Fiserv, Inc. · NASDAQ:FISV
Fiserv — Investor Day (May 2026)
159 slides from Fiserv's investor day presentation, May 14, 2026
Slide 1: Investor Day 2026
Investor Day 2026 Walter Pritchard SVP, Head of Investor Relations
Slide 2: Welcome
Welcome
Slide 3: Agenda
Agenda Connecting Commerce and Finance: Introduction Walter Pritchard The Full Fiserv Platform Takis Georgakopoulos Dhivya Suryadevara Strategic Overview Break Mike Lyons Merchant Solutions Financial Overview Takis Georgakopoulos Paul Todd Break Closing Remarks Mike Lyons Q&A Financial Solutions Dhi
Slide 4: 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 adjusted and organic revenue growth, adjusted revenue
Slide 5: Investor Day 2026 Mike Lyons
Investor Day 2026 Mike Lyons Chief Executive Officer
Slide 6: Strategic Overview
Strategic Overview
Slide 7: Transforming a Great Platform into a Great Company
We provide mission-critical financial infrastructure, generating stable, highly-predictable revenues. Transforming a Our end markets are large and growing. Great Platform into a With modest share and unmatched capabilities amplified by AI, we are positioned to capture Great Company a long runway of
Slide 8: Who We Are
Who We Are Fiserv is a global financial Merchant Financial infrastructure company powering $ $ 10B 10B Solutions Solutions 1 1 fast, reliable movement of Revenue Revenue money and information for 2 2 ~$290B TAM ~$140B TAM financial institutions and merchants worldwide. Our Strategy | Win New Clients
Slide 9: Unmatched Scale Driving Attractive Financial Model
Unmatched Scale Driving Attractive Financial Model 3 SIZE | SCALE | DATA CUSTOMER REACH DISTRIBUTION FINANCIAL MODEL | Deep, Long-Standing $4.6T 3.9M 1,000+ 2 Relationships #1 Annual Global Merchant SMBs in Ecosystem Merchant Bank Partners 1 Gross Payment Volume | Mission Critical Services | Expandi
Slide 10: Durable Competitive Advantages
Durable Competitive Advantages Network and Regulatory Core Operational Deep Trusted Proprietary Position Infrastructure Integration Track Record Data Entrenched across Zero tolerance Embedded in bank and 40+ years of Unmatched payment rails and for error in merchant operating operating in proprietar
Slide 11: AI Amplifies Every Platform Advantage
AI Amplifies Every Platform Advantage REVENUE OPPORTUNITIES COST REDUCTION CLIENT SERVICE Agentic Commerce Servicing Accelerated Product Delivery agentOS™ App Development Better Testing Data (higher authorization, lower Operations High Quality Implementations fraud rates) Self Service Functionality
Slide 12: Our End Markets Are Growing and Converging
Our End Markets Are Growing and Converging EXISTING MARKETS GROWTH EMERGING AREAS GROWTH Merchant Solutions Financial Solutions 10%+ 0.1 0.1 9% 8% 8% 0.08 0.08 7% 6% 6% 0.06 0.06 0.04 0.04 0.02 0.02 0 0 U.S. U.S. Global U.S. Non-U.S. Global | Embedded | Data Banking Digital Issuers SMBs SMBs Enterpr
Slide 13: Significant Headroom to Continue Our Growth
Significant Headroom to Continue Our Growth EXISTING MARKETS GROWTH EMERGING AREAS GROWTH Merchant Solutions Financial Solutions 7% 4% 25% 12% <1% U.S. Global U.S. U.S. Digital SMB SMB Banking Payments | Embedded Finance 7% 2% 35% 12% | Stablecoin U.S. Global U.S. Issuer Global Issuer Enterprise Ent
Slide 14: A Broad and Diversified Unrivaled Set of Clients
A Broad and Diversified Unrivaled Set of Clients Financial Institutions Government/Healthcare/Insurance Enterprise Merchants Small Businesses Among 3 Million Others
Slide 15: An Unmatched Breadth of Capabilities
An Unmatched Breadth of Capabilities EXISTING MARKETS Peer #1 Peer #2 Peer #3 Peer #4 Peer #5 Peer #6 U.S. Core and Digital Provider_ #1 1 U.S. Payments _ #1 U.S. Debit Network_ #3 Issuer Processing_ #1 Merchant Acquiring_ #1 SMB POS Payments_ #1 EMERGING OPPORTUNITIES Embedded Finance_ Cash Managem
Slide 16: Expanding Synergies Across Financial and Merchant
Expanding Synergies Across Financial and Merchant GENERATING REVENUE AT SCALE TODAY BUILDING MOMENTUM EMERGING Bank Distribution Embedded Finance Stablecoin of Merchant Debit Networks SMB Suite Agentic Fraud Pay-by-Bank Dispute and Chargeback StoneCastle Deposit Resolution Network Gift and Loyalty B
Slide 17: Deep, Multi-Product Relationships
Deep, Multi-Product Relationships Merchant Solutions Financial Solutions # OF CLIENT PRODUCTS SMB ENTERPRISE BANKING ISSUING PAYMENTS Global Financial Institution_ _22_ Regional Financial Institution_ _ 44 _ Global Financial Institution_ _ 30 _ Consumer Finance Company_ _ 36 _ Fintech_ _ 26 _ Global
Slide 18: Strong Leadership Team
Strong Leadership Team MANAGEMENT COMMITTEE Takis Georgakopoulos Pete Cavicchia Chris Foskett Jennifer Manchester Rick Singh Co-President Chief Technology Officer Vice Chairman Chief Human Chief Growth Officer Resources Officer Dhivya Suryadevara Guy Chiarello Andrew Gelb Gustavo Marin Jujhar Sohi C
Slide 19: Our One Fiserv Action Plan
Our One Fiserv Action Plan Operate Build Accelerate Deliver Allocate ® Clover as the with a client-first product delivery Project Elevate, capital with leading SMB mindset and innovation an AI-led discipline operating system productivity plan Delivering excellent service, technology resiliency, and
Slide 20: Level Setting on Our Core Banking Business
Level Setting on Our Core Banking Business American Bankers Association Core Platforms Survey 3 16 ~3,000 Client Satisfaction With Core (1–5 scale) Cores Customers ® Fiserv DNA Core - Partner Selling 4.03 3.96 Private Peer $1 $2.70 $1.3B of Core of Incremental Financial 1 3.86 Public Peer 1 Core Rev
Slide 21: Restabilizing Core Banking as a Growth Driver
