Euronet Worldwide, Inc. ($EEFT)

All right. Good morning, and thank you for joining us for Euronet's 2026 Investor Day. I'd like to thank everybody for joining us here and those of you that are online. I'm Stephanie Taylor. I'm the Corporate Treasurer at Euronet Worldwide, and I oversee the Investor Relations function. We really appreciate you spending the morning with us as we try to -- as we're excited to walk you through where we are as a company, how our business looks today, what our growth opportunities are ahead of us. Many of you have been with us for a long time and some of you are new to the story, but I'm confident that this session is going to be beneficial for everybody in the room. You'll hear directly from several members of our management team as we provide a deeper look into the company's evolution, our strategy, our technology capabilities, we'll take a deep dive into each of our segments and how we're positioning ourselves for the future of money movement. We'll begin with Mike, our Co-Founder, Chairman and CEO of more than 30 years, who has led the company the whole time. Then we'll hear from Dr. Martin Bruckner, our Chief Technology Officer, who will discuss the shared infrastructure and the technology and network behind how our businesses operate. Then each of our business unit leaders will come up and they'll walk you through each segment and provide you a deeper understanding of what we do and where our competitive advantages lie and the initiatives that will accelerate our growth into the future. Following the presentations of the business units, Rick Weller, our CFO of more than 2 decades, will come up and provide a financial profile, insight into our capital allocation priorities and a multiyear financial outlook. Mike will close the day with brief remarks. As we go through the presentation, I know you guys will have questions. I'll just ask you to hold those because we'll have a dedicated Q&A session after Mike's final remarks. And finally, we invite you to stay for lunch, and I'd like you to mingle and get to know the leaders and understand their devotion to Euronet and our future. And finally, it's my job to remind you that this presentation will include forward-looking statements within the meanings of the federal securities laws. These statements are subject to risks and uncertainties, and the actual results may be materially different than those presented in today's discussion. Please refer to our safe harbor statement in today's presentation as well as our SEC filings for additional information. In addition, we will present some non-GAAP financial measures. You'll be able to find the reconciliation to the nearest GAAP measure in the back of the presentation, and they're also available on our Investor Relations site. So with that, let's get started. [Presentation]

Good morning, everyone. Thank you very much for joining us today. We're really excited to be here and excited that you're here as well. I think that video kind of sets the stage. It's all about disruption. It's about technological innovation. It's about market opportunity. And that's what I saw a little over 30 years ago. When I think about what an entrepreneur is, it's an individual who notices a gap, notices something missing and kind of has the attitude that, my gosh, I can fill that gap. And that's really what we've done here at Euronet. Before I founded Euronet, I founded a software company, one of the very first software companies for the PC industry. It was innovative software and then Informix. And during that time, I got to meet all the celebrities of the time, even though we were all quite a bit younger back then. You can see Steve up there. You could see me with a little bit more hair and no must now. And I got to meet all those guys because we came up with a piece of technology that was well in advance of everything else out there. We had a spreadsheet called Wings. It was a graphical spreadsheet that really became the blueprint for what we see with Excel today. We were about 3 years in advance of them. So after about a dozen years at Informix, I left there and then began to look for my next venture. And the thing that I noticed was that Central Europe was now open. The Berlin wall fell in November of 1989, and I kind of followed it. I found myself in Budapest, Hungary. And the thing that I noticed, I'm looking around because I needed cash and I couldn't find an ATM. And I thought, well, there's a gap. So I thought let's harness some technology and bring those kinds of electronic transactions to the market. And this entrepreneurial culture is really in our hearts, everybody here at this table, all my executive management team, and it's that same energy that we have today. We use technology to close gaps, and I'm excited here to talk to you about them and also to introduce you to my executive management team who are mostly all at this table right here. They are intentional. They are driven. And as many of you have asked, you want to know why I'm excited. Well, why don't I let you let these gentlemen tell you why they're excited. So today, we'll start with the 3 questions. Here's the questions that we hear a lot from our shareholders and analysts. So before we dive in, here's what we're going to do. So first, what is Euronet? We'll tell you about that. What businesses are in each segment and how are they related? And if you think about it, 8 years ago, 7, 8 years ago, we had 3 divisions, and we did 3 things. Now each of those divisions has 2 to 4 things within them. And I don't think the market's quite caught up with what we've been doing, these investments that we've made over the last, say, 7 or 8 years. The second thing we're going to do is we're going to talk about growth. We've delivered growth year after year after year. In fact, the last 3 years, we had a 13.5% adjusted EPS growth. Where does it come from? I'm going to tell you about, and why it is durable. And third, where is the future, where will the future growth come from and what you might expect. Companies have mission statements. Ours is really exactly the way we think every day. We want to power the global movement of money through an integrated set of infrastructure that Martin will talk to you about here in a minute to deliver financial access, speed and inclusion. And that's what we live by every day, everybody at this table over here. And that's the center of every decision that we make. Well, Euronet at the end of the day is simple. We move value from point A to point B. That's it. That might be a consumer withdrawing money, maybe zloty at an ATM in Warsaw. That might be an Indian migrant worker who lives in Australia, and he's sending money back to his family in India. This might be a fintech in Singapore who wants to have debit and credit cards. In each and every case, value needs to move. This highlights, some of these examples also highlight our global diversity. Our customers, and this is one thing I want to stress, our customers are not the people in this room. They're different. That makes it difficult for a lot of our analysts and our shareholders to quite understand what's going on. Most of our customers are not from America, and they interact with the global economy differently than you may. These consumer preferences are built into every business we run, every product we build, every market we enter. And they're all variations on that same theme of moving value from A to B. So let's start at the beginning. This was our first use case. A lot of you have heard me talk about it. It was one ATM, 24/7 access for cash and a 100% cash-based market. It required a switch and a technology to move that money from A to B. But that was our foundation, but it has morphed into something much bigger. Of course, we have an ATM network, but we have payments technology. We have banking relationships. We have technological innovation. We have physical presence in many, many markets and a compliance framework that envelopes the whole thing. That took decades to build, and it is not easily copied. When you think about it, ATMs are a cost center to banks. And what these banks came to us early on said, we need to figure out a way to offset some of those costs. So the second use case we came up with other than just cash at the ATMs was providing prepaid mobile top-up codes at the ATMs. That taught us a bit about payments other than just cash withdrawals, and that led to the purchase of epay. We purchased $75 million in revenue, and now epay is $1.2 billion. We integrated epay into the business, building both retail and banking relationships. And the next natural extension of that was to move money between those markets. And that led to the acquisition of Ria. The purchased revenue there was $200 million. Today, a little less than $2 billion. That's a 13.6% CAGR over those years. These 3 businesses came together thoughtfully evaluating our assets, allowing customers to participate in the world economy. Each time a new need or use case became apparent, we built it into this foundation technology. We expanded it geographically, and we made it more valuable. Expansion is not easy. It requires licensing, technology, certifications, IT security and infrastructure and a compliance framework. All of this is our moat. Our moat is not a patent. It's not a logo. It's 32 years of regulatory trust and physical presence in 200 countries. Here's the takeaway. Each opportunity that we've run into and that we've tried to deliver on runs by the same playbook. We use modern technology to be entrepreneur like and deliver new products all the time, and it's working. We've had 32 years of trusted partnerships and the next chapter is going to be no different. So what did 32 years of running the playbook give us? Three business segments that started each with a single use case, evolving into a more sophisticated set of uses, which all move money from A to B. Now for some fun and for some further clarity, we've got new names for more use cases, more reflective of our current businesses. The EFT segment becomes payments infrastructure. It's a better name because the use cases have evolved from ATMs to a modern processing architecture with long-term bank relationships and contracts and licensing across many geographies. epay started moving money from a consumer to a telco. It grew into the world's largest branded payments distribution network with 352,000 retail locations and more than 400 digital distributors spanning 60-plus countries. No name change here. Money transfer becomes cross-border payments. The original use case of this segment was family remittance, but we have now expanded that with use cases to provide cross-border payments to all segments of the payments infrastructure from C2C, from C2B and from B2B. Each of these new use cases utilize the same regulatory footprint, technology infrastructure and the connection assets that we have. I've told you what we built. Now let's put it into numbers. When it comes to cross-border, that's 42% of our consolidated revenue. Payments infrastructure, 30%; epay, 28%. Geographically, a bit different. 59% of our revenues come from Europe, 25% from the U.S., 12% from Asia, 4% from the rest of the world. We send money to 200 countries, delivering funds to 12 billion digital accounts. We partner with 400-plus digital platforms. We have 2.2 billion digitally accessible customers at any given time. And we have digital scale and a physical footprint as well to allow customers to participate in the global economy and pay for things as they see fit. Here's the Euronet Advantage, 1 network, 3 segments. Before I hand you off to our segment leaders, I would like to talk to you about the interconnectivity of our segments. Martin will come up, and he will expand even further on that. We have been intentional with the idea to leverage our existing assets to serve additional use cases. They reinforce each other, widening our moat. Ren is our platform, our foundation. It was built for us and used by us before we even sold it once. Remember, it had 30,000 ATMs on it, processing billions of transactions before we were able to sell it to Bank of America. It generated cash flow by efficiently running our business. The cross-border payments network worked for us before we productized it into Dandelion. This took 20 years to build, hundreds of regulators to satisfy, even before people like Citibank, Remitly, et cetera, started to use this feature. Twenty years of last mile payouts, one corridor at a time, one license at a time. epay's network is unmatched and overlaps with the payments infrastructure segment. We sold Grab, which is Southeast Asia's super app offering ridesharing, food delivery and digital payments. Now Grab wants to issue cards, bank cards, debit cards, credit cards and more. And one thing I want to say because people have asked me this, they have said, are you a conglomerate? Well, let me tell you, we're not an ATM company, and we're not a conglomerate. A conglomerate are several businesses that share a balance sheet. We share infrastructure and customers, making us unique and strong. That is the fundamental of why no pure fintech or legacy processor can replicate us. Well, these gentlemen here, and the young lady, I've been lucky enough to work with them for 20-plus years. We've grown revenue back then at $500 million to $4.2 billion. These people are smart. They're driven. So who's coming up? Dr. Martin Bruckner, who will explain our technical platform. Nikos Fountas and Himanshu Pujara, they're going to talk about payments infrastructure segment. Kevin Caponecchi will talk about epay segment. Juan Bianchi will talk about cross-border payments. And finally, Rick Weller, who many of you may know, will talk about financials and capital allocation. In each presentation, I want you to watch for this, a segment that identified an original use case and then that use case brought us to an accelerator on top that is in a high-growth TAM, good margins, digital economics without building it from scratch. What you're about to see are 3 businesses: 1 network, 1 playbook. For 20 years, that model has delivered a 12% revenue CAGR. Today, you'll see why we are confident for the future. I will now hand it over to Martin to walk you through the technology that underpins this platform.

