EURONET WORLDWIDE, INC.

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This report contains statements that constitute forward-looking statements within the meaning of section 27 A of the Securities Act of 1933 and section 21 E of the Securities Exchange Act of 1934 (“Exchange Act”). Generally, the words "believe," "expect," "anticipate," "intend," "estimate," "will" and similar expressions identify forward-looking statements. However, the absence of these words or similar expressions does not mean the statement is not forward-looking. All statements other than statements of historical facts included in this document are forward-looking statements, including, but not limited to, statements regarding the following:

Current wording

This report contains statements that constitute forward-looking statements within the meaning of section 27A of the Securities Act of 1933 and section 21E of the Securities Exchange Act of 1934 (“Exchange Act”). Generally, the words "believe," "expect," "anticipate," "intend," "estimate," "will" and similar expressions identify forward-looking statements. However, the absence of these words or similar expressions does not mean the statement is not forward-looking. All statements other than statements of historical facts included in this document are forward-looking statements, including, but not limited to, statements regarding the following:

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our expectations regarding the closing of any pending acquisitions;

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 our expectations regarding the closing of any pending acquisitions, including the pending CoreCard acquisition;

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the expected effects of changes in laws or accounting standards;

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 the expected effects of changes in laws or accounting standards, including the excise tax on certain international remittances under the One Big Beautiful Bill Act (the “OBBBA”);

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Investors are cautioned that any forward-looking statements are not guarantees of future performance and involve risks and uncertainties. Euronet's actual results may vary materially from those anticipated in such forward-looking statements as a result of a number of factors, including: conditions in world financial markets and general economic conditions, including impacts from pandemics; inflation; tariffs; the war in the Ukraine and the related economic sanctions; military conflicts in the Middle East; our ability to successfully integrate any acquired operations; economic conditions in specific countries and regions; technological developments affecting the market for our products and services; our ability to successfully introduce new products and services; foreign currency exchange rate fluctuations; the effects of any breach of our computer systems or those of our customers or vendors, including our financial processing networks or those of other third parties; interruptions in any of our systems or those of our vendors or other third parties; our ability to renew existing contracts at profitable rates; changes in fees payable for transactions performed for cards bearing international logos or over switching networks such as card transactions on ATMs; our ability to comply with increasingly stringent regulatory requirements, including anti-money laundering, anti-terrorism, anti-bribery, consumer and data protection and privacy; changes in laws and regulations affecting our business, including tax and immigration laws and any laws regulating payments, including dynamic currency conversion transactions; changes in our relationships with, or in fees charged by, our business partners; competition; the outcome of claims and other loss contingencies affecting Euronet; the cost of borrowing (including fluctuations in interest rates), availability of credit and terms of and compliance with debt covenants; and renewal of sources of funding as they expire and the availability of replacement funding. These risks and other risks are described in the Company's filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Copies of these filings may be obtained via the SEC's Edgar website or by contacting the Company. Any forward-looking statements made in this Form 10-Q speak only as of the date of this report. Except as required by law, we do not intend, and do not undertake any obligation, to update any forward-looking statements to reflect future events or circumstances after the date of such statements.

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Investors are cautioned that any forward-looking statements are not guarantees of future performance and involve risks and uncertainties. Euronet's actual results may vary materially from those anticipated in such forward-looking statements as a result of a number of factors, including: the expected timing and likelihood of completion of the CoreCard acquisition, including the timing, receipt and terms and conditions of any required governmental and regulatory approvals of the acquisition; the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement for the CoreCard acquisition; the possibility that CoreCard’s shareholders may not approve the proposed acquisition; the risk that the parties may not be able to satisfy the conditions to the CoreCard acquisition in a timely manner or at all; risks related to disruption of management time from ongoing business operations due to the pending acquisition; the risk that any announcements relating to the CoreCard acquisition could have adverse effects on the market price of the Company’s common stock; the risk that the CoreCard acquisition and its announcement could have an adverse effect on the parties’ business relationships and business generally, including the ability of CoreCard or the Company to retain customers and retain and hire key personnel and maintain relationships with their suppliers and customers, and on their operating results and businesses generally; the risk of unforeseen or unknown liabilities; customer, shareholder, regulatory and other stakeholder approvals and support; the risk of potential litigation relating to the CoreCard acquisition that could be instituted against CoreCard or its directors and/or officers; the risk associated with third party contracts containing material consent, anti-assignment, transfer or other provisions that may be related to the CoreCard acquisition which are not waived or otherwise satisfactorily resolved; the risk of rating agency actions and the Company’s ability to access short- and long-term debt markets on a timely and affordable basis; conditions in world financial markets and general economic conditions, including impacts from pandemics; inflation; tariffs; the war in the Ukraine and the related economic sanctions; military conflicts in the Middle East; our ability to successfully integrate any acquired operations; economic conditions in specific countries and regions; technological developments affecting the market for our products and services; our ability to successfully introduce new products and services; foreign currency exchange rate fluctuations; the effects of any breach of our computer systems or those of our customers or vendors, including our financial processing networks or those of other third parties; interruptions in any of our systems or those of our vendors or other third parties; our ability to renew existing contracts at profitable rates; changes in fees payable fo…

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1)The EFT Processing Segment meets the needs of financial institutions and consumers through Euronet-owned and outsourced ATMs and POS terminals combined with value added and transaction processing services. We deploy and operate our own ATMs, providing ATM services for financial institutions and providing electronic payment processing solutions. EFT offers a suite of integrated electronic financial transaction software solutions for electronic payment and transaction delivery systems. Transactions processed spana network of 55,512 installed ATMs and approximately 1,214,000 POS terminals.

