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Imagine a global Western Union that also operates tens of thousands of ATMs and processes a wide range of electronic payments for banks and retailers worldwide.

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• Electronic Payment Solutions: Comprehensive services including ATM and POS management, card outsourcing, and merchant acquiring.
• Non-Cash Transaction Services: Offerings such as ATM/POS currency conversion, mobile top-up, bill payment, fraud management, and foreign remittance.
• Prepaid Product Distribution & Processing: Distribution and processing of prepaid mobile airtime and various other electronic payment products.
• Gift Card Services: Distribution, processing, and fulfillment for gift cards and other prepaid products.
• Money Transfer Services: Facilitates consumer-to-consumer and account-to-account money transfers globally.
• Financial & Payment Services: Provides bill payment, check cashing, foreign currency exchange, and prepaid debit cards.

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Euronet Worldwide (EEFT) primarily sells its payment and transaction processing and distribution solutions to other companies. Its major customers fall into the following categories:

• Financial institutions
• Agents
• Retailers
• Merchants
• Content providers

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Michael J. Brown, Chairman and CEO

Michael J. Brown co-founded Euronet in 1994 and has served as its Chief Executive Officer ever since. He is also Chairman of Euronet's board of directors and the Company's President. An accomplished entrepreneur with over 30 years of combined experience in the computer software and digital payments business, he is actively involved in the day-to-day operations of Euronet while overseeing the company's business strategy, financial performance, and growth. Prior to Euronet, Mr. Brown founded and was CEO of Innovative Software in 1979, which developed integrated business software and later merged with Informix in 1988, where he served as President and Chief Operating Officer. In 1993, he was a founding investor of Visual Tools, a company that was acquired by Sybase Software in 1996.

Rick L. Weller, Executive VP and CFO

Rick L. Weller was named Chief Financial Officer for Euronet Worldwide in November 2002. He is also the Chief Accounting Officer. Mr. Weller has over 30 years of business and financial management experience. Before joining Euronet, he held several operating and financial leadership positions, including Chief Operating Officer of ionex telecommunications and Chief Financial Officer of Intek Information, Inc. He also founded Compass Partners in 1999, which led to the formation of Ionex Telecommunications, Inc. His previous experience includes various management roles at Sprint, and he served as Senior Manager in the financial service industry practice of Price Waterhouse. Following the CoreCard-Euronet merger, he was appointed a director of CoreCard and became its President effective October 30, 2025.

Kevin J. Caponecchi, Executive VP and CEO, epay, Software and EFT Asia Pacific Division

Kevin J. Caponecchi joined Euronet in July 2007. He is responsible for the strategic planning, operations, and global management of epay (Euronet's Prepaid segment), as well as the software and Asia Pacific EFT businesses. Mr. Caponecchi has 17 years of domestic and international management experience with various GE businesses, and prior to joining Euronet, he served as President for GE Transportation's Global Signaling business.

Juan C. Bianchi, Executive VP and CEO, Money Transfer Segment

Juan C. Bianchi joined Euronet after the company's acquisition of Ria Envia, Inc. in April 2007. As CEO of the money transfer segment, he is responsible for the financial and operational performance and driving the global strategy for the division. Before the acquisition, Mr. Bianchi served as the CEO of Ria and has spent his entire career at either Ria or AFEX Money Express, a money transfer company purchased by Ria's founders. He has more than 15 years of experience in the money transfer industry.

Nikos Fountas, Executive VP and CEO, EFT Americas, Europe, Middle East and Africa Division

Nikos Fountas joined Euronet following the company's 2005 acquisition of Instreamline S.A. in Greece. He is responsible for the strategic planning, operations, and management of Euronet's EFT Segment in the Americas and EMEA, as well as Euronet's merchant services globally. Mr. Fountas has direct profit and loss responsibility for the EFT business and oversees commercial sales initiatives, including the provision of ATM, POS, and card-related services to customers.

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The key risks to Euronet Worldwide (EEFT) primarily stem from the dynamic and highly regulated nature of the global payments industry and its exposure to macroeconomic factors.

1. Intense Competition and Technological Disruption: Euronet operates in a highly competitive fintech landscape, facing numerous established players and emerging startups that offer innovative or lower-cost payment solutions. The rapid pace of technological advancements, particularly the shift towards digital and real-time payments, necessitates continuous investment in technology and innovation to maintain market position and avoid obsolescence. This competitive pressure and potential for technological disruption affect all of Euronet's segments, including Electronic Fund Transfer Processing, epay, and Money Transfer.

2. Regulatory and Geopolitical Challenges: Given Euronet's expansive global footprint, with operations in over 200 countries and territories, it is exposed to diverse and evolving regulatory frameworks. Adhering to stringent laws governing electronic payments and money transfers across various jurisdictions can lead to increased compliance costs and potential penalties for non-compliance. Furthermore, geopolitical risks, economic downturns, and political instability in the regions where Euronet operates can disrupt business operations and negatively impact financial performance.

3. Macroeconomic Pressures and Currency Fluctuations: Economic factors such as inflation, high unemployment, and fluctuating consumer discretionary spending can significantly impact Euronet's financial performance. The epay segment, for instance, is strongly tied to consumer spending, while the Money Transfer segment's volumes can be affected by broader economic stress among lower-income consumers and changes in immigration policies. Additionally, Euronet's international operations expose it to currency exchange rate risks, where a stronger U.S. dollar can negatively impact revenues earned outside the U.S., leading to unpredictable fluctuations in operating income.

