Slide 1: 2Q 2025 Earnings Supplement
Exhibit 99.2 2Q 2025 Earnings Supplement August 5, 2025
Slide 2: Disclosures
Disclosures This presentation includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts contained in this presentation, in
Slide 3: Our Strategy to Date
Our Strategy to Date Vertical Expertise Strong “North Star” Thesis Dieren ff tiated Core Assets 123 in Big Markets Software drives The Flywire Deep vertical value in payments Advantage expertise ++
Slide 4: Q2 2025 Performance
Q2 2025 Performance
Slide 5: GAAP Financial Highlights Q2 2025
GAAP Financial Highlights Q2 2025 $131.9M 57.0 % ($12.0) M* Revenue Gross Margin Net Loss *Q2 2025 includes a $3.9m FX gain and $1.4m restructuring costs
Slide 6: Key Operating Metrics (Non-GAAP) Q2 2025
Key Operating Metrics (Non-GAAP) Q2 2025 $5.9B $127.5M $77.9M $16.6M 2 2 1 1 +22.0% +27.7% 61.1% 13.0% Total Revenue Less Adjusted Adjusted EBITDA payment Ancillary Gross Profit volume Services 1. Represents Y-o-Y Growth as compared to Q224 2. Represents Margins as % of RLAS (Revenue Less Ancillary S
Slide 7: Q2 Actual Performance vs Guidance: Strong Beat Across the Board
Q2 Actual Performance vs Guidance: Strong Beat Across the Board Actual Guide* Beat RLAS variance to Guide Mid-Point: 2Q 2025 2Q 2025 ✔ Beat FXN Revenue by ~500 bps driven primarily by Travel strength and $127.5 $119.8 +$7.7M Total RLAS, $ Ms lower impact from AU risk 27.7% 20.0% +770 bps Y/Y RLAS Sp
Slide 8: Operational Review - Interim Update
“Operational Review” - Interim Update Areas of Focus Actions Taken 1H 2025 ● Completed restructuring removing 10% of headcount Streamlined ● Consolidated Payments & Product under Chief Payments Officer’s leadership organizational structure ● Removed layers of management in administrative areas ● IT/
Slide 9: Driving productivity/leverage across all opex lines
Driving productivity/ leverage across all opex lines 1 1 1 Sales & Marketing Technology & Development General & Admin 9.1% 9.3% 1. Measures non-GAAP operating expenses as % of revenue less ancillary services (RLAS) Opportunities to scale ● Coding with AI… Increase feature ● Data architecture investm
Slide 10: EDU Strategy & New Products
EDU Strategy & New Products
Slide 11: Powerful Education Flywheel
Powerful Education Flywheel Investment in geo expansion & local payment options Expansive footprint of education clients & agents Network of bank, loan & fintech partners Network effects High volume of students / payers Product innovation & expanding product suite
Slide 12: Significant Global Investment in Integrations & Partnerships
Significant Global Investment in Integrations & Partnerships Global Integrations Preferred Partnerships FY 25’ New Partners Recently Added Global Strategic Relationship ~ 70+ Real Time Integrations across the Edtech Landscape Embedded in partner GTM Integrations & Partnerships
Slide 13: Spotlight: US Collection Management
Spotlight: US Collection Management
Slide 14: Automation with Flywire: Collection Management Modules
Example 1 End term with a balance 2 Receive paper letter 3 Call Business Office to make arrangements 4 Manually calculate payment term The old way 5 Manually track in SIS and Excel Very manual process 6 Manually send and apply payment each month Automation with Flywire: Collection Management Modules
Slide 15: Proven impact for U.S. institutions
Proven impact for U.S. institutions past-due debt collected $328M+ ↑ ↑ 50%40%20% 2 pre-collection savings $65M+ Increase in payment Improvement students saved Reduction 1 1 161K+ from collections plan enrollment in collections 1 in inquiries Flywire was the easiest We are delighted with our Flywire
Slide 16: Purdue case study: Collection Management
Purdue pain point Flywire solution ● Handled past-due account ● Went live in March 2024 to digitize and management manually automate past-due collections ● Staff mailed demand letters ● Purdue liked that solution is “native”; to students with past-due comms are customizable CASE STUDY accounts for t
Slide 17: Spotlight: Early Sertifi Synergies
Spotlight: Early Sertifi Synergies
Slide 18: Sertifi Showing Early Signs of Success