Current wording

The EFT Processing Segment meets the needs of financial institutions and consumers through Euronet-owned and outsourced ATMs and POS terminals combined with value added and transaction processing services. We deploy and operate our own ATMs, providing ATM services for financial institutions and providing electronic payment processing solutions. EFT offers a suite of integrated electronic financial transaction software solutions for electronic payment and transaction delivery systems. Transactions processed span a network of 56,760 installed ATMs and approximately 1,265,000 POS terminals.

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2)The epay Segment provides retail payment solutions and delivers innovative connections between the digital content of the world’s leading brands and consumers. epay hasone of the largest retail networks across Europe and Asia for the distribution of physical and digital third-party content, including branded payments, mobile, and alternative payments, partnering with 1,000+ of the world’s leading brands. In addition, through our own products, we have leveraged our technology to solve business challenges, delivering scalable solutions to drive efficiency and effectiveness. Our comprehensive range of consumer products simplifies transactions and provides financial convenience across a wide range of branded payments. epay operates in 64 countries. We operate a network that includes approximately 735,000 POS terminals that enable electronic processing of prepaid mobile airtime "top-up" services and other digital media content.

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The epay Segment provides retail payment solutions and delivers innovative connections between the digital content of the world’s leading brands and consumers. epay has one of the largest retail networks across Europe and Asia for the distribution of physical and digital third-party content, including branded payments, mobile, and alternative payments, partnering with 1,000+ of the world’s leading brands. In addition, through our own products, we have leveraged our technology to solve business challenges, delivering scalable solutions to drive efficiency and effectiveness. Our comprehensive range of consumer products simplifies transactions and provides financial convenience across a wide range of branded payments. epay operates in 64 countries. We operate a network that includes approximately 721,000 POS terminals that enable electronic processing of prepaid mobile airtime "top-up" services and other digital media content.

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3)The Money Transfer Segment provides global money transfers and currency exchange information in retail stores, apps, and websites through Ria Money Transfer, Xe and the Dandelion cross-border real-time payments network. Euronet’s Money Transfer segment offers real-time, cross-border payments to consumers and businesses across 199 countries and territories, enabling banks, fintechs and big tech platforms to integrate an international payments solution into their own platforms. Ria Money Transfer offers real-time international money transfers with a special focus on emerging markets. In addition, Ria offers safe and affordable money transfers through a global network of cash locations and online, serving over 20 million customers annually. Xe offers web and app-based currency information and industry-leading consumer and business cross-border money transfer services. Customers can send money, buy property overseas, and execute other international payments via the Xe website or app. Dandelion offers consumer and business transaction processing and fulfillment with alternative payout channels like bank accounts, cash pick-up and mobile wallets. Dandelion powers cross-border payments for Xe and Ria, as well as third party banks, fintechs, and big tech platforms.

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The Money Transfer Segment provides global money transfers and currency exchange information in retail stores, apps, and websites through Ria Money Transfer, Xe and the Dandelion cross-border real-time payments network. Euronet’s Money Transfer segment offers real-time, cross-border payments to consumers and businesses across 199 countries and territories, enabling banks, fintechs and big tech platforms to integrate an international payments solution into their own platforms. Ria Money Transfer offers real-time international money transfers with a special focus on emerging markets. In addition, Ria offers safe and affordable money transfers through a global network of cash locations and online, serving over 20 million customers annually. Xe offers web and app-based currency information and industry-leading consumer and business cross-border money transfer services. Customers can send money, buy property overseas, and execute other international payments via the Xe website or app. Dandelion offers consumer and business transaction processing and fulfillment with alternative payout channels like bank accounts, cash pick-up and mobile wallets. Dandelion powers cross-border payments for Xe and Ria, as well as third party banks, fintechs, and big tech platforms.

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We have six processing centers in Europe, fivein Asia Pacific andtwo in North America. We have 35 principal offices in Europe, 14 in Asia Pacific, 10 in North America, three in the Middle East, two in South America and three in Africa. Our executive offices are located in Leawood, Kansas, USA. With approximately 74% of ourrevenues denominated in currencies other than the U.S. dollar, any significant changes in foreign currency exchange rates will likely have a significant impact on our results of operations(for a further discussion, see Item 1 A - Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2024).

Current wording

We have six processing centers in Europe, five in Asia Pacific and two in North America. We have 35 principal offices in Europe, 14 in Asia Pacific, 10 in North America, three in the Middle East, two in South America and three in Africa. Our executive offices are located in Leawood, Kansas, USA. With approximately 75.6% of our revenues denominated in currencies other than the U.S. dollar, any significant changes in foreign currency exchange rates will likely have a significant impact on our results of operations (for a further discussion, see Item 1 A - Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2024).

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EFT Processing Segment — Revenues in the EFT Processing Segment, which represented approximately 25% of total consolidated revenues for thethree months ended March 31, 2025 are derived from fees charged for transactions made by cardholders on our proprietary network of ATMs, fixed management fees and transaction fees we charge to customers for operating ATMs and processing debit and credit cards under outsourcing and cross-border acquiring agreements, foreign currency exchange margin on DCC transactions, domestic and international surcharge, foreign currency dispensing and other value added services such as advertising, prepaid telecommunication recharges, bill payment, and money transfers provided over ATMs. Revenues in this segment are also derived from cardless payment, banknote recycling, tax refund services, license fees, professional services and maintenance fees for proprietary application software and sales of related hardware.

