Slide 1: We power the Experience Economy
We power the Experience Economy. Enabling businesses to deliver the Moments that Matter. Q1 2026 Shareholder Letter | Investors.shift4.com
Slide 2: Forward-Looking Statements
Forward-Looking Statements This letter contains forward-looking statements within the We have based these forward-looking statements largely on and information security, marketing across different meaning of the Private Securities Litigation Reform Act of our current expectations and projections abo
Slide 3: Dear Fellow Shareholders
Dear Fellow Shareholders, 2026 has, thus far, begun with significant volatility. Whether it be the conflict in the Middle East, inconsistent consumer sentiment, a never ceasing evolution of AI technologies or even just the weather… It has been a challenging environment to plan for. Our thoughts are
Slide 4: Shareholder letter continued
I don’t say this with an intended tilt towards unreasonable optimism; or pessimism for that matter. We have every reason to be cautious about the macro environment and vigilant in the operation of our business. As I’ve said before though, we do our best work during times of uncertainty… and today is
Slide 5: Performance Highlights First Quarter 2026
Performance Highlights First Quarter 2026 +24% YoY +54% YoY +49% YoY • $(0.01) $12M • $234M VOLUME GROSS PROFIT GROSS REVENUE GAAP DILUTED EPS NET +39% YoY INCOME LESS NETWORK $0.97 ADJUSTED EBITDA(A) FEES(A) NON-GAAP EPS(A) • Volume of $56 billion during Q1 2026, up 24% from Q1 • Net income for Q1
Slide 6: Q1 in Review: YTD Progress vs. Our FY 2026 Growth Algorithm
Q1 in Review: YTD Progress vs. Our FY 2026 Growth Algorithm Our increasingly diversified business continues to deliver durable and resilient growth (1) The Global Blue acquisition closed on July 3, 2025. 5 5
Slide 7: We Power the Experience Economy
We Power the Experience Economy Across all of our verticals, we enable businesses to deliver the Moments that Matter DINE STAY #2 in Restaurants in U.S. #1 in Hospitality in U.S. World class technology, sophisticated distribution, and One Hand to Shake: the only hospitality platform to an overall lo
Slide 8: Restaurant Update
Restaurant Update DINE Shift4 continues to gain market share in restaurants, winning new restaurants every day Shift4 Dine* Progress Remains Strong Exceeded 2025 system install goal Shift4 Dine merchant count up 40% YoY *Previously known as SkyTab 7
Slide 9: Hospitality Update
Hospitality Update STAY Continuing Continuing toto expand expand market market shareshare in hospitality in hospitality vertical vertical We entered into a new partnership with a leading global vacation ownership and hospitality company. This relationship expands our footprint in the resort and time
Slide 10: Sports and Entertainment Update
Sports and Entertainment Update PLAY Powering payments through POS, mobile ordering, ticketing, and more When the world competes, Shift4 processes. What started in sports & entertainment has become something bigger. Shift4 is now the trusted payments partner for the moments that define generations I
Slide 11: Luxury Retail Update: Tax-Free Shopping Wins
Luxury Retail Update: Tax-Free Shopping Wins SHOP Global leading digital Shift4 continues to movepayments networktowards Boldly Forward powering the mosta recognized becoming truly global luxury brands company and serving affluent shopping customers for regulated tax-free shopping countries Launched
Slide 12: Luxury Retail Update: Shift4 One All-In-One Product
Luxury Retail Update: Shift4 One All-In-One SHOP Product Shift4 continues toNow Live move Boldly intowards Forward 7 Countries Across becoming a truly global company Europe We plan to be live with Shift4 One in 15 European countries by the end of 2026 Merchant Testimonials Live Now Coming Soon Vienn
Slide 13: Unified Commerce: Other Update
Unified Commerce: Other Update Continuing to gain momentum in our Unified Commerce vertical GIVING TRAVEL & MOBILITY GAMING 1 12 2
Slide 14: Accelerating Global Expansion
