Repay Holdings Corporation · NASDAQ:RPAY
Repay — Q3 2026 Earnings Presentation
21 slides from Repay's earnings presentation, Nov 9, 2026
Slide 1: Q3 2026 Earnings Supplement
Q3 2026 Earnings Supplement November 2026 Exhibit 99.2
Slide 2: Disclaimer
Disclaimer Repay Holdings Corporation (“REPAY” or the “Company”) is required to file annual, quarterly and current reports, proxy statements and other information with the Securities and Exchange Commission (“SEC”) Such filings, which you may obtain for free at the SEC’s website at http://www.sec.go
Slide 3: Financial Update – Q3 2026
Financial Update – Q3 2026 ($MM) Organic growth is a non-GAAP financial measure. See slide 1 under “Non-GAAP Financial Measures” and slide 18 for reconciliation Gross profit margin represents gross profit / revenue Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP financial measures. See slide
Slide 4: Q3 2026 Revenue and Adjusted EBITDA Margin Dynamics
Q3 2026 Revenue and Adjusted EBITDA Margin Dynamics Incremental Revenue Political media contributions KUBRA contributions (In $ millions) KUBRA mix impact Strategic investments in people, product, and technology Political media contributions Adjusted EBITDA Margin Revenue ~14% Organic y/y Growth(1)
Slide 5: Consumer Payments Results – Q3 2026
Consumer Payments Results – Q3 2026 ($MM) Key Business Highlights First full quarter including KUBRA KUBRA contributed ~$65mm of revenue, increasing ~8% year-over-year, ahead of expectations Organic revenue growth of 0.3% reflects softer revenue pull-through from 2026 new sales and prior year sales
Slide 6: Business Payments Results – Q3 2026
Strong sales pipeline within automotive, property management, and municipality verticals via direct sales and new integrations Political media contributed ~59 points of growth during an extremely active 2026 mid-term election cycle Increased our AP Supplier Network to 878,000+ suppliers, ~68% y/y gr
Slide 7: Progress on KUBRA Value Creation Roadmap
Progress on KUBRA Value Creation Roadmap Expected to be Free Cash Flow accretive(1) by 25% in 2028E Revenue Opportunities Expense Synergies Capex Savings Increase penetration into all verticals with a comprehensive end-to-end digital bill pay platform; including bill presentment, communications, pay
Slide 8: Integration Plan for One Platform
Integration Plan for One Platform Phased hybrid integration plan optimizes client upgrades during infrastructure unification Taking the best of best combined technologies for one payments ecosystem Feature and compliance parity essential before client feature optimization KUBRA — The Experience Plat
Slide 9: Q3 Free Cash Flow Walk
Financial Review – Financial Performance Q3 Free Cash Flow Walk Q3'26 FREE CASH FLOW: IMPACT OF CHANNEL INVESTMENT AND TIMING ITEMS ($M) REPORTED FCF CONVERSION (41%) ($21.1M) FCF ÷ Q3 Adj. EBITDA $50.9M WORKING CAPITAL TIMING ITEMS $10.9M Expected to reverse by year-end WHAT'S BEHIND Q3 FREE CASH F
Slide 10: Balance Sheet Liquidity and Net Leverage
Balance Sheet Liquidity and Net Leverage Total liquidity represents cash balance plus the undrawn revolver facility. 2026E estimated based on 2026E forecast and the undrawn $100mm revolver facility from KUBRA acquisition financing Net Leverage is a non-GAAP financial measure. See slide 1 under "Non-
Slide 11: FY 2026 Outlook
FY 2026 Outlook REVENUE ADJUSTED EBITDA FREE CASH FLOW CONVERSION (2) $490 – $500MM $168.5 – $176MM 20%-25% REPAY updates its outlook(1) for full year 2026, which includes 7 months of KUBRA contribution ~35% Margins Reported Growth ~60% Organic Growth 10%-12% Normalized Growth 5%-6% Note: REPAY does
Slide 12: History of Sustainable Growth and Free Cash Flow Generation
History of Sustainable Growth and Free Cash Flow Generation Gross Profit (1) Revenue (1) Free Cash Flow (2) Adjusted EBITDA(2) (In $ Millions) (In $ Millions) (In $ Millions) (In $ Millions) 24% CAGR Consumer Payments Business Payments Consolidated Consolidated totals include the elimination of inte
Slide 13: Appendix
Appendix
Slide 14: Q3 2026 Financial Update
Q3 2026 Financial Update Note: Not meaningful (NM) for comparison Operating expenses includes SG&A and expenses associated with non-cash impairment loss, the change in fair value of tax receivable liability, change in fair value of contingent consideration, loss on extinguishment of debt, and other
Slide 15: Q3 2026 Adjusted EBITDA Reconciliation
Q3 2026 Adjusted EBITDA Reconciliation For the three months ended September 30, 2026, reflects amortization of client relationships, non-compete agreement, software, and channel relationship intangibles acquired through the Business Combination, and client relationships, non-compete agreement, and s
Slide 16: Q3 2026 Adjusted Net Income Reconciliation
Q3 2026 Adjusted Net Income Reconciliation For the three months ended September 30, 2026, reflects amortization of client relationships, non-compete agreement, software, and channel relationship intangibles acquired through the Business Combination, and client relationships, non-compete agreement, a
Slide 17: Free Cash Flow Reconciliation
Free Cash Flow Reconciliation 2021 2022 2023 2024 2025 2026 $MM Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Net Cash provided by Operating Activities $4.8 $12.1 $14.6 $21.8 $13.8 $13.3 $25.3 $21.8 $20.8 $20.0 $28.0 $34.9 $24.8 $31.0 $60.1 $34.3 $2.5 $33.1 $32.2 $23.3 $16.8 $
Slide 18: Depreciation and Amortization Detail
Depreciation and Amortization Detail Note Adjusted Net Income is adjusted to exclude amortization of all acquisition-related intangibles as such amounts are inconsistent in amount and frequency and are significantly impacted by the timing and/or size of acquisitions (see corresponding adjustments in
Slide 19: Q3 2026 Revenue Growth Reconciliations
Q3 2026 Revenue Growth Reconciliations Q3 2026 $MM Consumer Payments Business Payments Total Company Revenue Growth 91% 99% 97% Acquisitions / (Divestitures) impact 91% n/a 83% Organic Revenue Growth1 <1% 99% 14% Political Media contribution / (impact) n/a 59% 9% Organic Revenue Growth, excl. politi
Slide 20: Revenue Growth Reconciliation
Revenue Growth Reconciliation 2023 2024 2025 2026 $MM Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Revenue Growth 10% 6% 4% 5% 6% 8% 4% 6% 3% 6% (4%) 1% (2%) <1% (1%) 4% 33% 97% Acquisitions / (Divestitures) impact (2%) (3%) (4%) (5%) (4%) (2%) n/a n/a n/a (<1%) n/a n/a n/a n/a n/a n/a 27%
Slide 21: Historical Segment Details
Historical Segment Details Note: Historical periods reflect the reclassification of revenue and gross profit between Consumer Payments and Business Payments segments 2022 2023 2024 2025 2026 Full Year $MM Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2022 2023 2024 2025 Consumer Payments