Slide 1: 3Q 2025 Earnings Supplement
3Q 2025 Earnings Supplement November 4, 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: Powerful Differentiated Business Model
Powerful Differentiated Business Model
Slide 4: Q3 2025 Performance
Q3 2025 Performance
Slide 5: GAAP Financial Highlights Q3 2025
GAAP Financial Highlights Q3 2025 $200.1M Revenue 62.3 % Gross Margin $29.6M* Net Income
Slide 6: Key Operating Metrics (Non-GAAP) Q3 2025
Key Operating Metrics (Non-GAAP) Q3 2025 $13.9B +26.4%1 $194.1M +28.2%1$127.5M 65.7%2 $57.1M 29.4%2 Total paymentvolume Revenue Less Ancillary Services Adjusted Gross Profit Adjusted EBITDA
Slide 7: Q3 Actual Performance vs. Guidance: Strong Beat Across the Board
Q3 Actual Performance vs. Guidance: Strong Beat Across the Board Actual Guide2 Beat RLAS variance to Guide 3Q 2025 3Q 2025 Mid-Point: ✓ Beat FxN Revenue growth by ~930bps Total RLAS1 $194.1 $181.1 +$13.0 primarily due to better than expected macro, along with new client ramp in Y /Y RLAS Spot Growth
Slide 8: Driving Productivity/Leverage Across All Opex Lines
Driving Productivity/Leverage Across All Opex Lines Sales & Marketing1 Technology & Development1 General & Admin1 2122.6% n 4% ,U6% . 2O^o — ; • I I a7.9% ¦ 9-5%’ H 9.6%: I 16.5< I 16.4%; Illi : 11I L11 Q124 Q125 Q224 Q225 Q324 Q325 Q124 Q125 Q224 Q225 Q324 Q325 Q124 Q125 Q224 Q225 Q324 Q325 1. Meas
Slide 9: Spotlight: SFS Strategy
Spotlight: SFS Strategy ¥ $H£€ R ^ ¥ $H£€i
Slide 10: Students fear confusing bills, inflexible deadlines & payment completion Staff overwhelmed by manual payment
Students fear confusing bills, inflexible deadlines & payment completion Staff overwhelmed by manual payment reconciliation & student inquiries Collections feel punitive, damaging student credit & relationships IT teams daunted, juggling multiple disconnected systems
Slide 11: Helps domestic and international students pay tuition on time with flexible options Finance teams
Helps domestic and international students pay tuition on time with flexible options Finance teams are able to automate reconciliation & better assist students CFOs have complete visibility into cash flow & improved collections IT leaders enjoy one technical partner and ease of management & upgrades
Slide 12: The Journey Ahead, Together
The Journey Ahead, Together Our mission to support your institution’s goals Unify & support the entire student journey Simplify all domestic & international payments Drive student enrollment & retention
Slide 13: UK SFS Client Example: Anglia Ruskin University
UK SFS Client Example Anglia Ruskin University: Before & After SFS
Slide 14: Online payment portal: Before
Online payment portal UK open ranking Welcome to Anglia Ruskin University’s secure online payment service. This section R C m R P ir^ti^^^ <-’—; *” method of paying your tuition and ocoomodoHcn fee. It BEFORE. scams and fraud scams and frauds V V J I A Frequently asked questions yOU-re a uk student
Slide 15: AFTER. ARU & SFS Account Summary
AFTER. ARU & SFS Account Summary ✓ Users single sign-on through ARU Student Portal ✓ Account Summary pulls information in real-time showing them their balance ✓ Ability to setup Authorized Users ✓ ARU can configure “Quick Links” to provide more information to the the student such as setting up “Acco
Slide 16: AFTER. ARU & SFS Account Activity
AFTER. ARU & SFS Account Activity ✓ Account Activity shows the user the details of all Charges, Payments, and Credits in a clear and concise fashion so they know what makes up their student balance ✓ This is all updated in real-time Tuition 25/26 Collapse All | Expand All > Charges Hide details £20.