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EFT Processing Segment — Revenues in the EFT Processing Segment, which represented approximately 31% and 29% of total consolidated revenues for thethree and six months ended June 30, 2025 are derived from fees charged for transactions made by cardholders on our proprietary network of ATMs, fixed management fees and transaction fees we charge to customers for operating ATMs and processing debit and credit cards under outsourcing and cross-border acquiring agreements, foreign currency exchange margin on DCC transactions, domestic and international surcharge, foreign currency dispensing and other value added services such as advertising, prepaid telecommunication recharges, bill payment, and money transfers provided over ATMs. Revenues in this segment are also derived from cardless payment, banknote recycling, tax refund services, license fees, professional services and maintenance fees for proprietary application software and sales of related hardware.

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epay Segment —Revenues in the epay Segment, which represented approximately 29% of total consolidated revenues for thethree months ended March 31, 2025 are primarily derived from commissions or processing fees received from mobile phone operators for the processing and distribution of prepaid mobile airtime and commissions earned from the distribution of other electronic content, vouchers, and physical gifts. The proportion of epay Segment revenues earned from the distribution of prepaid mobile phone time has decreased over time, and digital media content now produces approximately 71% of epay Segment revenues. Digital media content offered by this segment includes digital content such as music, games, and software, as well as other products including prepaid long distance calling card plans, prepaid Internet plans, prepaid debit cards, gift cards, vouchers, transport payments, lottery payments, bill payment, and money transfer.

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epay Segment — Revenues in the epay Segment, which represented approximately 26% and 27% of total consolidated revenues for thethree and six months ended June 30, 2025 are primarily derived from commissions or processing fees received from mobile phone operators for the processing and distribution of prepaid mobile airtime and commissions earned from the distribution of other electronic content, vouchers, and physical gifts. The proportion of epay Segment revenues earned from the distribution of prepaid mobile phone time has decreased over time, and digital media content now produces approximately 70% of epay Segment revenues. Digital media content offered by this segment includes digital content such as music, games, and software, as well as other products including prepaid long distance calling card plans, prepaid Internet plans, prepaid debit cards, gift cards, vouchers, transport payments, lottery payments, bill payment, and money transfer.

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Money Transfer Segment —Revenues in the Money Transfer Segment, which represented approximately 46% of total consolidated revenues for thethree months ended March 31, 2025, are primarily derived from transaction fees, as well as the margin earned from purchasing foreign currency at wholesale exchange rates and selling the foreign currency to customers at retail exchange rates. We have a sending agent network in place comprised of agents, customer service representatives, Company-owned stores, primarily in North America, Europe and Malaysia, Ria, and xe branded websites, along with a worldwide network of correspondent agents, consisting primarily of financial institutions in the transfer destination countries. Under the brand "Dandelion", Ria offers payment processing services to third party partners. The Dandelion cross-border payments platform provides financial institutions, fintechs such as digital wallets and banks, and enterprise software companies access to Euronet's money transfer network through an API connection. Sending and correspondent agents each earn fees for cash collection and distribution services, which are recognized as direct operating costs at the time of sale.

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Money Transfer Segment — Revenues in the Money Transfer Segment, which represented approximately 43% and 44% of total consolidated revenues for thethree and six months ended June 30, 2025, are primarily derived from transaction fees, as well as the margin earned from purchasing foreign currency at wholesale exchange rates and selling the foreign currency to customers at retail exchange rates. We have a sending agent network in place comprised of agents, customer service representatives, Company-owned stores, primarily in North America, Europe and Malaysia, Ria, and xe branded websites, along with a worldwide network of correspondent agents, consisting primarily of financial institutions in the transfer destination countries. Under the brand "Dandelion", Ria offers payment processing services to third party partners. The Dandelion cross-border payments platform provides financial institutions, fintechs such as digital wallets and banks, and enterprise software companies access to Euronet's money transfer network through an API connection. Sending and correspondent agents each earn fees for cash collection and distribution services, which are recognized as direct operating costs at the time of sale.

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2)The epay Segment opportunities include renewing existing and negotiating new agreements in target markets in which we operate, primarily with digital content providers, mobile operators, financial institutions and retailers. The overall growth rate in thedigital media content and prepaid mobile phone markets, shifts between prepaid and postpaid services, and our market share in those respective markets will have a significant impact on our ability to maintain and grow the epay Segment revenues. There is significant competition in these markets that may impact our ability to grow organically and increase the margin we earn and the margin that we pay to retailers. The profitability of the epay Segment is dependent on our ability to adapt to new technologies that may compete with POS distribution of digital content and prepaid mobile airtime, as well as our ability to leverage cross-selling opportunities with our EFT and Money Transfer Segments. The epay Segment opportunities may be impacted by government-imposed restrictions on retailers and/or content providers with whom we partner in countries in which we have a presence, and corresponding licensure requirements mandated upon such parties to legally operate in such countries.