Thank you, Mike. Good morning. Mike just told you that this technology platform is the engine behind all of our 3 segments. I'm going to spend the next 20 minutes showing you this in detail. I want to start with one number, and I think that's perhaps also surprising. This is now a pure transactional view. About 70% of the transactions on our platform, our global platform, last year were digital products moving through digital channels. And there's something perhaps even more surprising, that if you think about ATM transactions, this is not the other 30%. That's a part of the 30%. That's a slice of the slice. If you look at the transaction volume, that is quite impressive. That ratio is the reframe I want to leave you with. Euronet is not an ATM company branching into digital. Euronet is a payments platform that also happens to be the world's largest independent ATM network. We built the ATM network first, and the platform was definitely shaped by it, but that order matters. If you think about it and take a step back, that is a great foundation because what is an ATM transaction? It's a financial transaction. A financial transaction has to go through multiple orchestration layers, routing, compliance, fraud, FX, authorization, and settle in under a second in 200 countries, 200 regulators at 4 9s or 5 9s, in our case, lines uptime. So you need to be very secure, goes without saying, very stable. That is what the customers expect and have a significant speed. And Mike told you about this one, what are we? We are providing payments. This is what drives all of our payments. It doesn't matter if you are doing an ATM transaction, a POS transaction, money transfer transactions. It's trust, speed and stability. So every line of code in our platform was written under those constraints. So when a digital bank, Mike referred to it in Singapore, asked us to issue a card in the cloud, we have already solved every hard problem. They don't need to worry about that one. The ATM business didn't just generate cash flow for us. It stress tested everything we sell today and gave us 32 years of proof no start-up can buy. Now let me show you what runs on it. Here's what the engine actually does at scale, and more importantly, the rate it's growing. Look at that impressive slide. Let's start on the left side, 2021, 7.6 billion transactions. Let's skip to the right, 2025, 20.3 billion transactions on our global platform. That's 2.7x more in 4 years, roughly 28% compound annual growth in volume on a platform that's already the largest of its kind, $209 billion in volume annually. And the growth is broad-based. You can see it on the right. Every channel this platform serves is contributing. You will hear more about those details later on. The distribution service on the right shows how the engine reaches the consumer through 12 billion bank account and wallet accounts, essentially every banked or digitally banked consumer on earth. It reaches the merchant through 1.4 million POS and e-commerce endpoints. The retail counter through 350,000 stores connecting to over 1,000 brand partners, that is more the epay side of the business. Apple, Google, Amazon, Microsoft, Netflix, everything that comes to your mind is connected to our platform. The world's largest telcos and gaming platforms as well, the cash economy through roughly 0.5 million pickup agents and 56,000 ATMs of our own, all inside 200-plus regulatory licenses we hold ourselves across more than 200 countries. One last thing on this slide, I talked about the foundation. This is, now we get a little bit more technical, the performance numbers at the bottom because scale only matters if it really works, works in a reliable way. Switching peaks around 3,500 transactions per second on a horizontally scaling architecture. When traffic grows, the system scales out. The 99th percentile latency under 100 milliseconds and an uptime across 2025 was about 99.999% measured, not promised. That's the technical floor under everything you see on this slide. Now let me show you what's actually inside of the engine. And that will be interesting because this is how we really leverage our size, our different businesses. This is how the platform looks like. You can see 3 layers. The first layer is basically our connectivity layer for our customers. You can see we have a lot of different ways of communication like APIs, restful APIs, SOAP APIs, ISO 20022, ISO 8583, you name it, we have it. We are connecting our customers. We offer SDKs. We have partner portals and also have webhooks for instant notification. On integration, they can call any product on the platform. In the middle, our Ren ecosystem, API-first, event-driven, cloud-native. The 7 capabilities you see on the slide all run inside of it: switching, card issuing, acquiring, merchant management, Dandelion for cross-border, epay for branded payments and FX and fraud as cross-cutting services. Products talk to each other in real time through the shared infrastructure. Fraud signals from one side can travel to the other side. Just to give you a quick example of how it really helps: merchant data flows into settlement, compliance events propagate across the network. Every new capability in this layer launches faster than the last. At the bottom, and that is something that is not visible in most of our presentations, that's our external connectivity layer. Every mobile wallet, every real-time payment rail, every content provider, every card scheme, every banking partner, all of them, we integrate once in our outside connectivity layer, all through Ren, and any product on the platform in the middle can use that integration. So that's quite powerful. When Dandelion from our cross-border segment routes a payment to a Kenyan wallet, it doesn't maintain its own M-PESA integration. It calls through Ren. When epay sells an Apple App Store credit in, let's say, in Mumbai, it uses Ren's integration. And nowadays, as the world is way more connected, this is giving us leverage. For example, we started on the epay side, we have so many merchants, they wanted to introduce alternative payments like Alipay+ payments with wallets, let's say, in Europe or in Australia, New Zealand. This is where all of that started. And we created this Alipay+ transaction. Guess what, super successful. A couple of months later, the cross-border segment said, "Hey, we want to send money to Alipay+ as a destination network." We had it, it was available almost immediately. That's the power of the platform. And that is what Mike called the moat. That's the moat. It's not one technology. It's not one license, not one customer. It's the 3-layer architecture. Customers connect once and consume any product. We integrate to the outside world once and every product benefits inside of the platform. The cost of expansion keeps going down on our side. The cost of catching up keeps going up on every competitor's side. Let me show you where the platform, we do not only run it on our own. That was the purpose, but we found out that is a very exciting thing also for customers. Let me show you where the platform is sold today, region by region. So we started this complete activity in Asia. This is why it's currently our strongest market. Asia is where we've built the strongest momentum. Trust Bank Singapore, just as an example, fully digital, fourth largest bank in Singapore, on Amazon Web Services, runs the world's fastest onboarding journey, 3 minutes from app download to a card provisioned in Apple Pay, 200,000 customers just in the very first month. Their head of cards calls us a strategic partner, not a vendor. And it's not only Trust Bank. Another example is Jalin, Indonesia's national payment switch. They run on Ren 2, connecting over 100 banks and fintechs. The Asian Banker magazine named it Best Retail Payment Technology in Asia. Asia is also where most of our real-time rails live because it all starts. This trend, account-to-account payment, started in Asia, but it's now conquering the world. In the Philippines, as an example, 3 of the 4 largest banks run on real-time rails through our platform, national infrastructure scale. In India, we power UPI connectivity for issuers. And UPI is, by an enormous margin, the largest real-time payment system in the world. These are positions a competitor cannot replicate by writing a check. They require years of regulatory licensing, scheme certification and operational track record. North America, and Mike just mentioned it, is the open frontier. Bank of America, the largest retail bank in the United States, is going on Ren for self-service banking modernization. They sat on stage with us at ATMIA earlier this year. Latin America is the next chapter. Banco Guayaquil, Banco Pichincha and Omnipagos, 3 Ecuadorian wins anchoring our Ren footprint in that region. And Dandelion is live on PIX, Brazil's real-time rails, meaning institutional customers using Dandelion can now route cross-border payments into Brazil instantly. PIX is one of the most successful real-time systems on earth, and we are plugged into it. Europe is where the scale lives. Piraeus Bank in Greece, OTP Bank across Central and Eastern Europe, Swedbank across Sweden and the Baltics, 3 Tier 1 banks on Ren across the 3 distinct European subregions, plus a deep retail acquiring footprint across the same geography. Four regions, 4 different stories, platform underneath all of them. The hardest sale in any market is the first. I want to spend a minute on something that explains why we call this a platform and not a portfolio. Look at these metrics in front of you. Every customer in there on these metrics consumes from multiple of our segments. And the slide groups them by industry: global banking, European retail, fuel and convenience and Asian super apps, and it could be significantly longer. I just took a couple of names that I thought might be coming to your mind and might ring a bell. One example worth calling out specifically is, just as an example, OMV, the Central European fuel and retail major with 3,500 filling stations across 8 countries. They use our issuing platform for fleet and fuel cards, our acquiring stack for payments at every station, and they distribute epay's branded payments through those same stations, 3 products, 3 different segments, 1 customer. And the relationships go deep. We are integrated into our customers' e-commerce checkouts, their ECR and POS systems, their ERP reconciliation, their settlement reports, multiyear operational integrations. Switching us out isn't a procurement decision. It's a multiyear project most won't undertake unless forced. One more thing most platform companies don't tell you, our own businesses consume, think back about the slide I showed earlier on, our own businesses consume from each other the same way external customers do. So take as an example, Ria. Ria, of course, consumes cross-border. They are also doing issuing with our Payment Infrastructure segment, and they are also selling epay products, so branded payments inside of their app and at their agents. All of our units, they are using our products as well. So cross-segment consumption isn't a marketing slogan for us. It's the daily operating reality of how this platform works. Here's how I think about engineering risk. We use what we sell at scale that's bigger than most of our prospective customers. Ren processes 56,000 of our own ATMs before it ever sees a transaction from Bank of America. Dandelion has been moving money across 200 corridors for our own Ria customers for years before HSBC plugged in. Skylight, one of our compliance platforms, monitors our own retail compliance program before we put it on the Amazon AWS and Azure marketplaces. The table on the slide shows the same pattern across every product we sell. And the newest example of the same pattern, stablecoins. We just went live also with stablecoins. We use it currently for settlement inside of the company, inside or outside of the company, correspondent payments from a treasury perspective where it makes sense. But that is just only the first phase. We will, in a later phase, and Juan will talk about this one, move it also to make it available to Dandelion customers, to our consumers of the app. Once it's proven at our scale, we will move forward. Same playbook for everything you see on this slide. We are describing something we already rely on and that we will productize next. The point isn't bragging rights. When a customer evaluates us, they are not evaluating a road map. They are evaluating something already in production and at scale under conditions harder than most of the time theirs. That collapses their procurement cycle from years to months. And on deployment, we are one of the very few payment platforms that runs cloud-native, of course, on-premise, of course, and hybrid. Trust Bank, as an example, chose AWS. Some of our European bank customers run Ren in their own data center. We meet the customer where the regulator lets them be. Pure cloud competitors simply cannot match that. And in regulated markets requiring on-premise, they cannot play at all. Last thing, we don't operate like a typical software vendor. We run the same code our customers run. So every improvement to Ren flows into our own P&L by operational efficiency and to our customers as well as a regular update. That's why we say we are not just a vendor, we are the operator, an incentive structure no pure vendor has. And here's the structural reason I think we are early in a long growth cycle, not late. Most of the financial services industry still runs on core payments on infrastructure designed 30 or 40 years ago: mainframe architecture, programming languages like COBOL, like RPG, transaction protocols like ISO 8583. And it's reliable, and let's agree, it works, but it cannot move at the speed real-time payments and embedded finance require. Two realities dominate every bank CIO's life. First, legacy platforms require scheduled downtimes. Banks plan their weekends around patching windows. And have in mind, if you are part of PCI, that is what you are required if you're doing payment transactions, you need to do that constantly. Ren runs active-active across multiple data centers. We push all the changes, not only those patches, also new product innovation while everything is running. Second, the COBOL and RPG talent market is collapsing. Nobody learns it anymore. Banks are paying enormous premiums to keep retired engineers under contract. Ren is written in modern languages with talent pool in the millions. Every major bank knows it has to migrate. The question isn't whether; it's how and with whom. A start-up can't get a Tier 1 bank past procurement. It has never run anything at this scale. A legacy processor has the trust, but not the stack. We have both. Ren is cloud-native and microservice-based, but it also speaks everything that I would characterize as old, like ISO 8583, and you need that at this point in time because the world hasn't changed, right? We still need to connect to Visa and Mastercard. So we support all the old protocols, all the new protocols, ISO 20022 for your real-time rails and REST to connect to all your banking services. And we connect what you have to what you need. So the platform, I would call it, makes M&A cheap. And what does that mean? Of course, it's not cheap. But we acquire capabilities specifically because they plug into our core platform. And that is quite strategic. I will show you the 3 recent examples, one per year, and most of you have seen those releases, obviously. Infinitium on the left side, 2024: payment authentication and 3D Secure. That is what makes e-commerce transactions secure and is demanded by many geographies in the world. We purchased that plus 50 engineers in Southeast Asia. Authentication now runs inside Ren, acquiring and issuing flows. And we have also been able to remove 2 of their data centers with consolidation. CoreCard 2025, credit issuing and processing, plus roughly 1,000 engineers: revolving credit, buy now, pay later, commercial cards available to every existing Ren customer within a month. A bank issuing debit on Ren can now offer credit on the same integration. Two more data centers currently under consolidation with cost savings from a cloud opportunistic approach, cloud where it makes sense, on-prem where it makes sense. And just last month, PaynoPain, Spanish fintech with roughly 30-plus engineers, bringing 50-plus alternative payment methods, SoftPOS technology and the Bank of Spain PSP license. Deal closes in Q3. And if we directly plug into Ren, every European acquiring customer gets an upgraded e-commerce offer. Three deals, 3 years, 3 layers: authentication, credit, omnichannel acquiring. The platform makes M&A cheap because every acquisition makes every existing customer more valuable on close and takes real infrastructure out while adding capabilities. AI, my favorite topic, but we do not have much time. So everybody will tell you, "Hey, we have introduced AI. We are doing all the coding and all of that," and that is true. We are doing the same. But AI is way more than that. AI means a big transformation for every company. And we now really have a very nice example for you where we show you what that means in reality. You can see the new XE app we are launching next month. You see the old design, the new design. You can argue it's nicer, everything is more streamlined. It's easier to do the transaction. But what is really super exciting about this one is how it was built. A year ago, those UI changes, how did they work? You had a project manager, you had a designer. The designer was using tools like Figma. They created a ticket, gave it to an engineer. The engineer did it. The designer didn't like it. It went back and forth. That is just everybody's company reality, at least 2025. We have changed that. So we have changed the role of the engineering team. Now what do we have instead? We have product engineers. These are the designers. And how do they design? They don't use these graphical tools anymore. They use a coding, an AI-powered coding tool. They are just directly writing that into a chat window and see what they want in real time. And we have completely redid this one. We'll go live next year. And the exciting thing is you directly see what you want, and it's directly in code. There is no way of difference. You do not need to wait for somebody. It increases the speed dramatically. And this change won't be the last. The velocity gap between us and any competitor running the old chain will compound quarter-over-quarter. I just showed you XE, our most visible AI story, but AI runs across every layer of the company, and I'm really stressing that a lot and pressing everybody. We are past obvious early AI deployments, now going deep across operations, engineering and product. Engineering: every team uses AI-assisted coding; AI code review runs inside CI/CD pipelines already; AI-driven testing is in production, especially for UI-heavy applications. It's a game changer. Operations: a mature layer running for years: fraud detection, especially for the money transfer segment and issuing; FX optimization; ATM cash management and forecasting for over 40 countries; and a newer layer, AI anomaly detection in our data centers. And what we have just launched from an operational point of view is Aria. Feel free to test it, our voice AI agent for money transfer support, which is running side by side with our AI-powered chatbot for messengers that was already available for quite a while. On the product side, the layer customers see: Skylight. We have created a unique compliance platform, which runs live agentic AI on AWS and Azure marketplaces. And we have embedded AI in the platforms customers use day-to-day: chatbots in our developer portals; natural language queries in our Ren system for BI users; and most strategically, very new customers, switching logic, bank customers, fintechs in natural language. They describe what they want, AI drafts the rule, then they deploy. Beyond this, we are piloting very exciting agentic payments, AI agents initiating and validating transactions themselves, not adding AI to a feature or to a few features. Our goal is to transform our company, Euronet, to an AI-first company. And XE is the first product end-to-end. It won't be the last. You have heard what runs the engine. You're about to hear what runs on it. Now the business owners take the stage to present their accelerators built on top of this agile platform. We are not 3 businesses bolted together. We are 3 businesses powered by one engine, running on the same code, the same compliance framework, the same global footprint. That's what's hard to copy, and that's what you are about to see proven in detail. Thank you. [Presentation]

