44 slides from Flywire Corporation - Voting's earnings presentation, Feb 24, 2026
Slide 1: 4Q 2025 Earnings Supplement
4Q 2025 Earnings Supplement February 24, 2026
Slide 2: Disclosures
Disclosures This presentation includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts contained in this presentation, in
Slide 3: Outline
Outline 1. Since IPO: Proven Model & Expanding Network Advantage 2. Go-to-Market Engine 3. Structural Operating Leverage & Capital Discipline 4. Unified Platform & AI Foundation 5. 2026 Outlook
Slide 4: Strong, Sustained Growth Since IPO
Strong, Sustained Growth Since IPO RLAS RLAS Total Revenue % 355%% :3 3 GRR::3 G R AG CCA CA YoY% Growth: 47% 43% 24% 27%* YoY% Growth: 44% 39% 22% 27%* FXN YoY% Growth: 55% 43% 24% 26%* * Note: For 2025, approximately 9pts of growth contribution from addition of Sertifi
Slide 5: Improved Profitability
Improved Profitability Adj. EBITDA GAAP Net Income 2 % :5 A GR C Adj. EBITDA 13% 6% 11% 16% 20% Margin %
Slide 6: Why We Win
Why We Win One embedded, durable, scalable model — applied across four verticals Education Healthcare All tuition, one platform. Optimizing hospital yield ● Integrated into system of record ● High-90s retention + steady ● Unified affordability, payments expansion Why we win: & EHR integrations ● Grow
Slide 7: Uniqueness and Durability of Flywire's Assets
Uniqueness and Durability of Flywire's Assets Software & Integrations Global Payment Network ● Unique: Vertical-specialized billing ● Unique: Optimized network for and reconciliation workflow high-value, regulated cross- border software deeply integrated into and domestic payment and billing data cor
Slide 8: Our Global Network Today
Our Global Network Today Built for scale & regulated complexity 2025 240+ Domestic+ Countries & Cross border territories payments We have built a global, 140+ Broad regulatory-grade Currencies Local clearing & Local infrastructure supported payment methods platform that is very Optimized hard to rep
Slide 9: Flywire at a Glance
Flywire at a Glance CUSTOMERS Education B2B Higher education, education Healthcare + Travel Enterprises with complex A/R, Health systems Tour, hospitality & agents, student housing & hospitals VERTICALS specialty travel brands government & public sector, providers & more emerging verticals Patient b
Slide 10: Outline
Outline 1. Since IPO: Proven Model & Expanding Network Advantage 2. Go-to-Market Engine 3. Structural Operating Leverage & Capital Discipline 4. Unified Platform & AI Foundation 5. 2026 Outlook: Prudent Assumptions, Continued Margin Expansion
Slide 11: Continued Momentum in Client Base
Continued Momentum in Client Base Clients are choosing Flywire as a key part of their workflows Client Growth Since 2021 +2.5x Note: Excludes clients from Flywire’s Invoiced and Sertifi acquisitions
Slide 12: Enterprise Clients Drive Growth Across Education & Travel
Enterprise Clients Drive Growth Across Education & Travel Revenue churn among enterprise customers in EDU and Travel is extremely low (<1%) Education Enterprise Clients Travel Enterprise Clients +29% Growth +94% Growth Enterprise clients account for ~90% Enterprise clients account for ~73% of Educat
Slide 13: Selected Customer Wins - Q4 2025
Selected Customer Wins - Q4 2025 Strong New Client Wins and Expansion Across Existing Customers
Slide 14: Outline
Outline 1. Since IPO: Proven Model & Expanding Network Advantage 2. Go-to-Market Engine 3. Structural Operating Leverage & Capital Discipline 4. Unified Platform & AI Foundation 5. 2026 Outlook
Slide 15: Primary growth driver, macro sensitivity, revenue mix: 2021 vs 2025
2021 2025 Continuing client growth and broader New logos & Volume-driven international Primary growth driver product suite adoption, capturing domestic student flows + international flows Predominantly cross-border education Growing via share gains and cross-sell, Macro sensitivity business diversified
