What changed in this filing

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Item 2. Management’s Discussion and Analysis

2026-05-07 compared with 2025-11-04 · 149 added, 221 removed, 310 unchanged (54% of the section changed)

15 unchanged sentences

 the potential outcome of loss contingencies;

 our expectations regarding the closing of any pending acquisitions, including the pending CoreCard acquisition;

 our expectations regarding the closing of any pending acquisitions;

 our ability to successfully integrate acquired businesses and to realize any anticipated synergies;

 business strategy;

 government regulatory action;

 the expected effects of changes in laws or accounting standards, including the excise tax on certain international remittances under the One Big Beautiful Bill Act (the “OBBBA”);

 the expected effects of changes in laws or accounting standards;

 the impact of pandemics on our results of operations and financial positions;

 technological advances;

2 unchanged sentences

Investors are cautioned that any forward-looking statements are not guarantees of future performance and involve risks and uncertainties.

Euronet's actual results may vary materially from those anticipated in such forward-looking statements as a result of a number of factors, including the risk that any announcements relating to the CoreCard acquisition could have adverse effects on the market price of the Company’s common stock;

the risk that the CoreCard acquisition and its announcement could have an adverse effect on the parties’ business relationships and business generally, including the ability of CoreCard or the Company to retain customers and retain and hire key personnel and maintain relationships with their suppliers and customers, and on their operating results and businesses generally;

Actual results may materially differ from those in the forward-looking statements as a result of various factors, including but not limited to, the Company’s ability to retain customers and retain and hire key personnel and maintain relationships with their suppliers and customers, and on their operating results and businesses generally;

the risk of rating agency actions and the Company’s ability to access short- and long-term debt markets on a timely and affordable basis;

conditions in world financial markets and general economic conditions, including impacts from pandemics;

the war in the Ukraine and the related economic sanctions;

military conflicts in the Middle East;

our ability to successfully integrate any acquired operations, including CoreCard;

conditions in world financial markets and general economic conditions, including impacts from pandemics or other disease outbreaks;

military conflicts in Ukraine and the Middle East and the related economic sanctions;

our ability to successfully integrate any acquired operations;

economic conditions in specific countries and regions;

technological developments affecting the market for our products and services;

technological developments, including artificial intelligence, affecting the market for our products and services;

our ability to successfully introduce new products and services;

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changes in fees payable for transactions performed for cards bearing international logos or over switching networks such as card transactions on ATMs;

our ability to comply with increasingly stringent regulatory requirements, including anti-money laundering, anti-terrorism, anti-bribery, consumer and data protection and privacy;

changes in laws and regulations affecting our business, including tax and immigration laws (including the OBBBA) and any laws regulating payments, including dynamic currency conversion transactions;

our ability to comply with increasingly stringent regulatory requirements, including anti-money laundering, anti-terrorism, anti-bribery, sanctions, consumer and data protection and privacy and the EU’s General Data Protection Regulation and Second Revised Payment Service Directive requirements;

changes in laws and regulations affecting our business, including tax and immigration laws and any laws regulating payments, including dynamic currency conversion transactions, stablecoins and digital currencies;

changes in our relationships with, or in fees charged by, our business partners;

30 unchanged sentences

Dandelion powers cross-border payments for Xe and Ria, as well as third party banks, fintechs, and big tech platforms.

Money Transfer Segment has digital connections to 4.1 billion bank accounts, 3.4 billion digital wallet accounts and 4.0 billion Visa debit cards through Visa Direct payments.

We have six processing centers in Europe, five in Asia Pacific and two in North America.

We have 35 principal offices in Europe, 14 in Asia Pacific, 10 in North America, three in the Middle East, two in South America and three in Africa.

Money Transfer Segment has digital connections to 4.1 billion bank accounts and 3.7 billion digital wallet accounts.

Our executive offices are located in Leawood, Kansas, USA.

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Each operating segment’s sources of revenues are described below.

EFT Processing Segment — Revenues in the EFT Processing Segment, which represented approximately 36 % and 31 % of total consolidated revenues for the three and nine months ended September 30, 2025 are derived from fees charged for transactions made by cardholders on our proprietary network of ATMs, fixed management fees and transaction fees we charge to customers for operating ATMs and processing debit and credit cards under outsourcing and cross-border acquiring agreements, foreign currency exchange margin on DCC transactions, domestic and international surcharge, foreign currency dispensing and other value added services such as advertising, prepaid telecommunication recharges, bill payment, and money transfers provided over ATMs.

EFT Processing Segment — Revenues in the EFT Processing Segment, which represented approximately 29 % of total consolidated revenues for the three months ended March 31, 2026 are derived from fees charged for transactions made by cardholders on our proprietary network of ATMs, fixed management fees and transaction fees we charge to customers for operating ATMs and processing debit and credit cards under outsourcing and cross-border acquiring agreements, foreign currency exchange margin on DCC transactions, domestic and international surcharge, foreign currency dispensing and other value added services such as advertising, prepaid telecommunication recharges, bill payment, and money transfers provided over ATMs.

Revenues in this segment are also derived from cardless payment, banknote recycling, tax refund services, license fees, professional services and maintenance fees for proprietary application software and sales of related hardware.

epay Segment — Revenues in the epay Segment, which represented approximately 25 % and 27 % of total consolidated revenues for the three and nine months ended September 30, 2025 are primarily derived from commissions or processing fees received from mobile phone operators for the processing and distribution of prepaid mobile airtime and commissions earned from the distribution of other electronic content, vouchers, and physical gifts.

epay Segment — Revenues in the epay Segment, which represented approximately 29 % of total consolidated revenues for the three months ended March 31, 2026 are primarily derived from commissions or processing fees received from mobile phone operators for the processing and distribution of prepaid mobile airtime and commissions earned from the distribution of other electronic content, vouchers, and physical gifts.

The proportion of epay Segment revenues earned from the distribution of prepaid mobile phone time has decreased over time, and digital media content now produces approximately 75 % of epay Segment revenues.

Digital media content offered by this segment includes digital content such as music, games, and software, as well as other products including prepaid long distance calling card plans, prepaid Internet plans, prepaid debit cards, gift cards, vouchers, transport payments, lottery payments, bill payment, and money transfer.

Money Transfer Segment — Revenues in the Money Transfer Segment, which represented approximately 39 % and 42 % of total consolidated revenues for the three and nine months ended September 30, 2025 , are primarily derived from transaction fees, as well as the margin earned from purchasing foreign currency at wholesale exchange rates and selling the foreign currency to customers at retail exchange rates.

Money Transfer Segment — Revenues in the Money Transfer Segment, which represented approximately 42 % of total consolidated revenues for the three months ended March 31, 2026 , are primarily derived from transaction fees, as well as the margin earned from purchasing foreign currency at wholesale exchange rates and selling the foreign currency to customers at retail exchange rates.

We have a sending agent network in place comprised of agents, customer service representatives, Company-owned stores, primarily in North America, Europe and Malaysia, Ria, and Xe branded websites, along with a worldwide network of correspondent agents, consisting primarily of financial institutions in the transfer destination countries.