Restabilizing Core Banking as a Growth Driver Medium-Term Plan Baseline 2023-2025 2026 Plan 2027-2029 Annual Core and Related Revenue Attrition as a % of ~75bpss Gradual return to Financial Solutions ~75bpss Revenue ~1.5% ~1.5%
Slide 22: Our One Fiserv Action Plan: Build
Our One Fiserv Action Plan Operate Build Accelerate Deliver Allocate ® Clover as the with a client-first product delivery Project Elevate, capital with leading SMB mindset and innovation an AI-led discipline operating system productivity plan Investing in vertical and horizontal capabilities, intern
Slide 23: Our One Fiserv Action Plan: Accelerate
Our One Fiserv Action Plan Operate Build Accelerate Deliver Allocate ® Clover as the with a client-first product delivery Project Elevate, capital with leading SMB mindset and innovation an AI-led discipline operating system productivity plan Simplifying our product portfolio, accelerating delivery
Slide 24: Our One Fiserv Action Plan: Deliver
Our One Fiserv Action Plan Operate Build Accelerate Deliver Allocate ® Clover as the with a client-first product delivery Project Elevate, capital with leading SMB mindset and innovation an AI-led discipline operating system productivity plan Implementing our AI-driven transformation program
Slide 25: Our One Fiserv Action Plan: Allocate
Our One Fiserv Action Plan Operate Build Accelerate Deliver Allocate ® Clover as the with a client-first product delivery Project Elevate, capital with leading SMB mindset and innovation an AI-led discipline operating system productivity plan Optimizing our business mix and maintaining a strong, inv
Slide 26: What We Are Committing To
What We Are Committing To MEDIUM-TERM OUTLOOK (2027-2029) 4–6% 37%+ ~90% 2.5–3.0x Adjusted 2029 Adjusted Free Cash Flow Operate at Low End of Gross Leverage 1 2 Revenue CAGR Operating Margin Conversion Range ; Maintain Investment Grade Rating 3 Adjusted EPS in 2029 $12+ in Free Cash Flow 2027-2029 O
Slide 27: Investor Day 2026 Takis Georgakopoulos
Investor Day 2026 Takis Georgakopoulos Co-President, Merchant Solutions
Slide 28: Merchant Solutions
Merchant Solutions
Slide 29: Merchant Solutions Key Messages
Merchant Solutions | Key Messages Executing on One Fiserv to deliver a differentiated, omnichannel value proposition to SMBs, enterprises, and marketplaces One Platform, One Customer, One System of Record 1 AI Powers Data Intelligence, in Every Transaction and Every Interaction 2 Building on Clover:
Slide 30: Our Business Has Unsurpassed Scale
Our Business Has Unsurpassed Scale Speed & Enterprise SMB Partner Scale Stability Clients Franchise Leadership 10K $4.6T 7K+ 3.9M 1K+ 1 2 Annual Global GPV Average Transactions SMBs in Ecosystem Merchant Bank Enterprise + per Second Partners CMM Clients 35% 25K+ 900K+ 910K ~2K ® of U.S. GPV Peak TPS
Slide 31: The Fiserv Commerce OS
The Fiserv Commerce OS Client Enterprises Platforms Segments
Slide 32: The Fiserv Commerce OS
The Fiserv Commerce OS Client Global Gateway Segments & Orchestration Ve Ver rt ti ic ca al l VA VAS S Hor Hori iz zon ont ta al l V VA AS S Switch & Ledger Processing Enterprise Horizontal VAS Enterprises Vertical VAS | Enterprise VAS: Single Global Authorization, | Fiserv and Partners Switch Fraud
Slide 33: AI is Driving a Step Change in Speed and Productivity
AI is Driving a Step Change in Speed and Productivity AI-ACCELERATED DELIVERY TIMELINES ACCELERATED AI DEPLOYMENT Engineers Using Select Standard AI Timeline 2 1 AI Daily Initiatives Baseline Acceleration Reduction 100% Developer Portal Quarters Weeks ~80% DEMO Clover Quarters Weeks ~80% Consumer Ap
Slide 34: From Transactions to Identity: Turning Data Into Unique Client Value
From Transactions to Identity: Turning Data Into Unique Client Value FISERV COMMERCE GRAPH IDENTITY & INTELLIGENCE POWERING CLIENT OUTCOMES Graph neural network 1 125B+ Transactions to model real-time Frictionless Checkout consumer identity 95% of U.S. Households and behavior Personalization and Loy
Slide 35: Built for Agentic Commerce
Built for Agentic Commerce: Configurable Orchestration, Aligned to Merchant Needs SMBs, Enterprises, and Marketplaces Agentic Discovery Agentic Checkout Autonomous Agents Commerce Hub Agentic Commerce Orchestration Layer Product SKUs and Pricing / Product Real-Time, Real-Time Inventory Image Assets
Slide 36: Clover and SMB
Clover and SMB
Slide 37: Clover Is the Largest SMB Franchise in the Market
CLOVER AND SMB Clover Is the Largest SMB Franchise in the Market but Less Than Half of Fiserv’s SMB Business CLOVER REVENUE 2025 GLOBAL CLOVER SNAPSHOT 2.7M $1.0T $6.8B Fiserv 1 1.8M $0.7T Non-Clover 2 Clover 0.9M $0.3T $3.3B Non- Merchants GPV $0.2B Clover Clover $0.3B Not drawn to scale COMPETITIV
Slide 38: Building on Clover: The Operating System for Small Businesses
Building on Clover: The Operating System for Small Businesses Delivering a Comprehensive Product Set 1 2 3 Broaden Hardware Options Strengthen Vertical VAS Increase Horizontal VAS Penetration Maximizing the Broadest Distribution Network 4 Accelerate Direct and Bank Channel Growth 5 Expand ISV Partne
Slide 39: Hardware Strategy Evolving to Support Broader Use Cases
PRODUCT | HARDWARE Hardware Strategy Evolving to Support Broader Use Cases EXPANDED USE CASES KEY INITIATIVES Larger SMBs AI- and Biometrics-Enabled Hardware Live Today DEMO Enterprise Clients Terminal Management Support 2H '26 International Expanded Manufacturing Partnerships 2H '26 Non-Clover Conv
Slide 40: Deepening Leadership in Retail and Restaurants