Slide 16: Structural Operating Leverage Across All Opex Lines
Structural Operating Leverage Across All Opex Lines Sales & Marketing 1 Technology & General & Admin1 Development 1 ‘21→‘25 ● Embedding AI within the Dollar Amt development lifecycle to ($M): ~$40 ~$120 ~$20 materially improve productivity ~$50 ~$45 ~$95 and time-to-market Opportunities to Scale ● E
Slide 17: Q4 Actual Performance vs. Guidance
Q4 Actual Performance vs. Guidance: Strong Beat Across the Board Actual Guide1 Beat RLAS: 4Q 2025 4Q 2025 ✔ Strong, diversified growth across verticals and regions driving top line Total RLAS ($M) $152.7 $145 +$7.7 performance Y/Y RLAS Spot Growth (%) 35.3% 29% +630 bps ✔ FxN RLAS beat primarily driv
Slide 18: GAAP Financial Highlights Q4 2025
GAAP Financial Highlights Q4 2025 $157.5M 57.6% $0.0M* Revenue Gross Margin Net Income *Q4 2025 includes a $1.0M FX gain; Q4 2025 Net Income up $15.9M vs. Q4 2024
Slide 19: Key Operating Metrics (Non-GAAP) Q4 2025
Key Operating Metrics (Non-GAAP) Q4 2025 $9.3B $152.7M $93.7M $25.4M +35.6%1 YoY +35.3%1 YoY 23.4%1 YoY 53.4%1 YoY 61.3%2 16.6%2 Total Revenue Less Adjusted Adjusted EBITDA Payment Ancillary Gross Profit Volume Services 1. Represents Y-o-Y Growth as compared to Q424 2. Represents Margins as % of RLAS
Slide 20: GAAP Financial Highlights FY 2025
GAAP Financial Highlights FY 2025 $623.0M 59.6% $13.5M* Revenue Gross Margin Net Income *FY 2025 includes a $7.9M FX gain
Slide 21: Key Operating Metrics (Non-GAAP) FY 2025
Key Operating Metrics (Non-GAAP) FY 2025 $37.6B $603.1M $381.6M $120.6M +26.4%1 YoY +27.1%1 YoY +21.8%1 YoY +55.0%1 YoY 63.3%2 20.0%2 Total Revenue Less Adjusted Payment Ancillary Gross Profit Adjusted EBITDA Volume Services 1. Represents Y-o-Y Growth as compared to FY24 2. Represents Margins as % of
Slide 22: Increasing Revenue Less Ancillary Services Diversity
Increasing Revenue Less Ancillary Services Diversity +101% Strong growth across all verticals +22% ● B2B saw significant YoY growth, accelerated through migration/synergies +100% ● Healthcare strength driven by large client launches and ramp +25% ● Education revenues grew 12% YoY despite macro headwi
Slide 23: Stable Spreads on Our Transaction Volumes
Stable Spreads on Our Transaction Volumes ● Spreads remain relatively stable within our core transactional flows ● Monetization Rate and Adjusted Gross Margins driven by increase in domestic payments in the mix + seasonality / vertical mix 23
Slide 24: Capital Allocation Strategy Overview
Capital Allocation Strategy Overview 1 2 3 Organic Growth Strategic Share Investments Acquisitions Buybacks Geographic expansion Accelerate within existing Share Repurchase Program industry and / or geographies enables purchasing when GTM enhancement projected return exceeds our New product capabili
Slide 25: 2025 Cash & Liquidity Walk
2025 Cash & Liquidity Walk: ~$500M Liquidity (US$M) 62 ~495 (1) ● Strong liquidity maintained while funding growth and returning capital ● Acquisition-related (Sertifi) debt incurred early in the year was fully repaid by year-end, as planned (1) Cash represents corporate cash, cash equivalents, and i
Slide 26: Share Buyback (SBB)
Share Buyback (SBB): ~$120M Since the Start of Program (US$M) Authorized $300M (-) Purchases through $(118M) 12/31/25 Remaining $182M Price1 $17.70 $20.26 $13.56 $8.84 $13.12 $13.61 Price1 vs. VWAP ($0.02) +$0.03 ($0.01) +$0.07 +$0.01 ($0.01) Shares Repurchased 1.3M 1.0M 3.6M 0.6M 0.8M 0.7M ● Share
Slide 27: Outline
Outline 1. Since IPO: Proven Model & Expanding Network Advantage 2. Go-to-Market Engine 3. Structural Operating Leverage & Capital Discipline 4. Unified Platform & AI Foundation 5. 2026 Outlook
Slide 28: Flywire's AI Moat
Flywire’s AI Moat: Systems of Record × Workflow × AI Complex AI can automate pieces, but cannot replace deeply integrated financial workflow orchestration Why the Moat Widens with AI ● End-to-end workflow: payment initiation → FX → compliance Financial → reconciliation Workflows ● Exception handling, rec