Good morning from me, too. I'm Nikos Fountas, and I've spent the last 21 years in Euronet leading the infrastructure business for Americas, Europe, Middle East and Africa. As Mike mentioned, we have renamed this segment to more match the business that we're managing every day. Today, Himanshu and I will walk you through the core business and the accelerators that will drive our future growth. Let me start with an overview of the Payment Infrastructure segment. Payments infrastructure provides a global foundation that enables payments across both physical and digital channels, supporting banks, fintechs, merchants and consumers around the globe. This segment operates across 3 core business units: the global ATM networks, the ATM, as we know to speak about; the payment processing services; and merchant services. Today, we operate across 69 countries and on 6 continents, processing more than $114 billion in transaction volume and generating over $1.3 billion in revenues. This is a scaled global payments footprint that has been built over more than 3 decades and is extremely difficult to replicate. Importantly, payments infrastructure is in the middle of a deliberate evolution. While global ATM networks remain a durable cash-generative business, payment processing services and merchant services are our growth accelerators. What we saw following COVID was a shift towards digital payments. We recognized the shift and reduced our focus on the ATM and focused on the greater needs of our banks, our fintech partners, for modern payments infrastructure. Over the last 3, 4 years, we have significantly diversified our revenue streams. Before COVID, our ATM network made up approximately 90% of our segment total revenue. ATMs today account for approximately 60% of the segment's revenue. While we still expect the ATM business to grow, we expect that it will continue to carry less weight as we shift towards more long-term recurring revenue streams. This revenue mix demonstrates the effectiveness of our diversification strategy and supports the forward growth story of the segment. The strength of payment infrastructure is anchored in a modern unified payment stack designed to operate reliably at scale, as Martin mentioned. Our technology is API-driven, cloud-enabled and built to support the full spectrum of payment types and channels. Combined with a broad regulatory footprint and long-standing client relationships, this creates durable recurring revenue and strong customer stickiness. Recent achievements highlight this breadth. In payment processing, we've secured marquee agreements with institutions such as Bank of America, Santander Bank, UniCredit, Swedbank, Standard Chartered Bank and leading fintechs around the globe. In Merchant Services, we've grown organically to over 25% market share in Greece, tripling EBITDA in just over 3 years. Additionally, we recently announced a couple of small complementary acquisitions of PaynoPain, which operates in Spain and Latin America. We also acquired the merchant portfolio of Credio Bank in Greece. The agreement with Credio Bank is notable not only for the merchant portfolio that we acquired, but because the agreement will cross all 3 units where Euronet will provide credit and debit card issuing, account-to-account payments, alternative payment processing, ATM as a Service and more. And in global ATM networks, we continue to expand selectively in emerging markets while supporting banks that are rationalizing their own infrastructure. Collectively, these wins reinforce payments infrastructure's role as a trusted long-term partner in mission-critical payment capabilities. Cash remains resilient globally, particularly in Europe and emerging markets where it continues to represent a significant share of point-of-sale transactions, comprising more than 50% of transactions in the European Union. At the same time, banks are reducing physical footprints, creating a growing opportunity for Euronet's outsourced ATM as a Service solutions. As a result of the shifting bank needs, payment infrastructure is undergoing a structural shift. Financial institutions are constrained by legacy platforms that cannot support real-time data, automation or AI-enabled experiences. As a result, they are moving towards outsourcing critical processing capabilities and adopting capital-light, digital-first models. Merchant Services follows a similar pattern. Governments are pushing towards faster cashless payments adoption. Our local execution capabilities, regulatory presence and established bank and merchant relationships position us well as banks spin off or partner on the acquiring businesses. As you heard from Martin, the key differentiator across all 3 businesses is that they operate on a shared technology foundation, enabling bundled offerings, cross-selling and reinvestment of strong cash flows to fund the growth. Across payment infrastructure, the common thread is recurring volume-linked revenue. Global ATM networks generate revenue from interchange, direct access fees, FX, deposits and multiple value-added services with improving economics driven by regulatory changes across several countries, mainly in our primary markets in Europe. Payment processing services operates a largely subscription-like model, combining recurring card hosting, terminals, license and maintenance fees with transaction-based upside. Merchant Services earns acquiring fees tied to transaction value, complemented by fixed terminal revenues and an expanding suite of higher-margin value-added services like tax refund, bill payment, DCC and many more. The average revenue per transaction can range from a few cents for real-time switching services in developing markets to a few hundred dollars per month per ATM for ATM as a Service. This model provides strong visibility, scalability and predictability, key attributes for long-term compounding returns. Now let's go on to highlight the key accelerators for our payment infrastructure business in more detail. Merchant Services is a proven strategic and growth accelerator, addressing an estimated $50 billion total addressable market focusing on Continental Europe, which is underdeveloped when compared to the U.S. or U.K. markets. We operate a full-stack omnichannel acquiring platform across more than 25 countries today, serving both large cross-border merchants and small, medium enterprises. Greece stands out as a strong proof point where we have achieved market leadership against global competitors. We have grown to over 25% market share with more than 230,000 merchants, and we've tripled EBITDA over 3.5 years since we acquired the business from Piraeus Bank. Our right to win is driven by unified and scalable technology platform built on Ren, synergies across the broader Euronet ecosystem and global reach paired with strong local execution. This combination, scale and local adaptability is what the market demands and what most competitors cannot match. With that, I will turn it over to Himanshu, who will highlight the second accelerator of this segment.

Thank you, Nikos. Good morning, everyone. My name is Himanshu Pujara. A bit of myself. I've been with the company running the EFT or the Payment Infrastructure division at Euronet for the last 18 years. And for the last 5 years, I've also been responsible for the payment processing services business, which is a subsegment within EFT. Today, I'm going to be focusing on this particular business, which, as Nikos mentioned, is the second growth accelerator within the Payment Infrastructure division. It represents a little over 1/5 of the total segment's revenues and, importantly, is a key driver of how the segment evolves over a period of time. At its core, this business powers mission-critical payment transactions at scale, spanning both card-based and real-time account-based payments. If you think about it, it's the execution layer that keeps payments moving seamlessly across channels and form factors that consumers and businesses rely on every single day. Our estimate is that the total addressable market opportunity for our target solutions is approximately $34 billion. And if you think about it, this particular opportunity is driven by a simple structural reality, which is that banks and fintechs are forced to modernize. And this is not only just to take out cost but to unlock new capability. Everyone talks about AI as AI is advancing rapidly from the edges of the enterprise into the core of financial services. Legacy payment platforms simply weren't designed for that world. When you talk to fintechs, you realize that they are worried about this from day 1. Banks start feeling this pressure when they actually have to compete with the fintechs or they actually have to partner alongside them. At Euronet, we're ready. We have 2 modern and complementary payment platforms. Martin has talked about Ren already. So Ren is basically the platform that underpins our global network of assets, and it's the same platform that we use to provide processing services to our external clients. CoreCard is the second platform, the platform that we've acquired recently. It's the largest modern revolving credit card platform, which has been purpose-built for complex credit and unsecured lending platforms. If you think about it, together, they form a single natively modern architecture that allows us to address both global banks and fast-growing fintechs, combining agility with enterprise-grade reliability. When you talk about our right to win, Nikos talked about the right to win for Merchant Services. The right to win for payment processing really boils down to 4 structural advantages that we have. The first one is that the architecture that we have at Ren and CoreCard is modern at the foundation. We're really not talking about modernization 1.0, which is around wrapping APIs around legacy cores. A lot of payment platforms claim that they're modern, but essentially, they are really just APIs around the back-end system. That's not us. This is payments built for an always-on, demand, data-driven world. The second one is that our platform is battle-tested for scale through our internal proof points and through large external customers that we have. So we're not asking our customers to take on any platform risk. The third one, we have marquee clients that actually validate us at the highest tier. We're talking about global financial institutions and fast-growing fintechs. And finally, and this is an important point as well, we have structural depth across geographies that we operate. So it's depth across geographies. It's also depth across domains. So we're talking about issuing, we're talking about acquiring, we're talking about instant payments, we're talking about ATMs as a Service, and all on a shared technology foundation. What this means is that each capability that we build basically has multiple buyers from day 1. Now let's talk about what the platform is really doing in the real world, live at scale, for a variety of use cases across different customer types. So in Asia Pacific, we have a debit processing mandate with Standard Chartered Bank. Standard Chartered is a global multinational headquartered out of the U.K. They have operations in Asia Pac, Middle East and Africa. So we are the debit issuer processor for multiple countries covering their consumer banking and their digital banking businesses. The example that Martin gave about Trust Bank, Trust is actually a digital bank owned by Standard Chartered Bank out of Singapore. So that was our first digital bank in Asia. Another implementation is with Grab, which is one of the fastest-growing fintechs in Southeast Asia. We actually are their issuer processor for their debit cards that are launched for their digital banks in Singapore and Malaysia. The video that you just saw when Martin kind of handed over to Nikos, that was from the CEO of the Digital Bank of Grab in Malaysia. In the U.S., we partner with leading fintechs to bring innovative and quick-to-market co-branded card programs to life. We've won these mandates against long-standing incumbents primarily because these clients that you see on the chart essentially wanted flexibility. They wanted faster time to market and the ability to continuously evolve the customer experience. I also want to remind everybody, it's basically the CoreCard platform, the platform that we've acquired recently, which is the platform behind the Apple credit card for Goldman Sachs, and that's an industry-leading program that validates our platform at the global scale. We've also spoken about, Martin has already spoken about, our relationship with Bank of America. So we provide a modern ATM driving and a payment switching solution to the bank. This particular piece of software is, over a period of time, going to replace the existing system or the software that the bank uses, which will then enable them to roll out new functionalities with a faster time to market and also provide additional advantages like providing real-time data for their operational processes and needs. And these are not isolated examples. We have many similar such implementations with global banks and regional banks and financial institutions, spanning the world of real-time payments and also ATMs as a Service. When you step back, the pattern and the trend is very clear. These institutions are trusting us to replace their systems, to scale faster and to unlock new capabilities without really compromising on resilience, compliance and control. And to remind you, these are not proof of concepts. These are fully scaled production deployments that we're really talking about. Now let's talk about where the platform goes next. So today, we already operate across the core payment stack, issuing debit, credit, prepaid, all the fun stuff around issuing. We're talking about acquiring omnichannel ATMs and account-to-account and wallet payments. What really changes next is the nature of payments itself. So there are 2 key trends that we're really investing for ahead of time. One is AI. Obviously, that's top of mind for everyone. And then the other one is stablecoins. So let's talk about AI. As AI becomes embedded into commerce through autonomous agents, real-time decisioning and programmable workflows, money must become programmable, auditable and instant. And that's where we're making the investments. When you're talking about stablecoins, at the end of the day, we need to make sure that our platform is supporting both fiat in all forms of tokenized value, which is why you see the investments on the right-hand side of this chart. These are the capability expansions that we're really geared towards and making in our business. We really don't view these as adjacent bets. We really view these as extensions to a natively modern core. Also, at the end of the day, all of this is important because all of these capability layers expand our addressable market, deepen our client relationships and support long-term recurring revenue compounding. With that, I'll invite Nikos over to wrap up the segment.

