Slide 1: Q1 2025 Earnings Release Supplement
Q1 2025 Earnings Release Supplement Refer to earnings release dated May 6, 2025 for further information
Slide 2: Safe Harbor Provision
Q1 2025 Safe Harbor Provision This presentation contains forward-looking statements within the meaning of the federal securities laws. Statements that are not historical facts, including statements about Corpay’s (formerly known as Fleetcor Technologies) beliefs, assumptions, expectations and future
Slide 3: Agenda
Q1 2025 Agenda ^ Q1 2025 Results 2025 Guidance Deal Activity Potential Tariff Impact Appendix
Slide 4: Q1 2025 Results
Corpay”* Ey Q1 2025 Results
Slide 5: Our Take on the Quarter
Q1 2025 Our Take on the Quarter ^ Q1 adjusted EPS Earnings aligned with expectations1, grew 10%: finished right on our • Adjusted EPS2 $4.51, up 10% YOY...up 18% YOY on constant macro basis guide, despite • Revenues $1.006 billion, up 8% YOY macro headwinds • Adjusted EBITDA2 $555 million, up 8% YOY
Slide 6: Revenue and Cash EPS Bridge vs Prior Year
Q1 2025 Revenue and Cash EPS Bridge vs Prior Year $86 $45 ^ $1,006 $(9) 2019 +8% $935 $(51) Revenue YoY ($ in millions) 2 1Q24 Core Change Macro Acquisitions Divestiture 1Q25 Adjusted Net Income Per $0.09 $0.07 Share1 $0.52 $0.12 $4.51 +10% $(0.34) $(0.05) YoY $4.10 3 4 1Q24 Core Change Acquisitions
Slide 7: Organic Revenue Growth
Q1 2025 Organic Revenue Growth1,2 ($ in millions) ^ VEHICLE PAYMENTS CORPORATE PAYMENTS $358 $532 $493 $302 8% 19% +19% +32% 1Q24 1Q25 1Q24 1Q25 Total LODGING PAYMENTS 9% OTHER3 $64 $111 $111 $56 (1)% (13)% +9% +39% 1Q24 1Q25 1Q24 1Q25 1. Non-GAAP financial measures. See appendix for reconciliation
Slide 8: Organic Revenue Growth and Same Store Sales Trends
Q1 2025 Organic Revenue Growth and Same Store Sales Trends1 ^ 2024 2025 1Q24 2Q24 3Q24 4Q24 1Q25 Vehicle Payments 4% 5% 4% 8% 8% Corporate Payments 17% 18% 18% 26% 19% Lodging Payments (9)% (10)% (5)% 1% (1)% Other2 12% (2)% (6)% 5% (13)% Total Organic Growth 6% 6% 6% 12% 9% Total Same Store (2)% —%
Slide 9: Stable Retention
Q1 2025 Stable Retention* ^ 92.1% 91.9% 92.0% 91.8% 91.6% 1Q24 2Q24 3Q24 4Q24 1Q25 *Based on volume relevant to business or product (e.g., gallons, spend, etc.) weighted by revenue; excludes European Private Label businesses, where Corpay is a processor instead of issuer. Also excludes our cross bor
Slide 10: Balance Sheet Structured for Flexibility and Capacity
Q1 2025 Balance Sheet Structured for Flexibility and Capacity ^ Robust cash flow and opportunistic capital allocation Leverage Ratio3 • Reported $555 million of adjusted EBITDA1 (X) 2.75 • Generated $323 million of free cash flow1,2 2.69 • Repurchased ~0.2 million shares for $59 million (associated
Slide 11: Updated 2025 Guidance
Corpay” 025, Updated 2025 Guidance
Slide 12: 2025 Macro Assumptions
^ FY ROY 2025 Macro Assumptions 2025 ROY macro assumptions suggest a roughly neutral outlook vs. prior guidance...lower fuel price offset by better SOFR and FX rates (GBP/EUR)...ROY macro significantly unfavorable vs. prior year ROY Macro Assumptions ROY Macro Impact % Change Vs. February Guidance V
Slide 13: 2025 Guidance Bridge...February Guidance vs May Guidance
FY FY 2025 2025 2025 Guidance Bridge...February Guidance vs May Guidance Our 2025 revenue and adjusted EPS guidance is fundamentally unchanged since February...except for the impact of the acquisition of Gringo, which is neutral to adjusted EPS ^ February Impact of Q1 2025 ROY Macro May Full Year 20
Slide 14: FY25 and 2Q25 Guidance
FY 2025 FY25 and 2Q25 Guidance ($ in millions, except per share data and %) ^ Guidance Ranges1 Guide YoY Growth Full Year 2025 Range Midpoint Print Constant Macro GAAP Revenues $4,380 - $4,460 $4,420 +11% +13% Adjusted Net Income per $20.80 - $21.20 $21.00 +11% +17% Diluted Share2 Q2 2025 GAAP Reven
Slide 15: Deal Activity
Corpay”* 3025 Deal Activity
Slide 16: Corpay's Strategic Cross Border Partnership with Mastercard
FY 2025 Corpay’s Strategic Cross Border Partnership with Mastercard Mastercard will become a minority investor in Corpay’s cross border business… making a $300 million investment for an approximately 3% equity stake ^ Thesis Valuation Reinforces standalone valuation of our cross border business >$10
Slide 17: Cross Border - Customer Segments
