Slide 1: Q1 2026 Earnings Supplement
Q1 2026 Earnings Supplement May 5, 2026 Exhibit 99.2
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: We Are Built for Complexity
We Are Built for Complexity Where others avoided complexity in payments, we built for it. This is the basis of our differentiation. The harder the workflow, the fewer who can follow. Regulatory Depth Compliance built in across dozens of jurisdictions. Every new regulation raises the barrier to entry
Slide 4: Invoice-to-Cash, Tuition, Travel and Healthcare Verticals
Invoice-to-Cash Automation B2B payments remain manual and inefficient at scale Flywire automates invoice-to-cash with software plus payments Long-term expansion as AR and AP workflows deepen All Tuition, One Platform Global tuition payments are fragmented and high-friction Flywire unifies all tuitio
Slide 5: Why We Win
We deliver exceptional technology and client service, removing complexity so our clients improve how they get paid. Why We Win 1 2 EDU Travel B2B HC We embed into mission-critical workflows Once live, replacing Flywire often means a major systems project — we become core financial infrastructure. SI
Slide 6: Our FlyMates Global Payment Platform
Our FlyMates Global Payment Platform Industry- Leading Software Switching from Flywire = major systems overhaul Scale unlocks deeper capabilities over time Domain knowledge compounds with tenure Vertical software deeply integrated into clients’ core systems Vertical experts with in-region presence a
Slide 7: The Proof is in the Client
The Proof is in the Client Repeatable ROI: When we absorb complexity, our clients grow EDUCATION | Payments Platform New Zealand THE PROBLEM Visa-critical bottleneck: manual reconciliation delayed payment receipts by days, stalling student visa applications and threatening enrollment. WHAT FLYWIRE D
Slide 8: Clients look to Flywire to solve payments complexity
Clients look to Flywire to solve payments complexity Local bank transfers Local card acceptance Local methods (e.g. Alipay, Wechatpay, PayPal) One provider, one integration Posting to system of record Client currency settlement Complete audit trail PAYER Selects from available payment methods FLYWIR
Slide 9: Q1 2026 Performance
Q1 2026 Performance
Slide 10: GAAP Financial Highlights Q1 2026
$188.1M revenue $12.5M* net income 56.8% gross margin *Q1 2026 includes a $3.3M FX gain compared to a $3.6M FX gain in Q1 2025 GAAP Financial Highlights Q1 2026
Slide 11: Key Operating Metrics (Non-GAAP) Q1 2026
Key Operating Metrics (Non-GAAP) Q1 2026 $11.4B total payment volume +36.5%1 YoY $110.5M adjusted gross profit 33.9%1 YoY, 60.1%2 $39.3M adjusted EBITDA 81.8%1 YoY, 21.4%2 $184.0M revenue less ancillary services +43.0%1 YoY 1. Represents Y-o-Y Growth as compared to Q125 2. Represents Margins as % of
Slide 12: Q1 Actual Performance vs. Guidance: Strong Beat Across the Board
Q1 Actual Performance vs. Guidance: Strong Beat Across the Board Actual Guide2 Beat Q1 2026 Q1 2026 Total RLAS1 $184 $171 +$13 Y/Y RLAS Spot Growth (%) 43% 33% +1,040 bps Y/Y RLAS FxN Growth (%) 37% 28% +920 bps aEBITDA1 $39.3 $32.4 +$6.9 aEBITDA Margin expansion - YoY +452 bps +225 bps +227 bps RLA
Slide 13: Driving Productivity/Leverage Across All Opex Lines
Coding with AI… Increase feature velocity and engineering productivity shortening development timelines Data architecture investments to drive insights and predictive/ML/AI capabilities Highly scalable support, compliance and legal functions thanks to automation initiatives Procurement - vendor cons
Slide 14: Selected Customer Wins: Q1 2026
Selected Customer Wins: Q1 2026 Strong New Client Wins and Expansion Across Existing Customers SIGNED SFS ACCOUNTS NEW LIVE ACCOUNTS & MAJOR EXPANSIONS
Slide 15: Spotlight on Travel: The Sertifi Anniversary & Ecosystem Expansion
Spotlight on Travel: The Sertifi Anniversary & Ecosystem Expansion
Slide 16: Why We Win in Travel
Why We Win in Travel Better Economics for Merchants Faster Booking, Faster Cash Real Operational Leverage for Teams Trust & Risk Control at Checkout Uniquely Embed in Travel ERPs Optimized bank rails and FX routing outperform card-based horizontal acquirers $750K+ in merchant fee savings delivered B
Slide 17: Built for Complex, High-Value Travel
Built for Complex, High-Value Travel Flywire manages FX complexity, split payments, and direct reconciliation into ERPs saving businesses up to hundreds of thousands of dollars in operational costs Targeting the Highest-Value Subsectors Macro resilient, underserved segments like luxury travel, DMCs,
Slide 18: Hospitality TPV Accelerating QoQ
Hospitality TPV Accelerating QoQ Hospitality TPV Growth USD$M Q1 26 YoY(1) Growth: 120%+ Note (1): Presented on a pro forma basis to include TPV attributable to Sertifi for the pre-acquisition period of January 1, 2025 through the closing date of February 24, 2025.
