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Here are 1-2 brief analogies to describe Euronet Worldwide:

1. Western Union for global remittances, but also operating a vast network of independent ATMs worldwide.

2. A global financial infrastructure company that’s like a blend of a major international money transfer service and the independent ATM networks found in tourist areas and many foreign countries.

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• ATM and POS Services: Provides comprehensive processing and management for automated teller machines (ATMs) and point-of-sale (POS) terminals.
• Prepaid Mobile and Digital Content Distribution: Distributes prepaid mobile airtime, digital gift cards, and other electronic content and payments.
• International Money Transfer (Ria, Xe): Facilitates cross-border money transfers for individuals and businesses globally.
• Payment Gateway Services: Offers secure electronic payment processing and connections for financial institutions and merchants.
• Foreign Currency Exchange: Provides foreign currency exchange services for consumers and businesses.

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Euronet Worldwide (EEFT) primarily sells its services and solutions to other companies (B2B) across its Electronic Funds Transfer (EFT) Processing, Money Transfer, and epay segments. Due to the highly diversified nature of its global customer base and its role as a behind-the-scenes payment processor and infrastructure provider, Euronet does not publicly disclose the names of specific major customer companies in its financial filings or investor communications.

Instead, Euronet Worldwide's major customers can be categorized by the types of businesses it serves globally:

• Financial Institutions: This category includes a wide range of banks, credit unions, and other financial service providers. These institutions leverage Euronet's EFT processing services for critical functions such as ATM network management, point-of-sale (POS) solutions, card issuing, and transaction processing. Euronet provides the underlying technology and infrastructure for their payment services.
• Retailers: Both large retail chains and smaller independent businesses form a significant customer base for Euronet. For its epay segment, retailers partner with Euronet to distribute various prepaid products, including mobile airtime, digital content, and gift cards. For the Money Transfer segment (e.g., Ria Money Transfer), many retailers operate as agents, offering money transfer services to their customers through Euronet's network.
• Mobile Network Operators (MNOs) and Digital Content Providers: These companies utilize Euronet's epay platform to distribute their prepaid products and services. This includes mobile top-ups, gaming credits, and other digital vouchers, which are then sold to end consumers through Euronet's vast retail distribution network.

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Michael J. Brown Chairman and Chief Executive Officer

Michael J. Brown co-founded Euronet in 1994 and has served as its chief executive officer ever since. He also serves as the Chairman of Euronet's board of directors and the Company's President. 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, overseeing business strategy, financial performance, and growth across all markets. Prior to Euronet, Mr. Brown founded Innovative Software in 1979, which later merged with Informix in 1988, where he served as president and chief operating officer. He was also a founding investor in Visual Tools in 1993, which was acquired by Sybase Software in 1996.

Rick L. Weller Executive Vice President and Chief Financial Officer

Rick L. Weller was appointed chief financial officer for Euronet Worldwide in November 2002. He is responsible for the Company's financial operations, including financial planning and analysis, acquisitions, and treasury aspects of the business. Mr. Weller brings over 30 years of business and financial management experience to his role and is a Certified Public Accountant. Before joining Euronet, he held several operating and financial leadership positions, including Chief Operating Officer of ionex telecommunications from 1999 to 2001, and proprietor of Pivotal Associates in 2002. He also served as Chief Financial Officer of USA Global Link and Intek Information, Inc., and held various finance leadership roles at Sprint Communications Inc.

Kevin J. Caponecchi Executive Vice President and Chief Executive Officer, epay, Software and EFT Asia Pacific Division

Kevin J. Caponecchi joined Euronet in July 2007. He is responsible for the strategic planning, operations, and management of Euronet's epay (Prepaid segment) globally, as well as the software and Asia Pacific EFT businesses. Before coming to Euronet, Mr. Caponecchi gained 17 years of domestic and international management experience with various GE businesses, including serving as president for GE Transportation's Global Signaling business.

Juan C. Bianchi Executive Vice President and Chief Executive Officer, Money Transfer Segment

Juan C. Bianchi joined Euronet following the Company's acquisition of RIA Envia Inc. in April 2007. As CEO of the money transfer segment, he oversees Euronet's money transfer operations worldwide and is responsible for the segment's financial and operational performance and global strategy. Prior to the acquisition, Mr. Bianchi served as the CEO of RIA and spent his entire career at either RIA or AFEX Money Express.