FY 2025 Cross Border - Customer Segments Corpay's cross border business targets 3 distinct customer segments… with the Mastercard deal and new multi-currency account product expected to accelerate growth ^ in the financial institution and asset manager customer segments Cross Border Unit - Customer
Slide 18: TPG and Corpay Announce Agreement to Acquire AvidXchange for $2.2 billion
FY 2025 TPG and Corpay Announce Agreement to Acquire AvidXchange for $2.2 billion ...a lower middle market leader in real estate / HOA AP automation ^ Description Acquisition Thesis Attractive Core Business 24% ’20-24 revenue CAGR, FY'24 Financials: $439M in revenue, profitable, high client retentio
Slide 19: Potential Tariff Impact
^ FY Potential Tariff Impact 2025
Slide 20: Potential Tariff Impact
FY FY 2025 2025 Potential Tariff Impact Corpay is not a particularly tariff sensitive stock...our cross border business is the one unit with the highest sensitivity… the rest of Corpay will be affected only "indirectly" by the tariff impact on our clients ^ Cross Border Unit Rest of Corpay _________
Slide 21: Appendix: About Non-GAAP Financial Measures
Q1 2025 Appendix About Non-GAAP Financial Measures This presentation includes certain measures described below that are non-GAAP financial measures. The Company refers to free cash flow, cash net income and adjusted net ^ income attributable to Corpay interchangeably, a non-GAAP financial measure. A
Slide 22: Reconciliation of Net Income to Adjusted Net Income
Q1 2025 Reconciliation of Net Income to Adjusted Net Income ($ in millions, except per share amounts) ^ Three Months Ended March 31, 2025 2024 Net income attributable to Corpay $243 $230 Stock based compensation 18 25 Amortization1 66 58 Loss on extinguishment of debt 2 — Integration and deal relate
Slide 23: Reconciliation of Net Income to EBITDA
Q1 2025 Reconciliation of Net Income to EBITDA* ($ in millions) ^ Three Months Ended March 31, 2025 2024 Net income from operations $244 $230 Provision for income taxes 84 75 Interest expense, net 94 89 Other expense, net 4 3 Depreciation and amortization 92 85 Loss on extinguishment of debt 2 — Oth
Slide 24: Calculation of Organic Growth
Q1 2025 Calculation of Organic Growth* ($ in millions, except %) ^ 1Q25 ORGANIC GROWTH 2025 2024 Pro Macro Adj3 forma2 % Vehicle Payments $532 $493 8% Corporate Payments 358 302 19% Lodging Payments 111 111 (1)% 1 Other 56 64 (13)% Consolidated Revenues, net $1,057 $971 9% 1Q24 ORGANIC GROWTH 2Q24 O
Slide 25: Reconciliation of Organic Revenue to GAAP Revenue by Segment
^ Q1 Reconciliation of Organic Revenue to GAAP Revenue by Segment - 2025 2025 ($ in millions) Macro Pro Adjusted1 Forma2 2025 Organic Revenue Growth* 1Q25 1Q24 VEHICLE PAYMENTS Pro forma and macro adjusted $532 $493 Impact of acquisitions/dispositions — 1 Impact of fuel prices/spread (9) — Impact of
Slide 26: Reconciliation of Organic Revenue to GAAP Revenue by Segment
^ Q1 Reconciliation of Organic Revenue to GAAP Revenue by Segment - 2025 2025 (continued, in millions) Macro Pro Adjusted1 Forma2 2025 Organic Revenue Growth* 1Q25 1Q24 OTHER3 Pro forma and macro adjusted $56 $64 Impact of acquisitions/dispositions — — Impact of fuel prices/spread — — Impact of fore
Slide 27: Reconciliation of Organic Revenue to GAAP Revenue by Segment - Q1
^ Q1 Reconciliation of Organic Revenue to GAAP Revenue by Segment - 2025 2024 ($ in millions) Macro Adjusted1 Pro Forma2 2024 Organic Revenue Growth* 4Q24 3Q24 2Q24 1Q24 4Q23 3Q23 2Q23 1Q23 VEHICLE PAYMENTS Pro forma and macro adjusted $543 $522 $518 $492 $500 $501 $492 $475 Impact of acquisitions/d
Slide 28: Reconciliation of Organic Revenue to GAAP Revenue by Segment - Q1
^ Q1 Reconciliation of Organic Revenue to GAAP Revenue by Segment - 2025 2024 (continued, in millions) Macro Adjusted1 Pro Forma2 2024 Organic Revenue Growth* 4Q24 3Q24 2Q24 1Q24 4Q23 3Q23 2Q23 1Q23 3 OTHER Pro forma and macro adjusted $70 $66 $55 $64 $67 $71 $56 $57 Impact of acquisitions/dispositi
Slide 29: Reconciliation of Non-GAAP Guidance Measures
FY 2025 Reconciliation of Non-GAAP Guidance Measures ($ in millions, except per share amounts) 2025 GUIDANCE ^ Low* High* Net income $1,167 $1,207 Net income per diluted share $16.37 $16.77 Stock based compensation 108 108 Amortization 256 256 Other 64 64 Total pre-tax adjustments $428 $428 Income t