Shift4 Payments (FOUR) 47th Annual Raymond James Institutional Investor Conference summary

Business overview and strategy

• Focuses on integrated payments, software, and proprietary data for the experience economy, targeting complex, high-demand environments like hospitality, luxury retail, stadiums, and entertainment.

• Operates a unified commerce platform serving hundreds of thousands of merchants in over 75 countries, processing hundreds of billions in annual volume.

• Pursues leadership in new verticals by solving demanding commerce challenges and compounding value through a build, buy, or partner framework.

• Allocated $5.7 billion in excess capital to accelerate growth, leveraging acquisitions for cross-sell, new payment methods, and geographic expansion.

• Differentiates through a value-based, payments-driven revenue model aligned with customer success.

Financial performance and growth outlook

• Delivered record financial results, with increases in volume, Gross Revenue Less Network Fees, Adjusted EBITDA, and Adjusted Free Cash Flow.

• Q4 organic growth was in the low double digits, in line with expectations despite tough comps and weather impacts.

• For 2026, targets mid-teens growth in payments-based revenue in the Americas, with significant runway in core verticals and ongoing market share gains.

• Global Blue acquisition supports mid-single digit pro forma growth in tax-free shopping, driven by volume and spread, with strong market leadership.

• Incremental free cash flow conversion is expected to reach 59-60%, supported by a largely fixed cost capital structure.

Acquisitions and Global Blue integration

• Largest acquisition, Global Blue, provides a unique, mission-critical tax-free shopping solution with 80% market share and global reach.

• Acquisition offers instant EMEA and APAC infrastructure, enabling rapid deployment of existing solutions in new regions.

• Growth algorithm for Global Blue remains unchanged, primarily driven by sales-in-store volume and spread, with additional synergies from cross-selling payments and currency conversion.

• Luxury retail and affluent travel shoppers are key data assets, enhancing cross-sell opportunities and market positioning.