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Core Viewpoint - WEX is transitioning from a traditional fuel card provider to a diversified FinTech infrastructure company, focusing on AP automation and expanding into new verticals despite a temporary revenue dip due to client restructuring [1][3]. Group 1: Company Transformation - WEX now operates in three segments: Mobility, Benefits, and Corporate Payments, marking its evolution from a payments utility to a multiplatform financial infrastructure company [4][5]. - The Mobility segment accounts for approximately 50% of total revenue, facing challenges such as decreased same-store sales due to efficiency gains and cautious spending by fleet operators [6]. Group 2: Strategic Partnerships and Growth - WEX secured a significant contract with BP, allowing the issuance of BP-branded fleet cards linked to its loyalty program, which is expected to enhance WEX's leadership in fleet payments [7][8]. - The Benefits segment showed stable growth with a revenue increase of 8.5% year-over-year to $195.1 million, driven by growth in SaaS accounts and custodial investment income [9][10]. Group 3: Corporate Payments Segment - The Corporate Payments segment experienced an 11.8% revenue decline to $118.3 million, primarily due to a major online travel agency restructuring its spending model [11][12]. - WEX is expanding its AP automation capabilities, increasing its dedicated sales force by over 50% and signing over 140 new customers year-to-date, indicating strong demand for digitizing payment workflows [12][13].

Financial Performance - Total revenues for Q2 2025 were $659.6 million, a decrease of 2.9% from $673.5 million in Q2 2024[149] - Net income for Q2 2025 was $68.1 million, down 11.5% from $77.0 million in Q2 2024[149] - Adjusted net income for Q2 2025 was $136.2 million, compared to $164.0 million in Q2 2024, reflecting a decrease of 17%[149] - Total volume across the company for Q2 2025 was $59,501 million, a decrease of 1.1% from $60,137 million in Q2 2024[149] - Total revenues for Benefits increased by $15.3 million (9%) for Q2 2025, totaling $195.1 million, primarily due to a rise in average HSA deposit balances[162] - Total volume for Benefits increased by $233.8 million (7%) for Q2 2025, totaling $3,729.3 million[162] - Total segment adjusted operating income for Q2 2025 was $268.5 million, compared to $299.9 million in Q2 2024, reflecting a decrease of approximately 10.4%[187] - Adjusted net income for the six months ended June 30, 2025, was $274.6 million, or $7.44 per diluted share, compared to $310.7 million, or $7.37 per diluted share for the same period in 2024, indicating a decrease of about 11.6% in net income[187] Segment Performance - In the Mobility segment, total revenues decreased by $13.4 million (4%) for Q2 2025 compared to Q2 2024, primarily due to lower average domestic fuel prices[152] - Payment processing revenue in the Mobility segment was $160.4 million for Q2 2025, down 9% from $177.2 million in Q2 2024[152] - Segment adjusted operating income for Benefits increased by $13.8 million (19%) for Q2 2025, totaling $84.9 million[164] - Payment processing revenue decreased by $18.6 million (16%) to $97.7 million for the three months ended June 30, 2025, compared to $116.2 million in 2024[169] - Account servicing revenue increased by $5.1 million (49%) to $15.4 million for the three months ended June 30, 2025, compared to $10.3 million in 2024[169] - Total Corporate Payments revenue decreased by $15.8 million and $34.9 million for the three and six months ended June 30, 2025, respectively, primarily due to a contract renegotiation with a large travel customer[170] Expenses and Costs - Processing costs for Mobility increased by $1.8 million (2%) for Q2 2025 compared to Q2 2024, totaling $76.0 million[158] - Sales and marketing expenses for Mobility increased by $2.5 million (4%) for Q2 2025, totaling $63.6 million, reflecting growth acceleration initiatives[161] - General and administrative expenses for Benefits decreased by $4.3 million (37%) for Q2 2025, totaling $7.2 million, primarily due to reduced employee compensation costs[167] - Depreciation and amortization for Mobility increased by $3.2 million (24%) for Q2 2025, totaling $16.4 million, attributed to increased capital expenditures for new product development[160] - Sales and marketing expenses increased by $3.6 million (24%) for the three months ended June 30, 2025, compared to the same period in 2024, driven by increased partner commissions and employee costs[175] Cash Flow and Liquidity - Adjusted free cash flow for the first half of 2025 was $210.5 million, compared to $203.0 million in the same period of 2024[149] - The company reported a net cash used for operating activities of $217.0 million in Q2 2025, compared to $160.3 million in Q2 2024[149] - Cash used for operating