What changed in this filing

/stocks — the workspaceLOADING

Item 2. Management’s Discussion and Analysis

2026-08-04 compared with 2026-05-07 · 258 added, 155 removed, 304 unchanged (58% of the section changed)

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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;

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

our ability to successfully integrate any acquired operations;

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Our primary product offerings include comprehensive ATM, point-of-sale ("POS"), card outsourcing, card issuing and merchant acquiring services, software solutions, electronic distribution of prepaid mobile airtime, managed services and other electronic payment products, foreign currency exchange services and global money transfer services.

In May 2026, the Company changed the name of the EFT Processing Segment to Payments Infrastructure and the name of the Money Transfer Segment to Cross-Border Payments in order to more accurately reflect the products and services provided by these segments.

We operate in the following three segments:

1) The EFT Processing Segment meets the needs of financial institutions and consumers through Euronet-owned and outsourced ATMs and POS terminals combined with value added and transaction processing services.

1) The Payments Infrastructure Segment (PI) meets the needs of financial institutions and consumers through Euronet-owned and outsourced ATMs and POS terminals combined with value added and transaction processing services.

We deploy and operate our own ATMs, providing ATM services for financial institutions and providing electronic payment processing solutions.

EFT offers a suite of integrated electronic financial transaction software solutions for electronic payment and transaction delivery systems.

Payments Infrastructure offers a suite of integrated electronic financial transaction software solutions for electronic payment and transaction delivery systems.

Transactions processed span a network of 57,071 installed ATMs and approximately 641,000 POS terminals.

EFT operates in 70 countries.

PI operates in 70 countries.

2) The epay Segment provides retail payment solutions and delivers innovative connections between the digital content of the world’s leading brands and consumers.

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We operate a network that includes approximately 739,000 POS terminals that enable electronic processing of prepaid mobile airtime "top-up" services and other digital media content.

3) The Money Transfer Segment provides global money transfers and currency exchange information in retail stores, apps, and websites through Ria Money Transfer, Xe and the Dandelion cross-border real-time payments network.

Euronet’s Money Transfer segment offers real-time, cross-border payments to consumers and businesses across 200 countries and territories, enabling banks, fintechs and big tech platforms to integrate an international payments solution into their own platforms.

Ria Money Transfer offers real-time international money transfers with a special focus on emerging markets.

3) The Cross-Border Payments Segment (CBP) provides global money transfers and currency exchange information in retail stores, apps, and websites through Ria, Xe and the Dandelion cross-border real-time payments network.

Euronet’s Cross-Border Payments Segment offers real-time, cross-border payments to consumers and businesses across 200 countries and territories, enabling banks, fintechs and big tech platforms to integrate an international payments solution into their own platforms.

Ria offers real-time international money transfers with a special focus on emerging markets.

In addition, Ria offers safe and affordable money transfers through a global network of cash locations and online, serving over 20 million customers annually.

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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 and 3.7 billion digital wallet accounts.

CBP has digital connections to 4.1 billion bank accounts and 3.7 billion digital wallet accounts.

During 2026, the Company updated the names of its reportable operating segments to better align with its current business strategy and external communications.

These changes were limited to the segment names and did not affect the composition of the reportable operating segments, the manner in which management evaluates segment performance, or previously reported financial information.

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 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.

Payments Infrastructure Segment — Revenues in the PI Segment, which represented approximately 34 % and 32 % of total consolidated revenues for the three and six months ended June 30, 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 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.

epay Segment — Revenues in the epay Segment, which represented approximately 26 % and 27 % of total consolidated revenues for the three and six months ended June 30, 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 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.

Cross-Border Payments Segment — Revenues in the CBP Segment, which represented approximately 40 % and 41 % of total consolidated revenues for the three and six months ended June 30, 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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Sending and correspondent agents each earn fees for cash collection and distribution services, which are recognized as direct operating costs at the time of sale.

More recently, the U.S.

outbound remittance market has experienced lower transaction volumes due to changes in U.S.

immigration policies and the implementation of the U.S.

remittance tax, which have affected certain remittance corridors.

While these market-wide dynamics have impacted retail transaction volumes, the Company continues to experience strong growth in its digital business, expand its payment network and invest in initiatives designed to support long-term growth.

Corporate Services, Eliminations and Other — In addition to operating in our principal operating segments described above, our “Corporate Services, Eliminations and Other” category includes non-operating activity, certain inter-segment eliminations and the cost of providing corporate and other administrative services to the operating segments, including most share-based compensation expense.

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Each of these opportunities also presents us with challenges, including differentiating our portfolio of products and services in highly competitive markets, the successful development and implementation of our software products and access to financing for expansion.

1) The EFT Processing Segment opportunities include physical expansion into target markets, developing value-added products or services, increasing high value DCC and surcharge transactions and efficiently leveraging our portfolio of software solutions.