To summarize the payment infrastructure story. First, this is a modern, vertically integrated global payments platform, not a single product business. Second, the segment addresses multiple large and independently growing markets through shared infrastructure and bundled offerings. Third, it generates durable, predictable cash flows that fund continued growth and diversification. Over the past several years, payments infrastructure has transformed meaningfully. Its portfolio, competitive positioning and pipeline position the segment to accelerate growth going forward. This is the payments infrastructure story. And with that, I'll ask Kevin to walk you through the epay division.

I guess I'm the hump point today, right in the middle. So thank you, everybody, for coming. My name is Kevin Caponecchi. I work out of our Kansas City office. I'm entering my 20th year at Euronet Worldwide, and I'm responsible for our epay segment. To better understand epay, it's important to understand the uniqueness of the markets that we serve. First, 85% of the revenue that we generate is generated outside the United States, with Europe being the largest region that we serve. Second, the gift cards that we sell, 70% of the gift cards that we sell, are for self-use. And you might ask why. It's called a gift card. What does self-use have to do with it? While some of it is cultural, many consumers either don't have a credit card or they don't want to use their debit card online out of concerns for fraud. Therefore, in the markets that we serve, many consumers prefer to purchase online services by loading their accounts with a prepaid instrument. This is a global recurring, high-frequency behavior and epay makes it possible by connecting brands to consumers through an extensive distribution network. You might even think about it as a load network. If you've loaded your Google Play account using a wallet in India, if you've bought a Netflix gift card from Penny's in Germany, if you've topped up your mobile phone using Nubank in Brazil, you've used epay. You likely didn't know it. And that's the point. epay is the infrastructure underneath those moments, invisible, essential and operating at scale. I would like to start with a discussion about the shape of the business. epay sits at the intersection of digital content, payments and prepaid distribution. And as Martin said, it rides on a single compliant, enterprise-grade platform. We operate across 66 countries, 749,000 point-of-sale terminals, 352,000 retail locations. But more importantly, 70% of the transactions are digital, moving across 400 digital channel partners serving more than 2 billion customers, as Mike had mentioned earlier. We are not a physical-first business trying to be digital. We are already digital. And for a good reason, and this is one of the most important points. Since most of our end customers are self-use customers, digital channels are critical. Convenience drives consumption, and there's nothing easier than buying your streaming credits from your couch in your living room using your preferred wallet. That beats the heck out of walking in the rain to 7-Eleven. Within epay, we have 3 business units: branded payments, which are made up of our mobile top-ups and our gift card business; solutions, our SaaS-based offerings to our same brand and retail customers; and Merchant Services. Highlighted in orange is our accelerator, epay's move into real money gaming as a technology service provider to 2 strategic partners, both focused on disrupting the payment landscape within gaming. The current product mix is as follows: Branded payments makes up 90% of the business, obviously our largest segment; Merchant Services, 6%; solutions, 4%. Three business units producing strong cash flows built on deep retailer and brand relationships. In summary, think of epay as the payment infrastructure used by our brand and retail partners to better serve their customers. What makes epay defensible? First, one global platform. We own the rails between our brand and retail partners. Second, product breadth, a full suite of third-party products and epay-issued first-party products, all available, as Martin mentioned, through one API. Third, true omnichannel distribution. Amazon codes launched on our central platform are available at MediaMarkt in Germany while simultaneously available on the Revolut app in the U.K. Fourth, enterprise-grade compliance, risk and settlement, embedded, not outsourced. Our key achievements this past quarter tell the story: more content, more distribution, more solutions, driving more revenue. Now let's talk about the epay network, which sits at the core of our branded payments business. On the left side, some names that I'm sure you find familiar: Netflix, Amazon, Google Play, others, some of the world's most important digital brands. On the right side, you see Carrefour, Aldi, Revolut, Paytm and others, more important retail and financial wallets. In the middle, connecting both of them sits epay. Obviously, this is only a snapshot. There's another 1,000 brands behind the few logos on the left. There's 352,000 retail locations of many retail brands across the right. The breadth of our network is extensive and pushing it across a single integrated platform ensures consistency and speed to market. Let's think about this from the standpoint of one retail partner, Revolut. When Revolut wanted to offer digital content across 29 countries, they didn't want the hassle of 29 integrations. With epay, as I mentioned before, they connect once, they get all. TikTok, if TikTok wants to distribute credits across Europe, they don't want multiple connections to reach each country. They want one connection to serve the whole region. For every new brand we add, every new retailer we sign, the network becomes more valuable to all. A strong portfolio must serve the needs of all from buying character skins for Fortnite to downloading and streaming the local cricket match on Tata Play, India's largest prepaid satellite TV provider. And that flywheel that you see up there has been running for over 20 years. And I want to pause here for a moment. It's easy to think about epay as purely a distribution network for gift cards. But I want to go back to what I said at the start of the session. The network actually serves as a load network for consumers interested in participating in the digital economy that either don't have or don't want to use their bank cards online. If we think about it in those terms, the epay network can be used as a load network for almost anything, including bank deposits. For example, in some countries, rideshare operators allow consumers to pay the driver in cash. Drivers don't necessarily want to be driving their cars with a lot of cash in their wallet. Imagine that epay commits their epay network to those drivers as a load network. As we identify new use cases, we have an opportunity to unlock new business verticals. It's also important to understand, obviously, how we make money. For branded payments, we earn a transaction margin for mobile top-ups and gift cards plus the distribution fee from our brand partners. Fees range from $0.01 to more than $20 per transaction. However, on average, we earn about $0.27 per transaction, predictable, high-volume recurring revenue. Solutions generates revenue through a SaaS model. These are tailored programs for our brand and retail partners that range from operating a proprietary gift card program to providing fraud monitoring and AML services, sticky, contractual, high-retention revenues. Merchant Services earns revenue through card acquisition fees, both fixed and interchange-plus models. Three distinct revenue streams running on one platform. Now let me pivot our conversation to an exciting new growth vector that we've not talked to you about: real money gaming. Since we haven't spoken to you about this, I'm going to take a few more slides in this section than some of my peers because we want to make sure you understand the full scope of the opportunity. Let me start with a moment. A casino guest sits down at a slot machine. They start playing. And as they play, the credit meter on the slot machine, in this case, unfortunately, goes to 0. Out of cash, they stand up. They have to walk through a busy casino floor in search of an ATM. Once they find one, they often have to wait. And sometimes, they don't go back to the machine. That single moment plays out tens of thousands of times a day, costing casino operators hundreds of millions of dollars in lost revenue. But this scenario is symptomatic of a larger industry problem in which the payment infrastructure has not kept pace with how consumers want to transact. But before I talk about the opportunity in more detail, let's break down the needs of each party that we're serving. Operators want more players through the door. They want more time on device. Players want more payment convenience. Several years ago, Euronet was approached by the founders of a new company that came up with an innovative credit solution, along with an alternative to cash on the casino floor. They are long-time industry operators with deep domain knowledge. Their idea showed tremendous promise, but they lacked the technology platform or the know-how to build an enterprise solution that could operate at scale. That led to a strategic partnership focused on modernizing the payment landscape across gaming. As we all know, real money gaming is no longer a niche industry. Between the barrage of advertisements all of us have to suffer through on TV or the brand sponsorships that we see on professional jerseys, globally, gambling has become part of our cultural fabric. In the United States, the physical casino floor alone represents over $400 billion in annual transaction volume moving across more than 900,000 slot machines, 26,000 table games and 1,000 casino operators. The physical market has grown at approximately 8% a year since 2019. The U.S. online gaming market comprised of sports betting and iGaming hit $22 billion in this last year from $1.4 billion in 2019. Online is not just growing, it's a new velocity curve sitting on top of an already growing physical base. And beyond the U.S., the global online gaming market is another $100 billion addressable market with 52 nations legalizing online casinos with over 10,000 operators. And with every new jurisdiction that legalizes gaming, it's a new payment opportunity for us. And here's the best part. Seventy percent of all visitors to a brick-and-mortar casino have already expressed interest in digital payment options. The demand is not hypothetical. It's just waiting for the payment infrastructure in the industry to modernize. Leveraging Euronet's infrastructure, epay built a complete payment ecosystem for our partners that covers both credit and funding, physical floors, online, every game type, every channel. Through 2 great partnerships, we built 4 great products. On the funding side, Coin, a full digital wallet for pay now, pay now. At this point, I want to emphasize that Coin is not just a casino wallet. It's an open-loop wallet. So it works for lifestyle spend beyond the casino floor: food, beverage, retail, hotel, entertainment. No other gaming wallet does this. Coin Direct is our walk-up solution, the fastest path to play. A player scans a QR code at the machine to fund in seconds. No app, no account, no session break. Now let's discuss credit, play now, pay later. MULAPlay is the digital replacement for the traditional casino marker, the system used by casinos since at least the 1930s, paper-based, manual, slow. It often takes days to be approved, if you're approved at all. MULAPlay replaces this archaic system with a digital credit decision in minutes. It's patented, regulatory compliant and built on Euronet's Ren platform. MULAPlay Digital takes this further, built on Euronet's Ren processing platform in combination with CoreCard's issuing platform. It's designed specifically for online gaming. Both MULAPlay solutions feature no interest, no cash advance, no interchange fees. It's also important to note that Marker Trax drives the credit engine on behalf of the operator or the financial sponsor but takes no credit risk. And brick-and-mortar credit is only available at the game, thereby preventing a player from what's called walking the money, a term used to describe a player cashing out his marker and walking out, leaving the property, something that every casino operator hates but has trouble stopping. To help ensure payback, winnings are automatically applied to any outstanding balance at the end of the session. In other words, the player gets the net winnings. And any remaining outstanding balance is paid through the mobile app, allowing the player to quickly reset their credit line for continued play. The early results are impressive. Across MULAPlay operator deployments, visits increased by 23%, demonstrating that credit drives loyalty, and net floor revenue grew 41% as a result of more time on device. On the Coin side, deployments are converting walk-up guests who might have otherwise left the floor into a playing session. These early results are generating a lot of industry excitement. And as the technology service provider, epay earns money through a revenue share model with both companies. Therefore, it's important to understand how they make money. Coin charges a fee as a percentage of the load into the wallet or onto the game. MULAPlay charges a repayment fee as a percentage of the outstanding balance. And there's one more dimension to this story that I want to highlight. epay also built the data platform for both solutions that's fed from the payment ecosystem. Today, casino operators only know their guests through the player card. However, player cards are limited. They only see the activity on the casino floor. With Coin and Marker Trax, operators have the opportunity to gain significantly more insight about their players. The data platform provides a holistic view, including funding behavior, credit behavior, resort spend and lifestyle spend. Using this data, a casino can retain and grow the player relationship in a way that was never possible with a player card. Before I wrap up, I want to answer the question that I'm sure some of you are thinking: why epay for real money gaming? As you heard from Mike, Euronet moves money in all the ways the world needs. We are always in search of new use cases, especially those with synergies with our core infrastructure and our capabilities. More specifically, we thrive when these use cases are complex or operate in heavily regulated environments that generalists simply can't manage, like real money gaming. Consumers are rapidly adopting lower friction payment methods like Apple Pay, Shop Pay, PayPal and others. To keep pace with these trends, the payment landscape within real money gaming needs modernization. And I believe that Marker Trax and Coin, with the support of epay technology, are positioned to transform the payment landscape in gaming. Nine operators live across 3 states, 85 operators signed, we're off to a good start. Let me leave you with 3 points. First, epay is deeply integrated with brands and retailers to form an omnichannel stored value distribution network that serves consumers in terms of how they want to participate in the digital economy. And again, think about it as a global load network. The resulting infrastructure is hard to replicate, hard to replace, as you've heard from my peers throughout today. Second, through our partnership with Marker Trax and Coin, epay is entering a high-growth, underdigitized market as a solution provider. Players are demanding alternative payment methods that align with their everyday experiences. Leveraging epay's technology, compliance frameworks and payment expertise, Marker Trax and Coin are poised to modernize the payment landscape of a $400 billion-plus marketplace. Third, our competitive moat continues to widen over time. With each new brand, retailer, solution, the value of our network continues to increase. That compounding effect is sticky, which then presents us the opportunity to offer even more services and more use cases to our partners. Thank you. With that, I'll turn it over to Juan Bianchi.

