EEFT 10-K & 10-Q changes, risk factors and insider trading

 Political Instability: Political unrest, regime change, and military conflicts can disrupt our operations, damage our assets, and impact consumer confidence.

 Economic Downturns: Economic downturns, including those driven by inflation, currency fluctuations, and global recessions, can reduce demand for our services and negatively impact our financial performance.

 Regulatory Uncertainty: Changes in government policies, including those related to foreign investment, currency controls, and taxation, can create significant uncertainty and operational challenges.

 Repatriation of Profits: Restrictions on the repatriation of profits from foreign subsidiaries can limit our ability to access capital and negatively impact our financial flexibility.

The ongoing geopolitical tensions, including the conflict in Ukraine,Ukraine and the Middle East, highlight the potential for unforeseen events to significantly impact our business and financial results.

Our money transfer business depends heavily relies on remittances sent by workers who migrate to foreign countries for employment. Changes in U.S. and foreign government immigration policies, policies—including thoserestrictions related toon worker visasvisas, and employer sponsorship rules, border controls, couldand significantlyenforcement impactpriorities—can influence migration patterns.patterns and the availability of migrant labor. A decline in immigrationmigrant populations due to policy changes couldor adverselyincreased affectenforcement may reduce the volumenumber of moneyremitters, transfersthe processed throughfrequency ourof platform,transactions, or the average transaction size, which could negatively impactingaffect our revenues and earnings.results of operations.

 We are subject to competitive pressures on ATM transaction fees, including potential reductions in interchange fees set by card networks and declining fees charged to customers.

 Our ability to maintain or increase transaction fees is limited, as they are often determined by market forces and agreements with other industry players.

 We rely on third parties, such as card networks and processing switches, for the settlement of transactions.

 Changes in rules or procedures by these third parties, or their failure to fulfill their obligations, could disrupt settlement processes and negatively impact our revenue.

 Our business is dependent on the continued cooperation and support of card networks, processing switches, and other third parties.

 Changes in their policies, rules, or fees could significantly impact our profitability.

 Sponsor Banks: In many markets, we require sponsor bank arrangements to comply with local regulations and operate on financial transaction switching networks.

 Cash Providers: We rely on third-party financial institutions to provide a significant portion of the cash required to operate our ATM networks.

 Loss of Operating Licenses: Failure to secure or maintain sponsor bank arrangements could prevent us from operating in certain markets.

 Disruption of Cash Supply: If cash providers terminate their agreements or are unable to fulfill their obligations, it could severely disrupt our ATM operations and require us to find alternative sources of funding, potentially at higher costs.

 Negotiation Challenges: Negotiating and maintaining favorable terms with sponsor banks and cash providers can be challenging and may involve significant costs.

 Integration Challenges: Successfully integrating acquired businessesbusinesses, including CoreCard, can be complex and challenging. Difficulties in integrating operations, technology, and personnel can disrupt business operations, negatively impact customer relationships, and hinder the achievement of anticipated synergies.

 Unforeseen Liabilities and Contingencies: Acquired businesses may have undisclosed liabilities or contingent obligations that could adversely impact our financial results.

 Difficulties in Achieving Synergies: Realizing the anticipated synergies from acquisitions can be difficult and may take longer than expected. Factors such as unforeseen competitive pressures, regulatory changes, and economic downturns can hinder the achievement of these synergies.

 Dilution of Shareholder Value: Acquisitions may be financed through the issuance of equity, which could dilute existing shareholders' ownership and potentially depress the market price of our common stock.

 Reduce transaction volumes: Customers may choose to use alternative money transfer methods, such as cash or competing services, or may reduce their overall remittance activity.

 Increase customer churn: Existing customers may switch to competitors perceived to be more reliable or trustworthy.

 Damage our reputation: Negative publicity or perceived service disruptions can erode customer trust and negatively impact our brand image.

 Increase operating costs: We may need to invest in additional marketing and customer service efforts to regain customer trust and mitigate the impact of declining confidence.

 Economic Cycles and Seasonality:

o Economic downturns, recessions, and changes in consumer spending patterns can negatively impact transaction volumes across our business segments.

o Seasonal fluctuations in demand, such as holiday seasonality and tourism patterns, can lead to significant variations in our quarterly results.

 Currency Fluctuations:

o Fluctuations in foreign exchange rates can adversely impact our financial results, particularly in the Money Transfer Segment where we are exposed to currency exchange risk between the currencies of sending and receiving countries.

o The adoption of new currencies in the countries where we operate could also create significant operational and financial challenges.

 Geopolitical and Economic Instability:

o Geopolitical events, such as wars, political instability, and natural disasters, can disrupt our operations and negatively impact customer demand.

 Reducing transaction volumes.

 Increasing operating costs.

 Impairing the value of our assets.

 Creating volatility in our financial results.

 Diversification of our geographic footprint.

 Hedging strategies to mitigate currency exchange risk.

 Continuous monitoring of economic and political developments.

As of December 31, 2024,2025, total liabilities were $4,605$5,166.2 million, of which $1,379$1,311.5 million representsare long-termlong liabilities,term and total assets were $5,835 million.liabilities. We may not have sufficient funds to satisfy all such obligations as a result of a variety of factors, some of which may be beyond our control. If the opportunity of a strategic acquisition arises or if we enter into new contracts that require the installation or servicing of infrastructure, such as processing centers, ATM machines or POS terminals on a faster pace than anticipated, we may be required to incur additional debt for these purposes and to fund our working capital needs, including ATM network cash, which we may not be able to obtain. The level of our indebtedness could have important consequences to investors, including the following:

 System Outages: Disruptions to our computer systems and telecommunications networks due to hardware or software failures, power outages, natural disasters, or security breaches can significantly impact our operations, leading to service interruptions, revenue losses, and damage to our reputation.

 Cybersecurity Threats: We face the risk of cyberattacks, including data breaches, malware infections, ransomware attacks, and denial-of-service attacks. These threats can result in unauthorized access to sensitive customer data, financial losses, reputational harm, regulatory fines, and legal liabilities.

 Data Privacy and Security: We are subject to stringent data privacy and security regulations. Breaches of customer data can result in significant fines, litigation, and damage to our brand.

 Implementing robust security measures, such as encryption, access controls, and intrusion detection systems.

 Maintaining business continuity and disaster recovery plans.

 Regularly updating and enhancing our security protocols.

We are subject to an increasing number of federal, state, and international laws relating to the collection, use, retention, security and transfer of various types of personal information. In many cases, these laws apply not only to third-party transactions, but also restrict transfers of personal information among us and our international subsidiaries. Several jurisdictions have passed laws in this area, and additional jurisdictions are considering imposing additional restrictions or have laws that are pending. These laws continue to develop and may be inconsistent from jurisdiction to jurisdiction. Complying with emerging and changing requirements causes us to incur substantial costs and has required and may in the future require us to change its our business practices. Noncompliance could result in significant penalties or legal liability. We make statements about its our use and disclosure of personal information through its our privacy policy, information provided on its our website, press statements and other privacy notices provided to customers. Any failure by us to comply with these public statements or with other federal, state or international privacy or data protection laws and regulations could result in inquiries or proceedings against us by governmental entities or others. In addition to reputational impacts, penalties could include ongoing audit requirements and significant legal liability. In addition to the risks generally relating to the collection, use, retention, security and transfer of personal information, we are also subject to specific obligations relating to information considered sensitive under applicable laws, such as health data, financial data and biometric data. Health data and financial data are subject to additional privacy, security and breach notification requirements, and we are subject to audit by governmental authorities regarding our compliance with these obligations. If we fail to adequately comply with these rules and requirements, or if health data or financial data is handled in a manner not permitted by law or under our agreements with healthcare or financial institutions, we can be subject to litigation or government investigations, and can be liable for associated investigatory expenses, and can also incur significant fees or fines. Payment card data is also subject to additional requirements. Under payment card rules and obligations, if cardholder information is potentially compromised, we can be liable for associated investigatory expenses and can also incur significant fees or fines if we fail to follow payment card industry data security standards. We could also experience a significant increase in payment card transaction costs or lose the ability to process payment cards if it fails we fail to follow payment card industry data security standards, which could materially adversely affect our business, reputation, results of operations and financial condition.