1) The Payments Infrastructure Segment opportunities include physical expansion into target markets, developing value-added products or services, increasing high value DCC and surcharge transactions and efficiently leveraging our portfolio of software solutions.

Our opportunities are dependent on renewing and expanding our card acceptance, ATM, POS and merchant acquiring services, cash supply and other commercial agreements with customers and financial institutions.

Operational challenges in the EFT Processing Segment include obtaining and maintaining the required licenses and sponsorship agreements in markets in which we operate and navigating frequently changing rules imposed by international card organizations, such as Visa ® and Mastercard ® , that govern ATM interchange fees, direct access fees and other restrictions.

Operational challenges in the PI Segment include obtaining and maintaining the required licenses and sponsorship agreements in markets in which we operate and navigating frequently changing rules imposed by international card organizations, such as Visa ® and Mastercard ® , that govern ATM interchange fees, direct access fees and other restrictions.

Our profitability is dependent on the laws and regulations that govern DCC transactions, specifically in the E.U., as well as the laws and regulations of each country in which we operate.

These laws and regulations may impact our cross-border and cross-currency transactions.

The timing and amount of revenues in the EFT Processing Segment is uncertain and unpredictable due to inherent limitations in managing our estate of ATMs.

The timing and amount of revenues in the PI Segment is uncertain and unpredictable due to inherent limitations in managing our estate of ATMs.

Our ATM estate is dependent on contracts that cover large numbers of ATMs, and management is complicated by legal and regulatory considerations of local countries, as well as customers' decisions whether to outsource ATMs.

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There is significant competition in these markets that may impact our ability to grow organically and increase the margin we earn and the margin that we pay to retailers.

The profitability of the epay Segment is dependent on our ability to adapt to new technologies that may compete with POS distribution of digital content and prepaid mobile airtime, as well as our ability to leverage cross-selling opportunities with our EFT and Money Transfer Segments.

The epay Segment opportunities may be impacted by government-imposed restrictions on retailers and/or content providers with whom we partner in countries in which we have a presence, and corresponding licensure requirements mandated upon such parties to legally operate in such countries.

3) The Money Transfer Segment opportunities include expanding our portfolio of products and services to new and existing customers around the globe, which in turn may lead to an increase in transaction volumes.

The opportunities to expand are contingent on our ability to effectively leverage our network of bank accounts for digital money transfer delivery, maintaining our physical agent network, cross selling opportunities with our EFT and epay Segments and our penetration into high growth money transfer corridors.

3) The Cross-Border Payments Segment opportunities include expanding our portfolio of products and services to new and existing customers around the globe, which in turn may lead to an increase in transaction volumes.

The opportunities to expand are contingent on our ability to effectively leverage our network of bank accounts for digital money transfer delivery, maintaining our physical agent network, cross selling opportunities with our PI and epay Segments and our penetration into high growth money transfer corridors.

The challenges inherent in these opportunities include maintaining compliance with all regulatory requirements, maintaining all required licenses, ensuring the recoverability of funds advanced to agents and the continued reliance on the technologies required to operate our business.

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SEGMENT SUMMARY RESULTS OF OPERATIONS

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,

The Company's consolidated results for the second quarter of 2026 reflected continued strength in the Payments Infrastructure and epay segments, driven by growth in merchant acquiring, software solutions, digital content and payment acceptance.

These gains were partially offset by lower retail remittance volumes in the Cross-Border Payments segment, which were impacted by changes in U.S.

immigration policies and the implementation of the U.S.

remittance tax.

The Company also continued to benefit from growth in digital money transfers and expansion of the Dandelion network.

Revenues and operating income by segment for the three and six months ended June 30, 2026 and 2025 are summarized in the tables below:

Revenue for the Three Months Ended June 30,

Year-over-Year Change

Revenue for the Six Months Ended June 30,

Year-over-Year Change

(dollar amounts in millions)

Increase (Decrease) Amount

Increase Percent

EFT Processing

Money Transfer

Increase (Decrease) Percent

Increase (Decrease) Amount

Increase (Decrease) Percent

Payments Infrastructure

Cross-Border Payments

Corporate services, eliminations and other

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

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

Year-over-Year Change

Operating Income (Expense) for the Six Months Ended June 30,

Year-over-Year Change

(dollar amounts in millions)

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Increase (Decrease) Percent

EFT Processing

Money Transfer

Increase (Decrease) Amount

Increase (Decrease) Percent

Payments Infrastructure

Cross-Border Payments

Corporate services, eliminations and other

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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 March 31,

Average Translation Rate Three Months Ended June 30,

Average Translation Rate Six Months Ended June 30,

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 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 months ended March 31, 2026 and 2025 :

Three months ended March 31,

COMPARISON OF OPERATING RESULTS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026 AND 2025

PAYMENTS INFRASTRUCTURE SEGMENT

The Payments Infrastructure segment delivered another quarter of solid growth, driven by continued expansion in merchant acquiring, software solutions and payment processing services, together with the contribution from the CoreCard acquisition completed in the fourth quarter of 2025.

