Financial Data and Key Metrics Changes - Total adjusted revenue for Q3 2025 grew 1% to $4.9 billion, while adjusted operating income decreased 7% to $1.8 billion, resulting in an adjusted operating margin of 37%, a decrease of 320 basis points [36] - Year-to-date adjusted revenue grew 5% to $14.9 billion, and adjusted operating income grew 5% to $5.7 billion, maintaining an adjusted operating margin of 38.2% [36] - Adjusted EPS for Q3 was $2.04, down 11% from $2.30 in the prior year [36] Business Line Data and Key Metrics Changes - Merchant Solutions segment organic revenue growth was 5% for the quarter and 7% year-to-date, with adjusted revenue growth also at 5% [38] - Financial Solutions segment organic revenue declined 3% in the quarter but grew 3% year-to-date, negatively impacted by lower periodic license revenue [42] - Clover revenue grew 26% in Q3, with GPV growth of 8% reported, and 11% excluding the 2023-2024 gateway conversion [39][40] Market Data and Key Metrics Changes - Argentina contributed over 5 percentage points to the company's 12% organic growth rate in 2023 and roughly 10 percentage points to the 16% organic growth in 2024 [9] - Excluding Argentina, the overall organic revenue growth rate was in the mid-single digits for both 2023 and 2024 [9] Company Strategy and Development Direction - The company is shifting its strategic focus to prioritize sustainable, client-focused opportunities, which may negatively impact near-term results but is expected to position the company for predictable growth [4] - The "One Fiserv" action plan includes investments in client-first operations, enhancing Clover as a small business operating platform, and leveraging AI for operational excellence [22][24] - The company aims to return to consistent mid-single-digit revenue growth beyond 2026, with potential for acceleration over time [6][33] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that recent performance issues were largely self-inflicted and are being addressed through investment and operational focus [14] - The company is confident in its ability to generate double-digit adjusted EPS growth starting in 2027, supported by disciplined capital allocation and strong free cash flow generation [33][54] Other Important Information - The company announced several leadership changes, including new Co-Presidents and a new CFO, to enhance execution and collaboration across business units [27][28] - Three acquisitions were announced during the quarter, focusing on client service and stablecoin growth opportunities [46] Q&A Session Summary Question: How long was Fiserv over earning with deferred investments and short-term initiatives? - Management indicated that the analysis revealed a need for recalibration and that the company is focused on addressing self-inflicted issues to return to double-digit EPS growth [48][50] Question: What changed in the Financial Solutions segment's growth trajectory? - Management noted that while the segment faced challenges, it remains fundamentally strong, with actions taken to ensure competitive positioning [57][68] Question: Is Clover's expected revenue growth a proxy for next year? - Management expressed confidence in Clover's growth trajectory and competitive positioning, indicating that adjustments have been made to align with long-term business needs [73]

Financial Data and Key Metrics Changes - Total adjusted revenue for Q3 2025 grew 1% to $4.9 billion, while adjusted operating income decreased 7% to $1.8 billion, resulting in an adjusted operating margin of 37%, a decrease of 320 basis points [36][37] - Year-to-date adjusted revenue grew 5% to $14.9 billion, and adjusted operating income grew 5% to $5.7 billion, maintaining an adjusted operating margin of 38.2% [36][37] - Adjusted EPS for Q3 was $2.04, down 11% from $2.30 in the prior year [37] Business Line Data and Key Metrics Changes - Merchant Solutions segment organic revenue growth was 5% for the quarter and 7% year-to-date, with adjusted revenue growth also at 5% [39] - Financial Solutions segment organic revenue declined 3% in Q3 but grew 3% year-to-date, negatively impacted by lower periodic license revenue [43][44] - Clover revenue grew 26% in Q3, with GPV growth of 8% reported, and 11% excluding the 2023-2024 gateway conversion [40][18] Market Data and Key Metrics Changes - Argentina contributed significantly to organic growth, with a 257% growth in 2023 and 329% in 2024, impacting overall organic growth rates [9][10] - Excluding Argentina, the company's overall organic revenue growth rate was in the mid-single digits for both 2023 and 2024 [10][12] Company Strategy and Development Direction - The company is shifting its strategic focus to prioritize sustainable, client-focused opportunities, which may negatively impact near-term results but is expected to position the company for predictable growth [4][6] - The "One Fiserv" action plan includes investments in client-first operations, Clover platform enhancements, and operational excellence through AI [22][24] - The company aims to return to consistent mid-single-digit revenue growth and double-digit adjusted EPS growth starting in 2027 [33][21] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the need to reset growth and margin targets due to various factors, including slowing growth in Argentina and the impacts of deferred investments [9][12] - The company remains confident in its assets and growth opportunities, emphasizing that challenges are largely self-inflicted and addressable [14][15] - Future guidance for 2026 is expected to reflect a critical investment and transition year, with organic revenue growth anticipated in the low single digits [21][22] Other Important Information - The company announced several leadership changes, including new Co-Presidents and a new CFO, to drive the strategic initiatives forward [26][30] - Three acquisitions were made during the quarter to enhance client service and expand capabilities in stablecoin and digital currency [46][47] Q&A Session Summary Question: How long was Fiserv over earning with deferred investments and short-term initiatives? - Management indicated that a rigorous analysis was conducted over the past six months, revealing that the company has a solid foundation and growth opportunities, with a clear path to mid-single-digit growth [50][54] Question: What changed in the Financial Solutions segment's growth trajectory? - Management noted that while the segment faced challenges, it remains fundamentally strong, with ongoing investments aimed at improving execution and customer service [68][75] Question: Is Clover's 10% revenue growth for Q4 a decent proxy for next year? - Management expressed confidence in Clover's competitive positioning and highlighted ongoing investments in vertical and horizontal expansion, indicating strong growth potential [79][78]

