Slide 1: 4Q 2025 Investor presentation
4Q 2025 Investor presentation Presented NASDAQ: by PAYO INVESTOR.PAYONEER.COM Date Presented by February 26, 2026
Slide 2: Disclaimers
Disclaimers This presentation does not constitute an offer to sell, a solicitation of an offer to buy, or a certain financial and business trends relating to Payoneer’s results of operations. (income) expense, net. Such unavailable information could have a significant impact on recommendation to pur
Slide 3: Connect the world's cross-border businesses to a rising, global economy
Trusted: $87.5B $7.9B 2025 volume Customer funds Scaled and high-growth: Payoneer’s mission: $1.1B 19% Connect the world’s 2025 revenue Revenue CAGR (3-year) cross-border Highly profitable & strong cash conversion: businesses to a 26% Adjusted EBITDA margin 100%+ FCF conversion rising, global (3-yea
Slide 4: Investment thesis
Investment thesis Significant addressable A growing, increasingly Robust balance sheet market: we are powering profitable business that and strong cash flow cross-border B2B is supported by generation enabling commerce and differentiated assets and investment & capital becoming the bank infrastructu
Slide 5: Strong growth and significantly increasing profitability
Strong growth and significantly increasing profitability Volume Customer funds Revenue Adjusted EBITDA1 ($B) ($B) ($M) ($M) 78% 14% $88 11% $7.9 19% $272 CAGR $1,053 CAGR CAGR CAGR $5.8 $60 $628 $48 2022 2025 2022 2025 2022 2025 2022 2025 1. Please refer to the appendix of this presentation for the
Slide 6: 3-act journey to be the comprehensive financial stack for global SMBs
3-act journey to be the comprehensive financial stack for global SMBs 2005-2017 1. Founded to simplify cross-border payments and became one of the leading payment providers for SMBs selling on marketplaces. 2018-2024 Expanded into B2B payments, leveraging 2. existing scaled global infrastructure, an
Slide 7: Payoneer helps businesses grow globally by removing the friction in cross-border payments
Payoneer helps businesses grow globally by removing the friction in cross- 13,000 USD 3,500 EUR 8,500 GBP border payments 7
Slide 8: Capabilities
Through Payoneer’s multi-currency account, customers can access a comprehensive financial stack, enterprise scale, and global reach Capabilities Accounts Receivable (AR) Cash Management Accounts Payable (AP) Product Payoneer card Workforce B2B invoice Checkout FX capabilities management Pay vendors
Slide 9: Highly diversified business model
Highly diversified business model $1,053M of 2025 Revenue Latin B2B Other1 America Invoicing 1% Other2 7% 11% 14% B2B SMBs 23% North EMEA Interest America 25% income 10% 22% Send to bank account 32% Checkout 3% By customer By customer Interest income By product type region 22% Enterprise APAC payout
Slide 10: Three diverse customer segments
Three diverse customer segments B2B SMBs SMBs that sell on Enterprise payouts marketplaces Payoneer AR Payoneer SMB- Payoneer AR Payoneer SMB- capabilities, grade AP capabilities for grade AP including invoicing, capabilities marketplace capabilities merchant acquiring sellers Payoneer Virtual Virtu
Slide 11: Customers in 190+ countries and territories
Customers in 190+ countries and 5 35+ territories Reported Countries with regions on-the-ground presence North America EMEA Greater China >$1B 2025 revenue 25% 34% 10% of 2025 revenue of 2025 revenue of 2025 7,000 revenue APAC Trade corridors served Latin America 21% Revenue from ~40% of 2025 11% re
Slide 12: Driving stronger growth in our highest take rate regions
Driving stronger growth in our highest take rate regions Revenue growth by region Take rate by region 3-year CAGR (2022-2025) 2025 take rate 27% 27% 3.9% 22% 2.4% 15% 2.1% Payoneer average take rate 0.9% 3% 0.4% APAC LATAM China EMEA N. America LATAM APAC EMEA China N. America 12
Slide 13: Our 2026 strategy for growth: focus upmarket on larger customers
Our 2026 strategy for growth: focus upmarket on larger customers with more complex needs % Revenue from $50K+ volume customers +1,000 bps 41% 41% 41% 41% 42% Larger, often multi-entity 40% 40% 39% 39% and multi-geography 37% 36% 36% customers have higher 34% 32% 32% retention, product adoption 31% a
