Slide 1: Investor Presentation
Investor Presentation
Slide 2: Important Information
Important Information Forward-Looking Statements and Risk Factors Important Additional Information and Where to Find It This communication contains forward-looking statements including, but not limited to, The Company has filed a definitive proxy statement on Schedule 14A, an accompanying BLUE state
Slide 3: What Is This Proxy Fight About?
What Is This Proxy Fight About? Despite the fact that WEX: ✓ Achieved record revenue, net income per share and adjusted net income per share1 in 2025; ✓ Exceeded Impactive’s own “upside case” forecast for the business in 2025; ✓ Outperformed the median of our 2025 and 2024 Performance Peers on a tot
Slide 4: Table of Contents
Table of Contents I Executive Summary 5 II We Have the Right Strategy to Deliver Sustainable, Profitable Growth 33 III Our Strategy is Working and We are Executing Well 46 IV Our Board and Management Team Are Best Positioned to Oversee Our Strategy 73 V Impactive’s Proxy Contest is Unnecessary 90 VI
Slide 5: Executive Summary
SECTION I Executive Summary Page 5
Slide 6: Executive Summary
Executive Summary WEX is executing a clear Our Board is refreshed, Our strategy is working and strategy to drive sustainable, experienced and aligned with momentum is building profitable growth shareholders • WEX is a leading provider of critical • In 2025, we delivered record annual • As the indust
Slide 7: Executive Summary (Continued)
Executive Summary (Continued) We have engaged extensively Impactive has rejected our Shareholders should support with Impactive and objectively offers to resolve this proxy the Board’s superior nominees evaluated its ideas contest constructively • Over the past five years, we have • Impactive is see
Slide 8: Overview of WEX Inc. (NYSE: WEX)
Overview of WEX Inc. (NYSE: WEX) WEX is a global financial technology company guided by a clear purpose: to simplify the business of running a business • We create solutions that enable our customers to make, monitor and manage payments, helping them save time and money and make better decisions • O
Slide 9: We Compete with a Broad Range of Companies in Each of Our Segments
We Compete with a Broad Range of Companies in Each of Our Segments Our most direct peers in our Mobility and Benefits segments are Corpay and HealthEquity, respectively, but there is no single direct peer for our Corporate Payments segment, and we compete with a broad range of other companies Mobili
Slide 10: We Are Executing a Customer-Centric Strategy to Deliver Sustainable, Profitable Growth
We Are Executing a Customer-Centric Strategy to Deliver Sustainable, Profitable Growth STRATEGIC PILLARS 1 2 3 Amplify Our Core Expand Our Reach Accelerate Innovation We leverage our deep customer We extend into new markets where AI enables us to deliver better and channel relationships, we have a c
Slide 11: Our Strategy Has Driven Long-Term Growth
Our Strategy Has Driven Long-Term Growth Total Revenue ($B) Adjusted Net Income per Diluted Share1 11% CAGR $2.6 $2.7 17% CAGR $16.10 $2.5 $15.28 $14.81 $2.4 $13.53 $1.9 $1.7 $1.6 $9.20 $9.14 $1.5 $8.28 $1.2 $1.0 $6.06 $5.32 $3.78 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2016 2017 2018 2019
Slide 12: We Have Delivered Solid Growth Across Each of Our Segments
We Have Delivered Solid Growth Across Each of Our Segments Mobility Benefits Corporate Payments Number of Fueling Transactions Number of SaaS Accounts Purchase Volume CAGR3 Pre-Pandemic to 2025 Pre-Pandemic to 2025 Pre-Pandemic to 2025 (2019-2025 CAGR)1 (2019-2025 CAGR)2 Reflects transition 9% of la
Slide 13: We Have Faced Industry-Wide Headwinds…
We Have Faced Industry-Wide Headwinds… Macroeconomic, industry- and company-specific challenges have weighed on our financial performance Challenge Impact on WEX • The U.S. OTR freight industry has been in a prolonged cyclical downturn since mid-2022 — one of the longest freight Supply and demand re
Slide 14: …But We Have Taken Decisive Action to Address Those Challenges
…But We Have Taken Decisive Action to Address Those Challenges Challenge How WEX Is Addressing the Challenge • We launched 10-4 by WEX to extend our reach into small trucking fleets and are actively diversifying into less cyclical Supply and demand fleet verticals imbalance in the over-the- • We con
Slide 15: We Exceeded Impactive's Own Upside 2025 EBITDA Projections
Despite These Headwinds, We Exceeded Impactive’s Own Upside 2025 EBITDA Projections Issued Publicly by Impactive in 2022 Excerpts from Impactive Capital June 2022 Adjusted 2025 EBITDA2 ($M) Sohn Investment Conference Presentation1 $1,453 $1,362 $1,163 Fuel Price-Adjusted Incremental EBITDA³ Mobility
Slide 16: Our ROIC Is Comparable to That of Corpay
Our ROIC Is Comparable to That of Corpay After normalizing for WEX Bank deposits, and in the case of Corpay, securitizations, our returns on invested corporate capital are comparable, and in some cases higher, than Corpay’s, despite Impactive’s claim to the contrary Return on Invested Capital Return
Slide 17: Until Recently, Impactive Agreed that We Had Great Returns on Invested Capital
Until Recently, Impactive Agreed that We Had Great Returns on Invested Capital Impactive previously highlighted WEX’s “~20%” ROIC, but now disingenuously claims that WEX’s ROIC is in the single-digits Impactive June 2022 Presentation Impactive April 2026 Presentation ~24% ROIC in 2021 ~5% ROIC in 20
Slide 18: Our Actions Have Helped Us Accelerate Growth in Each of Our Businesses
Our Actions Have Helped Us Accelerate Growth in Each of Our Businesses Mobility Benefits Corporate Payments Year-Over-Year Revenue Growth Year-Over-Year Revenue Growth Year-Over-Year Revenue Growth 18% 1% 5% 10% 9% 9% 0% (1%) (2%) 5% 4% (12%) (16%) (4%) (23%) 4Q24 1Q25 2Q25 3Q25 4Q25 4Q24 1Q25 2Q25
Slide 19: We Have Also Accelerated Growth Across Our Organization
We Have Also Accelerated Growth Across Our Organization Total Revenue Total Volume Year-Over-Year Growth Year-Over-Year Growth 10.3% 6.3% 5.7% 3.9% (1.1%) (2.5%) (2.1%) (4.0%) (4.8%) (5.9%) 4Q24 1Q25 2Q25 3Q25 4Q25 4Q24 1Q25 2Q25 3Q25 4Q25 Page 19 Source: Company filings.