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The epay Segment opportunities include renewing existing and negotiating new agreements in target markets in which we operate, primarily with digital content providers, mobile operators, financial institutions and retailers. The overall growth rate in the digital media content and prepaid mobile phone markets, shifts between prepaid and postpaid services, and our market share in those respective markets will have a significant impact on our ability to maintain and grow the epay Segment revenues. There is significant competition in these markets that may impact our ability to grow organically and increase the margin we earn and the margin that we pay to retailers. The profitability of the epay Segment is dependent on our ability to adapt to new technologies that may compete with POS distribution of digital content and prepaid mobile airtime, as well as our ability to leverage cross-selling opportunities with our EFT and Money Transfer Segments. The epay Segment opportunities may be impacted by government-imposed restrictions on retailers and/or content providers with whom we partner in countries in which we have a presence, and corresponding licensure requirements mandated upon such parties to legally operate in such countries.

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The Money Transfer Segment opportunities include expanding our portfolio of products and services to new and existing customers around the globe, which in turn may lead to an increase in transaction volumes. The opportunities to expand are contingent on our ability to effectively leverage our network of bank accounts for digital money transfer delivery, maintaining our physical agent network, cross selling opportunities with our EFT andepay Segments and our penetration into high growth money transfer corridors. The challenges inherent in these opportunities include maintaining compliance with all regulatory requirements, maintaining all required licenses, ensuring the recoverability of funds advanced to agents and the continued reliance on the technologies required to operate our business. The volume of transactions processed on our network is impacted by shifts in our customer base, which can change rapidly with worker migration patterns and changes in unbanked populations across the globe. Foreign regulations that impact cross-border migration patterns and the money transfer markets can significantly impact our ability to grow the number of transactions on our network.

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The Money Transfer Segment opportunities include expanding our portfolio of products and services to new and existing customers around the globe, which in turn may lead to an increase in transaction volumes. The opportunities to expand are contingent on our ability to effectively leverage our network of bank accounts for digital money transfer delivery, maintaining our physical agent network, cross selling opportunities with our EFT and epay Segments and our penetration into high growth money transfer corridors. The challenges inherent in these opportunities include maintaining compliance with all regulatory requirements, maintaining all required licenses, ensuring the recoverability of funds advanced to agents and the continued reliance on the technologies required to operate our business. The volume of transactions processed on our network is impacted by shifts in our customer base, which can change rapidly with worker migration patterns and changes in unbanked populations across the globe. Foreign regulations that impact cross-border migration patterns and the money transfer markets can significantly impact our ability to grow the number of transactions on our network.

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Revenues and operating income by segment for the three months ended March 31, 2025 and 2024 are summarized in the tables below:

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Revenues and operating income by segment for the three and six months ended June 30, 2025 and 2024 are summarized in the tables below:

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COMPARISON OF OPERATING RESULTS FOR THETHREE MONTHS ENDED MARCH 31,2025 AND 2024

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COMPARISON OF OPERATING RESULTS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025 AND 2024

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The following table summarizes the results of operations for our EFT Processing Segment for the three months ended March 31, 2025 and 2024:

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The following table summarizes the results of operations for our EFT Processing Segment for the three and six months ended June 30, 2025 and 2024:

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EFT Processing Segment total revenues were$232.5 million for thethree months ended March 31, 2025, anincrease of$15.3 million or 7%compared to the same period in 2024. Revenue growth was primarily driven bymarket expansion, growth across most existing markets and the addition of access fees and interchange fees in certain markets. Additionally, this quarter experienced increased business volumes supported by a rise in tourism and the implementation of proactive pricing and rate adjustment strategies to maintain competitiveness. Average monthly revenues per ATM increased to $1,529 for thethree months ended March 31, 2025 compared to $1,510 for the same period in 2024. Fluctuations in foreign currency exchange rates decreased revenues by approximately $6.7 million for thethree months ended March 31, 2025 compared to the same period in 2024.

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EFT Processing Segment total revenues were $338.5 million for thethree months ended June 30, 2025, an increase of $33.1 million or 11% compared to the same period in 2024. EFT Processing Segment total revenues were $571.0 million for the six months ended June 30, 2025, an increase of $48.4 million or 9% compared to the same period in 2024. Revenue growth was primarily driven by market expansion, growth across most existing markets and the addition of access fees and interchange fees in certain markets. Additionally, this quarter experienced increased business volumes supported by a rise in tourism and the implementation of proactive pricing and rate adjustment strategies to maintain competitiveness. Fluctuations in foreign currency exchange rates increased revenues by approximately $14.0 million for thethree months ended June 30, 2025 compared to the same period in 2024. Fluctuations in foreign currency exchange rates increased revenues by approximately $3.8 million for the six months ended June 30, 2025 compared to the same period in 2024.

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EFT Processing Segment direct operating costs were$136.5 million for thethree months ended March 31, 2025, anincrease of$5.4 million or 4% compared to the same period in 2024. Direct operating costs primarily consist of site rental fees, cash delivery costs, cash supply costs, maintenance, insurance, telecommunications, payment scheme processing fees, data center operations-related personnel, as well as the processing centers’ facility-related costs and other processing center-related expenses and commissions paid to retail merchants, banks and card processors. The primary drivers of the increase in direct costs were additional expenses required to support increased business volumes from both new and existing operations. Direct costs were also impacted by overall cost inflation in products and services.