3) Our Money Transfer segment provides global money transfers and currency exchange information in retail stores, apps, and websites through Ria Money Transfer, Xe and the Dandelion cross-border real-time payments network. Euronet’s Money Transfer segment offers real-time, cross-border payments to consumers and businesses across 197207 countries and territories, enabling banks, fintechs and big tech platforms to integrate an international payments solution into their own platforms. Ria Money Transfer offers real-time international money transfers with a special focus on emerging markets. In addition, Ria offers safe and affordable money transfers through a global network of cash locations and online, serving over 20 million customers annually.online. Xe offers web and app-based currency information and industry-leading consumer and business cross-border money transfer services. Customers can send money, buy property overseas, and execute other international payments via the Xe website or app. Dandelion offers consumer and business transaction processing and fulfillment with alternative payout channels like bank accounts, cash pick-up and mobile wallets. Dandelion powers cross-border payments for Xe and Ria, as well as third party banks, fintechs, and big tech platforms.

We have six processing centers in Europe, five in Asia Pacific and two in North America. We have 3536 principal offices in Europe, 1415 in Asia Pacific, 1011 in North America, threefour in the Middle East, twothree in South America and three in Africa. Our executive offices are located in Leawood, Kansas, USA. With approximately 76% of our revenues denominated in currencies other than the U.S. dollar, any significant changes in foreign currency exchange rates will likely have a significant impact on our results of operations (for a further discussion, see Item 1A - Risk Factors and Item 7A - Quantitative and Qualitative Disclosures About Market Risk).

EFT Processing Segment — Revenues in the EFT Processing Segment, which represented approximately 29%30% of total consolidated revenues for the year ended December 31, 2024,2025, are derived from fees charged for transactions made by cardholders on our proprietary network of ATMs, fixed management fees and transaction fees we charge to customers for operating ATMs and processing debit and credit cards under outsourcing and cross-border acquiring agreements, merchant acquiring services, foreign currency exchange margin on DCC transactions, domestic and international surcharge, foreign currency dispensing and other value added services such as advertising, prepaid telecommunication recharges, bill payment, and money transfers provided over ATMs. Revenues in this segment are also derived from cardless payments, banknote recycling, tax refund services, license fees, professional services and maintenance fees for proprietary application software and sales of related hardware.

Revenue per transaction was $0.08 and $0.10 for the year ended December 31, 2025 and 2024, compared to $0.12 for the same period in 2023.respectively. The decrease in revenue per transaction wasis drivendue byto an increase in processing digital transactions with a high volume and a low value transactionsper initiated through digital wallets.transaction.

Gross profit, which is calculated as revenues less direct operating costs, was $555.8$610.3 million for the year ended December 31, 2024,2025, an increase of $69.6$54.5 million or 14.3%9.8% compared to $486.2$555.8 million for the same period in 2023.2024. Gross profit as a percentage of revenues (“gross margin”) increaseddecreased to 47.9%47.5% for the year ended December 31, 2024,2025, compared to 45.9%47.9% for the same period in 2023.2024. For the year ended December 31, 2024,2025, the increasedecrease in gross profit was primarily driven by the revenue increase fromof additionallow-margin transactiondigital volumes into new geographies.transactions.

Salaries and benefits expenses were $146.8$165.6 million for the year ended December 31, 2024,2025, an increase of $20.3$18.8 million or 16.0%12.8% compared to the same period in 2023.2024. The increase in salaries and benefits for the year ended December 31, 20242025 compared to the same period in 20232024 was primarily driven by an increasedincrease headcount.in headcount and wage increases. As a percentage of revenues, these expenses increased to 12.6%12.9% for the year ended December 31, 2024,2025, compared to 12.0%12.6% for the same period in 2023.2024.

Selling, general and administrative expenses were $55.1$59.0 million for the year ended December 31, 2024,2025, aan decreaseincrease of $3.7$3.9 million or 6.3%7.1% compared to the same period in 2023.2024. As a percentage of revenues, these expenses decreased to 4.7%4.6% for the year ended December 31, 2024,2025, compared to 5.6%4.7% for the same period in 2023.2024.

EFT Processing Segment had operating income of $256.0$278.8 million for the year ended December 31, 2024,2025, compared to operating income of $206.3$256.0 million in 2023,2024, an increase of $49.7$22.8 million compared to the same period in 2023.2024. Operating income as a percentage of revenues (“operating margin”) increaseddecreased to 22.0%21.7% for the year ended December 31, 2024,2025, compared to 19.5%22.0% for the same period in 2023.2024. Operating income per transaction was $0.02 forin theboth year ended December 31, 2024 and 20023, respectively.periods. The increase in operating income was primarily driven by the increase in transactions.

epay Segment total revenues were $1,150.5$1,187.6 million for the year ended December 31, 2024,2025, an increase of $68.1$37.1 million or 6.3%3.2% compared to the same period in 2023.2024. Foreign currency movements decreasedincreased revenues by approximately $1.4$26.0 million for the year ended December 31, 2024,2025, compared to the same period in 2023.2024. The increase in revenues was driven by continued expansion of digital media and mobile sales. RevenuesRevenue per transaction decreased towas $0.26 for the year ended December 31, 2024, compared to $0.29 for the same period in 2023.both periods.

epay Segment direct operating costs were $872.7$891.8 million for the year ended December 31, 2024,2025, an increase of $53.6$19.1 million or 6.5%2.2% compared to the same period in 2023.2024. Direct operating costs primarily consist of the commissions paid to retail merchants for the distribution and sale of prepaid mobile airtime and other prepaid products, expenses incurred to operate POS terminals and the cost of vouchers sold and physical gifts fulfilled. The increase in direct operating costs was primarily due to an increase in cost for transaction volumes of low-value mobile top-up transactions and an increase in retailer commissions. Foreign currency movements decreasedincreased these expenses by $0.9$19.9 million for the year ended December 31, 2024,2025, compared to the same period in 2023.2024.

Gross profit was $277.8$295.8 million for the year ended December 31, 2024,2025, an increase of $14.5$18.0 million or 5.5%6.5% compared to $263.3$277.8 million for the same period in 2023.2024. Gross margin decreasedincreased to 24.1%24.9% for the year ended December 31, 2024,2025, compared to 24.3%24.1% for the same period in 2023.2024.

Salaries and benefits expenses were $102.0$108.6 million for the year ended December 31, 2024,2025, an increase of $10.9$6.6 million or 12.0%6.5% compared to the same period in 2023.2024. The increase in salaries and benefits was primarily driven by an increase in headcount toand supportwage theincreases growthin of the business.2025. As a percentage of revenues, these expenses increased to 9.1% for the year ended December 31, 2025, compared to 8.9% for the year ended December 31, 2024, compared to 8.4% for the year ended December 31, 2023.2024.

Selling, general and administrative expenses were $38.6$44.7 million for the year ended December 31, 2024,2025, aan decreaseincrease of $0.5$6.1 million or 1.3%15.8% compared to the same period in 2023.2024. As a percentage of revenues, these expenses decreasedincreased to 3.8% for the year ended December 31, 2025, compared to 3.4% for the year ended December 31, 2023, compared to 3.6% for the year ended December 31, 2023.2024.

Depreciation and amortization expenses were $7.3$6.3 million for the year ended December 31, 2024,2025, ana increasedecrease of $0.4$1.0 million or 5.8%13.7% compared to the same period in 2023.2024. Depreciation and amortization expense primarily represents depreciation of POS terminals we install in retail stores and amortization of acquired intangible assets. As a percentage of revenues, these expenses were 0.6% for the year ended December 31, 2024, and 2023, respectively.

epay Segment operating income was $129.9$136.2 million for the year ended December 31, 2024,2025, an increase of $3.7$6.3 million or 2.9%4.8% compared to the same period in 2023.2024. Operating margin decreasedincreased to 11.3%11.5% for the year ended December 31, 2024,2025, compared to 11.7%11.3% for the same period in 2023.2024. Operating income per transaction was $0.03 forin theboth year ended December 31, 2024, and 2023, respectively.periods. The increase in operating income was primarily driven by the increase in transactions.