Good morning, everybody. These guys always make fun of me for being the long-winded guy on the team, but we're running a little late. So I've been told to offer you guys a comfort break. If you guys want to grab 5, grab some water, go to the restroom and then we restart, please. So please, if you need 5, take them. [Break]

Good morning again. Thank you very much for joining us and your interest. My name is Juan Bianchi. I am responsible for the cross-border payments segment of Euronet. I started in this business 30 years ago when I came from Chile. And my first job here in payments was behind the counter, helping people buy payments, cross-border payments, currency exchange and doing pretty much every back-office job that you can imagine. So essentially, I have grown in this industry, and I've had a first row seat to the full evolution of the payments landscape and the trends that have been affecting our business. Hopefully, that serves as a calibrated instinct to identify the notable trends that will persist in the business moving forward. As Mike mentioned, we started as a money transfer segment of Euronet. That's when we joined Euronet in 2007. We were a money transfer company focused on the migrant worker of the world in the physical channel. And since then, during the last 20 years, we have evolved where today, we service a lot more than just one single customer with a single use case. We service higher-value consumers, businesses, banks and financial institutions across the full spectrum of the cross-border landscape, hence, our name change. At the cross-border payments segment, -- we're missing some content here. Apologies for that. Okay. So at the cross-border payments segment, we move money from one country to another at scale through the full cross-border payment spectrum. We do this. We service, as I mentioned, consumers, businesses and large financial institutions. And we do this through our network that services 200 countries through 12 billion digital account points and 63, 900,000 cash points. We are organized into 3 business segments: Ria, XE and Dandelion. Ria has a physical channel and a digital channel. And then within the cross-border segment, we have our accelerators, which are made up of Ria Digital, XE and Dandelion. Those 3 make up 21% of our revenues and have been growing at 24% year-over-year. That's the business that we will introduce to you today. Now let's dig into it. In this slide, we talk about -- in this slide, we talk about our barriers of entry and our right to win. Hopefully, you could see how we are structurally as a resilient business that it's not easy to replicate. It all starts with our network. It took us 40 years to build this network. It's not just about the points. It's also about the banking relationships, the licensing across that, the agent agreements, a system that connects it all with a real-time database and real-time compliance. All that infrastructure is not something that you could build quickly in 5 years with some venture capital money. It takes time, detail and effort. And that is the network that allows us to compete across the 3 distinct TAMs that I'm going to describe. $900 billion or $0.9 trillion for the remittance market, $15 trillion for the small, medium-sized businesses and $40 trillion in the wholesale space. Most importantly, we're live across all those TAMs. On compliance -- sorry, I'm going to go back one slide. On compliance, it's really important that you understand that we do not view it as a cost center or a constraint. We understand that compliance is a strategic core competency for us. We use it as a commercial differentiator, and it has served us well. Over the years, we have been deliberate about investing in our compliance efforts. And lately, we have adopted machine learning models, AI for us to be able to continue to scale our compliance efforts while optimizing the resources that go into it and also increasing the precision of our compliance programs. This is really important and this track record is really important for our key stakeholders such as banks and regulators. our buying power. We move close to $80 billion across borders every year. That gives us the buying power to access better fees, better rates through exotic markets, exotic currencies. And when you marry those volumes with smart routing, you can direct those volumes to our direct connections and our direct partners in these last mile markets where the transactions are dispersed. And that buying power essentially gives us the ability to access to better costing that then we can pass on to our partners and differentiate our value proposition. Most last point, we're live with stablecoin. As Martin explained, we're live, we're ready to start transacting. And our first use case is we're deploying it throughout our correspondent network for the settlement of our funds with them, which gives us working capital optimization. It reduces the float time of our funding. It reduces the need for us to have to prefund correspondents over long weekends and things like that. It's just-in-time funding at this point. In the midterm, we will also start enabling on and off-ramp for stable coins with leveraging our network. And at the same time, we will allow our customers to hold and transfer stable coins through our platform. Now let me walk you through our customers from left to right. As I mentioned, we started with the guy on the left, the migrant worker sending money through the physical channel, about $385 on average per transaction. That's a business that Euronet acquired at that time. We had $200 million in revenues. When we joined Euronet, we serviced 50 countries, and we had about 50,000 points. Since then, we have expanded to the right, as you could see, where we went live with digital, and we started servicing the migrant worker that wanted to transact with digital. Then through XE, we adopted the higher-value consumer and small, medium-sized businesses that have a need to make payments. And then finally, our wholesale model with Dandelion allows us to service banks and financial institutions. Each of these segments combined put us in a TAM that is $40 trillion plus. But here, I want to -- okay, I see the screen where they're moving. Here, I want to make a point. As Mike mentioned, we're approaching close to $2 billion in our Money Transfer segment and a large portion of that, just over $1.5 billion still happens in a $900 billion TAM. And we only have just over 7% market share. So we still have a lot of growth opportunity within our core business. And at the same time, you could see how well positioned we are to grow into these other very rich and interesting TAMs. One last point I want to make here is that the physical channel, contrary to some conventional wisdom, it's not dead. Half of the money transfer remittance business still lives in that channel. Now I want to talk about some of our key achievements and performance highlights. The overarching theme is that we have consistently outpaced the market by about 2x. This has not been a single quarter story. This has been a constant in our execution. Our compliance record, again, remains impeccable, and I will repeat it. This is very important when you make compliance mistakes when you are subject to regulatory enforcement that can have severe reputational and financial damage. So that track record serves us as a strategic asset when we're introducing our company to other actors that care about that same element. Now I want to take a moment and talk about digital because the trajectory here is important. We are live in 29 markets. In Q1, our transactions grew 35% and revenues grew 42% -- and very importantly, on the bottom right-hand corner, I want to point you out that 58% of the monies that we disburse is done through digital delivery. That's a function of us having access to 12 billion accounts that can develop -- deliver that money. And that is one of the key growth drivers that we have in our business. The demand for people to receive money, it's going faster and faster to digital channel. And we have probably what I would say, the best digital payout network in the world. And also, it's very important that 52% of the money that they pay us with, it's in digital form. So the notion that customers will pay only with cash in the physical channel, it's not correct. We see customers coming to us paying at Ria stores, at Ria agents with wallets, with debit cards. So when you understand that, you start to recognize that our physical channel, it's a structural advantage that helps us serve our customers when they need us, where they need us and in the way that they want to pay us. So it's a differentiator and an advantage over somebody that is a pure digital player. Here, we want to talk about how we grow the business. Our sport, it's about distribution, channels, more geos, more products and a network effect. And I'll tell you that it's a lot easier than when you are inside the Euronet circus tent, and you can leverage everything that my colleagues have explained up until this point. Reflected on that is our journey, how it accelerated since we joined Euronet. We would have not been able to do this on our own, and you could see other players that on their own, they have not been as successful. Our business is very straightforward. We make money 2 ways, with customer fees and FX. And we make those 2 revenue streams in every transaction we sell across the full cross-border spectrum through every distribution point and every network point we have. So to understand how we have grown our business from what Euronet acquired in 2007 up until this point, I want to take you through a little exercise. bear with me here. So imagine you have a business that is present in one state and has service to only 4 countries. So how would you grow that business? Well, you start signing up agents in the independent channel. And that's how you start growing your business. Each agent that comes, you make more money. You have an opportunity to make more revenues. How do you grow from there? You take that business nationwide. That means that you need to get licensed in every state and then you introduce your business into every other state, still sending to the same 4 markets to the same destination countries. So you're making money by geo expansion. Then on top of that, you launch digital. So now you've introduced a new channel over a business that already has a licensed footprint that has already customers in the independent channel, now you launch digital. So now you are compounding your sales and your growth through adding a new channel. Then your network grows from 4 countries to 200 countries. What do you do at that point? You brought in more inventory to your footprint. So same-store sales happen. You compound and within your same footprint, you have more product, more inventory to sell. And then that business goes internationally. You go to Europe, you go to Asia, you go to LatAm, more geo expansion, more compounding growth. And then you have this global network that has this platform, these corridors, these channels that is servicing money transfers. But then you have all this paid infrastructure that you can leverage towards adjacent markets. So that's when you start going into higher-value consumers, businesses, you launch a wholesale network that a wholesale service that leverages your payment capabilities and you can service banks. That is the power of the network effect. That is how you see compounding, and that is our story. As I said, that story is much easier toll when you are inside Euronet. Now I want to talk a little bit about our accelerators. To remind everybody, our accelerators are via digital, Ria Digital, XE and Dandelion. These accelerators are 21% of the cross-border segment's revenues, and they're growing at 24% year-on-year. Starting with digital, the TAM is approximately $900 billion for the remittance market, half of that TAM is in digital, the other half in the physical channel. As I've told you, we have a strong foundation to build upon. In Q1, our transactions were up 35% and revenues 42%. We are live in 29 markets, and we have a clear road map how to expand. Our growth levers are multidimensional. We will continue to improve on our paid channels, optimizing our customer acquisition. We have seen meaningful CPA improvement over the years, but we still have potential to continue to improve that as we scale. We are opening new distribution, and we're live with WhatsApp. As I told you, new channels is important for our growth. We are expanding into 5 new geographies in the short term, and we have a plan to go into 15 more new geographies over the next 3 to 5 years. Geo expansion is also important. We are expanding digital partnerships where we embed our digital offering into third-party apps and websites, more distribution. And we are building our product suite that includes wallets, Ria-branded cards and paying interest on health balances. All of these product features, needless to say, extend the lifetime value of our customers. But I also want to mention another very important strategic opportunity we have with digital, and this brings in our physical channel. We've realized that our omnichannel customers, meaning a customer that transacts with Ria in the physical channel and in the digital channel is meaningfully more valuable to us than a customer that only transacts in one channel, call it, single digital or only brick-and-mortar. When they transact in both, they're a lot more valuable for us. So that insight led us to launch Ria Connect. And essentially, with Ria Connect, what we do is we bring in our agent network as part of the digital ecosystem. We make them part of it instead of making them excluding them from that journey. Since we launched this program, agents have referred 40,000 new customers to our digital platform. We are scaling this program in the U.S., and now we're live in Europe and in Asia Pacific with it. This is important. You've seen Amazon do it with Whole Foods. And also, you might have read that some of the largest fintechs out there are recognizing that having a physical channel presence enhances their digital offering. We have been in the physical channel all along, and we recognize this trend, and we know it's a structural advantage. Next accelerator is XE. XE is a premium asset that competes in a $15 trillion TAM. We service higher-value consumers that have a need to send money cross-border like people in this room and also small, medium-sized businesses that have a need to make cross-border payments. We have launched our Galileo platform, which is a platform that services small, medium-sized businesses with multicurrency accounts and FX risk management capabilities. Our corporate -- digital corporate revenue in XE has been growing at 16% CAGR from 2023 to 2025. Our embedded ERP and API revenue has grown 92% in XE CAGR in the same period. Granted, it's a smaller base, but still those trends are real, and those are the trends that we are accelerating in our execution in XE. So our growth path has 2 tracks, consumers and SMBs. For consumers, we will continue to deepen our value proposition for them. We will introduce multicurrency wallets, XE-branded cards, cards for travel money, P2B payments, and we will pay interest on health balances. But our primary focus in XE will be the SMB segment. Why? Because 76% of that market still lives with the banks. So the disruption, the fintech disruption that you have seen on the consumer side has yet to happen with the SMBs and the banks where SMBs are underserved. That is the opportunity. That's what we're getting after. So to capture that, we have the platform ready. We have disbursements, collections, holding balances, scheduled payments, ERP integrations, direct API access, all powered by our Dandelion network. That is what businesses need to make payments. XE has been growing single digit for us, mid-single digit along with the market, like a 5% CAGR. Our goal is to accelerate XE to high double-digit growth and have it start contributing the same way that Ria Digital does for us today. Now with Dandelion, we wrap up with Dandelion, we wrap up our accelerators. First, let me explain to you what Dandelion is. So basically, Dandelion, there's still some confusion out there. Dandelion is the moment that we realized that our network had excess capacity to pay transactions for the broader ecosystem where there was a real need for real-time cross-border payments. We have something that the banks don't have and need. So that led us to monetize that opportunity. So Dandelion is a platform where we offer wholesale payment capabilities and infrastructure for real-time cross-border payments. The TAM where we play at, it's $40 trillion. Our clients are the largest banks in the world. You could see some of those names on the page. These are marquee customers, AAA customers that are very demanding and that it's a testament to our value proposition. The business model that we have in Dandelion is we connect with them through an API, which is powered by our own REN technology. It's one API and then they connect into our network that brings 200 countries, 12 billion digital points, 630,000, 900,000 cash locations. It's one integration and they get the world an immediate scale. These are onboarding banks are long sales cycles. They run competitive RFP processes and then you need to start an extensive integration program. So it takes time to build. But the flip side, it is stickiness. Once a bank integrates Dandelion into their payment stack, that relationship is durable. Our goal is to continue to add network participants, continue to feed our pipeline and materialize it and then continue to deepen our wallet share from existing clients that we have. Our expectation for Dandelion is high double-digit growth for the next 5 years. That covers our accelerators. Now I would like to summarize our growth opportunity and one more slide after that. Hopefully, you can appreciate that every single business unit we operate has substantial growth potential. In physical remittance, the TAM is $400 billion. Half the global market still lives there. That business unit has been navigating some slower period now. The main drivers for that are geopolitical influences, the U.S. immigration policy environment and to a lesser extent, the conflict in the Middle East and the war. We don't think neither of these are permanent. And through our growth efforts that we have dedicated for that channel, such as omnichannel, bringing them part of the digital ecosystem, exclusive deals, network growth, international expansion, we expect that business to return to low to mid-single-digit growth. On digital remittance, Ria, that's the other half of the remittance market, 450 billion. I'll repeat it again. Q1, 35% year-on-year transaction growth, 42% revenue growth. We're growing fast, but we want to grow faster. How are we going to do it? More geo expansion, more product depth, optimizing customer acquisition, expanding our digital partnerships program, and we expect this to continue to be a high double-digit growth for the next 3 to 5 years. On Dandelion, wholesale, it's a $40 trillion TAM, long sales cycle, high retention business. We will continue to chip away at it, add more customers, our pipeline is growing fast and then continue to materialize that pipeline, implement it and then as we add capabilities to our network, deepen our wallet share from existing customers. Our expectation for Dandelion is high double-digit growth for the next 5 years to come. Most importantly, across each of these sub businesses, we have a clear strategy, a team in market and a repeatable playbook that takes us to market. That is our growth story. To wrap it up, let me leave you with some final thoughts. Hopefully, by now, you can appreciate that we have a business that it's not easy to replicate. It's a resilient business model with compelling growth initiatives. We have one platform that it's very hard to replicate, and we're deploying it across multiple growth engines simultaneously. Our core physical business is healthy. It generates a lot of cash, and we use that to fund our accelerator initiatives. It's not a legacy business. It is a structural advantage over pure digital players. Our accelerators are not concepts on a PowerPoint or a road map. They are in market with dedicated teams, clear strategies and measurable traction. We are uniquely positioned across the full market spectrum. We have a compliance infrastructure that is best-in-class. You don't get to do this if you don't get that one right. And we have a team with a proven track record that can execute on this. Over the next 3 to 5 years, we will demonstrate to you the compounding power of this platform in both revenue growth and margin expansion. I thank you for your time. And now I would like to introduce Rick Weller, our CFO.

