Core Insights - The company is focused on the development of transcript-related projects, indicating a commitment to enhancing their offerings in this area [1] Group 1 - The company publishes thousands of quarterly earnings calls each quarter, showcasing significant growth and expansion in their coverage [1]

Core Viewpoint - Repay Holdings Corporation (RPAY) operates in the financial technology sector, providing integrated payment processing solutions to businesses, and competes with other fintech companies in the same space [1] Stock Performance - On March 10, 2026, Morgan Stanley set a price target of $3.50 for RPAY, indicating a potential increase of about 18.44% from the stock's price of $2.955 at that time [2] - Currently, RPAY's stock price has risen to $3.08, reflecting a 9.47% increase from its previous value [2] - The stock has fluctuated between $2.80 and $3.08 today, with a market capitalization of approximately $281 million [5][6] - Over the past year, RPAY's stock has seen a high of $6.06 and a low of $2.70 [5] Analyst Ratings - RPAY has received a consensus "Hold" rating from ten research firms, with one analyst suggesting selling, five recommending holding, and four advising buying [3] - The average one-year target price from brokers is approximately $6.41, significantly higher than the current price, indicating potential growth [3] - DA Davidson maintains a "buy" rating with a price target of $10.00, while Morgan Stanley reduced their target from $5.00 to $4.00, giving an "equal weight" rating [4] - Wall Street Zen downgraded their rating from "buy" to "hold," and Weiss Ratings continues to recommend selling [4]

分组1 - Repay Holdings (RPAY) reported quarterly earnings of $0.19 per share, missing the Zacks Consensus Estimate of $0.22 per share, and down from $0.24 per share a year ago, representing an earnings surprise of -13.64% [1] - The company posted revenues of $78.59 million for the quarter ended December 2025, surpassing the Zacks Consensus Estimate by 2.26%, and compared to year-ago revenues of $78.27 million [2] - Repay Holdings shares have declined approximately 19.5% since the beginning of the year, while the S&P 500 has only declined by 1.5% [3] 分组2 - The current consensus EPS estimate for the coming quarter is $0.24 on revenues of $80.45 million, and for the current fiscal year, it is $0.94 on revenues of $324.44 million [7] - The Zacks Industry Rank indicates that the Financial Transaction Services sector is currently in the bottom 34% of over 250 Zacks industries, suggesting potential underperformance compared to higher-ranked industries [8]

Financial Data and Key Metrics Changes - In Q4 2025, REPAY achieved revenue of $78.6 million and gross profit of $58.3 million, with normalized revenue growth of 10% and gross profit growth of 9% year-over-year [15][16] - Adjusted EBITDA was $32.4 million, representing approximately 41% of Adjusted EBITDA margins, while free cash flow was $13.8 million, resulting in a 43% free cash flow conversion [16][20] - The company reported a non-cash goodwill impairment charge of $138.9 million related to the consumer payments segment [16] Business Line Data and Key Metrics Changes - In the consumer payments segment, Q4 revenue increased by 8% and gross profit increased by 6% year-over-year [6][16] - The business payments segment saw normalized revenue increase of 41% and gross profit increase of 73% year-over-year in Q4 [8][16] - The supplier network in the business payments segment grew to 602,000 suppliers, an increase of over 65% year-over-year [8] Market Data and Key Metrics Changes - The company noted stable trends in the auto and personal loans markets, with no significant changes reported in healthcare or mortgage sectors [29][30] - The upcoming midterm elections are expected to positively impact revenue by $8 million to $10 million, contributing approximately 3 percentage points to reported growth year-over-year [22] Company Strategy and Development Direction - REPAY is focused on improving operations, go-to-market strategies, and overall organizational leadership to support growth in 2026 [5][19] - The company plans to allocate capital towards organic growth opportunities, strategic M&A, and partnerships to enhance long-term growth and cash flow [23][24] - Investments in AI and automation are prioritized to streamline processes and enhance client experiences [12][43] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving double-digit reported revenue growth in 2026, driven by existing client growth and new client ramp-up [19][21] - The company anticipates a lower year-over-year growth in Q1 2026 due to delayed client implementations but expects a return to strong double-digit normalized growth in the second half of the year [21] - Management highlighted the importance of political media contributions in the upcoming year, which are expected to provide a revenue boost [22] Other Important Information - REPAY has approximately $116 million in cash on the balance sheet and a pro forma total liquidity of approximately $219 million [17][18] - The company is committed to maintaining strong cash generation to support liquidity and financial flexibility while balancing capital deployment [26] Q&A Session Summary Question: Insights on major end markets like auto, personal loans, healthcare, and mortgage - Management noted stable trends in auto and personal loans, with no significant changes in healthcare or mortgage markets [29][30] Question: Impact of tax refunds on volumes and repayment activity - Management observed a seasonal uplift in payment volume related to tax refunds, indicating normal patterns [35] Question: Update on M&A pipeline and focus areas - Management confirmed a healthy pipeline for potential M&A opportunities in both consumer and business payments, with a focus on partnerships that complement existing business units [41] Question: Growth expectations for the business payments segment - Management indicated expectations for high teens growth in the business payments segment, influenced by the political year and upcoming midterm elections [55] Question: Consumer segment initiatives contributing to growth - Management stated that initiatives in the consumer segment are included in the 2026 forecast, with no outsized contributors expected [56]

