Slide 1: Q2 2025 Shareholder Letter
Q2 2025 SHAREHOLDER LETTER INVESTORS.SHIFT4.COM
Slide 2: Forward-Looking Statements
Forward-Looking Statements This letter contains forward-looking statements within the We have based these forward-looking statements largely on variety of laws and regulations, including those relating meaning of the Private Securities Litigation Reform Act of our current expectations and projection
Slide 3: Dear Fellow Shareholders
Dear Fellow Shareholders, This quarter was a particularly eventful one at Shift4. We delivered results that were largely within our expectations while also executing on numerous long-term strategic objectives, which will pay off for many years to come. We are raising our standalone revenue guidance
Slide 4: Tracking well towards medium term guidance
We are tracking well towards our medium term guidance and for the “most likely case”, which as you recall contemplates a 30% 3 Year CAGR on Gross Revenues Less Network Fees and Adjusted EBITDA and, most importantly, a $1 billion free-cash-flow run rate. It is with mixed emotions that I announce that
Slide 5: Performance Highlights Second Quarter 2025
Performance Highlights Q2 Second Quarter 2025 +25% YoY +26% YoY +29% YoY $41.1M • $205.1M Q2 VOLUME GROSS PROFIT GROSS REVENUE LESS NETWORK NET INCOME +26% YoY FEES(A) ADJUSTED EBITDA(A) • Volume of $50.1 billion during Q2 2025, up 25% from Q2 • Net income for Q2 2025 was $41.1 million. Net income p
Slide 6: Executing on Our Strategic Objectives
Executing on Our Strategic Objectives Moving up market with industry leading volume growth while improving overall unit economics Increased Volume and Move Up Market Improved Diversity Scaling and diversifying Average size of merchant based on volume is 363% of 2021 levels. Stable Spreads Despite Mo
Slide 7: We Are a Market Leader Across Multiple Verticals and Continents
We Are a Market Leader Across Multiple Verticals and 6 Continents… and We Are Not Slowing Down We are uniquely advantaged by our category-leading products, our extensive library of software integrations, and our now $1 trillion + cross sell payments funnel. We have both a proven formula and the fire
Slide 8: Restaurant Update
Restaurant Update Shift4 continues to gain market share in restaurants, winning new restaurants every day MERA MARINAS Search "Shift4" on X We remain on track to (f.k.a. Twitter) to see meet our 2025 goal of dozens of installs 45,000 SkyTab global every day! system installs! 8
Slide 9: Hospitality Update
Hospitality Update Continuing Continuing to to expand expandmarket marketshare shareininhospitality hospitalityvertical vertical ★ ★ Shift4 has partnered with Corner Collection to Shift4 is now processing payments for four more power payments for their award-winning downtown Las Vegas resorts, exten
Slide 10: Hospitality Update
Hospitality Update Continuing Continuing to to expand expandmarket marketshare shareininhospitality hospitalityvertical vertical Hotel Contessa San Antonio Sandia Resort & Casino Hotel Contessa, situated on San Antonio’s Riverwalk, is an all-suite A unique experience in a Southwestern setting, Sandi
Slide 11: Sports & Entertainment Update
Sports & Entertainment Update Powering payments through POS, mobile ordering, ticketing, and more 15+ ZOOS AND AQUARIUMS ACROSS THE U.S. Shift4 has partnered with SSA Group to power payments for concessions and ticketing for more than 15 zoos, museums, aquariums, and other cultural attractions. Shif
Slide 12: Sports & Entertainment Update
Sports & Entertainment Update Powering payments through POS, mobile ordering, ticketing, and more Shift4 is powering payments for food & beverage concessions at Ford Field through SkyTab Venue and ticketing through our integration with Ticketmaster. University of Kentucky University of Louisville NO
Slide 13: Sports & Entertainment Update
Sports & Entertainment Update Powering payments through POS, mobile ordering, ticketing, and more MGM Music Hall San Jose Sharks Located near Fenway Park in Boston, MA, MGM Music Hall hosts live Shift4 is powering payments for food & beverage concessions at SAP performances with a capacity of over 5
Slide 14: Unified Commerce Wins
Unified Commerce Wins Continuing to gain momentum in our Unified Commerce vertical NON-PROFITS RETAIL CRYPTO 1 14 4
Slide 15: Adding 1,000+ International Restaurant/Hospitality Wins Per Month!