activities for the six months ended June 30, 2025, increased by $56.7 million compared to the same period in 2024, primarily due to a greater increase in accounts receivable[206] - Adjusted free cash flow for the six months ended June 30, 2025, was $210.5 million, slightly up from $203.0 million in the prior year[204] - Net cash from financing activities during 2025 increased by $513.7 million compared to the prior year, driven by an increase in HSA deposits transferred to WEX Bank[209] Credit and Financing - Provision for credit losses decreased by $3.3 million (18%) for Q2 2025, totaling $15.4 million, driven by improved management of credit and fraud losses[159] - Provision for credit losses increased by $4.1 million (161%) for the three months ended June 30, 2025, compared to the same period in the prior year, due to higher collection risk[174] - Financing interest expense increased by $5.1 million for the three months ended June 30, 2025, primarily due to increased borrowings from the issuance of Senior Notes[178] - The company was in compliance with financial covenants, maintaining a consolidated interest coverage ratio of no less than 3.00 to 1.00 and a consolidated leverage ratio of no more than 4.75 to 1.00 as of June 30, 2025[203] - The company completed a private offering of $550.0 million in senior unsecured notes and established an incremental tranche of senior secured loans totaling $450.0 million to fund various corporate activities[192] Other Financial Metrics - The average price per gallon of fuel decreased by 9% to $3.28 in Q2 2025 from $3.62 in Q2 2024[152] - The effective tax rate for the three months ended June 30, 2025, was 27.0%, compared to 27.5% for the same period in 2024[180] - Unallocated corporate expenses for Q2 2025 were $25.4 million, compared to $26.1 million in Q2 2024, reflecting a decrease of about 2.7%[187] - Acquisition-related intangible amortization for the six months ended June 30, 2025, was $97.2 million, down from $101.5 million in 2024, indicating a decrease of approximately 4.2%[187] - Stock-based compensation for the six months ended June 30, 2025, was $45.7 million, compared to $60.0 million in 2024, reflecting a decrease of about 23.9%[187] - The company reported a net foreign currency loss of $0.7 million for the six months ended June 30, 2025, compared to a loss of $13.0 million in 2024, indicating a significant improvement[190] - As of June 30, 2025, the company had cash and cash equivalents of $772.6 million, with $133.8 million classified as corporate cash[192] - As of June 30, 2025, the company had outstanding term loan principal borrowings of $2.7 billion and borrowings of $778.2 million on the Revolving Credit Facility[196] - Total deposits as of June 30, 2025, amounted to $5.1 billion, with $92.7 million of securitized debt under financing arrangements[196] - WEX Bank had the ability to borrow up to $146.6 million from the Federal Reserve Bank Discount Window, with no borrowings outstanding on this line of credit as of June 30, 2025[202] - The company completed a Tender Offer funded with $450.0 million of gross borrowings from a new Term Loan B-3 facility and $550.0 million from a new offering of Senior Notes[209] - A civil money penalty of $650 thousand was assessed to WEX Bank by the FDIC in relation to a consent order, which has been paid in full[213]

Financial Data and Key Metrics Changes - The company reported revenue of $659.6 million for Q2 2025, a decrease of 2.1% year over year, with adjusted net income per diluted share at $3.95, an increase of 1% compared to the same quarter last year [8][33] - Excluding the impact of fuel price fluctuations and foreign exchange rates, revenue was flat compared to the prior year, while adjusted EPS grew by 8% [8][33] - The leverage ratio ended the quarter at 3.4 times, at the high end of the long-term range of 2.5 to 3.5 times, primarily due to share repurchase activity [37] Business Line Data and Key Metrics Changes Mobility Segment - Revenue in the mobility segment declined by 3.7% during Q2 compared to last year, with a drag of 4.2% due to lower fuel prices and foreign exchange rates [33] - Transaction levels were down slightly from the prior year, with same store sales growth for local fleets in the U.S. declining in line with Q1 results [12][33] Benefits Segment - Total revenue for the benefits segment rose by 8.5% year over year, with SaaS account growth of 6% and HSA accounts growing by 7% [20][34] - Custodial investment revenue increased by 11.4%, reaching $57.8 million [34] Corporate Payments Segment - Revenues decreased by 11.8% year over year, primarily due to a large customer transition [34] - Direct accounts payable volume grew more than 25% compared to last year, marking the third consecutive quarter of such growth [27][34] Market Data and Key Metrics Changes - The company operates in three large