PRODUCT | VERTICAL VAS Deepening Leadership in Retail and Restaurants, Investing in Healthcare and Professional Services SHARE BY VERTICAL KEY INITIATIVES Retail U.S. SMB 2025 Clover Clover vs. 2H '26 1 2 Verticals Industry GPV Market Share Industry Growth Delivering Unified Omnichannel Retail 24% 1
Slide 41: Capital, Savings, and Revenue Management Represent Significant Upside
PRODUCT | HORIZONTAL VAS Capital, Savings, and Revenue Management Represent Significant Upside CLOVER SAVINGS VIA REVENUE MANAGEMENT AND CLOVER CAPITAL STONECASTLE AGENTIC COMMERCE DEMO Clover ~4.5% ~3% 1 Penetration Headline Interest Rate Agent 2 for SMBs ~30% YoY Revenue Growth 1. Based on penetra
Slide 42: Focused Investments in Our High-Value Channels
DISTRIBUTION Focused Investments in Our High-Value Channels SHARE BY DISTRIBUTION CHANNEL 2025 Clover % of Channel Revenue Channel New Outlets Revenue Growth Rate Direct ~40% ~80% 10%+ Bank/Partner ISV ~1% ~5% ~50% ISO/Agent ~60% ~40% 15%+ Processing/ Wholesale (ISOs, SMS, & JVs)
Slide 43: Focused Investments in Our High-Value Channels
DISTRIBUTION Focused Investments in Our High-Value Channels SHARE BY DISTRIBUTION CHANNEL 2025 Clover % of Channel Revenue 25% Channel New Outlets Revenue Growth Rate Leads AI-Sourced by Year-End Direct ~40% ~80% 10%+ Bank/Partner of Top 100 50 Banks With Digital Onboarding by Year-End ISV ~1% ~5% ~
Slide 44: Deepening Clover Penetration With ISVs
DISTRIBUTION Deepening Clover Penetration With ISVs SHARE BY DISTRIBUTION CHANNEL REINVENTING HOW WE WORK WITH ISVs Open Clover 2025 Clover Architecture % of Channel Revenue Channel New Outlets Revenue Growth Rate ISV Partners Direct ~40% ~80% 10%+ Processing Payments Bank/Partner ISV ~1% ~5% ~50% C
Slide 45: Enhancing Service With a Client-First Mindset
SERVICE Enhancing Service With a Client-First Mindset 1 DRIVERS OF CUSTOMER COMPLAINTS GO-FORWARD SERVICING STRATEGY RESULTS 78%+ First-Call | Chanel Fragmentation End-to-End Issue Resolution Ownership -37% Risk Holds | Manual, Slow Resolution AI/ML Across Days / Investigation Service Workflows 13%+
Slide 46: Scaling Clover Internationally Through a Proven Playbook
INTERNATIONAL Scaling Clover Internationally Through a Proven Playbook 1 STRONG EXECUTION TO DATE DISCIPLINED APPROACH TO MARKET ENTRY International Active Outlets Live in 12 Countries Attractive SMB and 36%+ CAGR 1 Payments Market Canada Strong Distribution Mexico 2 Partners Clear Differentiation B
Slide 47: Leading With High-Value VAS to Introduce Clover to Non-Clover Merchants
NON-CLOVER SMB Leading With High-Value VAS to Introduce Clover to Non-Clover Merchants Core Target NON-CLOVER SMB CONVERSION STRATEGY Market Lead with the Clover Dashboard and low-friction, high-value VAS Non-Clover SMB No operational disruption or upfront 1 2 investments for SMBs (~15% APRC) $4B in
Slide 48: Delivering Sustainable Clover Growth in the Medium-Term
Delivering Sustainable Clover Growth in the Medium-Term GPV AND REVENUE Medium-Term Outlook 2027-2029 15–20% 10–15% Same Store Net New Non-Clover Medium-Term Capital and Conversion Medium-Term VAS Sales Sales Conversion GPV Outlook Savings ARPC Uplift Revenue Outlook Not drawn to scale
Slide 49: Enterprise and Marketplaces
Enterprise and Marketplaces
Slide 50: Deep, Long-Standing Leadership in Key Verticals
Deep, Long-Standing Leadership in Key Verticals HIGHER SHARE, LOWER SHARE, EMBEDDED POSITION UPSIDE OPPORTUNITIES Retailers Grocery and Petro QSRs eCommerce 9/10 9/10 120+ Travel Leading QSR Top Grocers Iconic Brands Brands and Petro Gaming
Slide 51: Strength in Card Present, Upside in Fast-Growing Verticals
ENTERPRISE AND MARKETPLACES Strength in Card Present, Upside in Fast-Growing Verticals MARKET POSITIONING 1 2 3 3 $2.3B $115B Growth Rate Take Rate ~20-25% High ~15-20% High Platforms Omnichannel ~10-12% Low Card Not Present Card Present ~0-3% Low Fiserv Global Revenue Pool Not drawn to scale 1. 202
Slide 52: Become the Financial Infrastructure for Enterprise Clients & Marketplaces
Become the Financial Infrastructure for Enterprise Clients & Marketplaces Win Modern eCommerce and Omnichannel Merchants Drive Value-Added Services Adoption Lead the Secular Trend to Multi-Party Commerce
Slide 53: Our Unified Platform Positions Us to Win New Merchants
eCOMMERCE Our Unified Platform Positions Us to Win New Merchants COMPETITIVE ADVANTAGE ROADMAP 140+ 40 18 22 60+ 25+ 2B+ Currencies Countries With Payment Settlement Countries With New Payment International Available Local Acquiring Methods Currencies Local Acquiring Methods Wallets COMMERCE HUB GRO
Slide 54: From Standalone Offerings to an Integrated Solutions Menu
ENTERPRISE VAS From Standalone Offerings to an Integrated Solutions Menu 1 COMPREHENSIVE OFFERING Authorization Scale, advanced Al, and deep Approval rate 1 7%+ Optimization knowledge of card networks increase Fraud Full suite of fraud solutions, Chargeback rate Shifting Upstream From 6x 2 Orchestra
Slide 55: Fiserv for Platforms
MULTI-PARTY COMMERCE Fiserv for Platforms Unified Platform API and Developer Layer / < > Single SDK Surface for All Services Onboard Accept Monetize Payouts 1 2 3 4 Sellers Payments and Grow 1 Orchestrate Fund-Flow Orchestrator Network of Sponsor Banks or Sponsor Bank 5 Funds and System of Record Ow
Slide 56: Creating a New eCommerce Acquisition Channel for Clover
MULTI-PARTY COMMERCE Creating a New eCommerce Acquisition Channel for Clover Unified Platform API and Developer Layer / < > Single SDK Surface for All Services Onboard Accept Monetize Payouts 1 2 3 4 Sellers Payments and Grow 1 Orchestrate Fund-Flow Orchestrator Network of Sponsor Banks or Sponsor B
Slide 57: Financial Profile and Closing
Financial Profile and Closing
Slide 58: How Our Strategy Drives Growth