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SEGMENT SUMMARY RESULTS OF OPERATIONS

Revenues and operating income by segment for the three and nine months ended September 30, 2025 and 2024 are summarized in the tables below:

Revenue for the Three Months Ended September 30,

Year-over-Year Change

Revenue for the Nine Months Ended September 30,

Revenues and operating income by segment for the three months ended March 31, 2026 and 2025 are summarized in the tables below:

Revenue for the Three months ended March 31,

Year-over-Year Change

1 unchanged sentence

Increase (Decrease) Amount

Increase (decrease) Percent

Increase (decrease) Amount

Increase Percent

2 unchanged sentences

Corporate services, eliminations and other

Operating Income (Expense) for the Three Months Ended September 30,

Year-over-Year Change

Operating Income (Expense) for the Nine Months Ended September 30,

Operating Income (Expense) for the Three months ended March 31,

Year-over-Year Change

1 unchanged sentence

Increase (Decrease) Amount

Increase Percent

Increase (Decrease) Amount

Increase Percent

Increase (Decrease) Percent

EFT Processing

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dollar of the currencies of the countries in which we have our most significant operations:

Average Translation Rate Three Months Ended September 30,

Average Translation Rate Nine Months Ended September 30,

Average Translation Rate Three months ended March 31,

Currency (dollars per foreign currency)

Increase (Decrease) Percent

Australian dollar (AUD)

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Polish zloty (PLN)

COMPARISON OF OPERATING RESULTS FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024

COMPARISON OF OPERATING RESULTS FOR THE THREE MONTHS ENDED MARCH, 31, 2026 AND 2025

EFT PROCESSING SEGMENT

The following table summarizes the results of operations for our EFT Processing Segment for the three and nine months ended September 30, 2025 and 2024 :

Three Months Ended September 30,

Year-over-Year Change

Nine Months Ended September 30,

The following table summarizes the results of operations for our EFT Processing Segment for the three months ended March 31, 2026 and 2025 :

Three months ended March 31,

Year-over-Year Change

1 unchanged sentence

Increase (Decrease) Amount

Increase Amount

Increase (Decrease) Percent

Total revenues

7 unchanged sentences

Transactions processed (millions)

Active ATMs as of September 30,

Active ATMs as of March 31,

Average installed ATMs

EFT Processing Segment total revenues were $ 409.4 million for the three months ended September 30, 2025 , an increase of $ 36.4 million or 10 % compared to the same period in 2024 .

EFT Processing Segment total revenues were $ 980.4 million for the nine months ended September 30, 2025 , an increase of $ 84.8 million or 9 % compared to the same period in 2024 .

Revenue growth was driven by market expansion and the addition of access fees and interchange fees in certain markets.

Additionally, this quarter experienced increased business volumes supported by a rise in tourism and the implementation of proactive pricing and rate adjustment strategies to maintain competitiveness .

Fluctuations in foreign currency exchange rates increased revenues by approximately $ 18.7 million and $ 8.4 million for the three and nine months ended September 30, 2025 compared to the same periods in 2024 .

EFT Processing Segment total revenues were $ 295.4 million for the three months ended March 31, 2026 , an increase of $ 62.9 million or 27 % compared to the same period in 2025 .

Revenue growth was driven by continued growth in acquiring, REN infrastructure sales and contributions from the CoreCard acquisition completed in the fourth quarter of 2025.

Fluctuations in foreign currency exchange rates increased revenues by approximately $ 17.6 million for the three months ended March 31, 2026 compared to the same period in 2025 .

Direct operating costs

EFT Processing Segment direct operating costs were $ 194.4 million for the three months ended September 30, 2025 , an increase of $ 20.1 million or 12 % compared to the same period in 2024 .

EFT Processing Segment direct operating costs were $ 504.8 million for the nine months ended September 30, 2025 , an increase of $ 46.9 million or 10 % compared to the same period in 2024 .

EFT Processing Segment direct operating costs were $ 175.2 million for the three months ended March 31, 2026 , an increase of $ 38.7 million or 28 % compared to the same period in 2025 .

Direct operating costs primarily consist of site rental fees, cash delivery costs, cash supply costs, maintenance, insurance, telecommunications, payment scheme processing fees, data center operations-related personnel, as well as the processing centers’ facility-related costs and other processing center-related expenses and commissions paid to retail merchants, banks and card processors.

The primary drivers of the increase in direct costs were additional expenses required to support increased business volumes from both new and existing operations.

The primary drivers of the increase in direct costs were additional expenses required to support increased business volumes from both new (CoreCard) and existing operations.

Direct costs were also impacted by overall cost inflation in products and services.

Fluctuations in foreign currency exchange rates increased direct operating costs by approximately $ 9.1 million and $ 2.5 million for the three and nine months ended September 30, 2025 compared to the same periods in 2024 .

Gross profit, which is calculated as revenues less direct operating costs, was $ 215.0 million for the three months ended September 30, 2025 , an increase of $ 16.3 million or 8 % compared to $ 198.7 million for the same period in 2024 .

Gross profit was $ 475.6 million for the nine months ended September 30, 2025 , an increase of $ 37.9 million or 9 % compared to $ 437.7 million for the same period in 2024 .

Gross profit as a percentage of revenues (“gross margin”) decreased to 52.5 % and 48.5 % for the three and nine months ended September 30, 2025 , compared to 53.3 % and 48.9 % for the same period in 2024 .

The decline in gross margin was primarily driven by market expansion into countries where EFT transaction pricing is lower, resulting in reduced profitability per transaction.

Fluctuations in foreign currency exchange rates increased direct operating costs by approximately $ 11.9 million for the three months ended March 31, 2026 compared to the same period in 2025 .

Gross profit, which is calculated as revenues less direct operating costs, was $ 120.2 million for the three months ended March 31, 2026 , an increase of $ 24.2 million or 25 % compared to $ 96.0 million for the same period in 2025 .

Gross profit as a percentage of revenues (“gross margin”) decreased to 40.7 % for the three months ended March 31, 2026 , compared to 41.3 % for the same period in 2025 .

The decline in gross margin was primarily driven by a shift in revenue mix resulting from card activation volumes for the Bilt credit card on the CoreCard processing platform during the first quarter of 2026, which generates higher revenue at relatively lower margins.

Salaries and benefits

Salaries and benefits expenses were $ 46.6 million for the three months ended September 30, 2025 , an increase of $ 5.3 million or 13 % compared to the same period in 2024 .

Salaries and benefits expenses were $ 121.8 million for the nine months ended September 30, 2025 , an increase of $ 14.3 million or 13 % compared to the same period in 2024 .

The increase is primarily due to an increase in headcount to support the growth of the business and salary increases due to inflationary pressures.

As a percentage of revenues, salary expense increased to 11.4 % and 12.4 % for the three and nine months ended September 30, 2025 , compared to 11.1 % and 12.0 % for the same period in 2024 .

Salaries and benefits expenses were $ 48.4 million for the three months ended March 31, 2026 , an increase of $ 12.9 million or 36 % compared to the same period in 2025 .