Financial Data and Key Metrics Changes - In Q4 2025, REPAY achieved revenue of $78.6 million, reflecting a 10% normalized year-over-year growth, while gross profit was $58.3 million, with a 9% growth on a normalized basis [13][14] - Adjusted EBITDA margins were approximately 41%, and free cash flow conversion was 43% [5][14] - Reported net income was impacted by a non-cash goodwill impairment charge of $138.9 million related to the consumer payments segment [14] Business Line Data and Key Metrics Changes - Consumer payments segment saw revenue increase of 8% and gross profit increase of 6% year-over-year [5][14] - Business payments segment experienced a significant increase, with normalized revenue up 41% and gross profit up 73% year-over-year [7][14] Market Data and Key Metrics Changes - The supplier network in the business payments segment grew to 602,000 suppliers, an increase of over 65% year-over-year [8] - The company added 14 software partners and integrations during 2025, exiting the year with over 294 total partners [9] Company Strategy and Development Direction - REPAY is focused on improving operations, go-to-market strategies, and overall organizational leadership to support growth in 2026 [4] - The company plans to allocate capital towards organic growth opportunities, strategic M&A, and partnerships to enhance long-term growth and cash flow [20][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving a revenue target of $340 million to $346 million for 2026, representing 10%-12% reported revenue growth [17] - The company anticipates a strong midterm election cycle to positively impact revenue by $8 million-$10 million, contributing approximately 3 percentage points of reported growth year-over-year [19] Other Important Information - REPAY's pro forma total liquidity is approximately $219 million, which includes $140 million of undrawn revolver capacity [16] - The company is committed to implementing its capital allocation strategy to achieve double-digit reported growth and strong profitability in 2026 [22] Q&A Session Summary Question: Insights on major end markets like auto, personal loans, healthcare, and mortgage - Management noted stable trends in auto and personal loans, with no significant changes observed in healthcare or mortgage markets [25][26] Question: Impact of tax refunds on volumes and repayment activity - Management indicated a seasonal uplift in payment volume related to tax refunds, consistent with previous years [31] Question: Contribution of float income to growth and margins - Float income from customer deposits in the B2B business played a significant role in Q4 results, with stable contributions expected moving forward [32][33] Question: Update on M&A pipeline and focus on consumer vs. business payments - Management confirmed a healthy pipeline for potential M&A opportunities in both consumer and business payments, focusing on selective investments [37] Question: Growth expectations for the business payment segment - Management anticipates high teens growth for the business payments segment, influenced by the political year and expected revenue contributions from political media [49][50]