How Our Strategy Drives Growth 1 Medium-Term Outlook (2027-2029) | 6-8% Adjusted Revenue Growth CAGR MSD CAGR Flat/Down LSD Flat/Up LSD 15-20% CAGR ~50% of Business ~50% of Business Non-Clover Medium-Term 2026 Revenue Clover Enterprise Non-Clover SMB Processing Revenue Outlook Not drawn to scale See
Slide 59: Merchant Solutions Key Messages
Merchant Solutions | Key Messages Executing on One Fiserv to deliver a differentiated, omnichannel value proposition to SMBs, enterprises, and marketplaces One Platform, One Customer, One System of Record 1 AI Powers Data Intelligence, in Every Transaction and Every Interaction 2 Building on Clover:
Slide 60: A Team Experienced in Executing at Global Scale
A Team Experienced in Executing at Global Scale Umang Belwal Vimal Brahmbhatt Lia Cao Robert Clarkson Head of Business Chief Information Officer, Chief Revenue Officer, Chief Revenue Officer, Transformation Acquiring & Processing Enterprise & Platforms SMB & Clover 9 months with Fiserv 4 years with
Slide 61: Investor Day 2026 Dhivya Suryadevara
Investor Day 2026 Dhivya Suryadevara Co-President, Financial Solutions
Slide 62: Financial Solutions
Financial Solutions
Slide 63: Financial Solutions Is a Durable Compounder
Financial Solutions | 2026 Investor Day Financial Solutions Is a Durable Compounder Our Thesis 1 Stabilize, Attach, Grow Banking 2 Capture Growth as Money Movement Evolves Digital Payments 3 Scale Globally With Modern Platforms Issuing 4 Compound Growth Across Every Pillar AI and Data Strategy 5 Gro
Slide 64: Financial Solutions: Who We Serve
1 Financial Solutions WHO WE SERVE MISSION-CRITICAL INFRASTRUCTURE $2.4B Revenue Clients Banking 25% of Financial Solutions 6,000+ Globally Large Financial Institution | Enterprise | Fintech ~1,300 clients (21%) | 52% of revenue $3.9B Revenue Digital Payments 41% of Financial Solutions Credit Unions
Slide 65: Financial Solutions Key Messages
Financial Solutions | Key Messages 1 2 3 4 5 Unparalleled scale Investing in client- Significant runway Open, modular New vectors and franchise first operating model to deepen client platforms extend our growth anchored in with relentless focus relationships accelerated by AI runway well mission-cri
Slide 66: Banking
Banking
Slide 67: Banking at a Glance
1 Banking at a Glance 2 3,500+ Financial Institutions Served rice, beans, or fajita veggies, and topped with guac, salsa, $2.70 $1 #1 Core and Digital Provider in the U.S. 2.4B $ queso or cheese. of Core of Incremental 94% North America Revenue Banking Revenue Drives Financial Solutions Revenue CORE
Slide 68: We Have Sustained Our Account Growth
We Have Sustained Our Account Growth U.S. FI Count Down 50% Since 2005, We Are Growing Core Accounts Fiserv Revenue Continues to Rise Total Deposit and Loan Accounts (M) ® Finxact All Other Cores 3% Low 2% 350 Single Digit 17.5K CAGR 300 Fiserv 250 2 Revenue 200 8.7K 150 100 50 0 2005 2025 2023 2024
Slide 69: Enhancing Service to Normalize Attrition
Enhancing Service to Normalize Attrition OUR COMMITMENTS AND ACTIONS 1, 2 SERVICE-LEVEL IMPROVEMENTS TO DATE Client-Paced Modernization No Forced Core Migrations Faster, Simpler Support Service Portal Modernization + 4 3 16%+ ~$140M Agentic AI Resolution Client Coverage Invested in Stability and Ope
Slide 70: Enabling Client Choice
!MORPH TRANSITION! Enabling Client Choice Any Core Any Modular Capability Tailored Client Journeys + = Teller | New Account Opening | Customer Relationship Management JOURNEY 1 JOURNEY 2 JOURNEY 3 JOURNEY 4 JOURNEY 5 Stay and thrive on Progressively Use multiple cores side When your business Onboard
Slide 71: Investing in the Next Generation of Value-Added Services
Investing in the Next Generation of Value-Added Services to Drive ARPC Digital Banking via TM Experience Digital (XD) Serves Consumers and SMBs Closes Legacy Gaps, Drives Strong Engagement ~250 Clients Live, ~600 in Flight
Slide 72: Investing in the Next Generation of Value-Added Services
Investing in the Next Generation of Value-Added Services to Drive ARPC Digital Banking via Intelligent Pricing Next-Generation Deposit and Liquidity TM Experience Digital (XD) and Offers Content Management Solutions Intelligent Pricing Next-Generation Deposit and Liquidity and Offers Content Managem
Slide 73: Investing in the Next Generation of Value-Added Services
Investing in the Next Generation of Value-Added Services to Drive ARPC Digital Banking via Intelligent Pricing Next-Generation Deposit and Liquidity TM Experience Digital (XD) and Offers Content Management Solutions Intelligent Pricing Next-Generation Deposit and Liquidity and Offers Content Managem
Slide 74: Banking Takeaways
Banking Takeaways Stabilize Attach Grow
Slide 75: Digital Payments
Digital Payments
Slide 76: Digital Payments at a Glance
1 Digital Payments at a Glance ® in Bill Pay, Zelle and 41 of Top 50 U.S. Banks on Account-to-Account rice, beans, or fajita veggies, and topped with guac, salsa, or Consumer Payments $ 3.9B #1 Transfers cheese. 100% North America Revenue Digital Payments Leadership Across Money Revenue Movement Rai
Slide 77: Payments Is a Secular Growth Story
!MORPH TRANSITION! Payments Is a Secular Growth Story Steady Organic Growth in Account-to-Account Growth Offsets Value-Added Services Base Volumes Bill Pay Decline Demonstrate Momentum Consumer Payment Payment Platform Top Growing Value-Added Services 2 1 3 Transaction Volumes (M) Transaction Volume
Slide 78: Driving Growth Through Unified, Multi-Rail Payments Solutions
Driving Growth Through Unified, Multi-Rail Payments Solutions PAYMENT PLATFORM STRATEGY TODAY Individual platforms for each Payment Rail; added complexity for cross border Cross ACH Wires Instant Border FUTURE: IN FLIGHT Banks choose what they need and plug in without replacing the whole platform Co