Slide 20: We Expect Our Momentum to Continue in 2026
We Expect Our Momentum to Continue in 2026 We are moving from investing to scaling and have guided to continued growth in revenue and adjusted net income per share in 2026 Total Revenue ($B) Adjusted Net Income per Diluted Share1 $2.73 $2.63 $2.66 $17.55 $2.55 $2.35 $16.10 $15.28 $14.81 $13.53 2022
Slide 21: Our Improvement is Reflected in Our Recent TSR Outperformance
Our Improvement is Reflected in Our Recent TSR Outperformance Year-to-Date TSR1 TSR Since 3Q25 Earnings1,2 1-Year TSR1 32% 13% 9% (7%) (12%) (13%) (13%) (12%) (14%) 2025 2024 2025 2024 2025 2024 Performance Performance Performance Performance Performance Performance Peers Peers Peers Peers Peers Pee
Slide 22: Our Longer-Term Performance Has Been Broadly in Line with Our Peers
While We Are Not Satisfied, Our Longer-Term Performance Has Been Broadly in Line with Our Peers 3-Year TSR1 4-Year TSR1 5-Year TSR1 3% (0%) (3%) (11%) (21%) (23%) (27%) (26%) (35%) 2025 2024 2025 2024 2025 2024 Performance Performance Performance Performance Performance Performance Peers Peers Peers
Slide 23: We Have Taken Actions That Were Aligned with Many of Impactive's Ideas
We Have Taken Actions That Were Aligned with Many of Impactive’s Ideas The Board evaluated all of Impactive’s ideas and acted consistently with many of them Addressed Impactive’s Impactive’s Recommendation WEX’s Actions Concerns? • We implemented targeted pricing increases in Mobility in 2024 and 20
Slide 24: Impactive's Other Prior Ideas Were Not in the Best Interests of the Company
Impactive’s Other Prior Ideas Were Not in the Best Interests of the Company Impactive’s Idea WEX’s Response • In May 2025, the Board conducted a comprehensive portfolio assessment drawing on both internal expertise and two independent global investment firms, Bank of America and J.P. Morgan; based o
Slide 25: We Have Engaged Constructively with Impactive
We Have Engaged Constructively with Impactive We have held dozens of meetings and spent hundreds of hours carefully and objectively reviewing Impactive’s analyses and evaluating its recommendations What Has WEX Offered? What Has Impactive Brought? Dozens of meaningful interactions with members of th
Slide 26: We Have Made a Good Faith Effort to Resolve Impactive's Proxy Contest
We Have Made a Good Faith Effort to Resolve Impactive’s Proxy Contest Impactive has refused to accept reasonable resolutions to accomplish its stated aim of additional Board refreshment WEX’s Impactive’s WEX’s Impactive’s Initial Proposal Counterproposal Second Proposal Second Counterproposal Impact
Slide 27: We Have Actively and Regularly Refreshed the Board Over the Last Several Years
We Have Actively and Regularly Refreshed the Board Over the Last Several Years Total Directors Joining: 6 Rotating Vice Chair / Jim Groch Derrick Roman Lead Independent Director role2 Rotated key committee chairs1 May 2026 May 2020 Jun. 2021 May 2023 Nancy Altobello Aimee Cardwell David Foss Jun. 20
Slide 28: Our Nominees are Dedicated and Accomplished
Our Nominees are Dedicated and Accomplished Melissa Smith Nancy Altobello Daniel (Don) Callahan Director Since 2014 | Age 57 Director Since 2021 | Age 68 Director Since 2019 | Age 69 • 25+ years of leadership experience at WEX • Former Global Vice Chair of Talent and • Former Global Head of Operatio
Slide 29: Impactive's Nominees Are Not the Right Fit
Impactive’s Nominees Are Not the Right Fit Kurt Adams Ellen Alemany Lauren Taylor Wolfe • Limited exposure to WEX’s fleet and • Background is primarily in traditional • Third-party feedback raises concerns travel businesses commercial banking, with little (if any) about her boardroom conduct and exp
Slide 30: We Have Serious Concerns About Whether Ms. Taylor Wolfe Would Be a Suitable Fiduciary
We Have Serious Concerns About Whether Ms. Taylor Wolfe Would Be a Suitable Fiduciary Our reluctance to add Ms. Taylor Wolfe to our Board is the result of diligence • Individuals familiar with Ms. Taylor Wolfe’s conduct on a prior board, including a former colleague on that board, proactively and Qu
Slide 31: Shareholders Should Support the Board's Nominees
Shareholders Should Support the Board’s Nominees Our Board is Best Positioned to Our Strategy is Delivering Results Continue to Oversee Our Strategy • Our improved execution and momentum underscore that our strategy • Over the last several years, we have actively refreshed the Board to is working en
Slide 32: Impactive's Claims Are Misleading
Impactive’s Claims Are Misleading Impactive’s Claim1 The Truth Total Shareholder Return “WEX shareholder returns have On a total shareholder return basis, we have outperformed the median dramatically underperformed peers…” of our performance peer group over most time periods2 “WEX ROIC has declined
Slide 33: We Have the Right Strategy to Deliver Sustainable, Profitable Growth
SECTION II We Have the Right Strategy to Deliver Sustainable, Profitable Growth Page 33
Slide 34: Every day, businesses manage payments and workflows that are complex, regulated, and mission-critical
Every day, businesses manage payments and workflows that are complex, regulated, and mission-critical Our technology is deeply embedded into customers’ operations to simplify payments, enrich data, and ensure compliance – at scale We transform data into intelligence to deliver tailored control over
Slide 35: WEX At-a-Glance
WEX At-a-Glance Scalable platform to serve complex enterprise payments… 40+ Years of payments innovation …Across multiple spend categories $2.66B Mobility 2025 revenue Industry leader delivering payments and fleet 18% management solutions for businesses of all sizes $8.47 2025 GAAP net income 2025 p
Slide 36: Mobility 2025 by the numbers
Mobility 2025 by the numbers Fleet payment solutions: Fuel cards and digital payments Help Businesses $1.4B 39% Manage Control and fraud reduction: Rules and controls by vehicle, Segment Adj. operating driver, location, and time Vehicle-Related revenue margin1 Spend Visibility and optimization: Anal
Slide 37: Benefits 2025 by the numbers
Benefits 2025 by the numbers Benefits and payments: Suite of benefit solutions (i.e., Help Businesses HSAs, FSAs, HRAs, LSAs) $797M 43% Manage Employee Smart payment tools: Benefit cards that pay for eligible Segment Adj. operating Health and healthcare benefits revenue margin1 Wellness Benefits Com
Slide 38: Corporate Payments 2025 by the numbers
Corporate Payments 2025 by the numbers Help Businesses Virtual cards: Seamless B2B transactions using digital cards $477M 45% Pay Their Partners Fraud reduction: Built-in controls to reduce fraud and make Segment Adj. operating payments easier to track Faster, Safer, and revenue margin1 with Less Wo
Slide 39: Our Multi-Channel Model Offers Broad Market Coverage and Delivers a High Return on Investment
Our Multi-Channel Model Offers Broad Market Coverage and Delivers a High Return on Investment Direct to Customer Channel Solutions Co-branded fuel cards for the top 10 largest Universally accepted WEX fuel card fuel retailers in the U.S. as well as the largest Mobility for corporate and government f
