Western Union Company (the) · NYSE:WU
Western Union Company (the) — The Western Union Company — Q4 2025 Earnings Presentation
41 slides from Western Union Company (the)'s earnings presentation, Feb 20, 2026
Slide 1: Fourth Quarter and Full Year 2025 Financial Results
Fourth Quarter and Full Year 2025 Financial Results February 20, 2026
Slide 2: Tom Hadley, Vice President of Investor Relations
Western Union Tom Hadley Vice President of Investor Relations 2
Slide 3: Forward-Looking Statements
Western Union Forward-Looking Statements This presentation contains certain statements that are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are not guarantees of future performance and involve certain risks, uncertainties, and assumpti
Slide 4: Devin McGranahan, President & CEO
Western Union Devin McGranahan President & CEO 4
Slide 5: Digital First, Retail Enabled, Beyond Remittances, Next Gen Payments
Western Union Digital First Retail Enabled We make financial services accessible to people everywhere Beyond Powered By Next Remittances Gen Payments 5
Slide 6: Fourth Quarter Results
Western Union Fourth Quarter Results $1.01 billion GAAP revenue 18% 20% GAAP operating margin Adjusted operating margin* $0.36 $0.45 GAAP EPS Adjusted EPS* 6 *Note: See appendix for reconciliation of GAAP to Non-GAAP financial measures.
Slide 7: Mexico Inbound Remittances Show Signs of Rebound After Recent Softness
Western Union Mexico Inbound Remittances Show Signs of Rebound After Recent Softness 2025 Monthly Mexico Inbound Remittance Growth Trends (YoY) 2% 3% 2% (2%) (1%) (3%) (5%) (4%) (6%) (8%) (12%) (16%) January February March April May June July August September October November December 7 Source: Banc
Slide 8: Recent Performance and Long-Term Value Creation Amid Industry Headwinds
Western Union Q4 2025 Branded Q4 2025 Consumer Digital Transactions Services Adjusted +13% Revenue* +26% Adjusted Revenue* Recent +6% Travel Money expected to Performance and be $150M in 2026 Long-Term Value Creation Amid Western Union Returned Industry Operating Margins + $500M Headwinds 19% 19% 20
Slide 9: Navigating Changes with Confidence
Western Union Navigating Changes with Confidence Debit Card Prepaid Cards Enablement at POS Preparing for the 1% Tax Vigo Money Technology Wallet Implementation 9
Slide 10: Continued to Expand Account Based Relationships Around the World
Western Union Continued to Expand Account Based Relationships Around the World Four digital wallets in Europe Vigo Money launched in the US in 2025 Expanding in Israel Pending regulatory approval for wallets in Mexico Dash acquisition adds wallet capabilities in Singapore expected in 2026 Observed f
Slide 11: Omnichannel Payments: From POS to Digital Wallets
Western Union Omnichannel Payments: From POS to Digital Wallets POS Network Powering Debit & Prepaid Expansion 11
Slide 12: Mixed Corridor Dynamics with Clear Path Ahead
Western Union Mixed Corridor Dynamics with Clear Path Ahead: Stabilizing and Strengthening US Outbound Components of Transaction Growth in Q4* -2.6 -2.4 -2.2 -2.0 -1.8 -1.6 -1.4 -1.2 -1.0 -0.8 -0.6 -0.4 -0.2 0.0 0.2 0.4 Mexico Venezuela Ecuador Nicaragua Colombia Brazil Guatemala Jamaica Philippines
Slide 13: Trusted Brand, Continued Market Wins
Western Union Trusted Brand, Continued Market Wins Scandinavia More than CMT Retail Double the Size Transactions of our next Grew Double Closest Digits in 2025 Competitor* 13 *Based on 2025 money transfer revenue
Slide 14: Western Union: Powering Beyond
Western Union Western Union: Powering Beyond Beyond Digital Leading Global, Real-time Payments Network 270+ Real-time funds- 300+ Real-time funds- Beyond Experience in options* out options* Adaptable Product Suite Scalable Platform 81,000+ possible pathways across countries, corridors, and geographi
Slide 15: High Trust, Digital-First Momentum: Positive Outlook for the Middle East
Western Union High Trust, Digital-First Momentum: Positive Outlook for the Middle East Emirati Population 12% $132B Saudi Remittance Population (M) outflows from 50 +20% UAE 2025 Gulf in 2024, 40 38 32 Population with $77B from 30 20 Trend 16 Saudi Arabia 10 and the UAE 0 2000 2020 2025 alone 89% Im
Slide 16: From Opportunity to Execution: Digital Asset Money Movement
