Euronet Worldwide, Inc.: Form 10-Q for the period ended Sep 30, 2025

The terms "Euronet," the "Company," "we" and "us" as used herein refer to Euronet Worldwide, Inc. and its subsidiaries.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This report contains statements that constitute forward-looking statements within the meaning of section 27A of the Securities Act of 1933 and section 21E of the Securities Exchange Act of 1934 (“Exchange Act”). Generally, the words "believe," "expect," "anticipate," "intend," "estimate," "will" and similar expressions identify forward-looking statements. However, the absence of these words or similar expressions does not mean the statement is not forward-looking. All statements other than statements of historical facts included in this document are forward-looking statements, including, but not limited to, statements regarding the following:

 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, including the pending CoreCard acquisition;

 business strategy;

 government regulatory action;

 the expected effects of changes in laws or accounting standards, including the excise tax on certain international remittances under the One Big Beautiful Bill Act (the “OBBBA”);

 technological advances; and

 projected costs and revenues.

Although we believe that the expectations reflected in these forward-looking statements are reasonable, we can give no assurance that these expectations will prove to be correct.

Investors are cautioned that any forward-looking statements are not guarantees of future performance and involve risks and uncertainties. Euronet's actual results may vary materially from those anticipated in such forward-looking statements as a result of a number of factors, including the risk that any announcements relating to the CoreCard acquisition could have adverse effects on the market price of the Company’s common stock; the risk that the CoreCard acquisition and its announcement could have an adverse effect on the parties’ business relationships and business generally, including the ability of CoreCard or the Company 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; inflation; tariffs; the war in the Ukraine and the related economic sanctions; military conflicts in the Middle East; our ability to successfully integrate any acquired operations, including CoreCard; economic conditions in specific countries and regions; technological developments 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, consumer and data protection and privacy; changes in laws and regulations affecting our business, including tax and immigration laws (including the OBBBA) and any laws regulating payments, including dynamic currency conversion 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. 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.

OVERVIEW

COMPANY OVERVIEW, GEOGRAPHIC LOCATIONS AND PRINCIPAL PRODUCTS AND SERVICES

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. We operate in the following three segments:

1) The EFT Processing Segment 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. EFT offers a suite of integrated electronic financial transaction software solutions for electronic payment and transaction delivery systems. Transactions processed span a network of 56,431 installed ATMs and approximately 592,000 POS terminals. EFT operates in 64 countries.

2) The epay Segment provides retail payment solutions and delivers innovative connections between the digital content of the world’s leading brands and consumers. epay has one of the largest retail networks across Europe and Asia for the distribution of physical and digital third-party content, including branded payments, mobile, and alternative payments, partnering with 1,000+ of the world’s leading brands. In addition, through our own products, we have leveraged our technology to solve business challenges, delivering scalable solutions to drive efficiency and effectiveness. Our comprehensive range of consumer products simplifies transactions and provides financial convenience across a wide range of branded payments. epay operates in 64 countries. We operate a network that includes approximately 712,000 POS terminals that enable electronic processing of prepaid mobile airtime "top-up" services and other digital media content.

3) The 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 199 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 Segment has digital connections to 4.1 billion bank accounts, 3.4 billion digital wallet accounts and 4.0 billion Visa debit cards through Visa Direct payments.

We have six processing centers in Europe, five in Asia Pacific and two in North America. We have 35 principal offices in Europe, 14 in Asia Pacific, 10 in North America, three in the Middle East, two in South America and three in Africa. Our executive offices are located in Leawood, Kansas, USA. With approximately 76.7% 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 in our Annual Report on Form 10-K for the year ended December 31, 2024).

SOURCES OF REVENUES AND CASH FLOW

Euronet earns revenues and income primarily from ATM management fees, transaction fees, commissions and foreign currency exchange margin. Each operating segment’s sources of revenues are described below.

EFT Processing Segment — Revenues in the EFT Processing Segment, which represented approximately 36% and 31% of total consolidated revenues for the three and nine months ended September 30, 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, 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.

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epay Segment — Revenues in the epay Segment, which represented approximately 25% and 27% of total consolidated revenues for the three and nine months ended September 30, 2025 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 29.1% 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.

Money Transfer Segment — Revenues in the Money Transfer Segment, which represented approximately 39% and 42% of total consolidated revenues for the three and nine months ended September 30, 2025, 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.

Corporate Services, Eliminations and Other — In addition to operating in our principal operating segments described above, our “Corporate Services, Eliminations and Other” category includes non-operating activity, certain inter-segment eliminations and the cost of providing corporate and other administrative services to the operating segments, including most share-based compensation expense. These services are not directly identifiable with our reportable operating segments.

Opportunities and Challenges

The global product markets in which we operate are large and fragmented, which poses both opportunities and challenges for our technology to disrupt new and existing competition. As an organization, our focus is on increasing our market presence through both physical (ATMs, POS terminals, Company stores and agent correspondents) and digital assets and providing new and improved products and services for customers through all of our channels, which may in turn drive an increase in the number of transactions on our networks. Each of these opportunities also presents us with challenges, including differentiating our portfolio of products and services in highly competitive markets, the successful development and implementation of our software products and access to financing for expansion.

1) The EFT Processing 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 Processing 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 Processing 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.

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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 EFT and Money Transfer 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 Money Transfer 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 EFT 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.