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EFT Processing Segment direct operating costs were $173.9 million for the three months ended June 30, 2025, an increase of $21.4 million or 14% compared to the same period in 2024. EFT Processing Segment direct operating costs were $310.4 million for the six months ended June 30, 2025, an increase of $26.8 million or 9% compared to the same period in 2024. Direct operating costs primarily consist of site rental fees, cash delivery costs, cash supply costs, maintenance, insurance, telecommunications, payment scheme processing fees, data center operations-related personnel, as well as the processing centers’ facility-related costs and other processing center-related expenses and commissions paid to retail merchants, banks and card processors. The primary drivers of the increase in direct costs were additional expenses required to support increased business volumes from both new and existing operations. Direct costs were also impacted by overall cost inflation in products and services. Fluctuations in foreign currency exchange rates increased direct operating costs by approximately $7.2 million for the three months ended June 30, 2025 compared to the same period in 2024. Fluctuations in foreign currency exchange rates increased direct operating costs by approximately $1.1 million for the six months ended June 30, 2025 compared to the same period in 2024.

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Gross profit, which is calculated as revenues less direct operating costs, was $96.0 million for thethree months ended March 31, 2025, anincrease of $9.9 million or 11% compared to $86.1 million for the same period in 2024. Gross profit as a percentage of revenues (“gross margin”) increased to 41.3% for thethree months ended March 31, 2025, compared to 39.6% for the same period in 2024. The increase in gross profit was primarily driven by market expansion, growth across most existing markets and the addition of access fees and interchange fees in certain markets.

Current wording

Gross profit, which is calculated as revenues less direct operating costs, was $164.6 million for the three months ended June 30, 2025, an increase of $11.7 million or 8% compared to $152.9 million for the same period in 2024. Gross profit was $260.6 million for the six months ended June 30, 2025, an increase of $21.6 million or 9% compared to $239.0 million for the same period in 2024. Gross profit as a percentage of revenues (“gross margin”)decreased to 48.6% and 45.6% for the three and six months ended June 30, 2025, compared to 50.1% and 45.7% for the same period in 2024. The increase in gross profit was primarily driven by market expansion, growth across most existing markets and the addition of access fees and interchange fees in certain markets.

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Salaries and benefits expenses were $35.5 million for thethree months ended March 31, 2025, anincrease of$3.7 million or 12% compared to the same period in 2024. The increase is primarily due to an increase in headcount to support the growth of the business and salary increases due to inflationary pressures. Fluctuations in foreign currency exchange rates in the countries in which we employ our workforce decreased salaries by approximately $1.0 million for thethree months ended March 31, 2025. As a percentage of revenues, salary expense increased to 15.3%for thethree months ended March 31, 2025, compared to 14.6% forthe same period in 2024.

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Salaries and benefits expenses were $39.7 million for thethree months ended June 30, 2025, an increase of $5.3 million or 15% compared to the same period in 2024. Salaries and benefits expenses were $75.2 million for thesix months ended June 30, 2025, an increase of $9.0 million or 14% compared to the same period in 2024. The increase is primarily due to an increase in headcount to support the growth of the business and salary increases due to inflationary pressures. As a percentage of revenues, salary expense increased to 11.7% and 13.2% for the three and six months ended June 30, 2025, compared to 11.3% and 12.7% for the same period in 2024.

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Selling, general and administrative expenses were $12.9 million for the three months ended March 31, 2025, anincrease of $3.7 million or 40% compared to the same period in 2024. The increase is primarily due to a one-time operating tax benefit in the prior period. Further increases were noted in professional fees. As a percentage of revenues, these expenses increased to 5.5%for thethree months ended March 31, 2025, compared to 4.2%for the same period in 2024.

Current wording

Selling, general and administrative expenses were $14.3 million for the three months ended June 30, 2025, an increase of $0.8 million or 6% compared to the same period in 2024. Selling, general and administrative expenses were $27.2 million for the six months ended June 30, 2025, an increase of $4.5 million or 20% compared to the same period in 2024. The increase for the six month period is primarily due to a one-time operating tax benefit in the first quarter. As a percentage of revenues, these expenses changed to 4.2% and 4.8% for the three and six months ended June 30, 2025, compared to 4.4% and 4.3% for the same period in 2024.

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EFT Processing Segment had operating incomeof$23.3 million for thethree months ended March 31, 2025, an increase of $1.8 million or 8.4% compared to the same period in 2024. Operating income as a percentage of revenues (“operating margin”) increased to 10.0% for thethree months ended March 31, 2025, compared to 9.9%for the same period in 2024. The increase in operating income was primarily driven bymarket expansion, growth across most existing markets, the addition of access fees and interchange fees in certain markets partially offset by a one-time operating tax benefit in the prior period.

Current wording

EFT Processing Segment had operating income of $84.6 million for thethree months ended June 30, 2025, an increase of $4.7 million or 6% compared to the same period in 2024. EFT Processing Segment had operating income of $107.9 million for thesix months ended June 30, 2025, an increase of $6.5 million or 6% compared to the same period in 2024. Operating income as a percentage of revenues (“operating margin”) decreased to 25.0% and 18.9% for thethree and six months ended June 30, 2025, compared to 26.2% and 19.4% for the same period in 2024. The increase in operating income was primarily driven by market expansion, growth across most existing markets, the addition of access fees and interchange fees in certain markets partially offset by a one-time operating tax benefit in the first quarter.

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The following table presents the results of operations for the three months ended March 31, 2025 and 2024 for our epay Segment:

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The following table presents the results of operations for the three and six months ended June 30, 2025 and 2024 for our epay Segment:

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Revenue per transaction decreased to$0.24 for thethree months ended March 31, 2025, compared to$0.27 for the same period in 2024. The decrease in revenue per transaction was primarily due to the shift in the mix of transactions processed.