Adding 1,000+ International Restaurant/Hospitality Wins Per Month! International card present momentum is picking up steam! SkyTab is growing quickly in the UK, Ireland, and Shift4 continues to move Boldly Forward towards becoming a truly global company Canada, while Vectron payment cross-sells are
Slide 16: Going Global: Continuing Our International Momentum
Going Global: Continuing Our International Momentum Shift4 continues Thousands to move of hotels, Boldly Forward restaurants, towards and unified becoming commerce a truly global merchants company are being added all over the world We have closed on our landmark acquisition of Global Blue, expanding
Slide 17: Updating Our Full Year 2025 Guidance to Reflect Global Blue
Updating Our Full Year 2025 Guidance to Reflect Our Recent Acquisition of Global Blue Full Year 2025 Guidance Volume Gross Revenue Less Network Fees Maintaining our Volume range Raising our GRLNF Range $200 Billion $220 Billion $1.965 Billion $2.035 Billion TO TO +21% YoY +33% YoY +45% YoY +50% YoY
Slide 18: Breaking Down the Impact of Global Blue
Breaking Down the Impact of Global Blue We are providing bridges to help explain the impact of Global Blue on our Updated Guidance Global Blue 2H25 Bridge (#039;s in Millions)(1) Full Year Global Blue Guidance Impact Bridge (#039;s in Millions) GRLNF Guide Bridge Adj. EBITDA Guide Bridge (1) Represents an
Slide 19: Appendix - Financial Information
Appendix - Financial Information 19
Slide 20: Condensed Consolidated Balance Sheets
Second Quarter of 2025 Condensed Consolidated Balance Sheets UNAUDITED In millions June 30, 2025 December 31, 2024 ASSETS Current assets Cash and cash equivalents $ 3,029.3 $ 1,211.9 Settlement assets 312.2 298.1 Accounts receivable, net 372.7 348.7 Prepaid expenses and other current assets 65.2 51.
Slide 21: Condensed Consolidated Statements of Operations
Second Quarter of 2025 Condensed Consolidated Statements of Operations UNAUDITED In millions, except share and per share data Three Months Ended Six Months Ended June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024 Gross revenue $ 966.2 $ 827.0 $ 1,814.5 $ 1,534.4 Cost of sales (exclusive of cert
Slide 22: Condensed Consolidated Statements of Cash Flows
Second Quarter of 2025 Condensed Consolidated Statements of Cash Flows UNAUDITED In millions Three Months Ended Six Months Ended June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024 OPERATING ACTIVITIES Net income $ 41.1 $ 54.5 $ 60.6 $ 83.0 Adjustments to reconcile net income to net cash provide
Slide 23: Reconciliations of Gross Revenue to Gross Profit and Gross Revenue Less Network Fees
Second Quarter of 2025 Reconciliations of Gross Revenue to Gross Profit and Gross Profit to Gross Revenue Less Network Fees UNAUDITED In millions Three Months Ended Six Months Ended June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024 Payments-based revenue $ 868.5 $ 755.8 $ 1,624.2 $ 1,410.9 Sub
Slide 24: Reconciliations of Net Income to Adjusted EBITDA and Adjusted Net Income
Second Quarter of 2025 Reconciliations of Net Income to Adjusted EBITDA and Net Income to Adjusted Net Income UNAUDITED In millions, except share and per share data Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 NET INCOME $ 54.5 $ 72.2 $ 139.3 $ 19.5 $ 41.1 Interest expense 8.1 18.3 27.3 28.5 39.4 Interes
Slide 25: Reconciliation to Free Cash Flow and Adjusted Free Cash Flow
Second Quarter of 2025 Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow and Adjusted Free Cash Flow UNAUDITED Three Months Ended In millions, except share and per share data June 30, September 30, December 31, March 31, June 30, 2024 2024 2024 2025 2025 NET CASH PROVIDED
Slide 26: Reconciliation of Common Shares
Second Quarter of 2025 Reconciliation of Common Shares UNAUDITED Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 BEGINNING BALANCE Class A Common Shares 60,815,224 61,967,248 66,942,326 67,737,305 67,470,986 Class B Common Shares 23,831,883 23,750,968 19,801,028 19,801,028 19,801,028 Class C Common Shares 1