Repay Holdings Corporation · NASDAQ:RPAY
Repay — Q4 2025 Earnings Presentation
19 slides from Repay's earnings presentation, Mar 9, 2026
Slide 1: Q4 2025 Earnings Supplement
Exhibit 99.2 Q4 2025 Earnings Supplement March 2026
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: FY 2025 Financial Highlights
2 FY 2025 Financial Highlights REPAY’s Unique Model Translates Into a Resilient Financial Profile REVENUE GROSS PROFIT ADJUSTED EBITDA(1) FREE CASH FLOW(2) $309.3MM $232.0MM $128.6MM $49.1MM +3% y/y growth +1% y/y growth 42% margin(1) 38% FCF Conversion(2) excl. political media(3) excl. political me
Slide 4: Financial Update – Q4 2025 ($MM)
3 Financial Update – Q4 2025 ($MM) Revenue Gross Profit Adjusted EBITDA (2) Free Cash Flow (3) 10% y/y growth, 9% y/y growth, excl. political media(1) excl. political media(1) $78.6 $59.7 $36.5 $78.3 $58.3 $32.4 $23.5 $13.8 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Q4 2024 Q4 2025 % Margin (2)
Slide 5: Consumer Payments Results – Q4 2025 ($MM)
4 Consumer Payments Results – Q4 2025 ($MM) Gross Profit Margin Key Business Highlights 8% y/y growth, as reported 80% 78% • GP margins impacted from increased mix of clients with volume pricing and processing more of our 6% y/y growth, client’s overall payment volumes $71.7 as reported • Resilent t
Slide 6: Business Payments Results – Q4 2025 ($MM)
5 Business Payments Results – Q4 2025 ($MM) Gross Profit Margin Key Business Highlights 41% y/y growth, excl. political media (1) 70% 69% • Strong sales pipeline within healthcare, property ((17%) y/y decline, as reported) management, and municipality verticals via 73% y/y growth, direct sales and n
Slide 7: Balance Sheet Flexibility and Net Leverage
6 Balance Sheet Flexibility and Net Leverage Liquidity & Recent Debt Maturity Pro Forma Net Leverage (4) (In $ millions) PF Total Debt $398 MM $366 Addressed the debt maturity, PF Cash Balance $79 MM while reducing debt outstanding $219 PF Net Debt $319 MM $147 2025 Adjusted EBITDA (5) $129 MM $110
Slide 8: FY 2026 Outlook
7 FY 2026 Outlook REPAY expects the following financial results for full year 2026 REVENUE ADJUSTED FREE CASH FLOW EBITDA CONVERSION (1) $340 – $346MM $136.5 – $141.5MM Above 45% Reported Growth ~40% Margins 10%-12% Normalized Growth 7%-9% Note: REPAY does not provide quantitative reconciliation of
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 $78.6 $61.5 $61.6 $59.7 $74.5 $71.8 $74.3 $76.0 $74.9 $75.6 $77.7 $57.8 $56.6 $58.7 $58.6 $58.7 $57.2 $57.8 $58.3 $71.6 $72.7 $54.9 $54.9 $56.7 $67.6 $67.4 $51.0
Slide 10: …With Strong Gross Profit Margins and FCF Conversion
9 …With Strong Gross Profit Margins and 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 2024Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 FCF Conversion (1) 125% 75% 25% (25%) Q1 2021
Slide 11: Appendix
10 Appendix
Slide 12: Q4 2025 Financial Update
11 Q4 2025 Financial Update THREE MONTHS ENDED DECEMBER 31 CHANGE $MM 2025 2024 AMOUNT % Revenue $78.6 $78.3 $0.3 0% Costs of Services 20.2 18.6 1.7 9% Gross Profit $58.3 $59.7 ($1.4) (2%) Operating Expenses(1) 179.2 38.2 141.0 NM EBITDA ($120.9) $21.5 ($142.4) NM Depreciation and Amortization 25.6
Slide 13: Q4 & FY 2025 Adjusted EBITDA Reconciliation
12 Q4 & FY 2025 Adjusted EBITDA Reconciliation Q4 Q4 FY FY 1) Reflects amortization of client relationships, non-compete agreement, software, and channel relationship $MM intangibles acquired through the business combination with Thunder Bridge, and client relationships, non- 2025 2024 2025 2024 com
Slide 14: Q4 2025 Adjusted Net Income Reconciliation
13 Q4 2025 Adjusted Net Income Reconciliation 1) Reflects amortization of client relationships, non-compete agreement, software, and channel relationship ($MM) Q4 2025 Q4 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 Q4 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 $23.3 Operating Activities Capital expenditur
Slide 16: Depreciation and Amortization Detail
15 Depreciation and Amortization Detail $MM Q4 2025 Q4 2024 Acquisition-related intangibles $19.7 $18.6 Software 5.6 5.2 Amortization $25.4 $23.8 Depreciation 0.3 0.5 Total Depreciation and Amortization $25.6 $24.4 Note Adjusted Net Income is adjusted to exclude amortization of all acquisition-relat
Slide 17: Q4 & FY 2025 Revenue and Gross Profit Growth Reconciliations
16 Q4 & FY 2025 Revenue and Gross Profit Growth Reconciliations Q4 2025 FY 2025 Consumer Business Total Consumer Business Total $MM Payments Payments Company Payments Payments Company Revenue Growth 8% (17%) <1% 2% (9%) (1%) Political Media contribution / (impact) n/a (58%) (10%) n/a (31%) (4%) Reve
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 Q4 FY Gross Profit Growth 11% 8% 3% 2% 6% 9% 7% 9% 2% 6% (5%) (2%) (6%) (2%) (4%) Acquisitions / (2%) (4%) (6%) (6%) (4%) (2%) n/a n/a n/a (1%) n/a n/a n/a n/a n/a (Divestitures) impact Organic Gross 13%
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 Q4 2022 2023 2024 2025 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 $71.7 $248.2 $275.7 $281.0 $285.9 Business Payments 8.9 9.9