Financial Data and Key Metrics Changes - In Q4 2025, the company achieved 10% revenue growth and 9% gross profit growth on a normalized year-over-year basis, excluding political media contributions from 2024 [5][14] - Adjusted EBITDA margins were 41%, and free cash flow conversion was 43% [5][15] - Q4 revenue was $78.6 million, and gross profit was $58.3 million, with gross profit margins at approximately 74.2% [13][14] Business Line Data and Key Metrics Changes - In the consumer payment segment, Q4 revenue increased by 8% and gross profit increased by 6% year-over-year [5][14] - The business payments segment saw normalized revenue increase by 41% and gross profit increase by 73% year-over-year [7][14] - The supplier network in the business payments segment grew to 602,000 suppliers, a 65% increase year-over-year [8] Market Data and Key Metrics Changes - The company noted stable trends in the auto and personal loans markets, with no significant changes reported in healthcare or mortgage sectors [26][27] - The political media contributions are expected to positively impact revenue by $8 million to $10 million in 2026, contributing approximately 3 percentage points to reported growth year-over-year [20] Company Strategy and Development Direction - The company is focused on improving operations, go-to-market strategies, and overall organizational leadership to support growth in 2026 [4][10] - Strategic changes in 2025 included executive changes, process streamlining, and investments in automation and AI to enhance operational efficiency [10][11] - The company plans to allocate capital towards organic growth opportunities, strategic M&A, and partnerships to boost long-term growth [21][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving double-digit reported revenue growth in 2026, driven by existing client growth and new client ramp-up [18][22] - The first quarter of 2026 is expected to show lower year-over-year growth due to delayed client implementations, with a return to strong double-digit normalized growth anticipated in the second half of the year [20][22] - The company is positioned to leverage AI capabilities to enhance productivity and streamline client onboarding processes [11][12] Other Important Information - The company ended 2025 with approximately $116 million in cash and a pro forma total liquidity of about $219 million [16][17] - The company has $23 million remaining under its existing share repurchase program for 2026 [21] Q&A Session Summary Question: Insights on major end markets like auto, personal loans, healthcare, and mortgage - Management noted stable trends in auto and personal loans, with no significant changes in healthcare or mortgage markets [26][27] Question: Any upcoming customer renewals in 2026 - Management indicated no major renewals outside of standard auto-renewals that are already embedded in guidance [28] Question: Impact of tax refunds on volumes and repayment activity - Management observed a seasonal uplift in payment volume during tax refund season, consistent with previous years [32][33] Question: Contribution of float income to growth and margins - Float income from customer deposits in the B2B business contributed positively to fourth-quarter results, with stable expectations for 2026 [34][35] Question: Update on M&A pipeline and focus areas - Management confirmed a healthy M&A pipeline with opportunities in both consumer and business payments, focusing on partnerships that complement existing business units [39] Question: Growth expectations for the business payment segment - Management anticipates high teens growth for the business payments segment, influenced by the political year and expected contributions from political media [52][53]

Q4 2025 Earnings Supplement March 2026 Disclaimer 1 Exhibit 99.2 Repay Holdings Corporation ("REPAY" or the "Company") is required to file annual, quarterly and current reports, proxy statements and other information with the Securities and Exchange Commission ("SEC") Such filings, which you may obtain for free at the SEC's website at http://www.sec.gov, discuss some of the important risk factors that may affect REPAY's business, results of operations and financial condition. Forward-Looking Statements This ...

