Core Viewpoint - Fiserv reported quarterly earnings of $1.99 per share, exceeding the Zacks Consensus Estimate of $1.90 per share, but down from $2.51 per share a year ago, indicating an earnings surprise of +4.94% [1] Group 1: Earnings Performance - The company has surpassed consensus EPS estimates three times over the last four quarters [2] - Fiserv's revenues for the quarter were $4.9 billion, matching year-ago revenues but missing the Zacks Consensus Estimate by 0.97% [2] - The company has not beaten consensus revenue estimates in the last four quarters [2] Group 2: Stock Performance and Outlook - Fiserv shares have declined approximately 10.5% since the beginning of the year, while the S&P 500 has gained 1.7% [3] - The future performance of the stock will largely depend on management's commentary during the earnings call and the earnings outlook [4][6] - The current consensus EPS estimate for the upcoming quarter is $1.76 on revenues of $4.86 billion, and for the current fiscal year, it is $8.12 on revenues of $20.55 billion [7] Group 3: Industry Context - The Financial Transaction Services industry, to which Fiserv belongs, is currently ranked in the bottom 40% of over 250 Zacks industries, which may negatively impact stock performance [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, suggesting that investors should monitor these revisions closely [5]

Financial Data and Key Metrics Changes - Total company Q4 adjusted revenue was $4.9 billion, flat year-over-year, with adjusted operating income of $1.7 billion, resulting in an adjusted operating margin of 34.9% [22] - Full year total company adjusted revenue reached $19.8 billion, up 4%, with adjusted operating income of $7.4 billion, resulting in an adjusted operating margin of 37.4%, a decrease of 200 basis points [22] - Q4 organic revenue was roughly flat, down approximately 40 basis points, resulting in annual organic revenue growth of 3.8% [22] Business Line Data and Key Metrics Changes - Merchant Solutions grew 6% organically for the year, while Financial Solutions grew 2% [23] - Q4 adjusted earnings per share was $1.99, with annual adjusted earnings per share of $8.64, above the guidance range of $8.50-$8.60 [23] - Clover revenue grew 12% in Q4, 2 percentage points higher than guidance, with Clover volume growth at 6% on a reported basis [24] Market Data and Key Metrics Changes - Clover Capital grew 30% in 2025 in North America, indicating significant upside potential [11] - Internationally, the launch in Brazil was highly successful, with results tracking ahead of plan [11] - Canada experienced strong growth in 2025, expected to accelerate with a new strategic relationship with TD [11] Company Strategy and Development Direction - The company is focused on a client-first mindset, building a preeminent small business operating platform through Clover, and delivering operational excellence enabled by AI [7] - The One Fiserv plan is integrated into the 2026 strategy, emphasizing disciplined capital allocation and operational efficiency [6][18] - The company aims to capitalize on opportunities in embedded finance, stablecoins, and merchant liquidity optimization [20] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the multi-quarter path towards delivering strong, sustainable operating performance [4] - The company anticipates that Q1 will represent the trough for free cash flow conversion, with expectations for adjusted revenue growth in the range of 1%-3% for 2026 [30][33] - Management acknowledged challenges in the first half of 2026 due to a higher mix of non-recurring revenue but remains confident in the execution of their strategy [5][30] Other Important Information - The company repurchased 3 million shares during the quarter for approximately $200 million and paid down over $1 billion in debt [29] - Project Elevate incurred $73 million in expenses related to the program, with expectations for continued one-time costs in 2026 [29] Q&A Session Summary Question: Can you touch on whether the review of the business has accomplished everything needed? - Management feels confident about the progress made and believes the conclusions from the analysis are fully reflected in the Q4 results and 2026 guidance [36] Question: Can you provide more detail on pricing actions within the digital payments segment? - Management noted satisfaction with the sequential improvement in digital payments and growth in network volumes, with no new developments in Q4 [40][42] Question: How much of the expenses for executing One Fiserv are structural versus one-time? - Management indicated that expenses related to One Fiserv are largely baked in, with some startup-related expenses expected to increase as the project broadens [47][49] Question: What do you expect from the non-Clover part of SMB? - Management expects slight growth in the non-Clover SMB for next year, with Argentina no longer being a growth factor [52][54] Question: Can you discuss the outlook for Clover yield and areas for durable value addition? - Management is optimistic about Clover's growth, emphasizing the importance of partnerships and value-added services to drive higher yield [58][60]