These gains were partially offset by higher non-cash purchase accounting amortization associated with the CoreCard acquisition.

The following table summarizes the results of operations for our Payments Infrastructure Segment for the three and six months ended June 30, 2026 and 2025 :

Three Months Ended June 30,

Year-over-Year Change

Six Months Ended June 30,

Year-over-Year Change

(dollar amounts in millions)

Increase (Decrease) Amount

Increase Amount

Increase (Decrease) Percent

Increase Amount

Total revenues

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Transactions processed (millions)

Active ATMs as of March 31,

Active ATMs as of June 30,

Average installed ATMs

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 .

Payments Infrastructure Segment total revenues were $ 377.1 million for the three months ended June 30, 2026 , an increase of $ 38.6 million or 11 % compared to the same period in 2025 .

Total revenues were $ 672.5 million for the six months ended June 30, 2026 , an increase of $ 101.5 million or 18 % 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 .

Fluctuations in foreign currency exchange rates increased revenues by approximately $ 3.8 million for the three months ended June 30, 2026 compared to the same period in 2025 .

Fluctuations in foreign currency exchange rates increased revenues by approximately $ 24.7 million for the six months ended June 30, 2026 compared to the same period in 2025 .

Direct operating costs

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 .

Payments Infrastructure Segment direct operating costs were $ 191.0 million for the three months ended June 30, 2026 , an increase of $ 17.1 million or 10 % compared to the same period in 2025 .

Direct operating costs were $ 366.2 million for the six months ended June 30, 2026 , an increase of $ 55.8 million or 18 % 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 (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 $ 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.

Fluctuations in foreign currency exchange rates increased direct operating costs by approximately $ 2.5 million for the three months ended June 30, 2026 compared to the same period in 2025 .

Fluctuations in foreign currency exchange rates increased direct operating costs by approximately $ 15.3 million for the six months ended June 30, 2026 compared to the same period in 2025 .

Gross profit, which is calculated as revenues less direct operating costs, was $ 186.1 million for the three months ended June 30, 2026 , an increase of $ 21.5 million or 13 % compared to $ 164.6 million for the same period in 2025 .

Gross profit was $ 306.3 million for the six months ended June 30, 2026 , an increase of $ 45.7 million or 18 % compared to $ 260.6 million for the same period in 2025 .

Gross profit as a percentage of revenues (“gross margin”) changed to 49.4 % and 45.5 % for the three and six months ended June 30, 2026 , compared to 48.6 % and 45.6 % for the same period in 2025 .

Salaries and benefits

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 .

Salaries and benefits expenses were $ 51.1 million for the three months ended June 30, 2026 , an increase of $ 11.4 million or 29 % compared to the same period in 2025 .

Salaries and benefits expenses were $ 99.5 million for the six months ended June 30, 2026 , an increase of $ 24.3 million or 32 % compared to the same period in 2025 .

As a percentage of revenues, salary expense increased to 13.6 % and 14.8 % for the three and six months ended June 30, 2026 , compared to 11.7 % and 13.2 % for the same period in 2025 .

Fluctuations in foreign currency exchange rates increased salaries and benefits by approximately $0.5 million for the three months ended June 30, 2026 compared to the same period in 2025 .

Fluctuations in foreign currency exchange rates increased salaries and benefits by approximately $3.5 million for the six months ended June 30, 2026 compared to the same period in 2025 .

Selling, general and administrative

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.

Selling, general and administrative expenses were $ 17.1 million for the three months ended June 30, 2026 , an increase of $ 2.8 million or 20 % compared to the same period in 2025 .

Selling, general and administrative expenses were $ 33.7 million for the six months ended June 30, 2026 , an increase of $ 6.5 million or 24 % compared to the same period in 2025 .

As a percentage of revenues, these expenses increased to 4.5 % and 5.0 % for the three and six months ended June 30, 2026 compared to 4.2 % and 4.8 % for the same period in 2025 .

Depreciation and amortization

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 .

Depreciation and amortization expenses were $ 31.8 million for the three months ended June 30, 2026 , an increase of $ 5.8 million or 22 % compared to the same period in 2025 .

Depreciation and amortization expenses were $ 63.6 million for the six months ended June 30, 2026 , an increase of $ 13.3 million or 26 % compared to the same period in 2025 .

The increase was primarily attributable to the acquisition of CoreCard, including amortization expense related to identifiable intangible assets recognized in the purchase price allocation.

