Slide 1: We power the Experience Economy
Images Powered by Experiences Powered by Shift4. We power the Experience Economy. Enabling businesses to deliver the Moments that Matter. Q4 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 and information security, marketing across different meaning of the Private Securities Litigation Reform Act of our current expectations and projections abo
Slide 3: Dear Fellow Shareholders
Dear Fellow Shareholders, As we close the books on 2025 and share our fourth-quarter results, I want to reflect on what has been a truly transformative year for our company. As you will see in the pages ahead, we had another strong quarter and are well positioned for the year ahead. Our quarterly fi
Slide 4: The acquisition of Global Blue represented a step-function increase in the pace of progress
The acquisition of Global Blue represented a step-function increase in the pace of progress for Shift4. We have acquired a highly unique product capability that is deeply intertwined within the critical workflows of many of the world’s most well-known luxury brands. We have the benefit of an excelle
Slide 5: Performance Highlights Fourth Quarter 2025
Performance Highlights Record Results Fourth Quarter 2025 +23% YoY +58% YoY +51% YoY • $0.36 $53M • $304M VOLUME GROSS PROFIT GROSS REVENUE GAAP DILUTED EPS NET +48% YoY INCOME LESS NETWORK $1.60 ADJUSTED EBITDA(A) FEES(A) NON-GAAP EPS(A) • Volume of $59 billion during Q4 2025, up 23% from Q4 • Net
Slide 6: We Power the Experience Economy
We Power the Experience Economy Across all of our verticals, we enable businesses to deliver the Moments that Matter DINE STAY #2 in Restaurants #1 in Hospitality in U.S. in U.S. World class technology, One Hand to Shake: the only sophisticated distribution, hospitality platform to and an overall lo
Slide 7: Restaurant Update
Restaurant Update DINE Shift4 continues to gain market share in restaurants, winning new restaurants every day Search "Shift4" on X to see dozens of installs every day! 6
Slide 8: Hospitality Update
Hospitality Update STAY Continuing Continuing toto expand expand market market shareshare in hospitality in hospitality vertical vertical Shift4 has partnered with ETC Hotels to power payments for their iconic Shutters on the Beach and Casa del Mar properties nestled on Santa Monica Beach, modernizi
Slide 9: Sports and Entertainment Update
Sports and Entertainment Update PLAY Powering payments through POS, mobile ordering, ticketing, and more THE BIG GAME Shift4 powers payments for the world's most important sporting events, including the biggest football game of the year! Ottawa Senators Indianapolis Indians Shift4 is powering paymen
Slide 10: Luxury Retail Update
Luxury Retail Update SHOP Global leading digital Shift4 continues to movepayments networktowards Boldly Forward powering the mosta recognized becoming truly global luxury brands company and serving affluent shopping customers for regulated tax-free shopping countries Founded in 2002 and based in Ita
Slide 11: Unified Commerce: Other Update
Unified Commerce: Other Update Continuing to gain momentum in our Unified Commerce vertical GIVING TRAVEL & MOBILITY CRYPTO 1 10 0
Slide 12: Going Global: Continuing Our International Momentum
Going Global: Continuing Our International Momentum Shift4Are We continues TakingtoOur move Boldly Forward Industry Leadingtowards becoming Products a trulyGeographic Into New global company Markets Around the World Enabling commerce in 75+ countries EUROPE NORTH AMERICA ASIA AFRICA SOUTH AMERICA AU
Slide 13: Introducing Our Full Year 2026 Guidance and Providing Q1 Guidance
Introducing Our Full Year 2026 Guidance and Providing Q1 Guidance Volume FY 2026 $240 Billion TO $260 Billion +15% YoY +24% YoY Gross Revenue Less Network Fees (A) FY 2026 Q1 2026 $2.50 Billion +26% YoY ~$548 Million TO +49% YoY $2.60 Billion +31% YoY (A) Adjusted EBITDA FY 2026 Q1 2026 $1.165 Billi
Slide 14: 2026 Guidance Review
2026 Guidance Review Continuing to Deliver Strong Durable Growth while Balancing Investment and Integration 2026 GRLNF Growth Algorithm ($ MILLION) 2,500- 2,600 Stable 1,981 Spreads ~60bps(A) • Payments-Based Revenue Less Network Fees: ◦ Americas is expected to grow mid-teens and reflects our most m
Slide 15: Disciplined Capital Allocation Framework with a Proven Track Record of Results
Disciplined Capital Allocation Framework with a Proven Track Record of Results CUSTOMER ACQUISITION • Eliminate upfront costs for our merchants by providing essential hardware • Provide financial incentives to align our partners and salespeople • Acquiring international distribution in support of lo
Slide 16: Appendix - Financial Information
Appendix - Financial Information 15
Slide 17: Condensed Consolidated Balance Sheets
Fourth Quarter of 2025 Condensed Consolidated Balance Sheets UNAUDITED In millions December 31, 2025 December 31, 2024 ASSETS Current assets Cash and cash equivalents $ 964 $ 1,212 Settlement assets 350 298 Accounts receivable, net 742 349 Prepaid expenses and other current assets 125 51 Total curre
Slide 18: Condensed Consolidated Statements of Operations
Fourth Quarter of 2025 Condensed Consolidated Statements of Operations UNAUDITED In millions, except share and per share data Three Months Ended Twelve Months Ended December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 Gross revenue $ 1,189 $ 887 $ 4,180 $ 3,331 Cost of sales (excl
Slide 19: Condensed Consolidated Statements of Cash Flows
Fourth Quarter of 2025 Condensed Consolidated Statements of Cash Flows UNAUDITED Three Months Ended Twelve Months Ended In millions December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 OPERATING ACTIVITIES Net income $ 53 $ 139 $ 147 $ 295 Adjustments to reconcile net income to ne
Slide 20: Reconciliations of Gross Revenue to Gross Profit and Gross Revenue Less Network Fees
Fourth 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 Twelve Months Ended December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 Payments-based revenue $ 919 $ 772 $ 3,471
Slide 21: Reconciliations of Net Income to Adjusted EBITDA and Non-GAAP Net Income
Fourth Quarter of 2025 Reconciliations of Net Income to Adjusted EBITDA and Net Income to Non-GAAP Net Income UNAUDITED In millions, except per share data Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 NET INCOME $ 139 $ 20 $ 41 $ 33 $ 53 Interest expense 27 29 39 61 61 Interest income (14) (13) (19) (17)
Slide 22: Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow
Fourth Quarter of 2025 Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow and Adjusted Free Cash Flow UNAUDITED In millions Three Months Ended December 31, March 31, June 30, September 30, December 31, 2024 2025 2025 2025 2025 NET CASH PROVIDED BY OPERATING ACTIVITIES $ 13
Slide 23: Reconciliation of Common Shares
Fourth Quarter of 2025 Reconciliation of Common Shares UNAUDITED Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 BEGINNING BALANCE Class A Common Shares 66,942,326 67,737,305 67,470,986 66,376,228 67,451,984 Class B Common Shares 19,801,028 19,801,028 19,801,028 19,801,028 19,801,028 Class C Common Shares 1