The increase is primarily due to the acquisition of CoreCard in the fourth quarter of 2025, an increase in headcount to support the growth of the business and salary increases due to inflationary pressures.

As a percentage of revenues, salary expense increased to 16.4 % for the three months ended March 31, 2026 , compared to 15.3 % for the same period in 2025 .

Selling, general and administrative

Selling, general and administrative expenses were $ 13.7 million for the three months ended September 30, 2025 , a decrease of $ 1.6 million or 10 % compared to the same period in 2024 .

Selling, general and administrative expenses were $ 40.9 million for the nine months ended September 30, 2025 , an increase of $ 2.9 million or 8 % compared to the same period in 2024 .

The increase for the nine-month period is primarily due to a one-time refund of a duty fee in the first quarter of 2024.

As a percentage of revenues, these expenses decreased to 3.3 % for the three months ended September 30, 2025 compared to 4.1 % for the same period in 2024 and were flat at 4.2 % for nine months ended September 30, 2025 and 2024.

Selling, general and administrative expenses were $ 16.6 million for the three months ended March 31, 2026 , an increase of $ 3.7 million or 29 % compared to the same period in 2025 .

As a percentage of revenues, these expenses increased to 5.6 % for the three months ended March 31, 2026 compared to 5.5 % for the same period in 2025.

Depreciation and amortization

Depreciation and amortization expenses were $ 26.6 million for the three months ended September 30, 2025 , an increase of $ 1.8 million or 7 % compared to the same period in 2024 .

Depreciation and amortization expenses were $ 76.9 million for the nine months ended September 30, 2025 , an increase of $ 3.4 million or 5 % compared to the same period in 2024 .

As a percentage of revenues, these expenses decreased to 6.5 % and 7.8 % for the three and nine months ended September 30, 2025 , compared to 6.6 % and 8.2 % for the same period in 2024 .

Depreciation and amortization expenses were $ 31.8 million for the three months ended March 31, 2026 , an increase of $ 7.5 million or 31 % compared to the same period in 2025 .

As a percentage of revenues, these expenses increased to 10.8 % for the three months ended March 31, 2026 , compared to 10.5 % for the same period in 2025 .

Operating income

EFT Processing Segment had operating income of $ 128.1 million for the three months ended September 30, 2025 , an increase of $ 10.8 million or 9 % compared to the same period in 2024 .

EFT Processing Segment had operating income of $ 236.0 million for the nine months ended September 30, 2025 , an increase of $ 17.3 million or 8 % compared to the same period in 2024 .

Operating income as a percentage of revenues (“operating margin”) decreased to 31.3 % and 24.1 % for the three and nine months ended September 30, 2025 , compared to 31.4 % and 24.4 % for the same period in 2024 .

The slight decrease in operating margin was primarily attributable to lower gross margins resulting from expansion into lower-priced markets and increased salary and benefit expenses to support business growth, partially offset by a one-time operating tax benefit recognized in the first quarter of 2025.

The following table presents the results of operations for the three and nine months ended September 30, 2025 and 2024 for our epay Segment:

Three Months Ended September 30,

Year-over-Year Change

Nine Months Ended September 30,

EFT Processing Segment had operating income of $ 23.4 million for the three months ended March 31, 2026 , an increase of $ 0.1 million compared to the same period in 2025 .

Operating income as a percentage of revenues (“operating margin”) decreased to 7.9 % for the three months ended March 31, 2026 , compared to 10.0 % for the same period in 2025 .

The decrease in operating margin was primarily attributable to lower gross margins resulting from expansion into lower-priced markets and increased salary and benefit expenses to support business growth.

The following table presents the results of operations for the three months ended March 31, 2026 and 2025 for our epay Segment:

Three months ended March 31,

Year-over-Year Change

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Increase (Decrease) Percent

Increase (Decrease) Amount

Increase (Decrease) Percent

Total revenues

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Transactions processed (millions)

epay Segment total revenues were $ 286.5 million for the three months ended September 30, 2025 , a decrease of $ 3.8 million or 1 % compared to the same period in 2024 .

epay Segment total revenues were $ 834.0 million for the nine months ended September 30, 2025 , an increase of $ 25.7 million or 3 % compared to the same period in 2024 .

The decrease for the three-month period was primarily due to the discontinuation of a mobile activation product in the United States, which had a minimal impact on earnings.

The increase in revenue for the nine-month period was driven by continued payments, digital media and mobile growth.

Fluctuations in foreign currency exchange rates increased revenues by approximately $ 9.6 million for the three months ended September 30, 2025 compared to the same period in 2024 .

Fluctuations in foreign currency exchange rates decreased revenues by approximately $ 0.3 million for the nine months ended September 30, 2025 compared to the same period in 2024 .

epay Segment total revenues were $ 293.5 million for the three months ended March 31, 2026 , an increase of $ 26.1 million or 10 % compared to the same period in 2025 .

Fluctuations in foreign currency exchange rates increased revenues by approximately $ 19.9 million for the three months ended March 31, 2026 compared to the same period in 2025 .

Excluding the impact of foreign currency, revenue growth reflects favorable transaction mix and pricing.

The decrease in transactions processed primarily relates to high ‑ volume, low ‑ revenue transactions in the Asia Pacific region and did not have a significant impact on revenues.

Direct operating costs

epay Segment direct operating costs were $ 216.3 million for the three months ended September 30, 2025 , a decrease of $ 7.2 million or 3 % compared to the same period in 2024 .

epay Segment direct operating costs were $ 629.3 million for the nine months ended September 30, 2025 , an increase of $ 12.2 million or 2 % compared to the same period in 2024 .

epay Segment direct operating costs were $ 221.5 million for the three months ended March 31, 2026 , an increase of $ 19.4 million or 10 % compared to the same period in 2025 .

Direct operating costs primarily consist of the commissions paid to retail merchants for the distribution and sale of prepaid mobile airtime and other prepaid products, expenses incurred to operate POS terminals and the cost of vouchers sold and physical gifts fulfilled.

The decrease in direct operating costs for the three-months ended September 30, 2025 compared to the same period in 2024 was primarily due to the discontinuation of a mobile activation product in the United States, which had a minimal impact on earnings.

The increase in direct operating costs for the nine-months ended September 30, 2025 compared to the same period in 2024 was the result of the increase in business activity.

Fluctuations in foreign currency exchange rates increased direct operating costs by approximately $ 7.4 million for the three months ended September 30, 2025 compared to the same period in 2024 .

Fluctuations in foreign currency exchange rates decreased direct operating costs by approximately $ 0.3 million for the nine months ended September 30, 2025 compared to the same period in 2024 .

Gross profit was $ 70.2 million for the three months ended September 30, 2025 , an increase of $ 3.4 million or 5 % compared to $ 66.8 million for the same period in 2024 .

Gross profit was $ 204.7 million for the nine months ended September 30, 2025 , an increase of $ 13.5 million or 7 % compared to $ 191.2 million for the same period in 2024 .

Gross margin increased to 24.5 % and 24.5 % for the three and nine months ended September 30, 2025 , compared to 23.0 % and 23.7 % for the same period in 2024 .