Slide 40: The WEX Advantage: Differentiated Assets and Capabilities
Payment Intelligence Using proprietary data and banking expertise, we deliver intelligence that helps drive The WEX smarter financial decisions Advantage: Scale and Workflow Differentiated Infrastructure Optimization Assets and We use global scale and We leverage technology proprietary technology to
Slide 41: WEX Bank
WEX Bank A wholly owned strategic asset with structural capital advantages and unique enablement of integrated turnkey solutions Superior Economics Simplified Compliance Framework Access to diverse, cost-efficient funding sources — Centralized compliance and regulatory oversight including commercial
Slide 42: Our Foundation is Optimized for Growth
Our Foundation is Optimized for Growth Scaling our common infrastructure and financial core across verticals enhances growth and profitability Shared Financial Growth & Infrastructure Benefits Stability • Common scalable payments • Largely fixed-cost platform • Large, diverse customer base infrastru
Slide 43: We Are Executing on Our Growth Accelerators
We Are Executing on Our Growth Accelerators Multiple opportunities identified across our business to amplify our customer value proposition in our core and expand our reach into adjacencies Mobility Benefits Corporate Payments Expansion beyond New offerings to meet Technology investments fuel offeri
Slide 44: Technology and AI are foundational to how we amplify and expand our platform
Technology and AI are foundational to how we amplify and expand our platform WEX operates at the infrastructure layer of complex and regulated payment and workflow ecosystems Over the past two years, we’ve reorganized our technology & product organizations around leaner, upskilled teams AI is accele
Slide 45: AI Enhances Our Value Proposition
AI Enhances Our Value Proposition Strengthening Driving Our Early Results Our Moats Economic Engine ✓ Claims reimbursement times reduced 98% • Enables proprietary data • Drives automation and modeling to deliver insights and efficiency, lowering our automate decision making for structural costs and
Slide 46: Our Strategy is Working and We are Executing Well
SECTION III Our Strategy is Working and We are Executing Well Page 46
Slide 47: We Have Faced Industry-Wide Headwinds
We Have Faced Industry-Wide Headwinds Macroeconomic, industry- and company-specific challenges have weighed on our financial performance Challenge Impact on WEX • The U.S. OTR freight industry has been in a prolonged cyclical downturn since mid-2022 — one of the longest freight Supply and demand imb
Slide 48: We Have Taken Actions to Address These Challenges
We Have Taken Actions to Address These Challenges We have adjusted our strategy and operations to build a stronger and more agile business that is well positioned to capitalize on market opportunities and scale efficiently Challenge How WEX is Addressing • We launched 10-4 by WEX , an all-in-one fue
Slide 49: We Have Taken Actions to Address These Challenges (Continued)
We Have Taken Actions to Address These Challenges (Continued) Challenge How WEX is Addressing • We have designed and integrated innovative EV offerings to ensure our core platform is positioned to grow with customers as their fleets electrify • In January 2026, we launched the first-of-its-kind WEX
Slide 50: We Have Taken Actions to Address These Challenges (Continued)
We Have Taken Actions to Address These Challenges (Continued) Challenge How WEX is Addressing • We have adopted an AI-first approach to product development, reducing the time required to build and ship new features while lowering the cost to serve General market anxiety • We deployed AI-powered clai
Slide 51: We Are Building Momentum in Mobility, Despite a Challenging Environment
Mobility We Are Building Momentum in Mobility, Despite a Challenging Environment Against a challenging backdrop, including a recession in the OTR industry, our Mobility revenue growth has stabilized and we are protecting market share Year-Over-Year Mobility Cass Freight Index® – Shipments1 Revenue G
Slide 52: We Have Grown Mobility Over the Longer-Term
Mobility We Have Grown Mobility Over the Longer-Term Our largest segment continues to grow, despite significant industry headwinds Number of Mobility Segment Mobility Segment Revenue per Mobility Payment Processing Transactions Revenue ($B) Payment Processing Transaction (M) $1.4 560 563 567 $1.4 $1
Slide 53: Pre-Pandemic to Today, We Have Outgrown Our Closest Peer in Mobility
Mobility Pre-Pandemic to Today, We Have Outgrown Our Closest Peer in Mobility Number of Fueling Transactions1 Revenue per Fleet Transaction2 2019-2025 CAGR 2019-2025 CAGR 4% 1% 1% (1%) WEX Corpay WEX Corpay Page 53 Source: WEX and Corpay filings. 1 Refers to “Payment Processing Transactions” for WEX
Slide 54: Our Benefits Business Is Growing Faster than the Market
Benefits Our Benefits Business Is Growing Faster than the Market Our unified solution and direct distribution model have enabled us to continue to grow our Benefits business faster than the market and increase our market share Year-Over-Year Benefits Year-Over-Year Purchase Volume Growth Average HSA
Slide 55: We Have Maintained Our Long-Term Growth Trend
Benefits We Have Maintained Our Long-Term Growth Trend WEX is a top-five HSA provider,1 powering more than 20% of all HSA accounts in the country, and we continue to grow Average Number of Benefits Benefits SaaS Accounts (M) Purchase Volume ($B) Revenue ($M) 21.5 $7.8 $797 19.9 20.3 $7.2 $740 18.0 $
Slide 56: Since Acquiring Custodial Cash Assets, We Have Outgrown Our Closest Peer in Benefits
Benefits Since Acquiring Custodial Cash Assets, We Have Outgrown Our Closest Peer in Benefits Average Custodial Cash Balance Number of SaaS Accounts Since WEX’s Acquisition of HealthcareBank HSA Assets 2019-2025 CAGR 2021-2025 CAGR1 18% 17% 9% 6% WEX HealthEquity WEX HealthEquity Page 56 Source: WEX
Slide 57: We Have Consistently Delivered Higher Margins in Our Benefits Segment than Our Most Direct Peer
Benefits We Have Consistently Delivered Higher Margins in Our Benefits Segment than Our Most Direct Peer GAAP Operating Margin 28.3% 24.6% 23.4% 17.2% 13.5% 11.8% 7.3% 5.2% 1.1% (3.2%) 2021 2022 2023 2024 2025 WEX Benefits Segment HealthEquity Page 57 Source: WEX and HealthEquity filings. Data based
Slide 58: Our Ownership of WEX Bank Allows Us to Earn a Higher Yield on Our HSA Assets
Benefits Our Ownership of WEX Bank Allows Us to Earn a Higher Yield on Our HSA Assets Yield on HSA Assets 4.90% 4.98% 4.36% 3.53% 3.11% 2.49% 1.92% 1.90% 2022 2023 2024 2025 WEX HealthEquity Our higher yield equates to tens of millions of dollars of incremental revenue each year Page 58 Source: WEX
Slide 59: After Lapping Transitory Headwinds, Our Results in Corporate Payments Are Improving
Corporate Payments After Lapping Transitory Headwinds, Our Results in Corporate Payments Are Improving Year-Over-Year Corporate Payments Corporate Payments Purchase Volume Growth Segment Adjusted Operating Margin1 16.9% 48.0% 48.4% 43.9% 41.9% 39.1% (0.9%) (20.4%) (27.5%) (27.8%) 4Q24 1Q25 2Q25 3Q25