As a percentage of revenues, these expenses increased to 8.4 % and 9.5 % for the three and six months ended June 30, 2026 , compared to 7.7 % and 8.8 % for the same period in 2025 .

Operating income

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,

Payments Infrastructure Segment had operating income of $ 86.1 million for the three months ended June 30, 2026 , an increase of $ 1.5 million or 2% compared to the same period in 2025 .

PI Segment had operating income of $ 109.5 million for the six months ended June 30, 2026 , an increase of $ 1.6 million or 1 % compared to the same period in 2025 .

Operating income as a percentage of revenues (“operating margin”) decreased to 22.8 % and 16.3 % for the three and six months ended June 30, 2026 , compared to 25.0 % and 18.9 % for the same period in 2025 .

Operating income increased 2% despite an approximately $4.7 million increase in non-cash purchase accounting amortization associated with the CoreCard acquisition.

Excluding this incremental amortization, operating income increased approximately 7%.

The epay segment delivered another quarter of consistent and profitable growth, driven by continued demand for higher-value digital content, branded payments and prepaid products, together with ongoing expansion of the Company's global payment acceptance network.

While transaction volumes declined due to changes in product mix, revenue, operating income and Adjusted EBITDA each increased, reflecting the continued shift toward higher-value transactions.

The following table presents the results of operations for the three and six months ended June 30, 2026 and 2025 for our epay Segment:

Three Months Ended June 30,

Year-over-Year Change

Six Months Ended June 30,

Year-over-Year Change

(dollar amounts in millions)

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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 $ 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 .

epay Segment total revenues were $ 294.0 million for the three months ended June 30, 2026 , an increase of $ 13.9 million or 5 % compared to the same period in 2025 .

epay Segment total revenues were $ 587.5 million for the six months ended June 30, 2026 , an increase of $ 40.0 million or 7 % compared to the same period in 2025 .

The increases were driven by continued demand for higher-value digital content, branded payment products and prepaid products, as well as continued expansion of the Company's payment acceptance network.

Although transaction volumes declined compared to the prior year, the decline primarily reflected changes in product mix rather than underlying demand, as a greater proportion of transactions consisted of higher-value products that generated higher revenue per transaction.

Fluctuations in foreign currency exchange rates increased revenues by approximately $ 3.8 million for the three months ended June 30, 2026 compared to the same period in 2025 .

Fluctuations in foreign currency exchange rates increased revenues by approximately $ 23.7 million for the six months ended June 30, 2026 compared to the same period in 2025 .

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

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Direct operating costs

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 .

epay Segment direct operating costs were $ 218.5 million for the three months ended June 30, 2026 , an increase of $ 7.6 million or 4 % compared to the same period in 2025 .

epay Segment direct operating costs were $ 440.0 million for the six months ended June 30, 2026 , an increase of $ 27.0 million or 7 % 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.

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 .

Fluctuations in foreign currency exchange rates increased direct operating costs by approximately $ 3.0 million for the three months ended June 30, 2026 compared to the same period in 2025 .

Fluctuations in foreign currency exchange rates increased direct operating costs by approximately $ 18.0 million for the six months ended June 30, 2026 compared to the same period in 2025 .

Gross profit was $ 75.5 million for the three months ended June 30, 2026 , an increase of $ 6.3 million or 9 % compared to $ 69.2 million for the same period in 2025 .

Gross profit was $ 147.5 million for the six months ended June 30, 2026 , an increase of $ 13.0 million or 10 % compared to $ 134.5 million for the same period in 2025 .

Gross margin increased to 25.7 % and 25.1 % for the three and six months ended June 30, 2026 , compared to 24.7 % and 24.6 % 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 $ 28.2 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.

Salaries and benefits expenses were $ 29.3 million for the three months ended June 30, 2026 , an increase of $ 2.7 million or 10 % compared to the same period in 2025 .

Salaries and benefits expenses were $ 57.5 million for the six months ended June 30, 2026 , an increase of $ 6.8 million or 13 % compared to the same period in 2025 .

As a percentage of revenues, these expenses increased to 10.0 % and 9.8 % for the three and six months ended June 30, 2026 , compared to 9.5 % and 9.3 % for the same period in 2025 .

The increase is primarily due to merit increases and inflationary pressures.

Fluctuations in foreign currency exchange rates increased salaries and benefits by approximately $ 0.5 million for the three months ended June 30, 2026 compared to the same period in 2025 .

Fluctuations in foreign currency exchange rates increased salaries and benefits by approximately $ 2.5 million for the six months ended June 30, 2026 compared to the same period in 2025 .

Selling, general and administrative

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.

Selling, general and administrative expenses were $ 11.8 million for the three months ended June 30, 2026 , an increase of $ 2.0 million or 20 % compared to the same period in 2025 .

