Slide 1: World's Most Admired Companies 2025
© 2025 Fiserv, Inc. or its affiliates World’s Most Admired CompaniesTM 2025 1 © 2025 Fiserv, Inc. or its affiliates. Fortune® Magazine
Slide 2: Forward-Looking Statements and Non-GAAP Financial Measures
Forward-Looking Statements and Non-GAAP Financial Measures Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding anticipated organic revenue growth, adjusted earnings
Slide 3: First Quarter Highlights
First Quarter Highlights • Adjusted Revenue of $4.8 billion, up 5% • Maintaining guidance for the full year, with progress on initiatives supporting accelerated growth in the back-half • Organic Revenue Growth of 7% • Signed 33 financial institutions for Merchant Solutions, • Adjusted Earnings Per S
Slide 4: Financial Metric Dashboard
Financial Metric Dashboard Organic Revenue Growth: 1Q25 +7% Adjusted Revenue Adjusted Operating Margin % Adjusted EPS +5% +200bps +14% 42.9% $4,884 $4,902 40.2% $2.51 $4,794 $4,789 38.4% 37.8% 35.8% $2.30 $2.13 $2.14 $4,543 $1.88 1Q24 2Q24 3Q24 4Q24 1Q25 1Q24 2Q24 3Q24 4Q24 1Q25 1Q24 2Q24 3Q24 4Q24
Slide 5: Merchant Solutions
Merchant Solutions Adjusted Revenue Organic Adjusted Revenue Revenue $2,469 $2,499 $2,410 $2,372 Business Line $ Growth Growth $2,253 Small Business $1,594 7% 10% Enterprise $502 8% 12% Processing $276 -9% -7% * Total $2,372 5% 8% 1Q24 2Q24 3Q24 4Q24 1Q25 *Processing organic revenue growth was 4% ex
Slide 6: Financial Solutions
Financial Solutions Organic Adjusted Revenue Adjusted Revenue Revenue Business Line $ Growth Growth $2,412 $2,401 $2,417 Digital Payments $995 8% 8% $2,379 $2,285 Issuing $814 7% 8% Banking $608 1% 1% Total $2,417 6% 6% 1Q24 2Q24 3Q24 4Q24 1Q25 First Quarter Highlights Adjusted Operating Margin % Yo
Slide 7: Capital Allocation and Free Cash Flow
Capital Allocation and Free Cash Flow Capital Expenditures Free Cash Flow Share Repurchases Investing in growth… while generating healthy cash flow… and returning value to shareholders. Trailing 12 months | $ millions Trailing 12 months | $ millions Trailing 12 months | $ billions $1,469 $1,484 $5,1
Slide 8: Maintaining 2025 Performance Outlook
Maintaining 2025 Performance Outlook Key Financial Metrics Guidance Organic Revenue Growth 10% – 12% $10.10 – $10.30 Adjusted EPS (15% – 17% growth) Other Financial Metrics Adjusted Operating Margin Expansion >125bps Free Cash Flow ~$5.5B See Appendix for information regarding non-GAAP financial mea
Slide 9: Appendix
APPENDIX
Slide 10: Non-GAAP Financial Measures
Non-GAAP Financial Measures Use of Non-GAAP Financial Measures This presentation includes the following unaudited non-GAAP financial measures: “adjusted revenue,” “adjusted revenue growth,” “organic revenue,” “organic revenue growth,” “adjusted operating income,” “adjusted operating margin,” “adjust
Slide 11: 1Q25 Revenue Details
1Q25 Revenue Details Merchant Financial Corporate Total Solutions Solutions and Other Company GAAP revenue $2,372 $2,417 $341 $5,130 Postage reimbursements - - (341) (341) Adjusted revenue $2,372 $2,417 $- $4,789 Currency impact (FX) 69 8 - 77 Acquisitions and divestitures, net (8) (3) - (11) Organi
Slide 12: Adjusted Revenue and Adjusted Operating Income
Adjusted Revenue and Adjusted Operating Income Total Company 1Q25 4Q24 3Q24 2Q24 1Q24 Revenue $ 5,130 $ 5,251 $ 5,215 $ 5,107 $ 4,883 Adjustments: Postage reimbursements (341) (349) (331) (313) (340) Adjusted revenue $ 4,789 $ 4,902 $ 4,884 $ 4,794 $ 4,543 Operating income $ 1,395 $ 1,668 $ 1,602 $
Slide 13: Adjusted Revenue and Adjusted Operating Income by Segment
Adjusted Revenue and Adjusted Operating Income by Segment Merchant Solutions Segment 1Q25 4Q24 3Q24 2Q24 1Q24 Revenue $ 2,372 $ 2,499 $ 2,469 $ 2,410 $ 2,253 Operating income $ 810 $ 979 $ 931 $ 882 $ 769 Operating margin 34.2 % 39.2 % 37.7 % 36.6 % 34.1 % Financial Solutions Segment 1Q25 4Q24 3Q24
Slide 14: Adjusted and Organic Revenue by Segment
Adjusted and Organic Revenue by Segment Three Months Ended March 31, 2025 2024 Growth Total Company Revenue $ 5,130 $ 4,883 5% Postage reimbursements (341) (340) Adjusted revenue $ 4,789 $ 4,543 5% Currency impact 1 77 — Acquisition adjustments (11) — Divestiture adjustments — (5) Organic revenue 2
Slide 15: Adjusted and Organic Revenue by Segment (cont.)