Slide 60: We Have Delivered Long-Term Growth in Corporate Payments
Corporate Payments We Have Delivered Long-Term Growth in Corporate Payments Corporate Payments Corporate Payments Corporate Payments Total Volume ($B) Purchase Volume ($B) Revenue ($M) $148 $92 $90 $139 $80 $497 $488 $128 $477 $67 $402 $102 $368 $325 $73 $71 $278 $40 $39 $54 $21 2019 2020 2021 2022
Slide 61: We Have Grown Corporate Payments Volume on an Absolute Basis
Corporate Payments We Have Grown Corporate Payments Volume on an Absolute Basis Though our Corporate Payments segment does not have a good single comparator, absolute growth has been strong Total Volume CAGR Purchase Volume CAGR 14% 13% 12% Reflects transition of large customer to a different busine
Slide 62: We Returned to Company-Wide Growth in 2H 2025
We Returned to Company-Wide Growth in 2H 2025 After weathering headwinds in late 2024 and early 2025, we returned to revenue growth in the third quarter of 2025 Year-Over-Year Revenue Growth 8.4% 7.2% 6.7% 5.7% 3.9% 2.2% (2.1%) (2.5%) (4.0%) 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 Page 62 Sourc
Slide 63: We Have Reduced Expenses…
We Have Reduced Expenses… We realized approximately $110 million in annual run-rate cost savings, exceeding our $100 million target Employees General and Administrative • In October 2022, we announced a Expenses ($M) plan to deliver $100 million in run- rate cost savings by the end of 2024 $428 (23%
Slide 64: …And Reinvested Efficiently in Sales and Marketing
…And Reinvested Efficiently in Sales and Marketing Our sales and marketing expenses have been translating into new business wins, supporting our continued growth Sales and Marketing Expenses ($M) Total Year-One Value of New Business1 as a Percentage of Sales and Marketing Expenses +49% $387 62% 61%
Slide 65: We Delivered Strong Results for the Year
We Delivered Strong Results for the Year We have a long track record of compounding earnings and revenue and continued to deliver strong results in 2025 Total Revenue ($B) Adjusted Net Income per Diluted Share1 11% CAGR $2.6 $2.7 17% CAGR $16.10 $2.5 $15.28 $14.81 $2.4 $13.53 $1.9 $1.7 $1.6 $9.20 $9
Slide 66: Our Improvement is Reflected in Our Recent TSR Outperformance
Our Improvement is Reflected in Our Recent TSR Outperformance Year-to-Date TSR1 TSR Since 3Q25 Earnings1,2 1-Year TSR1 32% 13% 9% (7%) (12%) (13%) (13%) (12%) (14%) 2025 2024 2025 2024 2025 2024 Performance Performance Performance Performance Performance Performance Peers Peers Peers Peers Peers Pee
Slide 67: Our Longer-Term Performance Has Been Broadly in Line with Our Peers
While We Are Not Satisfied, Our Longer-Term Performance Has Been Broadly in Line with Our Peers 3-Year TSR1 4-Year TSR1 5-Year TSR1 3% (0%) (3%) (11%) (21%) (23%) (27%) (26%) (35%) 2025 2024 2025 2024 2025 2024 Performance Performance Performance Performance Performance Performance Peers Peers Peers
Slide 68: We Have Continued to Generate Significant Cash
We Have Continued to Generate Significant Cash We generated significant adjusted free cash flow in 2025 and maintained ample liquidity, providing strategic optionality Adjusted Free Cash Flow ($M)1 Available Liquidity ($M)2 $638 $1,249 $562 $524 $1,070 $511 $912 $903 $735 $278 2021 2022 2023 2024 20
Slide 69: We Have Returned Substantial Capital to Shareholders…
We Have Returned Substantial Capital to Shareholders… Since the beginning of 2021, we have repurchased more than $2 billion of stock, retiring ~20% of our outstanding shares Uses of Capital Weighted Average Diluted Shares Outstanding by Year (M) Share Repurchases¹ CapEx M&A² 45.3 44.7 43.3 41.3 1% 1
Slide 70: …While Maintaining Appropriate Leverage
…While Maintaining Appropriate Leverage We have prudently allocated capital to pay down debt and have maintained our leverage within our target range Leverage Ratio Target Range: 2.5x to 3.5x 3.5x 3.4x 3.25x 3.1x 2.8x 2.5x 2.5x 2.6x 2.5x 2.6x 2.6x 2.4x 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q
Slide 71: We Have Acquired Complementary Assets at Attractive Prices
We Have Acquired Complementary Assets at Attractive Prices We have a track record of earning strong returns on our strategic M&A, which we have used to increase scale, extend into new markets and expand our capabilities Assets Acquired Total Purchase Price Return Exceeds WACC? Strategic Benefits Sig
Slide 72: We Expect to Continue Our Momentum and Deliver on Our Long-Term Growth Targets
We Expect to Continue Our Momentum and Deliver on Our Long-Term Growth Targets1 5-10% 10-15% 1 – 2% Organic revenue growth Adjusted earnings per share growth Page 72 1 Growth target ranges exclude the impact of changes in fuel prices, foreign exchange rates, interest rates, and any potential acq uis
Slide 73: Our Board and Management Team Are Best Positioned to Oversee Our Strategy
SECTION IV Our Board and Management Team Are Best Positioned to Oversee Our Strategy Page 73
Slide 74: We Have a Skilled and Experienced Leadership Team
We Have a Skilled and Experienced Leadership Team Melissa Smith Jagtar Narula Carlos Carriedo Jay Dearborn Robert Deshaies Chair, CEO & Chief Financial Officer COO, Americas COO, International COO, Benefits President Joined 2022 Payments & Mobility Joined 2016 Joined 2014 Joined 1997 Joined 2022 • T
Slide 75: We Have Actively and Regularly Refreshed the Board Over the Last Several Years
We Have Actively and Regularly Refreshed the Board Over the Last Several Years Total Directors Joining: 6 Rotating Vice Chair / Jim Groch Derrick Roman Lead Independent Director role2 Rotated key committee chairs1 May 2026 May 2020 Jun. 2021 May 2023 Nancy Altobello Aimee Cardwell David Foss Jun. 20
Slide 76: We Have Continued to Refresh the Board Recently
We Have Continued to Refresh the Board Recently Following the 2025 Annual Meeting, we accelerated our Board refreshment plan, consistent with shareholder feedback November 2025 January 2026 May 2026 Appointed David Foss Appointed David Foss as Lead Longer-Serving as Director Independent Director Des
Slide 77: Our Board Composition Has Changed Significantly Since We First Began Engaging with Impactive
Our Board Composition Has Changed Significantly Since We First Began Engaging with Impactive 2020 Annual Meeting Pro Forma Post-2026 Annual Meeting1 Melissa John Daniel Shikhar Melissa Nancy Daniel Aimee Smith Bachman Callahan Ghosh Smith Altobello Callahan Cardwell James James Regina Stephen David
Slide 78: Our Board Composition Compares Favorably to Peers
As a Result of This Refreshment, Our Board Composition Compares Favorably to Peers Average Director Tenure Longest Director Tenure Board Size 21.8 12 (25%) 21.1 (42%) 9.8 8.6 (34%) 10 10 17.2 7.7 9 5.7 12.2 WEX WEX Compensation 2025 WEX WEX Compensation 2025 WEX WEX Compensation 2025 (Current) (Pro
Slide 79: Our Nominees are Dedicated and Accomplished
Our Nominees are Dedicated and Accomplished Melissa Smith Nancy Altobello Daniel (Don) Callahan Director Since 2014 | Age 57 Director Since 2021 | Age 68 Director Since 2019 | Age 69 • 25+ years of leadership experience at WEX • Former Global Vice Chair of Talent and • Former Global Head of Operatio
Slide 80: …And Have the Right Skills to Oversee Our Strategy
