Euronet Worldwide, Inc.

Greetings and welcome to the Euronet Worldwide First Quarter 2026 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 11 on your telephone. You'll then hear an automated message advising your hand is raised. To withdraw your question, please press star 11 again. Please be advised that today's conference is being recorded. It is now my pleasure to introduce your host, Ms. Stephanie Taylor, Head of Investor Relations for Euronet Worldwide. Thank you, Ms. Taylor. You may begin.

Thank you. Good morning and welcome to Euronet's first quarter 2026 earnings conference call. On the call, we have Mike Brown, our Chairman and CEO, and Rick Weller, our CFO. Before we begin, I need to call your attention to the forward-looking statements disclaimer on the second slide of the PowerPoint presentation we will be making today. Statements made on this call that concern Uranus or its management's intentions, expectations, or predictions of future performance are forward-looking statements. Uranus' actual results may vary materially from those anticipated in these forward-looking statements as a result of a number of factors that are listed on the second slide of our presentation. In addition, the PowerPoint presentation includes a reconciliation of the non-GAAP financial measures we'll be using during the call to their most comparable GAAP measures. Now I'll turn the call over to our Chairman and CEO, Mike Brown.

Thank you, Stephanie. Good morning and thank you everyone for joining. I'll begin my comments on slide number four. The first quarter here, in 2026 represented a solid start to the year as we navigated what continues to be a fluid operating environment. Importantly, we continue to make meaningful progress on our growth initiatives that we believe will position Uranet as a long-term winner in the payments and cross-border space. We are pleased by the broad-based strength across our business which drove 19% growth in adjusted EPS alongside accelerating momentum in several of our key digital efforts. Highlights include 35% growth in RIA digital transactions and a 42% growth in new digital customers, the addition of approximately 2,300 new merchants in our merchant acquiring business, Dandelion delivering its strongest quarter to date, and three EFT payment infrastructure deals signed and continued the expansion of our core card client base. During the quarter, we continued to face headwinds from immigration policy and ongoing economic pressures, and the conflict in the Middle East introduced additional volatility across parts of our business. These impacts were most pronounced within the money transfer segment. We believe the softness associated with these factors is transitory, and we remain focused on what we can control, continuing to operate the business efficiently, executing our long-term growth initiatives across all three segments, and maintaining financial discipline. We remain confident with our full-year outlook, supported by our strong balance sheet and our historically disciplined, balanced approach to capital allocation, We believe that we are well positioned to execute against our strategic priorities and deliver adjusted EPS growth in the 10 to 15% range for the full year. Next slide, please. Slide number five. During the first quarter, the EFT team continued to expand our banking and payments infrastructure business with a particular focus on growing the REN platform, our ATM as a service offerings, and our merchant acquiring network. As a reminder, these are key offerings within EFT that we believe will play a significant role in accelerating growth at Uranet for years to come. Starting in Europe, in Austria, we implemented an ATM as a service banking infrastructure agreement with Bank 99. Under this long-term agreement, Uranet will provide full outsourcing services for Bank 99's ATM fleet across the country, reinforcing our role as a long-term infrastructure partner to leading banks. In Poland, we signed an agreement with Unicredit Bank to deploy cash recyclers across its branch network. This deployment also allows Unicredit's customers to access Uranet's market-leading depository network. In Latin America, the REN team signed its first banking infrastructure agreement in the region with Banco Itao in Paraguay. This agreement enables the bank to take full ownership and management of its ATM network, allowing it to exit the country's centralized ATM monopoly and then transition to a modern independent processing model with direct scheme connectivity. I want to highlight the strategic importance of these banking infrastructure agreements. Across several European markets and even at an EU level, regulators are developing standards and in some cases, formal regulation that require banks to maintain ATM networks to ensure customer access to cash. By leveraging Euronet's REN technology and scale, banks can meet these requirements while delivering a better customer service at a significantly lower cost. For Uranet, these agreements generate long-term recurring revenue and deepen our position as a critical infrastructure provider. In addition to these core platform wins, we continue to expand our product footprint with existing relationships. In Ecuador, we extended our partnership with Banco Guayaquil through a 3D secure agreement. This is notable for two reasons. First, it demonstrates our ability to cross-sell incremental REN products to existing clients. And second, it represents the first deployment of this product in Latin America, highlighting the cross-geography synergies resulting from our 2024 Infintium acquisition in Malaysia. We also saw continued momentum in merchant acquiring, adding approximately 2,300 new merchants to our existing portfolio. During the quarter, we further strengthened our position in Spain through the announced acquisition of PenoPain. This transaction enhances our ability to offer digital merchants a comprehensive and flexible suite of omni-channel payment solutions tailored to a wide range of customer needs and industries. Overall, I am pleased with the EFT Group's solid start to the year. Their continued focus on expanding banking and payments infrastructure continues to provide long-term recurring revenue while also providing state-of-the-art technology for banks, merchants, and