Western Union Company (the) · NYSE:WU
Western Union Company (the) — The Western Union Company — Q3 2025 Earnings Presentation
34 slides from Western Union Company (the)'s earnings presentation, Oct 23, 2025
Slide 1: Third Quarter 2025 Financial Results
Third Quarter 2025 Financial Results October 23, 2025
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: Evolve 2025 Strategy
Western Union Evolve 2025 Strategy • Digital first customer • Digital first customer experiences experiences • Scalable marketing driven • Remittance-led offering customer acquisition • Expanded set of accessible • Retail to digital escalator products and services Deliver Accelerate digital accessib
Slide 6: Third Quarter Results
Western Union Third Quarter Results $1.03 billion GAAP revenue 20% 20% GAAP operating margin Adjusted operating margin* $0.43 $0.47 GAAP EPS Adjusted EPS* 6 *Note: See appendix for reconciliation of GAAP to Non-GAAP financial measures.
Slide 7: Evolving Remittances: Navigating Policy, Technology, and Global Shifts
Western Union Evolving Remittances: Navigating Policy, Technology, and Global Shifts Stabilizing Economic Backdrop 1 Market Trends Continued Pressure in North America 2 and LACA 3 Benefiting from Global Diversification 7
Slide 8: Western Union: Built for the Digital Age
Western Union Western Union: Built for the Digital Age 14% 13% 12% 9% Q4 Q1 Q2 Q3 2024 2025 2025 2025 Transaction Growth (YoY) Improving Customer Branded Digital Digital Transformation Experience Unlocks Cost Savings • Digital payments growing rapidly • Marks the 8th straight quarter of • Strength i
Slide 9: Consumer Services – From Ground Zero to Growth Engine
Western Union Consumer Services – From Ground Zero to Growth Engine Consumer Services Adj. Revenue Growth ex Argentina Inflation (YoY)* 49% Current Quarter 31% 15% 2024 YTD 2025 Q3 2025 Q2 and Q3 benefited by Eurochange acquisition 9 *Note: Adjusted revenue excludes the impact of currency and Argent
Slide 10: Stablecoins in Remittances: An Opportunity for Western Union
Western Union Stablecoins in Remittances: An Opportunity for Western Union On/Off Ramps for Crypto- Opportunity Opportunity 2 Extending the Reach of Fiat Conversion 3 Traditional Banking System Improved Treasury Opportunity Opportunity Stablecoins Access Operations 1 4 for Our Customers 10
Slide 11: Glimpse Into What's Next: 2025 Investor Day
Western Union Glimpse Into What’s Next: 2025 Investor Day Western Union 2025 Investor Day: Attend In-Person* Western Union 2025 Investor Day: Webcast • Date: November 6th, 2025 • Date: November 6th, 2025 • Time: 12:00 PM EST • Time: 1:00 PM EST • Location: New York • Location: Zoom Webinar 11 11 *No
Slide 12: Matt Cagwin, Chief Financial Officer
Western Union Matt Cagwin Chief Financial Officer 12
Slide 13: Business Trends
Western Union Business Trends 1200 Adjusted Revenue Growth* 12% Adjusted Operating Margin* 1199.8 Adj. Rev. Growth Adj. Rev. Growth ex. Iraq 10% 8% 1199.6 6% 1199.4 4% 1199.2 1% 1% 2% 1199 -2% -1% -1% 0% -4% -2% 19% 17% 19% 19% 20% 1198.8 -6% -1% -2% -4% 1198.6 -8% -6% 1198.4 -8% ($M) 3Q24 3Q24 4Q24
Slide 14: Consumer Services
Western Union Consumer Services Highlights • Adjusted revenue* grew 49% in Q3 • Includes bill payments, retail money order, travel money, media network, prepaid card, lending partnerships, and digital wallets • Achieved 22% operating margin 14 *Note: See appendix for reconciliation of GAAP to Non-GA
Slide 15: CMT Business Trends
Western Union CMT Business Trends Key Highlights • Consumer Money Transfer has experienced a 6% growth in PPT on a constant currency basis ex. Iraq • Branded Digital achieved the 8th consecutive quarter of mid- single-digit or better adjusted revenue growth* • European momentum continued with 5% tra
Slide 16: Financial Highlights
Western Union Financial Highlights YTD September 30, 2025 Cash flow from operations $408 million Capital expenditures $101 million Leverage Ratios Dividends paid $230 million 2.6x* (Gross) Share repurchases $200 million Cash balance $948 million 1.7x* (Net) Debt outstanding $2.6 billion 16 *Note: Se
Slide 17: 2025 Financial Outlook
Western Union 2025 Financial Outlook Revenue1 (M) Operating Margin EPS2 GAAP $4,085 to $4,185 18% to 20% $1.45 to $1.55 Adjusted* $4,035 to $4,135 19% to 21% $1.65 to $1.75 1 In millions, adjusted revenue excludes the impact of currency and Argentina Inflation in quarters when hyperinflationary (ove
