Repay Holdings Corporation · NASDAQ:RPAY
Repay — Q1 2026 Earnings Presentation
22 slides from Repay's earnings presentation, May 4, 2026
Slide 1: Q1 2026 Earnings Supplement
Q1 2026 Earnings Supplement May 2026 Exhibit 99.2
Slide 2: Disclaimer
Disclaimer 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.go
Slide 3: Financial Update – Q1 2026
Financial Update – Q1 2026 ($MM) Revenue Gross Profit Adjusted EBITDA (2) Gross profit margin represents gross profit / revenue Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP financial measures. See slide 1 under “Non-GAAP Financial Measures” and slide 14 for reconciliation. Adjusted EBITDA
Slide 4: Consumer Payments Results – Q1 2026
Consumer Payments Results – Q1 2026 ($MM) Key Business Highlights Revenue growth driven by on-going ramp of clients and increased volumes from tax refund seasonality Resilient trends across auto loans, personal loans, credit unions, and mortgage servicing We are continuing to win large enterprise cl
Slide 5: Business Payments Results – Q1 2026
Strong sales pipeline within automotive, property management, and municipality verticals via direct sales and new integrations Increased our AP Supplier Network to 665,000+ suppliers, ~70% y/y growth Starting to see early political media spending ahead of 2026 mid-term election cycle Gross Profit ma
Slide 6: Balance Sheet and Net Leverage
Balance Sheet and Net Leverage Total liquidity represents cash balance plus the undrawn revolver facility Adjusted EBITDA is a non-GAAP financial measure. See slide 1 under “Non-GAAP Financial Measures.” LTM Adjusted EBITDA represents the sum of the Adjusted EBITDA for the four most recent fiscal qu
Slide 7: FY 2026 Outlook
FY 2026 Outlook REVENUE ADJUSTED EBITDA FREE CASH FLOW CONVERSION (2) $340 – $346MM $141 – $146MM Above 45% (unchanged) REPAY reiterates its previously updated (1) outlook for full year 2026 ~42% Margins (prior $136.5-$141.5 million) Reported Growth 10%-12% Normalized Growth 7%-9% (unchanged) Note:
Slide 8: History of Sustained Growth Across Key Metrics
History of Sustained Growth Across Key Metrics Gross Profit (1) Revenue (1) Free Cash Flow (2) Adjusted EBITDA(2) (In $ Millions) (In $ Millions) (In $ Millions) (In $ Millions) 11% CAGR Consumer Payments Business Payments Consolidated Consolidated totals include the elimination of intersegment reve
Slide 9: Transaction Rationale
Transaction Rationale Diversified bill payment and communication platform focused on the utility and government verticals Attractive product offering within non-discretionary categories and recurring billing cycles Deeply entrenched with highly reoccurring revenue streams Leading Provider in Resilie
Slide 10: KUBRA Overview
KUBRA Overview Leading bill payment and customer communications platform serving enterprise clients across North America Vertical Expertise Company & Financial Highlights(1) HQ in Mississauga, Canada with regional hubs in the U.S. for communication services & operational support 10+ year average cus
Slide 11: Acquisition Enhances REPAY's Scale through Vertical Expansion
Acquisition Enhances REPAY’s Scale through Vertical Expansion 2025 COMBINED REVENUE(1) ~$548mm ~$178mm ~32% MARGIN(1) 2025 COMBINED ADJ. EBITDA(1)(2) Combined Mix(1) REPAY to become one of the largest bill payment providers in the U.S. processing over ~$130Bn of combined 2025 Annual Payment Volume…
Slide 12: Value Creation Opportunity
Value Creation Opportunity Transaction is expected to be Free Cash Flow accretive(1) by 25% in 2028 Revenue Opportunities Expense Synergies Capex Savings Increase penetration into all verticals with a comprehensive end-to-end digital bill pay platform; including bill presentment, communications, pay
Slide 13: Appendix
Appendix
Slide 14: Q1 2026 Financial Update
Q1 2026 Financial Update Note: Not meaningful (NM) for comparison Operating expenses includes SG&A and expenses associated with non-cash impairment loss, the change in fair value of tax receivable liability, change in fair value of contingent consideration, loss on extinguishment of debt, and other
Slide 15: Q1 2026 Adjusted EBITDA Reconciliation
Q1 2026 Adjusted EBITDA Reconciliation Reflects amortization of client relationships, non-compete agreement, software, and channel relationship intangibles acquired through the business combination with Thunder Bridge, and client relationships, non-compete agreement, and software intangibles acquire
Slide 16: FY 2025 Adjusted EBITDA Reconciliation
FY 2025 Adjusted EBITDA Reconciliation Reflects amortization of client relationships, non-compete agreement, software, and channel relationship intangibles acquired through the business combination with Thunder Bridge, and client relationships, non-compete agreement, and software intangibles acquire
Slide 17: Q1 2026 Adjusted Net Income Reconciliation
Q1 2026 Adjusted Net Income Reconciliation Reflects amortization of client relationships, non-compete agreement, software, and channel relationship intangibles acquired through the business combination with Thunder Bridge, and client relationships, non-compete agreement, and software intangibles acq
Slide 18: Free Cash Flow Reconciliation
Free Cash Flow Reconciliation 2021 2022 2023 2024 2025 2026 $MM Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Net Cash provided by Operating Activities $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 $16.8 Capital
Slide 19: Depreciation and Amortization Detail
Depreciation and Amortization Detail Note Adjusted Net Income is adjusted to exclude amortization of all acquisition-related intangibles as such amounts are inconsistent in amount and frequency and are significantly impacted by the timing and/or size of acquisitions (see corresponding adjustments in
Slide 20: Q1 2026 Revenue Growth Reconciliations
Q1 2026 Revenue Growth Reconciliations Q1 2026 $MM Consumer Payments Business Payments Total Company Revenue Growth 4% 18% 4% Political Media contribution / (impact) n/a 4% <1% Revenue Growth, excl. political media 4% 14% 4%
Slide 21: Revenue Growth Reconciliation
Revenue Growth Reconciliation 2023 2024 2025 2026 $MM Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Revenue Growth 10% 6% 4% 5% 6% 8% 4% 6% 3% 6% (4%) 1% (2%) <1% (1%) 4% Acquisitions / (Divestitures) impact (2%) (3%) (4%) (5%) (4%) (2%) n/a n/a n/a (<1%) n/a n/a n/a n/a n/a n/a Organic Revenue Gr
Slide 22: Historical Segment Details
Historical Segment Details Note: Historical periods reflect the reclassification of revenue and gross profit between Consumer Payments and Business Payments segments 2022 2023 2024 2025 2026 Full Year $MM Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 2022 2023 2024 2025 Consumer Payments $61.1