Third Quarter 2025 Financial Results October 29, 2025 © 2025 Fiserv, Inc. or its affiliates 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 organic revenue growth, adjusted earnings per share, adjusted earnings per share growth, free cash flow, adjusted operating margin expansion, and other statement ...

Core Insights - Edenred has partnered with Visa to enhance its payment solutions, allowing the issuance of Visa credentials for various activities including benefits, mobility, and B2B payments [2][3][4] - The collaboration combines Visa's extensive network and innovation capabilities with Edenred's market expertise and proprietary technology, facilitating access to commercial and B2B payment solutions [3][4] - The partnership aims to improve commercial payments and provide more solutions for businesses and employees, showcasing Edenred's technology leadership [4][5] Company Developments - The partnership will enable the introduction of Visa-enabled Edenred virtual payment solutions starting next year, with plans for additional programs across Europe [5] - Edenred and Visa have previously collaborated in Latin America and the United States, indicating a strong foundation for future growth [5] Industry Trends - The shift towards embedded finance is becoming a strategic imperative for companies, with nearly all major firms integrating financial services into their platforms to enhance customer engagement and loyalty [6][7] - A significant majority (93%) of firms believe that the benefits of embedded finance outweigh the challenges, highlighting the urgency for companies to upgrade their systems [7]

Core Insights - U.S. Bancorp's third-quarter earnings showed growth in deposits, improved credit metrics, and advancements in embedded payments as key drivers of performance [1][3] Group 1: Financial Performance - Consumer deposits now account for over 52% of total average deposits, reflecting a year-over-year increase of more than 2% [3] - Overall average deposits reached $511.8 billion in the latest quarter, compared to $508.8 billion a year ago [4] - Fee income is expected to grow in the mid-single digits, supported by interconnected product offerings [4] Group 2: Credit Quality - Key credit quality metrics, including nonperforming assets and net charge-offs, improved both sequentially and year-over-year [4] - The company reported strong spending trends and favorable credit conditions, with loss rates significantly decreasing this quarter [5] Group 3: Business Segments - The merchant business experienced a strong quarter, driven by success in key verticals and tech-led strategies [5] - $45 billion of the loan book is tied to non-deposit financial institutions, representing about 12% of the total loan book [5] Group 4: Future Initiatives - The company is exploring stablecoins in two areas: capital markets and as a payment rail, with pilot programs planned for the near term [2][6][8] - Efforts include onboarding stablecoins into the banking system and providing stablecoin services as a payment vehicle [8]

Core Insights - U.S. Bancorp's third-quarter earnings showed growth in deposits, improved credit metrics, and advancements in embedded payments as key drivers of performance [1][3] Financial Performance - Consumer deposits accounted for over 52% of total average deposits, reflecting a year-over-year increase of more than 2% [3] - Overall average deposits reached $511.8 billion in the latest quarter, up from $508.8 billion a year ago [4] - Fee income is expected to grow in the mid-single digits, supported by interconnected product offerings [4] Credit Quality - Key credit quality metrics, including nonperforming assets and net charge-offs, improved both sequentially and year-over-year [4] - The company reported strong spending trends and favorable credit conditions, with loss rates significantly decreasing this quarter [5] Merchant Business - The merchant business experienced a strong quarter, driven by success in key verticals and tech-led strategies [5] Stablecoin Initiatives - The company is exploring stablecoins in two areas: capital markets and as a payment rail, with pilot programs planned for the near term [6][8] - Efforts include providing custody and safekeeping for stablecoin collateral and cryptocurrency assets, as well as preparing to onboard stablecoins into the banking system [7][8] Market Reaction - U.S. Bancorp shares increased by 1.7% in early trading following the earnings release [9]