Western Union From Opportunity to Execution: Digital Asset Money Movement Cross-Border Secure Payments Tokenization Leveraging stablecoins for faster An end-to-end platform to settlements and reduced securely mint, custody, distribute transaction costs and manage tokenized assets USDPT Digital Treas
Slide 17: On-the-Ground Growth: Agent Success
Western Union On-the-Ground Growth: Agent Success Recent Partnerships 17
Slide 18: Key Takeaways
Western Union Key Takeaways Digital First Value Beyond Disciplined Market Expansion Approach Remittances Execution Opportunities 18
Slide 19: Matt Cagwin, Chief Financial Officer
Western Union Matt Cagwin Chief Financial Officer 19
Slide 20: Business Trends
Western Union Business Trends FY 2025: (5%) Adjusted Operating Margin* FY 2025: 20% 1200 Adjusted Revenue Growth* 12% 1199.8 Adj. Rev. Growth Adj. Rev. Growth ex. Iraq 10% 8% 1199.6 6% 1199.4 4% 1199.2 1% 2% (2%) (1%) (1%) 20% 20% 1199 0% -2% 17% 19% 19% 1198.8 (1%) (2%) (5%) -4% 1198.6 (8%) (4%) (5
Slide 21: Focused Execution Driving Consumer Services Growth
Western Union Focused Execution Driving Consumer Services Growth Total Countries/Territories 17% Operating Margin 30 (Q4 2025) $150M 14% 170 Adjusted Revenue* % of total company GAAP (Q4 2025) revenue (Q4 2025) Consumer Services and CTM Countries/Territories Remaining CMT Countries/Territories 21 *N
Slide 22: Consumer Money Transfer Business Trends
Western Union Consumer Money Transfer Business Trends Key Highlights • Consumer Money Transfer has experienced a 5% growth in PPT on a constant currency basis • Branded Digital achieved the 9th consecutive quarter of mid- single-digit or better adjusted revenue growth* Q4 2025 North America % of Q4
Slide 23: Financial Highlights
Western Union Financial Highlights YTD December 31, 2025 Cash flow from operations $544 million Capital expenditures $151 million Leverage Ratios Dividends paid $305 million 2.9x* (Gross) Share repurchases $225 million Cash balance $1.2 billion 1.6x* (Net) Debt outstanding $2.9 billion 23 *Note: See
Slide 24: 2026 Financial Outlook
Western Union 2026 Financial Outlook 1 Revenue2 EPS3 GAAP 5% to 8% $1.50 to $1.60 Adjusted* 6% to 9% $1.75 to $1.85 1 2026 Outlook assumes Intermex deal closes in the second quarter 2 Adjusted revenue growth excludes the impact of currency and Argentina inflation in quarters when hyperinflationary (
Slide 25: Questions and Answers
Western Union Questions and Answers 25
Slide 26: Appendix
Western Union Appendix Fourth Quarter and Full Year 2025 26
Slide 27: Key Statistics and Reconciliation of Non-GAAP Measures
Western Union Key Statistics and Reconciliation of Non-GAAP Measures Western Union’s management believes the non-GAAP financial measures A non-GAAP financial measure should not be considered in isolation or as within this presentation provide meaningful supplemental information a substitute for the
Slide 28: Consolidated Metrics
Western Union w Notes 4Qn4 FY2024 1925 2925 3925 4Q25 FY2025 Consolidated Metrics Reveues (GAAP) - YoY % change 1% O% (or % 0% 3%] an Agjusted revenues (non-GAAP) - YoY % change ro) am lo @% w% os | (% Adjusted revenues, exchading Iraq (non-GAAP) - YoY % change © 1% 0% Om (es cs | Oy Operating margi
Slide 29: CMT Segment Regional Metrics
Western Union w Notes 4Q04 Fy2024 1925 2925 3Q25 4Q5 FY2025 ‘CMT Segment Regional Metrics - Yo¥ % change NA region revenmes (GAAP) (% (a Os ans (129% (a3)e4| (ans ‘NA region foreign currency translation impact 0 0% 0% 1% 0% O% ov 1% “Adjusted NA region revenues (non-GAAP) O% (W% O% anes (12% car Go%
Slide 30: CMT and Consumer Services Metrics
Western Union w Notes 4Q24 FY2004 19235 2925 3Q25 4Q25 FY2025 % of CMT Revenue NA region revenues 39% 39% 39% 39% 37% 37%| 38% EU & CIS region revenues 7% 26% 2% 29% 30% 30%| 29% ‘MEASA region revenues 17% 18% 17% 15% 16% 16%| 16% LACA region revenues 12% 12% 11% 11% 11% 11%| 11% APAC region revenue
Slide 31: Consolidated Metrics
Western Union @ ® Consolidated Metrics ‘Revenues (GAAP) Foreign currency translation and Argentina hyperinflation impact!) ‘Revenues, constant currency. net of Argentina hyperinflation (non-GAAP)! Less lraq revernes (GAAP) Adjusted revenues, excluding Iraq (non-GAAP) rior year revenues (GAAP) Less p
Slide 32: Consolidated Metrics (cont.)
