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Q2 2025 Earnings Release Supplement Refer to earnings release dated August 6, 2025 for further information ^ - dark blue-teal #00B5E2 ^ - light raspberry #981239 ^ - dark raspberry #981239 ^ - light blue-teal #59CBE8 ^ - cool gray 1 #E6E8E7 ^ - maroon #3D1628 Q2 Safe Harbor Provision 2025 ^ This presentation contains forward-looking statements within the meaning of the federal securities laws. Statements that are not historical facts, including statements about Corpay's beliefs, assumptions, expectations an ...

Financial Data and Key Metrics Changes - The company reported a strong 5% revenue growth in Q2 2025, up from 4% in Q1 2025, driven by momentum in the banking sector [8][18] - Adjusted EBITDA grew 5%, exceeding expectations, with margins improving by 200 basis points sequentially [8][18] - Adjusted EPS was $1.36, meeting expectations, while free cash flow was $292 million with a cash conversion rate of 52% [19][18] - The company returned $460 million to shareholders through share repurchases and dividends in Q2, remaining on track to meet the $1.2 billion target for the year [9][25] Business Line Data and Key Metrics Changes - Banking revenue grew 6% in Q2, exceeding the high end of the outlook range, driven by improved commercial excellence and strong client retention [25][26] - Capital Markets adjusted revenue growth was 5%, slightly below expectations, impacted by a temporary slowdown in lending activity due to macroeconomic uncertainty [27][28] - Recurring revenue growth in banking was 7%, while nonrecurring revenue increased by 5%, reflecting growth in license revenue [26][28] Market Data and Key Metrics Changes - The company secured a major consolidation win with two Northeast financial institutions, validating its position as a partner of choice for bank consolidation [10] - Digital solutions saw double-digit ACV growth, with significant new engagements across various sectors, including energy technology and European banks [12][10] Company Strategy and Development Direction - The company is focused on client centricity, operational simplification, and innovation, aiming to create greater value for shareholders and clients [7] - The strategic acquisition of Global Payments Issuer Business and the sale of the minority Worldpay stake align with the operational simplification strategy [8][9] - The company is expanding its capabilities in digital assets and AI, with plans to launch new solutions by year-end [16][17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving increased full-year outlook due to strong first-half results and a robust implementation pipeline [9][34] - The company anticipates a return to margin expansion in the third quarter, with further improvements expected in the fourth quarter [26][33] - Management noted that while macroeconomic uncertainty impacted lending activity, a rebound was observed in July, providing confidence for the second half of the year [68][69] Other Important Information - The company reiterated its full-year cash conversion target of 82% to 85% and capital expenditures were in line with expectations at 8% of revenue [19][20] - The company is committed to its buy-build-partner strategy, with a robust pipeline of M&A opportunities expected shortly [15][17] Q&A Session Summary Question: Key drivers of banking segment growth and sustainability - Management highlighted net new sales and high retention rates as key drivers of growth in the banking segment, with a focus on selling higher-margin products [38][39] Question: Client decision-making changes due to macroeconomic factors - Management noted increased client interest in digital currencies and stablecoins, viewing it as an opportunity to provide capabilities to clients [48][49] Question: Organic growth in Worldpay and its drivers - Management indicated that Worldpay's growth was supported by seasonality and the onboarding of significant e-commerce clients, contributing to revenue expectations [53][54] Question: Margin expectations and bad debt impact - Management quantified the bad debt charge at approximately $8 million, impacting margins, but expressed confidence in margin recovery in the upcoming quarters [60][61] Question: Capital markets growth visibility and loan syndication activity - Management confirmed a rebound in loan syndication activity in July, providing confidence for capital markets growth in the second half of the year [68][69] Question: International strategy and recent acquisitions - Management emphasized that the Everlink acquisition aligns with the international strategy to enhance payment capabilities and expand the company's footprint [105][107]