Nikos Fountas Executive Vice President and Chief Executive Officer, EFT Europe, Middle East and Africa Division

Nikos Fountas is responsible for the strategic planning, operations, and management of Euronet's EFT Segment across EMEA. Before joining Euronet, Mr. Fountas accumulated over 20 years of experience in management and executive-level positions in the IT field, including 12 years at IBM.

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• Intense Market Competition and Technological Disruption: Euronet operates in a highly competitive fintech industry with numerous traditional financial institutions and innovative digital platforms vying for market share. The rapid evolution of the payments industry, including the accelerated shift toward digital payment solutions and new technologies, necessitates continuous innovation and strategic positioning for Euronet to maintain its competitive edge and avoid being outpaced.
• Regulatory and Compliance Risks: Euronet's global operations expose it to diverse and stringent regulatory frameworks, including laws governing electronic payments, money transfers, data protection, anti-money laundering, and anti-terrorism. Compliance with these varying and often changing rules is crucial, and any changes or non-compliance can lead to increased costs, potential penalties, and adverse effects on operating results, particularly in regions with higher political, economic, and regulatory risks like Central and Eastern Europe, the Middle East, Asia Pacific, Africa, and South America.
• Macroeconomic Pressures and Foreign Exchange Volatility: Economic factors such as inflation, economic downturns, and foreign exchange volatility can significantly impact Euronet's financial performance. Recessionary environments can reduce consumer spending and transaction volumes, directly affecting revenue from its ATM and money transfer businesses. Furthermore, with a significant portion of its revenues denominated in foreign currencies, Euronet is exposed to currency exchange rate fluctuations, which can adversely affect its financial results.

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Cryptocurrency and Blockchain-based Remittance Services

The emergence and growing adoption of cryptocurrency and blockchain technology present a significant threat to Euronet's Money Transfer segment, particularly its Ria and Xe brands. Companies leveraging distributed ledger technology (DLT) can facilitate international money transfers with potentially lower fees, faster settlement times, and greater transparency compared to traditional remittance methods. While not yet fully mainstream for retail customers on the scale of Euronet's current operations, the continuous development and increasing sophistication of these services (e.g., stablecoin-based remittances, various crypto remittance platforms) could disintermediate traditional players by offering a more efficient and cost-effective alternative for cross-border payments, similar to how digital streaming disrupted physical media distribution.

Central Bank Digital Currencies (CBDCs)

The global exploration and pilot programs for Central Bank Digital Currencies (CBDCs) pose an emerging threat across multiple Euronet segments. If widely adopted, CBDCs could fundamentally alter the financial landscape:

• EFT Processing: CBDCs could reduce the reliance on physical cash, thereby decreasing demand for Euronet's ATM network and potentially impacting its card processing services if direct digital currency transactions bypass traditional card networks.
• Money Transfer: CBDCs are envisioned to enable faster and cheaper cross-border payments directly between central banks or citizens, potentially bypassing existing correspondent banking relationships and remittance networks like Euronet's Ria and Xe, which could disintermediate their services.

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Euronet Worldwide (EEFT) operates across three primary business segments, each addressing substantial global markets:

1. Electronic Funds Transfer (EFT) Processing Segment
This segment encompasses ATM network services, point-of-sale (POS) services, card issuing, and transaction processing.

• ATM Market: The global ATM market size was valued at approximately $24.4 billion in 2024 and is projected to reach between $31.64 billion by 2030 and $50 billion by 2032. North America held the largest share of the ATM market in 2024, at 31.34%. However, the Asia Pacific region is noted as the fastest-growing market.
• Electronic Payment Processing Solutions: The global electronic payment processing market was valued at approximately $100.73 billion in 2024 and is projected to grow to $171.71 billion by 2029. More broadly, the global payment processing solutions market size was estimated at $144.12 billion in 2024 and is projected to reach $914.91 billion by 2034. North America dominated this market with a 47% share in 2024. The Electronic Funds Transfer market specifically expanded from $81.91 billion in 2024 to $90.20 billion in 2025 and is set to reach $174.34 billion by 2032 globally.