Thank you, Juan, and good morning. It's good to see a lot of faces that I haven't seen for years. Since I know many of you and have been talked to you over the phone or in person, I'll spare you the details of what my background is. Let me jump in and get started. My goal today is to pull together what you've heard into a consolidated financial picture to illustrate what drives our performance and how we deploy capital to create long-term customer value. As you have heard, our model is built on a diversified revenue stream, strong cash generation and disciplined execution across cycles. These fundamentals give us the flexibility to invest in growth, maintain a strong balance sheet and return capital to shareholders. I'll start with the historical growth. As Mike said earlier, Euronet has a proven history of long-term revenue and earnings growth. In fact, over the last 20 years, revenue has grown at 12% compounded annually. Those 20 years covered various global economic cycles, including the financial crisis of '08 and '09, COVID, demonetization of cash, to name just a few. And I think it's fair to say you could say that we may be in one of those cycles now with the current U.S. immigration policy. Over the last 5 years, we have grown revenue at 11% compounded annually and adjusted EBITDA at 20%. While we understand historical performance does not guarantee future results, we have a strong track record of producing revenue growth even in challenging conditions. I believe this is largely driven by 4 factors: diversity across products, channels and geography and disciplined balance sheet management that supports growth. This slide illustrates the strength and the balance of our business model. Payments infrastructure remains our most profitable segment, delivering solid growth with attractive margins. The historical ATM-based business continues to deliver strong cash generation that we reinvest into higher growth opportunities across the platform. These investments include diversification of the business through additional banking, infrastructure agreements and more merchant acquiring agreements together with CoreCard customers, providing growth well into the future. epay provides diversification with steady margins and broad geographical reach. As Kevin mentioned, we see attractive accelerators to grow into the future. Cross-border payments continues to be an important growth engine. Our business is perfectly positioned to intersect all segments in the cross-border payment space. We expect digital adoption, XE expansion and Dandelion wins to continue to outpace the market, delivering solid growth on a go-forward basis. Importantly, the consolidated results reflect both growth and margin expansion, demonstrating how our diversified product portfolio allows faster-growing segments to scale while higher-margin businesses support overall profitability. A core strength of the business is our ability to consistently generate cash. Over the past several years, adjusted cash earnings generated from operations has grown steadily. It allows us to focus on capital allocation that supports organic and strategic investments and will drive future growth of the business, together with share repurchases that deliver value back to the shareholders. This cash flow has funded meaningful expansion, including acquisitions like the 2001 purchase of the Piraeus Bank Merchant Services business, which, as Nikos has said, has grown 3x since we bought it. as well as build-out of platforms like Dandelion and REN, while adjusted earnings have compounded at a nice rate. The takeaway is that growth at Euronet is self-funded. Our cash generation gives us the capacity to invest even through difficult and challenging cycles without stressing the balance sheet and delivering strong returns of capital to shareholders. That cash generation is the driver behind the accelerators you've heard about today. We've been disciplined about investing in new high-growth use cases in markets with significant TAMs, which will drive Euronet's performance over time. I will not repeat what my colleagues have had to say about these accelerators. But suffice it to say, these are large TAMs. Each of these accelerators have proven growth through '25 and are gaining momentum. Moreover, we expect digital assets like stablecoin and tokenized deposits to further fuel the momentum. Here, you can see the evolution of our revenue mix as digital payments become a larger share of the business. Digital accelerators, including payments infrastructure, Dandelion and digital cross-border are growing faster than the more traditional channels and steadily increase their contribution to total revenue. This mix shift matters because these digital categories tend to be more scalable, improve the overall cost structure and support long-term margin durability. And these accelerators will continue to shift our mix. Here, you can see we expect our revenue mix to continue to shift from 18% to 15% from ATMs through 2028. That revenue is not going down, but rather the digital accelerators will drive the growth. We expect this trend to continue with digital sources driving an increasing percentage of total growth over the next several years. I also want to point -- touch a bit on accelerators and how we're thinking about disclosure around these initiatives going forward. As you've heard throughout the day, these initiatives span all 3 of our segments. They include areas like payment processing and merchant services within the Payments Infrastructure segment, Dandelion, XE and digital cross-border in the cross-border segment and real money gaming within epay. The accelerators make up 21% of our 2025 revenues, growing at a 3-year CAGR of 20% to 25%. Collectively, we think these businesses represent an important part of Euronet's long-term growth profile and where a lot of the future opportunity for the company sits. Let me pause here for a moment. I cannot help but to think as we -- as the investment community thinks through the newly disclosed revenue mix, together with the understanding that 21% of our revenue is growing at a rate of 20% to 25% compounded annually that the market will begin to recognize the durability of our foundation and growth continuation. We do not believe that EFT valuation reflects the long-term durability of our earnings power. Accordingly, with a more holistic view of our earnings power, the market will factor in that durability and re-rate our valuation more in line with businesses that consistently produce double-digit earnings growth. Hopefully, you'll see today that our earnings growth rate of 10% to 15% is durable. We are dedicated to proving the future does follow a pattern of the past. Our proof is not feelings, but rather facts, technology, management, markets producing real long-term cash flow growth. Going forward, we're going to provide disclosure around what we're calling digital accelerator revenue, which is the combination of all of those accelerator products you've heard about today, along with expectations of growth over time. We will report on the total rather than the individual parts. And the reason for that is pretty straightforward. These products are all at different stages of development and adoption. Some are scaling faster today. Some are in earlier parts of the growth curve. And over time, that's going to move around. The way we look at these internally is less as stand-alone products and more as a portfolio of next-generation growth platforms that we're building on top of Euronet's existing foundation, distribution network and cash-generative core businesses. In a lot of ways, these opportunities, they operate more like emerging platforms rather than larger ecosystems that are more mature that you would necessarily want to follow on a quarter-to-quarter basis on their own. So we think providing growth accelerator revenue on an aggregate basis gives investors a cleaner and more consistent way to track the overall progress of these initiatives and their increasing contribution to the future of Euronet. I want to spend a couple of minutes on disclosure and KPIs because I know that's an important topic for most in the room. And look, I understand the desire for simple, clean metrics that you can build a model around. If I were in your seat, I'd want the same thing. But hopefully, after hearing from the business leaders over the last couple of hours, you've gotten the sense for just how many different products we have and transaction types that power the business. Even within a single segment, the right way to think about the economics in one -- on one side of the business may not necessarily describe that on the other side of the business. In some cases, transaction counts matter. In others, customers, terminals or transaction value or maybe FX spreads or even revenue per unit per month. And sometimes volume and revenue growth don't necessarily move together in a straight line. So the reality is there probably is not a small handful of KPIs that neatly explain Euronet in a way that both is comprehensive and predictive. We've tried to provide more disclosure today, and hopefully, some of the additional information helps you better track the direction of the business and the progress we're making. But I also want to be realistic. If we tried to break this company down into every relevant operating metric, we'd probably end up giving you dozens of data points across the different business products, and I'm not convinced that anybody's model would actually get any better or more predictive as a result. At the end of the day, we're trying to -- what we're trying to do is to give you useful information without creating a false sense of precision around products with very different economics and growth drivers. Here, you can see Euronet has multiple durable levers to drive earnings growth. First is digital transformation, entering new geographies, extending services from retail to digital. Third is synergy realization, where we connect platforms, networks and acquisitions to unlock additional value. And finally, operational optimization, including cost discipline, site rationalization and the use of automation and AI to drive efficiencies. The combination of these levers allow us to grow revenue and earnings over time while adapting to changing market conditions. Turning to the outlook. As you've heard from each of my colleagues, we see a clear path to continued growth. For 2026, we expect revenue of approximately $4.5 billion. We expect EBITDA of approximately $800 million. And as we've shared with you previously, we expect adjusted earnings per share to be between 10% and 15%. And as we've said in the first quarter earnings call, we expect second and third quarters to carry less of the full year mix because digital initiatives are helping replace the sharpness of the ATM tourism seasonality. Looking longer term, the business supports mid-single to upper mid-single-digit revenue growth. upper single-digit EBITDA growth and adjusted earnings per share growth in the range we've previously communicated on a 3-year CAGR of 10% to 15%. At the midpoint of this growth rate, our EPS would be $13.68 in 2028. Looking for the revenue growth, we expect the payments, infrastructure and cross-border payments segments to lead the way at the upper ends with epay at the lower end Moreover, with EBITDA growth outpacing revenue, we would expect to see EBITDA margins expand 100 to 200 basis points over the 3-year period with segment contributions following the revenue growth in similar pattern. In addition to the operations contributing to the 10% to 15% adjusted EPS growth, we anticipate we will utilize at least 1/3 of our free cash flows to repurchase shares or roughly $125 million to $150 million. This will contribute another 4% to 5% on top of operations. We expect tax rates over the 3 years to tick up a couple of percent points because as you've heard, we're growing more in the U.S. with CoreCard and the digital products. And in the past, that has been historically sheltered by foreign tax credits. So a stronger blend of U.S. will increase our tax rate a bit. The outlook reflects the contribution of digital growth, operating leverage and disciplined execution across our platform as well as continued returns of capital to shareholders. Capital allocation at Euronet is not guided -- is guided by a similar framework. This is not a rigid framework, but rather a disciplined one. First, we maintain balance sheet strength, targeting investment-grade metrics. Investment-grade rating is important because not only does it impact the interest expense we pay on debt, it also helps provide our relationship partners with confidence we will be here for the long term, similar to the long-term contracts we sign with them, and we will protect the movement of their money. Second, we invest in proprietary technology and new solutions that enhance scalability and returns like REN and Dandelion. Third, we pursue disciplined strategic acquisitions that expand capabilities and geographical reach. And finally, we return capital to shareholders through share repurchases. This approach provides us with a balanced long-term disciplined approach to capital allocation. This slide, you can see capital allocation at work. From 2002 to 2025, we deployed approximately $1.5 billion of capital funded by free cash flow. Nearly half of that went for share repurchases, driving a meaningful reduction in share count and a strong return to shareholders. Less than 30% went to strategic acquisitions, and the remainder was deployed into CapEx to continue to grow and improve the network. Importantly, this was accomplished while maintaining an investment-grade profile, underscoring the discipline behind capital decisions. As I wrap up, we believe Euronet has a proven ability to perform through product cycles, economic cycles and geopolitical volatility. Our global payments network is unmatched, and the payments world is rapidly changing. The network and the markets continue to generate new use cases and revenue opportunities. And most critical of all this continued growth, the business produces strong free cash flows, enabling reinvestment, balance sheet strength and significant returns to shareholders. With that, I'll turn it back over to Mike.