Financial Data and Key Metrics Changes - Total company Q4 adjusted revenue was $4.9 billion, flat year-over-year, with adjusted operating income of $1.7 billion, resulting in an adjusted operating margin of 34.9% [22] - Full year total company adjusted revenue reached $19.8 billion, up 4%, with adjusted operating income of $7.4 billion, resulting in an adjusted operating margin of 37.4%, a decrease of 200 basis points [22] - Total company organic revenue was roughly flat, down approximately 40 basis points in Q4, resulting in annual organic revenue growth of 3.8% [22] Business Line Data and Key Metrics Changes - Merchant Solutions grew 6% organically for the year, while Financial Solutions grew 2% [22] - Q4 adjusted earnings per share was $1.99, with annual adjusted earnings per share of $8.64, above the guidance range of $8.50-$8.60 [22] - Merchant Solutions organic revenue growth was 1% for the quarter, while adjusted revenue grew 2% [23] - Clover revenue grew 12% in Q4, 2 percentage points higher than guidance, with Clover volume growth of 6% on a reported basis [24] Market Data and Key Metrics Changes - Clover Capital grew 30% in 2025 in North America, indicating significant upside potential [11] - Internationally, the launch in Brazil was highly successful, with results tracking ahead of plan [11] - Canada experienced strong growth in 2025, expected to accelerate with a new strategic relationship with TD [11] Company Strategy and Development Direction - The company is focused on a client-first mindset, building a preeminent small business operating platform through Clover, and delivering operational excellence enabled by AI [7] - The One Fiserv plan is integrated into the 2026 strategy, emphasizing disciplined capital allocation and operational efficiency [6][18] - The company aims to leverage new technologies, especially AI, to capitalize on opportunities in embedded finance and stablecoins [20] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about the multi-quarter path towards delivering strong, sustainable operating performance [4] - The company acknowledged that Q4 results were below expectations but emphasized the importance of investing in the franchise [5] - Management is confident in the strategy and ability to execute, highlighting the unique position in the financial ecosystem [19] Other Important Information - The company repurchased 3 million shares during the quarter for approximately $200 million and paid down over $1 billion in debt [29] - Project Elevate incurred $73 million of expenses in Q4, with ongoing one-time costs expected in 2026 [29] Q&A Session Summary Question: Can you touch on whether the review of the business has accomplished everything needed? - Management feels great about the progress and is confident in the numbers going forward, with no new surprises [36] Question: Can you provide an update on digital payments and pricing actions? - Management noted sequential improvement in digital payments and good volume growth, particularly in debit processing [40][42] Question: How much of the expenses for One Fiserv are structural versus one-time? - Management indicated that expenses related to One Fiserv are largely baked in, with some increase expected as the project broadens [48] Question: What do you expect from the non-Clover part of SMB? - Management expects slight growth in the non-Clover SMB for next year, with Argentina no longer being a growth factor [54] Question: Can you discuss Clover yield and areas for durable value? - Management is optimistic about yield growth through vertical expansions and value-added services embedded in Clover [60]

Financial Data and Key Metrics Changes - Total company Q4 adjusted revenue was $4.9 billion, flat year-over-year, with adjusted operating income of $1.7 billion, resulting in an adjusted operating margin of 34.9% [20] - Full year total company adjusted revenue reached $19.8 billion, up 4%, with adjusted operating income of $7.4 billion, resulting in an adjusted operating margin of 37.4%, a decrease of 200 basis points [20] - Total company organic revenue was roughly flat, down approximately 40 basis points in Q4, resulting in annual organic revenue growth of 3.8% [20] Business Line Data and Key Metrics Changes - Merchant Solutions grew 6% organically for the year, while Financial Solutions grew 2% [21] - Q4 Merchant Solutions organic revenue growth was 1%, while adjusted revenue grew 2% [22] - Clover revenue grew 12% in Q4, with Clover volume growth of 6% on a reported basis and 9% excluding gateway conversion [23] - Financial Solutions saw both organic and adjusted revenue decline by 2% in Q4 [26] Market Data and Key Metrics Changes - Clover Capital grew 30% in 2025 in North America, with significant upside potential [10] - Internationally, the launch in Brazil was highly successful, with results tracking ahead of plan [10] - Canada experienced strong growth in 2025, expected to accelerate with a new strategic relationship with TD [10] Company Strategy and Development Direction - The company is focused on a client-first mindset, building a preeminent small business operating platform through Clover, and delivering operational excellence enabled by AI [5] - The One Fiserv plan is central to the company's strategy, integrating various business lines and enhancing client service [4] - The company is committed to disciplined capital allocation and evaluating businesses to align with its go-forward strategy [17] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the multi-quarter path towards delivering strong, sustainable operating performance [3] - The company anticipates that headline results will remain below expectations for the first half of 2026 due to investments and a higher mix of non-recurring revenue [4] - Management is confident in the strategy and ability to execute, emphasizing the unique position in the financial ecosystem [18] Other Important Information - The company repurchased 3 million shares during the quarter for approximately $200 million and paid down over $1 billion in debt [28] - Project Elevate incurred $73 million of expenses related to the program in Q4, with ongoing one-time costs expected in 2026 [28] Q&A Session Summary Question: Confidence in business review and future numbers - Management feels confident about the progress made and believes the conclusions from the analysis are fully reflected in the Q4 results and 2026 guidance [35] Question: Digital payments pricing actions - Management noted no new developments in Q4 related to pricing actions, but expressed satisfaction with the sequential improvement in digital payments and network volumes [41] Question: Expenses related to One Fiserv - Management indicated that expenses related to One Fiserv are largely baked in, with no material ramp-up expected, and highlighted the focus on process efficiencies moving forward [46] Question: SMB performance expectations - Management expects slight growth in non-Clover SMB for next year, with Argentina no longer a growth factor [52] Question: Clover yield outlook - Management is optimistic about yield growth driven by value-added services and vertical expansions, with expectations for long-term revenue growth [56]