Fluctuations in foreign currency exchange rates increased direct operating costs by approximately $ 15.1 million for the three months ended March 31, 2026 compared to the same period in 2025 .

Gross profit was $ 72.0 million for the three months ended March 31, 2026 , an increase of $ 6.7 million or 10 % compared to $ 65.3 million for the same period in 2025 .

Gross margin increased to 24.5 % for the three months ended March 31, 2026 , compared to 24.4 % for the same period in 2025 .

The increase in gross profit and gross margin were primarily a result of a shift in the mix of transactions processed.

Salaries and benefits

Salaries and benefits expenses were $ 28.0 million for the three months ended September 30, 2025 , an increase of $ 1.8 million or 7 % compared to the same period in 2024 .

Salaries and benefits expenses were $ 78.7 million for the nine months ended September 30, 2025 , an increase of $ 3.3 million or 4 % compared to the same period in 2024 .

As a percentage of revenues, these expenses increased to 9.8 % and 9.4 % for the three and nine months ended September 30, 2025 , compared to 9.0 % and 9.3 % for the same period in 2024 .

Salaries and benefits expenses were $ 28.2 million for the three months ended March 31, 2026 , an increase of $ 4.1 million or 17 % compared to the same period in 2025 .

As a percentage of revenues, these expenses increased to 9.6 % for the three months ended March 31, 2026 , compared to 9.0 % for the same period in 2025 .

Fluctuations in foreign currency exchange rates increased salaries and benefits by approximately $1.9 million for the three months ended March 31, 2026 compared to the same period in 2025.

Selling, general and administrative

Selling, general and administrative expenses were $ 9.7 million for the three months ended September 30, 2025 , an increase of $ 0.1 million or 1 % compared to the same period in 2024 .

Selling, general and administrative expenses were $ 32.3 million for the nine months ended September 30, 2025 , an increase of $ 3.8 million or 13 % compared to the same period in 2024 .

As a percentage of revenues, these expenses increased to 3.4 % and 3.9 % for the three and nine months ended September 30, 2025 , compared to 3.3 % and 3.5 % for the same period in 2024 .

The increase in selling, general and administrative expenses for the nine months was primarily due to the payment of $4.5 million to resolve a non-recurring, multi-year operating tax matter in the first quarter of 2025.

Selling, general and administrative expenses were $ 9.9 million for the three months ended March 31, 2026 , a decrease of $ 2.9 million or 23 % compared to the same period in 2025 .

As a percentage of revenues, these expenses decreased to 3.4 % for the three months ended March 31, 2026 , compared to 4.8 % for the same period in 2025 .

The decrease in selling, general and administrative expenses was primarily due to the payment of $4.5 million to resolve a non-recurring, multi-year operating tax matter during the same period in 2025.

Depreciation and amortization

Depreciation and amortization expenses were $ 1.5 million for the three months ended September 30, 2025 , a decrease of $ 0.4 million or 21 % compared to the same period in 2024 .

Depreciation and amortization expenses were $ 4.8 million for the nine months ended September 30, 2025 , a decrease of $ 0.6 million or 11 % compared to the same period in 2024 .

Depreciation and amortization expenses were $ 1.5 million for the three months ended March 31, 2026 , a decrease of $ 0.1 million or 6 % compared to the same period in 2025 .

Depreciation and amortization expense primarily represent depreciation of POS terminals we install in retail stores and amortization of acquired intangible assets.

As a percentage of revenues, these expenses decreased to 0.5 % and 0.6 % for the three and nine months ended September 30, 2025 , compared to 0.7 % and 0.7 % for the same period in 2024 .

As a percentage of revenues, these expenses decreased to 0.5 % for the three months ended March 31, 2026 , compared to 0.6 % for the same period in 2025 .

Operating income

epay Segment operating income was $ 31.0 million for the three months ended September 30, 2025 , an increase of $ 1.9 million or 7 % compared to the same period in 2024 .

epay Segment operating income was $ 88.9 million for the nine months ended September 30, 2025 , an increase of $ 7.0 million or 9 % compared to the same period in 2024 .

Operating margin increased to 10.8 % and 10.7 % for the three and nine months ended September 30, 2025 , compared to 10.0 % and 10.1 % for the same period in 2024 .

The increase in operating income and margin was primarily driven by improved gross margins resulting from a favorable shift in transaction mix, partially offset by increased salary and benefit expenses and a non-recurring operating tax payment recognized in the first quarter of 2025.

epay Segment operating income was $ 32.4 million for the three months ended March 31, 2026 , an increase of $ 5.6 million or 21 % compared to the same period in 2025 .

Operating margin increased to 11.0 % for the three months ended March 31, 2026 , compared to 10.0 % for the same period in 2025 .

The increase in operating income and margin was primarily driven by improved gross margins resulting from a favorable shift in transaction mix, partially offset by increased salaries.

MONEY TRANSFER SEGMENT

The following table presents the results of operations for the three and nine months ended September 30, 2025 and 2024 for the Money Transfer Segment:

Three Months Ended September 30,

Year-over-Year Change

Nine Months Ended September 30,

The following table presents the results of operations for the three months ended March 31, 2026 and 2025 for the Money Transfer Segment:

Three months ended March 31,

Year-over-Year Change

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Increase (Decrease) Percent

Increase (Decrease) Amount

Increase (Decrease) Percent

Total revenues

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Transactions processed (millions)

Money Transfer Segment total revenues were $ 452.4 million for the three months ended September 30, 2025 , an increase of $ 14.2 million or 3 % compared to the same period in 2024 .

Money Transfer Segment total revenues were $ 1,328.0 million for the nine months ended September 30, 2025 , an increase of $ 83.4 million or 7 % compared to the same period in 2024 .

The increase in revenues was driven by double-digit growth in cross-border transactions, partially offset by a decrease in intra-U.S.

transactions.

Money Transfer Segment total revenues were $ 425.2 million for the three months ended March 31, 2026 , an increase of $ 7.5 million or 2 % compared to the same period in 2025 .

Direct-to-consumer digital transactions grew by 35 %, reflecting strong consumer demand for digital products.

Revenues per transaction increased to $ 9.83 and $ 9.71 for the three and nine months ended September 30, 2025 , compared to $ 9.72 and $ 9.57 for the same period in 2024 mainly due to foreign currency fluctuations.

Fluctuations in foreign currency exchange rates increased revenues by approximately $ 11.9 million and $ 0.6 million for the three and nine months ended September 30, 2025 compared to the same periods in 2024 .

Revenues per transaction increased to $ 9.69 for the three months ended March 31, 2026 , compared to $ 9.37 for the same period in 2025 mainly due to foreign currency fluctuations.

Fluctuations in foreign currency exchange rates increased revenues by approximately $ 22.9 million for the three months ended March 31, 2026 compared to the same period in 2025 .

The revenue decreased taking into account the impact of foreign currency fluctuations.

The revenue decrease was driven by the impact of immigration reform affecting transfers from the United States to Mexico, as well as reduced volume in the Middle East.