For all segments, our continued expansion may involve additional acquisitions that could divert our resources and management time and require integration of new assets with our existing networks and services. Our ability to effectively manage our growth has required us to expand our operating systems and employee base, particularly at the management level, which has added incremental operating costs. An inability to continue to effectively manage expansion could have a material adverse effect on our business, growth, financial condition or results of operations. Inadequate technology and resources would impair our ability to maintain current processing technology and efficiencies, as well as deliver new and innovative services to compete in the marketplace. Recently, inflation has been increasing our cost structure in many parts of the world in which we operate.

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SEGMENT SUMMARY RESULTS OF OPERATIONS

Revenues and operating income by segment for the three and nine months ended September 30, 2025 and 2024 are summarized in the tables below:

(dollar amounts in millions)

(dollar amounts in millions)

Impact of changes in foreign currency exchange rates

Our revenues and local expenses are recorded in the functional currencies of our operating entities and then are translated into U.S. dollars for reporting purposes; therefore, amounts we earn outside the U.S. are negatively impacted by a stronger U.S. dollar and positively impacted by a weaker U.S. dollar. If significant, in our discussion we will refer to the impact of fluctuations in foreign currency exchange rates in our comparison of operating segment results.

To provide further perspective on the impact of foreign currency exchange rates, the following table shows the changes in values relative to the U.S. dollar of the currencies of the countries in which we have our most significant operations:

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COMPARISON OF OPERATING RESULTS FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024

EFT PROCESSING SEGMENT

The following table summarizes the results of operations for our EFT Processing Segment for the three and nine months ended September 30, 2025 and 2024:

(dollar amounts in millions)

Revenues

EFT Processing Segment total revenues were $409.4 million for the three months ended September 30, 2025, an increase of $36.4 million or 10% compared to the same period in 2024. EFT Processing Segment total revenues were $980.4 million for the nine months ended September 30, 2025, an increase of $84.8 million or 9% compared to the same period in 2024. Revenue growth was driven by market expansion and the addition of access fees and interchange fees in certain markets. Additionally, this quarter experienced increased business volumes supported by a rise in tourism and the implementation of proactive pricing and rate adjustment strategies to maintain competitiveness. Fluctuations in foreign currency exchange rates increased revenues by approximately $18.7 million and $8.4 million for the three and nine months ended September 30, 2025 compared to the same periods in 2024.

Direct operating costs

EFT Processing Segment direct operating costs were $194.4 million for the three months ended September 30, 2025, an increase of $20.1 million or 12% compared to the same period in 2024. EFT Processing Segment direct operating costs were $504.8 million for the nine months ended September 30, 2025, an increase of $46.9 million or 10% compared to the same period in 2024. 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 and existing operations. Direct costs were also impacted by overall cost inflation in products and services. Fluctuations in foreign currency exchange rates increased direct operating costs by approximately $9.1 million and $2.5 million for the three and nine months ended September 30, 2025 compared to the same periods in 2024.

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Gross profit

Gross profit, which is calculated as revenues less direct operating costs, was $215.0 million for the three months ended September 30, 2025, an increase of $16.3 million or 8% compared to $198.7 million for the same period in 2024. Gross profit was $475.6 million for the nine months ended September 30, 2025, an increase of $37.9 million or 9% compared to $437.7 million for the same period in 2024. Gross profit as a percentage of revenues (“gross margin”) decreased to 52.5% and 48.5% for the three and nine months ended September 30, 2025, compared to 53.3% and 48.9% for the same period in 2024. The decline in gross margin was primarily driven by market expansion into countries where EFT transaction pricing is lower, resulting in reduced profitability per transaction.

Salaries and benefits

Salaries and benefits expenses were $46.6 million for the three months ended September 30, 2025, an increase of $5.3 million or 13% compared to the same period in 2024. Salaries and benefits expenses were $121.8 million for the nine months ended September 30, 2025, an increase of $14.3 million or 13% compared to the same period in 2024. The increase is primarily due to 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 11.4% and 12.4% for the three and nine months ended September 30, 2025, compared to 11.1% and 12.0% for the same period in 2024.

Selling, general and administrative

Selling, general and administrative expenses were $13.7 million for the three months ended September 30, 2025, a decrease of $1.6 million or 10% compared to the same period in 2024. Selling, general and administrative expenses were $40.9 million for the nine months ended September 30, 2025, an increase of $2.9 million or 8% compared to the same period in 2024. The increase for the nine-month period is primarily due to a one-time refund of a duty fee in the first quarter of 2024. As a percentage of revenues, these expenses decreased to 3.3% for the three months ended September 30, 2025 compared to 4.1% for the same period in 2024 and were flat at 4.2% for nine months ended September 30, 2025 and 2024.

Depreciation and amortization

Depreciation and amortization expenses were $26.6 million for the three months ended September 30, 2025, an increase of $1.8 million or 7% compared to the same period in 2024. Depreciation and amortization expenses were $76.9 million for the nine months ended September 30, 2025, an increase of $3.4 million or 5% compared to the same period in 2024. As a percentage of revenues, these expenses decreased to 6.5% and 7.8% for the three and nine months ended September 30, 2025, compared to 6.6% and 8.2% for the same period in 2024.

Operating income

EFT Processing Segment had operating income of $128.1 million for the three months ended September 30, 2025, an increase of $10.8 million or 9% compared to the same period in 2024. EFT Processing Segment had operating income of $236.0 million for the nine months ended September 30, 2025, an increase of $17.3 million or 8% compared to the same period in 2024. Operating income as a percentage of revenues (“operating margin”) decreased to 31.3% and 24.1% for the three and nine months ended September 30, 2025, compared to 31.4% and 24.4% for the same period in 2024. The slight decrease in operating margin was primarily attributable to lower gross margins resulting from expansion into lower-priced markets and increased salary and benefit expenses to support business growth, partially offset by a one-time operating tax benefit recognized in the first quarter of 2025.