fintechs around the world. With that, let's turn to slide number six and we'll discuss ePay. During the quarter, ePay continued to make steady progress expanding its digital content distribution capabilities across both established and developing markets. We extended our digital content distribution relationship with Revolut into Brazil and Mexico for a total of 22 countries. Revolut is a banking super app and one of the most successful FinTech companies in the world with over 65 million global users. This expansion reflects continued demand from global partners to leverage our distribution infrastructure across global markets. We signed and launched a B2B agreement with Apple for distribution through corporate benefits, a leading European employee benefits and rewards platform across six countries. In Japan, we signed a content distribution agreement with Roblox, adding another global brand to our network. This agreement represents continued progress in expanding ePay's presence in key digital entertainment markets. We also advanced our alternative payment initiatives during the quarter. We launched Amazon PayCode in partnership with Italy-based LeasePay, increasing consumer access to alternative digital payment solutions through additional payment channels. In India, we launched Google Play and Apple gift card code ZogZepto a leading quick commerce platform. This launch expands our distribution of key digital content and supports our strategy of partnering with digital platforms to capture the evolving consumer purchasing trends. Overall, ePay continued to execute on its growth strategy during the quarter, with incremental expansion across geographies, partners, and product offerings. We expect this trajectory to continue as we seek to leverage existing infrastructure into high growth adjacencies, which we will discuss in greater detail at our upcoming Investor Day. The team remains focused on building its global distribution network to support long-term value creation. Now let's go on to slide seven, and we'll talk about money transfer. In the first quarter, we continue to make progress in our money transfer segment, but a few external factors mask these positive developments. Pressure on transactions initiated in the U.S. retail business to countries south of the border remain persistent, largely due to the continued effects of U.S. immigration policy, where the industry has continued to experience a one-two punch of lost customers from deportation and a virtual freeze and replacement immigration. To a lesser extent, we also saw some impact from the geopolitical developments in the Middle East. While these factors affected our reported results for the quarter, we do not view them as indicative of underlying weakness across our global business or long-term in nature. While we face challenges in the physical retail channel, we receive benefits in the digital channel. The U.S. immigration policy combined with the 1% remittance excise tax and our targeted investments in new customer acquisition resulted in accelerated digital transaction growth of 35%, new customer growth of 42%, and digital revenue growth of 42% year over year. The average send per transaction increased approximately 6%. and gross profit per transaction improved year over year. Dandelion also posted its best quarter on record. So while external pressures remained, we stayed focused on execution, expanding our digital cross-border payments capabilities, including the launch of real-time payment services and nine new markets, and continuing to scale the Dandelion network. I want to emphasize an important differentiator in our money transfer business, the strength and the scale of our global cross-border payments network. Today, that network reaches more than 4 billion bank accounts, 3.7 billion wallet accounts, and more than 4 billion debit card accounts, as well as over 600 payout cash locations. The unparalleled reach speed, and product differentiation powers RIA, Dandelion, and XE with real-time consumer and corporate payments at lower costs than competitor networks. While cash pickup remains a critical service for a large portion of our remittance consumer base, we continue to see RIA, Dandelion, and XE customers gravitate towards the convenience of digital payouts. Our account deposit transactions grew 12% this quarter and now represent 44% of the money transfers transactions and 58% of the principal transfers. We see account deposits as the solution to driving long-term sustainable growth in cross-border remittances and payments. During the quarter, we remain focused on expanding digital payout capabilities in key corridors, We made a minority investment in the Mio Wallet, a FinTech venture, which enables digital cross-border payout capabilities in the Dominican Republic. We also continue to invest in future-ready payment infrastructure. In partnership with Fireblocks, we established stablecoin rails during the quarter. The initial deployment enhances our treasury management capabilities, and over time, we expect to expand functionality including enabling our global assets across all three segments to serve as on and off ramps for stablecoin users. This is important to understand as our ability to operate in a licensed and compliant manner across many countries, particularly in emerging markets, positions us to facilitate stablecoin movement in a way that few fintechs can. Turning to Dandelion, we continued to expand the client portfolio with the launch of two new partners, Master Remit, a leading money transfer operator in Australia and New Zealand, and uTransfer, a South Korean-based fintech specializing in cross-border remittances and foreign exchange. In addition, we signed agreements with five new clients, further broadening the platform's reach. These additions underscore both the growing demand for Data Alliance capabilities and its role as an increasingly important driver of long-term growth. Overall, the money transfer segment made measurable progress during the quarter with a continued focus on disciplined expansion, digital enablement, and investment in scalable payment infrastructure. We remain focused on executing against our long-term strategy. With that, I'll turn it over to Rick to walk you through the financial results in more detail.