Financial Performance - Gross revenue for Q3 2025 reached $1,176.9 million, a 29.5% increase from $909.2 million in Q3 2024[21] - Net income attributable to Shift4 Payments, Inc. for Q3 2025 was $28.1 million, down 47.8% from $53.8 million in Q3 2024[21] - Comprehensive income attributable to Shift4 Payments, Inc. for the nine months ended September 30, 2025, was $154.1 million, compared to $120.1 million in the same period of 2024, reflecting a 28.3% increase[23] - Income from operations for Q3 2025 was $114.6 million, a 42.4% increase from $80.4 million in Q3 2024[21] - The company reported a loss on extinguishment of debt of $9.2 million in Q3 2025, compared to no loss in Q3 2024[21] - Interest income for Q3 2025 was $17.5 million, up 80.4% from $9.7 million in Q3 2024[21] - Basic net income per share for Class A in Q3 2025 was $0.19, down from $0.78 in Q3 2024[21] - For the nine months ended September 30, 2025, net income was $94.0 million, compared to $155.2 million for the same period in 2024, reflecting a decrease of 39.4%[27] Cash Flow and Liquidity - Operating cash flow for the nine months ended September 30, 2025, was $410.3 million, an increase from $369.3 million in 2024[27] - Total cash and cash equivalents at the end of the period were $1,709.7 million, compared to $1,595.4 million at the end of September 2024[27] - As of September 30, 2025, Shift4 Payments, Inc. held $126.9 million in cash, compared to $52.0 million as of December 31, 2024, indicating a significant increase in liquidity[32] - Cash and cash equivalents increased to $1,511.5 million as of September 30, 2025, up from $1,211.9 million as of December 31, 2024, reflecting a growth of approximately 24.8%[53] Acquisitions and Strategic Initiatives - Shift4 Payments completed the acquisition of Global Blue Group for $2.7 billion, enhancing its payment processing capabilities[28] - The total purchase consideration for the acquisition of Global Blue was $2,718.7 million, with a net total of $2,611.9 million after accounting for cash acquired[59] - The acquisition of Global Blue is expected to diversify the company's revenue streams significantly, leveraging its payments and technology platform[58] - The company completed the acquisition of Smartpay Holdings Limited for approximately $168 million USD, enhancing its strategic presence in Australia and New Zealand[163] - The company entered exclusive negotiations to acquire Worldline's North American subsidiaries, with the transaction expected to close in Q1 2026[162] Expenses and Costs - The cost of sales for Q3 2025 was $747.9 million, an increase of 16.5% from $641.9 million in Q3 2024[21] - General and administrative expenses increased to $188.4 million in Q3 2025, compared to $118.2 million in Q3 2024, marking a 59.3% increase[21] - The company reported depreciation and amortization expenses of $298.7 million for the nine months ended September 30, 2025, up from $213.1 million in 2024[27] - Total depreciation and amortization expense for the three months ended September 30, 2025, was $125.1 million, compared to $77.3 million for the same period in 2024, representing a 62% increase[74] Equity and Stockholder Information - As of September 30, 2025, total stockholders' equity stands at $2,204.0 million, with a retained deficit of $283.4 million[24] - The company repurchased and retired Class A common stock totaling $84.8 million during the reporting period[24] - The issuance of Series A Mandatory Convertible Preferred Stock generated $973.6 million, net of issuance costs[24] - The Company has authorized a new stock repurchase program to repurchase up to $1.0 billion of shares of its Class A common stock through December 31, 2026[129] Revenue Recognition - Shift4 Payments primarily earns revenue through volume-based payment and transaction fees, as well as subscription revenue for its software and technology solutions[44] - The company recognizes payments-based revenue upon authorization of a transaction, which includes interchange and payment network costs[46] - Subscription-based revenue is recognized over the period the fee covers, typically one year or less, reflecting the ongoing service provided to merchants[50] - The Company’s revenue recognition follows ASC 606, which requires recognizing revenue as performance obligations are satisfied[43] Debt and Financing - As of September 30, 2025, the total debt amounted to $4.719 billion, an increase from $2.841 billion as of December 31, 2024[11] - The Company issued an additional $550 million of 6.750% Senior Notes due 2032 in May 2025, bringing the total to $1.65 billion[90] - Future principal payments for the Company's debt are scheduled as follows: $692.5 million in 2025, $10 million in 2026, $642.5 million in 2027, and $3.426 billion thereafter[88] - The Company entered into a Settlement Line Credit Agreement in September 2024, which was amended in September 2025 to increase the available amount from $100 million to $125 million[102] Tax and Regulatory Matters - The Company's effective tax rate for the three months ended September 30, 2025, was 45%, compared to (135)% for the same period in 2024[115] - The Tax Receivable Agreement (TRA) liability was reported at $362.1 million as of September 30, 2025, slightly down from $365.5 million at the end of 2024[32] - The company plans to adopt ASU 2023-09 for income tax disclosures starting January 1, 2025, enhancing transparency in financial reporting[54] Other Comprehensive Income - The company experienced a comprehensive income of $84.7 million, driven by various factors including foreign currency adjustments[24] - Other comprehensive income for the period was recorded at $84.7 million[24]