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EPAY SEGMENT

The following table presents the results of operations for the three and nine months ended September 30, 2025 and 2024 for our epay Segment:

(dollar amounts in millions)

Revenues

epay Segment total revenues were $286.5 million for the three months ended September 30, 2025, a decrease of $3.8 million or 1% compared to the same period in 2024. epay Segment total revenues were $834.0 million for the nine months ended September 30, 2025, an increase of $25.7 million or 3% compared to the same period in 2024. The decrease for the three-month period was primarily due to the discontinuation of a mobile activation product in the United States, which had a minimal impact on earnings. The increase in revenue for the nine-month period was driven by continued payments, digital media and mobile growth. Fluctuations in foreign currency exchange rates increased revenues by approximately $9.6 million for the three months ended September 30, 2025 compared to the same period in 2024. Fluctuations in foreign currency exchange rates decreased revenues by approximately $0.3 million for the nine months ended September 30, 2025 compared to the same period in 2024.

Direct operating costs

epay Segment direct operating costs were $216.3 million for the three months ended September 30, 2025, a decrease of $7.2 million or 3% compared to the same period in 2024. epay Segment direct operating costs were $629.3 million for the nine months ended September 30, 2025, an increase of $12.2 million or 2% compared to the same period in 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 decrease in direct operating costs for the three-months ended September 30, 2025 compared to the same period in 2024 was primarily due to the discontinuation of a mobile activation product in the United States, which had a minimal impact on earnings. The increase in direct operating costs for the nine-months ended September 30, 2025 compared to the same period in 2024 was the result of the increase in business activity. Fluctuations in foreign currency exchange rates increased direct operating costs by approximately $7.4 million for the three months ended September 30, 2025 compared to the same period in 2024. Fluctuations in foreign currency exchange rates decreased direct operating costs by approximately $0.3 million for the nine months ended September 30, 2025 compared to the same period in 2024.

Gross profit

Gross profit was $70.2 million for the three months ended September 30, 2025, an increase of $3.4 million or 5% compared to $66.8 million for the same period in 2024. Gross profit was $204.7 million for the nine months ended September 30, 2025, an increase of $13.5 million or 7% compared to $191.2 million for the same period in 2024. Gross margin increased to 24.5% and 24.5% for the three and nine months ended September 30, 2025, compared to 23.0% and 23.7% for the same period in 2024. The increase in gross profit and gross margin were primarily a result of a shift in the mix of transactions processed.

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Salaries and benefits

Salaries and benefits expenses were $28.0 million for the three months ended September 30, 2025, an increase of $1.8 million or 7% compared to the same period in 2024. Salaries and benefits expenses were $78.7 million for the nine months ended September 30, 2025, an increase of $3.3 million or 4% compared to the same period in 2024. As a percentage of revenues, these expenses increased to 9.8% and 9.4% for the three and nine months ended September 30, 2025, compared to 9.0% and 9.3% for the same period in 2024.

Selling, general and administrative

Selling, general and administrative expenses were $9.7 million for the three months ended September 30, 2025, an increase of $0.1 million or 1% compared to the same period in 2024. Selling, general and administrative expenses were $32.3 million for the nine months ended September 30, 2025, an increase of $3.8 million or 13% compared to the same period in 2024. As a percentage of revenues, these expenses increased to 3.4% and 3.9% for the three and nine months ended September 30, 2025, compared to 3.3% and 3.5% for the same period in 2024. The increase in selling, general and administrative expenses for the nine months was primarily due to the payment of $4.5 million to resolve a non-recurring, multi-year operating tax matter in the first quarter of 2025.

Depreciation and amortization

Depreciation and amortization expenses were $1.5 million for the three months ended September 30, 2025, a decrease of $0.4 million or 21% compared to the same period in 2024. Depreciation and amortization expenses were $4.8 million for the nine months ended September 30, 2025, a decrease of $0.6 million or 11% compared to the same period in 2024. Depreciation and amortization expense primarily represent depreciation of POS terminals we install in retail stores and amortization of acquired intangible assets. As a percentage of revenues, these expenses decreased to 0.5% and 0.6% for the three and nine months ended September 30, 2025, compared to 0.7% and 0.7% for the same period in 2024.

Operating income

epay Segment operating income was $31.0 million for the three months ended September 30, 2025, an increase of $1.9 million or 7% compared to the same period in 2024. epay Segment operating income was $88.9 million for the nine months ended September 30, 2025, an increase of $7.0 million or 9% compared to the same period in 2024. Operating margin increased to 10.8% and 10.7% for the three and nine months ended September 30, 2025, compared to 10.0% and 10.1% for the same period in 2024. The increase in operating income and margin was primarily driven by improved gross margins resulting from a favorable shift in transaction mix, partially offset by increased salary and benefit expenses and a non-recurring operating tax payment recognized in the first quarter of 2025.