Accelerating Global Expansion Shift4 We continues Are TakingtoOur move Boldly Forward Industry Leadingtowards becoming Products a truly Into New global company Geographic Markets Around the World Enabling commerce in 75+ countries EUROPE NORTH AMERICA ASIA AFRICA SOUTH AMERICA AUSTRALIA GRLNF Geogra
Slide 15: Leaving Full Year 2026 Guidance Unchanged and Introducing Quarterly Guidance
Leaving Full Year 2026 Guidance Unchanged and Introducing Quarterly Guidance Volume FY 2026 $240 Billion TO $260 Billion +15% YoY +24% YoY Gross Revenue Less Network Fees (A) Q2 2026 Q3 2026 Q4 2026 FY 2026 $665 Million $671 Million $2.50 Billion +13% YoY +10% YoY +26% YoY ~$615 Million TO TO TO +49
Slide 16: Disciplined Capital Allocation Framework with a Proven Track Record of Results
Disciplined Capital Allocation Framework with a Proven Track Record of Results CUSTOMER ACQUISITION • Eliminate upfront costs for our merchants by providing essential hardware • Provide financial incentives to align our partners and salespeople • Acquiring international distribution in support of lo
Slide 17: Appendix - Financial Information
Appendix - Financial Information 16
Slide 18: Condensed Consolidated Balance Sheets
First Quarter of 2026 Condensed Consolidated Balance Sheets UNAUDITED In millions March 31, 2026 December 31, 2025 ASSETS Current assets Cash and cash equivalents $ 473 $ 964 Settlement assets 756 350 Accounts receivable, net 694 742 Prepaid expenses and other current assets 138 125 Total current as
Slide 19: Condensed Consolidated Statements of Operations
First Quarter of 2026 Condensed Consolidated Statements of Operations UNAUDITED In millions, except share and per share data Three Months Ended March 31, 2026 March 31, 2025 Gross revenue $ 1,121 $ 848 Cost of sales (exclusive of certain depreciation and amortization expense shown separately below)
Slide 20: Condensed Consolidated Statements of Cash Flows
First Quarter of 2026 Condensed Consolidated Statements of Cash Flows UNAUDITED Three Months Ended In millions March 31, 2026 March 31, 2025 OPERATING ACTIVITIES Net income $ 12 $ 20 Adjustments to reconcile net income to net cash provided by operating activities Depreciation and amortization 135 85
Slide 21: Reconciliations of Gross Revenue to Gross Profit and GRLNF
First Quarter of 2026 Reconciliations of Gross Revenue to Gross Profit and Gross Profit to Gross Revenue Less Network Fees ("GRLNF") UNAUDITED In millions Three Months Ended March 31, 2026 March 31, 2025 Payments-based revenue $ 917 $ 756 TFS revenue 102 — Subscription and other revenue 102 92 GROSS
Slide 22: Reconciliations of Net Income to Adjusted EBITDA and Non-GAAP Net Income
First Quarter of 2026 Reconciliations of Net Income to Adjusted EBITDA and Net Income to Non-GAAP Net Income UNAUDITED In millions, except per share data Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 NET INCOME $ 20 $ 41 $ 33 $ 53 $ 12 Interest expense 29 39 61 61 65 Interest income (13) (19) (17) (10) (5
Slide 23: Reconciliation of Operating Cash Flow to Free Cash Flow and Adjusted Free Cash Flow
First Quarter of 2026 Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow and Adjusted Free Cash Flow UNAUDITED In millions Three Months Ended March 31, June 30, September 30, December 31, March 31, 2025 2025 2025 2025 2026 NET CASH PROVIDED BY OPERATING ACTIVITIES $ 96 $ 1
Slide 24: Reconciliation of Common Shares
First Quarter of 2026 Reconciliation of Common Shares UNAUDITED Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 BEGINNING BALANCE Class A Common Shares 67,737,305 67,470,986 66,376,228 67,451,984 63,666,837 Class B Common Shares 19,801,028 19,801,028 19,801,028 19,801,028 19,801,028 Class C Common Shares 1,
Slide 25: Reconciliation of GRLNF - Total and Organic
First Quarter of 2026 Reconciliation of GRLNF - Total and Organic Three Months Ended March 31, 2026 March 31, 2025 Growth Payments-Based GRLNF Organic Payments-Based GRLNF (A) $ 312 $ 274 14 % Acquisition Adjustments 33 — —% Divestiture Adjustments — 3 —% Total Payments-Based GRLNF 345 277 25 % TFS