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;  our ability to successfully integrate acquired businesses and to realize any anticipated synergies;  business strategy;  government regulatory action;  the expected effects of changes in laws or accounting standards;  the impact of pandemics on our results of operations and financial positions;  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. Actual results may materially differ from those in the forward-looking statements as a result of various factors, including but not limited to, the Company’s ability to retain customers and retain and hire key personnel and maintain relationships with their suppliers and customers, and on their operating results and businesses generally; the risk of rating agency actions and the Company’s ability to access short- and long-term debt markets on a timely and affordable basis; conditions in world financial markets and general economic conditions, including impacts from pandemics or other disease outbreaks; inflation; tariffs; military conflicts in Ukraine and the Middle East and the related economic sanctions and supply disruptions; our ability to successfully integrate any acquired operations; economic conditions in specific countries and regions; technological developments, including artificial intelligence, affecting the market for our products and services; our ability to successfully introduce new products and services; foreign currency exchange rate fluctuations; the effects of any breach of our computer systems or those of our customers or vendors, including our financial processing networks or those of other third parties; interruptions in any of our systems or those of our vendors or other third parties; our ability to renew existing contracts at profitable rates; changes in fees payable for transactions performed for cards bearing international logos or over switching networks such as card transactions on ATMs; our ability to comply with increasingly stringent regulatory requirements, including anti-money laundering, anti-terrorism, anti-bribery, sanctions, consumer and data protection and privacy and the EU’s General Data Protection Regulation and Second Revised Payment Service Directive requirements; changes in laws and regulations affecting our business, including tax and immigration laws and any laws regulating payments, including dynamic currency conversion transactions, stablecoins and digital currencies; changes in our relationships with, or in fees charged by, our business partners; competition; the outcome of claims and other loss contingencies affecting Euronet; the cost of borrowing (including fluctuations in interest rates), availability of credit and terms of and compliance with debt covenants; and renewal of sources of funding as they expire and the availability of replacement funding. These risks and other risks are described in the Company's filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Copies of these filings may be obtained via the SEC's Edgar website or by contacting the Company. Any forward-looking statements made in this Form 10-Q speak only as of the date of this report. Except as required by law, we do not intend, and do not undertake any obligation, to update any forward-looking statements to reflect future events or circumstances after the date of such statements. 28 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. In May 2026, the Company changed the name of the EFT Processing Segment to Payments Infrastructure and the name of the Money Transfer Segment to Cross-Border Payments in order to more accurately reflect the products and services provided by these segments. We operate in the following three segments: 1) The Payments Infrastructure Segment (PI) meets the needs of financial institutions and consumers through Euronet-owned and outsourced ATMs and POS terminals combined with value added and transaction processing services. We deploy and operate our own ATMs, providing ATM services for financial institutions and providing electronic payment processing solutions. Payments Infrastructure offers a suite of integrated electronic financial transaction software solutions for electronic payment and transaction delivery systems. Transactions processed span a network of 57,071 installed ATMs and approximately 641,000 POS terminals. PI operates in 70 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 66 countries. We operate a network that includes approximately 739,000 POS terminals that enable electronic processing of prepaid mobile airtime "top-up" services and other digital media content. 