Core Insights - Blue Owl Capital Corporation (OBDC) shares have declined 5.5% following weaker-than-expected third-quarter results reported on Nov. 5, 2025, primarily due to elevated expenses and lower income from prepayments and debt investments [1][9] - The company has agreed to merge with OBDC II, with OBDC being the surviving entity [1][9] Financial Performance - OBDC reported third-quarter 2025 adjusted earnings per share (EPS) of 36 cents, missing the Zacks Consensus Estimate by 7.7%, and reflecting a year-over-year decrease of 23.4% [2][9] - Total investment income increased by 11.6% year over year to $453.1 million, although it fell short of the consensus mark by 1.8% [2] - Adjusted net investment income was $183.3 million, down 0.9% year over year [3] Investment Activity - New investment commitments totaled $1.3 billion across 13 new portfolio companies and 23 existing ones [3] - As of September 30, 2025, Blue Owl Capital had investments in 238 portfolio companies, with an aggregate fair value of $17.1 billion, resulting in an average investment size of $72 million per company [3] Expense and Asset Management - Total expenses rose by 19.5% year over year to $259.9 million, driven by higher interest expenses and management fees [4] - The adjusted net increase in net assets from operations was $128.2 million, a decrease of 5.3% year over year [4] Cash and Debt Position - As of September 30, 2025, Blue Owl Capital had a cash balance of $317.2 million, down from $505.7 million at the end of 2024 [5] - Total assets increased to $17.6 billion from $13.9 billion at the end of 2024, while debt rose to $9.5 billion from $7.5 billion [5] - The company had $2.9 billion of undrawn capacity under its credit facilities, with a net debt to equity ratio of 1.22X [5] Cash Flow and Dividends - Net operating cash flow for the first nine months of 2025 was $918.6 million, compared to a net cash usage of $285.7 million in the same period of the previous year [6] - The board declared a regular dividend of 37 cents per share for the third quarter of 2025, with no supplemental dividend announced [7] - A new share repurchase program was approved, allowing for the purchase of up to $200 million in shares over the next 18 months [7]

Core Insights - Euronet Worldwide, Inc. (EEFT) reported adjusted earnings per share of $3.62 for Q3 2025, exceeding the Zacks Consensus Estimate by 1.4% and reflecting a 19% year-over-year increase [1][8] - Total revenues reached $1.1 billion, marking a 4.2% year-over-year improvement, although it fell short of consensus expectations by 4.2% [1][8] Financial Performance - Net income for Q3 was $122 million, down 19.5% year over year, while operating income increased by 7% to $195 million [3] - Total operating expenses rose 3.7% year over year to $950.7 million, driven by higher direct operating costs, salaries, and administrative expenses [3] - Adjusted EBITDA improved by 8% year over year to $244.6 million [3] Segment Performance - The EFT Processing segment generated revenues of $409.4 million, a 10% increase year over year, but missed the consensus estimate [4] - The epay segment's revenues declined by 1% year over year to $286.5 million, also missing consensus expectations [5] - The Money Transfer segment reported revenues of $452.4 million, a 3% year-over-year increase, but fell short of the consensus estimate [7] Strategic Developments - Quarterly earnings were bolstered by strategic buyouts, investments in digital products, and global expansions, although increased expenses partially offset these gains [2] - Management reaffirmed guidance for 2025 adjusted EPS growth in the range of 12-16% amid ongoing digital initiatives [12] Financial Position - As of September 30, 2025, Euronet had cash and cash equivalents of $1.2 billion, a decrease of 8.3% from the end of 2024 [10] - Total assets increased to $6.3 billion from $5.8 billion at the end of 2024, while net debt obligations decreased by 5.6% to $1.1 billion [10]