Thank you, Rick. We're finally coming to an end here. So let's see there we go. Thank you. I hope today gave you a sense of what I see every day, a talented and experienced leadership team, each an expert in their own area. And they come together to bring a diverse set of perspectives to you and to me that make Euronet what it is today. As we close, I'd like to leave you with a few takeaways. We operate a diversified global payments platform with multiple durable growth drivers. Our core businesses generate strong cash flow, as Rick said, supporting sustainable earnings growth. We are accelerating our shift towards digital and technology-driven revenue streams. We have a scaled integrated platform that enables customer expansion and cross-selling across our segments. And we remain disciplined in our approach to capital allocation, as Rick said, with a clear focus on long-term shareholder returns. But the biggest takeaway is we're a simple company, as I mentioned. We are purpose-built on modern technology, and we just move value from A to B. I want to thank you all for spending a couple of hours with us today. I would now ask the management team when I'm through here to come with me on stage, and we will take your questions. The first questions we'll bring a microphone around. We'll go to the analysts, and then we'll open it up to everybody else. But thank you very much for taking your time with us today. [Presentation]

Rayna Kumar from Oppenheimer. Thanks for all the details today, especially on the accelerators. I'm just wondering what's the underlying margin of the accelerators combined? I'm just curious if as the accelerators become a bigger part of your business, could we see EBITDA growth even stronger than the high single digits that you spoke about?

Well, Rayna, I'm sure you'd all would like to increase your model significantly. And -- but the short answer is, yes, our accelerators all produce better margins on average than what we have across the business. And so we would -- that -- as I said, we've got a -- we expect 100 to 200 basis point improvement in our margin. You saw that our operating income EBITDA is growing faster than the revenue. So I think that, that's reflective of what we see out of the accelerator. So both good growth and at better margins.

Vasu Govil from KBW. Thanks for the presentation today and especially for the revenue guide. That was very, very helpful. Maybe just a high-level question on how you came up with that revenue guide, just understanding the philosophy of is that sort of the floor of what you can -- you think you can do over the next few years? Is that a more balanced view? And just given how much of a factor macro is to your business, like how have you baked that into the outlook?

Well, certainly, macro is affecting one of our businesses significantly, and that's the money transfer business with the geopolitical stuff or actually the political stuff that's going on here in the U.S. with respect to immigration. But at the end of the day, we think we've got a balanced set of products, a balanced set of geographies, and we believe that we can get there. Now did we sandbag you? I I'm not going to say. We'll just have to see. We've got a very challenging year ahead of us because of the things that I just mentioned, but we believe that over the long term, we can achieve those numbers.

Chuck Nabhan from Stephens. Thank you for doing this and having us today. Just following up with a question on margin expansion. outside of the mix shift, could you talk a little about any internal initiatives you might have to drive efficiency either through AI or any other cost containment areas such as vendor consolidation?

Martin? Take a shot.

Okay. Rick will tell you about the finance side, but definitely, what I started on during my presentation, we are really the starting point of not the AI introduction because we have done that. but it's about reorganization of how things are built, how we deliver. You can see that we are taking a couple of things out, driving with the primary focus of efficiency. But yes, this will definitely have an impact on what you said.

I would add to it. I don't think we've tried to outthink how much benefit we get out of things like AI. There are certain parties out there, some famous guys that have said they'd take out 40% of their people and things like that because of AI. We're starting to make meaningful progress. We've introduced AI to do things like compliance, like customer service. So transactions now are handled by the computer without any interaction of people. The ability to look at compliance. And I mean, Juan should be really proud of the compliance functions that they've built in the money transfer. We were recently visited by one of the biggest banks in the United States, and they were incredibly complementary about what we've done to improve the process of compliance, and we're using AI in that application to identify sources of funds, potential problematic characters, folks like that. This is all now being done through AI. So as I said, we haven't tried to outthink how much opportunity we might get there. There could be well better opportunity there. I think we've got a fairly reasonable view on what the outlook is without being just overboard.

Great. Thanks, everyone, for all the information. It's Chris Kennedy from William Blair. Slide 20 was a really good slide showing the land and expand model here. Can you just talk about kind of what the type of growth is embedded in your expectations from growing with existing customers?

Which division was that on?

The entire business. Land and expand.

Yes. Well, I mean, that's what we've done through all these years. The nice thing is we've got a really strong business and our Modus operating has been real simple. use that same platform because it gives us efficiencies and quick get to market, right? Number two is we want geo expansion, right? And number three is we want to add products to those same geos or within the divisions. And that's what we've really been doing for 20 years. And what -- and the nice thing is, as Martin said, you've got this platform here to get to that next one is not like a rework. It's more like just adding a little thing on, and that's really been our modus opernde in virtually all of our divisions.

It's Darrin Peller from Wolfe Research. I think it was great for you to call out the accelerating aspects of the business and how they're growing. I think what your stock is pricing in for what it's worth is also a concern that the non-accelerating businesses are going to be negative, not just that you're going to -- not just an underappreciation for what you do have. in the accelerating side. And so I guess there's 2 questions that come with that. Number one, is help us with why you have conviction that the ATM business stays stable, that the cash money transfer business stays relatively stable? And then secondly, are there any businesses that would make sense to divest to maybe move out of the run rate so that you can actually help use that cash for a little bit of an accelerated pace?

So first of all, for the people who think that the -- that our non-accelerators are going to kind of fall off the cliff either slowly or quickly, there's no data. There's absolutely no data that purports that. When you have -- when you talk about cash, and that's one of the things, it's -- it's 18% of our revenue now, and it's going to go down to 15% over the next 3 years because the other parts of the business are going to grow. We still see a lot of opportunity for ATMs, both in Europe and elsewhere. Even in Europe right now, as Nikos mentioned, 50% of everything purchased in Europe today is purchased with cash by good, okay? That's not the U.S. You've got to get your head out of the U.S. to understand our markets. When you look at where Nikos has expanded into some of these very cash-based new tourist kind of areas, whether that's Philippines, Malaysia, Morocco, Egypt, now South America as well, go there and try to live on your American Express. It just isn't going to be able to do that. I got -- I saw somebody sent me a picture, we're in Morocco. We love Morocco. It's really profitable. Somebody sent me a picture outside of the market at Marikash. There were 35 people in front of the only ATM there, okay? So cash is still here with us. It's going to be here at least until your models are done, okay? And so -- and that's why -- and I'm starting with that one because that's the one I catch the most grief from. Then you go over here to Juan, and he's telling you that of the entire family remittance market of $900 billion TAM, okay? Half of that is in the physical channel still. The digital channel has been around for almost 30 years. and they've only been able to accumulate half the market share. So like everybody isn't going to go to digital next week because some people prefer not to go to digital and the new entrants to any country don't have a bank account. It takes -- it could take years to get a bank account or maybe they like to budget themselves with cash. So they're going to go a retail thing, and they're going to go walk in and they're going to say, "Oh, Juan, you want to send money to the guy behind the counter is little bodega. He knows Juan. He's going to say, Juan, do you want to send money back to your mom. That's going to be here with us for a long time. With respect to epay, epay has got all kinds of opportunities of just more products and more geos. And now who are we hooking up with with people like PI and people like Nubank and people like Revolute, all these big fintechs that all you guys get hot and bothered with, they're our partners here with respect to epay. So they're not going to fall off, but they're just going to grow slower than our accelerators.

So just the second part of that was whether there's any assets that maybe make sense to prune so we can get a cleaner.

Well, one of the things -- Martin had a great slide. He showed how these -- each of these businesses cross-sell to each other and allow us to provide combinatorial solutions to customers that no one can match. So to spin one off and then get hit with a big tax burden on that, which everybody forgets to calculate, we would be left with a hole, and we wouldn't be able to do these combinatorial solutions. So that's not really first on our mind.

My other question was, when I look at some of the numbers you put up, they were huge in terms of both volume and reach and scale and transaction counts relative to any of those big names that we all cover in fintech, they're up there, right? But your revenue correlation to those numbers, you would think should be higher. Meaning is there a pricing dynamic going on? Is there an opportunity -- it's really my big question.

I think in some of those digital ones and somebody could correct me if I got this wrong. I mean we're still early in the curve. And until we get a little bit more maturity in some of these curves, we'll see that start to realize.

This is Owen Richard, Northland Capital. Super quick for me. Just of the 6% to 7% growth through '28, how much of that is organic versus inorganic?

We have all that -- only thing in our projections is organic. And if we get lucky and we find a great acquisition like we do with the Piraeus Bank merchant acquiring business or now it looks like we're having with CoreCard, that would help us.

Pete Heckmann with D.A. Davidson. In terms of your assumptions around the IAD growth rate over the next 3 years, how are you thinking about the metrics there in terms of transactions per unit versus net increase or decrease of transactions? And to the extent that you look to deploy fewer net new machines, does that mean that CapEx as a percent of revenue potentially goes down or free cash flow conversion from adjusted EBITDA goes up?

So I'm going to let Nikos finish this one. But a couple of things there. First of all, you'll probably see us invest less into Europe because Europe is -- I won't say it's saturated yet, but it's approaching that place. But the whole rest of the world is wide open for us. I mean it's all virgin turf, and we're going to go after that very aggressively. What we do have -- the nice thing is these machines, you can -- by the way, we do pick -- try to pick the very best sites out there, but we miss maybe 5% of the time. And when we miss, we have to yank them, put them somewhere else. So the nice thing is they are movable, and we can move them to new markets, new locations and so forth. As far as where we're going to go, why don't you?

So I would like to add to the previous discussion. Governments in Europe are regulating the sustainability of gas. So we have more than 16 countries that regulating sustainability of cash. During COVID, we have a steep decline. After COVID, we see a plateau of about 1, 1.5 in European Union. Outside of European Union, it's even better. So -- and we have over 50% within European Union, EU ECB data that supports that. That's one. The second thing is that economics have changed after COVID. The cost of running ATMs because of cost of cash, cost of service, all of this, it's a very heavy operations that change the economics. Also, the revenue economics have changed. Schemes have introduced different type of pricing surcharge. We have 16, 17 markets in Europe that surcharge is allowed like in the U.S. Before it was only interchange interchange markets for domestic and international transactions. Now there are international transactions and domestic transactions, cash withdrawals are surcharge transactions. So that's the economics there from the cost perspective and from the revenue perspective can change. And that makes us do optimization, optimizations in mature decline markets, going more aggressive in other markets where there's still like space for growth. In the last few years, like Mike said, we launched Philippines, we launched Malaysia, we launched Egypt, Morocco, Mexico, Dominican Republic, Peru, and we launched 4, 5 countries in Europe that were not present, like Belgium, Serbia, Monteneigro and a few more that I can like name, we're in more than 42 markets at this point of time. So we see -- we see markets outside of Europe that there's still growth. And it's like the early times that we launched ATMs in Europe for tourist targeted 15 years ago. So that's the situation. Now again, on the sustainability, I should say something more. These regulators are like on sustain and sustainability of cash, we saw in Switzerland that they hit a referendum and they embedded this into their constitution. So it's -- cash is not going to go away, like Mike said, anytime soon.

Andrew Schmidt, KeyBanc Capital Markets.

Let me Himanshu, what's happened with outsourcing in Asia, which is a whole different market.

