Paysafe Limited · NYSE:PSFE
Paysafe — Q3 2025 Earnings Presentation
34 slides from Paysafe's earnings presentation, Nov 13, 2025
Slide 1: Third Quarter 2025 Earnings
Third Quarter 2025 Earnings November 13, 2025
Slide 2: Forward-looking statements and non-GAAP financial measures
Forward -looking statements and non -GAAP financial measures Forward - Looking Statements This presentation and today’s webcast include “forward -looking statements” within the meaning of U.S. federal securities laws. T hese forward -looking statements are provided for illustrative purposes only and
Slide 3: Q3 2025 summary
Q3 2025 summary Revenue Adj. EBITDA Adj. EPS Net Leverage $434m 1 $127m $0.70 5.2x +2% YoY; +6% organic 29.2% margin +37% YoY versus 5.4x Jun -25 • Volume growth of 10% led by strong growth in e -commerce • Organic revenue increased 6% YoY, Adj. EBITDA increased 7% YoY, and Adj. EPS increased 37% Yo
Slide 4: Balanced revenue growth of 8% driven by key regions
Balanced revenue growth of 8% driven by key regions 1 Regional revenue growth and segmentation US & Canada 54% of Revenue ✓ SMB stabilized, +8% returning growth Q3 growth ✓ Robust e - comm growth (iGaming) Europe 36% of Revenue ✓ eCash growth +14% RoW 3% of Revenue 8% cc ✓ Classic wallet growth Q3 g
Slide 5: Exciting new deals in Q3 coupled with TAM expansion and strong cross-selling
Exciting new deals in Q3 coupled with TAM expansion and strong cross -selling ` New iGaming client New iGaming client New financial svcs client • Card processing • eCash and wallet solutions • Card processing • Ontario • Europe and LatAm • Europe • Why Paysafe? Client was seeking a partner with • Wh
Slide 6: Strong bookings across both enterprise and SMB
Strong bookings across both enterprise and SMB Enterprise SMB Q3 summary YoY Q3 summary YoY +22% +2X e-comm revenue +25% Q3 enterprise deal +21% +4% Q3 e -comm Q3 new MID growth Q3 revenue growth revenue growth (2025e vs 2022) growth segmentation of Q3 enterprise deals SMB channel mix (Direct and IS
Slide 7: Optimizing Merchant Solutions to drive more value for our customers and for Paysafe
Optimizing Merchant Solutions to drive more value for our customers and for Paysafe MS segment mix SMB progress SMB f ocus areas Value add services Shift towards ISO despite strong Driving strong MID production Focused on the right things to Creating a streamlined e- comm growth with acceleration of
Slide 8: Digital Wallets – still under construction
Digital Wallets – still under construction Mixed results and timing across While growth is supported by newer high - value products products and initiatives Account & Card Digital bank partnerships LatAm offering Classic wallets Flat organic growth 0.5m users >30% growth +13% Account & Card YTD grow
Slide 9: 3Q25 Financial Results
3Q25 Financial Results
Slide 10: Q3 2025 financial highlights
Q3 2025 financial highlights Volume ($bn) Revenue ($m) Adj. EBITDA 1 ($m) uFCF 1 ($m) Adj. Net Income 1 ($m) +2% +10% organic +6% 1 +7% (7%) +28% ~$10m headwind from business disposal $427.1 $433.8 $41.2 $126.6 $89.9 $37.5 $117.8 $83.6 $40.3 $31.4 76% 66% 1.1% 1.1 % 27.6 % 29.2% conversion conversio
Slide 11: Summary of YTD revenue drivers
Summary of YTD revenue drivers 2024 YTD to 2025 YTD revenue walk (YoY, $m) Summary • Attrition stable at 11% -12% +6% • Existing customer growth moderating YoY in H2 reflecting ramp of merchants $1,285 7% $1,263 onboarded in 2024 ($91) $1,194 10% • New sales and NPI accelerating to (7%) double -digi
Slide 12: Merchant Solutions