Revenue Breakdown - The Consumer Payments segment represented approximately 85% of total revenue for the year ended December 31, 2025[31]. - The Business Payments segment accounted for approximately 15% of total revenue after intersegment eliminations for the year ended December 31, 2025[32]. - Revenue is primarily derived from volume-based payment processing fees, with a higher revenue generation from card-based payments compared to ACH payments[131]. Client Contributions - The top 10 clients contributed approximately 19% and 20% of total gross profit for the years ended December 31, 2025 and 2024, respectively[27]. Chargeback and Risk Management - The chargeback rate was less than 1% of total payment volume for the year ended December 31, 2025[52]. - The chargeback rate for the year ended December 31, 2025, was less than 1% of payment volume, indicating effective risk management in fraud prevention[144]. - The company has established systems to detect and reduce fraud, but effectiveness may vary, and incidents of fraud could increase in the future[144]. - The company faces risks from potential cybersecurity breaches, which could lead to significant fines, liability, and damage to reputation[117][120]. Acquisitions and Market Expansion - The company has successfully acquired eleven businesses from January 1, 2016 through December 31, 2025[39]. - The company intends to pursue strategic acquisitions selectively to enhance capabilities and enter new market segments[39]. - The company has completed eleven acquisitions from January 1, 2016, to December 31, 2025, focusing on integrated payments companies to expand its market presence and product offerings[69]. - The acquisition of Sigma Payment Solutions on January 1, 2016, marked the company's entry into the automotive finance sector, enhancing its integration with automotive finance software platforms[70]. - The acquisition of PaidSuite on September 28, 2017, accelerated growth in the receivable management space through client and software integration partner relationships[71]. - The acquisition of Paymaxx on December 15, 2017, bolstered the company's position in the automotive finance market and increased distribution capabilities[72]. - The acquisition of TriSource Solutions on August 14, 2019, provided further control over transaction processing and accelerated product delivery capabilities[73]. - The acquisition of APS on October 14, 2019, expanded the company's addressable market by enabling access to the business-to-business vertical[74]. - The acquisition of Ventanex on February 10, 2020, accelerated entry into the mortgage and healthcare payments verticals[75]. - The acquisition of cPayPlus on July 23, 2020, expanded business-to-business automation and payment offerings for clients across all business lines[76]. - The acquisition of BillingTree on June 15, 2021, significantly enhanced the company's scale and client diversification in the healthcare and receivable management industries[78]. Employee and Culture - The company employed approximately 486 full-time employees as of December 31, 2025, with no employees represented by a labor union[102]. - 88% of employees reported that the company is a great place to work, contributing to its certification as a Great Place to Work® for nine consecutive years[104]. - The company offers a comprehensive benefits package, including 100% coverage of employee healthcare premiums and a generous 401(k)-employer match[108]. - The company has a strong emphasis on culture, focusing on values such as excellence, integrity, and innovation to empower employees[103]. - The company participates in community outreach initiatives, reflecting its commitment to giving back to the communities[107]. Compliance and Regulatory Environment - The company operates in a complex regulatory environment, continually updating compliance models to adapt to evolving legal and regulatory requirements affecting its clients and sponsor banks[81]. - The company has developed compliance programs to monitor and address legal and regulatory requirements related to anti-money laundering and counter-terrorism[89]. - The company is subject to various federal and state laws that impose restrictions on its clients' businesses, particularly in personal and automotive loans[93]. - The company is subject to ongoing monitoring and compliance audits by payment networks and regulatory bodies, which may impose additional costs[95]. - Compliance with payment network rules is critical, as non-compliance could result in fines, suspension, or termination of processing capabilities[132][134]. - The company must comply with evolving privacy laws, which could increase compliance costs and complicate due diligence processes[190]. - The company is subject to extensive government regulations, and changes in these regulations could negatively impact its business and financial condition[175]. Financial Obligations and Debt - The company increased its senior secured credit facilities to a $250.0 million revolving credit facility as of July 10, 2024[197]. - On January 19, 2021, the company issued $440.0 million in aggregate principal amount of 0.00% convertible senior notes due 2026[197]. - The company repurchased $220.0 million of the 2026 Notes on July 8, 2024[197]. - On July 8, 2024, the company issued $287.5 million in aggregate principal amount of 2.875% convertible senior notes due 2029[197]. - The company may face increased interest expenses on its indebtedness under the Second Amended Credit Agreement, which bears interest at a variable rate based on the Secured Overnight Financing Rate (SOFR)[198]. - The company’s ability to service its debt obligations depends on future performance, which is subject to various economic and competitive factors[197]. - The company may incur additional debt obligations that could impose further restrictive covenants affecting operational flexibility[200]. - Payments under the Tax Receivable Agreement could be substantial and may adversely affect the company's liquidity and financial condition[214]. - The company may need to incur additional indebtedness to finance payments under the Tax Receivable Agreement if cash resources are insufficient[218]. Market Challenges and Competition - The payment processing industry is highly competitive, with significant pressure on fees and margins due to established competitors and emerging technology providers[112][114]. - The company must continuously adapt to changes in consumer behavior and technology adoption to maintain its competitive edge and revenue growth[124][125]. - Sales efforts to large enterprises involve long and unpredictable sales cycles, which can lead to fluctuations in financial performance[130]. - Industry consolidation within vertical markets may reduce the number of potential clients and limit market opportunities, adversely affecting growth[128]. - The company must manage costs effectively to maintain acceptable profit margins amidst competitive pricing pressures from both large and small providers[113][114]. - The company may face challenges in expanding its market share in existing verticals and entering new markets, which is essential for growth and profitability[160]. - The company is exposed to economic and political risks, including inflation and recession concerns, which could adversely affect consumer spending and, consequently, transaction volumes[155]. - The company may experience difficulties in attracting and retaining qualified personnel, which could adversely affect its operations and profitability[165]. - The company has experienced turnover in key management roles, which could disrupt operations and client relationships[166]. - The company may face costly litigation related to intellectual property infringement, which could divert resources and impact financial performance[164]. Intellectual Property and Legal Risks - The company relies on a combination of copyright, trademark, and trade secret laws to protect its intellectual property rights[100]. - The company relies on a combination of intellectual property protections, but risks include potential infringement claims and the inability to enforce these rights[162]. - The company is a holding entity with no material assets other than its interest in Hawk Parent, relying on distributions from subsidiaries to meet financial obligations[207]. - Hawk Parent is treated as a partnership for U.S. federal income tax purposes, meaning the company will pay taxes on its allocable share of net taxable income[208]. - Future issuances of Class A common stock could lead to a decline in market price and make it more difficult for the company to raise additional funds[221].