Slide 79: Driving Growth Through Unified, Multi-Rail Payments Solutions
Driving Growth Through Unified, Multi-Rail Payments Solutions PAYMENT PLATFORM STRATEGY CONSUMER PAYMENTS STRATEGY TODAY TODAY Individual platforms for each Payment Rail; Fragmented consumer payments experience added complexity for cross border and shifting dynamics Cross ® ACH Wires Instant Bill Pa
Slide 80: Investing in the Next Generation of Value-Added Services
Investing in the Next Generation of Value-Added Services to Drive ARPC Buy Now, Pay Later on Debit Rails Digital Card Management Launching in H1 2027 Live Today | Subscription and family features in 2026 SMB Card Expense Management Cross-Channel Risk Decisioning Launching debit experience Beta Q2 20
Slide 81: Accelerating CashFlow Central
® Leveraging Our Unique Position to Accelerate CashFlow Central New Growth Vectors SMBs Onboarded 115K+ in First 12 Months Positions financial institutions as the primary operating platform for small businesses ® CashFlow Central Transactions 398k Unifies payables and receivables, bringing payments,
Slide 82: Issuing
Issuing
Slide 83: Issuing at a Glance
1 Issuing at a Glance 60%+ #1 Issuer Processing $ 3.3B of Clients Contracted to 76% North America Revenue Issuing Revenue or Beyond 3 2030 ISSUER PROCESSING VALUE-ADDED SERVICES 2 90% Cross-Sell $1.8B 56% $1.5B 44% 1. 2025 Revenue. 2. Represents attach of at least one value-add service on a customer
Slide 84: Steady Growth Fueled by AOF, Compounded by Attaching VAS
Steady Growth Fueled by AOF, Compounded by Attaching VAS Steady North American Mid-Single Growth, Continued International Expansion 1 Issuing Accounts on File 2,000 4% 6% 1,500 1,000 500 - 2023 2024 2025 1. Total global accounts on file.
Slide 85: Steady Growth Fueled by AOF, Compounded by Attaching VAS
Steady Growth Fueled by AOF, Compounded by Attaching VAS Digital Cardholder Value-Added Solutions Steady North American Mid-Single Growth, Continued International Expansion Are Compounding 1 Select Top Growing Value-Added Solutions Issuing Accounts on File (CAGR 2023-2025) 2,000 4% 6% Cardholder Con
Slide 86: Modernizing Issuing Platforms to Sustain Our Growth
Modernizing Issuing Platforms to Sustain Our Growth ® Optis Platform VisionNext Platform Designed for highly tailored, large issuer needs Built cloud-native, real-time from ground up From monolithic mainframe to open, $250M+ pipeline, 4 implementations in flight modular architecture Enhanced deliver
Slide 87: Investing in the Next Generation of Value-Added Services
Investing in the Next Generation of Value-Added Services to Drive ARPC Commercial Card Digital Wallets 2026 Focus: Rebuilt platform, AI acceleration, More third-party wallets (including Paze) expanded partner integrations launching Q4 2026 Loyalty and Rewards Fraud Decisioning Merchant-side data ele
Slide 88: Data and AI Strategy
Data and AI Strategy
Slide 89: Data as a Compounding Advantage
Data as a Compounding Advantage LIFE CYCLE OF A TRANSACTION | INSIGHTS NO COMPETITOR CAN MATCH ORIGINATE DIP/TAP ACCEPT AUTHORIZE SETTLE Issuer Merchant Network Fiserv
Slide 90: Data as a Compounding Advantage
Data as a Compounding Advantage LIFE CYCLE OF A TRANSACTION | INSIGHTS NO COMPETITOR CAN MATCH OUR DATA JOURNEY ORIGINATE DIP/TAP ACCEPT AUTHORIZE SETTLE FOUNDATION The Data Layer Built Issuer Merchant PRODUCTS First-Wave Data Products In Market Network NEXT Fiserv New Products and AI-Driven Data So
Slide 91: Three Ways AI Reshapes Financial Solutions
Three Ways AI Reshapes Financial Solutions 1 2 3 TM In Our Products agentOS Velocity and Rigor Better decisions, lower fraud, A new operating system that lets AI compressing modernization higher authorization rates FIs deploy agents safely across timelines and operating costs across every transactio
Slide 92: Introducing agentOS
Introducing agentOS
Slide 93: Client Needs Create an Opportunity for Us to Be Their AI Partner
Client Needs Create an Opportunity for Us to Be Their AI Partner Heavy operational Pressure to grow deposits workload while controlling expenses AI is a solution but need Talent evolution safe ways to deploy
Slide 94: Client Needs Create an Opportunity for Us to Be Their AI Partner
!MORPH TRANSITION! Client Needs Create an Opportunity for Us to Be Their AI Partner Heavy operational Pressure to grow deposits workload while controlling expenses AI is a solution but need Talent evolution safe ways to deploy
Slide 95: agentOS: The Control Plane for Agents
agentOS: The Control Plane for Agents Agent Fiserv Agents Bank Agents Partner Agents Marketplace Identity Data Masking Audit Log Kill Switch Orchestration + + Control Plane Existing LLMs Custom LLMs Future LLMs LLMs Fiserv Client Card Digital Core Payments Systems Data Systems Processing Surrounds D
Slide 96: Hundreds of Use Cases, One Operating System
Hundreds of Use Cases, One Operating System GROWTH CREDIT RISK REGULATORY PROOF OF CONCEPT BETA PROOF OF CONCEPT BETA AML Triage Deposit Intelligence Agent Loan Onboarding Agent Reporting Agent Analysis Agent Cross-Sell/ Early Warning Financial Crimes Reg E Dispute Agent Next-Best Action Agent Indic
Slide 97: Early Proof Points of Strong Demand for agentOS
Early Proof Points of Strong Demand for agentOS CREDIT REGULATORY Loan Onboarding Agent – Commercial Reporting Agent – Operational BETA IMPACT BETA IMPACT Faster Fewer Manual 1 Accurate ~40% Onboarding ~50% Touchpoints ~95% Faster 100% Client Use Cases in BETA 1. Accuracy in a test environment.