Offsetting the decline in transfers to Mexico and the Middle East was growth in all other markets together with accelerated growth in consumer-to-consumer digital transactions and the Money Transfer’s Dandelion product.

Direct operating costs

Money Transfer Segment direct operating costs were $ 235.8 million for the three months ended September 30, 2025 , a decrease of $ 2.6 million or 1 % compared to the same period in 2024 .

Money Transfer Segment direct operating costs were $ 698.3 million for the nine months ended September 30, 2025 , an increase of $ 18.8 million or 3 % compared to the same period in 2024 .

Money Transfer Segment direct operating costs were $ 223.0 million for the three months ended March 31, 2026 , a decrease of $ 1.5 million or 1 % compared to the same period in 2025 .

Direct operating costs primarily consist of commissions paid to agents who originate money transfers on our behalf and correspondent agents who disburse funds to the customers’ destination beneficiaries, together with less significant costs, such as bank depository fees.

Fluctuations in foreign currency exchange rates increased direct operating costs by approximately $ 6.0 million and $ 0.1 million for the three and nine months ended September 30, 2025 compared to the same periods in 2024 .

Gross profit was $ 216.6 million for the three months ended September 30, 2025 , an increase of $ 16.8 million or 8 % compared to $ 199.8 million for the same period in 2024 .

Gross profit was $ 629.7 million for the nine months ended September 30, 2025 , an increase of $ 64.6 million or 11 % compared to $ 565.1 million for the same period in 2024 .

Gross margin increased to 47.9 % and 47.4 % for the three and nine months ended September 30, 2025 , compared to 45.6 % and 45.4 % for the same period in 2024 .

Fluctuations in foreign currency exchange rates increased direct operating costs by approximately $ 11.3 million for the three months ended March 31, 2026 compared to the same period in 2025 .

Gross profit was $ 202.2 million for the three months ended March 31, 2026 , an increase of $ 9.0 million or 5 % compared to $ 193.2 million for the same period in 2025 .

Gross margin increased to 47.6 % for the three months ended March 31, 2026 , compared to 46.3 % for the same period in 2025 .

The increase in gross profit and gross margin was primarily due to increases in international-originated money transfers and direct-to-consumer digital transactions.

Salaries and benefits

Salaries and benefits expenses were $ 92.6 million for the three months ended September 30, 2025 , an increase of $ 7.7 million or 9 % compared to the same period in 2024 .

Salaries and benefits expenses were $ 268.7 million for the nine months ended September 30, 2025 , an increase of $ 20.4 million or 8 % compared to the same period in 2024 .

Salaries and benefits expenses were $ 92.7 million for the three months ended March 31, 2026 , an increase of $ 4.8 million or 5 % compared to the same period in 2025 .

The increase in salaries and benefits was primarily driven by an increase in headcount to support the growth of the business and salary increases due to inflationary pressures.

As a percentage of revenues, salary expenses increased to 20.5 % and 20.2 % for the three and nine months ended September 30, 2025 , compared to 19.4 % and 20.0 % for the same period in 2024 .

As a percentage of revenues, salary expenses increased to 21.8 % for the three months ended March 31, 2026 , compared to 21.0 % for the same period in 2025 .

Selling, general and administrative

Selling, general and administrative expenses were $ 58.1 million for the three months ended September 30, 2025 , an increase of $ 7.3 million or 14 % compared to the same period in 2024 .

Selling, general and administrative expenses were $ 172.3 million for the nine months ended September 30, 2025 , an increase of $ 18.1 million or 12 % compared to the same period in 2024 .

The increase in selling, general and administrative expenses are primarily attributed to higher advertising and promotions expenses and an increase in bad debt expenses.

As a percentage of revenues, these expenses increased to 12.8 % and 13.0 % for the three and nine months ended September 30, 2025 , compared to 11.6 % and 12.4 % for the same period in 2024 .

Selling, general and administrative expenses were $ 61.2 million for the three months ended March 31, 2026 , an increase of $ 7.1 million or 13 % compared to the same period in 2025 .

The increase in selling, general and administrative expenses was primarily driven by higher costs across all SG&A line items, with the most significant contributors being increased advertising and promotion spending and higher bad debt expense.

As a percentage of revenues, these expenses increased to 14.4 % for the three months ended March 31, 2026 , compared to 13.0 % for the same period in 2025 .

Depreciation and amortization

Depreciation and amortization expenses were $ 6.6 million for the three months ended September 30, 2025 , an increase of $ 0.6 million or 10 % compared to the same period in 2024 .

Depreciation and amortization expenses were $ 18.7 million for the nine months ended September 30, 2025 , a decrease of $ 1.3 million or 7 % compared to the same period in 2024 .

Depreciation and amortization expenses were $ 6.4 million for the three months ended March 31, 2026 , an increase of $ 0.3 million or 5 % compared to the same period in 2025 .

Depreciation and amortization expenses primarily represents amortization of acquired intangible assets and depreciation of money transfer terminals, computers and software, leasehold improvements and office equipment.

As a percentage of revenues, these expenses changed to 1.5 % and 1.4 % for the three and nine months ended September 30, 2025 , compared to 1.4 % and 1.6 % for the same period in 2024 .

As a percentage of revenues, these expenses were 1.5 % for both the three months ended March 31, 2026 and 2025.

Operating income

Money Transfer Segment operating income was $ 59.3 million for the three months ended September 30, 2025 , an increase of $ 1.2 million or 2 % compared to the same period in 2024 .

Money Transfer Segment operating income was $ 170.0 million for the nine months ended September 30, 2025 , an increase of $ 27.4 million or 19 % compared to the same period in 2024 .

Operating margin was 13.1 % and 12.8 % for the three and nine months ended September 30, 2025 , compared to 13.3 % and 11.5 % for the same periods in 2024 .

Operating income per transaction was $ 1.29 and $ 1.24 for the three and nine months ended September 30, 2025 , compared to $ 1.29 and $ 1.10 for the same periods in 2024 .

Operating income increased for both the three- and nine-month periods, primarily driven by strong growth in international-originated money transfers and direct-to-consumer digital transactions, which contributed to higher gross profit and improved gross margins.

These benefits were partially offset by increased salary and benefit expenses to support business growth, higher advertising and bad debt expenses, and foreign currency fluctuations.

Money Transfer Segment operating income was $ 41.9 million for the three months ended March 31, 2026 , a decrease of $ 3.2 million or 7 % compared to the same period in 2025 .

Operating margin was 9.9 % for the three months ended March 31, 2026 , compared to 10.8 % for the same period in 2025 .

Operating income per transaction was $ 0.95 for the three months ended March 31, 2026 , compared to $ 1.01 for the same period in 2025 .

Operating income benefited from expanded gross margins which were utilized to increase digital marketing expenditure, resulting in reduced operating income year-over-year.