Revenue and Profitability - Reported revenue for Q4 2025 was $78.6 million, approximately flat compared to Q4 2024, while gross profit declined by 2% year-over-year to $58.3 million[2] - Normalized revenue and gross profit growth increased by 10% and 9% year-over-year, respectively, with Consumer Payments revenue and gross profit growth at 8% and 6%[8] - Business Payments segment reported normalized revenue and gross profit growth of approximately 41% and 73% year-over-year[8] - Revenue for Q4 2025 was $78,585 thousand, a slight increase from $78,271 thousand in Q4 2024, while total revenue for the year ended December 31, 2025, was $309,261 thousand, down from $313,042 thousand in 2024[28] - For the year ended December 31, 2025, revenue was $309,261,000, a decrease from $313,042,000 in 2024, representing a decline of 1.3%[35] - Total revenue growth for the Consumer segment was 8%, while Business Payments experienced a decline of 17%, leading to a total revenue growth of 0%[40] Net Loss and Expenses - The net loss for Q4 2025 was $148.3 million, impacted by a non-cash goodwill impairment loss of $138.9 million in the Consumer Payments segment[3] - Total operating expenses for Q4 2025 were $221,774 thousand, significantly higher than $79,441 thousand in Q4 2024, primarily due to an impairment loss of $138,907 thousand[28] - Net loss for Q4 2025 was $148,271 thousand, compared to a net loss of $3,958 thousand in Q4 2024, with a total net loss for the year of $271,088 thousand, up from $10,345 thousand in 2024[28] - The total operating expenses for the year 2025 were $563,983,000, significantly higher than $320,812,000 in 2024, largely due to a non-cash impairment loss of $242,688,000[35] - The net loss for the year 2025 was $271,088,000, compared to a net loss of $10,345,000 in 2024, indicating a dramatic increase in losses[35] Cash Flow and Conversion - Free Cash Flow for Q4 2025 was $13.8 million, with a Free Cash Flow Conversion rate of 43%[2] - Free cash flow for Q4 2025 was $13,779,000, down from $23,459,000 in Q4 2024, showing a decrease of 41.5%[38] - Free cash flow conversion for Q4 2025 was 43%, compared to 64% in Q4 2024, indicating a decline in efficiency[38] - The Free Cash Flow Conversion rate is expected to improve to 45% in 2026[10] Future Outlook - For full year 2026, the company expects reported revenue between $340 million and $346 million, reflecting a growth of approximately 10%-12%[10] - Adjusted EBITDA for full year 2025 was $128.6 million, with an outlook for 2026 between $136.5 million and $141.5 million[10] Shareholder Information - The company repurchased treasury shares amounting to $38,549 thousand during the year ended December 31, 2025[31] - The weighted-average shares of Class A common stock outstanding decreased to 82,108,224 as of December 31, 2025, from 88,392,571 as of December 31, 2024[28] Asset and Liability Changes - Cash and cash equivalents decreased to $115,692 thousand as of December 31, 2025, down from $189,530 thousand as of December 31, 2024[30] - Total assets decreased to $1,199,749 thousand as of December 31, 2025, from $1,571,908 thousand as of December 31, 2024[30] - Total liabilities decreased to $717,967 thousand as of December 31, 2025, compared to $798,739 thousand as of December 31, 2024[30] Impairment Loss - The company reported a significant increase in impairment loss, totaling $242,688 thousand for the year ended December 31, 2025, compared to no impairment loss in 2024[31] - The amortization of acquisition-related intangibles is expected to recur in future periods, impacting future financial results[44] Operational Metrics - The company added three new integrated software partners, bringing the total to 294 software relationships by the end of Q4 2025[13] - The AP supplier network accelerated to over 602,000, marking an increase of approximately 67% year-over-year[13] - Adjusted Net Income for Q4 2025 was $16,752,000, down from $22,433,000 in Q4 2024, reflecting a decrease of 25.0%[36] - Normalized gross profit growth for the Consumer segment was 6%, while Business Payments saw a significant increase of 73%[41] - The normalized revenue growth for Business Payments was 10%, indicating a recovery from previous declines[40] - Total depreciation and amortization for the year ended December 31, 2025, was $102,046,000, slightly down from $103,710,000 in 2024[42]

Exhibit 99.3 Investor Presentation March 2026 Disclaimer 1 On July 11, 2019 (the "Closing Date"), Thunder Bridge Acquisition Ltd. ("Thunder Bridge") and Hawk Parent Holdings LLC ("Hawk Parent") completed a business combination (the "Business Combination") under which Thunder Bridge acquired Hawk Parent, upon which Thunder Bridge changed its name to Repay Holdings Corporation ("REPAY" or the "Company"). The Company's filings with the Securities and Exchange Commission ("SEC"), which you may obtain for free a ...