Financial Data and Key Metrics Changes - The company reported revenue of $1.1 billion, operating income of $195 million, adjusted EBITDA of $245 million, and adjusted earnings per share of $3.62, with revenue growth below expectations due to macroeconomic factors [4][14] - Consolidated operating margins expanded by approximately 40 basis points year over year [5] Business Line Data and Key Metrics Changes - The EFT segment saw revenue growth of 5%, with operating income and adjusted EBITDA each growing by 4%, driven by expansion in developing markets [6][7] - The epay segment experienced a revenue decline of approximately 5%, while operating income increased by 4% and adjusted EBITDA by 2%, primarily due to a shift in the wholesale mobile top-up business [8][9] - Money Transfer revenue grew by 1% year over year, but operating income and adjusted EBITDA decreased by 21%, with a significant increase in direct-to-consumer digital transactions [10][13] Market Data and Key Metrics Changes - In Europe, tourism grew approximately 3.3% year over year, but spending patterns became more selective, impacting overall transaction volumes [6][7] - Remittances to Mexico declined by over 12% year over year, highlighting the impact of immigration policy changes on transaction volumes [11][12] Company Strategy and Development Direction - The company is focusing on two key revenue pillars: payment and transaction processing, and cross-border and foreign exchange, to drive growth opportunities [23][25] - A new partnership with Citigroup was established to enhance cross-border payments through the Dandelion platform, reinforcing its position in real-time payments [25][43] - The company plans to launch stablecoin use cases in 2026, integrating blockchain technology into its payment ecosystem [27][28] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that global economic uncertainty and immigration policy changes have created transitory headwinds but expressed confidence in the underlying fundamentals of the business [20][21] - The company expects to finish the year with year-over-year earnings growth similar to the third quarter, maintaining guidance of 12% to 16% growth [14][45] Other Important Information - The company ended the third quarter with $1.2 billion in unrestricted cash and $2.3 billion in debt, with a recent convertible bond offering strengthening financial flexibility [14][15] - Share repurchases have returned approximately 85% of annual earnings to shareholders over the past four years [15][16] Q&A Session Summary Question: Can you unpack the slight softness in the EFT segment? - Management noted that consumers are being cautious with vacation spending due to increased costs, impacting ATM transactions more than merchant acquiring [46][48] Question: What changed in the Money Transfer segment after a strong Q2? - Management observed choppy trends, with October showing stronger performance compared to September, indicating potential recovery [50][51] Question: How is pricing evolving in the Money Transfer segment? - Pricing remains consistent year over year, with some pressure in specific markets, but overall, it did not adversely impact the third quarter [56][58] Question: What is the outlook for constant currency revenue in Q4? - Early indications in October suggest a potential turnaround, with management cautiously optimistic [72] Question: Can Euronet still generate double-digit EPS growth in 2026? - Management expressed confidence in achieving double-digit EPS growth, citing numerous growth opportunities and the strength of their business model [106][108]

Financial Data and Key Metrics Changes - The company reported revenue of $1.1 billion, operating income of $195 million, adjusted EBITDA of $245 million, and adjusted earnings per share of $3.62, with revenue growth below expectations due to macroeconomic factors [2][3] - Consolidated operating margins expanded by approximately 40 basis points year over year [2] - Adjusted earnings per share grew 19% year over year, maintaining a trajectory for 12% to 16% earnings growth for 2025 [11][30] Business Line Data and Key Metrics Changes - The EFT segment saw revenue growth of 5%, with operating income and adjusted EBITDA each growing 4%, driven by expansion in developing markets [3][4] - The epay segment experienced a revenue decline of approximately 5%, while operating income increased by 4% and adjusted EBITDA by 2%, primarily due to a shift in the wholesale mobile top-up business [4][5] - Money transfer revenue grew 1% year over year, with a 32% increase in direct-to-consumer digital transactions, although operating income and adjusted EBITDA decreased by 2% and 1% respectively [5][27] Market Data and Key Metrics Changes - In Europe, travel volumes remained steady, with overall tourism growing approximately 3.3% year over year, although spending patterns became more selective [3][4] - Remittances to Mexico declined more than 12% year over year, highlighting the impact of immigration policy changes on transaction volumes [7][8] - The company outperformed the market in the U.S. to Mexico corridor, achieving flat year-over-year growth despite broader declines [7][8] Company Strategy and Development Direction - The company is focused on two key revenue pillars: payment and transaction processing, and cross-border and foreign exchange, with ongoing investments in digital initiatives and partnerships [15][16] - The Dandelion platform is positioned as a leader in real-time cross-border payments, with new partnerships enhancing its capabilities [16][26] - The company plans to launch stablecoin-enabled use cases in early 2026, integrating digital assets into its payment network [18][19] Management's Comments on Operating Environment and Future Outlook - Management noted that global economic uncertainty and immigration policy changes have created transitory headwinds, but the underlying fundamentals remain strong [12][13] - The company expects to finish the year with earnings growth similar to the third quarter, reaffirming its guidance of 12% to 16% year-over-year growth [30] - Management expressed confidence in the ability to navigate current challenges and highlighted ongoing opportunities for growth through strategic initiatives [30][66] Other Important Information - The company ended the third quarter with $1.2 billion in unrestricted cash and $2.3 billion in debt, having completed a $1 billion convertible bond offering to enhance financial flexibility [9][10] - Share repurchases have returned approximately 85% of annual earnings to shareholders over the past four years, with $130 million repurchased in the current quarter [10][29] Q&A Session Summary Question: Can you unpack the slight softness in the EFT segment? - Management noted that consumers are being cautious with spending due to increased costs for travel and economic uncertainty, impacting ATM transactions more than merchant acquiring [33] Question: What was the exit run rate for money transfer in October? - Management indicated that October trends are stronger than September, with growth outpacing the industry despite recent challenges [34] Question: Can you discuss pricing trends in the money transfer segment? - Pricing has remained consistent overall, with some regional variations, particularly in the Middle East, but no significant adverse impacts were noted in the third quarter [38] Question: How does the company view the potential for digital transaction growth? - The company aims to increase digital transaction penetration, currently at 16%, with a goal of reaching 30% to 35% over time [40][41] Question: What are the expectations for revenue growth in Q4 and 2026? - Management is optimistic about a turnaround in revenue growth for Q4, with early indications in October suggesting improvement [47] Question: What corridors are experiencing softer growth? - Management highlighted softer growth in corridors such as Bangladesh and Turkey, influenced by immigration policies in those regions [64]