3) The Cross-Border Payments Segment (CBP) provides global money transfers and currency exchange information in retail stores, apps, and websites through Ria, Xe and the Dandelion cross-border real-time payments network. Euronet’s Cross-Border Payments Segment offers real-time, cross-border payments to consumers and businesses across 200 countries and territories, enabling banks, fintechs and big tech platforms to integrate an international payments solution into their own platforms. Ria 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. CBP has digital connections to 4.1 billion bank accounts and 3.7 billion digital wallet accounts. During 2026, the Company updated the names of its reportable operating segments to better align with its current business strategy and external communications. These changes were limited to the segment names and did not affect the composition of the reportable operating segments, the manner in which management evaluates segment performance, or previously reported financial information. Our executive offices are located in Leawood, Kansas, USA. With approximately 76% of our revenues denominated in currencies other than the U.S. dollar, any significant changes in foreign currency exchange rates will likely have a significant impact on our results of operations (for a further discussion, see Item 1A - Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2025). 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. Payments Infrastructure Segment — Revenues in the PI Segment, which represented approximately 34% and 32% of total consolidated revenues for the three and six months ended June 30, 2026 are derived from fees charged for transactions made by cardholders on our proprietary network of ATMs, fixed management fees and transaction fees we charge to customers for operating ATMs and processing debit and credit cards under outsourcing and cross-border acquiring agreements, foreign currency exchange margin on DCC transactions, domestic and international surcharge, foreign currency dispensing and other value added services such as advertising, prepaid telecommunication recharges, bill payment, and money transfers provided over ATMs. Revenues in this segment are also derived from cardless payment, banknote recycling, tax refund services, license fees, professional services and maintenance fees for proprietary application software and sales of related hardware. 29 epay Segment — Revenues in the epay Segment, which represented approximately 26% and 27% of total consolidated revenues for the three and six months ended June 30, 2026 are primarily derived from commissions or processing fees received from mobile phone operators for the processing and distribution of prepaid mobile airtime and commissions earned from the distribution of other electronic content, vouchers, and physical gifts. The proportion of epay Segment revenues earned from the distribution of prepaid mobile phone time has decreased over time, and digital media content now produces approximately 75% of epay Segment revenues. Digital media content offered by this segment includes digital content such as music, games, and software, as well as other products including prepaid long distance calling card plans, prepaid Internet plans, prepaid debit cards, gift cards, vouchers, transport payments, lottery payments, bill payment, and money transfer. Cross-Border Payments Segment — Revenues in the CBP Segment, which represented approximately 40% and 41% of total consolidated revenues for the three and six months ended June 30, 2026, are primarily derived from transaction fees, as well as the margin earned from purchasing foreign currency at wholesale exchange rates and selling the foreign currency to customers at retail exchange rates. We have a sending agent network in place comprised of agents, customer service representatives, Company-owned stores, primarily in North America, Europe and Malaysia, Ria, and Xe branded websites, along with a worldwide network of correspondent agents, consisting primarily of financial institutions in the transfer destination countries. Under the brand "Dandelion", Ria offers payment processing services to third party partners. The Dandelion cross-border payments platform provides financial institutions, fintechs such as digital wallets and banks, and enterprise software companies access to Euronet's money transfer network through an API connection. Sending and correspondent agents each earn fees for cash collection and distribution services, which are recognized as direct operating costs at the time of sale. More recently, the U.S. outbound remittance market has experienced lower transaction volumes due to changes in U.S. immigration policies and the implementation of the U.S. remittance tax, which have affected certain remittance corridors. While these market-wide dynamics have impacted retail transaction volumes, the Company continues to experience strong growth in its digital business, expand its payment network and invest in initiatives designed to support long-term growth. 