Western Union Notes 4Q24 Fy2024 1925 2Q25 3Q25 Consolidated Metrics cont. (co) Netincome (GAAP) 8 385.7 $ 9342 «S$ SSL 1396 |S Acquisition, separation, and integration costs o 18 at 16 4 30 Acoortization and impaénent of acquisition related intangible assets © 02 24 02 09 10 Redeployment program cos
Slide 33: Consolidated Metrics (cont.)
Western Union Consolidated Metrics cont. (©) Effective tax rate (GAAP) IRS seitlement ‘Non-cash tax impacts of international reorganization Other adjustments Adjusted effective tax rate (non-GAAP) (® Diluted earnings per share (GAAP) (S- dollars) Pretax impacts fiom the following: Acquistion, separa
Slide 34: CMT Segment Metrics
Western Union Notes 4Q24 FY2024 1Q25 2Q25 3Q25 4Q25 FY2025 CMT Segment Metrics (g) Revenues (GAAP) $ 938.8 $ 3,798.0 $ 872.9 $ 885.0 $ 878.0 $ 871.5 $ 3,507.4 Foreign currency translation and Argentina hyperinflation impact[1] (j) 7.5 30.1 11.4 (5.7) (15.5) (17.2) (27.0) Revenues, constant currency,
Slide 35: CS Segment Metrics
Western Union Notes 4Qes Fy2024 1Q25 2935 3QUs 4Qes FY2025 CS Segment Metrics @ Revenues (GAAP) s 194 $ 47S 107 $ wis 1546 |S 1369] $ 3433 Foreign currency translation and Argentina hyperinflation impact'"! 0) 25.1) 412) Q5.9) 19 04 131 0.5) Revenues, constant currency, net of Argentina hyperinflati
Slide 36: Consolidated Metrics
Western Union Net cash provided by(used in) operating activities (GAAP) Depresiat _ ‘Other non-cash items, net, including deferred taxes ‘Change in cash, excluding the effects of acquisitions and divestitures, resulting from changes in: Other assets Income taxes payable Net income (GAAP) Total other
Slide 37: Adjusted Free Cash Flow Conversion
Western Union Adjusted Free Cash Flow Conversion FY2023 FY2024 FY2025 Net cash provided by operating activities (GAAP) $ 783.1 $ 406.3 $ 543.7 Capital expenditures (GAAP) (147.8) (130.6) (150.8) Free cash flow (non-GAAP) $ 635.3 $ 275.7 $ 392.9 Tax payments associated with the 2017 United States Fed
Slide 38: 2026 Consolidated Outlook Metrics
Western Union 2026 Consolidated Outlook Metrics Notes Range Revenues (GAAP) - YoY % change 5% 8% Foreign currency translation impact (j) 1% 1% Revenues, adjusted (non-GAAP) - YoY % change 6% 9% Range Effective tax rate (GAAP) 20% 22% Non-cash tax impacts of international reorganization (u) (7)% (7)%
Slide 39: Non-GAAP related notes
Western Union w Non-GAAP related notes: 7 i) © ©) Represents the impact from the fluctuation in exchange rates between all foreign currency denominated amounts and the United States dollar. Constant currency results exclude any benefit or loss caused by foreign exchange fluctuations between foreign
Slide 40: Western Union
Western Union w (@ While the Company had previously made a decision to suspend its operations in Russia, in the third quarter of 2024, the Company decided to pursue either liquidating or selling the Russian assets, which triggered a review of the carrying value of these assets. In the fourth quarter
Slide 41: Thank you
Western Union Thank you. ©2026 Western Union Holdings, Inc. All rights reserved
The Western Union Company — Q4 2025 Earnings Presentation on 6ix