CORPORATE SERVICES

The following table presents the operating expenses for the three and nine months ended September 30, 2025 and 2024 for Corporate Services:

Three Months Ended September 30,

Year-over-Year Change

Nine Months Ended September 30,

The following table presents the operating expenses for the three months ended March 31, 2026 and 2025 for Corporate Services:

Three months ended March 31,

Year-over-Year Change

2 unchanged sentences

Increase (Decrease) Percent

Increase (Decrease) Amount

Increase (Decrease) Percent

Salaries and benefits

3 unchanged sentences

Corporate operating expenses

Total Corporate operating expenses were $ 23.4 million and $ 66.1 million for the three and nine months ended September 30, 2025 , an increase of $ 1.1 million or 5 % and $ 3.4 million or 5 % compared to the same period in 2024 .

This increase for both the three and nine months was largely driven by an increase in long-term share-based compensation.

Total Corporate operating expenses were $ 25.7 million for the three months ended March 31, 2026 , an increase of $ 5.7 million or 29 % compared to the same period in 2025 .

This increase was largely driven by an increase in long-term share-based compensation.

OTHER EXPENSE, NET

Three Months Ended September 30,

Nine Months Ended September 30,

Year-over-Year Change

Three months ended March 31,

Year-over-Year Change

2 unchanged sentences

Decrease Percent

Decrease Amount

Increase (Decrease) Percent

Interest income

Interest expense

Foreign currency exchange gains (loss), net

Other gains (loss)

Foreign currency exchange gains (losses), net

Other gains (losses)

Other expense, net

Interest income

Interest income was $ 6.2 million for the three months ended September 30, 2025 , a decrease of $ 0.3 million or 5 % compared to the same period in 2024 .

Interest income was $ 17.7 million for the nine months ended September 30, 2025 a decrease of $ 0.4 million or 2 % compared to the same period in 2024 .

This decrease for both the three and nine months was driven by a decrease in interest rates.

Interest income was $ 4.1 million for the three months ended March 31, 2026 , a decrease of $ 1.2 million or 23 % compared to the same period in 2025 .

This decrease was driven by a decrease in interest rates.

Interest expense

Interest expense was $ 22.5 million for the three months ended September 30, 2025 , a decrease of $ 1.7 million or 7 % compared to the same period in 2024 .

Interest expense was $ 70.1 million for the nine months ended September 30, 2025 , an increase of $ 10.9 million or 18 % compared to the same period in 2024 .

This decrease for the three months ended September 30, 2025 compared to the same period in 2024 was largely driven by a decrease in interest rates due to the shift of borrowing from the Credit Facility to the issuance of the new 2030 Convertible Notes during the third quarter of 2025.

This increase for the nine months ended September 30, 2025 compared to the same period in 2024 was largely driven by an increase in interest rates on our Credit Facility, and the shift of borrowing from the 2049 Convertible Notes during the first quarter of 2025 to the Credit Facility.

Interest expense was $ 14.1 million for the three months ended March 31, 2026 , a decrease of $ 5.3 million or 27 % compared to the same period in 2025 .

This decrease for the three months ended March 31, 2026 compared to the same period in 2025 was largely driven by the shift of borrowing from the Credit Facility to the 2030 Convertible Notes during the first quarter of 2026.

Foreign currency exchange loss, net

2 unchanged sentences

Foreign currency exchange gains and losses that result from remeasurement of these assets and liabilities are recorded in net income.

We recorded net foreign currency exchange gains of $ 0.1 million and foreign exchange currency loss of $ 23.7 million for the three and nine months ended September 30, 2025 , compared to net foreign currency exchange gains of $ 27.4 million and $ 16.4 million for the same periods in 2024 .

We recorded net foreign currency exchange gains of $ 8.4 million for the three months ended March 31, 2026 , compared to net foreign currency exchange losses of $ 18.1 million for the same period in 2025 .

These realized and unrealized foreign currency exchange results reflect the fluctuation in the value of the U.S.

dollar against the currencies of the countries in which we operated during the respective period.

The other gains mainly relate to discrete non-cash investment gains.

The other gains and losses mainly relate to a discrete non-cash investment.

INCOME TAX EXPENSE

The Company's effective income tax rate was 30.6 % and 26.8 % for the three and nine months ended September 30, 2025 , compared to 27.3 % and 30.0 % for the same period ended September 30, 2024 .

The Company's effective income tax rate for the three months ended September 30, 2025 was higher than the applicable statutory income tax rate of 21% as a result of certain of its foreign earnings being subject to higher local statutory tax rates.

Our effective income tax rate for the three months ended September 30, 2024 was higher than the applicable statutory income tax rate of 21% mainly as a result of certain foreign earnings being subject to higher local statutory tax rates and our U.S.

The Company's effective income tax rate was 43.7 % for the three months ended March 31, 2026 , compared to 15.6 % for the same period ended March 31, 2025 .

The Company's effective income tax rate for the three months ended March 31, 2026 was higher than the applicable statutory income tax rate of 21% as a result of certain foreign earnings being subject to higher local statutory tax rates and our U.S.

deferred tax activity.

The Company’s effective income tax rate for the three months ended March 31, 2025 was lower than the applicable statutory income tax rate of 21%, mainly as a result of our U.S.

deferred tax activity on the repurchase of the 2049 Convertible Notes.

NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS

4 unchanged sentences

EFT - South America

Euronet China

Euronet Pakistan

2 unchanged sentences

NET INCOME ATTRIBUTABLE TO EURONET

Net income attributable to Euronet was $ 122.0 million for the three months ended September 30, 2025 , a decrease of $ 29.5 million or 19 % compared to the same period in 2024 .

The decrease in net income was primarily attributable to a decrease of $27.3 million in foreign currency exchange results partially offset by a $ 46.4 million increase in revenues.

The increased revenues led to a $ 36.5 million increase in gross profit.

The increase in gross profit was partially offset by a $ 17.8 million increase in salaries and benefits expense and a $ 4.0 million increase in selling, general and administrative expenses.

Net income attributable to Euronet was $ 258.0 million for the nine months ended September 30, 2025 , a decrease of $ 2.8 million or 1 % compared to the same period in 2024 .

The increase in net income was primarily attributable a $40.1 million decrease in foreign currency exchange results, a $10.9 million increase in interest expenses and a $12.9 million decrease in other gains partially offset by a $ 193.0 million increase in revenues, largely driven by successful business operations.

The increased revenues led to a $ 116.0 million increase in gross profit.

The increase in gross profit was partially offset by a $ 42.7 million increase in salaries and benefits expense and a $ 23.5 million increase in selling, general and administrative expenses.

Net income attributable to Euronet was $ 37.5 million for the three months ended March 31, 2026 , a decrease of $ 0.9 million or 2 % compared to the same period in 2025 .

The decrease in net income was primarily attributable to a $21.9 million increase in income tax expenses due to deferred tax activity on the repurchase of the 2049 Convertible Notes in the first quarter of 2025 and the $6.6 million increase in other gains (losses), pertaining to the revaluation of an investment, partially offset by $26.5 million foreign currency exchange gains (losses), which are due to the weakening of the U.S.

dollar compared to our other reporting currencies.

LIQUIDITY AND CAPITAL RESOURCES

Working capital

As of September 30, 2025 , we had working capital of $ 568.2 million, which is calculated as the difference between total current assets and total current liabilities, compared to working capital of $ 810.5 million as of December 31, 2024 .