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MONEY TRANSFER SEGMENT

The following table presents the results of operations for the three and nine months ended September 30, 2025 and 2024 for the Money Transfer Segment:

(dollar amounts in millions)

Revenues

Money Transfer Segment total revenues were $452.4 million for the three months ended September 30, 2025, an increase of $14.2 million or 3% compared to the same period in 2024. Money Transfer Segment total revenues were $1,328.0 million for the nine months ended September 30, 2025, an increase of $83.4 million or 7% compared to the same period in 2024. The increase in revenues was driven by double-digit growth in cross-border transactions, partially offset by a decrease in intra-U.S. transactions. Direct-to-consumer digital transactions grew by 32%, reflecting strong consumer demand for digital products. Revenues per transaction increased to $9.83 and $9.71 for the three and nine months ended September 30, 2025, compared to $9.72 and $9.57 for the same period in 2024 mainly due to foreign currency fluctuations. Fluctuations in foreign currency exchange rates increased revenues by approximately $11.9 million and $0.6 million for the three and nine months ended September 30, 2025 compared to the same periods in 2024.

Direct operating costs

Money Transfer Segment direct operating costs were $235.8 million for the three months ended September 30, 2025, a decrease of $2.6 million or 1% compared to the same period in 2024. Money Transfer Segment direct operating costs were $698.3 million for the nine months ended September 30, 2025, an increase of $18.8 million or 3% compared to the same period in 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. Fluctuations in foreign currency exchange rates increased direct operating costs by approximately $6.0 million and $0.1 million for the three and nine months ended September 30, 2025 compared to the same periods in 2024.

Gross profit

Gross profit was $216.6 million for the three months ended September 30, 2025, an increase of $16.8 million or 8% compared to $199.8 million for the same period in 2024. Gross profit was $629.7 million for the nine months ended September 30, 2025, an increase of $64.6 million or 11% compared to $565.1 million for the same period in 2024. Gross margin increased to 47.9% and 47.4% for the three and nine months ended September 30, 2025, compared to 45.6% and 45.4% for the same period in 2024. The increase in gross profit and gross margin was primarily due to increases in international-originated money transfers and direct-to-consumer digital transactions.

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Salaries and benefits

Salaries and benefits expenses were $92.6 million for the three months ended September 30, 2025, an increase of $7.7 million or 9% compared to the same period in 2024. Salaries and benefits expenses were $268.7 million for the nine months ended September 30, 2025, an increase of $20.4 million or 8% compared to the same period in 2024. 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 20.5% and 20.2% for the three and nine months ended September 30, 2025, compared to 19.4% and 20.0% for the same period in 2024.

Selling, general and administrative

Selling, general and administrative expenses were $58.1 million for the three months ended September 30, 2025, an increase of $7.3 million or 14% compared to the same period in 2024. Selling, general and administrative expenses were $172.3 million for the nine months ended September 30, 2025, an increase of $18.1 million or 12% compared to the same period in 2024. The increase in selling, general and administrative expenses are primarily attributed to higher advertising and promotions expenses and an increase in bad debt expenses. As a percentage of revenues, these expenses increased to 12.8% and 13.0% for the three and nine months ended September 30, 2025, compared to 11.6% and 12.4% for the same period in 2024.

Depreciation and amortization

Depreciation and amortization expenses were $6.6 million for the three months ended September 30, 2025, an increase of $0.6 million or 10% compared to the same period in 2024. Depreciation and amortization expenses were $18.7 million for the nine months ended September 30, 2025, a decrease of $1.3 million or 7% compared to the same period in 2024. Depreciation and amortization expenses primarily represents 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 changed to 1.5% and 1.4% for the three and nine months ended September 30, 2025, compared to 1.4% and 1.6% for the same period in 2024.

Operating income

Money Transfer Segment operating income was $59.3 million for the three months ended September 30, 2025, an increase of $1.2 million or 2% compared to the same period in 2024. Money Transfer Segment operating income was $170.0 million for the nine months ended September 30, 2025, an increase of $27.4 million or 19% compared to the same period in 2024. Operating margin was 13.1% and 12.8% for the three and nine months ended September 30, 2025, compared to 13.3% and 11.5% for the same periods in 2024. Operating income per transaction was $1.29 and $1.24 for the three and nine months ended September 30, 2025, compared to $1.29 and $1.10 for the same periods in 2024. Operating income increased for both the three- and nine-month periods, primarily driven by strong growth in international-originated money transfers and direct-to-consumer digital transactions, which contributed to higher gross profit and improved gross margins. These benefits were partially offset by increased salary and benefit expenses to support business growth, higher advertising and bad debt expenses, and foreign currency fluctuations.

CORPORATE SERVICES

The following table presents the operating expenses for the three and nine months ended September 30, 2025 and 2024 for Corporate Services:

(dollar amounts in millions)

Corporate operating expenses

Total Corporate operating expenses were $23.4 million and $66.1 million for the three and nine months ended September 30, 2025, an increase of $1.1 million or 5% and $3.4 million or 5% compared to the same period in 2024. This increase for both the three and nine months was largely driven by an increase in long-term share-based compensation.

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OTHER EXPENSE, NET

(dollar amounts in millions)

Interest income

Interest income was $6.2 million for the three months ended September 30, 2025, a decrease of $0.3 million or 5% compared to the same period in 2024. Interest income was $17.7 million for the nine months ended September 30, 2025 a decrease of $0.4 million or 2% compared to the same period in 2024. This decrease for both the three and nine months was driven by a decrease in interest rates.

Interest expense

Interest expense was $22.5 million for the three months ended September 30, 2025, a decrease of $1.7 million or 7% compared to the same period in 2024. Interest expense was $70.1 million for the nine months ended September 30, 2025, an increase of $10.9 million or 18% compared to the same period in 2024. This decrease for the three months ended September 30, 2025 compared to the same period in 2024 was largely driven by a decrease in interest rates due to the shift of borrowing from the Credit Facility to the issuance of the new 2030 Convertible Notes during the third quarter of 2025. This increase for the nine months ended September 30, 2025 compared to the same period in 2024 was largely driven by an increase in interest rates on our Credit Facility, and the shift of borrowing from the 2049 Convertible Notes during the first quarter of 2025 to the Credit Facility.