Selling, general and administrative expenses were $ 21.7 million for the six months ended June 30, 2026 , a decrease of $ 0.9 million or 4 % compared to the same period in 2025 .

As a percentage of revenues, these expenses changed to 4.0 % and 3.7% for the three and six months ended June 30, 2026 , compared to 3.5 % and 4.1 % for the same period in 2025 .

Depreciation and amortization

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 expenses were $ 1.6 million for the three months ended June 30, 2026 , a decrease of $ 0.1 million or 6 % compared to the same period in 2025 .

Depreciation and amortization expenses were $ 3.1 million for the six months ended June 30, 2026 , a decrease of $ 0.2 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 % for the three months ended March 31, 2026 , compared to 0.6 % for the same period in 2025 .

As a percentage of revenues, these expenses decreased to 0.5 % and 0.5 % for the three and six months ended June 30, 2026 , compared to 0.6 % and 0.6 % for the same period in 2025 .

Operating income

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 months ended March 31, 2026 and 2025 for the Money Transfer Segment:

Three months ended March 31,

epay Segment operating income was $ 32.8 million for the three months ended June 30, 2026 , an increase of $ 1.7 million or 5 % compared to the same period in 2025 .

epay Segment operating income was $ 65.2 million for the six months ended June 30, 2026 , an increase of $ 7.3 million or 13 % compared to the same period in 2025 .

Operating margin increased to 11.2 % and 11.1 % for the three and six months ended June 30, 2026 , compared to 11.1 % and 10.6 % for the same period in 2025 .

T he segment continued to deliver consistent underlying performance supported by higher-value digital content, prepaid and payment products, while continuing to expand its payment acceptance footprint with an increase in POS terminals and digital distribution.

CROSS-BORDER PAYMENTS SEGMENT

The Cross-Border Payments segment operated in a challenging market environment during the quarter as changes in U.S.

immigration policies and the implementation of the U.S.

remittance tax reduced outbound remittance activity in certain corridors.

Despite these headwinds, the segment continued to experience growth in its digital business, expand the Dandelion payment network and invest in initiatives designed to strengthen its retail business and support long-term growth.

The following table presents the results of operations for the three and six months ended June 30, 2026 and 2025 for the Cross-Border Payments Segment:

Three Months Ended June 30,

Year-over-Year Change

Six Months Ended June 30,

Year-over-Year Change

(dollar amounts in millions)

1 unchanged sentence

Increase (Decrease) Percent

Increase (Decrease) Amount

Increase (Decrease) Percent

Total revenues

7 unchanged sentences

Transactions processed (millions)

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 $ 9.69 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.

Cross-Border Payments Segment total revenues were $ 439.6 million for the three months ended June 30, 2026 , a decrease of $ 18.3 million or 4 % compared to the same period in 2025 .

CBP Segment total revenues were $ 864.8 million for the six months ended June 30, 2026 , a decrease of $ 10.8 million or 1 % compared to the same period in 2025 .

Revenues per transaction was $ 9.62 and $ 9.65 for the three and six months ended June 30, 2026 , compared to $ 9.93 and $ 9.65 for the same period in 2025 .

Fluctuations in foreign currency exchange rates increased revenues by approximately $ 6.6 million and $ 29.8 million for the three and six months ended June 30, 2026 compared to the same period in 2025 .

Revenue, gross profit and operating income were impacted by several factors, including the implementation of the 1% U.S.

remittance tax, which reduced consumer transaction activity during the quarter, changes in U.S.

immigration policies affecting transfers, middle east pressures and persistent inflation in many markets that constrained consumers’ ability to send money to beneficiaries internationally.

These headwinds were partially offset by continued strength in our digital business, with consumer-to-consumer digital transactions increasing 33%, continued momentum in our Dandelion cross-border payments platform and a 3% expansion of our global network.

Direct operating costs

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 .

Cross-Border Payments Segment direct operating costs were $ 232.3 million for the three months ended June 30, 2026 , a decrease of $ 5.7 million or 2 % compared to the same period in 2025 .

CBP Segment direct operating costs were $ 455.3 million for the six months ended June 30, 2026 , a decrease of $ 7.2 million or 2 % 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 $ 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.

Fluctuations in foreign currency exchange rates increased direct operating costs by approximately $ 3.3 million and $ 14.8 million for the three and six months ended June 30, 2026 compared to the same period in 2025 .

Gross profit was $ 207.3 million for the three months ended June 30, 2026 , a decrease of $ 12.6 million or 6 % compared to $ 219.9 million for the same period in 2025 .

Gross profit was $ 409.5 million for the six months ended June 30, 2026 , a decrease of $ 3.6 million or 1 % compared to $ 413.1 million for the same period in 2025 .

Gross margin was 47.2 % and 47.4 % for the three and six months ended June 30, 2026 , compared to 48.0 % and 47.2 % for the same period in 2025 .