Money Transfer Segment total revenues were $1,686.5$1,782.4 million for the year ended December 31, 2024,2025, an increase of $131.3$95.9 million or 8.4%5.7% compared to the same period in 2023.2024. The increase in revenues was the result of 12%3.3% growth in U.S.-outboundU.S.-originated transactions,transactions 11%and 5.2% growth in international-originated money transfers and 16% growth in xe transactions, partially offset by a 14% decline in the intra-U.S. business.transfers. These transaction growth rates include 28%30.8% growth in direct-to-consumer digital transactions. Revenues per transaction decreasedincreased to $9.53$9.72 for the year ended December 31, 2024,2025, compared to $9.62$9.53 for the same period in 2023.2024. Foreign currency movements did not significantly impactincreased revenues year-over-year.by approximately $34.5 million for the year ended December 31, 2025, compared to the same period in 2024.

Money Transfer Segment direct operating costs were $919.7$934.9 million for the year ended December 31, 2024,2025, an increase of $80.2$15.2 million compared to the same period in 2023.2024. Direct operating costs primarily consist of commissions paid to agents who originate money transfers on our behalf and correspondent agents who disburse funds to the customers’ destination beneficiaries, together with less significant costs, such as bank depository fees. The increase in direct operating costs was primarily due to the increase in the number of U.S. outboundU.S.- and international-originated money transfer transactions and corresponding increase in agent commissions. Foreign currency movements didincreased notrevenues significantlyby impactapproximately direct$17.7 operatingmillion costsfor year-over-year.the year ended December 31, 2025, compared to the same period in 2024.

Gross profit was $766.8$847.5 million for the year ended December 31, 2024,2025, an increase of $51.1$80.7 million or 7.1%10.5% compared to $715.7$766.8 million for the same period in 2023.2024. Gross margin decreasedincreased to 45.5%47.5% for the year ended December 31, 2024,2025, compared to 46.0%45.5% for the same period in 2023.2024. The increase in gross profit was primarily attributable to the increase in transaction volume and relative decrease of agent commissions for the year ended December 31, 2024.2025.

Salaries and benefits expenses were $333.4$361.1 million for the year ended December 31, 2024,2025, an increase of $22.9$27.7 million or 7.4%8.3% compared to the same period in 2023.2024. The increase in salaries and benefits was primarily driven by an increase in headcount to support the growth of the business. As a percentage of revenues, these expenses decreasedincreased to 19.8%20.3% for the year ended December 31, 2024,2025, compared to 20.0%19.8% for the same period in 2023.2024.

Money Transfer Segment operating income was $201.0$207.2 million for the year ended December 31, 2024,2025, an increase of $15.6$6.2 million or 8.4%3.1% compared to the same period in 2023.2024. Operating margin was 11.9%11.6% for the year ended December 31, 20242025, andcompared 2023,to 11.9% for the same period in 2024, respectively. Operating income per transaction decreased to $1.14$1.13 for the year ended December 31, 2024,2025, compared to $1.15$1.14 for the same period in 2023.2024. The increase in operating income for the year ended December 31, 20242025 compared to the same period in 20232024 was primarily driven by the increase in transaction volume.

Total Corporate operating expenses were $83.8$92.4 million for the year ended December 31, 2024,2025, aan decreaseincrease of $1.5$8.7 million or 1.8%,10.4%, compared to the same period in 2023.2024. The decreaseincrease was primarily due to aan decreaseincrease in share-based compensation and bonuses for the year ended December 31, 2024,2025, compared to the same period in 2023.2024.

We recorded a net foreign currency exchange loss of $25.2 million for the year ended December 31, 2025, compared to a net foreign currency exchange loss of $19.1 million for the year ended December 31, 2024, compared to a net foreign currency exchange gain of $8.0 million for the same period in 2023.2024. These realized and unrealized foreign currency exchange gains and losses reflect the fluctuation in the value of the U.S. dollar against the currencies of the countries in which we operated during the respective periods.

The effective income tax rate, as adjusted, for 2025 and 2024 was higher than the applicable statutory income tax rate of 21% primarily because of certain foreign earnings being subject to higher local statutory tax rates. The effective income tax rate, as adjusted, for 2023 was higher than the applicable statutory income tax rate of 21% primarily because of the projected utilization of U.S. tax benefits, and certain foreign earnings being subject to higher local statutory tax rates. We determine income tax expense based upon enacted tax laws applicable in each of the taxing jurisdictions where we conduct business. Based on our interpretation of such laws and considering the evidence of available facts and circumstances and baseline operating forecasts, we have accrued the estimated income tax effects of certain transactions, business ventures, contract and organizational structures, and the estimated future reversal of timing differences. Should a taxing jurisdiction change its laws or dispute our conclusions, or should management become aware of new facts or other evidence that could alter our conclusions, the resulting impact to our estimates could have a material adverse effect on our results of operations and financial condition.

Net income attributable to Euronet was $306.0$309.5 million for the year ended December 31, 2024,2025, an increase of $26.3$3.5 million compared to net income in the same period in 2023.2024. For the year ended December 31, 2024,2025, the increase in net income was primarily attributable to the $135.3 million increase in gross profit driven by an increase in transaction volumes across all three segments and an increase in other gains of $21.3 million, partially offset by a $47.3 million increase in salaries and benefits, a $27.1 million foreign currency exchange loss, a $16.3 million increase in interest expenses and a $21.7 million increase in income tax expense.segments.

We recorded a net lossgain on translation adjustments of $117.8$258.7 million for 20242025 and a net gainloss of $47.9$117.8 million for 2023.2024. In 2025, the U.S. dollar weakened compared to key foreign currencies, resulting in translation gains which were recorded in comprehensive (loss) income. In 2024, the U.S. dollar strengthened compared to key foreign currencies, resulting in translation losses which were recorded in comprehensive (loss) income. In 2023, the U.S. dollar weakened compared to key foreign currencies, resulting in translation gains which were recorded in comprehensive (loss) income.

As of December 31, 2024,2025, we had working capital of $810.5$415.5 million, which is calculated as the difference between total current assets and total current liabilities, compared to working capital of $1,462.1$810.5 million as of December 31, 2023.2024. The decrease in working capital was due to several changes in working capital line items, mainly due to 2023 ending in the weekend, which increased funding needs for our money transfer agents. 2024 ended on a Tuesday, which impacted our working capital line items positively as balances were settled before year-end.items. Our ratio of current assets to current liabilities was 1.251.11 and 1.541.25 at December 31, 20242025 and December 31, 2023,2024, respectively.

We require substantial working capital to finance operations. The Money Transfer Segment funds the payout offor the majority of our consumer-to-consumer money transfer services before receiving the benefit of amounts collected from customers by agents. Working capital needs to increase due to weekends and banking holidays. As a result, we may report more or less working capital for the Money Transfer Segment based solely upon the day on which the reporting period ends. The epay Segment produces positive working capital, but much of it is restricted in connection with the administration of its customer collection and vendor remittance activities. In our EFT Processing Segment, we obtain a significant portion of the cash required to operate our ATMs through various cash supply arrangements, the amount of which is not recorded on Euronet's Consolidated Balance Sheets. However, in certain countries, we fund the cash required to operate our ATM network from borrowings under the revolving credit facilities and cash flows from operations. As of December 31, 2024,2025, we had approximately $643.8$650.3 million of our own cash in use or designated for use in our ATM network, which is recorded in ATM cash on Euronet's Consolidated Balance Sheets. ATM cash increased $118.6$6.5 million from $525.2 million as of December 31, 2023 to $643.8 million as of December 31, 2024.2024 to $650.3 million as of December 31, 2025.

The Company has $1,278.8$1,040.3 million of unrestricted cash as of December 31, 20242025 compared to $1,254.2$1,278.8 million as of December 31, 2023.2024. TheAs of December 31, 2025, the Company hashad access to $2,289.8$2,193.7 million in available cash, and $1,335.1$1,780.5 million available under the Company's revolving credit facility.

Cash flows provided by operating activities were $732.8$559.8 million for the year ended December 31, 20242025 compared to $643.1$732.8 million for the same period in 2023.2024. The increasedecrease in operating cash flows was primarily due to the increase in net income, increase in unrealized foreign exchange results and increasechanges in working capital, partially offset by a decrease in the changes in non-current assets and liabilities.capital.

Cash flows used in investing activities were $223.3$138.5 million for the year ended December 31, 20242025 compared to $157.6$223.3 million for the same period in 2023.2024. We used $117.2$125.5 million for purchases of property and equipment for the year ended December 31, 20242025 compared to $94.4$117.2 million for the same period in 2023.2024. WeIn 2025, we provided $24.0 million of cash from acquisitions mainly related to the merger with CoreCard, which was settled in shares, but had a significant cash balance at the time of acquisition, compared to 2024 where we used $91.6 million for acquisitions in 2024 and there were no material acquisitions in 2023.acquisitions.