Foreign currency exchange loss, net

Foreign currency exchange activity includes gains and losses on certain foreign currency exchange derivative contracts and the impact of remeasurement of assets and liabilities denominated in foreign currencies. Assets and liabilities denominated in currencies other than the local currency of each of our subsidiaries give rise to foreign currency exchange gains and losses. Foreign currency exchange gains and losses that result from remeasurement of these assets and liabilities are recorded in net income.

We recorded net foreign currency exchange gains of $0.1 million and foreign exchange currency loss of $23.7 million for the three and nine months ended September 30, 2025, compared to net foreign currency exchange gains of $27.4 million and $16.4 million for the same periods in 2024. 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.

Other gains

The other gains mainly relate to discrete non-cash investment gains.

INCOME TAX EXPENSE

The Company's effective income tax rate was 30.6% and 26.8% for the three and nine months ended September 30, 2025, compared to 27.3% and 30.0% for the same period ended September 30, 2024. The Company's effective income tax rate for the three months ended September 30, 2025 was higher than the applicable statutory income tax rate of 21% as a result of certain of its foreign earnings being subject to higher local statutory tax rates. Our effective income tax rate for the three months ended September 30, 2024 was higher than the applicable statutory income tax rate of 21% mainly as a result of certain foreign earnings being subject to higher local statutory tax rates and our U.S. deferred tax activity.

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NET INCOME (LOSS) ATTRIBUTABLE TO NONCONTROLLING INTERESTS

Noncontrolling interests represent the elimination of net income or loss attributable to the minority shareholders’ portion of the following consolidated subsidiaries that are not wholly owned:

NET INCOME ATTRIBUTABLE TO EURONET

Net income attributable to Euronet was $122.0 million for the three months ended September 30, 2025, a decrease of $29.5 million or 19% compared to the same period in 2024. The decrease in net income was primarily attributable to a decrease of $27.3 million in foreign currency exchange results partially offset by a $46.4 million increase in revenues. The increased revenues led to a $36.5 million increase in gross profit. The increase in gross profit was partially offset by a $17.8 million increase in salaries and benefits expense and a $4.0 million increase in selling, general and administrative expenses.

Net income attributable to Euronet was $258.0 million for the nine months ended September 30, 2025, a decrease of $2.8 million or 1% compared to the same period in 2024. The increase in net income was primarily attributable a $40.1 million decrease in foreign currency exchange results, a $10.9 million increase in interest expenses and a $12.9 million decrease in other gains partially offset by a $193.0 million increase in revenues, largely driven by successful business operations. The increased revenues led to a $116.0 million increase in gross profit. The increase in gross profit was partially offset by a $42.7 million increase in salaries and benefits expense and a $23.5 million increase in selling, general and administrative expenses.

LIQUIDITY AND CAPITAL RESOURCES

Working capital

As of September 30, 2025, we had working capital of $568.2 million, which is calculated as the difference between total current assets and total current liabilities, compared to working capital of $810.5 million as of December 31, 2024. Our ratio of current assets to current liabilities was 1.15 and 1.25 at September 30, 2025 and December 31, 2024, respectively.

We require substantial working capital to finance operations. The Money Transfer 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 Transfer 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 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 our revolving credit facilities, uncommitted credit agreements and cash flows from operations. As of September 30, 2025, we had $848.4 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 Sheet. ATM cash increased $204.6 million from $643.8 million as of December 31, 2024 to $848.4 million as of September 30, 2025 as a result of the increase in the number of active ATMs as of September 30, 2025 compared to December 31, 2024. The Company has $1,172.5 million of unrestricted cash as of September 30, 2025 compared to $1,278.8 million as of December 31, 2024. Including the $848.4 million of cash in ATMs at September 30, 2025, we have access to $2,690.5 million in available cash, and $1787.5 million available under the Credit Facility.

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The following table identifies cash and cash equivalents provided by/(used in) our operating, investing and financing activities for the nine months ended September 30, 2025 and 2024 (in millions):

Operating activity cash flow

Cash flows provided by operating activities were $381.9 million for the nine months ended September 30, 2025 compared to $652.5 million for the same period in 2024. The decline was primarily driven by unfavourable changes in working capital, including a significantly lower cash inflow from trade accounts receivable and higher outflows for prepaid expenses and other current assets. Additionally, non-cash adjustments such as a decrease in deferred income taxes related to U.S. tax activity on the repurchase of 2049 Convertible Notes and higher amortization of debt issuance costs contributed to the reduction. Net income remained relatively consistent year-over-year.

Investing activity cash flow

Cash flows used in investing activities were $137.0 million for the nine months ended September 30, 2025 compared to $185.2 million for the same period in 2024. The decrease in cash outflows was primarily attributable to the acquisition of Infinitum in 2024, which did not recur in 2025. This was partially offset by the acquisition of a $25.0 million Convertible Note Receivable from Marker Trax Digital, LLC during 2025. Other investing activities, including purchases of property and equipment, remained relatively consistent year-over-year.

Financing activity cash flow

Cash flows used in financing activities were $278.9 million for the nine months ended September 30, 2025 compared to cash flows provided by financing activities of $185.4 million for the same period in 2024. The increase was driven by higher net borrowings under our Credit Facility, which totaled $464.4 million for the nine months ended September 30, 2025 compared to $4.5 million for the same period in 2024. These borrowings were largely used to fund the repurchase of 2049 Convertible Notes during the current period. Additionally, we issued $1.0 billion of 2030 Convertible Notes, and the proceeds were used to repay outstanding borrowings under the Credit Facility.