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 Payments Infrastructure 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 PI 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 PI 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. 30 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 PI and CBP 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 Cross-Border Payments 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 PI 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. 31 SEGMENT SUMMARY RESULTS OF OPERATIONS The Company's consolidated results for the second quarter of 2026 reflected continued strength in the Payments Infrastructure and epay segments, driven by growth in merchant acquiring, software solutions, digital content and payment acceptance. These gains were partially offset by lower retail remittance volumes in the Cross-Border Payments segment, which were impacted by changes in U.S. immigration policies and the implementation of the U.S. remittance tax. The Company also continued to benefit from growth in digital money transfers and expansion of the Dandelion network. Revenues and operating income by segment for the three and six months ended June 30, 2026 and 2025 are summarized in the tables below: Revenue for the Three Months Ended June 30, Year-over-Year Change Revenue for the Six Months Ended June 30, Year-over-Year Change (dollar amounts in millions) 2026 2025 Increase (Decrease) Amount Increase (Decrease) Percent 2026 2025 Increase (Decrease) Amount Increase (Decrease) Percent Payments Infrastructure $ 377.1 $ 338.5 $ 38.6 11 % $ 672.5 $ 571.0 $ 101.5 18 % epay 294.0 280.1 13.9 5 % 587.5 547.5 40.0 7 % Cross-Border Payments 439.6 457.9 (18.3) (4) % 864.8 875.6 (10.8) (1) % Total 1,110.7 1,076.5 34.2 3 % 2,124.8 1,994.1 130.7 7 % Corporate services, eliminations and other (2.3) (2.2) (0.1) 5 % (4.6) (4.3) (0.3) 7 % Total $ 1,108.4 $ 1,074.3 $ 34.1 3 % $ 2,120.2 $ 1,989.8 $ 130.4 7 % Operating Income (Expense) for the Three Months Ended June 30, Year-over-Year Change Operating Income (Expense) for the Six Months Ended June 30, Year-over-Year Change (dollar amounts in millions) 2026 2025 Increase (Decrease) Amount Increase (Decrease) Percent 2026 2025 Increase (Decrease) Amount Increase (Decrease) Percent Payments Infrastructure $ 86.1 $ 84.6 $ 1.5 2 % $ 109.5 $ 107.9 $ 1.6 1 % epay 32.8 31.1 1.7 5 % 65.2 57.9 7.3 13 % Cross-Border Payments 43.3 65.6 (22.3) (34) % 85.2 110.7 (25.5) (23) % Total 162.2 181.3 (19.1) (11) % 259.9 276.5 (16.6) (6) % Corporate services, eliminations and other (25.1) (22.7) (2.4) 11 % (50.8) (42.7) (8.1) 19 % Total $ 137.1 $ 158.6 $ (21.5) (14) % $ 209.1 $ 233.8 $ (24.7) (11) % 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: Average Translation Rate Three Months Ended June 30, Average Translation Rate Six Months Ended June 30, Currency (dollars per foreign currency) 2026 2025 Increase (Decrease) Percent 2026 2025 Increase (Decrease) Percent Australian dollar (AUD) $ 0.7089 $ 0.6400 11 % $ 0.7017 $ 0.6336 11 % British pound (GBP) $ 1.3408 $ 1.3347 0 % $ 1.3441 $ 1.2968 4 % Canadian dollar (CAD) $ 0.7225 $ 0.7234 (0) % $ 0.7259 $ 0.7104 2 % euro (EUR) $ 1.1619 $ 1.1340 2 % $ 1.1662 $ 1.0928 7 % Hungarian forint (HUF) $ 0.0032 $ 0.0028 15 % $ 0.0031 $ 0.0027 16 % Indian rupee (INR) $ 0.0106 $ 0.0117 (9) % $ 0.0108 $ 0.0116 (7) % Malaysian ringgit (MYR) $ 0.2502 $ 0.2324 8 % $ 0.2513 $ 0.2287 10 % New Zealand dollar (NZD) $ 0.5832 $ 0.5924 (2) % $ 0.5863 $ 0.5798 1 % Polish zloty (PLN) $ 0.2740 $ 0.2668 3 % $ 0.2755 $ 0.2588 6 % 32 COMPARISON OF OPERATING RESULTS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2026 AND 2025 PAYMENTS INFRASTRUCTURE SEGMENT The Payments Infrastructure segment delivered another quarter of solid growth, driven by continued expansion in merchant acquiring, software solutions and payment processing services, together with the contribution from the CoreCard acquisition completed in the fourth quarter of 2025. These gains were partially offset by higher non-cash purchase accounting amortization associated with the CoreCard acquisition. The following table summarizes the results of operations for our Payments Infrastructure Segment for the three and six months ended June 30, 2026 and 2025: Three Months Ended June 30, Year-over-Year Change Six Months Ended June 30, Year-over-Year Change (dollar amounts in millions) 2026 2025 Increase Amount Increase Amount 2026 2025 Increase (Decrease) Percent Increase Amount Total revenues $ 377.1 $ 