© 2026 Fiserv, Inc. or its affiliates Fourth Quarter 2025 Financial Results February 10, 2026 Forward-Looking Statements and Non-GAAP Financial Measures Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding anticipated adjusted and organic revenue growth, adjusted earnings per share, capital expenditures, free cash flow, free cash flow conversion, adjusted operating margin, a ...

Financial Performance - GAAP revenue increased 1% to $5.28 billion in Q4 2025, with full year revenue up 4% to $21.19 billion[2] - GAAP EPS was $1.51 in Q4 2025, a decrease of 8%, while full year EPS increased 18% to $6.34[2] - Organic revenue growth was flat in Q4 2025, with a 4% increase for the full year, driven by 6% growth in the Merchant Solutions segment[6] - Adjusted EPS decreased 21% to $1.99 in Q4 2025, and decreased 2% to $8.64 for the full year[6] - Fiserv's GAAP net income for Q4 2025 was $811 million, a decrease of 13.6% from $938 million in Q4 2024[23] - Adjusted net income for Q4 2025 was $1,066 million, down 25.8% from $1,437 million in Q4 2024[23] - Total revenue for Q4 2025 was $5,284 million, a slight increase of 0.6% compared to $5,251 million in Q4 2024[28] - Adjusted revenue for Q4 2025 was $4,900 million, remaining relatively stable compared to $4,902 million in Q4 2024[28] - Operating income for Q4 2025 was $1,291 million, down 22.5% from $1,668 million in Q4 2024[28] - Adjusted operating income for Q4 2025 was $1,709 million, a decrease of 18.8% from $2,105 million in Q4 2024[28] - Net income for the year ended December 31, 2025, increased to $3,490 million from $3,180 million in 2024, representing a growth of 9.7%[34] - Adjusted revenue for the year ended December 31, 2025, was $19,804 million, up from $19,123 million in 2024, reflecting a growth of 3.5%[38] - Organic revenue growth for the year ended December 31, 2025, was 4% compared to the previous year[38] Margins and Cash Flow - GAAP operating margin was 24.4% in Q4 2025, down from 31.8% in Q4 2024, while full year margin was 27.5% compared to 28.7% in 2024[3] - Free cash flow for the full year 2025 was $4.44 billion, down from $5.23 billion in the prior year[6] - Free cash flow for the year ended December 31, 2025, was $4,435 million, down from $5,233 million in 2024[44] - Cash and cash equivalents at the end of 2025 were $2,802 million, down from $2,993 million at the end of 2024[34] Shareholder Actions - The company repurchased 3.1 million shares for $200 million in Q4 2025 and 32.2 million shares for $5.6 billion for the full year[6] Future Outlook - Fiserv expects organic revenue growth of 1% to 3% and adjusted EPS of $8.00 to $8.30 for 2026[5] - The company projects organic revenue growth for 2026 to be between 1% and 3%[49] - Adjusted earnings per share outlook for 2026 excludes non-cash intangible asset amortization and other specific costs[49] Acquisitions and Events - The acquisition of StoneCastle Cash Management was completed in December 2025, enhancing access to deposit funding[6] - The company will hold its Investor Day on May 14, 2026, in New York City[6] Assets and Liabilities - Total assets as of December 31, 2025, increased to $80,133 million from $77,176 million in 2024[36] - Total liabilities rose to $54,324 million in 2025, compared to $49,490 million in 2024, marking an increase of 9.3%[36] Capital Expenditures - Capital expenditures for the year ended December 31, 2025, were $1,763 million, compared to $1,569 million in 2024[44] Amortization - The company incurred $310 million in amortization of acquisition-related intangible assets in Q4 2025[28]

Exhibit 99.1 News Release For more information contact: Media Relations: Sophia Marshall Senior Vice President, Communications Fiserv, Inc. sophia.marshall@fiserv.com Investor Relations: Walter Pritchard Senior Vice President, Investor Relations Fiserv, Inc. walter.pritchard@fiserv.com For Immediate Release Fiserv Reports Fourth Quarter and Full Year 2025 Results GAAP revenue growth of 1% in the quarter and 4% for the full year; GAAP EPS decreased 8% in the quarter and increased 18% for the full year; Organ ...