Salaries and benefits

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 21.8 % for the three months ended March 31, 2026 , compared to 21.0 % for the same period in 2025 .

Salaries and benefits expenses were $ 91.7 million for the three months ended June 30, 2026 , an increase of $ 3.5 million or 4 % compared to the same period in 2025 .

Salaries and benefits expenses were $ 184.4 million for the six months ended June 30, 2026 , an increase of $ 8.3 million or 5 % compared to the same period in 2025 .

The increase in salaries and benefits was primarily driven by salary increases due to inflationary pressures.

As a percentage of revenues, salary expenses increased to 20.9 % and 21.3 % for the three and six months ended June 30, 2026 , compared to 19.3 % and 20.1 % for the same period in 2025 .

Selling, general and administrative

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 .

Selling, general and administrative expenses were $ 65.9 million for the three months ended June 30, 2026 , an increase of $ 5.8 million or 10 % compared to the same period in 2025 .

Selling, general and administrative expenses were $ 127.1 million for the six months ended June 30, 2026 , an increase of $ 12.9 million or 11 % compared to the same period in 2025 .

The increase was primarily attributable to higher professional fees, increased advertising and promotion expenses to support strategic initiatives.

As a percentage of revenues, these expenses increased to 15.0 % and 14.7 % for the three and six months ended June 30, 2026 , compared to 13.1 % and 13.0 % 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 June 30, 2026 compared to the same period in 2025 .

Fluctuations in foreign currency exchange rates increased salaries and benefits by approximately $7.5 million for the six months ended June 30, 2026 compared to the same period in 2025 .

Depreciation and amortization

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 were 1.5 % for both the three months ended March 31, 2026 and 2025.

Depreciation and amortization expenses were $ 6.4 million for the three months ended June 30, 2026 , an increase of $ 0.4 million or 7 % compared to the same period in 2025 .

Depreciation and amortization expenses were $ 12.8 million for the six months ended June 30, 2026 , an increase of $ 0.7 million or 6 % compared to the same period in 2025 .

Depreciation and amortization expenses primarily represent 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 were 1.5 % and 1.5 % for both the three and six months ended June 30, 2026 , compared to 1.3 % and 1.4 % for the same period in 2025 .

Operating income

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.

Cross-Border Payments Segment operating income was $ 43.3 million for the three months ended June 30, 2026 , a decrease of $ 22.3 million or 34 % compared to the same period in 2025 .

CBP Segment operating income was $ 85.2 million for the six months ended June 30, 2026 , a decrease of $ 25.5 million or 23 % compared to the same period in 2025 .

Operating margin was 9.8 % and 9.9 % for the three and six months ended June 30, 2026 , compared to 14.3 % and 12.6 % for the same period in 2025 .

Operating income per transaction was $ 0.95 and $ 0.95 for the three and six months ended June 30, 2026 , compared to $ 1.42 and $ 1.22 for the same period in 2025 .

The decrease in operating income and operating margin was primarily attributable to lower transaction volumes in higher-margin corridors, a less favorable transaction mix, competitive pricing pressure in certain markets, and continued investment in the digital business and the Dandelion platform.

CORPORATE SERVICES

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,

The following table presents the operating expenses for the three and six months ended June 30, 2026 and 2025 for Corporate Services:

Three Months Ended June 30,

Year-over-Year Change

Six Months Ended June 30,

Year-over-Year Change

(dollar amounts in millions)

Increase (Decrease) Amount

Increase (Decrease) Percent

Increase Amount

Salaries and benefits

3 unchanged sentences

Corporate operating expenses

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 .

Total Corporate operating expenses were $25.7 million and $ 50.7 million for the three and six months ended June 30, 2026 , an increase of $ 2.3 million or 10 % and $ 8.0 million or 19 % 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 March 31,

Three Months Ended June 30,

Six Months Ended June 30,

Year-over-Year Change

(dollar amounts in millions)

Increase (Decrease) Amount

Decrease Percent

5 unchanged sentences

Interest income

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 .

Interest income was $4.8 million for the three months ended June 30, 2026 , a decrease of $1.4 million or 23% compared to the same period in 2025 .

Interest income was $8.9 million for the six months ended June 30, 2026 , a decrease $2.6 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 $ 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.

Interest expense was $20.6 million for the three months ended June 30, 2026 , a decrease of $7.6 million or 27% compared to the same period in 2025 .

Interest expense was $34.7 million for the six months ended June 30, 2026 , a decrease of $12.9 million or 27% compared to the same period in 2025 .

This decrease for the six months ended June 30, 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 $ 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 .

We recorded net foreign currency exchange gain of ($0.2) million and a loss of $8.2 million for the three and six months ended June 30, 2026 , compared to net foreign currency exchange losses of $ 5.7 million and $ 23.8 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.