Slide 18: Building Momentum – Executing with Discipline and Clarity
Western Union Western Union Building Momentum – Executing with Discipline and Clarity Built for the Unlocking Untapped Strong Financial Digital Age Opportunities Foundation 18
Slide 19: Questions and Answers
Western Union Questions and Answers 19
Slide 20: Appendix
Western Union Appendix Third Quarter 2025 20
Slide 21: 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 22: Notes: Consolidated and CMT Segment Metrics
Western Union Notes 3Q24 4Q24 FY2024 1Q25 2Q25 3Q25 YTD 3Q25 Consolidated Metrics Revenues (GAAP) - YoY % change (6)% 1% (3)% (6)% (4)% 0% (3)% Adjusted revenues (non-GAAP) - YoY % change (a) (6)% (1)% (3)% (8)% (4)% (2)% (5)% Adjusted revenues, excluding Iraq (non-GAAP) - YoY % change (a) 1% 1% 0%
Slide 23: CMT Segment Regional Metrics
Western Union Notes 3Q24 4Q24 FY2024 1Q25 2Q25 3Q25 YTD 3Q25 CMT Segment Regional Metrics - YoY % change NA region revenues (GAAP) (3)% (5)% (1)% (7)% (11)% (12)% (10)% NA region foreign currency translation impact (j) 0% 0% 0% 1% 0% 0% 0% Adjusted NA region revenues (non-GAAP) (3)% (5)% (1)% (6)% (
Slide 24: Regional Revenue Mix and Consumer Services Metrics
Western Union Notes 3Q24 4Q24 FY2024 1Q25 2Q25 3Q25 YTD 3Q25 % of CMT Revenue NA region revenues 39% 39% 39% 39% 39% 37% 38% EU & CIS region revenues 27% 27% 26% 27% 29% 30% 29% MEASA region revenues 17% 17% 18% 17% 15% 16% 16% LACA region revenues 11% 12% 12% 11% 11% 11% 11% APAC region revenues 6%
Slide 25: Consolidated Metrics Reconciliation
Western Union Notes 3Q24 4Q24 FY2024 1Q25 2Q25 3Q25 YTD 3Q25 Consolidated Metrics (a) Revenues (GAAP) $ 1,036.0 $ 1,058.2 $ 4,209.7 $ 983.6 $ 1,026.1 $ 1,032.6 $ 3,042.3 Foreign currency translation and Argentina hyperinflation impact [1] (j) (5.5) (17.6) (11.1) (14.4) (4.0) (15.1) (33.5) Revenues,
Slide 26: Consolidated Metrics cont.
Western Union Notes 3Q24 4Q24 FY2024 1Q25 2Q25 3Q25 YTD 3Q25 Consolidated Metrics cont. (c) Net income (GAAP) $ 264.8 $ 385.7 $ 934.2 $ 123.5 $ 122.1 $ 139.6 $ 385.2 Acquisition, separation, and integration costs (l) 1.7 1.8 4.1 1.6 1.4 3.0 6.0 Amortization and impairment of acquisition-related inta
Slide 27: Consolidated Metrics cont. (Tax Rate and EPS)
Western Union Notes 3Q24 4Q24 FY2024 1Q25 2Q25 3Q25 YTD 3Q25 Consolidated Metrics cont. (e) Effective tax rate (GAAP) (95)% (161)% (51)% 16% 24% 17% 19% IRS settlement (r) 102% 0% 22% 0% 0% 2% 1% Non-cash tax impacts of international reorganization (u) 0% 173% 41% (6)% (8)% (7)% (7)% Other adjustmen
Slide 28: CMT Segment Metrics
Western Union Notes 3Q24 4Q24 FY2024 1Q25 2Q25 3Q25 YTD 3Q25 CMT Segment Metrics (g) Revenues (GAAP) $ 932.2 $ 938.8 $ 3,798.0 $ 872.9 $ 885.0 $ 878.0 $ 2,635.9 Foreign currency translation and Argentina hyperinflation impact [1] (j) 7.4 7.5 30.1 11.4 (5.7) (15.5) (9.8) Revenues, constant currency,
Slide 29: CS Segment Metrics
Western Union Notes 3Q24 4Q24 FY2024 1Q25 2Q25 3Q25 YTD 3Q25 CS Segment Metrics (i) Revenues (GAAP) $ 103.8 $ 119.4 $ 411.7 $ 110.7 $ 141.1 $ 154.6 $ 406.4 Foreign currency translation and Argentina hyperinflation impact[1] (j) (12.9) (25.1) (41.2) (25.9) 1.9 0.4 (23.6) Revenues, constant currency,
Slide 30: Net cash provided by operating activities
Western Union Notes 3Q24 4Q24 FY2024 1Q25 2Q25 3Q25 YTD 3Q25 Net cash provided by/(used in) operating activities (GAAP) $ 212.1 $ 134.0 $ 406.3 $ 148.2 $ (0.3) $ 260.4 $ 408.3 Depreciation (8.9) (9.8) (37.4) (9.5) (8.7) (8.6) (26.8) Amortization (34.1) (33.6) (141.7) (32.4) (31.5) (32.7) (96.6) Othe
Slide 31: 2025 Consolidated Outlook Metrics
Western Union 2025 Consolidated Outlook Metrics Notes Range Revenues (GAAP) $ 4,085 $ 4,185 Foreign currency translation and Argentina hyperinflation impact[1] (j) (50) (50) Revenues, adjusted (non-GAAP) $ 4,035 $ 4,135 Range Operating margin (GAAP) 18% 20% Severance costs (t) 1% 1% Acquisition, sep
Slide 32: Non-GAAP related notes
Western Union Non-GAAP related notes: (j) 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 currenci
Slide 33: Non-GAAP related notes (q), (r), (s)
Western Union (q) 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 third and fourt
Slide 34: Thank you.
Thank you. ©2025 Western Union Holdings, Inc. All rights reserved
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