Core Insights - Shift4 Payments' shares rose 5.3% after reporting third-quarter results that met Wall Street expectations, indicating strong growth in payment volume and revenue [1] - Payment volume increased by 25.7% year-on-year to $54.7 billion, surpassing analyst estimates, while gross revenue grew by 29.4% to $1.18 billion, aligning with forecasts [1] - Adjusted earnings per share reached $1.47, up from $1.04 in the same quarter last year, reinforcing investor confidence in the company's trajectory [1] Market Reaction - Following the initial surge, shares stabilized at $67.29, reflecting a modest increase of 0.2% from the previous close, suggesting a cautious market sentiment [2] - The stock has shown significant volatility, with 18 moves greater than 5% in the past year, indicating that while the recent news is considered meaningful, it may not fundamentally alter market perception [3] Competitive Landscape - The stock experienced a prior decline of 5.6% due to disappointing results from competitor Fiserv, which raised concerns about the overall sector and Shift4's performance [4] - Fiserv's negative outlook and revenue shortfall contributed to investor anxiety regarding Shift4's ability to meet its financial guidance, compounded by a strategic shift to slow down acquisitions [4] Performance Metrics - Shift4's stock has decreased by 37.9% year-to-date and is trading 46.5% below its 52-week high of $125.66, indicating significant market challenges [5] - An investment of $1,000 in Shift4 shares five years ago would now be valued at $1,235, reflecting modest long-term growth despite recent volatility [5]

Financial Data and Key Metrics Changes - Gross revenue less network fees reached $589 million, up 61% year over year, while adjusted EBITDA was $292 million, reflecting a 56% increase [3][14] - Excluding the impact of Global Blue, gross revenue less network fees grew 19% year over year, with organic growth at 18% [4][15] - Adjusted free cash flow was a record $141 million, with a conversion rate of 48% [18] Business Line Data and Key Metrics Changes - Subscription and other revenue was $119 million in Q3, up 16% compared to the same period last year, driven by market-leading vertical software solutions [15] - Blended spreads on payment volume remained stable at 62 basis points, with expectations for full-year spreads to exceed 60 basis points [14][15] Market Data and Key Metrics Changes - In Asia, same-store sales were negative 11% in Q3 but showed recovery in October [5] - Global Blue contributed $156 million to gross revenue less network fees and $68 million to EBITDA, despite headwinds in the Asia-Pacific market [17] Company Strategy and Development Direction - The company aims for 30% plus gross revenue less network fee growth over the medium term, supported by attractive capital allocation opportunities [4] - The acquisition of Bambora, a $90 billion payment gateway, is expected to enhance customer acquisition and product capabilities [12][37] - The company is focused on deleting non-core business lines and enhancing revenue quality through strategic divestitures [11][15] Management's Comments on Operating Environment and Future Outlook - Management noted volatility in same-store sales, particularly in the restaurant and hospitality sectors, but emphasized the company's diversified and scaled operations [5][6] - The competitive landscape remains unchanged, with the company holding leading positions in various verticals [6][7] - Management expressed optimism about the potential of AI applications to enhance operational leverage and decision-making [17] Other Important Information - The board authorized a new $1 billion stock repurchase program, the largest in the company's history, to take advantage of current valuation levels [13][20] - The company reaffirmed its full-year 2025 guidance, expecting volume to range from $207 billion to $210 billion, representing 26%-27% year-over-year growth [22][23] Q&A Session Summary Question: What are the implications of Jared getting nominated to NASA? - Management indicated that it could simplify the company's structure and share class, with Jared remaining the largest shareholder [30] Question: Can you provide more context around the $90 billion gateway opportunity with Bambora? - Management highlighted the potential for revenue synergies and the importance of converting existing customers to a consolidated payment solution [33][36] Question: How does the company view organic growth moving forward? - Management confirmed that the 18% organic growth excludes acquisition impacts and aligns with medium-term guidance [41][80] Question: What is the company's philosophy on guidance? - Management emphasized a cautious approach to guidance, reflecting the current macroeconomic environment and industry volatility [51][56] Question: How does the company plan to utilize the new share buyback authorization? - Management stated that the current valuation presents an attractive opportunity for share repurchases without compromising other investment priorities [67][70]