338.5 $ 38.6 11 % $ 672.5 $ 571.0 $ 101.5 18 % Operating expenses: Direct operating costs 191.0 173.9 17.1 10 % 366.2 310.4 55.8 18 % Salaries and benefits 51.1 39.7 11.4 29 % 99.5 75.2 24.3 32 % Selling, general and administrative 17.1 14.3 2.8 20 % 33.7 27.2 6.5 24 % Depreciation and amortization 31.8 26.0 5.8 22 % 63.6 50.3 13.3 26 % Total operating expenses 291.0 253.9 37.1 15 % 563.0 463.1 99.9 22 % Operating income $ 86.1 $ 84.6 $ 1.5 2 % $ 109.5 $ 107.9 $ 1.6 1 % Transactions processed (millions) 4,279 3,723 556 15 % 8,226 7,187 1,039 14 % Active ATMs as of June 30, 57,071 56,760 311 1 % 57,071 56,760 311 1 % Average installed ATMs 56,269 55,595 674 1 % 53,050 53,138 (88) (0) % Revenues Payments Infrastructure Segment total revenues were $377.1 million for the three months ended June 30, 2026, an increase of $38.6 million or 11% compared to the same period in 2025. Total revenues were $672.5 million for the six months ended June 30, 2026, an increase of $101.5 million or 18% compared to the same period in 2025. Revenue growth was driven by continued growth in acquiring, REN infrastructure sales and contributions from the CoreCard acquisition completed in the fourth quarter of 2025. Fluctuations in foreign currency exchange rates increased revenues by approximately $3.8 million for the three months ended June 30, 2026 compared to the same period in 2025. Fluctuations in foreign currency exchange rates increased revenues by approximately $24.7 million for the six months ended June 30, 2026 compared to the same period in 2025. Direct operating costs Payments Infrastructure Segment direct operating costs were $191.0 million for the three months ended June 30, 2026, an increase of $17.1 million or 10% compared to the same period in 2025. Direct operating costs were $366.2 million for the six months ended June 30, 2026, an increase of $55.8 million or 18% compared to the same period in 2025. Direct operating costs primarily consist of site rental fees, cash delivery costs, cash supply costs, maintenance, insurance, telecommunications, payment scheme processing fees, data center operations-related personnel, as well as the processing centers’ facility-related costs and other processing center-related expenses and commissions paid to retail merchants, banks and card processors. The primary drivers of the increase in direct costs were additional expenses required to support increased business volumes from both new (CoreCard) and existing operations. Fluctuations in foreign currency exchange rates increased direct operating costs by approximately $2.5 million for the three months ended June 30, 2026 compared to the same period in 2025. Fluctuations in foreign currency exchange rates increased direct operating costs by approximately $15.3 million for the six months ended June 30, 2026 compared to the same period in 2025. 33 Gross profit Gross profit, which is calculated as revenues less direct operating costs, was $186.1 million for the three months ended June 30, 2026, an increase of $21.5 million or 13% compared to $164.6 million for the same period in 2025. Gross profit was $306.3 million for the six months ended June 30, 2026, an increase of $45.7 million or 18% compared to $260.6 million for the same period in 2025. Gross profit as a percentage of revenues (“gross margin”) changed to 49.4% and 45.5% for the three and six months ended June 30, 2026, compared to 48.6% and 45.6% for the same period in 2025. Salaries and benefits Salaries and benefits expenses were $51.1 million for the three months ended June 30, 2026, an increase of $11.4 million or 29% compared to the same period in 2025. Salaries and benefits expenses were $99.5 million for the six months ended June 30, 2026, an increase of $24.3 million or 32% compared to the same period in 2025. The increase is primarily due to the acquisition of CoreCard in the fourth quarter of 2025, an increase in headcount to support the growth of the business and salary increases due to merit increases and inflationary pressures. As a percentage of revenues, salary expense increased to 13.6% and 14.8% for the three and six months ended June 30, 2026, compared to 11.7% and 13.2% for the same period in 2025. Fluctuations in foreign currency exchange rates increased salaries and benefits by approximately $0.5 million for the three months ended June 30, 2026 compared to the same period in 2025. Fluctuations in foreign currency exchange rates increased salaries and benefits by approximately $3.5 million for the six months ended June 30, 2026 compared to the same period in 2025. Selling, general and administrative Selling, general and administrative expenses were $17.1 million for the three months ended June 30, 2026, an