Adjusted and Organic Revenue by Segment (cont.) Three Months Ended March 31, 2025 2024 Corporate and Other Revenue $ 341 $ 345 Postage reimbursements (341) (340) Adjusted revenue $ — $ 5 Divestiture adjustments — (5) Organic revenue 2 $ — $ — $ in millions, unaudited. Revenue growth is calculated us
Slide 16: Adjusted and Organic Revenue by Business Line
Adjusted and Organic Revenue by Business Line Three Months Ended March 31, 2025 2024 Growth Small Business Revenue 1 $ 1,594 $ 1,488 7% Currency impact 2 47 — Acquisition adjustments (8) — Organic revenue 3 $ 1,633 $ 1,488 10% Enterprise Revenue 1 $ 502 $ 463 8% Currency impact 2 16 — Organic revenu
Slide 17: Adjusted and Organic Revenue by Business Line (cont.)
Adjusted and Organic Revenue by Business Line (cont.) Three Months Ended March 31, 2025 2024 Growth Digital Payments Revenue 1, 4 $ 995 $ 920 8% Issuing Revenue 1 $ 814 $ 761 7% Currency impact 2 8 — Acquisition adjustments (3) — Organic revenue 3 $ 819 $ 761 8% Banking Revenue 1, 4 $ 608 $ 604 1% T
Slide 18: Adjusted Net Income and Adjusted EPS
Adjusted Net Income and Adjusted EPS 1Q25 4Q24 3Q24 2Q24 1Q24 GAAP net income attributable to Fiserv $ 851 $ 938 $ 564 $ 894 $ 735 Adjustments: Merger and integration costs 1 15 22 — 22 37 Severance costs 15 80 14 21 42 Amortization of acquisition-related intangible assets 2 331 335 346 370 369 Non
Slide 19: Adjusted Net Income and Adjusted EPS (cont.)
Adjusted Net Income and Adjusted EPS (cont.) 1 Represents acquisition and related integration costs incurred in connection with acquisitions. Merger and integration costs associated with integration activities primarily include $11 million related to a legal settlement. 2 Represents amortization of
Slide 20: Free Cash Flow
Free Cash Flow 1Q25 4Q24 3Q24 2Q24 1Q24 4Q23 3Q23 2Q23 Net cash provided by operating activities $ 648 $ 2,221 $ 2,238 $ 1,341 $ 831 $ 1,595 $ 1,559 $ 878 Capital expenditures (335) (399) (402) (348) (420) (354) (355) (340) Adjustments: Distributions paid to noncontrolling interests and — (7) (7) (7
Slide 21: Additional Information – Amortization Expense
Additional Information – Amortization Expense Total Amortization 1Q25 1Q24 Acquisition-related intangible assets $ 331 $ 373 Capitalized software and other intangibles 176 144 Purchased software 52 59 Financing costs and debt discounts 11 11 Sales commissions 28 28 Deferred conversion costs 27 24 To
Slide 22: 2025 Performance Outlook - Organic Revenue Growth
2025 Performance Outlook - Organic Revenue Growth Growth 2025 Revenue 10% - 12% Postage reimbursements (0.5%) 2025 Adjusted revenue 9.5% - 11.5% Currency impact 1 1.5% Acquisition adjustments (1.0%) Divestiture adjustments 2 —% 2025 Organic revenue 3 10% - 12% See “Non-GAAP Financial Measures” for a
Slide 23: 2024 Adjusted Net Income and Adjusted EPS Reconciliation
2024 Adjusted Net Income and Adjusted EPS Reconciliation 2024 GAAP net income attributable to Fiserv $ 3,131 Adjustments: Merger and integration costs 1 81 Severance costs 157 Amortization of acquisition-related intangible assets 2 1,420 Non wholly-owned entity activities 3 100 Impairment of equity
Slide 24: 2024 Adjusted Net Income and Adjusted EPS Reconciliation (cont.)
2024 Adjusted Net Income and Adjusted EPS Reconciliation (cont.) 1 Represents acquisition and related integration costs incurred in connection with acquisitions. Merger and integration costs associated with integration activities primarily include $23 million of third-party professional service fees
Slide 25: 2024 Adjusted Revenue and Adjusted Operating Income Reconciliation
2024 Adjusted Revenue and Adjusted Operating Income Reconciliation 2024 Revenue $ 20,456 Adjustments: Postage reimbursements (1,333) 2024 Adjusted revenue $ 19,123 2024 Operating income $ 5,879 Adjustments: Merger and integration costs 81 Severance costs 157 Amortization of acquisition-related intan