Worldline - comment

For the bonds, this quarterly result is a non event. Q126 appeared to perform below our expectations (we model semiannually), particularly in Merchant services, but this is mostly an artefact of the Australia (announced yesterday) and New Zealand sale, which are already pruned in the reported figures. The company confirmed guidance for 2026, but management signalled that the churn will likely turn around only in 2027. To recap, the €392m rights issue cleared at 121% take-up, on top of the €108m reserved round — full €500m landed. Anchor shareholders (BNPP, Bpifrance, Crédit Agricole, Crédit Mutuel) at ~37% of capital.