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epay Segment total revenues were $280.1 million for thethree months ended June 30, 2025, an increase of $19.2 million or 7% compared to the same period in 2024. epay Segment total revenues were $547.5 million for thesix months ended June 30, 2025, an increase of $29.5 million or 6% compared to the same period in 2024. The increase in revenue was driven by continued payments, digital media and mobile growth. Revenue per transaction changed to $0.25 and $0.24 for the three and six months ended June 30, 2025, compared to $0.24 and $0.25 for the same period in 2024. The change in revenue per transaction was primarily due to the shift in the mix of transactions processed. Fluctuations in foreign currency exchange rates increased revenues by approximately $7.0 million for the three months ended June 30, 2025 compared to the same period in 2024. Fluctuations in foreign currency exchange rates decreased revenues by approximately $0.3 million for the six months ended June 30, 2025 compared to the same period in 2024.

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epay Segment direct operating costs were$202.1 million for thethree months ended March 31, 2025, anincrease of $7.0 million or 4% compared to the same period in 2024. Direct operating costs primarily consist of the commissions paid to retail merchants for the distribution and sale of prepaid mobile airtime and other prepaid products, expenses incurred to operate POS terminals and the cost of vouchers sold and physical gifts fulfilled. Foreign currency exchange rates decreased direct operating costs by$7.0 millionfor thethree months ended March 31, 2025 compared to the same period in 2024. The increase in direct operating costs was the result of the increase in business activity.

Current wording

epay Segment direct operating costs were $210.9 million for the three months ended June 30, 2025, an increase of $12.4 million or 6% compared to the same period in 2024. epay Segment direct operating costs were $413.0 million for the six months ended June 30, 2025, an increase of $19.4 million or 5% compared to the same period in 2024. Direct operating costs primarily consist of the commissions paid to retail merchants for the distribution and sale of prepaid mobile airtime and other prepaid products, expenses incurred to operate POS terminals and the cost of vouchers sold and physical gifts fulfilled. The increase in direct operating costs was the result of the increase in business activity. Fluctuations in foreign currency exchange rates increased direct operating costs by approximately $5.5 million for the three months ended June 30, 2025 compared to the same period in 2024. Fluctuations in foreign currency exchange rates decreased direct operating costs by approximately $0.3 million for the six months ended June 30, 2025 compared to the same period in 2024.

Previous wording

Gross profit was$65.3 million for thethree months ended March 31, 2025, anincrease of $3.3 million or 5% compared to $62.0 million for the same period in 2024. Gross margin increased to 24.4% for thethree months ended March 31, 2025, compared to 24.1% for the same period in 2024. The changes in gross profit and gross margin were primarily a result of a shift in the mix of transactions processed.

Current wording

Gross profit was $69.2 million for the three months ended June 30, 2025, an increase of $6.8 million or 11% compared to $62.4 million for the same period in 2024. Gross profit was $134.5 million for the six months ended June 30, 2025, an increase of $10.1 million or 8% compared to $124.4 million for the same period in 2024. Gross margin increased to 24.7% and 24.6% for thethree and six months ended June 30, 2025, compared to 23.9% and 24.0% for the same period in 2024. The changes in gross profit and gross margin were primarily a result of a shift in the mix of transactions processed.

Previous wording

Selling, general and administrative expenses were$12.8 million for thethree months ended March 31, 2025, anincrease of $3.2 million or 33%compared to the same period in 2024. As a percentage of revenues, these expenses increased to 4.8% for thethree months ended March 31, 2025, compared to 3.7% for the same period in 2024. The increase in selling, general and administrative expenses was primarilydue to the payment of $4.5 million to resolve a non-recurring, multi-year operating tax matter during the quarter.

Current wording

Selling, general and administrative expenses were $9.8 million for the three months ended June 30, 2025, an increase of $0.5 million or 5% compared to the same period in 2024. Selling, general and administrative expenses were $22.6 million for the six months ended June 30, 2025, an increase of $3.7 million or 20% compared to the same period in 2024. As a percentage of revenues, these expenses changed to 3.5% and 4.1% for the three and six months ended June 30, 2025, compared to 3.6% and 3.6% for the same period in 2024. The increase in selling, general and administrative expenses for the six months was primarily due to the payment of $4.5 million to resolve a non-recurring, multi-year operating tax matter in the first quarter.

Previous wording

Depreciation and amortization expenses were$1.6 million for thethree months ended March 31, 2025, adecrease of $0.1 million or 6%compared to the same period in 2024. Depreciation and amortization expense primarily represent depreciation of POS terminals we install in retail stores and amortization of acquired intangible assets. As a percentage of revenues, these expenses decreased to 0.6% for thethree months ended March 31, 2025, compared to 0.7% for the same period in 2024.

Current wording

Depreciation and amortization expenses were $1.7 million for the three months ended June 30, 2025, a decrease of $0.1 million or 6% compared to the same period in 2024. Depreciation and amortization expenses were $3.3 million for the six months ended June 30, 2025, a decrease of $0.2 million or 6% compared to the same period in 2024. Depreciation and amortization expense primarily represent depreciation of POS terminals we install in retail stores and amortization of acquired intangible assets. As a percentage of revenues, these expenses decreased to 0.6% and 0.6% for thethree and six months ended June 30, 2025, compared to 0.7% and 0.7% for the same period in 2024.