…And Have the Right Skills to Oversee Our Strategy Skills and Experiences Nancy Altobello Daniel Callahan Aimee Cardwell David Foss James Groch Derrick Roman Melissa Smith Stephen Smith Susan Sobbott Total 6 4 9 7 7 6 5 4 3 Finance, Accounting, or Reporting Risk Management Industry Legal or Regulato
Slide 81: Our Governance Profile Supports Effective Oversight
Our Governance Profile Supports Effective Oversight Diverse, Experienced Accountability to Alignment with and Independent Board Shareholders Shareholders • Directors have deep executive-level • Declassified Board with annual • Equity ownership requirements for experience in financial services, direc
Slide 82: Our Directors and Executives Are Meaningful Owners and Aligned with Shareholders
Our Directors and Executives Are Meaningful Owners and Aligned with Shareholders Our insider ownership is comparable to that of our peers, and we have measures in place to reinforce alignment with shareholders % of Shares Outstanding Mechanisms to Reinforce Alignment Held by CEO Our stock ownership
Slide 83: Executive Compensation is Aligned with Performance
Executive Compensation is Aligned with Performance • We aim to reward our executives for their contributions to the Company’s annual and long-term performance by tying a Compensation significant portion of their total compensation to key business drivers and shareholder value Philosophy • Generally,
Slide 84: Executive Compensation Is Aligned with Performance (Continued)
Executive Compensation Is Aligned with Performance (Continued) 2025 Target Compensation Mix • Annual and long-term incentive compensation subject to pre- established, Board-approved performance goals CEO Total Target Compensation Mix • Goals are directly aligned with WEX’s key financial and strategi
Slide 85: Executive Compensation Is Aligned with Performance (Continued)
Executive Compensation Is Aligned with Performance (Continued) CEO compensation has been sensitive to the performance headwinds we faced in 2024 and 2025 CEO Summary Compensation Table Pay vs. Short-Term Incentive Plan Payout Compensation Actually Paid ($M)1 as a Percentage of Target Summary Compens
Slide 86: Executive Compensation Is Aligned with Performance (Continued)
Executive Compensation Is Aligned with Performance (Continued) Our incentive plans use metrics that are common among our peers and aligned with our strategy Percentage of Peers Using Metrics in WEX’s Incentive Plans 2025 Performance Peers¹ Compensation Benchmarking Peers¹ 80% 71% 71% 73% 60% 58% 39%
Slide 87: Executive Compensation Is Aligned with Performance (Continued)
Executive Compensation Is Aligned with Performance (Continued) CEO pay has scaled to maintain alignment with the peer median and ensure compensation remains competitive Target Total Direct Compensation ($M) Compensation Benchmarking Peer Median During Prior Year WEX CEO $11.2 $12.1 $11.8 $12.1 $10.5
Slide 88: We Have Taken Steps to Strengthen Pay-for-Performance Alignment
We Have Taken Steps to Strengthen Pay-for-Performance Alignment Added Relative TSR Metric Added Relative TSR Metric Added Post-Vest Holding to Non-CEO Executive Officer to CEO Incentive Plan Requirement Incentive Plans 2025 2025 2026 • CEO PRSU awards now incorporate a • CEO PRSU awards are now subj
Slide 89: We Have Taken Steps to Strengthen Pay-for-Performance Alignment (Continued)
We Have Taken Steps to Strengthen Pay-for-Performance Alignment (Continued) We have changed the mix of metrics in our incentive plans to emphasize shareholder returns Total Weighting of Metrics in CEO Short- and Long-Term Incentive Plans 13% 16% 26% 26% 24% Time (i.e., RSUs) 38% Revenue 39% Profit (
Slide 90: Impactive's Proxy Contest is Unnecessary
SECTION V Impactive’s Proxy Contest is Unnecessary Page 90
Slide 91: Impactive's Proxy Contest Is Unnecessary
Impactive’s Proxy Contest Is Unnecessary We Have Engaged We Have Independently Impactive’s Ideas We We Believe the in Good Faith with Taken Actions Aligned Did Not Implement Election of Impactive’s Impactive with Many of Were Not Nominees Would Impactive’s Ideas Value-Additive Weaken the Board • Ove
Slide 92: We Have Engaged Constructively with Impactive
We Have Engaged Constructively with Impactive We have held dozens of meetings and spent hundreds of hours carefully and objectively reviewing Impactive’s analyses and evaluating its recommendations What Has WEX Offered? What Has Impactive Brought? Dozens of meaningful interactions with members of th
Slide 93: We Have Made a Good Faith Effort to Resolve Impactive's Proxy Contest
We Have Made a Good Faith Effort to Resolve Impactive’s Proxy Contest Impactive has refused to accept reasonable resolutions to accomplish its stated aim of additional Board refreshment WEX’s Impactive’s WEX’s Impactive’s Initial Proposal Counterproposal Second Proposal Second Counterproposal Impact
Slide 94: We Have Taken Actions That Were Aligned with Many of Impactive's Ideas
We Have Taken Actions That Were Aligned with Many of Impactive’s Ideas The Board evaluated all of Impactive’s ideas and acted consistently with many of them Addressed Impactive’s Impactive’s Recommendation WEX’s Actions Concerns? • We implemented targeted pricing increases in Mobility in 2024 and 20
Slide 95: Impactive's Other Prior Ideas Were Not in the Best Interests of the Company
Impactive’s Other Prior Ideas Were Not in the Best Interests of the Company Impactive’s Idea WEX’s Response • In May 2025, the Board conducted a comprehensive portfolio assessment drawing on both internal expertise and two independent global investment firms, Bank of America and J.P. Morgan; based o
Slide 96: The Board Has Actively Reviewed the Company's Strategy and Configuration
A The Board Has Actively Reviewed the Company’s Strategy and Configuration The Board has an annual session in the summer every year that focuses on business configuration and strategy — While these topics are considered throughout the year, the dedicated strategy sessions have been instrumental in e
Slide 97: The Board Has Actively Reviewed the Company's Strategy and Configuration (Continued)
A The Board Has Actively Reviewed the Company’s Strategy and Configuration (Continued) As Impactive suggested, the Board evaluated the Company’s portfolio; the Board determined that a break-up would not enhance value After Impactive’s presentation to the Board in February 2025, Based on the results
Slide 98: The Board Has Actively Reviewed the Company's Strategy and Configuration (Continued)
A The Board Has Actively Reviewed the Company’s Strategy and Configuration (Continued) Two independent experts delivered presentations to the Board on WEX’s portfolio and strategic configuration – including Impactive’s proposed Benefits separation – that included hundreds of pages of written analyse
Slide 99: The Board Has Actively Reviewed the Company's Strategy and Configuration (Continued)
A The Board Has Actively Reviewed the Company’s Strategy and Configuration (Continued) In reaching its determination not to separate the Benefits segment, the Board considered several important factors, which Impactive has largely ignored • The Benefits business aligns with our strategy, technology