Effect of exchange rates on cash, cash equivalents and restricted cash

Fluctuations in foreign currency exchange rates impacted cash, cash equivalents, and restricted cash by $236.3 million and $42.1 million for the nine months ended September 30, 2025 and 2024, respectively. The positive impact in 2025 was primarily driven by the weakening of the U.S. dollar compared to euro.

Other sources of capital

Credit Facility - On December 17, 2024, the Company amended its revolving credit agreement (the “Credit Facility”) to increase the facility from $1.25 billion to $1.9 billion and to extend the expiration to December 17, 2029. The amended Credit Facility includes a multi-currency borrowing tranche totaling $1,685 million and a U.S. dollar borrowing tranche totaling $215 million. The amended Credit Facility also removes the credit spread adjustment on SOFR and SONIA borrowings. All other terms remain substantially the same as the previous Credit Facility. The multi-currency tranche of the revolving Credit Facility contains a sublimit of up to $500 million for the issuance of letters of credit, a $75 million sublimit for U.S. dollar swingline loans and a $75 million sublimit for swingline loans in euros or British pounds sterling. The multi-currency tranche of the Credit Facility allows for borrowings in British pounds sterling, euro and U.S. dollars. Subject to certain conditions, the Company has the option to increase the Credit Facility by up to an additional $500 million by requesting additional commitments from existing or new lenders. Borrowings under the revolving Credit Facility (other than swing line loans) bear interest based on a margin over a secured financing rate or the base rate, as selected by the Company, which varies from 0.875% to 1.375%, in each case based, on the Company’s current credit rating. The applicable margin for borrowings under the Credit Facility, based on the Company’s current credit rating is 1.075%. In addition, the Company pays a facility fee on the total commitments made under the revolving Credit Facility, which varies from 0.125% to 0.250%. As of September 30, 2025, the stand-by letters of credit interest charge was 1.25% per annum.

As of September 30, 2025, we had $56.6 million of borrowings and $55.9 million of stand-by letters of credit outstanding under the Credit Facility. The remaining $1787.5 million under the Credit Facility was available for borrowing.

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2049 Convertible Notes - On March 18, 2019, we completed the sale of $525.0 million in principal amount of Convertible Senior Notes due 2049 (“2049 Convertible Notes”). The 2049 Convertible Notes were issued pursuant to an indenture, dated as of March 18, 2019, by and between us and U.S. Bank National Association, as trustee. The 2049 Convertible Notes have an interest rate of 0.75% per annum payable semi-annually in March and September 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 prices of Euronet common stock exceeding certain thresholds for specified periods). Holders of the 2049 Convertible Notes have the option to require us to repurchase for cash all or part of their 2049 Convertible Notes on each of March 15, 2025, 2029, 2034, 2039 and 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, we recorded $12.8 million in debt issuance costs, which were amortized through March 1, 2025. Almost all of the holders exercised their repurchase option in March 2025 and we repurchased $491.8 million of the 2049 Convertible Notes with a combination of cash on hand and a borrowing under our Credit Facility. As of September 30, 2025, $33.2 million of the 2049 Convertible Notes remain outstanding.

2030 Convertible Notes - On August 15, 2025, the Company completed the sale of $1,000.0 million of Convertible Senior Notes maturing in October 2030. ("2030 Convertible Notes"). The 2030 Convertible Notes mature in October 2030 unless redeemed or converted prior to such date and are convertible into shares of Euronet common stock at a conversion price of approximately $127.04 per share if certain conditions are met (relating to the closing price of Euronet common stock exceeding certain thresholds for specified periods. The 2030 Convertible Notes have an interest rate of 0.625% per year, payable semi-annually in arrears on April 1 and October 1 of each year, beginning on April 1, 2026. In connection with the issuance of the 2030 Convertible Notes, we recorded $23.5 million in debt issuance costs, which will be amortized through October 1, 2030. The 2030 Convertible Notes are convertible at the option of the holders at any time prior to the close of business on the business day immediately preceding April 1, 2030 if certain conditions are met.

Senior Notes - On May 22, 2019, we completed the sale of €600 million ($669.9 million) aggregate principal amount of Senior Notes that expire on May 2026 (the “Senior Notes”). The Senior Notes accrue interest at a rate of 1.375% per year, payable annually in arrears on May 22 of each year, until maturity or earlier redemption. As of September 30, 2025, we have outstanding €600 million ($704.0 million) principal amount of the Senior Notes. In addition, we may redeem some or all of these notes on or after February 22, 2026 at their principal amount plus any accrued and unpaid interest.