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• The rise of digital-first international money transfer services (e.g., Wise, Remitly) which offer significantly lower fees and more convenient, fully digital channels for cross-border remittances, directly threatening Euronet's Money Transfer segment which relies on a network of physical locations.
• The increasing adoption and development of blockchain-based payment networks and stablecoins that enable near-instant, low-cost international transfers, posing a fundamental long-term threat to traditional money transfer and foreign exchange services offered within Euronet's Money Transfer and Electronic Fund Transfer Processing segments.

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Euronet Worldwide (EEFT) operates in several large addressable markets globally through its Electronic Fund Transfer Processing, epay, and Money Transfer segments.

Money Transfer Services

The global consumer-to-consumer (C2C) cross-border payments market, which encompasses services such as remittances and high-value transfers, had a total addressable market (TAM) of approximately $2.1 trillion in 2025. This market is projected to grow to $3.3 trillion by 2033.

Electronic Fund Transfer (EFT) Processing

For its broader electronic fund transfer processing solutions, including credit and debit card outsourcing, card issuing, and merchant acquiring services, the global payment processing solutions market was estimated at USD 173.38 billion in 2025. This market is projected to reach approximately USD 208.57 billion by 2026 and is anticipated to grow to around USD 1,051.93 billion by 2035.

ATM Services

Within its Electronic Fund Transfer Processing segment, specifically for services related to automated teller machines (ATMs) like cash withdrawal and deposit services, ATM network participation, and outsourced ATM management solutions, the global ATM market was valued at USD 25.1 billion in 2025. It is poised to grow to USD 44.1 billion by 2033. Additionally, the global ATM managed services market alone was valued at USD 9.04 billion in 2025 and is projected to reach USD 20.85 billion by 2034.

epay Segment (Prepaid Mobile, Cards, and Digital Wallets)

For its epay segment, which distributes and processes prepaid mobile airtime, other electronic payment products, and provides services for various prepaid products, cards, and gift cards, the global prepaid card and digital wallet market is expected to reach US$2.13 trillion in 2026. The overall prepaid phone plan market is also significant, projected to rise from approximately USD 50 billion in 2023 to an estimated USD 90 billion by 2032.

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Euronet Worldwide (EEFT) is expected to drive future revenue growth over the next two to three years through several key initiatives across its segments:

1. Expansion into New Markets and Strategic Market Penetration: Euronet is actively expanding its footprint into new geographic markets and deepening its penetration in existing ones across its Electronic Fund Transfer (EFT) Processing and Money Transfer segments. This strategy capitalizes on expanding market opportunities and has been highlighted as a driver for both EFT revenue and overall earnings growth.
2. Growth in Merchant Acquiring Services: The company's Merchant Services business, part of the EFT segment, is consistently identified as a significant area of growth. This includes the expansion of its merchant acquiring business, which has seen double-digit growth and is a key contributor to the EFT segment's performance.
3. Acceleration of Digital Payment Products and Direct-to-Consumer Digital Transactions: Euronet is focusing on expanding its digital offerings across its epay and Money Transfer segments. This includes enhanced growth in digital media and mobile channels for epay, and substantial growth in direct-to-consumer digital and cross-border transactions within its Money Transfer segment. The company is strategically shifting towards high-margin digital offerings and investing in accelerated digital initiatives, including partnerships for real-time transfers.
4. Increased International Transaction Activity and Travel Recovery: The EFT segment's revenue growth is significantly bolstered by improved international travel and a rise in cross-border transactions. This continued recovery and growth in global travel-related activities are expected to further drive transaction volumes and revenue.
5. Strategic Acquisitions: Euronet actively pursues strategic acquisitions to fuel its business momentum. Recent examples include the acquisition of Kyodai in the Money Transfer segment and Credia Bank's Merchant Acquiring Business, indicating a continued inorganic growth strategy.

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Share Repurchases

• Euronet Worldwide completed a multi-year share repurchase program totaling 15,673,988 shares for US$1.48 billion since 2022, which reduced the share count by over one-third.
• The company's Board of Directors previously authorized the repurchase of up to $100 million or 5 million shares of common stock.
• In August 2025, Euronet announced plans to repurchase up to $175 million of its common stock in privately negotiated deals.

Share Issuance

• Euronet Worldwide's Shares Outstanding (Weighted Average) showed a net decrease over the last few years, falling from $52.3 million in 2020 to $43.9 million in 2024, indicating share repurchases have outpaced any issuances.

Outbound Investments

• Euronet Worldwide's most recent acquisition was CoreCard in July 2025, a transaction processing software company, which was a strategic move to expand into credit card issuing and processing software and was estimated at $248 million.
• The company acquired Infinitium in February 2024 and Dolphin Debit in April 2020, with the latter expanding ATM outsourcing services to the U.S.
• Euronet is set to acquire CrediaBank S.A.'s merchant acquiring division, with the finalization anticipated in the third quarter of 2026.

Capital Expenditures

• Capital expenditures were reported at -$125.50 million in the last 12 months, as of March 13, 2026.
• Annual capital expenditures for fiscal year 2025 were $125.50 million.
• The primary focus of capital expenditures includes investments in expanding digital payment processing and global money transfers, as well as the ongoing shift from cash to digital payments, including the transformation of the epay segment and increasing digital and real-time transactions in the Money Transfer segment.