Core Insights - The Real Brokerage is expanding its software platform with the introduction of a new product, Real Wallet Capital, which has positively impacted its stock price, increasing by almost 3% in a single trading session [1][2] Group 1: New Product Launch - The Real Brokerage announced the launch of Real Wallet Capital, which offers property agents a quick way to secure working capital [2] - This product is integrated into the Real Wallet finance ecosystem within the company's reZEN platform [2] - CEO Tamir Poleg emphasized that this offering introduces embedded finance to the real estate industry, providing agents with same-day access to funds without traditional lending complications [3] Group 2: Market Rollout - The initial rollout of Real Wallet Capital will occur in 28 states and the District of Columbia, with plans for national availability within months [3] - Specific states for the initial rollout were not disclosed [3] Group 3: Platform Enhancement - The introduction of Real Wallet Capital enhances the platform's attractiveness and could serve as a significant incentive for clients if it proves effective for capital sourcing [4] - The company did not provide estimates on how this new functionality might impact its financial fundamentals [4]

Core Insights - The Estonian Financial Supervision and Resolution Authority (FSA) issued a precept to AS Inbank Finance due to deficiencies found in consumer creditworthiness assessments and internal rules for issuing consumer credit [1] - AS Inbank Finance is committed to complying with regulatory requirements and is implementing an action plan to enhance internal processes and regulations following the FSA's observations [2] - Inbank operates as a financial technology company with an EU banking license, partnering with over 5,700 merchants and managing more than 931,000 active contracts across 7 European markets [2] Company Overview - Inbank is a financial technology company that connects merchants, consumers, and financial institutions through its embedded finance platform [2] - The company's bonds are listed on the Nasdaq Tallinn Stock Exchange, indicating its presence in the capital markets [2] Regulatory Context - The FSA's inspection highlights the importance of regulatory compliance in the financial services industry, particularly concerning consumer credit practices [1][2]

Group 1: Partnership Overview - Mastercard has launched a money movement partnership with Worldpay in the UAE to streamline money movement for consumers and businesses through Mastercard Move [2] - The collaboration will enable fast, seamless domestic and cross-border payouts to cards, including gig economy payouts, insurance claims, remittances, and crypto withdrawals, supported by Mastercard's security services [2][3] Group 2: Benefits for Consumers and Businesses - Consumers will experience faster access to funds, while businesses will benefit from more efficient disbursement capabilities without needing to share banking details [3] - Worldpay's merchants can leverage their acquiring flows to finance payouts, simplifying operations and reducing dependence on multiple providers [3] Group 3: Market Research Insights - Research indicates that most consumers in the UAE desire seamless connections between their shopping journeys across physical and digital channels [4] - 53% of UAE shoppers have used or want to use cross-channel shopping features at their preferred merchants, with over two-thirds completing online purchases via mobile phones [5] Group 4: SMB Growth Strategies - A report highlighted that 91% of small- to medium-sized businesses (SMBs) view software capabilities as crucial for growth strategies by 2025, with 65% willing to switch vendors [6] - The absence of embedded financial services like payments, lending, and banking is a significant factor influencing vendor retention among SMBs [7]

Core Insights - DigiAsia Bios is shifting its business model from a "super app" to a "simple app" strategy to enhance core financial services and scale its embedded wallet offering for third-party platforms [1][4] - The new simple app will focus on frequently used financial transactions, improving transaction efficiency and integrating embedded finance solutions into partner applications [2][4] - The strategy includes leveraging artificial intelligence to enhance onboarding, KYC processes, and fraud detection, aimed at increasing security and accelerating growth for partners and end-users [3][4] Company Strategy - The shift to a simple app is intended to strengthen DigiAsia's position as Indonesia's leading embedded wallet provider, focusing on impactful user needs [4] - AI-driven enhancements in KYC and fraud detection are expected to boost traction among third-party partners and end-users [4] - The company aims to align its product roadmap with the evolving needs of Indonesia's digital economy, reinforcing its commitment as a trusted embedded finance partner [4][5]