Cash flows used in financing activities were $135.7$788.6 million for the year ended December 31, 20242025 compared to $143.2$135.7 million for the same period in 2023.2024. TheIn decrease2025, we provided $1,000 million in cash usedfrom the sale of 2030 Convertible Senior Notes maturing in financingOctober activities2030, waspartially primarilyoffset by the partial repayment of the existing 2049 Convertible Senior Notes. Other uses of cash were the result of the $120.3$514.5 million net borrowingsrepayments on debt obligations/credit agreements for the year ended December 31, 20242025 compared to $229.4net borrowings of $120.3 million for the same period in 2023.2024. WeAlso, we repurchased $265.2$667.7 million of common stock during the year ended December 31, 20242025 compared to repurchases of $378.4$268.6 million of common stock for the same period in 2023. We received proceeds of $17.2 million and $7.8 million during the year ended December 31, 2024 and 2023, respectively, for the issuance of stock in connection with our Stock Incentive Plan.2024.

Uncommitted Line of Credit - On June 21,20, 2024,2025, the Company rolledentered itsinto existing $150 millionan Uncommitted Loan Agreement into a new Uncommitted Loan Agreement with a $400 million credit limit through September 30, 2024, and a credit limit of $250 million thereafter for the sole purpose of providing vault cash for ATMsATMs, andthat expires no later than June 20,19, 2025.2026. This Uncommitted Line of Credit had a credit limit of $400 million on September 30, 2025 and $250 million thereafter. The loan had an outstanding balance of $250 million at December 31, 2024.2025. The loan is a Prime Rate Loan, a Daily Term SOFR Rate Loan plus 1.05%1.00% or shall bear interest at the rate agreed to by the Bank and the Company at the time such Loanloan is made. The weighted-average interest rate from loan inception date to December 31, 2024,2025, was 6.07%.5.53%.

Convertible debt - On March 18, 2019, wethe Company completed the sale of $525.0 million in principal amount of Convertible Senior Notes due ("2049 (“Convertible Notes”"). The Convertible Notes were issued pursuant to an indenture, dated as of March 18, 2019 (the “Indenture”), by and between us and U.S. Bank National Association, as trustee. The2049 Convertible Notes have an interest rate of 0.75% per annum payable semi-annuallymature in March and2049 Septemberunless redeemed or converted prior to such date and are convertible into shares of Euronet common stock at a conversion price of approximately $188.73 per share if certain conditions are met (relating to the closing pricesprice of Euronet common stock exceeding certain thresholds for specified periods). Holders of the 2049 Convertible Notes have the option to require usthe Company to repurchase for cash all or part ofpurchase their Convertible Notesnotes on each of March 15, 2025, March 15, 2029, March 15, 2034, March 15, 2039 and March 15, 2044 at a repurchase price equal to 100% of the principal amount of the 2049 Convertible Notes to be repurchased, plus accrued and unpaid interest to, but excluding, the relevant repurchase date. In connection with the issuance of the 2049 Convertible Notes, wethe Company recorded $12.8 million in debt issuance costs, which are beingwere amortized through March 1, 2025. TheAlmost Company has a March 15, 2025 put date on the $525 million Convertible Notes, requiring us to issue a notice informing the marketall of this put date. Given current bond trading levels and our share price, we anticipate that bondholders will exercise their put option and as a result the Convertible Notes are classified as short-term obligations. As noted above, the holders ofexercised thetheir Convertible Notes have the optionright to require the Company to repurchase their Convertiblenotes Notes onin March 15, 2025. Given current bond trading levels2025, and thewe Company’s share price,repurchased the Companytendered anticipates that holders of the2049 Convertible Notes willat exercisethat theirtime repurchasewith optiona combination of cash on hand and as a resultborrowing theunder Convertibleour NotesCredit areFacility. classified as short-term obligations on the Consolidated Balance Sheet asAs of December 31, 2024.2025, $33.2 million of the 2049 Convertible Notes remain outstanding.

Senior Notes - On May 22, 2019, wethe Company completed the sale of €600600.0 million ($669.9 million) aggregate principal amount of Senior Notes that mature inon May 2026 (the "Senior Notes"). The Senior Notes accrue interest at a rate of 1.375% per year, payable annually in arrears commencing May 22, 2020, until maturity or earlier redemption. As of December 31, 2024,2025, wethe haveCompany has outstanding €600600.0 million ($621.5$704.6 million) principal amount of the Senior Notes. In addition, the Company may redeem some or all of these notes on or after February 22, 2026 at their principal amount plus any accrued and unpaid interest. As of December 31, 2024,2025, wethe Company had $1.7$0.4 million of unamortized debt issuance costs related to the Senior Notes. Depending on market conditions, the Company may repay the Senior Notes at or prior to their maturity date using cash on hand, borrowings under its Credit Facility, the issuance of additional senior notes or a combination thereof.

Other debt obligations — Certain of ourthe Company's subsidiaries have available lines of credit lines and overdraft credit facilities that generally provide for short-term borrowings that are used from time to generallytime supplement short-termfor working capital requirements, when necessary. There were $37.7 million and $0.3 million outstanding under these other obligation arrangements as of December 31, 2024 and December 31, 2023.purposes. On October 9, 2024, the Company completed a facility of MYR 140100 million and an overdraft facility of MYR 100140 million for its Malaysian business. Each advance under this facility shall be made for a term of 1 month or such other period of up to 12 months. As of December 31, 20242025, $37.4$24.6 million was borrowed under this facility. There were no borrowings on the overdraft facility. Including the Malaysian facility, there was a total of $34.9 million outstanding under our subsidiaries credit lines and overdraft facilities as of December 31, 2025.

On September 13, 2023, the Company initiated a repurchase program to repurchase up to $350 million in value, but not more than 7.0 million shares of common stock through September 13, 2025. During 2024,2025, we repurchased 1,625,0051,732,929 shares under the repurchase program at a weighted average purchase price of $103.73$104.70 for a total value of $168.6$181.4 million. No additional shares are available for repurchase under this repurchase program.

On September 11, 2024, the Company initiated a repurchase program to repurchase up to $350 million in value, but not more than 7.0 million shares of common stock through September 11, 2026. During 2024,2025, thewe Companyrepurchased did not repurchase3,780,154 shares under the repurchase program at a weighted average purchase price of $92.59 for a total value of $350.0 million. No additional shares are available for repurchase under this plan.repurchase program.

 our business plans and financing plans and requirements;

 trends affecting our business plans and financing plans and requirements;

 trends affecting our business;

 the adequacy of capital to meet our capital requirements and expansion plans;

 the assumptions underlying our business plans;

 our ability to repay indebtedness;

 our estimated capital expenditures;

 the potential outcome of loss contingencies;

 our expectations regarding the closing of any pending acquisitions; our ability to successfully integrate acquired businesses and to realize any anticipated synergies;

 business strategy;

 government regulatory action;

 the expected effects of changes in laws or accounting standards;

 the impact of the pandemics, including its variants on our results of operations and financial position;

 technological advances; and projected costs and revenues.

Investors are cautioned that any forward-looking statements are not guarantees of future performance and involve risks and uncertainties. Actual results may materially differ from those in the forward-looking statements as a result of various factors, including, but not limited to, conditions in world financial markets and general economic conditions, including impacts from the pandemics or other disease outbreaks; inflation; themilitary warconflicts in Ukraine and the Middle East and the related economic sanctions; our ability to successfully integrate any acquired operations; economic conditions in specific countries and regions; technological developmentsdevelopments, including artificial intelligence, affecting the market for our products and services; our ability to successfully introduce new products and services; foreign currency exchange rate fluctuations; the effects of any breach of our computer systems or those of our customers or vendors, including our financial processing networks or those of other third parties; interruptions in any of our systems or those of our vendors or other third parties; our ability to renew existing contracts at profitable rates; changes in fees payable for transactions performed for cards bearing international logos or over switching networks such as card transactions on ATMs; our ability to comply with increasingly stringent regulatory requirements, including anti-money laundering, anti-terrorism, anti-bribery, sanctions, consumer and data protection and privacy and the EU's General Data Protection Regulation and Second Revised Payment Service Directive requirements; changes in laws and regulations affecting our business, including tax and immigration laws and any laws regulating payments, including DCC transactions, changes in our relationships with, or in fees charged by, our business partners; competition; the outcome of claims and other loss contingencies affecting Euronet; the cost of borrowing (including fluctuations in interest rates), availability of credit and terms of and compliance with debt covenants; and renewal of sources of funding as they expire and the availability of replacement funding and those factors referred to above and as set forth and more fully described in Part I, Item 1A — Risk Factors. Any forward-looking statements made in this Form 10-K speak only as of the date of this report. Except as required by law, we do not intend, and do not undertake, any obligation to update any forward-looking statements to reflect future events or circumstances after the date of such statements.