Our ratio of current assets to current liabilities was 1.15 and 1.25 at September 30, 2025 and December 31, 2024 , respectively.

As of March 31, 2026 , we had working capital of $ 903.3 million, which is calculated as the difference between total current assets and total current liabilities, compared to working capital of $ 415.5 million as of December 31, 2025 .

Our ratio of current assets to current liabilities was 1.28 and 1.11 at March 31, 2026 and December 31, 2025 , respectively.

We require substantial working capital to finance operations.

5 unchanged sentences

However, in certain countries, we fund the cash required to operate our ATM network from borrowings under our revolving credit facilities, uncommitted credit agreements and cash flows from operations.

As of September 30, 2025 , we had $ 848.4 million of our own cash in use or designated for use in our ATM network, which is recorded in ATM cash on Euronet's Consolidated Balance Sheet.

ATM cash increased $ 204.6 million from $ 643.8 million as of December 31, 2024 to $ 848.4 million as of September 30, 2025 as a result of the increase in the number of active ATMs as of September 30, 2025 compared to December 31, 2024 .

The Company has $ 1,172.5 million of unrestricted cash as of September 30, 2025 compared to $ 1,278.8 million as of December 31, 2024 .

Including the $ 848.4 million of cash in ATMs at September 30, 2025 , we have access to $ 2,690.5 million in available cash, and $ 1787.5 million available under the Credit Facility.

The following table identifies cash and cash equivalents provided by/(used in) our operating, investing and financing activities for the nine months ended September 30, 2025 and 2024 (in millions):

Nine Months Ended September 30,

ATM cash, which is our own cash in use or designated for use in our ATM network, increased $ 220.9 million from $ 650.3 million as of December 31, 2025 to $ 871.2 million as of March 31, 2026 as a result of the increase in the number of active ATMs as of March 31, 2026 compared to December 31, 2025 .

The Company has $ 1,229.5 million of unrestricted cash as of March 31, 2026 compared to $ 1,040.3 million as of December 31, 2025 .

Including the $ 871.2 million of cash in ATMs at March 31, 2026 , we have access to $ 2,614.2 million in available cash, and $ 1,233.1 million available under the Credit Facility.

The following table identifies cash and cash equivalents provided by/(used in) our operating, investing and financing activities for the three months ended March 31, 2026 and 2025 (in millions):

Three months ended March 31,

Cash and cash equivalents and restricted cash provided by (used in):

5 unchanged sentences

Operating activity cash flow

Cash flows provided by operating activities were $ 381.9 million for the nine months ended September 30, 2025 compared to $ 652.5 million for the same period in 2024 .

The decline was primarily driven by unfavourable changes in working capital, including a significantly lower cash inflow from trade accounts receivable and higher outflows for prepaid expenses and other current assets.

Additionally, non-cash adjustments such as a decrease in deferred income taxes related to U.S.

tax activity on the repurchase of 2049 Convertible Notes and higher amortization of debt issuance costs contributed to the reduction.

Cash flows used in operating activities were $ 122.0 million for the three months ended March 31, 2026 compared to provided by operating activities of $ 1.7 million for the same period in 2025 .

The decline was primarily driven by unfavourable changes in working capital due to timing.

Net income remained relatively consistent year-over-year.

Investing activity cash flow

Cash flows used in investing activities were $ 137.0 million for the nine months ended September 30, 2025 compared to $ 185.2 million for the same period in 2024 .

The decrease in cash outflows was primarily attributable to the acquisition of Infinitum in 2024, which did not recur in 2025.

This was partially offset by the acquisition of a $25.0 million Convertible Note Receivable from Marker Trax Digital, LLC during 2025.

Cash flows used in investing activities were $ 28.8 million for the three months ended March 31, 2026 compared to $ 54.7 million for the same period in 2025 .

The decrease in cash outflows was primarily attributable to the issuance of convertible notes receivable in 2025, which did not recur in 2026.

Other investing activities, including purchases of property and equipment, remained relatively consistent year-over-year.

Financing activity cash flow

Cash flows used in financing activities were $ 278.9 million for the nine months ended September 30, 2025 compared to cash flows provided by financing activities of $ 185.4 million for the same period in 2024 .

The increase was driven by higher net borrowings under our Credit Facility, which totaled $464.4 million for the nine months ended September 30, 2025 compared to $4.5 million for the same period in 2024.

These borrowings were largely used to fund the repurchase of 2049 Convertible Notes during the current period.

Additionally, we issued $1.0 billion of 2030 Convertible Notes, and the proceeds were used to repay outstanding borrowings under the Credit Facility.

Cash flows provided by financing activities were $ 441.3 million for the three months ended March 31, 2026 compared to $ 162.6 million for the same period in 2025 .

The increase in cash flows was primarily attributable to the repayment of the 2049 Convertible Notes in 2025, which did not recur in 2026.

Effect of exchange rates on cash, cash equivalents and restricted cash

Fluctuations in foreign currency exchange rates impacted cash, cash equivalents, and restricted cash by $ 236.3 million and $ 42.1 million for the nine months ended September 30, 2025 and 2024 , respectively.

The positive impact in 2025 was primarily driven by the weakening of the U.S.

dollar compared to euro.

Fluctuations in foreign currency exchange rates impacted cash, cash equivalents, and restricted cash by ($ 39.1 ) million and $ 91.8 million for the three months ended March 31, 2026 and 2025 , respectively.

Other sources of capital

8 unchanged sentences

Subject to certain conditions, the Company has the option to increase the Credit Facility by up to an additional $500 million by requesting additional commitments from existing or new lenders.

Borrowings under the revolving Credit Facility (other than swing line loans) bear interest based on a margin over a secured financing rate or the base rate, as selected by the Company, which varies from 0.875% to 1.375%, in each case based, on the Company’s current credit rating.

375%, in each case based on the Company’s current credit rating.

The applicable margin for borrowings under the Credit Facility, based on the Company’s current credit rating is 1.

In addition, the Company pays a facility fee on the total commitments made under the revolving Credit Facility, which varies from 0.125% to 0.250%.

As of September 30, 2025 , the stand-by letters of credit interest charge was 1.25% per annum.

As of September 30, 2025 , we had $ 56.6 million of borrowings and $ 55.9 million of stand-by letters of credit outstanding under the Credit Facility.

In addition, the Company pays a facility fee on the total commitments made under the revolving Credit Facility, which varies from 0.

The current facility fee is 0.

As of March 31, 2026 , we had $ 570.7 million of borrowings and $ 96.2 million of stand-by letters of credit outstanding under the Credit Facility.

The remaining $ 1,233.1 million under the Credit Facility was available for borrowing.

6 unchanged sentences

Almost all of the holders exercised their repurchase option in March 2025 and we repurchased $491.8 million of the 2049 Convertible Notes with a combination of cash on hand and a borrowing under our Credit Facility.

As of September 30, 2025 , $33.2 million of the 2049 Convertible Notes remain outstanding.

As of March 31, 2026 , $33.2 million of the 2049 Convertible Notes remain outstanding.