2 unchanged sentences

INCOME TAX EXPENSE

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.

The Company's effective income tax rate was 37.6% and 39.7% for the three and six months ended June 30, 2026 , compared to 25.6 % and 23.0 % for the same period ended June 30, 2025 .

The Company's effective income tax rate for the three months ended June 30, 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.

The Company's effective income tax rate for the three and six months ended June 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.

NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS

3 unchanged sentences

LATAM ATM Solutions (Prosegur)

EFT - South America

PI - South America

Euronet Pakistan

EFT - Pakistan

PI - Pakistan

Unidos Co., Ltd.

NET INCOME ATTRIBUTABLE TO EURONET

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.

Net income attributable to Euronet was $77.4 million for the three months ended June 30, 2026 , a decrease of $20.2 million or 21% compared to the same period in 2025 .

The decrease in net income was primarily attributable to a $13.1 million increase in income tax expense and a $21.5 million decrease in operating income, partially offset by a $7.6 million decrease in interest expense, a $5.5 million improvement in foreign currency exchange results due to the weakening of the U.S.

dollar compared to our other reporting currencies, and a $2.8 million gain related to the revaluation of an investment.

Net income attributable to Euronet was $114.9 million for the six months ended June 30, 2026 , a decrease of $21.1 million or 16% compared to the same period in 2025 .

The decrease in net income was primarily attributable to a $35.0 million increase in income tax expense and a $24.7 million decrease in operating income, partially offset by a $12.9 million decrease in interest expense, a $32.0 million improvement in foreign currency exchange results due to the weakening of the U.S.

dollar compared to our other reporting currencies, and a $3.8 million gain related to the revaluation of an investment recognized.

LIQUIDITY AND CAPITAL RESOURCES

Working capital

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.

As of June 30, 2026 , we had working capital of $1,174.8 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 1.37 and 1.11 at June 30, 2026 and December 31, 2025 , respectively.

The Company believes its cash on hand, cash generated from operations and available borrowing capacity under its revolving credit facilities provide sufficient liquidity to fund its working capital requirements, capital expenditures, debt service obligations, share repurchases and strategic growth initiatives.

During the first six months of 2026, liquidity was primarily affected by the repayment of approximately $700 million of Senior Notes at maturity, seasonal increases in ATM cash associated with the European tourism season and the use of short-term uncommitted credit facilities to support those seasonal funding requirements.

We require substantial working capital to finance operations.

The Money Transfer Segment funds the payout of the majority of our consumer-to-consumer money transfer services before receiving the benefit of amounts collected from customers by agents.

The CBP Segment funds the payout of the majority of our consumer-to-consumer money transfer services before receiving the benefit of amounts collected from customers by agents.

Working capital needs increase in order to cover weekends and banking holidays.

As a result, we may report more or less working capital for the Money Transfer Segment based solely upon the day on which the reporting period ends.

As a result, we may report more or less working capital for the CBP Segment based solely upon the day on which the reporting period ends.

The epay Segment produces positive working capital, some of which is restricted in connection with the administration of its customer collection and vendor remittance activities.

In our EFT Processing Segment, we obtain a significant portion of the cash required to operate our ATMs through various cash supply arrangements, the amount of which is not recorded on Euronet's Consolidated Balance Sheets.

In our PI Segment, we obtain a significant portion of the cash required to operate our ATMs through various cash supply arrangements, the amount of which is not recorded on Euronet's Consolidated Balance Sheets.

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.

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,

ATM cash, which is our own cash in use or designated for use in our ATM network, increased $336.9 million from $ 650.3 million as of December 31, 2025 to $987.2 million as of June 30, 2026 as a result of the increase in the number of active ATMs as of June 30, 2026 compared to December 31, 2025 .

The Company has $1,199.8 million of unrestricted cash as of June 30, 2026 compared to $ 1,040.3 million as of December 31, 2025 .

Including the $987.2 million of cash in ATMs at June 30, 2026 , we have access to $2,740.9 million in available cash, and $993.2 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 six months ended June 30, 2026 and 2025 (in millions):

Six Months Ended June 30,

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

5 unchanged sentences

Operating activity cash flow

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 .

Cash flows provided in operating activities were $25.9 million for the six months ended June 30, 2026 compared to $ 184.6 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 $ 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.

Cash flows used in investing activities were $ 75.7 million for the six months ended June 30, 2026 compared to $ 88.9 million for the same period in 2025 .

The decrease in cash outflows was primarily attributable to the purchase 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 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.

Cash flows provided by financing activities were $ 496.8 million for the six months ended June 30, 2026 compared to $ 79.2 million for the same period in 2025 .

The increase was primarily due to higher net borrowings under the Company's credit agreements.

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 ($ 39.1 ) million and $ 91.8 million for the three months ended March 31, 2026 and 2025 , respectively.

