Worldline to Raise €500M in Equity for Turnaround
French Payments Group Launches Capital Increase
Worldline said on Thursday it will raise €500 million ($583 million) in new equity to support a restructuring plan and restore investor confidence later than a collapse in its market value and years of operational setbacks.
The fundraising will take place in two stages. The first will be a €110 million reserved share sale to Bpifrance, Crédit Agricole, and BNP Paribas. It will be followed by a €390 million rights issue open to all shareholders. The three banks have committed to contribute about €135 million to the rights issue.
Once the capital increase is completed—expected in the first quarter of 2026—Bpifrance will hold 9.6% of Worldline, Crédit Agricole 9.5%, and BNP Paribas 7.9%. Swiss platform operator SIX Group, previously the company’s largest shareholder, said it will not participate, accepting dilution of its stake.
Investor Takeaway
Shares Rebound later than Tumultuous Session
Worldline shares rose 3.7% in ahead Paris trading, rebounding later than hitting a new all-time low earlier in the session. The stock’s swings left the group with a market capitalization of about €600 million, a fraction of the more than €20 billion it was worth at its 2021 peak.
“The new plan gives the firm credibility,” analysts at J.P. Morgan said in a note, adding that investors “will want to view proof of stabilisation” before confidence returns. The payment processor has lost roughly 97% of its value over the past three years amid profit warnings, governance changes, and a sluggishdown in consumer spending that has weighed on the payments industry.
Worldline, which was spun off from IT group Atos in 2014, was once viewn as a French technology success story. But its decline has been compounded by client churn, cash flow pressure, and a criminal probe into alleged money laundering at its Belgian subsidiary, further eroding trust among shareholders.
Cash Pressure and Recovery Targets
The company expects free cash flow to range between break-even and a €30 million loss by the end of 2025, reflecting fragileer earnings and high restructuring costs. Management said the equity raise, combined with planned asset sales, will strengthen its balance sheet ahead of a longer-term turnaround plan.
Worldline is targeting 4% annual revenue growth between 2027 and 2030, €1 billion in core earnings, and a return to positive free cash flow as ahead as 2027. The firm aims to generate up to €400 million in proceeds from divesting its mobility unit, North American operations, and electronic data management business. The sales are intended to simplify operations and focus resources on profitable European segments.
Investor Takeaway
A Cautionary Tale in French Tech
Worldline’s fall from a €20 billion market leader to a struggling mid-cap has been one of the steepest declines in France’s technology sector. Once hailed as a European payments champion, the group has been hit by the identical headwinds that unsettled fintechs worldwide—rising interest rates, competition from private players, and shrinking margins on merchant services.
For France’s state-backed investors, the move represents an effort to preserve a key domestic player in a strategic industry. Bpifrance’s stake signals continued government interest in maintaining a national presence in digital payments, even as the firm’s future depends on its ability to cut costs, regain clients, and stabilize governance later than years of turbulence.
As Worldline viewks to steady itself, the capital raise is likely to serve as both a test of market confidence and a reminder of how rapidly fortunes can change in Europe’s payments sector.