2030 Convertible Notes - On August 15, 2025, the Company completed the sale of $1,000.0 million of Convertible Senior Notes maturing in October 2030.

4 unchanged sentences

The 2030 Convertible Notes are convertible at the option of the holders at any time prior to the close of business on the business day immediately preceding April 1, 2030 if certain conditions are met.

Senior Notes - On May 22, 2019, we completed the sale of €600 million ($669.9 million) aggregate principal amount of Senior Notes that expire on May 2026 (the “Senior Notes”).

Capped Call Transactions - In August 2025, in connection with the issuance of the 2030 Convertible Notes, the Company entered into privately negotiated capped call transactions (the “2025 Capped Call Transactions”) with certain of the initial purchasers of the 2030 Convertible Notes or affiliates thereof and other financial institutions (the “Option Counterparties”).

The capped call transactions initially cover, subject to customary anti-dilution adjustments, the number of shares of the Company’s common stock that initially would be issuable upon conversion of the 2030 Convertible Notes.

The Capped Call Transactions are net purchased call options in Euronet common stock.

The Capped Call Transactions are separate transactions, entered into by the Company with the Option Counterparties, and are not part of the terms of the 2030 Convertible Notes and will not change the holders’ rights under the 2030 Convertible Notes.

Holders of the 2030 Convertible Notes will not have any rights with respect to the Capped Call Transactions.

The Company has concluded that the 2030 Capped Call Transactions meet the scope exceptions for derivative instruments, and as such, the 2030 Capped Call Transactions meet the criteria for classification in equity and are included as a reduction to additional paid in capital.

Senior Notes - On May 22, 2019, we completed the sale of €600 million ($669.9 million) aggregate principal amount of Senior Notes that expire May 2026 (the “Senior Notes”).

The Senior Notes accrue interest at a rate of 1.375% per year, payable annually in arrears on May 22 of each year, until maturity or earlier redemption.

As of September 30, 2025 , we have outstanding €600 million ($ 704.0 million) principal amount of the Senior Notes.

In addition, we may redeem some or all of these notes on or after February 22, 2026 at their principal amount plus any accrued and unpaid interest.

As of March 31, 2026 , we have outstanding €600 million ($ 693.1 million) principal amount of the Senior Notes.

In addition, we may redeem some or all of these notes after February 22, 2026 at their principal amount plus any accrued and unpaid interest.

Depending on market conditions, the Company may repay the Senior Notes at or prior to their maturity date using cash on hand, borrowing under its Credit Facility, the issuance of additional senior notes or a combination thereof.

Uncommitted Credit Agreements - On June 20 , 2025 , the Company entered into an Uncommitted Loan Agreement for the sole purpose of providing vault cash for ATMs, that expires no later than June 19, 2026.

The amount of this Uncommitted Line of Credit shall be no more than (i) on or before September 30, 2025, $ 400 million and (ii) on and after October 1, 2025, $ 250 million.

The loan had an outstanding balance of $ 250 million at September 30 , 2025 .

This Uncommitted Line of Credit had a credit limit of $400 million on September 30, 2025 and $250 million thereafter.

The loan had an outstanding balance of $250 million at March 31, 2026.

The loan is a Prime Rate Loan, a Daily Term SOFR Rate Loan plus 1.00% or shall bear interest at the rate agreed to by the Bank and the Company at the time such loan is made.

The weighted-average interest rate from loan inception date to September 30 , 2025 , was 5.65 %.

On June 27, 2025, the Company entered into an Uncommitted Loan Agreement for $ 300 million for the sole purpose of providing vault cash for ATMs, that expires no later than November 30, 2025 .

The loan had an outstanding balance of $150.5 million at September 30, 2025.

The loan is a Prime Rate Loan, a Daily Simple SOFR Rate Loan plus 1.25 % or shall bear interest at the rate agreed to by the Bank and the Borrower at the time such Loan is made.

The weighted-average interest rate from the loan inception date to September 30, 2025 was 5.59 %.

On July 28 2025, the Company entered into an Uncommitted Loan Agreement for $100 million, fully drawn and outstanding at September 30, 2025, for the sole purpose of providing vault cash for ATMs, that expires no later than November 30, 2025.

The loan is a Prime Rate Loan, a Daily Simple SOFR Rate Loan plus 1.00% or shall bear interest at the rate agreed to by the Bank and the Borrower at the time such loan is made.

The weighted-average interest rate from the loan inception date to September 30, 2025 was 5.34%.

Other debt obligations — Certain of our subsidiaries have available credit lines and overdraft facilities to generally supplement short-term working capital requirements, when necessary.

The weighted-average interest rate from loan inception date to March 31, 2026, was 5.41%.

Other debt obligations — Certain of the Company’s subsidiaries have available lines of credit and overdraft credit facilities that generally provide for short-term borrowings that are used from time to time for working capital purposes.

On October 9, 2024, the Company completed a facility of MYR 100 million and an overdraft facility of MYR 140 million for its Malaysian business.

Each advance under this facility shall be made for a term of 1 month or such other period of up to 12 months.

As of September 30, 2025 $26.8 million was borrowed under this facility.

Including the Malaysian facility, there was a total of $ 37.2 million outstanding under our subsidiaries credit lines and overdraft facilities as of September 30, 2025 .

As of March 31, 2026 , $24.7 million was borrowed under this facility.

There were no borrowings on the overdraft facility.

Including the Malaysian facility, there was a total of $ 32.8 million outstanding under our subsidiaries credit lines and overdraft facilities as of March 31, 2026 .

Other uses of capital

Capital expenditures and needs - Total capital expenditures for the nine months ended September 30, 2025 were $ 93.9 million.

Capital expenditures and needs - Total capital expenditures for the three months ended March 31, 2026 were $ 28.5 million.

These capital expenditures were primarily for the purchase and installation of ATMs in key under-penetrated markets, the purchase of POS terminals for the epay and Money Transfer Segments, and office, data center and company store computer equipment and software.

13 unchanged sentences

Our liability under such indemnification provisions may be subject to time and materiality limitations, monetary caps and other conditions and defenses.

As of September 30, 2025 , there were no material changes from the disclosure in our Annual Report on Form 10-K for the year ended December 31, 2024 .

To date, we are not aware of any significant claims made by the indemnified parties or parties to whom we have provided guarantees on behalf of our subsidiaries and, accordingly, no liabilities have been recorded as of September 30, 2025 .

As of March 31, 2026 , there were no material changes from the disclosure in our Annual Report on Form 10-K for the year ended December 31, 2025 .

See also Note 15, Commitments, to the unaudited consolidated financial statements included elsewhere in this report.

CONTRACTUAL OBLIGATIONS

As of September 30, 2025 , there have been no material changes outside the ordinary course of business in our future contractual obligations from the amounts reported within our Annual Report on Form 10-K for the year ended December 31, 2024 .

As of March 31, 2026 , there have been no material changes outside the ordinary course of business in our future contractual obligations from the amounts reported within our Annual Report on Form 10-K for the year ended December 31, 2025 .

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 2. Management’s Discussion and Analysis