Slide 14: Strong momentum cross-selling our accounts payable capabilities
Strong momentum cross-selling our accounts payable (AP) capabilities Usage by number of products used by a customer 34% 33% 32% 32% 30% 31% 29% 28% 28% 28% 28% 27% 28% Larger SMBs have more 1 AP product 38% 38% 36% complex AP needs. 20% 20% 20% 22% 22% 20% 21% 21% 21% 20% As we enhance our product 2
Slide 15: Delivering significant ARPU and take rate expansion
Delivering significant ARPU and take rate expansion Total ARPU SMB take rate +60% increase in +16bps increase in SMB ARPU ex-interest $488 take rate (4Q25 vs 4Q22) $425 1.20%1.21% $100 1.19% $359 $103 1.10% 1.11% 1.13% 1.09% 1.08% 1.09% 1.07% 1.06% 1.04% 1.09% $94 1.03% $265 0.97% 1.00% $22 $388 $32
Slide 16: High margin interest income revenue reflects the value of our platform
High margin interest income revenue reflects the value of our platform and products to our customers Interest Income Earned on Customer Funds ✓ $7.9B in customer funds = revenue backlog until usage Average Effective Federal Funds Rate: 2.2% 0.4% 0.1% 1.7% 5.0% 5.1% 4.2% ✓ 85%+ of customer funds are
Slide 17: Our strong balance sheet and cash flow generation enable us to invest for growth
Our strong balance sheet and cash flow generation enable us to invest for growth and return capital to shareholders Cash & equivalents and debt ($M) Free cash flow ($M) Share repurchases and stock-based compensation ($M) FCF conversion: 120% 96% 199% $175 $617 $497 $146 $137 $416 $121 $117 $112 $93
Slide 18: 2026 full year guidance as of February 26, 2026
2026 full year $1,090-1,130M guidance as of Revenue February 26, 2026 ~15.0% Transaction costs as a % of revenue $275-285M Adjusted EBITDA1 1. Please refer to “Non-GAAP Financial Measures” in slide 2 of this presentation. The Company cannot reconcile its expected adjusted EBITDA to expected net inco
Slide 19: 4Q'25 and FY'25 Financial Results
4Q’25 and FY’25 Financial Results 19
Slide 20: Executing with discipline and driving operating leverage
Executing with discipline and driving operating leverage Sustained 25%+ adjusted EBITDA margins in a declining interest rate environment $271 $272 $280 $205 28% 25% 26% 25% 8% $90 $48 $40 $14 ($7) ($25) Unlocking significant core business profitability 2022 2023 2024 2025 2026 Guidance (midpoint) 1
Slide 21: Driving profitable revenue growth
Driving profitable revenue growth Total revenue ($M) Total adj. EBITDA ($M) Consistent profitability in a Continued top-line growth declining interest rate environment $271 $275 $66 $71 $69 $262 $261 $63 $65 $247 27% Adjusted 24% 25% 26% 25% EBITDA Adjusted EBITDA margin 4Q24 1Q25 2Q25 3Q25 4Q25 4Q2
Slide 22: Volume and revenue trends
Volume and revenue trends Volume ($M) 4Q24 1Q25 2Q25 3Q25 4Q25 YoY QoQ FY24 FY25 YoY SMBs that sell on marketplaces $13,448 $11,373 $12,109 $12,453 $13,524 1% 9% Faster volume $47,836growth with higher3% $49,460 take rate B2B SMBs 2,952 2,708 2,930 3,119 3,569 21% 14% customer segments 10,454 12,327
Slide 23: Revenue by region trends
Revenue by region trends Active ICPs ('000s) 4Q24 1Q25 2Q25 3Q25 4Q25 YoY QoQ By size: $500-$10K/month 505 503 508 501 490 -3% -2% $10K+/month 55 53 52 47 45 -17% -4% Total 560 556 559 548 536 -4% -2% Year-over-year volume growth by customer size: $500-$10K/month 11% 3% 2% 0% -4% -1,463 bps -327 bps
Slide 24: Appendix
Appendix OPayoneer
Slide 25: Reconciliation of net income (loss) to adjusted EBITDA
Reconciliation of net income (loss) to adjusted EBITDA Twelve months ended, ($ in thousands) Dec. 31, 2022 Dec. 31, 2023 Dec. 31, 2024 Dec. 31, 2025 1. Represents non-cash charges associated with stock-based compensation expense, which has been, and will continue to be for the foreseeable future, a
Slide 26: Reconciliation of net cash provided by operating activities to free cash flow
Reconciliation of net cash provided by operating activities to free cash flow ($ in thousands) FY 2023 FY 2024 FY 2025 Net cash provided by operating activities $ 159,489 $ 176,925 $ 233,489 Purchase of property, equipment and software (8,459) (8,189) (26,874) Capitalization of internal use software