Investors are cautioned that any forward-looking statements are not guarantees of future performance and involve risks and uncertainties. Actual results may materially differ from those in the forward-looking statements as a result of various factors, including but not limited to, the Company’s ability to retain customers and retain and hire key personnel and maintain relationships with their suppliers and customers, and on their operating results and businesses generally; the risk of rating agency actions and the Company’s ability to access short- and long-term debt markets on a timely and affordable basis; conditions in world financial markets and general economic conditions, including impacts from pandemics or other disease outbreaks; inflation; tariffs; military conflicts in Ukraine and the Middle East and the related economic sanctions and supply disruptions; our ability to successfully integrate any acquired operations; economic conditions in specific countries and regions; technological developments, including artificial intelligence, affecting the market for our products and services; our ability to successfully introduce new products and services; foreign currency exchange rate fluctuations; the effects of any breach of our computer systems or those of our customers or vendors, including our financial processing networks or those of other third parties; interruptions in any of our systems or those of our vendors or other third parties; our ability to renew existing contracts at profitable rates; changes in fees payable for transactions performed for cards bearing international logos or over switching networks such as card transactions on ATMs; our ability to comply with increasingly stringent regulatory requirements, including anti-money laundering, anti-terrorism, anti-bribery, sanctions, consumer and data protection and privacy and the EU’s General Data Protection Regulation and Second Revised Payment Service Directive requirements; changes in laws and regulations affecting our business, including tax and immigration laws and any laws regulating payments, including dynamic currency conversion transactions, stablecoins and digital currencies; changes in our relationships with, or in fees charged by, our business partners; competition; the outcome of claims and other loss contingencies affecting Euronet; the cost of borrowing (including fluctuations in interest rates), availability of credit and terms of and compliance with debt covenants; and renewal of sources of funding as they expire and the availability of replacement funding. These risks and other risks are described in the Company's filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Copies of these filings may be obtained via the SEC's Edgar website or by contacting the Company. Any forward-looking statements made in this Form 10-Q speak only as of the date of this report. Except as required by law, we do not intend, and do not undertake any obligation, to update any forward-looking statements to reflect future events or circumstances after the date of such statements.

Euronet is a leading global financial technology solutions and payments provider. We offer payment and transaction processing and distribution solutions to financial institutions, retailers, service providers and individual consumers. Our primary product offerings include comprehensive ATM, point-of-sale ("POS"), card outsourcing, card issuing and merchant acquiring services, software solutions, electronic distribution of prepaid mobile airtime, managed services and other electronic payment products, foreign currency exchange services and global money transfer services. In May 2026, the Company changed the name of the EFT Processing Segment to Payments Infrastructure and the name of the Money Transfer Segment to Cross-Border Payments in order to more accurately reflect the products and services provided by these segments. We operate in the following three segments:

1) The EFTPayments ProcessingInfrastructure Segment (PI) meets the needs of financial institutions and consumers through Euronet-owned and outsourced ATMs and POS terminals combined with value added and transaction processing services. We deploy and operate our own ATMs, providing ATM services for financial institutions and providing electronic payment processing solutions. EFTPayments Infrastructure offers a suite of integrated electronic financial transaction software solutions for electronic payment and transaction delivery systems. Transactions processed span a network of 52,57957,071 installed ATMs and approximately 608,000641,000 POS terminals. EFTPI operates in 70 countries.

3) The MoneyCross-Border TransferPayments Segment (CBP) provides global money transfers and currency exchange information in retail stores, apps, and websites through Ria Money Transfer,Ria, Xe and the Dandelion cross-border real-time payments network. Euronet’s MoneyCross-Border TransferPayments segmentSegment offers real-time, cross-border payments to consumers and businesses across 200 countries and territories, enabling banks, fintechs and big tech platforms to integrate an international payments solution into their own platforms. Ria Money Transfer offers real-time international money transfers with a special focus on emerging markets. In addition, Ria offers safe and affordable money transfers through a global network of cash locations and online, serving over 20 million customers annually. Xe offers web and app-based currency information and industry-leading consumer and business cross-border money transfer services. Customers can send money, buy property overseas, and execute other international payments via the Xe website or app. Dandelion offers consumer and business transaction processing and fulfillment with alternative payout channels like bank accounts, cash pick-up and mobile wallets. Dandelion powers cross-border payments for Xe and Ria, as well as third party banks, fintechs, and big tech platforms. Money Transfer SegmentCBP has digital connections to 4.1 billion bank accounts and 3.7 billion digital wallet accounts.

EFTPayments ProcessingInfrastructure Segment — Revenues in the EFT ProcessingPI Segment, which represented approximately 29%34% and 32% of total consolidated revenues for the three and six months ended MarchJune 31,30, 2026 are derived from fees charged for transactions made by cardholders on our proprietary network of ATMs, fixed management fees and transaction fees we charge to customers for operating ATMs and processing debit and credit cards under outsourcing and cross-border acquiring agreements, foreign currency exchange margin on DCC transactions, domestic and international surcharge, foreign currency dispensing and other value added services such as advertising, prepaid telecommunication recharges, bill payment, and money transfers provided over ATMs. Revenues in this segment are also derived from cardless payment, banknote recycling, tax refund services, license fees, professional services and maintenance fees for proprietary application software and sales of related hardware.

epay Segment — Revenues in the epay Segment, which represented approximately 29%26% and 27% of total consolidated revenues for the three and six months ended MarchJune 31,30, 2026 are primarily derived from commissions or processing fees received from mobile phone operators for the processing and distribution of prepaid mobile airtime and commissions earned from the distribution of other electronic content, vouchers, and physical gifts. The proportion of epay Segment revenues earned from the distribution of prepaid mobile phone time has decreased over time, and digital media content now produces approximately 75% of epay Segment revenues. Digital media content offered by this segment includes digital content such as music, games, and software, as well as other products including prepaid long distance calling card plans, prepaid Internet plans, prepaid debit cards, gift cards, vouchers, transport payments, lottery payments, bill payment, and money transfer.

MoneyCross-Border TransferPayments Segment — Revenues in the Money TransferCBP Segment, which represented approximately 42%40% and 41% of total consolidated revenues for the three and six months ended MarchJune 31,30, 2026, are primarily derived from transaction fees, as well as the margin earned from purchasing foreign currency at wholesale exchange rates and selling the foreign currency to customers at retail exchange rates. We have a sending agent network in place comprised of agents, customer service representatives, Company-owned stores, primarily in North America, Europe and Malaysia, Ria, and Xe branded websites, along with a worldwide network of correspondent agents, consisting primarily of financial institutions in the transfer destination countries. Under the brand "Dandelion", Ria offers payment processing services to third party partners. The Dandelion cross-border payments platform provides financial institutions, fintechs such as digital wallets and banks, and enterprise software companies access to Euronet's money transfer network through an API connection. Sending and correspondent agents each earn fees for cash collection and distribution services, which are recognized as direct operating costs at the time of sale. More recently, the U.S. outbound remittance market has experienced lower transaction volumes due to changes in U.S. immigration policies and the implementation of the U.S. remittance tax, which have affected certain remittance corridors. While these market-wide dynamics have impacted retail transaction volumes, the Company continues to experience strong growth in its digital business, expand its payment network and invest in initiatives designed to support long-term growth.