Previous wording

The following table presents the results of operations for thethree months ended March 31, 2025 and 2024 for the Money Transfer Segment:

Current wording

The following table presents the results of operations for the three and six months ended June 30, 2025 and 2024 for the Money Transfer Segment:

Previous wording

Money Transfer Segment total revenues were $417.7 million for thethree months ended March 31, 2025, anincrease of$33.1 million or 9%compared to the same period in 2024. The increase in revenueswas primarily drivenby double-digit growth in cross-border transactions, partially offset by a decrease in intra-U.S. transactions. Direct-to-consumer digital transactions grew by 31%, reflecting strong consumer demand for digital products. Revenues per transaction decreased to $9.37 for thethree months ended March 31, 2025, compared to $9.47 for the same period in 2024 due to a higher proportion of digital transactions, which typically generate lower revenue per transaction. Fluctuations in foreign currency exchange rates decreased revenues by approximately $5.9 million for thethree months ended March 31, 2025, compared tot the same period in 2024.

Current wording

Money Transfer Segment total revenues were $457.9 million for thethree months ended June 30, 2025, an increase of $36.1 million or 9% compared to the same period in 2024. Money Transfer Segment total revenues were $875.6 million for thesix months ended June 30, 2025, an increase of $69.2 million or 9% compared to the same period in 2024. The increase in revenues was primarily driven by double-digit growth in cross-border transactions, partially offset by a decrease in intra-U.S. transactions. Direct-to-consumer digital transactions grew by 29%, reflecting strong consumer demand for digital products. Revenues per transaction increased to $9.92 and $9.65 for thethree and six months ended June 30, 2025, compared to $9.52 and $9.50 for the same period in 2024 due to foreign currency fluctuations. Fluctuations in foreign currency exchange rates increased revenues by approximately $11.6 million and $0.8 million for thethree and six months ended June 30, 2025, compared to the same period in 2024.

Previous wording

Money Transfer Segment direct operating costs were$224.5 million for thethree months ended March 31, 2025, anincrease of $15.1 million or 7% compared to the same period in 2024. Direct operating costs primarily consist of commissions paid to agents who originate money transfers on our behalf and correspondent agents who disburse funds to the customers’ destination beneficiaries, together with less significant costs, such as bank depository fees. The increase in direct operating costs was primarily due to the increase in the number of international-originated and U.S. outbound money transfer transactions. Fluctuations in foreign currency exchange rates increased direct costs by approximately $2.6 million for thethree months ended March 31, 2025, compared to the same period in 2024.

Current wording

Money Transfer Segment direct operating costs were $238.0 million for thethree months ended June 30, 2025, an increase of $6.3 million or 3% compared to the same period in 2024. Money Transfer Segment direct operating costs were $462.5 million for thesix months ended June 30, 2025, an increase of $21.4 million or 5% compared to the same period in 2024. Direct operating costs primarily consist of commissions paid to agents who originate money transfers on our behalf and correspondent agents who disburse funds to the customers’ destination beneficiaries, together with less significant costs, such as bank depository fees. The increase in direct operating costs was primarily due to the increase in the number of international-originated and U.S. outbound money transfer transactions. Fluctuations in foreign currency exchange rates increased direct costs by approximately $5.9 million and $0.2 million for thethree and six months ended June 30, 2025, compared to the same period in 2024.

Previous wording

Gross profit was $193.2 million for thethree months ended March 31, 2025, anincrease of $18.0 million or 10% compared to $175.2 million for the same period in 2024. Gross margin increased to 46.3% for thethree months ended March 31, 2025, compared to 45.6% for the same period in 2024. The increase in gross profit and gross margin was primarily due to increases in international-originated money transfers, U.S. outbound transactions and direct-to-consumer digital transactions.

Current wording

Gross profit was $219.9 million for thethree months ended June 30, 2025, an increase of $29.8 million or 16% compared to $190.1 million for the same period in 2024. Gross profit was $413.1 million for thesix months ended June 30, 2025, an increase of $47.8 million or 13% compared to $365.3 million for the same period in 2024. Gross margin increased to 48.0% and 47.2% for thethree and six months ended June 30, 2025, compared to 45.1% and 45.3% for the same period in 2024. The increase in gross profit and gross margin was primarily due to increases in international-originated money transfers, U.S. outbound transactions and direct-to-consumer digital transactions.

Previous wording

Salaries and benefits expenses were $87.9 million for thethree months ended March 31, 2025, anincrease of $7.2 million or 9% compared tothe same period in 2024. The increase in salaries and benefits was primarily driven by an increase in headcount to support the growth of the business and salary increases due to inflationary pressures. As a percentage of revenues, these expenses were 21.0%for both thethree months ended March 31, 2025 and 2024. Fluctuations in foreign currency exchange rates in the countries in which we employ our workforce increased salaries by approximately $1.9 million for thethree months ended March 31, 2025, as compared to the same period in 2024.

Current wording

Salaries and benefits expenses were $88.2 million for thethree months ended June 30, 2025, an increase of $5.5 million or 7% compared to the same period in 2024. Salaries and benefits expenses were $176.1 million for thesix months ended June 30, 2025, an increase of $12.7 million or 8% compared to the same period in 2024. The increase in salaries and benefits was primarily driven by an increase in headcount to support the growth of the business and salary increases due to inflationary pressures. As a percentage of revenues, these expenses were 19.3% and 20.1% for the three and six months ended June 30, 2025, compared to 19.6% and 20.3% for the same period in 2024.