Slide 100: Impactive Advocated for a CEO Mega-Grant Based on the Compensation Program at Corpay
B Impactive Advocated for a CEO “Mega-Grant” Based on the Compensation Program at Corpay In September 2021, Corpay awarded its CEO a “mega-grant” of equity, which Impactive has cited regularly in our private discussions as an example WEX should implement; however, it is unclear whether that award ha
Slide 101: The Board Carefully Evaluated Impactive's Mega-Grant Idea
B The Board Carefully Evaluated Impactive’s “Mega-Grant” Idea The Leadership Development and Compensation Committee conducted an in-depth review of precedents and shareholder sentiment regarding “mega-grants," in consultation with its independent compensation consultant The Committee and Board consi
Slide 102: Impactive's Nominees Are Not the Right Fit
Impactive’s Nominees Are Not the Right Fit Kurt Adams Ellen Alemany Lauren Taylor Wolfe • Limited exposure to WEX’s fleet and • Background is primarily in traditional • Third-party feedback raises concerns travel businesses commercial banking, with little (if any) about her boardroom conduct and exp
Slide 103: We Have Serious Concerns About Whether Ms. Taylor Wolfe Would Be a Suitable Fiduciary
We Have Serious Concerns About Whether Ms. Taylor Wolfe Would Be a Suitable Fiduciary Our reluctance to add Ms. Taylor Wolfe to our Board is the result of diligence • Individuals familiar with Ms. Taylor Wolfe’s conduct on a prior board, including a former colleague on that board, proactively and Qu
Slide 104: Questionable Conduct on a Prior Board
1 Questionable Conduct on a Prior Board Individuals familiar with Ms. Taylor Wolfe’s conduct on a prior board have expressed serious concerns When Ms. Taylor Wolfe first approached us with her demand for a Board seat in December 2024, we began conducting diligence to evaluate her qualifications, fit
Slide 105: Clear Conflicts of Interest
2 Clear Conflicts of Interest Ms. Taylor Wolfe’s spouse’s investment firm has a significant investment in one of WEX’s principal competitors Ms. Taylor Wolfe’s spouse runs a venture capital firm, Lux Capital, that has a significant investment in one of WEX’s principal competitors, Ramp Business Corp
Slide 106: Clear Conflicts of Interest (Continued)
2 Clear Conflicts of Interest (Continued) Ramp is a clear competitor to WEX Ramp considers WEX a competitor…1 …as do independent third parties2 Page 106 1 Source: https://ramp.com/blog/fleet - fuel - cards/best - wex - alternatives. 2 Source: https://www.g2.com/products/wex - business - payments/com
Slide 107: Clear Conflicts of Interest (Continued)
2 Clear Conflicts of Interest (Continued) We believe Impactive is being disingenuous when it claims Ramp is not a competitor Impactive claims… Ramp says… Ramp is also not Across our 50,000+ customers, we have competitive with WEX. a meaningful number of use cases from Raising the prospect of a compa
Slide 108: Clear Conflicts of Interest (Continued)
2 Clear Conflicts of Interest (Continued) If Ramp is not a competitor to WEX, why is it seemingly using Google Ads to target potential WEX customers? Page 108
Slide 109: Clear Conflicts of Interest (Continued)
2 Clear Conflicts of Interest (Continued) Ms. Taylor Wolfe’s husband appears to have a close relationship with Ramp and its founders Impactive claims… Ramp says… [Ramp] is one of more than 300 investments in the portfolio of [Lux Capital], it is a passive minority position and [Ms. Taylor Wolfe’s sp
Slide 110: Inattention to Industry Regulations
3 Inattention to Industry Regulations Ms. Taylor Wolfe and Impactive have shown a surprising indifference toward our banking regulators Our wholly owned banking subsidiary, WEX Bank, funds a significant portion of our Mobility and Corporate Payments operations. WEX Bank also serves as a depository i
Slide 111: Misaligned Time Horizon
4 Misaligned Time Horizon Impactive has aggressively reduced its position, selling more than $100 million1 of WEX stock over the last year Net Shares Sold by Impactive • Impactive has told us on numerous from April 1, 2025 to March 31, 2026 (in Thousands) occasions that it seeks to hold investments
Slide 112: The Election of Impactive's Candidates Would Remove Critical Expertise
The Election of Impactive’s Candidates Would Remove Critical Expertise Melissa Smith Nancy Altobello Stephen (Steve) Smith Chair, CEO & President, WEX Former Global Vice Chair, Former President, CEO and Board Ernst & Young Member, L.L.Bean • Ms. Smith has served as WEX’s CEO and as a • Ms. Altobello
Slide 113: WEX Has Grown Significantly During Ms. Smith's Tenure
WEX Has Grown Significantly During Ms. Smith’s Tenure Since Ms. Smith began her tenure as CEO at the beginning of 2014, WEX has delivered significant growth, transforming from a U.S.-focused fuel card provider to a global financial technology company Revenue ($B) Adjusted Net Income per Share1 2013
Slide 114: Ms. Smith Inherited a Growth Gap to Corpay and Has Reversed It
Ms. Smith Inherited a Growth Gap to Corpay and Has Reversed It Corpay outgrew WEX at the top and bottom lines in the four years prior to Ms. Smith becoming CEO; in the last ten years, however, WEX has outpaced Corpay’s growth WEX and Corpay Growth Rates WEX and Corpay Growth Rates Before Ms. Smith’s
Slide 115: Ms. Smith's Former Colleagues Have Spoken Highly of Her Leadership
Ms. Smith’s Former Colleagues Have Spoken Highly of Her Leadership in Independent Third-Party Research Integrity and “The first strength that comes to mind with Melissa is integrity. She has a very strong sense of purpose and a very strong specific focus on what she believes is ultimately the right
Slide 116: Impactive's Claims are Misleading
SECTION VI Impactive’s Claims are Misleading Page 116
Slide 117: We Exceeded Impactive's Upside 2025 EBITDA Projections from 2022
Despite Impactive’s Recent Complaints About Performance, We Exceeded Impactive’s Upside 2025 EBITDA Projections from 2022 Excerpts from Impactive Capital June 2022 Adjusted 2025 EBITDA2 ($M) Sohn Investment Conference Presentation1 $1,453 $1,362 $1,163 Fuel Price-Adjusted Incremental EBITDA³ Mobilit
Slide 118: Impactive's Criticisms Are Inconsistent with Its Prior Statements
Impactive’s Criticisms Are Inconsistent with Its Prior Statements Impactive’s recent criticisms stand in stark contrast to its prior public and private statements about WEX What Impactive Previously Said What Impactive Is Saying About WEX Now About WEX to Promote Its Campaign Shareholder value “Trac
Slide 119: Impactive's Comparison of All of WEX to Corpay is Misleading
Impactive’s Comparison of All of WEX to Corpay is Misleading We compete with Corpay primarily in our Mobility businesses; however, it is just one of dozens of other competitors and does not participate in several of our other businesses Mobility Benefits Corporate Payments Page 119
Slide 120: Impactive's Comparison of All of WEX to Corpay is Misleading (Continued)