increase of $2.8 million or 20% compared to the same period in 2025. Selling, general and administrative expenses were $33.7 million for the six months ended June 30, 2026, an increase of $6.5 million or 24% compared to the same period in 2025. As a percentage of revenues, these expenses increased to 4.5% and 5.0% for the three and six months ended June 30, 2026 compared to 4.2% and 4.8% for the same period in 2025. Depreciation and amortization Depreciation and amortization expenses were $31.8 million for the three months ended June 30, 2026, an increase of $5.8 million or 22% compared to the same period in 2025. Depreciation and amortization expenses were $63.6 million for the six months ended June 30, 2026, an increase of $13.3 million or 26% compared to the same period in 2025. The increase was primarily attributable to the acquisition of CoreCard, including amortization expense related to identifiable intangible assets recognized in the purchase price allocation. As a percentage of revenues, these expenses increased to 8.4% and 9.5% for the three and six months ended June 30, 2026, compared to 7.7% and 8.8% for the same period in 2025. Operating income Payments Infrastructure Segment had operating income of $86.1 million for the three months ended June 30, 2026, an increase of $1.5 million or 2% compared to the same period in 2025. PI Segment had operating income of $109.5 million for the six months ended June 30, 2026, an increase of $1.6 million or 1% compared to the same period in 2025. Operating income as a percentage of revenues (“operating margin”) decreased to 22.8% and 16.3% for the three and six months ended June 30, 2026, compared to 25.0% and 18.9% for the same period in 2025. Operating income increased 2% despite an approximately $4.7 million increase in non-cash purchase accounting amortization associated with the CoreCard acquisition. Excluding this incremental amortization, operating income increased approximately 7%. 34 EPAY SEGMENT The epay segment delivered another quarter of consistent and profitable growth, driven by continued demand for higher-value digital content, branded payments and prepaid products, together with ongoing expansion of the Company's global payment acceptance network. While transaction volumes declined due to changes in product mix, revenue, operating income and Adjusted EBITDA each increased, reflecting the continued shift toward higher-value transactions. The following table presents the results of operations for the three and six months ended June 30, 2026 and 2025 for our epay Segment: Three Months Ended June 30, Year-over-Year Change Six Months Ended June 30, Year-over-Year Change (dollar amounts in millions) 2026 2025 Increase (Decrease) Amount Increase (Decrease) Percent 2026 2025 Increase (Decrease) Amount Increase (Decrease) Percent Total revenues $ 294.0 $ 280.1 $ 13.9 5 % $ 587.5 $ 547.5 $ 40.0 7 % Operating expenses: Direct operating costs 218.5 210.9 7.6 4 % 440.0 413.0 27.0 7 % Salaries and benefits 29.3 26.6 2.7 10 % 57.5 50.7 6.8 13 % Selling, general and administrative 11.8 9.8 2.0 20 % 21.7 22.6 (0.9) (4) % Depreciation and amortization 1.6 1.7 (0.1) (6) % 3.1 3.3 (0.2) (6) % Total operating expenses 261.2 249.0 12.2 5 % 522.3 489.6 32.7 7 % Operating income $ 32.8 $ 31.1 $ 1.7 5 % $ 65.2 $ 57.9 $ 7.3 13 % Transactions processed (millions) 986 1,107 (121) (11) % 2,068 2,241 (173) (8) % Revenues epay Segment total revenues were $294.0 million for the three months ended June 30, 2026, an increase of $13.9 million or 5% compared to the same period in 2025. epay Segment total revenues were $587.5 million for the six months ended June 30, 2026, an increase of $40.0 million or 7% compared to the same period in 2025. The increases were driven by continued demand for higher-value digital content, branded payment products and prepaid products, as well as continued expansion of the Company's payment acceptance network. Although transaction volumes declined compared to the prior year, the decline primarily reflected changes in product mix rather than underlying demand, as a greater proportion of transactions consisted of higher-value products that generated higher revenue per transaction. Fluctuations in foreign currency exchange rates increased revenues by approximately $3.8 million for the three months ended June 30, 2026 compared to the same period in 2025. Fluctuations in foreign currency exchange rates increased revenues by approximately $23.7 million for the six months ended June 30, 2026 compared to the same period in 2025. Excluding the impact of foreign currency, revenue growth reflects favorable transaction mix and pricing. The decrease in transactions processed primarily relates to