Exhibit 99 OBU SHIFT @ Q3 2025 SHAREHOLDER LETTER INVESTORS.SHIFT4.COM Forward-Looking Statements This letter contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Shift4 Payments, Inc. ("we. "our," the "Company." o "Shift4") intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act ...

Company Overview - Shift4 Payments operates as a technology-driven provider of integrated payment and commerce solutions, offering secure, omni-channel transaction capabilities to a wide range of businesses [5][8] - The company utilizes proprietary software and infrastructure to provide seamless payment acceptance and business management tools, positioning itself as a comprehensive partner for merchants [5][8] - As of November 4, 2025, Shift4 Payments had a market capitalization of $6.09 billion, with a revenue of $3.61 billion and a net income of $220.50 million for the trailing twelve months (TTM) [4] Recent Developments - Jackson Square Partners initiated a new position in Shift4 Payments, acquiring 74,100 shares valued at approximately $5.74 million as of September 30, 2025, marking the first appearance of Shift4 Payments in its portfolio [1][2] - This new position accounts for 2.32% of Jackson Square Partners' 13F reportable assets under management [3] Market Performance - As of November 4, 2025, Shift4 Payments shares were priced at $66.74, reflecting a 26% decline over the past year, underperforming the S&P 500 by 45 percentage points [3] - The stock is currently trading near its lowest-ever valuation at 16 times free cash flow (FCF) and 12 times forward earnings, while experiencing a 17% sales growth in the last quarter [10] Competitive Landscape - Shift4 Payments faces significant competition in the payments industry, particularly from companies like Toast, which, despite growing slightly faster, trades at a much higher valuation of 46 times FCF [11] - Shift4's more reasonable valuation and better sales diversification with clients in stadiums and hospitality sectors make it an attractive option for investors looking to buy on dips [11]

Core Insights - Shift4 Payments (FOUR) is expected to report quarterly earnings of $1.46 per share, reflecting a year-over-year increase of 40.4% [1] - Anticipated revenues are projected to reach $580.64 million, indicating a 59% increase compared to the same quarter last year [1] Earnings Estimates - Over the last 30 days, the consensus EPS estimate has been revised downward by 1.5%, indicating a collective reassessment by analysts [2] - Revisions to earnings projections are crucial for predicting investor behavior and are linked to short-term stock price performance [3] Key Metrics Projections - Analysts project 'Gross Revenue- Subscription and other revenues' to be $111.83 million, a year-over-year increase of 9.2% [5] - 'Gross Revenue- Payments-based revenue' is estimated to reach $950.21 million, reflecting a year-over-year change of 17.8% [5] - The estimated 'End-to-End Payment Volume' is projected at $53.06 billion, up from $43.50 billion a year ago [5] Market Performance - Shift4 Payments shares have decreased by 14.6% over the past month, contrasting with a 1% increase in the Zacks S&P 500 composite [6] - The company holds a Zacks Rank 4 (Sell), suggesting it is expected to underperform the overall market in the near future [6]

​Shift4 Payments, Inc. (NYSE:FOUR) is one of the Best Beaten Down Growth Stocks to Buy According to Analysts. On October 29, Peter Heckmann from D.A. Davidson lowered the firm’s price target on ​Shift4 Payments, Inc. (NYSE:FOUR) from $124 to $114, while keeping a Buy rating on the stock. Heckmann lowered the price target for the company as it approaches its fiscal third-quarter earnings, scheduled to be announced on November 6, 2025. As per the company’s guidance, it expects gross revenue less network fee ...