Slide 98: Momentum Fueled by Strong Partnerships
Momentum Fueled by Strong Partnerships Pilot Partners Initial Agent- Building Partners
Slide 99: agentOS
agentOS
Slide 100: Three Ways AI Reshapes Financial Solutions
DATA AND AI STRATEGY Three Ways AI Reshapes Financial Solutions 1 2 3 TM In Our Products agentOS Velocity and Rigor Better decisions, lower fraud, A new operating system that lets AI compressing modernization higher authorization rates FIs deploy agents safely across timelines and operating costs ac
Slide 101: AI Enables Faster Delivery, Operations, and Output per Employee
AI Enables Faster Delivery, Operations, and Output per Employee ACCELERATED TIME TO MARKET DEVELOPMENT HOURS REQUIRED FOR BOOK OF WORK Baseline Expected Improvement Baseline Expected Improvement Legacy Modernization: Optis ~18 months ~10 months ~40% ~30%+ 1 New Platform Build: VisionNext ~6-9 months
Slide 102: Financial Profile
Financial Profile
Slide 103: Revenue Growth Algorithm for Our Financial Solutions Segment
Revenue Growth Algorithm for Our Financial Solutions Segment New Growth Vectors Embedded Finance StoneCastle Data agentOS 1 Expected Adjusted Revenue Growth CAGR 2026-2029 2–4% Debit + Network Core Retention AoF Growth Volume Growth Mix Shift to Digital Attach International Instant Payments VAS VAS
Slide 104: Financial Solutions Key Messages
Financial Solutions | Key Messages 1 2 3 4 5 Unparalleled scale Investing in client- Significant runway Open, modular New vectors and franchise first operating model to deepen client platforms extend our growth anchored in with relentless focus relationships accelerated by AI runway well mission-cri
Slide 105: A Rebuilt Leadership Team and Client-First Operating Model
A Rebuilt Leadership Team and Client-First Operating Model FOUNDATIONAL LEADERSHIP Vishal Dalal Andrew Gelb Srini Krish Gowri Narayanan Ahon Sarkar Chief Product EVP and Chief Head of Technology Head of Strategy Head of AI Officer Operating Officer and Operations and Business Platforms Development 1
Slide 106: Financial Solutions
Financial Solutions
Slide 107: Investor Day 2026 Co-Presidents
Investor Day 2026 Takis Georgakopoulos and Dhivya Suryadevara Co-Presidents
Slide 108: Connecting Commerce and Finance: The Full Fiserv Platform
Connecting Commerce and Finance: The Full Fiserv Platform
Slide 109: We Already Have the Right Capabilities to Reimagine Money Movement
We Already Have the Right Capabilities to Reimagine Money Movement SCALED MARKETS U.S. Core and Digital Provider_ #1 1 U.S. Payments _ #1 U.S. Debit Network_ #3 Issuer Processing_ #1 Merchant Acquiring_ #1 SMB POS Payments_ #1 The capabilities presented above are based on third-party data, public co
Slide 110: Enabling Financial Institutions to Sell Merchant Services
Today We Are Enabling Financial Institutions to Sell Merchant Services… TRADITIONAL BANKING ADDITIONAL MERCHANT DELIVERING THESE CAPABILITIES CAPABILITIES CAPABILITIES TODAY ® Clover Suite Core Bank Processing FIs Delivering (POS, Clover Capital) 1K+ Merchant Services Digital Banking Pay-by-Bank SMB
Slide 111: Helping Merchants Embed Financial Services
…and Helping Merchants Embed Financial Services in Their Commerce Experience TRADITIONAL COMMERCE ADDITIONAL EMBEDDED DELIVERING THESE CAPABILITIES FINANCIAL SERVICES CAPABILITIES TODAY POS & Clover VAS Closed-Loop Consumer Wallet Corporates Purchasing 400 Financial Solutions ® Acquiring CheckFreePa
Slide 112: The Lines Between Our Clients Are Blurring
The Lines Between Our Clients Are Blurring Fiserv is the only platform purpose-built to serve all three FINANCIAL INSTITUTIONS MERCHANTS FINTECHS Integrating commerce Layering in financial Pursuing banking to deepen customer products to capture activities to own the engagement more value full stack
Slide 113: Fiserv's Modern Solution Suite for Embedded Finance
Fiserv’s Modern Solution Suite for Embedded Finance OUR SOLUTION KEY FEATURES Real-Time Modern, Globally Scalable Platforms Liquidity Across Issuing and Acquiring Unified Merchant Onboarding Lending Single Point of Integration to Cloud-Native Platforms Merchant Money Acquiring Movement Bank Grade Co
Slide 114: Stablecoin: Issued Through Banks, Accepted Through Merchants
Stablecoin: Issued Through Banks, Accepted Through Merchants CAPABILITIES USE CASES Real-time clearing, settlement, Designed for bank and merchant ecosystems and liquidity optimization Faster, lower-cost White-label ready for seamless brand integration cross-border payments Instant B2B payouts Full
Slide 115: Liquidity Sourced From Both Sides of Our Network
Liquidity Sourced From Both Sides of Our Network Community banks want deposits. Merchants have operating capital. We’re the only network that connects them. Sources Fiserv Deposit FIs Needing of Funds Network Deposits powered by StoneCastle 1,000+ FIs in the Deposit Network | 10+ Fiserv Core Banks L
Slide 116: Our 'On Us' Network
Our ‘On Us’ Network With a Seat at Every Corner of the Transaction Issuer Merchant Card Issuance Acquiring Network Bank Debit Settlement All Within the Same Ecosystem
Slide 117: Turning Data Into Differentiated, Monetizable Services
Turning Data Into Differentiated, Monetizable Services Financial Institution Network Merchant Deposits, payments, credit, Real-time authorization, POS, eCommerce, basket, and consumer accounts routing, fraud, and clearing and loyalty data Enabling FIs to Enabling Merchants Powering Clients Monetize