Euronet | www.euronetworldwide.com 2 Defined Terms Unless specifically noted otherwise within this presentation, the following terms are hereby defined as follows: Third Quarter 2025 Financial Results Michael J. Brown | Chairman & CEO Rick L. Weller | EVP & CFO Adam Godderz | General Counsel Euronet | www.euronetworldwide.com 1 Forward Looking Statements Statements contained in this news release that concern Euronet's or its management's intentions, expectations, or predictions of future performance, are fo ...

Core Insights - Euronet reported third quarter 2025 financial results, showing a commitment to innovation and global expansion, with a focus on digital transformation and stablecoin technology [4][6] - The company anticipates adjusted earnings per share growth of 12% to 16% year-over-year, consistent with long-term growth rates [17] Financial Performance - Revenues reached $1,145.7 million, a 4% increase from $1,099.3 million, with a 1% increase on a constant currency basis [7] - Operating income was $195.0 million, a 7% increase from $182.2 million, with a 2% increase on a constant currency basis [7] - Adjusted EBITDA grew to $244.6 million, an 8% increase from $225.7 million, with a 4% increase on a constant currency basis [7] - Net income attributable to Euronet was $122.0 million, or $2.75 diluted earnings per share, compared to $151.5 million, or $3.21 diluted earnings per share [7] Segment Results - The EFT Processing Segment reported revenue of $409.4 million, a 10% increase from $373.0 million, driven by banking services and merchant acquisitions [8] - The Money Transfer Segment experienced revenue growth through digital transformation and strategic partnerships, maintaining strong momentum despite economic pressures [10] - The epay Segment's revenue decline was primarily due to the discontinuation of a mobile activation product in the U.S., with continued growth in payments and branded content distribution [9] Strategic Developments - Euronet signed a strategic agreement with Fireblocks to support stablecoin technology and a Dandelion agreement with Citigroup to enhance cross-border instant payment offerings [6] - The company completed a $1 billion convertible debt offering to enhance financial flexibility [6] Balance Sheet and Financial Position - Unrestricted cash and cash equivalents were $1,172.5 million as of September 30, 2025, down from $1,329.3 million as of June 30, 2025 [12] - Total indebtedness decreased to $2,305.3 million as of September 30, 2025, from $2,438.1 million as of June 30, 2025 [12] Outlook - The company expects revenues of $286.5 million for the upcoming quarter, a 1% decrease from the previous year, with operating income projected at $31.0 million, a 7% increase [15]