Merchant Solutions Volume ($bn) Revenue ($m) Adj. EBITDA ($m) reported (4 %) • 7% organic revenue growth led by strength in e -commerce +9% organic +7% (9%) • Results benefited from a new $10m headwind from licensing deal business disposal $34.9 $32.0 $241.1 $231.9 Excluding the disposed business: $
Slide 13: Digital Wallets
Digital Wallets Volume ($bn) Revenue ($m) Adj. EBITDA ($m) +13% • Favorable FX offsets reported reported +8% growth headwind from interest +8% cc organic +4% +11% revenue ($3.4m) • 4% organic revenue growth $6.7 • 7.1m 3 -month actives, flat YoY $5.9 $205.7 $190.9 • TPA +6% and ARPU +8% YoY $93.4 (+
Slide 14: Continued focus on reducing leverage
Continued focus on reducing leverage Liquidity position ($m) 9/30/25 (1) Committed RCF $305 Amounts drawn (112) • Gross debt decreased $ 54 m vs. 2Q25 Cash and cash equivalents 249 • Net leverage improved to 5.2x versus 5.4x at June -30 Total $442 • Average interest rate (incl. interest rate swap) ~
Slide 15: Revised 2025 revenue outlook and margin drivers
Revised 2025 revenue outlook and margin drivers 2024 to 20 25 guidance revenue walk ($m) 2024 to 2025 guidance Adj. EBITDA margin % walk 5% to 6% organic Flat reported growth 4% to 5% $1,705 Excl. disposed 10% $1,705 Adj. EBITDA growth Excl. disposed (excl. disposal) business 26.5 % business $1,600
Slide 16: Summary of revised FY 2025 guidance
Summary of revised FY 2025 guidance Updated guidance Prior guidance see slide 20 for additional Revenue (reported) $1,700m to $1,710m $1,710m to $1,734m assumptions Year -over-year growth (reported) flat 0% to 2% Organic growth 5% to 6% 6.5% to 8.0% Adj. EBITDA $425m to $430m $463m to $478m Adj. EBI
Slide 17: Closing
Closing Our marquee client base, product suite, and compliance expertise enables Paysafe to unlock new growth opportunities Our sales organization is becoming more productive and delivering results Execution of strategic wallet initiatives is key to accelerating growth from our highest -value produc
Slide 18: Paysafe >
Paysafe >
Slide 19: Appendix
Appendix
Slide 20: Updated 2025 other assumptions
Updated 2025 other assumptions Supplemental information $ in millions for Adj. EPS Interest expense, net ~$135 Updates reflect YTD results including D&A ~$144 FX, share repurchases and tax. Non-GAAP D&A excludes amortization of acquired intangibles. Other operating income ~$3 Non-GAAP other operatin
Slide 21: Segment results summary
Segment results summary 2024 2025 Q1 Q2 Q3 Q4 FY2024 Q1 Q2 Q3 Volume ($m) Merchant Solutions $ 30,787 $ 32,719 $ 32,033 $ 34,360 $ 129,899 $ 34,275 $ 35,651 $ 34,935 Digital Wallets 5,675 5,717 5,906 6,029 23,327 5,946 6,581 6,685 Intersegment (340) (376) (402) (363) (1,481) (370) (419) (401) Total
Slide 22: Digital Wallets KPIs
Digital Wallets KPIs Average transactions per active user (TPA) TPA based on 3 -month active users 2 +6% 14 14 14 14 14 7.1m 3-month active users Flat YoY 3Q’24 4Q’24 1Q’25 2Q’25 3Q’25 $19 Average revenue per user (ARPU) 1 ARPU based on 3 -month active users 2 3 +8% consumer acquisition cost (CAC) $
Slide 23: FX and interest rate sensitivity on revenue and Adj. EBITDA
FX and interest rate sensitivity on revenue and Adj. EBITDA 1% EUR weakening vs. USD: FX sensitivity • Annualized revenue ($6m) to ($8m) • Annualized Adj. EBITDA ($1.5m) to ($2.5m) Currency fluctuation associated with translating our functional currency financial statements into USD, with the larges
Slide 24: Summary of direct marketing (the disposed business)