Yes. So outsourcing is a trend that we -- that we've seen over the last few years, and we expect that to kind of increase going forward. At the end of the day, banks are moving towards more kind of asset-light models. So they want companies that already have the expertise. They already have shared infrastructure that we've invested into, whether it's Philippines, Malaysia, a number of these markets, we already run our ATMs. So we already have the infrastructure that has been set up in place. So why would a bank basically try and incur the cost in terms of people, in terms of infrastructure. We have the economies of scale. There are studies out there that providers like us can do it at 30%, 40%, 50% cheaper than what banks can do it. So economically, it makes absolute sense for the banks to really outsource running of their ATM networks to experts and providers like us.

But historically, they haven't done it in Asia. So even the bank regulators that we talk to in Asia, when we say that a nonbank entity wants to do -- drive their ATMs, they go -- they look at the regs, they go, "Oh, well, that's not even in our regs. So the first thing we had to do is overcome, hey, letting a nonbank operate the assets. Now Himanshu has gone to the banks and said, "Hey, we have this outsourcing model that's been very effective, as you've heard from Nikos, we want to do this in Europe. And we're having success in Asia. And we're having success with those banks.

And we're the proof point.

Andrew Schmidt, KeyBanc Capital Markets. I want to follow up just on the -- I know there's a question on product portfolio, but maybe I could follow up. Euronet has done over time, a great job of incubating products and then expanding them significantly. You see that show up in the digital accelerators today. But on the flip side, when you have that methodology, you also end up with some things that don't work and don't scale as expected. So maybe talk about the efficiency with pruning the things that don't work. And then the second question, which is sort of a related question on the other side, over the next 3 years, will there be more opportunities for M&A as the platform has come together pretty significantly to further shift the mix?

Well, I sure hope there is more opportunity on the M&A side. We'll have to see. But we're picky because at the end of the day, when you buy somebody, you're stuck with that person. and so -- with that company. And you've got to hope that you make a good decision. Over our past, we've had a couple of not perfect decisions, let's put it that way, because we've probably done 50 acquisitions in our -- since Rick's been here. And -- but luckily, the big ones, the thoughtful ones have worked out very well. This guy right here to my left, we acquired his company, and I got lucky enough to -- he came along with the show. And the -- and you saw, we go from $200 million in revenue to almost $2 billion over these years. So we'll still look, and we're throwing off all this cash. We need to do something with it. If I can find something that can grow faster than the return on capital that I get from buying back stock, that's what we'll do.

On the product side, I'll speak first and let my peers discuss it. We're fortunate to have a boss that likes to see a lot of mud thrown on the wall. And he encourages all his leaders to take big swings at product plays. And to your point, Andrew, the tough part is to know when to stop. And that can sometimes be tricky in our space because there's such a heavy regulatory and compliance component to most of the stuff that we do. But what I will say, the guy that's happiest in the room are on the stage is Martin Bruckner because we bury him with mud balls. And he, with the tools and the maturity of the platform, he's able to handle more and more and more and deliver faster and faster and faster. I spoke to you about the Marker Trax and Coin opportunity with real money gaming. That was really made possible by the fact that we used REN. And the amount of customization that we had to do on REN to serve and develop the solution for Marker Trax and Coin was minimal. I mean, Martin 10%, 20%. So we didn't have to start from scratch to build that. We use the foundation of REN to then go and customize for the application in real money gaming. And so we're getting faster. We're able to do more. And with AI, I think it's going to even make that better.

Just one quick product follow-up. Just on REN on the opportunity to modernize payment infrastructure for banks. Maybe just talk about how those conversations are trending. Obviously, these are long sales cycles. You've had some wins in some markets. But maybe talk about has the conversation changed recently? And how you sort of are differentiated versus the other names in the space that do similar things?

Sure. So in terms of the pipeline visibility that we have in the business right now, so I think it's not about the sales capacity or the investment in the GTM that is important. But what's really important is basically the reference quality. The only way you can win a bank is basically you need to get it in the shortlist. And for that, you need to have references. So I think that in all the markets where we already have an installed base, the conversion rates are much higher. The pipelines are a lot better in all of those markets. So that's with respect to the pipeline and basically the visibility on the business. The second component is the deal segmentation. So when we talk about fintechs, typically, the sign-up process is a lot quicker. They are not encumbered by legacy technology. They appreciate what you bring to the table. They're not resistance to risk, so on and so forth. At the same point in time, the implementation times are also a lot quicker compared to legacy banks where the implementations could run into 24- to 36-month cycles as well. So those are the 2 key dynamics when we think about pipeline visibility. It's underpinned by the installed base. It's underpinned by the geo expansion that you're doing and every geo expansion is at a different stage of GTM maturity. And then there's also partnerships. I think that's quite important. We've recently announced a partnership with DXC, and we're starting to see kind of the pipeline kind of be a lot more visible and deepen as a result of that -- those types of partnerships. In terms of the competitive advantages, I'd say against a lot of our competitors who really just focus on either one segment of the overall payment value chain. So it's either issuing, some of the guys just focus on issuing. We have a multi-rail and a multiproduct offering, if you think about it, right? And I alluded to this in my presentation, the fact that we operate across multiple domains, each capability that we build has really multiple buyers. So we could go into a bank, start off the conversation with ATM outsourcing, but then very quickly, the conversation can go towards debit issuing and now towards credit issue. I think that's important. The other thing is our road map, I think, is in line with the future trends. You go to the banks and no longer they're talking about isolated issuing, card processing is extremely important. But in the times of AI, we're really talking about programmable account credential platforms, right? Every -- if you're talking about agents, the agent needs to be assigned a card credential to be able to kind of do transactions. So our product road map is in line with the kind of future trends that we're seeing. And then finally, I think the key component compared to a lot of the fintechs out there is we have a combination of legacy trust and modern systems. I think that's quite critical as well when you talk to some of these larger players. They like your technology, but if they're not confident that you're going to survive in the next 5 years, they push you back as far as the procurement process is concerned. So I would say those would be kind of the 3 key or 4 key drivers in terms of our long-term sustainable advantage.

One more question.

Let me...

Point one more. Yes, you go ahead.

Yes, just because you talked about the competitive advantage, just some trend that we are definitely seeing over the last year is that the banks are technologically more savvy. I would say they are preparing to some degree for the future, and they are really picky. That is a competitive advantage for us because they're very specific in requirements. And our software is pretty much agnostic to operating systems, power runs, I talked about hybrid cloud, non-cloud, everything, but also something like database. Just recently, we had a very big RFP that we have won with a significant player. And they said, "Hey, it needs to run with this database engine. And that is something I do not see in the market besides us. We are very flexible. We were saying, hey, yes, no problem. You can run active, active. So they are preparing for the future. This is why I said, hey, I think we are not late in this game. I think we are exactly in the right moment.

John, you got a question.

Yes, John Hook -- Capital. Maybe a basic question, but you're talking about pay in mix, payout mix with digital. What are you actually defining as a digital transaction?

Okay. So when we say a digital transaction like the run rate that grew 35% in transactions and 42% revenue last quarter, that is a transaction that's acquired 100% digitally, so either on an app or on your computer, okay? The flip side, that's how you acquire the transaction. The interesting thing, as Juan said, and I don't know if this really sunk in, but it's like well over half of our transactions are paid out digitally, even though it might be 20%, 25% are acquired digitally. And that payout network that we have with 12 billion accounts is better digital payout than any company in the world. And that, I think, has given us an edge. That might be why we're growing twice as fast as the market over all these years. And -- but 10 years ago, nobody paid out digitally. Now to have 12 billion accounts, that's pretty good. And 1/3 of those are just wallets, not bank accounts.

Okay. So as long as you acquire that digitally, you're counting that as a digital, whether it goes to brick-and-mortar.

Yes, how it gets paid because let's face it. It depends on your family, and your loved one on the other side. Do they have a bank account? If they don't, you've still done this thing, you've done a digital payout, but you need to have -- I mean, a digital pay in, but you need to have cash payout because maybe they don't have a bank account.

I noticed some of the names on our slide there, we obviously support other money transfer entities. They hand us a transaction that they originated digitally. it may well get paid out in cash. That's the value of what we bring to them is we give them the ability to allow their customer to get the money any way they want it, whether it's cash to a wallet to their bank account. But all those digital players, they count that same cash payout, same thing. It would be digitally originated. It might get physically terminated. It just depends on the customer there.

Okay. And then maybe on the unit economics of the digital versus retail. I was a little surprised we didn't hear more about know your customer costs and breaking down kind of the cost of sales of a digital transaction versus a retail transaction, maybe LTV versus CAC. You have enough time, I think, to have kind of looked at that. So what's the -- how would you view the differences in the unit economics between the 2?

So the -- we see slightly better margins in the digital channel just because in the physical channel, you have the agent that generally gets 5% of the customer fee. Now in the digital channel, we do not have the agent, but we charge a lower fee than what we charge in physical. And then you have your EKYC cost and your fraud cost and all of that fraud management cost. It all shakes out where we see better margins in digital than in the physical channel. When it comes to -- you have a question also about cost of acquisition. We have seen improvement in our cost of acquisition from 2024 to 2025 at about 10% improvement, and that's a function of scaling your paid tactics and all of that. And as they mature, you see some of those benefits. And this year, we're seeing further improvement in our cost of acquisition from what we realized in 2025.

And I'll add to -- Juan mentioned it during his discussion is that we actually see better long-term value in customers that do both physical and digital. And it just makes sense. I mean, how do we all operate as consumers. It might be that we go shopping and we want to buy something there, we buy it at the store. It might be that we're at home and we want something, we order it through Amazon. We're using 2 different channels that best fit our particular need. So if you've only got one way or the other, you're going to miss a transaction somewhere. So that's where, as Juan said, a value of that omnichannel approach.

Okay. Really quick on XE, I think it was over $100 million in revenue was disclosed. And did you say high double-digit growth for that business?

That's our plan for the next 3 to 5 years, correct.

Okay. So high double digit, I would assume that's over 50%.

No, I would say it's...

You meant high teens.

Starts with the 2.

Okay. So...

Maybe 200...

Low double digits.

Sometime high double digits is a hard term to define.

Well, 11% or 99% will both be double digits, right? Okay. And just really quick one for Rick. I think you said 1/3 of the cash flow would go to buybacks minimum. That will be a major step down versus what you guys have been doing in the last 2 years. Is that just meant to give you guys optionality on acquisitions? Or the stock is pretty close to an all-time low why would you lower the percentage of free cash flow towards buybacks?

Yes. I think it's just being rational looking out across the years to say what makes sense. There's opportunities for acquisitions, as Mike said. We see things out there. We're glad to see in the current environment that valuations are being more rational. And if it's an opportunity that we can pick up additional business that would complement the technology, complement the geography and things like that, and we can get good returns on it makes sense. So I think it's just a balanced approach to look forward.

All right. This is Zhang from Guiney Value Investments, long-term shareholder here and have known Mike for a while. And this is a question for everyone on the stage, except Mike because we have discussed this question before. But as I'm listening to this very exciting presentation in the morning, as I'm listening to it, I'm placing trades for my clients and for myself. And I wonder, I haven't -- given that you are trading at a crazy like double-digit free cash flow yield and in terms of EV to EBITDA, you are cheaper than Western Union and you have this digital accelerator, which is growing way faster than a lot of your peers. Why I haven't seen any of you buying shares really cheap in the open market. I mean it feels like one of the best investments out there. Don't you agree?

Well, let me start. First of all, I've got quite a few shares. If you take a look at my position, most financials advisers would suggest that I'd be selling shares because I'm highly concentrated in Euronet. The other thing is when my shares vest, I've been writing checks for taxes, which is essentially the same thing as buying shares. I keep writing checks. My wife keeps going, Rick, when are we going to get checks instead of write checks, okay? -- right? So fair question, but reality is I've been buying shares every time those shares vest and I pay for the taxes as opposed to net settle the transactions.

And everybody up here has got the same problem, right? We have shares vesting at least once a year, and you've got a tax issue when that happens. Okay. Are we going to move to lunch now? Not that I'm hungry, but I want to kind of mingle with the people out here.

Yes, yes. So my stole my thunder. I hope you guys have enjoyed getting to know our leaders and that you're leaving with a deeper understanding of our technology, our business, our customers and our payment capabilities across all of our markets. As we discussed throughout the day, we believe Euronet's global network, integrated business and technology expertise position us well for continued long-term value creation. I want to thank everybody in the room for spending a couple of hours with us, and I would be remiss if I didn't thank all of our colleagues who helped us put the day together. So for those of you here, we invite you to stay for lunch. And everyone else, thank you for joining us. We really appreciate your attendance.