Core Insights - Euronet Worldwide, Inc. (EEFT) has partnered with Citi to enhance cross-border payments through the integration of Citi's WorldLink Payment Services with EEFT's Dandelion digital wallet network, enabling nearly instant payouts globally [1][10] Group 1: Partnership and Market Strategy - The initial rollout of the partnership targets key markets such as the Philippines, Indonesia, Bangladesh, and Colombia, where mobile wallets are increasingly preferred for financial transactions [2][10] - The collaboration aims to provide a faster and more efficient payment solution for various uses, including remittances, payroll, expense reimbursements, social benefits, customer refunds, and gig-economy payouts, while reducing costs and delays associated with traditional transfers [2][3] Group 2: Benefits for Clients - Corporate and public sector clients will benefit from speed, reliability, and transparency, allowing quicker access to funds for beneficiaries using digital wallets, while businesses can expect smoother operations and predictable cash flows [3] - The initiative expands Citi's WorldLink capabilities to over 150 digital destinations, reinforcing its leadership in real-time global payments [3] Group 3: Company Performance and Growth Potential - EEFT reported a 29% year-over-year growth in digital transactions within its money transfer segment in Q2 2025, indicating strong performance in the digital payments market [4][10] - The partnership is expected to enhance EEFT's transaction volumes as digital wallets gain traction in emerging markets, potentially leading to significant growth and setting new benchmarks for international money transfers [5] Group 4: Competitive Landscape - Competitors in the digital wallet space include Mastercard, Visa, and PayPal, each adapting to the evolving market with their own strategies and innovations [6] - Mastercard is focusing on secure integration of card details into digital wallets and expanding into the Buy Now, Pay Later trend [7] - Visa is enhancing its digital wallet ecosystem through tokenized payments, resulting in a 9% year-over-year growth in processed transactions in Q2 2025 [8] - PayPal's net revenues increased by 5% year-over-year in Q2 2025, alongside a 2% growth in active accounts, showcasing its competitive position in the digital wallet market [9]

Core Insights - Euronet Worldwide, Inc.'s Money Transfer unit has partnered with Visa Inc. to integrate Visa Direct into its services, enhancing its digital payment capabilities [1][2] - The collaboration allows Euronet to facilitate real-time money transfers to over 4 billion Visa debit cards globally, using only the recipient's name and card number [2][4] - The integration is timely, aligning with the increasing use of debit cards for transactions and modernizing Euronet's digital payout infrastructure [4][5] Euronet's Money Transfer Unit - The Money Transfer unit, which includes Ria Money Transfer, Xe, and Dandelion, processed 44.6 million transactions in Q1 2025, reflecting a 10% year-over-year increase [7] - Revenues in this segment advanced by 9% year-over-year in the same quarter [7] - Dandelion's enhanced capabilities will support real-time cross-border payments, offering various payout options such as direct bank deposits and cash pickups [6] Market Context - According to the World Bank, over half of individuals aged 15 and above possess a debit card, indicating a significant market for digital payments [5] - The Nilson Report forecasts that global debit and prepaid card purchases will exceed $1.1 trillion by 2029, highlighting growth potential in the sector [5] Share Performance - Euronet's shares have increased by 7.1% year-to-date, outperforming the industry average decline of 2.7% [8] - The company currently holds a Zacks Rank of 3 (Hold), indicating a stable outlook [8]

Core Insights - Euronet's Money Transfer segment, including Ria Money Transfer, Xe, and Dandelion, has partnered with Visa to enhance digital payout capabilities by integrating Visa Direct, which connects to over 4 billion Visa debit cards [1][5] - The collaboration aims to provide customers with fast and secure money transfer options, allowing funds to be sent within minutes to Visa debit cards by simply providing the recipient's name and card number [4][5] - This partnership is part of a broader trend in the financial services industry, where debit card usage is increasing, with 52.8% of people aged 15 and above holding a debit card, driven by financial inclusion and contactless payment adoption [2] Company Overview - Euronet, founded in 1994, has developed a global real-time digital and cash payments network, offering services in over 200 countries and territories, including money transfers, card processing, and foreign currency exchange [6][7] - The company operates a vast payments network with 55,512 ATMs, approximately 1.2 million EFT POS terminals, and a global money transfer network of around 624,000 locations, connecting to 4 billion bank accounts and 3.2 billion digital wallet accounts [7] - Euronet's mission is to facilitate money movement for consumers and businesses through straightforward and convenient cross-border payment solutions, while maintaining high security standards [5]