Core Viewpoint - Payments firm Fiserv reported fourth-quarter profit that exceeded Wall Street expectations, driven by expense discipline despite muted revenue growth [1] Financial Performance - Fiserv's fourth-quarter profit surpassed analyst expectations, indicating strong cost management [1] - Revenue growth remained subdued, suggesting challenges in top-line expansion [1]

Core Insights - Fiserv, Inc. reported a GAAP revenue growth of 1% in Q4 2025, totaling $5.28 billion, and a full-year revenue increase of 4% to $21.19 billion [2] - The company experienced an 8% decrease in GAAP EPS for Q4 2025, with a full-year increase of 18% [2] - Organic revenue remained flat in Q4 2025 but increased by 4% for the full year [4] - Adjusted EPS decreased by 21% in Q4 2025, while it decreased by 2% for the full year [4] - Fiserv anticipates organic revenue growth of 1% to 3% and adjusted EPS of $8.00 to $8.30 for 2026 [5] Financial Performance - GAAP operating margin was 24.4% in Q4 2025 and 27.5% for the full year, down from 31.8% and 28.7% in the previous year [3] - The Merchant Solutions segment saw a 2% revenue growth in Q4 2025, while the Financial Solutions segment experienced a 2% decline [2] - Adjusted operating margin was 34.9% in Q4 2025 and 37.4% for the full year, compared to 42.9% and 39.4% in the previous year [4] Cash Flow and Share Repurchase - Net cash provided by operating activities was $6.06 billion for the full year 2025, down from $6.63 billion in 2024 [3] - The company repurchased 3.1 million shares for $200 million in Q4 2025 and 32.2 million shares for $5.6 billion throughout the year [4] Strategic Developments - Fiserv completed the acquisition of StoneCastle Cash Management in December 2025, enhancing its deposit funding capabilities [4] - The company executed the "One Fiserv" plan during Q4 2025, achieving several milestones and client wins [4] Segment Performance - Merchant Solutions revenue was $2.54 billion in Q4 2025, with an operating margin of 32.1%, while Financial Solutions revenue was $2.36 billion with an operating margin of 42.2% [24] - For the full year, Merchant Solutions revenue reached $10.14 billion, and Financial Solutions revenue was $9.66 billion [24]

Core Insights - Artificial intelligence (AI) is identified as the greatest investment opportunity of the current era, with a strong emphasis on the urgent need for energy to support its growth [1][2][3] Investment Opportunity - A specific company is highlighted as a potential investment opportunity, possessing critical energy infrastructure assets that are essential for meeting the increasing energy demands of AI data centers [3][7] - This company is not a chipmaker or cloud platform but is positioned to benefit significantly from the anticipated surge in electricity demand driven by AI technologies [3][6] Energy Demand and Infrastructure - AI technologies, particularly large language models like ChatGPT, are extremely energy-intensive, with data centers consuming as much energy as small cities [2] - The company in focus is involved in nuclear energy infrastructure and is capable of executing large-scale engineering, procurement, and construction projects across various energy sectors, including oil, gas, and renewables [7][8] Financial Position - The company is noted for being debt-free and holding a substantial cash reserve, which is approximately one-third of its market capitalization, positioning it favorably compared to other energy firms burdened with debt [8] - It is trading at less than 7 times earnings, indicating a potentially undervalued investment opportunity in the context of its critical role in the energy sector [10] Market Trends - The company is expected to benefit from the onshoring trend driven by tariffs, as well as the surge in U.S. LNG exports under the current administration's energy policies [5][14] - There is a growing recognition on Wall Street of this company's potential, as it quietly capitalizes on multiple favorable market trends without the high valuations typical of many tech stocks [8][9] Future Outlook - The influx of talent into the AI sector is expected to drive continuous innovation and advancements, making investments in AI and related infrastructure increasingly attractive [12] - The overall narrative suggests that investing in this company represents a strategic move to capitalize on the intersection of AI and energy, with the potential for significant returns in the near future [15][19]