Financial Data and Key Metrics Changes - The company reported a strong revenue growth of 5% in Q2 2025, up from 4% in Q1 2025, with total revenue reaching $2.6 billion [8][18] - Adjusted EBITDA also grew by 5%, exceeding expectations, with margins improving by 200 basis points sequentially [18][24] - Adjusted EPS was $1.36, meeting expectations, while free cash flow was $292 million with a cash conversion rate of 52% [19][20] Business Line Data and Key Metrics Changes - Banking revenue grew by 6% in Q2, driven by improved commercial excellence and strong client retention [24] - Capital Markets adjusted revenue growth was 5%, slightly below expectations, impacted by a temporary slowdown in lending activity due to macroeconomic uncertainty [26][68] - Recurring revenue growth was strong at 7%, while nonrecurring revenue increased by 5%, reflecting growth in license revenue [25] Market Data and Key Metrics Changes - The company secured a major consolidation win with two Northeast financial institutions, forming a $25 billion regional banking leader [10] - Digital solutions saw double-digit ACV growth, with significant new engagements from top U.S. banks [10][12] - The company expanded its relationship with a leading financial services technology company through a multiyear commitment [12] Company Strategy and Development Direction - The company is focused on client centricity, operational simplification, and innovation, aiming to create greater value for shareholders and clients [7] - The strategic acquisition of Global Payments Issuer Business and the sale of the minority Worldpay stake align with the operational simplification strategy [8][9] - The company is actively pursuing M&A opportunities to enhance its product offerings and expand its international footprint [15][105] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving increased full-year outlook due to strong first-half results and a robust implementation pipeline [9][34] - The company anticipates a return to margin expansion in the third quarter, with further improvements expected in the fourth quarter [25][33] - Management noted that client interest in digital currencies and AI is increasing, presenting opportunities for the company [49][50] Other Important Information - The company returned $460 million to shareholders in Q2 through share repurchases and dividends, reaffirming its $1.2 billion annual target for share repurchases [9][24] - Capital expenditures were $218 million in the quarter, representing 8% of revenue, in line with expectations [20] Q&A Session Summary Question: Key drivers of banking segment growth and sustainability - Management highlighted net new sales and high client retention as key drivers of recurring growth in banking, with a focus on selling higher-margin products [38][40] Question: Changes in client decision-making due to macroeconomic factors - Management noted increased client interest in digital currencies and AI, with financial institutions eager to enhance their offerings [49][50] Question: Organic growth in Worldpay and its drivers - Management indicated that Worldpay's growth was supported by new e-commerce clients and seasonal tax processing payments [54][55] Question: Margin expectations and bad debt impact - Management quantified the bad debt charge at approximately $8 million, impacting margins, but expressed confidence in margin recovery in Q4 [60][63] Question: Visibility on capital markets growth and loan syndication activity - Management reported a rebound in loan syndication activity in July, providing confidence for capital markets growth in the second half [68][69] Question: Revenue drivers in capital markets - Management clarified that revenue growth is primarily driven by net new sales and consistent net pricing, with minimal impact from AUM or transaction activity [110]

On July 29, the Bank of Korea announced an organizational restructuring, officially establishing a“Virtual Asset Team”and renaming the“Digital Currency Research Office”to the“Digital Currency Office”to strengthen regulatory oversight and policy response capabilities for the Korean won stablecoin and other virtual asset markets. https://t.co/niK3KYFv8L ...

Venezuela, the country that is blessed with the world’s largest proven oil reserves, has seen its currency crash spectacularly. Could the future of the bolívar be digital? https://t.co/WSNNHfesFS ...

Core Viewpoint - Digital currency concept stocks generally declined, with Coinbase down 1.1%, Strategy down 2.5%, and Marathon Digital down 1.9% [1] Company Summary - Coinbase experienced a decrease of 1.1% in its stock price [1] - Strategy saw a decline of 2.5% in its stock value [1] - Marathon Digital's stock fell by 1.9% [1]

Core Viewpoint - Nano Labs Ltd has appointed Ms. Can Yang as senior vice president of its subsidiary, Nano bit HK Limited, to lead digital currency strategic reserves initiatives and support growth in the global crypto financial ecosystem [1][4]. Group 1: Appointment and Responsibilities - Ms. Can Yang has over 15 years of experience in finance and investment, including a founding partner role at Aquarius Capital overseeing a $600 million Bitcoin liquidity fund [2]. - Her responsibilities will include enhancing financial management, international compliance, and asset allocation strategies for Nano Labs [4]. Group 2: Background and Experience - Prior to her role in the crypto industry, Ms. Yang held senior positions in traditional finance, including investment director at Hanfor Capital Management, where she participated in NIO Inc.'s B round financing and IPO [3]. - She also worked as a senior investment manager at a leading aerospace investment firm, managing billion-RMB funds and participating in significant fundraising initiatives [3]. Group 3: Company Overview - Nano Labs Ltd is a leading provider of Web 3.0 infrastructure and product solutions in China, focusing on high throughput computing (HTC) and high performance computing (HPC) chips [5]. - The company has adopted BNB as its primary reserve asset and has accumulated approximately 120,000 BNB, along with reserves in mainstream digital currencies [4][5].

Core Insights - IPO activity has fluctuated post-pandemic but has shown positive momentum recently, indicating renewed investor confidence and a shift in risk appetite [1][7] - Notable IPOs in 2025 include CoreWeave (CRWV) and Circle Internet Group (CRCL), both of which have seen significant price increases since their debuts [1][11] CoreWeave (CRWV) - CoreWeave has gained attention due to its backing by NVIDIA, which holds a $900 million stake, making it one of NVIDIA's largest investments [4] - The company reported a remarkable 420% year-over-year increase in sales, with a revenue backlog of $25.9 billion, indicating strong demand for its AI offerings [5] - Since its debut, CRWV shares have increased by 220%, rewarding shareholders significantly [5] Circle Internet Group (CRCL) - Circle is a financial technology firm that issues USDC, the second-largest dollar-pegged stablecoin, facilitating digital currency transactions globally [9] - Shares of CRCL have surged by 135% since their debut on June 5, with notable support from investors like Cathie Wood's ARK, which purchased approximately 4.5 million shares on the first trading day [9] - The company is positioned well within the evolving stablecoin regulatory landscape, which is gaining traction as digital currencies become more mainstream [10]