Worldline - comment

FY25 was well guided for the CMD, and so historical figures are not far from projections. However, recent divestments leave the company with a little less earnings / FCF in 2026 than we had anticipated, requiring a little downward adjustment on our side in the next model update. As the acquirer integrates its many legacy systems, it has laid out ambitious headcount reduction targets, both for 2026 and through 2030, which should be expensive to fund, but ultimately are required when looking at the more nimble tech-enabled competition, sporting at most half the FTEs per revenue. Liquidity continues strong, and no further troubles have emerged, which should contribute to further normalisation in the bond price.