Fluctuations in foreign currency exchange rates impacted cash, cash equivalents, and restricted cash by ($ 69.0 ) million and $ 257.8 million for the six months ended June 30, 2026 and 2025 , respectively.

Other sources of capital

13 unchanged sentences

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.

As of June 30, 2026 , we had $811.4 million of borrowings and $95.4 million of stand-by letters of credit outstanding under the Credit Facility.

The remaining $993.2 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 March 31, 2026 , $33.2 million of the 2049 Convertible Notes remain outstanding.

As of June 30, 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.

10 unchanged sentences

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 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.

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 March 31, 2026, was 5.41%.

Uncommitted Credit Agreements - On June 15, 2026, the Company entered into an uncommitted demand credit agreement with U.S.

Bank National Association providing for a discretionary, non-revolving credit facility of up to $100 million.

The facility may be used solely to provide vault cash for automated teller machines owned by the Company and its wholly owned subsidiaries.

Advances under the facility are made solely at the lender's discretion, are payable on demand, and mature no later than November 15, 2026, unless extended by the lender.

Outstanding borrowings bear interest at Daily Simple SOFR plus 1.10%.

As of June 30, 2026, the Company had $100 million outstanding under the facility.

The weighted-average interest rate from loan inception date to June 30, 2026, was 4.72%.

On June 24, 2026, the Company entered into an uncommitted non-revolving credit facility with Wells Fargo Bank, National Association providing for borrowings of up to $300 million.

The facility may be used solely to provide vault cash for automated teller machines owned by the Company and its wholly owned subsidiaries.

The agreement expires on November 30, 2026, unless terminated earlier by the lender.

As of June 30, 2026, the Company had $300 million outstanding under the facility.

Outstanding borrowings bear interest at Daily Simple SOFR plus 1.25%.

The weighted-average interest rate from loan inception date to June 30, 2026, was 4.87%.

On June 24, 2026, The Company entered into an Uncommitted Loan Agreement with Bank of America, N.A.

providing for an uncommitted revolving credit facility with a maximum facility of $400 million.

The facility may be used solely to provide vault cash for automated teller machines owned by the Company and its wholly owned subsidiaries.

Any advances under the facility are made solely at the discretion of Bank of America, which has no contractual obligation to fund borrowings and may reduce the facility limit, demand repayment of outstanding loans, or terminate the facility at any time.

The agreement expires on June 23, 2027, unless terminated earlier by the lender.

Loans may be denominated in U.S.

dollars or euros and bear interest at rates based on Prime, Term SOFR, EURIBOR, or other rates agreed between the parties at the time of borrowing.

As of June 30, 2026, the Company had $ 400 million outstanding under the facility.

The weighted-average interest rate from loan inception date to June 30, 2026, was 4.65%.

In the aggregate, these uncommitted facilities represent $800.0 million, or approximately 30% of our total debt obligations, as of June 30, 2026.

Because each lender may demand repayment, reduce the available facility amount, or terminate its facility at its sole discretion and without any contractual obligation to continue funding, we may be required to repay amounts outstanding under these facilities on short notice or seek replacement funding.

If one or more of these facilities were terminated or called, we believe that cash on hand, cash generated from operations and availability under our committed revolving Credit Facility would be sufficient to repay the amounts outstanding;

however, there can be no assurance that replacement funding for the vault cash needs currently served by these facilities would be available on similarly favorable terms, or at all.

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.

On October 9, 2024, the Company completed a line of credit facility of MYR 100 million and an overdraft credit 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 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 .

As of June 30, 2026 , $24.5 million was borrowed under this line of credit facility.

There were no borrowings on the overdraft credit facility.

Including the Malaysian facility, there was a total of $31.7 million outstanding under our subsidiaries credit lines and overdraft facilities as of June 30, 2026 .

Other uses of capital

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.

Capital expenditures and needs - Total capital expenditures for the six months ended June 30, 2026 were $ 64.6 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 CBP Segments, and office, data center and company store computer equipment and software.

Total capital expenditures for 2026 are currently estimated to range from approximately $145 million to $155 million.

6 unchanged sentences

We have seen indications that the current inflationary period will put pressure on our results of operations and our financial position.

We have seen some signs of inflation impacting discretionary spend items, such as gaming products, in our epay business, discretionary travel expenditures in EFT, as well as some pressure on send amounts in money transfer.

We have seen some signs of inflation impacting discretionary spend items, such as gaming products, in our epay business, discretionary travel expenditures in Payments Infrastructure Segment, as well as some pressure on send amounts in money transfer.

As a consequence of this inflationary period, we expect to see increasing expenses forthcoming.

3 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 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 .

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 March 31, 2026 .

As of June 30, 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 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 .

As of June 30, 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