Summary of direct marketing (the disposed business) Direct Marketing in $M 1Q23 2Q23 3Q23 4Q23 2023 1Q24 2Q24 3Q24 4Q24 2024 1Q25 Volume 938 983 1,013 1,072 4,006 1,150 1,251 1,075 963 4,439 642 Revenue 26.4 27.2 24.8 23.6 102.1 30.7 36.7 24.1 12.9 104.4 5.2 Gross Profit, excl. D&A 17.8 17.6 15.8 13
Slide 25: Statement regarding non-GAAP financial measures
Statement regarding non - GAAP financial measures This presentation also contains non - GAAP financial information. Paysafe management believes the presentation of these non - GAAP f inancial measures, when considered together with the Company’s results presented in accordance with GAAP, provide use
Slide 26: Paysafe organic growth
Paysafe organic growth Three months ended Nine Months Ended September 30 September 30 ($'000s) 2024 2025 2024 2025 Revenue 427,103 433,815 1,284,765 1,263,033 Currency adjustment - (11,934) - (16,125) Interest revenue (8,173) (4,548) (26,498) (15,015) Acquisition adjustments - - - - Disposal adjustm
Slide 27: Organic growth by segment
Organic growth by segment Merchant Solutions Digital Wallets Three months ended Nine Months Ended Three months ended Nine Months Ended September 30 September 30 September 30 September 30 ($'000s) 2024 2025 2024 2025 ($'000s) 2024 2025 2024 2025 Revenue 241,142 231,935 727,518 681,966 Revenue 190,930
Slide 28: Reconciliation of GAAP Gross Profit to Gross Profit (excl. D&A)
Reconciliation of GAAP Gross Profit to Gross Profit (excl. D&A) Three Months Ended Nine Months Ended September 30, September 30, ($ in thousands) 2025 2024 2025 2024 Revenue $ 433,815 $ 427,103 $ 1,263,033 $ 1,284,765 Cost of services (excluding depreciation and amortization) 183,045 178,099 547,406
Slide 29: Reconciliation of GAAP net income (loss) to Adj. EBITDA
Reconciliation of GAAP net income (loss) to Adj. EBITDA Three Months Ended Nine Months Ended September 30, September 30, 2025 2024 2025 2024 ($ in thousands) Net loss $ (87,675) $ (12,977) $ (157,279) $ (11,351) Income tax expense / (benefit) 91,926 (2,948) 118,290 9,558 Interest expense, net 34,141
Slide 30: Supplemental: Adj. EBITDA to Adj. net income walk
Supplemental: Adj. EBITDA to Adj. net income walk Three Months Ended September 30, ($ in thousands) 2025 2024 Adjusted EBITDA $ 126,600 $ 117,787 (1) Depreciation and amortization 35,891 36,367 (2) Other income (1,076) (2,320) Interest expense, net 34,141 35,546 Adjusted income tax 17,385 16,822 Adj
Slide 31: Reconciliation of GAAP net income (loss) to Adj. net income
Reconciliation of GAAP net income (loss) to Adj. net income September 30, September 30, ($ in thousands) 2025 2024 2025 2024 Net loss $ (87,675) $ (12,977) $ (157,279) $ (11,351) (1) Other non operating expense , net 1,684 17,062 10,041 5,424 Impairment expense on goodwill and other assets — 119 1,2
Slide 32: Net income (loss) per share: Adjusted and GAAP
Net income (loss) per share: Adjusted and GAAP Three Months Ended Nine Months Ended September 30, September 30, Non-GAAP 2025 2024 2025 2024 Numerator ($ in thousands) Adjusted net income - basic $ 40,259 $ 31,372 $ 88,803 $ 102,957 Adjusted net income - diluted $ 40,259 $ 31,372 $ 88,803 $ 102,957
Slide 33: Reconciliation of Operating Cash Flow to Unlevered Free Cash Flow
Reconciliation of Operating Cash Flow to Unlevered Free Cash Flow Three Months Ended Nine Months Ended September 30, September 30, ($ in thousands) 2025 2024 2025 2024 Net cash inflows from operating activities $ 69,179 $ 81,934 $ 161,244 $ 194,909 Capital expenditure (27,476) (24,950) (81,600) (79,
Slide 34: Thank You
Thank You 34