markets: mobility, benefits, and corporate payments, each offering significant long-term growth opportunities [10] - The mobility segment accounts for approximately 50% of total revenue, while benefits represent about 30% and corporate payments about 20% [10][18] Company Strategy and Development Direction - The company remains optimistic about growth potential in each segment and emphasizes disciplined investment in opportunities to generate attractive returns for investors [7][30] - Investments in sales and marketing are expected to drive new customer acquisition and enhance product offerings across all segments [29][30] Management's Comments on Operating Environment and Future Outlook - Management noted that the operating environment remains challenging, particularly in the mobility segment, but expressed confidence in the ability to close new sales and renewals [14][45] - The company anticipates a return to revenue growth in the corporate payments segment in the second half of 2025, driven by a strengthening pipeline and new customer signings [26][34] Other Important Information - The company is finalizing a purchase agreement for an existing customer base, expecting to convert this book of business in 2026, which could add between 0.5% to 1% to company revenue in the first full year after conversion [18][39] - Recent legislation is expected to increase the total addressable market for health savings accounts by more than 7 million people, presenting a significant growth opportunity [22] Q&A Session Summary Question: Corporate payments initiatives and trends - Management discussed investments in product capabilities and early traction in the DirectAP business, highlighting a focus on increasing mobile capabilities and seamless user experiences [41][42] Question: Mobility segment reacceleration timeline - Management indicated that same store sales weakness is expected to continue, but noted that the negative trends from the previous year will begin to lap in Q3 [44][45] Question: Corporate payments outlook and KPIs - Management provided insights on expected purchase volume growth, indicating low to mid-single digits in Q3 and accelerating to around 20% in Q4, driven by various factors including customer transitions [62][65] Question: HSA account growth strategies - Management attributed HSA account growth to the implementation of new customers and the scale of the platform, with expectations for continued outpacing of market growth [66][68] Question: Revenue growth potential into 2026 - Management refrained from providing specific guidance for 2026 but expressed confidence in the growth trajectory based on current trends and customer pipeline [72][74]

Financial Data and Key Metrics Changes - The company reported revenue of $659.6 million for Q2 2025, a decrease of 2.1% year over year, with revenue flat when excluding fuel price and foreign exchange fluctuations [8][34] - Adjusted net income per diluted share was $3.95, an increase of 1% compared to the same quarter last year, with an 8% growth when excluding fuel price and foreign exchange impacts [8][34] - The leverage ratio ended the quarter at 3.4 times, at the high end of the long-term range of 2.5 to 3.5 times, primarily due to share repurchase activity [39] Business Line Data and Key Metrics Changes Mobility Segment - Revenue declined 3.7% year over year, impacted by a 4.2% drag from lower fuel prices and foreign exchange rates [35] - Transaction levels were down slightly from the prior year, with same store sales growth for local fleets in the U.S. declining in line with Q1 results [13][14] - The segment represents approximately 50% of total revenue, with a focus on fleet payment solutions and data-driven insights [11] Benefits Segment - Total revenue rose 8.5% year over year to $195.1 million, with SaaS account growth of 6% [36][20] - Custodial investment revenue increased by 11.4% to $57.8 million, benefiting from stable interest rates [36][23] - The segment represents approximately 30% of total company revenue, serving nearly 60% of the Fortune 1,000 [19] Corporate Payments Segment - Revenues decreased 11.8% year over year to $118.3 million, primarily due to a large customer transition [36] - Direct accounts payable volume grew more than 25% compared to last year, marking the third consecutive quarter of such growth [28] - The segment accounts for approximately 20% of total revenue, with embedded payments being the majority offering [24] Market Data and Key Metrics Changes - The company operates in three large markets: mobility, benefits, and corporate payments, each with significant long-term growth opportunities [11] - The benefits segment is expected to see increased market potential due to recent legislation expanding HSA eligibility [22] Company Strategy and Development Direction - The company remains optimistic about growth potential