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Analyses on Nayax (7)
- June 10, 2026
- May 12, 2026May 12, 2026
- Follow-up
Follow-up to Nayax: the 2026 cash target now requires a sharp catch-up over the next three quarters
Nayax still shows strong growth and adjusted profitability, but the 2026 free-cash-conversion target now requires a sharp catch-up over the next three quarters after negative Q1 free cash flow.

Nayax in the first quarter: growth is working, cash proof still lags
Nayax opened 2026 with strong proof of demand and operating leverage, but not yet with full proof of cash quality. The quarter strengthens the growth engine, while leaving open whether adjusted EBITDA will turn into free cash flow at the pace embedded in guidance.

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