1) The EFTPayments ProcessingInfrastructure Segment opportunities include physical expansion into target markets, developing value-added products or services, increasing high value DCC and surcharge transactions and efficiently leveraging our portfolio of software solutions. Our opportunities are dependent on renewing and expanding our card acceptance, ATM, POS and merchant acquiring services, cash supply and other commercial agreements with customers and financial institutions. Operational challenges in the EFT ProcessingPI Segment include obtaining and maintaining the required licenses and sponsorship agreements in markets in which we operate and navigating frequently changing rules imposed by international card organizations, such as Visa® and Mastercard®, that govern ATM interchange fees, direct access fees and other restrictions. Our profitability is dependent on the laws and regulations that govern DCC transactions, specifically in the E.U., as well as the laws and regulations of each country in which we operate. These laws and regulations may impact our cross-border and cross-currency transactions. The timing and amount of revenues in the EFT ProcessingPI Segment is uncertain and unpredictable due to inherent limitations in managing our estate of ATMs. Our ATM estate is dependent on contracts that cover large numbers of ATMs, and management is complicated by legal and regulatory considerations of local countries, as well as customers' decisions whether to outsource ATMs. Inflationary pressure may impact our business as travelers have less cash available to spend on vacations.

2) The epay Segment opportunities include renewing existing and negotiating new agreements in target markets in which we operate, primarily with digital content providers, mobile operators, financial institutions and retailers. The overall growth rate in the digital media content and prepaid mobile phone markets, shifts between prepaid and postpaid services, and our market share in those respective markets will have a significant impact on our ability to maintain and grow the epay Segment revenues. There is significant competition in these markets that may impact our ability to grow organically and increase the margin we earn and the margin that we pay to retailers. The profitability of the epay Segment is dependent on our ability to adapt to new technologies that may compete with POS distribution of digital content and prepaid mobile airtime, as well as our ability to leverage cross-selling opportunities with our EFTPI and Money TransferCBP Segments. The epay Segment opportunities may be impacted by government-imposed restrictions on retailers and/or content providers with whom we partner in countries in which we have a presence, and corresponding licensure requirements mandated upon such parties to legally operate in such countries.

3) The MoneyCross-Border TransferPayments Segment opportunities include expanding our portfolio of products and services to new and existing customers around the globe, which in turn may lead to an increase in transaction volumes. The opportunities to expand are contingent on our ability to effectively leverage our network of bank accounts for digital money transfer delivery, maintaining our physical agent network, cross selling opportunities with our EFTPI and epay Segments and our penetration into high growth money transfer corridors. The challenges inherent in these opportunities include maintaining compliance with all regulatory requirements, maintaining all required licenses, ensuring the recoverability of funds advanced to agents and the continued reliance on the technologies required to operate our business. The volume of transactions processed on our network is impacted by shifts in our customer base, which can change rapidly with worker migration patterns and changes in unbanked populations across the globe. Foreign regulations that impact cross-border migration patterns and the money transfer markets can significantly impact our ability to grow the number of transactions on our network.

Revenues and operating income by segment for the three and six months ended MarchJune 31,30, 2026 and 2025 are summarized in the tables below:

COMPARISON OF OPERATING RESULTS FOR THE THREE AND SIX MONTHS ENDED MARCH,JUNE 31,30, 2026 AND 2025

The following table summarizes the results of operations for our EFTPayments ProcessingInfrastructure Segment for the three and six months ended MarchJune 31,30, 2026 and 2025:

EFTPayments ProcessingInfrastructure Segment total revenues were $295.4$377.1 million for the three months ended MarchJune 31,30, 2026, an increase of $62.9$38.6 million or 27%11% compared to the same period in 2025. Total revenues were $672.5 million for the six months ended June 30, 2026, an increase of $101.5 million or 18% compared to the same period in 2025. Revenue growth was driven by continued growth in acquiring, REN infrastructure sales and contributions from the CoreCard acquisition completed in the fourth quarter of 2025. Fluctuations in foreign currency exchange rates increased revenues by approximately $17.6$3.8 million for the three months ended MarchJune 31,30, 2026 compared to the same period in 2025. Fluctuations in foreign currency exchange rates increased revenues by approximately $24.7 million for the six months ended June 30, 2026 compared to the same period in 2025.

EFTPayments ProcessingInfrastructure Segment direct operating costs were $175.2$191.0 million for the three months ended MarchJune 31,30, 2026, an increase of $38.7$17.1 million or 28%10% compared to the same period in 2025. Direct operating costs were $366.2 million for the six months ended June 30, 2026, an increase of $55.8 million or 18% compared to the same period in 2025. Direct operating costs primarily consist of site rental fees, cash delivery costs, cash supply costs, maintenance, insurance, telecommunications, payment scheme processing fees, data center operations-related personnel, as well as the processing centers’ facility-related costs and other processing center-related expenses and commissions paid to retail merchants, banks and card processors. The primary drivers of the increase in direct costs were additional expenses required to support increased business volumes from both new (CoreCard) and existing operations. DirectFluctuations in foreign currency exchange rates increased direct operating costs were also impacted by overallapproximately cost$2.5 inflationmillion for the three months ended June 30, 2026 compared to the same period in products and services.2025. Fluctuations in foreign currency exchange rates increased direct operating costs by approximately $11.9$15.3 million for the threesix months ended MarchJune 31,30, 2026 compared to the same period in 2025.

SalariesGross andprofit, benefitswhich expensesis werecalculated $48.4as revenues less direct operating costs, was $186.1 million for the three months ended MarchJune 31,30, 2026, an increase of $12.9$21.5 million or 36%13% compared to the$164.6 same period in 2025. The increase is primarily due to the acquisition of CoreCard in the fourth quarter of 2025, an increase in headcount to support the growth of the business and salary increases due to inflationary pressures. As a percentage of revenues, salary expense increased to 16.4% for the three months ended March 31, 2026, compared to 15.3%million for the same period in 2025. Gross profit was $306.3 million for the six months ended June 30, 2026, an increase of $45.7 million or 18% compared to $260.6 million for the same period in 2025. Gross profit as a percentage of revenues (“gross margin”) changed to 49.4% and 45.5% for the three and six months ended June 30, 2026, compared to 48.6% and 45.6% for the same period in 2025.

Selling, general and administrative expenses were $16.6$17.1 million for the three months ended MarchJune 31,30, 2026, an increase of $3.7$2.8 million or 29%20% compared to the same period in 2025. Selling, general and administrative expenses were $33.7 million for the six months ended June 30, 2026, an increase of $6.5 million or 24% compared to the same period in 2025. As a percentage of revenues, these expenses increased to 5.6%4.5% and 5.0% for the three and six months ended MarchJune 31,30, 2026 compared to 5.5%4.2% and 4.8% for the same period in 2025.

Depreciation and amortization expenses were $31.8 million for the three months ended MarchJune 31,30, 2026, an increase of $7.5$5.8 million or 31%22% compared to the same period in 2025. Depreciation and amortization expenses were $63.6 million for the six months ended June 30, 2026, an increase of $13.3 million or 26% compared to the same period in 2025. The increase was primarily attributable to the acquisition of CoreCard, including amortization expense related to identifiable intangible assets recognized in the purchase price allocation. As a percentage of revenues, these expenses increased to 10.8%8.4% and 9.5% for the three and six months ended MarchJune 31,30, 2026, compared to 10.5%7.7% and 8.8% for the same period in 2025.

EFTPayments ProcessingInfrastructure Segment had operating income of $23.4$86.1 million for the three months ended MarchJune 31,30, 2026, an increase of $0.1$1.5 million or 2% compared to the same period in 2025. PI Segment had operating income of $109.5 million for the six months ended June 30, 2026, an increase of $1.6 million or 1% compared to the same period in 2025. Operating income as a percentage of revenues (“operating margin”) decreased to 7.9%22.8% and 16.3% for the three and six months ended MarchJune 31,30, 2026, compared to 10.0%25.0% and 18.9% for the same period in 2025. TheOperating decreaseincome increased 2% despite an approximately $4.7 million increase in non-cash purchase accounting amortization associated with the CoreCard acquisition. Excluding this incremental amortization, operating margin was primarily attributable to lower gross margins resulting from expansion into lower-priced markets andincome increased salaryapproximately and benefit expenses to support business growth.7%.