across all segments, driven by disciplined investments and a strong pipeline of new business [7][30] - Focus on enhancing product offerings and expanding customer base, particularly in the mobility and corporate payments segments [31][32] - The company is prioritizing cash flow to pay down debt and reduce leverage, with no additional share repurchases or material M&A expected in the near term [39] Management's Comments on Operating Environment and Future Outlook - Management noted that the macroeconomic environment remains uncertain, but they are focused on factors within their control [41] - The company expects revenue growth to return in the second half of 2025, particularly in the corporate payments segment [38][41] - Management expressed confidence in the ability to close new sales and the positive impact of recent customer wins [15][32] Other Important Information - The company signed a long-term agreement with BP, which is expected to add between 0.5% to 1% to company revenue in the first full year after conversion [18][80] - The company is investing in AI-powered solutions to enhance customer experience and operational efficiency [23] Q&A Session Summary Question: Corporate payments initiatives and trends - Management discussed investments in product capabilities and early traction in the DirectAP business, highlighting a focus on mobile capabilities and end-to-end processing [45][46] Question: Mobility segment reacceleration timeline - Management indicated that same store sales weakness is expected to continue, but they are seeing good momentum in small business investments [48][49] Question: Corporate payments growth expectations - Management expects a return to growth in the corporate payments segment in Q3, driven by lapping negative comparisons and a strong pipeline of new customers [66][68] Question: HSA account growth strategies - Management attributed HSA account growth to the implementation of new customers and the scale of their platform, with expectations for continued market outperformance [69][70] Question: Corporate payments travel trends - Management noted stable travel trends with growth in volume, despite shifts in travel corridors and ticket rates [87][88]

Financial Performance - Q2 2025 total revenue decreased by $139 million compared to Q2 2024, influenced by a $159 million unfavorable impact from fuel prices and spreads, and a $19 million favorable impact from foreign exchange rates[14] - Q2 2025 adjusted net income per share was $395 per diluted share, a 1% increase compared to the prior year[14] - The company's leverage ratio as of June 30, 2025, was 34 times, within the long-term target range of 25 to 35 times[33] - Q2 2025 non-GAAP adjusted free cash flow was $194 million, and over the trailing twelve months ended June 30, 2025, the company generated $570 million[39] Segment Results - Mobility segment revenue for Q2 2025 declined 37% compared to the same period a year ago, including a 42% drag due to lower fuel prices and foreign exchange rates[20] - Benefits revenue in Q2 2025 was $1951 million, an increase of 85% over the prior year, driven by strong HSA revenue growth[23] - Average custodial cash assets in the Benefits segment totaled $47 billion, an increase of 112% compared to the prior year, generating $578 million in revenue[23] - Corporate Payments segment revenue for Q2 2025 decreased 118% to $1183 million, primarily due to a change in revenue model for a major online travel agency customer[30] - Direct Accounts Payable purchase volume for WEX increased by approximately 25%[30] Financial Guidance - The company's net revenue guidance for the full year 2025 is between $2605 billion and $2645 billion[44] - The company's adjusted net income per diluted share guidance for the full year 2025 is between $1537 and $1577[44]

Core Insights - Wex reported Q2 2025 earnings that exceeded analyst expectations, with adjusted EPS at $3.95 compared to the consensus of $3.71, and total revenue at $659.6 million, surpassing the estimate of $649.6 million, despite a 2% year-over-year revenue decline [1][2] Financial Performance - Adjusted EPS (non-GAAP) was $3.95, up 1% from $3.91 in Q2 2024 [2] - Total revenue (GAAP) was $659.6 million, down 2.1% from $673.5 million in Q2 2024 [2] - Operating income margin decreased to 23.8% from 25.0% year-over-year [2] - Adjusted operating income margin fell to 36.8% from 40.7% in Q2 2024 [2] - Adjusted free cash flow was $194.3 million, an 8.4% decrease from $212.2 million in Q2 2024 [2] Segment Performance - The Mobility division, accounting for approximately 50% of revenue, saw a 4% revenue decline to $346.2 million, impacted by lower fuel prices [5] - Corporate Payments segment revenue fell 12% year-over-year to $118.3 million, with a 20% decline in purchase volume [6] - The Benefits segment reported a 9% revenue increase to $195.1 million, with