Slide 118: Strategic Assets Enabling Market Convergence
Strategic Assets Enabling Market Convergence 1 2 3 4 5 Embedded Stablecoin Liquidity Data ‘On Us’ Finance Advantage Network Financial services Powering the Orchestration via Turning data into Strategic in commerce Fiserv digital StoneCastle differentiated assets, connected journeys assets platform s
Slide 119: Investor Day 2026 Paul Todd
Investor Day 2026 Paul Todd Chief Financial Officer
Slide 120: Financial Overview
Financial Overview
Slide 121: Visibility Into the Drivers of 2026
Visibility Into the Drivers of 2026 ADJUSTED REVENUE GROWTH Drivers of 2H Reacceleration Key Product Growth 6–8%+ YoY Client Volume Ramps Newly Contracted Lower 2H Non-Recurring 1–3%+ YoY Headwind Low Single 2H ’26 Full Year Digits YoY 2026 Guidance 1H ‘26 Not drawn to scale See appendix for informa
Slide 122: Fiserv Constant Compounder Financial Algorithm (2027–2029)
Fiserv Constant Compounder Financial Algorithm (2027–2029) REVENUE MARGINS CASH FLOW CAPITAL ALLOCATION 4–6% ~50bps ~90% Majority adjusted revenue annual underlying of adjusted net of free cash flow growth CAGR adjusted margin income converts to directed to stock 2026-2029 expansion free cash flow b
Slide 123: Key Underlying Drivers of the Constant Compounder Profile
Key Underlying Drivers of the Constant Compounder Profile REVENUE MARGINS CASH FLOW CAPITAL ALLOCATION Leveraging partners and Operating at scale Large, healthy end-markets Focus on efficiency outside capital Customer appetite for Focus on CapEx with Leveraging a fixed cost base Ongoing portfolio op
Slide 124: Key Underlying Drivers of the Constant Compounder Profile
Key Underlying Drivers of the Constant Compounder Profile REVENUE MARGINS CASH FLOW CAPITAL ALLOCATION Leveraging partners and Operating at scale Large, healthy end-markets Focus on efficiency outside capital Customer appetite for Focus on CapEx with Leveraging a fixed cost base Ongoing portfolio op
Slide 125: Key Underlying Drivers of the Constant Compounder Profile
Key Underlying Drivers of the Constant Compounder Profile REVENUE MARGINS CASH FLOW CAPITAL ALLOCATION Leveraging partners and Operating at scale Large, healthy end-markets Focus on efficiency outside capital Customer appetite for Focus on CapEx with Leveraging a fixed cost base Ongoing portfolio op
Slide 126: Key Underlying Drivers of the Constant Compounder Profile
Key Underlying Drivers of the Constant Compounder Profile REVENUE MARGINS CASH FLOW CAPITAL ALLOCATION Leveraging partners and Operating at scale Large, healthy end-markets Focus on efficiency outside capital Customer appetite for Focus on CapEx with Leveraging a fixed cost base Ongoing portfolio op
Slide 127: Key Underlying Drivers of the Constant Compounder Profile
Key Underlying Drivers of the Constant Compounder Profile REVENUE MARGINS CASH FLOW CAPITAL ALLOCATION Leveraging partners and Operating at scale Large, healthy end-markets Focus on efficiency outside capital Customer appetite for Focus on CapEx with Leveraging a fixed cost base Ongoing portfolio op
Slide 128: Revenue
Revenue
Slide 129: Revenue Outlook Driven by Consistent Volumes: Merchant Solutions
REVENUE Outlook Driven by Consistent Volumes Merchant Solutions Volume and Transaction 1 Growth Drivers: 2023–2025 20% Expecting 15% Stable Enterprise ® Clover Gross Transactions 2 Payment Volume Trends 10% 2026–2029 Small Business Volume 5% 0% 1. Low and high ranges represent the average quarterly
Slide 130: Revenue Outlook Driven by Consistent Volumes: Financial Solutions
REVENUE Outlook Driven by Consistent Volumes Financial Solutions Volume and Transaction 1 Growth Drivers: 2023-2025 9% Expecting Issuer 6% Accounts Payment Stable on File Platforms Banking Trends 3% Accounts 2026–2029 0% Consumer Platforms -3% 1. Low and high ranges represent the average quarterly Y
Slide 131: One Fiserv Initiatives Enable Us to Capitalize on Growth Drivers
REVENUE One Fiserv Initiatives Enable Us to Capitalize on These Growth Drivers Build Clover as the leading Accelerate product Operate with a SMB operating system client-first mindset delivery and innovation [1FS #1 graphic] ™ Driving attrition back to historical levels Vertical VAS Commerce Hub Proj
Slide 132: Growth Drivers + One Fiserv Translate to Revenue
REVENUE Growth Drivers + One Fiserv Translate to Revenue Expected Adjusted Revenue Compounded Annual Growth Rate (2026–2029) 10% 8% 6–8% Merchant Solutions 6% 4–6% Total Fiserv 4% 2–4% Financial Solutions 2% 0% See appendix for information regarding non-GAAP financial measures.
Slide 133: Margins
Margins
Slide 134: One Fiserv Investments Fully in Place
MARGINS 1 One Fiserv Investments Fully in Place Operate Build Accelerate with a client-first Clover as the leading product delivery mindset SMB operating system and innovation ~$600M People-Related Investments ~$400M Tech Infrastructure and Innovation ~34% Expected Adjusted Operating Margins in 2026
Slide 135: High Incremental Profitability
MARGINS High Incremental Profitability ~40% Volume-Based Costs Operating leverage on growing revenue ~50bps ~60% annual baseline Fixed Costs operating leverage See appendix for information regarding non-GAAP financial measures.