The following table presents the results of operations for the three and six months ended MarchJune 31,30, 2026 and 2025 for our epay Segment:

epay Segment total revenues were $293.5$294.0 million for the three months ended MarchJune 31,30, 2026, an increase of $26.1$13.9 million or 10%5% compared to the same period in 2025. epay Segment total revenues were $587.5 million for the six months ended June 30, 2026, an increase of $40.0 million or 7% compared to the same period in 2025. The increases were driven by continued demand for higher-value digital content, branded payment products and prepaid products, as well as continued expansion of the Company's payment acceptance network. Although transaction volumes declined compared to the prior year, the decline primarily reflected changes in product mix rather than underlying demand, as a greater proportion of transactions consisted of higher-value products that generated higher revenue per transaction. Fluctuations in foreign currency exchange rates increased revenues by approximately $3.8 million for the three months ended June 30, 2026 compared to the same period in 2025. Fluctuations in foreign currency exchange rates increased revenues by approximately $19.9$23.7 million for the threesix months ended MarchJune 31,30, 2026 compared to the same period in 2025. Excluding the impact of foreign currency, revenue growth reflects favorable transaction mix and pricing. The decrease in transactions processed primarily relates to high‑volume, low‑revenue transactions in the Asia Pacific region and did not have a significant impact on revenues.

epay Segment direct operating costs were $221.5$218.5 million for the three months ended MarchJune 31,30, 2026, an increase of $19.4$7.6 million or 10%4% compared to the same period in 2025. epay Segment direct operating costs were $440.0 million for the six months ended June 30, 2026, an increase of $27.0 million or 7% compared to the same period in 2025. Direct operating costs primarily consist of the commissions paid to retail merchants for the distribution and sale of prepaid mobile airtime and other prepaid products, expenses incurred to operate POS terminals and the cost of vouchers sold and physical gifts fulfilled. Fluctuations in foreign currency exchange rates increased direct operating costs by approximately $15.1$3.0 million for the three months ended MarchJune 31,30, 2026 compared to the same period in 2025. Fluctuations in foreign currency exchange rates increased direct operating costs by approximately $18.0 million for the six months ended June 30, 2026 compared to the same period in 2025.

Gross profit was $72.0$75.5 million for the three months ended MarchJune 31,30, 2026, an increase of $6.7$6.3 million or 9% compared to $69.2 million for the same period in 2025. Gross profit was $147.5 million for the six months ended June 30, 2026, an increase of $13.0 million or 10% compared to $65.3$134.5 million for the same period in 2025. Gross margin increased to 24.5%25.7% and 25.1% for the three and six months ended MarchJune 31,30, 2026, compared to 24.4%24.7% and 24.6% for the same period in 2025. The increase in gross profit and gross margin were primarily a result of a shift in the mix of transactions processed.

Salaries and benefits expenses were $28.2$29.3 million for the three months ended MarchJune 31,30, 2026, an increase of $4.1$2.7 million or 17%10% compared to the same period in 2025. Salaries and benefits expenses were $57.5 million for the six months ended June 30, 2026, an increase of $6.8 million or 13% compared to the same period in 2025. As a percentage of revenues, these expenses increased to 9.6%10.0% and 9.8% for the three and six months ended June 30, 2026, compared to 9.5% and 9.3% for the same period in 2025. The increase is primarily due to merit increases and inflationary pressures. Fluctuations in foreign currency exchange rates increased salaries and benefits by approximately $0.5 million for the three months ended MarchJune 31,30, 2026,2026 compared to 9.0% for the same period in 2025. Fluctuations in foreign currency exchange rates increased salaries and benefits by approximately $1.9$2.5 million for the threesix months ended MarchJune 31,30, 2026 compared to the same period in 2025.

DepreciationSelling, general and amortizationadministrative expenses were $1.5$11.8 million for the three months ended MarchJune 31,30, 2026, aan decreaseincrease of $0.1$2.0 million or 6%20% compared to the same period in 2025. DepreciationSelling, general and amortizationadministrative expenseexpenses primarilywere represent$21.7 depreciationmillion for the six months ended June 30, 2026, a decrease of POS$0.9 terminalsmillion weor install4% compared to the same period in retail stores and amortization of acquired intangible assets.2025. As a percentage of revenues, these expenses decreasedchanged to 0.5%4.0% and 3.7% for the three and six months ended MarchJune 31,30, 2026, compared to 0.6%3.5% and 4.1% for the same period in 2025.

epay Segment operating income was $32.4$32.8 million for the three months ended MarchJune 31,30, 2026, an increase of $5.6$1.7 million or 21%5% compared to the same period in 2025. epay Segment operating income was $65.2 million for the six months ended June 30, 2026, an increase of $7.3 million or 13% compared to the same period in 2025. Operating margin increased to 11.0%11.2% and 11.1% for the three and six months ended MarchJune 31,30, 2026, compared to 10.0%11.1% and 10.6% for the same period in 2025. The segment continued to deliver consistent underlying performance supported by higher-value digital content, prepaid and payment products, while continuing to expand its payment acceptance footprint with an increase in operatingPOS incometerminals and margindigital was primarily driven by improved gross margins resulting from a favorable shift in transaction mix, partially offset by increased salaries.distribution.

The following table presents the results of operations for the three and six months ended MarchJune 31,30, 2026 and 2025 for the MoneyCross-Border TransferPayments Segment:

MoneyCross-Border TransferPayments Segment total revenues were $425.2$439.6 million for the three months ended MarchJune 31,30, 2026, ana increasedecrease of $7.5$18.3 million or 2%4% compared to the same period in 2025. Direct-to-consumerCBP digitalSegment transactionstotal grewrevenues bywere 35%,$864.8 reflecting strong consumer demandmillion for digitalthe products.six months ended June 30, 2026, a decrease of $10.8 million or 1% compared to the same period in 2025. Revenues per transaction increasedwas to$9.62 $9.69and $9.65 for the three and six months ended MarchJune 31,30, 2026, compared to $9.37$9.93 and $9.65 for the same period in 2025 mainly due to foreign currency fluctuations.2025. Fluctuations in foreign currency exchange rates increased revenues by approximately $22.9$6.6 million and $29.8 million for the three and six months ended MarchJune 31,30, 2026 compared to the same period in 2025. TheRevenue, revenuegross decreasedprofit takingand intooperating accountincome were impacted by several factors, including the impactimplementation of foreignthe currency1% fluctuations.U.S. Theremittance revenuetax, decreasewhich wasreduced drivenconsumer transaction activity during the quarter, changes in U.S. immigration policies affecting transfers, middle east pressures and persistent inflation in many markets that constrained consumers’ ability to send money to beneficiaries internationally. These headwinds were partially offset by thecontinued impact of immigration reform affecting transfers from the United States to Mexico, as well as reduced volumestrength in theour Middledigital East. Offsetting the decline in transfers to Mexico and the Middle East was growth in all other markets togetherbusiness, with accelerated growth in consumer-to-consumer digital transactions andincreasing the33%, Moneycontinued Transfer’smomentum in our Dandelion product.cross-border payments platform and a 3% expansion of our global network.

MoneyCross-Border TransferPayments Segment direct operating costs were $223.0$232.3 million for the three months ended MarchJune 31,30, 2026, a decrease of $1.5$5.7 million or 1%2% compared to the same period in 2025. CBP Segment direct operating costs were $455.3 million for the six months ended June 30, 2026, a decrease of $7.2 million or 2% compared to the same period in 2025. Direct operating costs primarily consist of commissions paid to agents who originate money transfers on our behalf and correspondent agents who disburse funds to the customers’ destination beneficiaries, together with less significant costs, such as bank depository fees. Fluctuations in foreign currency exchange rates increased direct operating costs by approximately $11.3$3.3 million and $14.8 million for the three and six months ended MarchJune 31,30, 2026 compared to the same period in 2025.

Gross profit was $202.2$207.3 million for the three months ended MarchJune 31,30, 2026, ana increasedecrease of $9.0$12.6 million or 5%6% compared to $193.2$219.9 million for the same period in 2025. Gross profit was $409.5 million for the six months ended June 30, 2026, a decrease of $3.6 million or 1% compared to $413.1 million for the same period in 2025. Gross margin increasedwas to47.2% 47.6%and 47.4% for the three and six months ended MarchJune 31,30, 2026, compared to 46.3%48.0% and 47.2% for the same period in 2025. The increase in gross profit and gross margin was primarily due to increases in international-originated money transfers and direct-to-consumer digital transactions.

Salaries and benefits expenses were $92.7$91.7 million for the three months ended MarchJune 31,30, 2026, an increase of $4.8$3.5 million or 4% compared to the same period in 2025. Salaries and benefits expenses were $184.4 million for the six months ended June 30, 2026, an increase of $8.3 million or 5% compared to the same period in 2025. The increase in salaries and benefits was primarily driven by an increase in headcount to support the growth of the business and salary increases due to inflationary pressures. As a percentage of revenues, salary expenses increased to 21.8%20.9% and 21.3% for the three and six months ended MarchJune 31,30, 2026, compared to 21.0%19.3% and 20.1% for the same period in 2025.