high‑volume, low‑revenue transactions in the Asia Pacific region and did not have a significant impact on revenues. Direct operating costs epay Segment direct operating costs were $218.5 million for the three months ended June 30, 2026, an increase of $7.6 million or 4% compared to the same period in 2025. epay Segment direct operating costs were $440.0 million for the six months ended June 30, 2026, an increase of $27.0 million or 7% compared to the same period in 2025. Direct operating costs primarily consist of the commissions paid to retail merchants for the distribution and sale of prepaid mobile airtime and other prepaid products, expenses incurred to operate POS terminals and the cost of vouchers sold and physical gifts fulfilled. Fluctuations in foreign currency exchange rates increased direct operating costs by approximately $3.0 million for the three months ended June 30, 2026 compared to the same period in 2025. Fluctuations in foreign currency exchange rates increased direct operating costs by approximately $18.0 million for the six months ended June 30, 2026 compared to the same period in 2025. Gross profit Gross profit was $75.5 million for the three months ended June 30, 2026, an increase of $6.3 million or 9% compared to $69.2 million for the same period in 2025. Gross profit was $147.5 million for the six months ended June 30, 2026, an increase of $13.0 million or 10% compared to $134.5 million for the same period in 2025. Gross margin increased to 25.7% and 25.1% for the three and six months ended June 30, 2026, compared to 24.7% and 24.6% for the same period in 2025. The increase in gross profit and gross margin were primarily a result of a shift in the mix of transactions processed. 35 Salaries and benefits Salaries and benefits expenses were $29.3 million for the three months ended June 30, 2026, an increase of $2.7 million or 10% compared to the same period in 2025. Salaries and benefits expenses were $57.5 million for the six months ended June 30, 2026, an increase of $6.8 million or 13% compared to the same period in 2025. As a percentage of revenues, these expenses increased to 10.0% and 9.8% for the three and six months ended June 30, 2026, compared to 9.5% and 9.3% for the same period in 2025. The increase is primarily due to merit increases and inflationary pressures. Fluctuations in foreign currency exchange rates increased salaries and benefits by approximately $0.5 million for the three months ended June 30, 2026 compared to the same period in 2025. Fluctuations in foreign currency exchange rates increased salaries and benefits by approximately $2.5 million for the six months ended June 30, 2026 compared to the same period in 2025. Selling, general and administrative Selling, general and administrative expenses were $11.8 million for the three months ended June 30, 2026, an increase of $2.0 million or 20% compared to the same period in 2025. Selling, general and administrative expenses were $21.7 million for the six months ended June 30, 2026, a decrease of $0.9 million or 4% compared to the same period in 2025. As a percentage of revenues, these expenses changed to 4.0% and 3.7% for the three and six months ended June 30, 2026, compared to 3.5% and 4.1% for the same period in 2025. Depreciation and amortization Depreciation and amortization expenses were $1.6 million for the three months ended June 30, 2026, a decrease of $0.1 million or 6% compared to the same period in 2025. Depreciation and amortization expenses were $3.1 million for the six months ended June 30, 2026, a decrease of $0.2 million or 6% compared to the same period in 2025. 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 0.5% for the three and six months ended June 30, 2026, compared to 0.6% and 0.6% for the same period in 2025. Operating income epay Segment operating income was $32.8 million for the three months ended June 30, 2026, an increase of $1.7 million or 5% compared to the same period in 2025. epay Segment operating income was $65.2 million for the six months ended June 30, 2026, an increase of $7.3 million or 13% compared to the same period in 2025. Operating margin increased to 11.2% and 11.1% for the three and six months ended June 30, 2026, compared to 11.1% and 10.6% for the same period in 2025. The segment continued to deliver consistent underlying performance supported by higher-value digital content, prepaid and payment products, while continuing to expand its payment acceptance footprint with an increase in POS terminals and digital distribution. 