Slide 17: AFTER. ARU & SFS Paper Statement
AFTER. ARU & SFS “Paper Statement” Users can print a statement of their account activity ✓ Statement includes Charges, Payments, and Credits ✓ Additionally important messages can be added to the statement Anglia Ruskin University Enquiries at: https://arul.ink/contact-finance +44(0)1245 683190 O.r.U
Slide 18: AFTER. ARU & SFS Payment Plan
AFTER. ARU & SFS Payment Plan ✓ Students and authorized users can now enroll in a payment plan ✓ Payment plans are updated in real-time with the finance system Account Summary Account Activity Payment Plans Tuition 25/26—Anglia Ruskin University Payer’s active plan Payment Due by 15/11/2025 Balance
Slide 19: UK: Multiple Paths to Move all the Money
UK: Multiple Paths to Move all the Money Objective: Work with each school’s systems & processes to enable Flywire payment experiences across domestic & international students Tailored Implementation Strategies for Major Core Systems I Ellucian/Banner Oracle Student Agresso/Unit 4 Tribal Oracle / Peo
Slide 20: US & UK SFS Illustrative Unit Economics
flywire US & UK SFS Illustrative Unit Economics ~2-3x GP1 uplift Notes: • US unit economics—Illustrative based on typical clients that have moved from XB (cross-border)-only to full SFS suite and gone live. • For the UK, in particular, these are our expectations based on the sample of 4 SFS clients
Slide 21: Many Ways to Win Clients & Expand with Them in the US
Many Ways to Win Clients & Expand with Them in the US Most Common Path • From XB—XB + software—then to full SFS—SMU, Central Washington Examples of Leapfrogging Normal Sales Cycle: • From 0 to SFS—UConn, Blinn College • From XB to full SFS—UVA, Stanford # Number of Flywire clients Full Suite SFS o ^
Slide 22: Spotlight: B2B & Invoiced
Spotlight: B2B & Invoiced
Slide 23: Invoiced Synergies via Existing Client Payments Upsell
Invoiced Synergies via Existing Client Payments Upsell is a Revenue & Gross Profit Multiplier CASE STUDIES Healthcare Workforce Solutions 39x 14x 10x 6x 5x 3x LEGEND ¦ ARR expansion from Payments Upsell Gross profit expansion from Payments Upsell National Food Distributor Software Platform for Nonpr
Slide 24: When We Land with AR Software & Payments, We Integrate Critical Workflows
When We Land with AR Software & Payments, We Integrate Critical Workflows for Customers AR Software What delights the finance AR Software Workflows Payment Execution Workflows leads we sell to? Cards Banks ✓ Best-in-class payment capabilities: 140+ currencies METHODS METHODS H M ○ APMs ○ Surcharging
Slide 25: AI Expands Flywire's Advantage in B2B
AI Expands Flywire’s Advantage in B2B AI is Redefining Our Competitive Transforming A/R Finance Operations Edge into a Growth Driver • 60% faster settlements • Early-to-market AI invoice-to-cash • Scales without added headcount • 70% fewer manual tasks • Proven enterprise adoption • Strengthens cust
Slide 26: Financial Outlook
2025 &Q4 Financial Outlook ¥ $MLER EK Ste TF
Slide 27: Guidance Context and Assumptions
Guidance Context and Assumptions FY 2025 Guidance Context: Revenue and Margins • Canada and Australia. Expect revenues from Canada and Australia to decline by approximately -10% YoY driven by Canada demand weakness. • US Edu: Guidance assumes low single digit revenue growth for FY 2025, driven by de
Slide 28: Q4 2025 Outlook
