Shift4 Payments (FOUR) 47th Annual Raymond James Institutional Investor Conference summary

Business overview and strategy

• Focuses on integrated payments, software, and proprietary data for the experience economy, targeting complex, high-demand environments like hospitality, luxury retail, stadiums, and entertainment.

• Operates a unified commerce platform serving hundreds of thousands of merchants in over 75 countries, processing hundreds of billions in annual volume.

• Pursues leadership in new verticals by solving demanding commerce challenges and compounding value through a build, buy, or partner framework.

• Allocated $5.7 billion in excess capital to accelerate growth, leveraging acquisitions for cross-sell, new payment methods, and geographic expansion.

• Differentiates by targeting the most complex environments and leveraging a value-based, payments-driven revenue model.

Financial performance and growth outlook

• Delivered record financial results, with increases in volume, Gross Revenue Less Network Fees, Adjusted EBITDA, and Adjusted Free Cash Flow.

• Q4 organic growth was in the low double digits, in line with expectations despite tough comps and weather impacts.

• Americas payments-based revenue is targeted for mid-teens growth through 2026, with significant runway in both mature and emerging verticals.

• Global Blue acquisition supports mid-single digit pro forma growth in tax-free shopping, driven mainly by existing customer volume and macro trends.

• Free cash flow conversion is expected to normalize above 50%, with incremental conversion rates around 59-60% due to a largely fixed cost capital structure.

Acquisitions and Global Blue integration

• Largest acquisition was Global Blue for $2.5 billion, providing a unique, mission-critical tax-free shopping solution with 80% market share in luxury retail.

• Acquisition offers instant pan-regional EMEA and APAC infrastructure, enabling rapid deployment of existing solutions globally.

• Growth algorithm for Global Blue remains unchanged, primarily driven by sales-in-store volume and spread, with strong inflationary pricing in luxury.

• Cross-sell opportunities include payments, currency conversion, and gift cards, leveraging Global Blue’s data on affluent travel shoppers.

• Acquisition strategy is based on multi-year tracking of industry verticals and focuses on differentiated, high-value assets.