Shift4 Payments (FOUR) J.P. Morgan 54th Annual Global Technology, Media and Communications Conference summary

Business evolution and market positioning

• Expanded from restaurant-focused payments to leadership in hospitality, stadiums, entertainment, and luxury retail, integrating payments and software across verticals.

• Now operates in over 75 countries, achieving record scale and geographic diversification.

• Focuses on simplifying complex, in-person commerce for experience economy sectors, offering unified solutions for merchants.

• Maintains a differentiated position by targeting multi-revenue, complex commerce environments with integrated software and payments.

• Growth strategy is deliberate, entering new verticals every other year since IPO, driven by identifying hard-to-solve commerce challenges.

Growth algorithm and financial performance

• Introduced a growth algorithm with three revenue categories: payments-based (largest), tax-free shopping, and other.

• Payments-based revenue is split between Americas (mid-teens growth, 15% in Q1) and worldwide (high 20s guidance, 51% in Q1).

• Tax-free shopping expected to grow mid-single digits; other revenue categories guided to low single digits, grew 10% in Q1.

• Organic revenue growth in Q1 was low double digits, about 3x the payments industry average.

• Stadiums and entertainment vertical is a standout, with strong growth and market leadership, especially in ticketing.

Capital allocation and strategic investments

• Capital allocation is multifaceted, prioritizing ROI and free cash flow per share growth.

• Historical focus on customer acquisition through hardware/software investment and M&A for cross-selling payments.

• Current strategy emphasizes flexibility to allocate resources to the most productive verticals and geographies.

• Shift4 One, combining payments, tax-free shopping, and currency conversion, is a key focus for capital deployment.

• Diversification enables agile response to macroeconomic and geopolitical shifts.