Previous wording

Selling, general and administrative expenses were$54.1 million for thethree months ended March 31, 2025, anincrease of $4.1 million or 8% compared to the same period in 2024. The increase in selling, general and administrative expenses are primarily attributed to higher professional fees related to the implementation of a new fraud and risk management system and an increase in bad debt expenses. As a percentage of revenues, these expenses were 13.0%for both thethree months ended March 31, 2025, and 2024.

Current wording

Selling, general and administrative expenses were $60.1 million for the three months ended June 30, 2025, an increase of $6.7 million or 13% compared to the same period in 2024. Selling, general and administrative expenses were $114.2 million for the six months ended June 30, 2025, an increase of $10.8 million or 10% compared to the same period in 2024. The increase in selling, general and administrative expenses are primarily attributed to higher professional fees related to the implementation of a new fraud and risk management system and an increase in bad debt expenses. As a percentage of revenues, these expenses were 13.1% and 13.0% for both the three and six months ended June 30, 2025, compared to 12.7% and 12.8% for the same period in 2024.

Previous wording

Depreciation and amortization expenses were $6.1 million for thethree months ended March 31, 2025, adecrease of$1.2 million or 16%compared to the same period in 2024. Depreciation and amortization expenses primarily represents amortization of acquired intangible assets and depreciation of money transfer terminals, computers and software, leasehold improvements and office equipment. As a percentage of revenues, these expenses decreased to 1.5%for thethree months ended March 31, 2025, compared to 1.9% for the same period in 2024.

Current wording

Depreciation and amortization expenses were $6.0 million for thethree months ended June 30, 2025, a decrease of $0.7 million or 10% compared to the same period in 2024. Depreciation and amortization expenses were $12.1 million for thesix months ended June 30, 2025, a decrease of $1.9 million or 14% compared to the same period in 2024. Depreciation and amortization expenses primarily represents amortization of acquired intangible assets and depreciation of money transfer terminals, computers and software, leasehold improvements and office equipment. As a percentage of revenues, these expenses decreased to 1.3% and 1.4% for thethree and six months ended June 30, 2025, compared to 1.6% and 1.7% for the same period in 2024.

Previous wording

Money Transfer Segment operating income was $45.1 million for thethree months ended March 31, 2025, an increase of$7.9 million or 21.2% compared to the same period in 2024. Operating margin increased to 10.8% for thethree months ended March 31, 2025, compared to 9.7%for the same period in 2024. Operating income per transaction increased to$1.01 for thethree months ended March 31, 2025, compared to $0.92 for the same period in 2024. Operating income growth outpaced revenue growth due to gross margin expansion, leverage of scale and effective expense management.

Current wording

Money Transfer Segment operating income was $65.6 million for the three months ended June 30, 2025, an increase of $18.3 million or 39% compared to the same period in 2024. Money Transfer Segment operating income was $110.7 million for the six months ended June 30, 2025, an increase of $26.2 million or 31% compared to the same period in 2024. Operating margin increased to 14.3% and 12.6% for thethree and six months ended June 30, 2025, compared to 11.2% and 10.5% for the same period in 2024. Operating income per transaction increased to $1.42 and $1.22 for the three and six months ended June 30, 2025, compared to $1.07 and $1.00 for the same period in 2024. Operating income growth outpaced revenue growth due to gross margin expansion, leverage of scale and effective expense management.

Previous wording

The following table presents the operating expenses for the three months ended March 31, 2025 and 2024 for Corporate Services:

Current wording

The following table presents the operating expenses for the three and six months ended June 30, 2025 and 2024 for Corporate Services:

Previous wording

Total Corporate operating expenses were $20.0 million for thethree months ended March 31, 2025, adecrease of $1.3 million compared to the same period in 2024.

Current wording

Total Corporate operating expenses were $22.7 million and $42.7 million for thethree and six months ended June 30, 2025, an increase of $3.6 million or 19% and $2.3 million or 6% compared to the same period in 2024.

Previous wording

Interest expense was $19.4 million for the three months ended March 31, 2025, anincrease of $4.5 million or 30% compared to the same period in 2024. This increase was driven by an increase in interest rates on our Credit Facility, and the shift of borrowing from the Convertible Notes during the quarter to the Credit Facility, due tothe use of borrowings under the Credit Facility to fund the repurchase of $491.8 million of Convertible Notes in March 2025.

Current wording

Interest expense was $28.2 million for thethree months ended June 30, 2025, an increase of $8.1 million or 40% compared to the same period in 2024. Interest expense was $47.6 million for thesix months ended June 30, 2025, an increase of $12.6 million or 36% compared to the same period in 2024. This increase was driven by an increase in interest rates on our Credit Facility, and the shift of borrowing from Convertible Notes during the first quarter of 2025 to the Credit Facility.

Previous wording

We recorded net foreign currency exchange losses of$18.1 million for thethree months ended March 31, 2025, compared to net foreign currency exchange losses of $12.5 million for the same period in 2024. These realized and unrealized foreign currency exchange losses reflect the fluctuation in the value of the U.S. dollar against the currencies of the countries in which we operated during the respective period.

Current wording

We recorded net foreign currency exchange loss of $5.7 million and $23.8 million for thethree and six months ended June 30, 2025, compared to net foreign currency exchange income of $1.5 million and loss of $11.0 million for the same periods in 2024. These realized and unrealized foreign currency exchange losses reflect the fluctuation in the value of the U.S. dollar against the currencies of the countries in which we operated during the respective period.