Payoneer Global Inc. · NASDAQ:PAYO
Payoneer Global — Q1 2026 Earnings Presentation
26 slides from Payoneer Global's earnings presentation, May 7, 2026
Slide 1: 1Q 2026 Investor presentation
1Q 2026 Investor presentation Presented by NASDAQ: PAYO INVESTOR.PAYONEER.COM Presented Dateby May 7, 2026
Slide 2: Disclaimers
Disclaimers This presentation does not constitute an offer to sell, a solicitation of an offer to buy, or a regarding certain financial and business trends relating to Payoneer’s results of (income) expense, net. Such unavailable information could have a significant impact on recommendation to purch
Slide 3: Payoneer's mission: connect the world's cross-border businesses to a rising, global economy
Trusted: $87.5B $7.6B 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: 20+ year journey building the comprehensive financial stack for global businesses
20+ year journey building the comprehensive financial stack for global businesses 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 infras
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 +900 bps 41% Larger, often multi-entity 40% and multi-geography 37% customers have higher 32% retention, product adoption and better unit economics 2022 2023 2024 2025 13
Slide 14: Strong momentum cross-selling our accounts payable (AP) capabilities
Strong momentum cross-selling our accounts payable (AP) capabilities Usage by number of products used by a customer 32% 29% 27% Larger SMBs have more 1 AP product 36% complex AP needs. 20% 21% 21% As we enhance our product 2 AP products 22% capabilities to capture more of their diversified AP needs,
Slide 15: Delivering significant ARPU and take rate expansion
Delivering significant ARPU and take rate expansion Total ARPU SMB take rate >60% increase in +17bps increase in SMB ARPU ex-interest $513 take rate (1Q26 vs 1Q22) $488 1.20%1.21% 1.20% $425 $102 1.19% $100 $359 1.10% 1.11% 1.13% $103 1.09% 1.08% 1.09% 1.07% 1.03% 1.06% 1.04% 1.09% $94 1.00% $265 0.
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 ✓ $7.6B in customer funds = revenue backlog until usage Average Effective Federal Funds Rate: 2.2% 0.4% 0.1% 1.7% 5.0% 5.1% 4.2% 3.6% ✓ 3 consecutive quarters
Slide 17: Our strong balance sheet and cash flow generation enable us to invest for growth
Our strong balance sheet and cash flow generation enable us to invest for growth and return capital to shareholders Cash & equivalents and debt ($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 May 7, 2026
2026 full year $1,100-1,140M guidance as of Revenue May 7, 2026 ~15.0% Transaction costs as a % of revenue $285-295M 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 income und
Slide 19: 1Q'26 Financial Results
1Q’26 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 $290 $271 $272 $205 28% 26% 25% 26% 8% $90 $48 $40 $14 ($7) ($25) Unlocking significant core business profitability 2022 2023 2024 2025 2026 Guidance (midpoint) 1
Slide 21: Continued revenue growth & strong operating leverage
Continued revenue growth & strong operating leverage Total revenue ($M) Total adj. EBITDA ($M) Consistent profitability in a Continued top-line growth declining interest rate environment $271 $275 $66 $71 $69 $69 $261 $262 $65 $247 27% 27% Adjusted 25% 26% 25% EBITDA Adjusted EBITDA margin 1Q25 2Q25
Slide 22: Volume and revenue trends
Volume and revenue trends Volume ($M) 1Q25 2Q25 3Q25 4Q25 1Q26 YoY QoQ SMBs that sell on marketplaces $11,373 $12,109 $12,453 $13,524 $11,616 2% -14% Significant B2B acceleration with clear opportunity B2B SMBs 2,708 2,930 3,119 3,569 3,913 44% 10% for continued strong momentum Checkout 173 218 223
Slide 23: Revenue by region trends
Revenue by region trends Revenue ($M) 1Q25 2Q25 3Q25 4Q25 1Q26 YoY QoQ By primary regional market: China $85 $86 $91 $92 $87 2% -6% EMEA 59 67 68 70 65 10% -7% APAC 51 54 57 59 58 14% -1% LATAM 28 29 28 27 26 -7% -2% N. America 24 25 26 27 26 10% -3% Total Revenue $247 $261 $271 $275 $262 6% -5% Rev
Slide 24: Appendix
Appendix OPayoneer
Slide 25: Reconciliation of net income (loss) to adjusted EBITDA
Reconciliation of net income (loss) to adjusted EBITDA Year ended, ($ in thousands) Dec. 31, 2022 Dec. 31, 2023 Dec. 31, 2024 Dec. 31, 2025 1. Represents non-cash charges associated with stock-based compensation Net income (loss) $ (11,970) $ 93,333 $ 121,163 $ 73,192 expense, which has been, and wi
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