Impactive’s Comparison of All of WEX to Corpay is Misleading (Continued) Corpay has many other businesses besides its fleet business (even within its reported “Vehicle Payments” segment), and does not consider WEX to be a major competitor in those other businesses and sub-segments Corpay considers W
Slide 121: Impactive's Comparison of All of WEX to Corpay is Misleading (Continued)
Impactive’s Comparison of All of WEX to Corpay is Misleading (Continued) Corpay also has significantly greater scale and a much larger international presence 2025 Revenue ($B) 2025 Revenue by Geography 2024-2025 M&A Spend ($B) 1.7x $4.5 % Non-U.S. Revenue 21.6x $5.4 % U.S. Revenue 12% $2.7 51% 88% 4
Slide 122: Impactive's Comparison of WEX's Mobility Segment to Corpay's Vehicle Payments Segment Is Misleading
Even Impactive’s Comparison of WEX’s Mobility Segment to Corpay’s Vehicle Payments Segment Is Misleading WEX 2025 Mobility Segment Revenue Estimated Corpay 2025 Vehicle Payments Segment Revenue1 10% 35% 36% U.S. Fleet North American Fleet International Fleet International Fleet Brazil (inc. Tolls, P
Slide 123: Impactive's Growth Comparisons Are Misleading
Impactive’s Growth Comparison’s of WEX’s Mobility Segment to Corpay’s Vehicle Payments Segment Are Misleading Instead of comparing WEX’s Mobility growth rate to Corpay’s North American Fleet growth rate, Impactive compares the growth rates of WEX’s Mobility segment and Corpay’s entire Vehicle Paymen
Slide 124: Impactive's Margin Comparison Is Misleading
Given the Differences in These Segments, Impactive’s Margin Comparison Is Misleading There are additional reasons why there are margin differences between our Mobility segment and Corpay’s Vehicle Payments segment WEX Mobility Corpay Vehicle Payments Impact Because WEX owns a bank, its Corpay securi
Slide 125: Neither Corpay Nor WEX Consider Their Corporate Payments Businesses to Be Competitors
Neither Corpay Nor WEX Consider Their Corporate Payments Businesses to Be Competitors to One Another Notwithstanding Impactive’s inapposite comparison, WEX’s Corporate Payments segment does not compete directly with Corpay’s – and Corpay seemingly agrees Corpay says… WEX says… Our corporate payments
Slide 126: That Said, Our ROIC Is Comparable to That of Corpay
That Said, Our ROIC Is Comparable to That of Corpay After normalizing for WEX Bank deposits, and in the case of Corpay, securitizations, our returns on invested corporate capital are comparable, and in some cases higher, than Corpay’s, despite Impactive’s claim to the contrary Return on Invested Cap
Slide 127: Impactive's TSR Analysis Is Flawed and Incomplete
Impactive’s TSR Analysis Is Flawed and Incomplete Impactive uses WEX’s Compensation Benchmarking …even though WEX has a Performance Peer Group Peer Group in its TSR comparisons… specifically for purposes of comparing Relative TSR Impactive Capital April 2026 Presentation WEX 2026 Definitive Proxy St
Slide 128: Impactive's Other Claims Are Misleading
Impactive’s Other Claims Are Misleading Impactive’s Misleading Claim WEX’s Response • Following the 2025 Annual Meeting, we reached out to shareholders representing approximately 70% of our shares outstanding in 2025; we also continued our standard post- earnings and ordinary-course engagement with
Slide 129: Impactive's Other Claims Are Misleading (Continued)
Impactive’s Other Claims Are Misleading (Continued) Impactive’s Misleading Claim WEX’s Response • The Board has significantly changed the Company’s incentive compensation plans, such that the majority of our CEO’s incentive compensation is subject to total shareholder return “We have seen no evidenc
Slide 130: Impactive's Other Claims Are Misleading (Continued)
Impactive’s Other Claims Are Misleading (Continued) Impactive’s Misleading Claim WEX’s Response • Our returns on our sales and marketing investments2 are similar to those in 2019, demonstrating that we have maintained efficiency despite a significant increase in these strategic investments “[I]nvest
Slide 131: Impactive's Other Claims Are Misleading (Continued)
Impactive’s Other Claims Are Misleading (Continued) Impactive’s Misleading Claim WEX’s Response • As noted, the transition of a large, sophisticated OTA customer to a new business model changed the way WEX earns revenue from that relationship; the customer remains with WEX today “WEX’s Corporate Pay
Slide 132: Impactive's Other Claims Are Misleading (Continued)
Impactive’s Other Claims Are Misleading (Continued) Impactive’s Misleading Claim WEX’s Response • This is misleading; from 2019 to 2025, WEX’s revenue grew at the same rate as the median of the Company’s compensation peers2 • Furthermore, WEX’s revenue in 2019 and 2025 was 33% and 32% above the medi
Slide 133: Impactive's Other Claims Are Misleading (Continued)
Impactive’s Other Claims Are Misleading (Continued) Impactive’s Misleading Claim WEX’s Response • The Board regularly evaluates the Company’s governance framework and policies to ensure that they reflect the needs of the Company, are aligned with shareholder interests and are broadly consistent with
Slide 134: Impactive's Other Claims Are Misleading (Continued)
Impactive’s Other Claims Are Misleading (Continued) Impactive’s Misleading Claim WEX’s Response • WEX has prioritized a comprehensive remediation strategy to address the requirements of the consent order; among other changes, we have: — Appointed a new Bank President, Chief Compliance Officer and Ch
Slide 135: Impactive's Other Claims Are Misleading (Continued)
Impactive’s Other Claims Are Misleading (Continued) Impactive’s Misleading Claim WEX’s Response • Like many public companies, WEX granted special equity awards to retain key employees “In June 2020, the Leadership Development during COVID, when we faced significant headwinds and heavy competitive pr
Slide 136: Impactive's Other Claims Are Misleading (Continued)
Impactive’s Other Claims Are Misleading (Continued) Impactive’s Misleading Claim WEX’s Response • Mr. Smith was approached in 2018 by WEX’s Chair Michael Dubyak and Vice Chair Rowland Moriarty about joining the Board the following year, 2019; he was vetted by the entire Board at “Stephen Smith and M
Slide 137: Impactive's Other Claims Are Misleading (Continued)
Impactive’s Other Claims Are Misleading (Continued) Impactive’s Misleading Claim WEX’s Response • This is not correct • Calculated properly, WEX’s ROIC was 11.7% on a NOPAT basis or 22.3% on an adjusted EBITDA “WEX ROIC has declined since the current basis in 2013. In 2025, those returns are 13.4% a
Slide 138: Conclusion
SECTION VII Conclusion Page 138
Slide 139: Shareholders Should Support the Board's Nominees
Shareholders Should Support the Board’s Nominees Our Nominees are Best Our Strategy is Impactive’s Proxy Contest Positioned to Continue to Delivering Results is Unnecessary Oversee Our Strategy • Against a dynamic macroeconomic • The Board has been executing a multi- • Over the last five years, we h
Slide 140: Vote on the BLUE Proxy Card for WEX's Nominees
Vote on the BLUE Proxy Card for WEX’s Nominees We strongly urge shareholders to vote on the BLUE proxy card for our dedicated and accomplished nominees and withhold on Impactive’s candidates to support the continued execution of our strategy The Board of Directors recommends IMPACTIVE NOMINEES OPPOS