Uncommitted Credit Agreements - On June 20, 2025, the Company entered into an Uncommitted Loan Agreement for the sole purpose of providing vault cash for ATMs, that expires no later than June 19, 2026. The amount of this Uncommitted Line of Credit shall be no more than (i) on or before September 30, 2025, $400 million and (ii) on and after October 1, 2025, $250 million. The loan had an outstanding balance of $250 million at September 30, 2025. The loan is a Prime Rate Loan, a Daily Term SOFR Rate Loan plus 1.00% or shall bear interest at the rate agreed to by the Bank and the Company at the time such loan is made. The weighted-average interest rate from loan inception date to September 30, 2025, was 5.65%. On June 27, 2025, the Company entered into an Uncommitted Loan Agreement for $300 million for the sole purpose of providing vault cash for ATMs, that expires no later than November 30, 2025. The loan had an outstanding balance of $150.5 million at September 30, 2025. The loan is a Prime Rate Loan, a Daily Simple SOFR Rate Loan plus 1.25% or shall bear interest at the rate agreed to by the Bank and the Borrower at the time such Loan is made. The weighted-average interest rate from the loan inception date to September 30, 2025 was 5.59%. On July 28 2025, the Company entered into an Uncommitted Loan Agreement for $100 million, fully drawn and outstanding at September 30, 2025, for the sole purpose of providing vault cash for ATMs, that expires no later than November 30, 2025. The loan is a Prime Rate Loan, a Daily Simple SOFR Rate Loan plus 1.00% or shall bear interest at the rate agreed to by the Bank and the Borrower at the time such loan is made. The weighted-average interest rate from the loan inception date to September 30, 2025 was 5.34%.

Other debt obligations — Certain of our subsidiaries have available credit lines and overdraft facilities to generally supplement short-term working capital requirements, when necessary. On October 9, 2024, the Company completed a facility of MYR 100 million and an overdraft facility of MYR 140 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 September 30, 2025 $26.8 million was borrowed under this facility. Including the Malaysian facility, there was a total of $37.2 million outstanding under our subsidiaries credit lines and overdraft facilities as of September 30, 2025.

Other uses of capital

Capital expenditures and needs - Total capital expenditures for the nine months ended September 30, 2025 were $93.9 million. These capital expenditures were primarily for the purchase and installation of ATMs in key under-penetrated markets, the purchase of POS terminals for the epay and Money Transfer Segments, and office, data center and company store computer equipment and software. Total capital expenditures for 2025 are currently estimated to range from approximately $120 million to $130 million. At current and projected cash flow levels, we anticipate that cash generated from operations, together with cash on hand and amounts available under our Credit Facility and other existing and potential future financings will be sufficient to meet our debt (including our uncommitted credit facilities), leasing, and capital expenditure obligations. If our capital resources are not sufficient to meet these obligations, we will seek to refinance our debt and/or issue additional equity under terms acceptable to us. However, we can offer no assurances that we will be able to obtain favorable terms for the refinancing of any of our debt or other obligations or for the issuance of additional equity.

Inflation and functional currencies

Historically, the countries in which we operate have experienced low and stable inflation. Therefore, the local currency in each of these markets is the functional currency. We have seen indications that the current inflationary period will put pressure on our results of operations and our financial position. We have seen some signs of inflation impacting discretionary spend items, such as gaming products, in our epay business, discretionary travel expenditures in EFT, as well as some pressure on send amounts in money transfer. As a consequence of this inflationary period, we expect to see increasing expenses forthcoming. We continually review inflation and the functional currency in each of the countries where we operate.

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OFF BALANCE SHEET ARRANGEMENTS.

On occasion, we grant guarantees of the obligations of our subsidiaries, and we sometimes enter into agreements with unaffiliated third parties that contain indemnification provisions, the terms of which may vary depending on the negotiated terms of each respective agreement. Our liability under such indemnification provisions may be subject to time and materiality limitations, monetary caps and other conditions and defenses. As of September 30, 2025, there were no material changes from the disclosure in our Annual Report on Form 10-K for the year ended December 31, 2024. To date, we are not aware of any significant claims made by the indemnified parties or parties to whom we have provided guarantees on behalf of our subsidiaries and, accordingly, no liabilities have been recorded as of September 30, 2025. See also Note 15, Commitments, to the unaudited consolidated financial statements included elsewhere in this report.

CONTRACTUAL OBLIGATIONS

As of September 30, 2025, there have been no material changes outside the ordinary course of business in our future contractual obligations from the amounts reported within our Annual Report on Form 10-K for the year ended December 31, 2024.

Interest rate risk

As of September 30, 2025, our total debt outstanding, excluding unamortized debt issuance costs, was $2,331.5 million. Of this amount, $1 billion, net of debt discounts, or 43% of our total debt obligations, relates to our 2030 Convertible Notes that have a fixed coupon rate. Our $1 billion outstanding principal amount of 2030 Convertible Notes accrue cash interest at a rate of 0.625% of the principal amount per annum. Based on quoted market prices, as of September 30, 2025, the fair value of our fixed rate 2030 Convertible Notes was $877.6 million, compared to a carrying value of $1 billion. Also, $33.2 million, net of debt discounts, or 1% of our total debt obligations, relates to our contingent 2049 Convertible Notes that have a fixed coupon rate. Our $33.2 million outstanding principal amount of 2049 Convertible Notes accrue cash interest at a rate of 0.75% of the principal amount per annum. Based on quoted market prices, as of September 30, 2025, the fair value of our fixed rate 2049 Convertible Notes was $31.6 million, compared to a carrying value of $33.2 million. Further, as of September 30, 2025 we had $56.6 million of borrowings under our Credit Facility, or 2% of our total debt obligations. If we were to maintain these borrowings for one year and maximize the potential borrowings available under the Credit Facility for one year, a 1% (100 basis points) increase in the applicable interest rate would result in additional interest expense to the Company of approximately $10.0 million. The carrying values of the Credit Facility approximates fair value because interest as of September 30, 2025, was based on SOFR that resets at various intervals of less than one year. Additionally, $704.0 million, or 30% of our total debt obligations, relates to Senior Notes having a fixed coupon rate. Our $704.0 million outstanding principal amount of Senior Notes accrue cash interest at a rate of 1.375% of the principal amount per annum. Based on quoted market prices, as of September 30, 2025, the fair value of our fixed rate Senior Notes was $697.8 million, compared to a carrying value of $697.8 million. An additional $500.5 million, or 21% of our total debt, is related to three short-term uncommitted credit agreements. The credit agreements are due within one year and accrues interest at variable rates. The remaining $37.2 million is related to borrowings by certain subsidiaries to fund, from time to time, working capital requirements. These arrangements generally are due within one year and accrue interest at variable rates. Our excess cash is invested in instruments with original maturities of three months or less or in certificates of deposit that may be withdrawn at any time without penalty; therefore, as investments mature and are reinvested, the amount we earn will increase or decrease with changes in the underlying short-term interest rates.

