Goldman Sachs cut Worldline's rating to sell, setting a 12‑month price target of €0.23 versus €0.40, implying ~9% downside.
The brokerage forecasts negative free cash flow through 2027, with outflows of €75m (2025), €111m (2026) and €32m (2027).
Worldline's 2026 revenue is projected at €3.59bn, an 11% cut from prior estimate, with organic growth of only 0.4% and EBITDA €436.9m.
Net debt stood at €1.94bn end‑2025, debt/EBITDA 3.3x, with bond maturities €498.8m (2027) and €598.5m (2028) raising refinancing risk.