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 each solution.

• Allocated $5.7 billion in excess capital to accelerate growth via a build, buy, or partner framework, with acquisitions expanding cross-sell, payment methods, and geographic reach.

• Emphasizes a value-based, payments-driven revenue model aligned with customer success in the experience economy.

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, excluding acquisitions, was in the low double digits, consistent with expectations despite tough comps and weather impacts.

• For 2026, targets mid-single digit pro forma growth for tax-free shopping and mid-teens growth in payments-based revenue in the Americas.

• Americas segment expected to maintain strong growth, with significant runway in both mature and emerging verticals.

• Free cash flow conversion is expected to normalize above 50%, with incremental conversion rates around 59-60% due to a largely fixed cost capital structure.

Acquisitions and vertical expansion

• Largest acquisition, Global Blue, cost $2.5 billion and provides a dominant position in luxury retail tax-free shopping, with an 80% market share and global reach.

• Acquisition strategy focuses on differentiated assets that enable cross-sell opportunities and instant infrastructure expansion in EMEA and APAC.

• Growth in tax-free shopping is driven by volume and spread, with luxury retail benefiting from inflationary pricing and strong customer base.

• Cross-sell of payments, currency conversion, and other services to luxury brands is a key synergy from the Global Blue acquisition.

• Continues to seek leadership in new verticals, leveraging integrated payments and data trends globally.