a 6% rise in SaaS accounts and an 11% growth in average HSA assets [7] Strategic Focus - Wex is enhancing technological capabilities, focusing on AI, automation, and proprietary data platforms to improve operations and customer value [4] - The company is investing in new embedded payments features and cloud migration to maintain competitiveness [8] Financial Management - Wex reduced its basic shares outstanding by approximately 13.1% through aggressive share repurchase activity [9] - Cash and equivalents increased to $772.6 million, while long-term debt rose to $3.91 billion [9] - Operating cash flow was $264.6 million, with adjusted free cash flow at $194.3 million [9] Future Guidance - Management raised revenue and adjusted EPS guidance for Q3 2025 and FY2025, expecting Q3 GAAP revenue between $669 million and $689 million, and adjusted EPS between $4.30 and $4.50 [11] - For FY2025, revenue guidance is set between $2.61 billion and $2.65 billion, with adjusted EPS between $15.37 and $15.77 [11] Market Outlook - Wex's sales pipeline remains strong, but management noted ongoing headwinds in Mobility and Corporate Payments volumes [12] - Investors are encouraged to monitor recovery signs in these segments and the long-term benefits of technology investments [12]

Core Insights - Wex reported quarterly earnings of $3.95 per share, exceeding the Zacks Consensus Estimate of $3.69 per share, and showing a year-over-year increase from $3.91 per share [1] - The company achieved revenues of $659.6 million for the quarter, surpassing the Zacks Consensus Estimate by 0.92%, although this represents a decline from $673.5 million in the same quarter last year [2] - Wex has outperformed consensus EPS estimates three times in the last four quarters, indicating a positive trend in earnings performance [2] Earnings Performance - The earnings surprise for the recent quarter was +7.05%, following a previous surprise of +3.24% when actual earnings were $3.51 per share against an expectation of $3.40 [1][2] - The current consensus EPS estimate for the upcoming quarter is $4.09, with expected revenues of $664.47 million, and for the current fiscal year, the EPS estimate is $15.07 on revenues of $2.6 billion [7] Market Position and Outlook - Wex shares have declined approximately 8.4% since the beginning of the year, contrasting with the S&P 500's gain of 7.3%, indicating underperformance relative to the broader market [3] - The Zacks Rank for Wex is currently 2 (Buy), suggesting that the stock is expected to outperform the market in the near future based on favorable estimate revisions [6] Industry Context - The Financial Transaction Services industry, to which Wex belongs, is currently ranked in the bottom 35% of over 250 Zacks industries, which may impact stock performance [8] - MasterCard, a competitor in the same industry, is expected to report quarterly earnings of $4.05 per share, reflecting a year-over-year increase of +12.8%, with revenues projected at $7.99 billion, up 14.9% from the previous year [9][10]

Exhibit 99.2 ____ . Forward-Looking Statements These earnings supplemental materials contain forward-looking statements including, but not limited to, statements about management's plans, goals, expectations, and guidance and assumptions with respect to future financial performance of the Company. Any statements in these supplemental materials that are not statements of historical facts are forward-looking statements. When used in these supplemental materials, the words "anticipate," "believe," "continue," ...

Core Viewpoint - Wex (WEX) is anticipated to report a year-over-year decline in earnings due to lower revenues, with the upcoming earnings report expected to significantly influence its stock price [1][2]. Earnings Expectations - The consensus estimate for Wex's quarterly earnings is $3.69 per share, reflecting a year-over-year decrease of 5.6%. Revenues are projected to be $653.38 million, down 3% from the previous year [3]. - The consensus EPS estimate has been revised 1.2% higher in the last 30 days, indicating a slight bullish sentiment among analysts [4]. Earnings Surprise Prediction - The Zacks Earnings ESP model shows a positive Earnings ESP of +0.88% for Wex, suggesting that analysts are optimistic about the company's earnings prospects [12]. - Wex currently holds a Zacks Rank of 2, indicating a strong likelihood of beating the consensus EPS estimate [12]. Historical Performance - In the last reported quarter, Wex exceeded the expected earnings of $3.4 per share by delivering $3.51, resulting in a surprise of +3.24% [13]. - Over the past four quarters, Wex has surpassed consensus EPS estimates three times [14]. Conclusion - Wex is positioned as a compelling candidate for an earnings beat, but investors should consider additional factors beyond earnings expectations when making investment decisions [17].