acquisition net of disposals (135) 19 Capital increase 0 21 Amortization of interests on convertible bonds (8) (6) Others (28) (1) Change in net debt (112) 85 (Net debt) / cash* as of June 30st* (2,125) (2,072) LTM Net Debt* / Adjusted EBITDA* 2.2x 1.9x Active management of debt maturity profile €1.12bn RCF maturity extended to July 2030 Successful issuance of a €550m bond maturing 2030 Active liability management with buyback of c.42% of the 2026 convertible Upcoming maturities fully covered Average debt maturity as of end of June of 2.7 year (3.1 year proforma convertible repayment made in July 25) Average cost of debt as of end of June of 2.7% (3.0% proforma OC repayment made in July 25) Highlights * Net debt including lease liability (IFRS16) NET DEBT EVOLUTION H1 2025 results | 30-07-2025 | © Worldline | 19
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Outlook 2025 & Key take-aways Pierre-Antoine Vacheron Group CEO
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OUTLOOK 2025 Organic growth Low-single digit percentage decline in FY25 organic revenue Adjusted EBITDA €825-875m adjusted EBITDA FCF Neutral FCF at mid-point of EBITDA guidance FY’25 guidance* H1 2025 results | 30-07-2025 | © Worldline | 21 * FY'25 guidance at current scope including MeTS
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MANAGEMENT IN ACTION TO UNLOCK WORLDLINE'S POTENTIAL Fixing the challenges impacting short term performance Significant milestones in laying the groundwork Leverage a renewed team to drive transformation H1 2025 results | 30-07-2025 | © Worldline | 22 Capital Markets Day confirmed in Paris on November 6th, 2025
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Q&A
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Appendices
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Q2’25 ACQUIRING MSV DEVELOPMENT - 25 ACQUIRING MSV (€M)* (acquiring instore and online) * Rolling 3-week average transaction volumes in euro millions on acquiring activities c.€145bn MSV in Q2’25 c.+2.6% in Q2’25 MSV growth vs Q2’24 H1 2025 results | 30-07-2025 | © Worldline | 25 2023 2024 2025 c.€280bn MSV in H1’25
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NR TO NNR BRIDGE AND IMPACTS ON ADJUSTED EBITDA - 26 Schemes & Partners fees = scheme fees + kickbacks PM03 + full buy -rate H1 2025 results | 30-07-2025 | © Worldline | 26 In € million Q2 2025 Published Schemes & Partners fees Q2 2025 Net Net Q2 2024 Published* Schemes & Partners fees Q2 2024 Net Net OG% Q2 Published OG% Q2 Net Net Merchant Services 841 (236) 604 871 (218) 652 -3.4% -7.3% Financial Services 206 (2) 203 230 (3) 227 -10.6% -10.6% Mobility & e-Transactional Services 91 0 90 89 0 89 +2.1% +1.8% Revenue 1,137 (239) 898 1,190 (221) 969 -4.4% -7.3% In € million H1 2025 Published Schemes & Partners fees H1 2025 Net Net H1 2024 Published* Schemes & Partners fees H1 2024 Net Net OG% H1 Published OG% H1 Net Net Merchant Services 1,617 (451) 1,166 1,655 (420) 1,235 -2.3% -5.5% Financial Services 410 (4) 405 454 (5) 449 -9.8% -9.7% Mobility & e-Transactional Services 178 178 174 174 +2.1% +2.0% Revenue 2,205 (455) 1,749 2,283 (425) 1,858 -3.4% -5.8% * at constant scope and exchange rates In € million H1 2025 Published % margin (on Published Revenue) % margin (on Net Net Revenue H1 2024 Published* % margin (on Published Revenue) % margin (on Net Net Revenue) OG% H1 Published OG% H1 Net Net Merchant Services 311 19.3% 26.7% 387 23.4% 31.3% (4.1) pts (4.6) pts Financial Services 92 22.4% 22.6% 126 27.7% 27.9% (5.3) pts (5.3) pts Mobility & e-Transactional Services 30 16.8% 16.8% 30 17.1% 17.1% (0.3) pt (0.3) pt Corporate (32) (1.5%) (1.8%) (29) (1.3%) (1.5%) Adjusted EBITDA 401 18.2% 22.9% 513 22.5% 27.6% (4.3) pts (4.7) pts * at constant scope and exchange rates Revenue Adjusted EBITDA
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ADJUSTED EBITDA TO EBITDA RECONCILIATION - 27H1 2025 results | 30-07-2025 | © Worldline | 27 (In € million) 6 months ended June 30, 2025 6 months ended June 30, 2024 Adjusted EBITDA 401 514 Rationalization and associated costs (from other operating income and expense) (44) (186) Integration and acquisition costs (32) (47) EBITDA 324 282 (In € million) 6 months ended June 30, 2025 6 months ended June 30, 2024 Change Operating margin 208 343 (135) + Depreciation of fixed assets 183 163 21 + Net book value of assets sold/written off 1 4 (3) +/- Net charge/(release) of pension provisions 3 5 (2) +/- Net charge/(release) of provisions 5 (1) 6 Adjusted EBITDA 401 514 (113)
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NET INCOME TO NORMALIZED NET INCOME RECONCILIATION - 28H1 2025 results | 30-07-2025 | © Worldline | 28 (In € million) 6 months ended June 30, 2025 6 months ended June 30, 2024 Net income - Attributable to owners of the parent (4 218) (29) Other operating income and expenses (Group share) 4 239 320 Financial loss on fair value of preferred shares (Group's share) 142 - Tax impact on other operating items (42) (81) Normalized net income - Attributable to owners of the parent 121 210
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THANK YOU For more information, please contact: Laurent Marie Group Head of Investor Relations laurent.marie@worldline.com Peter Farren Investor Relations Manager peter.farren@worldline.com