Slide 19: Land & Expand with Marriott Austin South
CASE STUDY THE CHALLENGE Already using Sertifi for contract workflows but needed faster deposit collection and streamlined payment reconciliation Already using Sertifi for contracts, Marriott Austin South expanded into Flywire payments to connect contract signing directly to deposit collection—reduc
Slide 20: 2026 & Q2 Financial Outlook
2026 & Q2 Financial Outlook
Slide 21: Q2 2026 Outlook
Q2 2026 Outlook 1. Flywire has not provided a quantitative reconciliation of forecasted FX Neutral revenue to GAAP revenue and Adjusted EBITDA margin to forecasted GAAP Net Income margin within this presentation because Flywire is unable, without making unreasonable efforts, to calculate certain rec
Slide 22: FY 2026 Outlook
FY 2026 Outlook 1. Flywire has not provided a quantitative reconciliation of forecasted Adjusted EBITDA margin to forecasted GAAP Net Income margin within this presentation because Flywire is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These i
Slide 23: FY 2026 Guidance Assumptions
FY 2026 Guidance Assumptions EDU Macro Assumptions (Unchanged) Revenue Approx. 1.5% inorganic growth from Sertifi. Approx. 3-4% coming from payment processing ramps. Gross Margins Adjusted Gross Profit margin to decline 200-300 bps in FY2026 due to payment processing ramp. Excl ramp, GM % decline wo
Slide 24: Capital Allocation & Structure
Capital Allocation & Structure
Slide 25: Capital Allocation Strategy Overview
Capital Allocation Strategy Overview Organic Growth Investments Geographic expansion GTM enhancement Deeper software integrations Ecosystem expansions with Strategic Payables & International Agent solutions Strategic Acquisitions Accelerate within existing industry and / or geographies New product c
Slide 26: Q1 26 Cash & Liquidity Walk: >$500M Liquidity
Flywire’s total corporate cash increased by $17M in 1Q26, supported by strong free cash flow generation while continuing to incrementally return capital Flywire liquidity remains strong (1) Please see definitions and reconciliations to the comparable GAAP metrics in the appendix Q126 Cash & Liquidit
Slide 27: Capital Discipline Driving Shareholder Value (2024 – 2026)
(125) Funding Strategic Growth: Executed M&A through disciplined mix of cash and debt, preserving liquidity and balance sheet strength. Maximizing Shareholder Returns: Deployed ~90% FCF toward SBB, guided by strict valuation discipline and market conditions. High-Conviction Buyback Expansion: Planni
Slide 28: Appendix
Appendix
Slide 29: Revenue Less Ancillary Services and Adjusted Gross Profit Reconciliations
Revenue Less Ancillary Services and Adjusted Gross Profit Reconciliations $USD in Millions (unaudited) All dollar amounts are rounded and as a result, certain amounts may not recalculate using the rounded amounts provided.
Slide 30: Revenue Less Ancillary Services Disaggregation by Revenue Type
Revenue Less Ancillary Services Disaggregation by Revenue Type $USD in Millions (unaudited) All dollar amounts are rounded and as a result, certain amounts may not recalculate using the rounded amounts provided.
Slide 31: FX Neutral Revenue Less Ancillary Services Reconciliation
FX Neutral Revenue Less Ancillary Services Reconciliation $USD in Millions (unaudited) All dollar amounts are rounded and as a result, certain amounts may not recalculate using the rounded amounts provided.
Slide 32: Net Income (Loss) to Adjusted EBITDA Reconciliation
Net Income (Loss) to Adjusted EBITDA Reconciliation $USD in Millions (unaudited) All dollar amounts are rounded and as a result, certain amounts may not recalculate using the rounded amounts provided.
Slide 33: Non-GAAP Operating Expenses Reconciliation
Non-GAAP Operating Expenses Reconciliation $USD in Millions (unaudited) All dollar amounts are rounded and as a result, certain amounts may not recalculate using the rounded amounts provided.
Slide 34: Net Margin, EBITDA Margin, and Adjusted EBITDA Margin
Net Margin, EBITDA Margin, and Adjusted EBITDA Margin $USD in Millions (unaudited) All dollar amounts are rounded and as a result, certain amounts may not recalculate using the rounded amounts provided.
Slide 35: Free Cash Flow Reconciliation
Free Cash Flow Reconciliation $USD in Millions (unaudited) All dollar amounts are rounded and as a result, certain amounts may not recalculate using the rounded amounts provided.
Slide 36: Corporate Cash Reconciliation
Corporate Cash Reconciliation $USD in Millions (unaudited) All dollar amounts are rounded and as a result, certain amounts may not recalculate using the rounded amounts provided.
Slide 37: Non-GAAP Definitions
Non-GAAP Definitions Revenue Less Ancillary Services. Revenue Less Ancillary Services represents the Company’s consolidated revenue in accordance with GAAP less (i) pass-through cost for printing and mailing services and (ii) marketing fees. Adjusted Gross Profit and Adjusted Gross Margin. Adjusted
Slide 38: Non-GAAP Definitions
Non-GAAP Definitions Non-GAAP Operating Expenses. Non-GAAP Operating Expenses represents GAAP Operating Expenses adjusted by excluding (i) stock-based compensation expense and related payroll taxes, (ii) depreciation and amortization, (iii) acquisition related transaction costs, if applicable, (iv)