2. epay Segment
The epay segment specializes in digital content distribution and prepaid products, including prepaid mobile top-ups, digital gift cards, gaming credits, and bill payment solutions.

• Prepaid Card Market: The global prepaid card market size was valued at approximately $3.60 trillion in 2024 and is projected to reach $21.46 trillion by 2034. Another estimate places the global prepaid card market at $3.36 trillion in 2024, growing to $12.67 trillion by 2033. North America dominated the prepaid card market in 2024 with the highest market share of 61%.

3. Money Transfer Segment
This segment focuses on cross-border and domestic money transfer services, primarily through Euronet's Ria Money Transfer and Xe brands.

• Global Remittance Market: The global remittance market was valued at $784.25 billion in 2022 and is estimated to reach $1,329.92 billion by 2032. Another projection estimates the global remittance market at $744.78 billion in 2025, reaching $814.58 billion by 2035.
• Digital Money Transfer and Remittances: The global digital money transfer and remittances market was valued at $325.19 billion in 2024 and is projected to reach $588.66 billion by 2032. The global digital remittance market size reached $24.4 billion in 2024 and is expected to reach $78.2 billion by 2033. North America held the largest market share in digital remittance.

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Euronet Worldwide (EEFT) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:

1. Digital Transformation and Expansion of Digital Payment Offerings: Euronet is heavily focused on expanding its digital capabilities across all segments. This includes the significant growth of direct-to-consumer (DTC) digital transactions within its Money Transfer segment, which saw a 30% increase in Q3 2024 and 33% in Q4 2024. The epay segment is also experiencing double-digit revenue and transaction growth driven by digital media and mobile offerings. Furthermore, strategic partnerships, such as the Dandelion collaboration with Citigroup and the alliance with Fireblocks for stablecoin technology, are crucial to expanding digital payment processing and credit issuing capabilities in key regions. The acquisition of CoreCard also positions Euronet to rapidly expand digital payments processing.
2. Growth in Cross-Border Money Transfers: The Money Transfer segment continues to be a significant driver, with double-digit growth in cross-border transactions. The company is expanding its digital remittance services, including a partnership with Google, and entering new markets, such as Japan with the acquisition of Kyodai Remittance. This focus on international transfers is a key growth area.
3. Expansion of ATM/POS Networks and Market Presence: Euronet is committed to expanding its ATM and Point-of-Sale (POS) networks, particularly in developing markets like Morocco, Egypt, and the Philippines. This geographical expansion contributes to the growth of the EFT processing segment. Additionally, the merchant services business, notably in Greece, has shown strong growth in operating income. Improved travel trends also continue to positively impact transactions within the EFT segment.
4. Introduction of New and Innovative Payment Solutions: Euronet is actively investing in and launching new technologies to capture emerging market opportunities. A notable example is the planned launch of stablecoin-enabled use cases in Q1 2026, starting with treasury settlement, cross-border transfers, and consumer cash-out functionality in select markets. These new offerings are expected to contribute to future revenue streams.

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Share Repurchases

• Euronet Worldwide completed a major buyback program from early 2022 to Q2 2025, repurchasing 2,300,000 shares for $247 million, which represented 24.21% of outstanding shares.
• In Q3 2023, the company repurchased 3,507,049 shares for $296.1 million.
• A share repurchase program was authorized by the board on December 8, 2021.

Outbound Investments

• In July 2025, Euronet Worldwide acquired CoreCard, a transaction processing software company, for approximately $260 million.
• During Q2 2025, the company acquired a 60% interest in Kyodai Remittance, which expanded its Money Transfer segment into the Japanese market.
• Euronet consistently evaluates and completes strategic acquisitions, typically executing one or two per year.

Capital Expenditures

• Total capital expenditures for 2023 amounted to $94.4 million.
• Estimated capital expenditures for 2024 are projected to be approximately $90 million to $100 million.
• The primary focus of these expenditures includes purchasing ATMs to expand the IAD network in Europe, installing ATMs in key under-penetrated markets, acquiring POS terminals for the epay and Money Transfer segments, and investing in office, data center, and company store computer equipment and software.