Foreign currency exchange rate risk

For the nine months ended September 30, 2025, approximately 76.7% of our revenues were generated in non-U.S. dollar countries and we expect to continue generating a significant portion of our revenues in countries with currencies other than the U.S. dollar.

We are particularly vulnerable to fluctuations in exchange rates of the U.S. dollar to the currencies of countries in which we have significant operations, primarily the euro, British pound, Australian dollar, Polish zloty, Indian rupee, New Zealand dollar, Malaysian ringgit and Hungarian forint. As of September 30, 2025, we estimate that a 10% fluctuation in these foreign currency exchange rates would have the combined annualized effect on reported net income and working capital of approximately $30 million to $40 million. This effect is estimated by applying a 10% adjustment factor to our non-U.S. dollar results from operations, intercompany loans that generate foreign currency gains or losses and working capital balances that require translation from the respective functional currency to the U.S. dollar reporting currency.

Additionally, we have other non-current, non-U.S. dollar assets and liabilities on our balance sheet that are translated to the U.S. dollar during consolidation. These items primarily represent goodwill and intangible assets recorded in connection with acquisitions in countries other than the U.S. and our Senior Notes. We estimate that a 10% fluctuation in foreign currency exchange rates would have a non-cash impact on total comprehensive income of approximately $65 million to $75 million as a result of the change in value of these items during translation to the U.S. dollar. For the fluctuations described above, a strengthening U.S. dollar produces a financial loss, while a weakening U.S. dollar produces a financial gain.

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We believe this quantitative measure has inherent limitations and does not take into account any governmental actions or changes in either customer purchasing patterns or our financing or operating strategies. Because a majority of our revenues and expenses are incurred in the functional currencies of our international operating entities, the profits we earn in foreign currencies are positively impacted by a weakening of the U.S. dollar and negatively impacted by a strengthening of the U.S. dollar. Additionally, a significant portion of our debt obligations are in U.S. dollars; therefore, as foreign currency exchange rates fluctuate, the amount available for repayment of debt will also increase or decrease.

We use derivatives to minimize our exposures related to changes in foreign currency exchange rates and to facilitate foreign currency risk management services by writing derivatives to customers. Derivatives are used to manage the overall market risk associated with foreign currency exchange rates; however, we do not perform the extensive record-keeping required to account for the derivative transactions as hedges. Due to the relatively short duration of the derivative contracts, we use the derivatives primarily as economic hedges. Since we do not designate foreign currency derivatives as hedging instruments pursuant to the accounting standards, we record gains and losses on foreign exchange derivatives in earnings in the period of change.

A majority of our consumer-to-consumer money transfer operations involve receiving and disbursing different currencies, in which we earn a foreign currency spread based on the difference between buying currency at wholesale exchange rates and selling the currency to consumers at retail exchange rates. We enter into foreign currency forward and cross-currency swap contracts to minimize exposure related to fluctuations in foreign currency exchange rates. The changes in fair value related to these contracts are recorded in Foreign currency exchange (loss) gain, net on the Consolidated Statements of Operations. As of September 30, 2025, we had foreign currency derivative contracts outstanding with a notional value of $382.5 million, primarily in Australian dollars, British pounds, Canadian dollars, euros and Mexican pesos, that were not designated as hedges and mature within a few days.

For derivative instruments our xe operations write to customers, we aggregate the foreign currency exposure arising from customer contracts and hedge the resulting net currency risks by entering into offsetting contracts with established financial institution counterparties as part of a broader foreign currency portfolio. The changes in fair value related to the total portfolio of positions are recorded in Revenues on the Consolidated Statements of Operations. As of September 30, 2025, we held foreign currency derivative contracts outstanding with a notional value of $0.9 billion, primarily in U.S. dollars, euros, British pounds, Australian dollars and New Zealand dollars, that were not designated as hedges and for which the majority mature within the next twelve months.

We use longer-term foreign currency forward contracts to mitigate risks associated with changes in foreign currency exchange rates on certain foreign currency denominated other assets and liability positions. As of September 30, 2025, the Company had foreign currency forward contracts outstanding with a notional value of $535.3 million, primarily in euros.

See Note 11, Derivative Instruments and Hedging Activities, to our unaudited consolidated financial statements for additional information.

Our executive management, including our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the design and operation of our disclosure controls and procedures pursuant to Rule 13a-15(b) under the Exchange Act as of September 30, 2025. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that the design and operation of these disclosure controls and procedures were effective as of such date to provide reasonable assurance that information required to be disclosed in our reports under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosures.

Change in Internal Controls

There have been no changes in our internal control over financial reporting during the three months ended September 30, 2025 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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Except as otherwise described herein, there were no material changes to the risk factors previously disclosed in our Annual Report on Form 10-K for the year ended 31 December 2024 and in our Quarterly Report on Form 10-Q for quarterly period ended June 30, 2025, as filed with the SEC.

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