Sertifi Showing Early Signs of Success Net-New Enterprise Logo: International Sales in EMEA: Rapid Growth in Sertifi Pay: Caesars Entertainment 33% more ARR vs. Q1’25 2X+ Properties & Volume YTD Secured this net-new Sales have begun accelerating Team closed twice as many hospitality logo leveraging ou
Slide 19: Sertifi Product Suite Overview
e-Signatures Payments Quickly send, collaborate on and Avoid payment delays and Sertifi send fully branded agreements - follow-ups by letting customers and receive notifications every pay at the time of signing step of the way Product Suite Overview Digital Authorizations Travel Authorizations Securel
Slide 20: 2025 & Q3 Financial Outlook
2025 & Q3 Financial Outlook
Slide 21: Guidance Context and Assumptions
Guidance Context and Assumptions FY 2025 Guidance Context: Revenue and Margins ● Canada and Australia. Have experienced better performance of Australia in H1 but soft visa caps and higher visa fees expected to impact H2 revenues. Canada demand weakness continues. Overall expect revenues from Canada
Slide 22: Q3 2025 Outlook
Q3 2025 Outlook FX-Neutral Revenue 1 Adjusted EBITDA Less Ancillary Services margin expansion (YoY) Growth Total 13-21% YoY FXN 50-150 bps (including Sertifi) Flywire 7-13% $9-12M FXN Sertifi ex Sertifi revenue RLAS contribution 1. Flywire has not provided a quantitative reconciliation of forecasted FX
Slide 23: FY 2025 Outlook
FY 2025 Outlook 1 FX-Neutral Revenue Less Adjusted EBITDA Ancillary Services Growth margin expansion (YoY) Total 17-23% YoY FXN 200-350 bps 2 (including Sertifi ) (including Sertifi) Flywire Excluding Previous guidance unchanged +75 bps increase at midpoint vs Sertifi previous guidance 2 10-14% YoY $35
Slide 24: Capital Allocation and Structure
Capital Allocation and Structure
Slide 25: Capital Allocation Strategy Overview
Capital Allocation Strategy Overview 13 2 Organic growth Strategic Share investments acquisitions buybacks Geographic Expansion Accelerate within existing Share Repurchase Program industry and / or geographies enables purchasing when GTM Enhancement projected return exceeds our New product capabilit
Slide 26: 1H25 YTD Cash Walk
1H25 YTD Cash Walk (US$M) 1 ● Cash represents corporate cash, cash equivalents, and investments (i.e. excludes client cash) ● Cash decrease primarily driven by $320M Sertifi acquisition, net of cash acquired ● Other includes proceeds from option exercises, issuance of ESPP stock, and FX 1. SBB - Shar
Slide 27: Credit Facility Upsize
Credit Facility Upsize (US$M) 1 ● Credit Facility upsized to $300M from $125M, increasing Flywire’s liquidity and financial flexibility ● Net $60M of Credit Facility used to fund the Sertifi acquisition in 1Q25, $65M that remained unfunded and available is now $240M, improving Flywire’s overall liquidi
Slide 28: Total Buyback Capacity Now at ~$200M
Total Buyback Capacity Now at ~$200M (US$M) Share repurchases over the last 4 quarters Authorized $300M (-) Purchases through $(98M) 06/30/25 Remaining $202M ● Flywire began its share repurchase program in Q3’24 ● Approximately $54M of total cash was spent on share repurchases in 1H 2025 ● $150M inc
Slide 29: Appendix
Appendix
Slide 30: FX Neutral Revenue Less Ancillary Services
FX Neutral Revenue Less Ancillary Services* *FX Neutral Revenue Less Ancillary Services: FX neutral revenue less ancillary services is adjusted for the impact of foreign currency rate fluctuations. This measure helps provide insight on comparable revenue growth by removing the eect o ff f changes in
Slide 31: Revenue Less Ancillary Services & Adjusted Gross Margin Reconciliations
Revenue Less Ancillary Services & Adjusted Gross Margin Reconciliations $USD in Millions (unaudited)
Slide 32: Revenue Disaggregation by Revenue Type
Revenue Disaggregation by Revenue Type $USD in Millions (unaudited)
Slide 33: Net Loss to Adjusted EBITDA Reconciliation
Net Loss to Adjusted EBITDA Reconciliation $USD in Millions (unaudited)
Slide 34: Net Margin, EBITDA Margin, and Adjusted EBITDA Margin
Net Margin, EBITDA Margin, and Adjusted EBITDA Margin $USD in Millions (unaudited)