Slide 29: Building a Durable & Powerful Technology Stack
Building a Durable & Powerful Technology Stack Modular architecture complements domain-expert teams & regulatory-compliant payment network Implementations EDU Integrations Travel Integrations B2B Integrations HC Integrations ● Flywire is the Client / infrastructure Partner behind complex EDU Softwar
Slide 30: Outline
Outline 1. Since IPO: Proven Model & Expanding Network Advantage 2. Go-to-Market Engine 3. Structural Operating Leverage & Capital Discipline 4. Unified Platform & AI Foundation 5. 2026 Outlook
Slide 31: Q1 2026 Outlook
Q1 2026 Outlook FX-Neutral Revenue Adjusted EBITDA1 Margin Less Ancillary Services Expansion (YoY) Growth Total 26-30% YoY FXN 100-350 bps Flywire (including ~7% inorganic Sertifi) (including Sertifi) Estimated FX impact (benefit) on RLAS: ~4-5% 2 1. Flywire has not provided a quantitative reconciliati
Slide 32: FY 2026 Outlook
FY 2026 Outlook FX-Neutral Revenue Adjusted EBITDA1 Margin Less Ancillary Services Expansion (YoY) Growth Total 15-21% YoY FXN 150-350 bps Flywire (including ~1% inorganic Sertifi) (including Sertifi) Estimated FX impact (benefit) on RLAS: ~1% 2 1. Flywire has not provided a quantitative reconciliation
Slide 33: 2026 Guidance Context
2026 Guidance Context Guidance Assumptions EDU Macro Assumptions Approx. 1% inorganic growth from U.S. visas down 30%; CAN visas down Revenue Sertifi. Approx. 2% coming from 10%. Offset by new client growth & payment processing ramp. North upsells to domestic payments. US America education revenue to
Slide 34: Recent Visa/Int'l Student Developments in Big 4 Markets
Recent Visa/ Int’l Student Developments in Big 4 Markets UK USA CANADA AUSTRALIA ● Graduate route cut ● H1B visa fee does ● Master’s and PhD ● ~295,000 places from 24 to 18 months not apply to int’l students at public for new students in the US institutions are international ● 6% levy in internation
Slide 35: NRR Performance & Outlook
NRR1 Performance & Outlook Pressure in 2024 primarily driven by Continued Comments Canada pressure in Canada, (10%) along with ● Healthy growth despite continued US macro pressure in 2025 negative visa trend ● Expect NRR to stabilize in 2026 as we annualize on Canada headwinds, even as US visas expe
Slide 36: Appendix
Appendix
Slide 37: FX Neutral Revenue Less Ancillary Services
FX Neutral Revenue Less Ancillary Services* *FX Neutral Revenue Less Ancillary Services: FX neutral revenue less ancillary services is adjusted for the impact of foreign currency rate fluctuations. This measure helps provide insight on comparable revenue growth by removing the effect of changes in fo
Slide 38: FX Neutral Revenue Less Ancillary Services Change
FX Neutral Revenue Less Ancillary Services* Change *FX Neutral Revenue Less Ancillary Services: FX neutral revenue less ancillary services is adjusted for the impact of foreign currency rate fluctuations. This measure helps provide insight on comparable revenue growth by removing the effect of change
Slide 39: Revenue Less Ancillary Services & Adjusted Gross Margin Reconciliations
Revenue Less Ancillary Services & Adjusted Gross Margin Reconciliations $USD in Millions (unaudited)
Slide 40: Free Cash Flow
Free Cash Flow $USD in Millions (unaudited)
Slide 41: Revenue Disaggregation by Revenue Type
Revenue Disaggregation by Revenue Type $USD in Millions (unaudited)
Slide 42: Net Income (Loss) to Adjusted EBITDA Reconciliation
Net Income (Loss) to Adjusted EBITDA Reconciliation $USD in Millions (unaudited)
Slide 43: Reconciliation of GAAP to Non-GAAP Operating Expenses
Reconciliation of GAAP to Non-GAAP Operating Expenses $USD in Millions (unaudited)
Slide 44: Net Margin, EBITDA Margin, and Adjusted EBITDA Margin
Net Margin, EBITDA Margin, and Adjusted EBITDA Margin $USD in Millions (unaudited)