Slide 141: Appendix: Nominee Biographies
SECTION VIII Appendix: Nominee Biographies Page 141
Slide 142: Nominee Biographies
Nominee Biographies • Seasoned public company executive with • Seasoned audit and professional services 25+ years of progressive financial and leader with decades of global and regional operational leadership experience at WEX experience at Ernst & Young (“EY") • Chair of the WEX Board (2019-present
Slide 143: Nominee Biographies (Continued)
Nominee Biographies (Continued) • Global technology and operations • Accomplished cybersecurity and executive with C-suite experience across technology leader with executive major financial institutions experience at large-scale financial services and healthcare enterprises • CEO of Callahan Advisor
Slide 144: Nominee Biographies (Continued)
Nominee Biographies (Continued) • Financial technology executive with 35+ • Seasoned C-suite finance and strategy years of senior leadership experience executive with robust capital allocation, investment and corporate development • CEO of Jack Henry & Associates (2016- experience 2024) & President
Slide 145: Nominee Biographies (Continued)
Nominee Biographies (Continued) • Accomplished audit professional with • Experienced global retail and consumer deep expertise in public company audits, executive with extensive international SEC reporting, capital markets transactions experience and enterprise risk management • President and CEO of
Slide 146: Nominee Biographies (Continued)
Nominee Biographies (Continued) • Active fintech advisor and board member with decades of executive leadership experience in payments • Strategic advisor to fintech and financial Susan services firms, including ClarityPay, Wealth.com and Kargo (2018-present) Sobbott • President, Global Commercial Se
Slide 147: Appendix: Total Shareholder Return as of February 6, 2026
SECTION VIII Appendix: Total Shareholder Return as of February 6, 2026 Page 147
Slide 148: We Have Generally Outperformed Our Peers on a TSR Basis Using Impactive's Preferred End Date
We Have Generally Outperformed Our Peers on a TSR Basis Using Impactive’s Preferred End Date Year-to-Date TSR1 TSR Since 3Q25 Earnings1,2 1-Year TSR1 7% 5% 3% (9%) (11%) (10%) (11%) (23%) (26%) 2025 2024 2025 2024 2025 2024 Performance Performance Performance Performance Performance Performance Peer
Slide 149: We Have Generally Outperformed Our Peers on a TSR Basis (Continued)
We Have Generally Outperformed Our Peers on a TSR Basis Using Impactive’s Preferred End Date (Continued) 3-Year TSR1 4-Year TSR1 5-Year TSR1 (1%) (2%) (8%) (12%) (13%) (20%) (24%) (25%) (28%) 2025 2024 2025 2024 2025 2024 Performance Performance Performance Performance Performance Performance Peers
Slide 150: Appendix: Peer Groups
SECTION VIII Appendix: Peer Groups Page 150
Slide 151: Peer Groups
Peer Groups ACI Worldwide Dayforce1 Marqeta Remitly Global Affirm Holdings Equifax MAXIMUS Shift4 Payments AvidXchange Holdings1 Euronet Worldwide NCR Atleos Toast BILL Holdings EVERTEC Paychex TransUnion 2025 Block FIS Paycom Software Voya Financial Performance Peers Bread Financial Holdings Fiserv
Slide 152: Appendix: Acronyms, Abbreviations and Key Terms
SECTION VIII Appendix: Acronyms, Abbreviations and Key Terms Page 152
Slide 153: Acronyms, Abbreviations and Key Terms
Acronyms, Abbreviations and Key Terms A non-GAAP measure that adjusts net income (loss) to exclude extraordinary gains and losses, and unusual items, income Adjusted EBITDA tax expense, consolidated interest charges, depreciation and amortization expense, non-cash stock-based compensation, other non
Slide 154: Acronyms, Abbreviations and Key Terms (Continued)
Acronyms, Abbreviations and Key Terms (Continued) HSA Health Savings Account Represents the percentage of the dollar value of each payment processing transaction that WEX records as revenue from Net interchange rate merchants, less certain discounts given to customers and network fees. Net late fee
Slide 155: Acronyms, Abbreviations and Key Terms (Continued)
Acronyms, Abbreviations and Key Terms (Continued) Purchase volume in the Corporate Payments segment represents the total dollar value of all WEX-issued Purchase volume transactions that use WEX corporate card products and virtual card products. Purchase volume in the Benefits segment represents the
Slide 156: Appendix: Non-GAAP Reconciliations
SECTION VIII Appendix: Non-GAAP Reconciliations Page 156
Slide 157: Appendix: Non-GAAP Reconciliation
Appendix: Non-GAAP Reconciliation The Company's non-GAAP adjusted net income excludes unrealized gains and losses on financial instruments, net foreign currency gains and losses, acquisition-related intangible amortization, other acquisition and divestiture related items, stock-based compensation, o
Slide 158: Appendix: Non-GAAP Reconciliation
Appendix: Non-GAAP Reconciliation Reconciliation of GAAP Net Income Attributable to Shareholders per Diluted Share to Adjusted Net Income Attributable to Shareholders per Diluted Share (Unaudited) Year Ended December 31, 2010 2013 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Net income (lo
Slide 159: Appendix: Non-GAAP Reconciliation
Appendix: Non-GAAP Reconciliation Reconciliation of GAAP Total Segment Operating Income and Margin to Non-GAAP Total Segment Adjusted Operating Income, Adjusted Operating Income and Margin (Unaudited) Year Ended December 31, ($M) 2016 2025 Operating income (GAAP) $ 158.5 $ 663.9 Operating income (GA
Slide 160: Appendix: Non-GAAP Reconciliation
Appendix: Non-GAAP Reconciliation Reconciliation of GAAP Operating Cash Flow to Non-GAAP Adjusted Free Cash Flow Adjusted free cash flow is calculated as cash flows from operating activities adjusted for net purchases of current investment securities, capital expenditures, net Funding Activity, chan
Slide 161: Appendix: Non-GAAP Reconciliation
Appendix: Non-GAAP Reconciliation Reconciliation of GAAP Net Income to Adjusted EBITDA EBITDA is defined as earnings before operating and financing interest, income tax expense, depreciation and amortization expense. Adjusted EBITDA is defined as EBITDA further adjusted for non-cash stock- based com
Slide 162: Appendix: Non-GAAP Reconciliation
Appendix: Non-GAAP Reconciliation Reconciliation of Consolidated Net Income to ROIC measurements (Unaudited) WEX Corpay ($M) 2013 2023 2024 2025 2013 2023 2024 2025 Consolidated Net Income $149.2 $266.6 $309.6 $304.1 $284.5 $981.9 $1,003.7 $1,071.9 Operating and financing interest 33.7 288.8 340.0 3
Slide 163: Appendix: Corporate Payments Operating Income & Margin
Appendix: Corporate Payments Operating Income & Margin (Unaudited) Three Months Ended ($M) 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 Operating income (GAAP) $ 35.4 $ 27.2 $ 38.0 $ 52.0 $ 48.8 Operating income (GAAP) margin 33.9% 26.3% 32.1% 39.1% 39.7% Total Revenues $ 104.3 $ 103.5 $ 118.
Slide 164: Media and Investor Contacts
MEDIA Lex Suvanto / Patrick Ryan Edelman Smithfield 646.775.8337 WEX@edelman.com INVESTORS Scott Winter / Jonathan Salzberger Innisfree M&A 212.750.5833 WEX@innisfreema.com Page 164