Repay Holdings Corporation · NASDAQ:RPAY
Repay — Q3 2025 Earnings Presentation
19 slides from Repay's earnings presentation, Nov 10, 2025
Slide 1: Q3 2025 Earnings Supplement
Exhibit 99.2 Q3 2025 Earnings Supplement November 2025
Slide 2: Disclaimer
Disclaimer 1 Repay Holdings Corporation (“REPAY” or the “Company”) is required to file annual, quarterly and current reports, proxy statements and other information with the Securities and Exchange Commission (“SEC”) Such filings, which you may obtain for free at the SEC’s website at http://www.sec.
Slide 3: Financial Update – Q3 2025 ($MM)
2 Financial Update – Q3 2025 ($MM) Revenue Gross Profit Adjusted EBITDA (2) Free Cash Flow (3) 5% y/y growth, 1% y/y growth, excl. political media(1) excl. political media(1) $61.6 $48.8 $79.1 $77.7 $33.7 $57.8 $31.2 $20.8 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Q3 2024 Q3 2025 % Margin (2)
Slide 4: Q3 2025 Gross Profit Dynamics
3 Q3 2025 Gross Profit Dynamics Gross Profit Gross Profit Margin (In $ millions) Volume MSD growth when excluding impacts 77.8% discounts Non-card from political media and client losses & pricing volume Increase in 1% normalized y/y growth, excl. political media (1) Political mix transaction $61.6 O
Slide 5: Consumer Payments Results – Q3 2025 ($MM)
4 Consumer Payments Results – Q3 2025 ($MM) Gross Profit Margin Key Business Highlights 4% y/y growth, as reported 79% 77% • ~3% GP growth headwind from one-off client losses • GP margins impacted from increased mix of clients 1% y/y growth, with volume pricing and an increase in average as reported
Slide 6: Business Payments Results – Q3 2025 ($MM)
5 Business Payments Results – Q3 2025 ($MM) Gross Profit Margin Key Business Highlights 21% y/y growth, excl. political media (1) 79% 69% • Strong sales pipeline within healthcare, property ((21%) y/y decline, as reported) management, and municipality verticals via 12% y/y growth, direct sales and n
Slide 7: Balance Sheet Flexibility and Net Leverage
6 Balance Sheet Flexibility and Net Leverage Liquidity & Near-Term Debt Maturity Net Leverage as of September 30, 2025 (In $ millions) Total Debt $434 MM $413 $346 Cash Balance $96 MM On-going cash generation & continued improvements Net Debt $338 MM Retired $73.5 million of $220 million converts in
Slide 8: 2025 Outlook
7 2025 Outlook REPAY refines its previously provided financial outlook GROSS PROFIT FREE CASH FLOW CONVERSION (1) 6%-8% Above 50% in Q4 Q4 Normalized Growth (prior was 60%) (prior was HSD to LDD) Note: REPAY does not provide quantitative reconciliation of forward-looking, non-GAAP financial measures
Slide 9: History of Sustained Growth Across All Key Metrics…
8 History of Sustained Growth Across All Key Metrics… Revenue (1) Gross Profit (1) (In $ Millions) (In $ Millions) $80.7 $79.1 $78.3 $77.3 $75.6 $77.7 $61.5 $61.6 $59.7 $58.7 $74.5 $71.8 $74.3$76.0 $74.9 $57.8 $56.6 $58.7 $58.6 $57.2 $57.8 $71.6 $72.7 $54.9 $54.9 $56.7 $67.6 $67.4 $51.0 $50.7 $61.1
Slide 10: …With Strong Gross Profit Margins and Robust FCF Conversion
9 …With Strong Gross Profit Margins and Robust FCF Conversion Gross Profit Margin 80% 78% 75% 73% 70% Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 FCF Conversion (1) 125% 75% 25% (25%) Q1 2021
Slide 11: Appendix
10 Appendix
Slide 12: Q3 2025 Financial Update
11 Q3 2025 Financial Update THREE MONTHS ENDED SEPTEMBER 30 CHANGE $MM 2025 2024 AMOUNT % Revenue $75.6 $74.9 $0.7 1% Costs of Services 18.4 16.3 2.1 13% Gross Profit $57.2 $58.6 ($1.4) (2%) Operating Expenses(1) 37.8 27.0 10.8 40% EBITDA $19.4 $31.6 ($12.2) (39%) Depreciation and Amortization 25.6
Slide 13: Q3 2025 Adjusted EBITDA Reconciliation
12 Q3 2025 Adjusted EBITDA Reconciliation Q3 Q3 1) Reflects amortization of client relationships, non-compete agreement, software, and channel relationship $MM intangibles acquired through the business combination with Thunder Bridge, and client relationships, non- 2025 2024 compete agreement, and s
Slide 14: Q3 2025 Adjusted Net Income Reconciliation
13 Q3 2025 Adjusted Net Income Reconciliation 1) Reflects amortization of client relationships, non-compete agreement, software, and channel relationship ($MM) Q3 2025 Q3 2024 intangibles acquired through the business combination with Thunder Bridge, and client relationships, non- compete agreement,
Slide 15: Free Cash Flow Reconciliation
14 Free Cash Flow Reconciliation 2021 2022 2023 2024 2025 $MM Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Net Cash provided by $4.8 $12.1 $14.6 $21.8 $13.8 $13.3 $25.3 $21.8 $20.8 $20.0 $28.0 $34.9 $24.8 $31.0 $60.1 $34.3 $2.5 $33.1 $32.2 Operating Activities Capital expenditures Cash p
Slide 16: Depreciation and Amortization Detail
15 Depreciation and Amortization Detail $MM Q3 2025 Q3 2024 Acquisition-related intangibles $19.7 $19.1 Software 5.7 6.0 Amortization $25.4 $25.1 Depreciation 0.3 0.4 Total Depreciation and Amortization $25.6 $25.5 Note Adjusted Net Income is adjusted to exclude amortization of all acquisition-relat
Slide 17: Q3 2025 Revenue and Gross Profit Growth Reconciliations
16 Q3 2025 Revenue and Gross Profit Growth Reconciliations Q3 2025 Consumer Business Total $MM Payments Payments Company Revenue Growth 4% (21%) (2%) Political Media contribution / (impact) n/a (42%) (7%) Revenue Growth, excl. political media 4% 21% 5% Q3 2025 Consumer Business Total $MM Payments Pa
Slide 18: Gross Profit Growth Reconciliation
17 Gross Profit Growth Reconciliation 2023 2024 2025 $MM Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Gross Profit Growth 11% 8% 3% 2% 6% 9% 7% 9% 2% 6% (5%) (2%) (6%) Acquisitions / (2%) (4%) (6%) (6%) (4%) (2%) n/a n/a n/a (1%) n/a n/a n/a (Divestitures) impact Organic Gross 13% 12% 9% 8% 10% 11% 7% 9%
Slide 19: Historical Segment Details
18 Historical Segment Details 2022 2023 2024 2025 Full Year $MM Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2022 2023 2024 Consumer Payments $61.1 $59.8 $63.0 $64.3 $69.9 $65.9 $68.7 $71.1 $76.1 $69.3 $69.2 $66.3 $71.9 $70.5 $71.7 $248.2 $275.7 $281.0 Business Payments 8.9 9.9 11.4 12.3 8.7 9.8 9.7