Q4 2025 Outlook FX-Neutral Revenue Adjusted EBITDA1 Margin Less Ancillary Services Growth Expansion (YoY) Tota23-27% YoY FXN 50-200 bps (including Sertifi2) (including Sertifi) 13-15% $12-14M Estimated FX Sertifi impact on RLAS ~ 3%3 ex Sertifi revenue RLAS contribution 1. Flywire has not provided a
Slide 29: FY 2025 Outlook
FY 2025 Outlook FX-Neutral Revenue Adjusted EBITDA1 Margin Less Ancillary Services Growth Expansion (YoY) Tota23-25% YoY FXN 330-370 bps (including Sertifi2) (including Sertifi) SBSB Guidance Raised to: RI +75 bps increase at midpoint ~ 3 14-16%YoY $42-44M2 vs. previous guidance ~ 1.5% FXN ex Sertif
Slide 30: Capital Allocation and Structure
Capital Allocation and Structure
Slide 31: Capital Allocation Strategy Overview
Capital Allocation Strategy Overview Sr1™ 1I u 2 l3 Organic Growth Strategic Share Investments Acquisitions Buybacks Geographic expansion Accelerate within existing Share Repurchase Program industry and / or geographies enables purchasing when GTM enhancement projected return exceeds our New product
Slide 32: 3Q25 YTD Cash Walk (US$M)
3Q25 YTD Cash Walk (US$M) 1 $48M FCF 2 4 3 Cash represents corporate cash, cash equivalents, and investments (i.e. excludes client cash) Cash primarily driven by Sertifi acquisition, net of cash acquired and post acquisition payments Other includes debt issuance costs, proceeds from option exercises
Slide 33: 3Q25 Share Buyback Update (US$M)
3Q25 Share Buyback Update (US$M) Authorized $300M (-) Purchases through $(108M) 09/30/25 Remaining $192M • Share repurchase program started in Q3’24 with $150M authorization, in Q2’25 increased to $300M • Approximately $64M spent on share repurchases through Q3’25 and $108M since program inception
Slide 34: Appendix
Appendix ¥ $i tE ROY SAM fF
Slide 35: FX Neutral Revenue Less Ancillary Services
FX Neutral Revenue Less Ancillary Services* Three Months Ended September 30, Growth Nine Months Ended September 30, Growth 2025 2024 Rate 2025 2024 Rate Revenue $ 200.1I $ 156.8 28% $ 465.5 $ 374.6 24% Ancillary services (6.0) (5.4) (15.2) (13.1) Revenue Less Ancillary Services 194.1 151.4 28% 450.3
Slide 36: Revenue Less Ancillary Services & Adjusted Gross Margin Reconciliations
Revenue Less Ancillary Services & Adjusted Gross Margin Reconciliations Three Months Ended September 30, Nine Months Ended September 30, (dollars in millions) 2025 2024 2025 2024 Revenue $ 200.1 $ 156.8 $ 465.5 $ 374.6 Adjusted to exclude gross up for: Pass-through cost for printing and mailing (4.6
Slide 37: Revenue Disaggregation by Revenue Type
Revenue Disaggregation by Revenue Type Three Months Ended September 30, 2025 Three Months Ended September 30, 2024 T . Platform and n . Platform and n Transaction , Revenue Transaction L Revenue other revenues other revenues Revenue 1 167.2 1 IT 1 200.1 $ 134.4 $ 22.4 $ 156.8 Adjusted to exclude gro
Slide 38: Net Income to Adjusted EBITDA Reconciliation
Net Loss to Adjusted EBITDA Reconciliation Three Months Ended September 30, Nine Months Ended September 30, (in millions} 2025 2024 2025 2024 Net income $ 29.6 $ 3-3.9 $ 13.5 $ 13.3 Interest expense 1.2 0.1 3.0 0.4 Interest income (0.3} (5.0) (4.3) (16.6) Provision for (benefit from) income taxes 1.
Slide 39: Net Margin, EBITDA Margin, and Adjusted EBITDA Margin
Net Margin, EBITDA Margin, and Adjusted EBITDA Margin Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 Change 2025 2024 Change Revenue (A) $ 200.1 $ 156.8 $ 43.3 $ 465.5 $ 374.6 $ 90.9 Revenue less ancillary services (B) $ 194.1 $ 151.4 $ 42.7 $ 450.3 $ 361.5 $ 88.8 Net inc