Slide 136: Project Elevate: One Fiserv Efficiency Initiative
MARGINS Project Elevate: One Fiserv Efficiency Initiative Deliver Project Elevate, an AI-led productivity plan Technology Modernization $500M+ Process Reengineering Expected reduction in 2029 and Simplification run-rate costs, driving an incremental People and Organizational 200bps+ Realignment adju
Slide 137: Underlying Margin Expansion With Project Elevate Transformation
MARGINS Bringing Together Our Underlying Margin Expansion With Project Elevate Transformation Adjusted Operating Margin 40% 350bps+ 37%+ ~150bps 35% ~34% cumulative baseline operating $20.2B leverage Revenue 30% 200bps+ cumulative operating leverage from Elevate by 2029 25% 2026 Guidance 2029E See a
Slide 138: Cash Flow
Cash Flow
Slide 139: Stable Drivers of Free Cash Flow Conversion
CASH FLOW Stable Drivers of Free Cash Flow Conversion We Expect Consistent Free Cash Flow Conversion We Expect CapEx as a % of Revenue Will Normalize Annual FCF Conversion of Adjusted Net Income Percentage of Adjusted Revenue ~8.8% ~90% ~90% ~85–100% ~8% ~7.5–9.0% 2023–2025 2026 Guidance 2027E–2029E
Slide 140: Capital Allocation
Capital Allocation
Slide 141: Disciplined Approach to Go-Forward Capital Allocation
CAPITAL ALLOCATION Disciplined Approach to Go-Forward Capital Allocation 1 2 3 4 Organic Investment Leverage Target Mergers and Acquisitions Capital Return Pursue high ROI Remain committed to Selectively pursue Return excess cash opportunities to build investment-grade ratings, bolt-on, value-creati
Slide 142: Proactive Actions to Optimize Capital Efficiency
CAPITAL ALLOCATION Proactive Actions to Optimize Capital Efficiency Clover Capital Funding Strategy Reduces reliance on Fiserv balance sheet Maintains strong returns on advances Improves long-term growth outlook Divestitures Focuses our priorities Augments near-term capital return
Slide 143: Details of Divestiture
Details of Divestiture ATM Managed Announced plans to Revenue reported ~$275–$300M in divest to Bridgeport in Digital Payments after-tax cash Services, Cash Partners. business line (~$200M proceeds, with a 49% and Logistics, in 2025 revenue). interest in new Joint ® and MoneyPass Adjusted operating
Slide 144: Medium-Term Targets
Medium-Term Targets
Slide 145: Expected Constant Compounder Financial Profile by 2029
Fiserv’s Expected Constant Compounder Financial Profile by 2029 REVENUE MARGINS CASH FLOW CAPITAL ALLOCATION 37%+ Over $23B Over $13.5B Majority adjusted operating in 2029 adjusted in free cash flow of free cash flow margin by 2029 revenue 2027–2029 directed to stock buybacks while targeting 21-22%
Slide 146: Wrap Up
Wrap Up
Slide 147: Transforming a Great Platform into a Great Company
We provide mission-critical financial infrastructure, generating stable, highly-predictable revenues. Transforming a Our end markets are large and growing. Great Platform into a With modest share and unmatched capabilities amplified by AI, we are positioned to capture Great Company a long runway of
Slide 148: Issuing Q&A
Issuing Q&A
Slide 149: Appendix
Appendix
Slide 150: 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,” “adjusted revenue compound annual growth rate,” “payments revenue as a percentage of adjusted revenue,” “organ
Slide 151: 2026 and Medium-Term Guidance
2026 and Medium-Term Guidance Medium-Term 2026 1 (2027 - 2029) Key Financial Metrics 2, 3 Adjusted Revenue Growth 1% - 3% 4% - 6% Organic Revenue Growth 1% - 3% 4 Adjusted EPS $8.00 - $8.30 $12.00+ Other Financial Metrics 5 Adjusted Operating Margin ~34% 37%+ Free Cash Flow Conversion ~90% ~90% Capi
Slide 152: Adjusted and Payments Revenue
Adjusted and Payments Revenue 1Q26 FY25 FY24 FY23 GAAP revenue $ 5,027 $ 21,193 $ 20,456 $ 19,093 Adjustments: (352) (1,389) (1,333) (1,247) Postage reimbursements — — — 19 Deferred revenue purchase accounting adjustments $ 4,675 $ 19,804 $ 19,123 $ 17,865 Adjusted revenue 4 % Adjusted revenue growt
Slide 153: Adjusted Operating Income and Adjusted Operating Margin
Adjusted Operating Income and Adjusted Operating Margin FY25 GAAP revenue $ 21,193 Adjustments: (1,389) Postage reimbursements $ 19,804 Adjusted revenue $ 5,818 Operating income Adjustments: 59 Merger and integration costs One Fiserv transformation program expenses 86 79 Severance costs 1,304 Amorti
Slide 154: Adjusted and Organic Revenue
Adjusted and Organic Revenue FY25 GAAP revenue $ 21,193 Postage reimbursements (1,389) Adjusted revenue $ 19,804 1 Currency impact 230 Acquisition adjustments (194) Organic revenue $ 19,840 $ in millions, unaudited. See “Non-GAAP Financial Measures” slide for additional information regarding non-GAA
Slide 155: Adjusted Net Income and Adjusted EPS
Adjusted Net Income and Adjusted EPS FY25 FY24 FY23 GAAP net income attributable to Fiserv $ 3,480 $ 3,131 $ 3,068 Adjustments: 1 Merger and integration costs 59 81 158 2 86 — — One Fiserv transformation program expenses 79 157 74 Severance costs 3 Amortization of acquisition-related intangible asse
Slide 156: Adjusted Net Income and Adjusted EPS (cont.)
Adjusted Net Income and Adjusted EPS (cont.) FY25 FY24 FY23 GAAP EPS attributable to Fiserv - diluted $ 6.34 $ 5.38 $ 4.98 Adjustments - net of income taxes: 1 0.09 0.11 0.21 Merger and integration costs 2 One Fiserv transformation program expenses 0.13 — — Severance costs 0.12 0.22 0.10 3 1.91 1.95
Slide 157: 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 $21 million of third-party professional service fees and $25 million rel
Slide 158: Free Cash Flow
Free Cash Flow FY25 FY24 FY23 Net cash provided by operating activities $ 6,062 $ 6,631 $ 5,162 Capital expenditures (1,763) (1,569) (1,388) Adjustments: Distributions paid to noncontrolling interests and redeemable noncontrolling interest (10) (55) (34) Distributions from unconsolidated affiliates
Slide 159: 2026 Organic Revenue Growth Guidance
2026 Organic Revenue Growth Guidance Growth 2026 GAAP revenue 1% - 3% Postage reimbursements —% 2026 Adjusted revenue 1% - 3% 1 Currency impact 0.5% Acquisition adjustments (0.5%) 2 Divestiture adjustments —% 3 2026 Organic revenue 1% - 3% See “Non-GAAP Financial Measures” slide for additional infor