Core Insights - The financial sector shows potential buying opportunities in oversold stocks, particularly those with a Relative Strength Index (RSI) below 30, indicating undervaluation [1][2] Company Summaries - **Shift4 Payments Inc (NYSE:FOUR)**: - Analyst Peter Heckmann from DA Davidson maintains a Buy rating but lowers the price target from $124 to $114 - The stock has decreased approximately 14% in the last five days, reaching a 52-week low of $66.11 - Current RSI value is 27.1, with shares closing at $66.31 after a 5.3% drop [3][8] - **Burford Capital Limited (NYSE:BUR)**: - Scheduled to release financial results for the three and nine months ended September 30, 2025, on November 5 - The stock has fallen around 21% over the past month, with a 52-week low of $9.38 - Current RSI value is 24.8, with shares closing at $9.44 after a 6.2% decline [4][8] - **Fiserv Inc (NYSE:FI)**: - Reported weaker-than-expected third-quarter results and reduced FY2025 adjusted EPS guidance - The stock has plummeted approximately 48% in the last five days, reaching a 52-week low of $64.52 - Current RSI value is 12.5, with shares closing at $65.19 after a 7.7% drop [5][8]

Core Viewpoint - Wells Fargo and other firms have initiated coverage on various companies in the payments and technology sectors, highlighting both challenges and opportunities within these industries [1] Group 1: Payments Sector - Wells Fargo initiated coverage of PayPal (PYPL) with an Equal Weight rating and a price target of $74, noting the sector's struggles due to a shift towards AI-centric stocks and execution issues among companies [1] - Coverage was also initiated for Shift4 (FOUR) and Fiserv (FI) with Equal Weight ratings, indicating a cautious outlook on these companies [1] - Block (XYZ) received an Overweight rating and a price target of $91, with Wells Fargo identifying attractive opportunities despite the sector being challenging for investors [1] - Other companies in the payments sector, including Global Payments (GPN), FIS (FIS), Visa (V), MasterCard (MA), Affirm (AFRM), and Circle Internet (CRCL), were also given Overweight ratings [1] Group 2: Advertising and E-commerce - Deutsche Bank initiated coverage of AppLovin (APP) with a Buy rating and a price target of $705, emphasizing its strong advertising technology and expansion into e-commerce advertising, which is significantly larger than mobile game in-app advertising [1] Group 3: Renewable Energy - Needham initiated coverage of First Solar (FSLR) with a Buy rating and a price target of $286, viewing it as a leading option for investing in U.S. utility-scale solar due to favorable policies [1] Group 4: Technology and Infrastructure - Piper Sandler initiated coverage of Dell Technologies (DELL) with an Overweight rating and a price target of $172, predicting it will benefit from a strong enterprise data center refresh in 2026 and AI infrastructure developments [1] - HP Enterprise (HPE) was also covered by Piper Sandler but received a Neutral rating, indicating a less favorable outlook compared to Dell [1]

Core Viewpoint - Shift4 (NYSE: FOUR) is entering exclusive negotiations to acquire Bambora North America, which includes Bambora Inc, Bambora Holding Corp, Bambora Corp, and Worldline SMB US, Inc, with the transaction expected to close in Q1 2026, pending customary approvals [1] Company Summary - Shift4 is a leader in integrated payments and commerce technology [1] - Bambora North America serves over 140,000 clients [1] Transaction Details - The acquisition involves multiple subsidiaries of Worldline (Euronext: WLN) [1] - The expected closing date for the transaction is in the first quarter of 2026 [1]