Selling, general and administrative expenses were $61.2$65.9 million for the three months ended MarchJune 31,30, 2026, an increase of $7.1$5.8 million or 13%10% compared to the same period in 2025. Selling, general and administrative expenses were $127.1 million for the six months ended June 30, 2026, an increase of $12.9 million or 11% compared to the same period in 2025. The increase in selling, general and administrative expenses was primarily drivenattributable byto higher costsprofessional across all SG&A line items, with the most significant contributors beingfees, increased advertising and promotion spendingexpenses andto highersupport badstrategic debt expense.initiatives. As a percentage of revenues, these expenses increased to 14.4%15.0% and 14.7% for the three and six months ended MarchJune 31,30, 2026, compared to 13.1% and 13.0% for the same period in 2025. Fluctuations in foreign currency exchange rates increased salaries and benefits by approximately $1.9 million for the three months ended June 30, 2026 compared to the same period in 2025. Fluctuations in foreign currency exchange rates increased salaries and benefits by approximately $7.5 million for the six months ended June 30, 2026 compared to the same period in 2025.

Depreciation and amortization expenses were $6.4 million for the three months ended MarchJune 31,30, 2026, an increase of $0.3$0.4 million or 5%7% compared to the same period in 2025. Depreciation and amortization expenses were $12.8 million for the six months ended June 30, 2026, an increase of $0.7 million or 6% compared to the same period in 2025. Depreciation and amortization expenses primarily representsrepresent amortization of acquired intangible assets and depreciation of money transfer terminals, computers and software, leasehold improvements and office equipment. As a percentage of revenues, these expenses were 1.5% and 1.5% for both the three and six months ended MarchJune 31,30, 20262026, compared to 1.3% and 1.4% for the same period in 2025.

MoneyCross-Border TransferPayments Segment operating income was $41.9$43.3 million for the three months ended MarchJune 31,30, 2026, a decrease of $3.2$22.3 million or 7%34% compared to the same period in 2025. CBP Segment operating income was $85.2 million for the six months ended June 30, 2026, a decrease of $25.5 million or 23% compared to the same period in 2025. Operating margin was 9.8% and 9.9% for the three and six months ended MarchJune 31,30, 2026, compared to 10.8%14.3% and 12.6% for the same period in 2025. Operating income per transaction was $0.95 and $0.95 for the three and six months ended MarchJune 31,30, 2026, compared to $1.01$1.42 and $1.22 for the same period in 2025. OperatingThe income benefited from expanded gross margins which were utilized to increase digital marketing expenditure, resultingdecrease in reduced operating income year-over-year.and operating margin was primarily attributable to lower transaction volumes in higher-margin corridors, a less favorable transaction mix, competitive pricing pressure in certain markets, and continued investment in the digital business and the Dandelion platform.

The following table presents the operating expenses for the three and six months ended MarchJune 31,30, 2026 and 2025 for Corporate Services:

Total Corporate operating expenses were $25.7 million and $50.7 million for the three and six months ended MarchJune 31,30, 2026, an increase of $5.7$2.3 million or 29%10% and $8.0 million or 19% compared to the same period in 2025. This increase was largely driven by an increase in long-term share-based compensation.

Interest income was $4.1$4.8 million for the three months ended MarchJune 31,30, 2026, a decrease of $1.2$1.4 million or 23% compared to the same period in 2025. Interest income was $8.9 million for the six months ended June 30, 2026, a decrease $2.6 million or 23% compared to the same period in 2025. This decrease was driven by a decrease in interest rates.

Interest expense was $14.1$20.6 million for the three months ended MarchJune 31,30, 2026, a decrease of $5.3$7.6 million or 27% compared to the same period in 2025. Interest expense was $34.7 million for the six months ended June 30, 2026, a decrease of $12.9 million or 27% compared to the same period in 2025. This decrease for the threesix months ended MarchJune 31,30, 2026 compared to the same period in 2025 was largely driven by the shift of borrowing from the Credit Facility to the 2030 Convertible Notes during the first quarter of 2026.

We recorded net foreign currency exchange gainsgain of $8.4($0.2) million and a loss of $8.2 million for the three and six months ended MarchJune 31,30, 2026, compared to net foreign currency exchange losses of $18.1$5.7 million and $23.8 million for the same period in 2025. These realized and unrealized foreign currency exchange results reflect the fluctuation in the value of the U.S. dollar against the currencies of the countries in which we operated during the respective period.

The Company's effective income tax rate was 43.7%37.6% and 39.7% for the three and six months ended MarchJune 31,30, 2026, compared to 15.6%25.6% and 23.0% for the same period ended MarchJune 31,30, 2025. The Company's effective income tax rate for the three months ended MarchJune 31,30, 2026 was higher than the applicable statutory income tax rate of 21% as a result of certain foreign earnings being subject to higher local statutory tax rates and our U.S. deferred tax activity. The Company’sCompany's effective income tax rate for the three and six months ended MarchJune 31,30, 2025 was lowerhigher than the applicable statutory income tax rate of 21%, mainly21% as a result of ourcertain U.S.of deferredits foreign earnings being subject to higher local statutory tax activity on the repurchase of the 2049 Convertible Notes.rates.

Net income attributable to Euronet was $37.5$77.4 million for the three months ended MarchJune 31,30, 2026, a decrease of $0.9$20.2 million or 2%21% compared to the same period in 2025. The decrease in net income was primarily attributable to a $21.9$13.1 million increase in income tax expensesexpense dueand toa deferred$21.5 taxmillion activity on the repurchase of the 2049 Convertible Notesdecrease in theoperating first quarter of 2025 and the $6.6 million increase in other gains (losses), pertaining to the revaluation of an investment,income, partially offset by $26.5a $7.6 million decrease in interest expense, a $5.5 million improvement in foreign currency exchange gains (losses), which areresults due to the weakening of the U.S. dollar compared to our other reporting currencies.currencies, and a $2.8 million gain related to the revaluation of an investment.

As of MarchJune 31,30, 2026, we had working capital of $903.3$1,174.8 million, which is calculated as the difference between total current assets and total current liabilities, compared to working capital of $415.5 million as of December 31, 2025. Our ratio of current assets to current liabilities was 1.281.37 and 1.11 at MarchJune 31,30, 2026 and December 31, 2025, respectively.

We require substantial working capital to finance operations. The Money TransferCBP Segment funds the payout of the majority of our consumer-to-consumer money transfer services before receiving the benefit of amounts collected from customers by agents. Working capital needs increase in order to cover weekends and banking holidays. As a result, we may report more or less working capital for the Money TransferCBP Segment based solely upon the day on which the reporting period ends. The epay Segment produces positive working capital, some of which is restricted in connection with the administration of its customer collection and vendor remittance activities. In our EFT ProcessingPI Segment, we obtain a significant portion of the cash required to operate our ATMs through various cash supply arrangements, the amount of which is not recorded on Euronet's Consolidated Balance Sheets. However, in certain countries, we fund the cash required to operate our ATM network from borrowings under our revolving credit facilities, uncommitted credit agreements and cash flows from operations. ATM cash, which is our own cash in use or designated for use in our ATM network, increased $220.9$336.9 million from $650.3 million as of December 31, 2025 to $871.2$987.2 million as of MarchJune 31,30, 2026 as a result of the increase in the number of active ATMs as of MarchJune 31,30, 2026 compared to December 31, 2025. The Company has $1,229.5$1,199.8 million of unrestricted cash as of MarchJune 31,30, 2026 compared to $1,040.3 million as of December 31, 2025. Including the $871.2$987.2 million of cash in ATMs at MarchJune 31,30, 2026, we have access to $2,614.2$2,740.9 million in available cash, and $1,233.1$993.2 million available under the Credit Facility.

The following table identifies cash and cash equivalents provided by/(used in) our operating, investing and financing activities for the threesix months ended MarchJune 31,30, 2026 and 2025 (in millions):

Cash flows usedprovided in operating activities were $122.0$25.9 million for the threesix months ended MarchJune 31,30, 2026 compared to provided by operating activities of $1.7$184.6 million for the same period in 2025. The decline was primarily driven by unfavourable changes in working capital due to timing. Net income remained relatively consistent year-over-year.