36 CROSS-BORDER PAYMENTS SEGMENT The Cross-Border Payments segment operated in a challenging market environment during the quarter as changes in U.S. immigration policies and the implementation of the U.S. remittance tax reduced outbound remittance activity in certain corridors. Despite these headwinds, the segment continued to experience growth in its digital business, expand the Dandelion payment network and invest in initiatives designed to strengthen its retail business and support long-term growth. The following table presents the results of operations for the three and six months ended June 30, 2026 and 2025 for the Cross-Border Payments Segment: Three Months Ended June 30, Year-over-Year Change Six Months Ended June 30, Year-over-Year Change (dollar amounts in millions) 2026 2025 Increase (Decrease) Amount Increase (Decrease) Percent 2026 2025 Increase (Decrease) Amount Increase (Decrease) Percent Total revenues $ 439.6 $ 457.9 $ (18.3) (4) % $ 864.8 $ 875.6 $ (10.8) (1) % Operating expenses: Direct operating costs 232.3 238.0 (5.7) (2) % 455.3 462.5 (7.2) (2) % Salaries and benefits 91.7 88.2 3.5 4 % 184.4 176.1 8.3 5 % Selling, general and administrative 65.9 60.1 5.8 10 % 127.1 114.2 12.9 11 % Depreciation and amortization 6.4 6.0 0.4 7 % 12.8 12.1 0.7 6 % Total operating expenses 396.3 392.3 4.0 1 % 779.6 764.9 14.7 2 % Operating income $ 43.3 $ 65.6 $ (22.3) (34) % $ 85.2 $ 110.7 $ (25.5) (23) % Transactions processed (millions) 45.7 46.1 (0.4) (1) % 89.6 90.7 (1.1) (1) % Revenues Cross-Border Payments Segment total revenues were $439.6 million for the three months ended June 30, 2026, a decrease of $18.3 million or 4% compared to the same period in 2025. CBP Segment total revenues were $864.8 million for the six months ended June 30, 2026, a decrease of $10.8 million or 1% compared to the same period in 2025. Revenues per transaction was $9.62 and $9.65 for the three and six months ended June 30, 2026, compared to $9.93 and $9.65 for the same period in 2025. Fluctuations in foreign currency exchange rates increased revenues by approximately $6.6 million and $29.8 million for the three and six months ended June 30, 2026 compared to the same period in 2025. Revenue, gross profit and operating income were impacted by several factors, including the implementation of the 1% U.S. remittance tax, which reduced consumer transaction activity during the quarter, changes in U.S. immigration policies affecting transfers, middle east pressures and persistent inflation in many markets that constrained consumers’ ability to send money to beneficiaries internationally. These headwinds were partially offset by continued strength in our digital business, with consumer-to-consumer digital transactions increasing 33%, continued momentum in our Dandelion cross-border payments platform and a 3% expansion of our global network. Direct operating costs Cross-Border Payments Segment direct operating costs were $232.3 million for the three months ended June 30, 2026, a decrease of $5.7 million or 2% compared to the same period in 2025. CBP Segment direct operating costs were $455.3 million for the six months ended June 30, 2026, a decrease of $7.2 million or 2% compared to the same period in 2025. Direct operating costs primarily consist of commissions paid to agents who originate money transfers on our behalf and correspondent agents who disburse funds to the customers’ destination beneficiaries, together with less significant costs, such as bank depository fees. Fluctuations in foreign currency exchange rates increased direct operating costs by approximately $3.3 million and $14.8 million for the three and six months ended June 30, 2026 compared to the same period in 2025. Gross profit Gross profit was $207.3 million for the three months ended June 30, 2026, a decrease of $12.6 million or 6% compared to $219.9 million for the same period in 2025. Gross profit was $409.5 million for the six months ended June 30, 2026, a decrease of $3.6 million or 1% compared to $413.1 million for the same period in 2025. Gross margin was 47.2% and 47.4% for the three and six months ended June 30, 2026, compared to 48.0% and 47.2% for the same period in 2025. 37 Salaries and benefits Salaries and benefits expenses were $91.7 million for the three months ended June 30, 2026, an increase of $3.5 million or 4% compared to the same period in 2025. Salaries and benefits expenses were $184.4 million for the six months ended June 30, 2026, an increase of $8.3 million or 5% compared to the same period in 2025. The increase in salaries and benefits was primarily driven by salary increases due to inflationary pressures. As a percentage of revenues, salary expenses increased to 20.9% and 21.3% for the three and six months ended June 30, 2026, compared to 19.3% and 20.1% for the same period in 2025. Selling, general and administrative Selling, general and administrative expenses were $65.9 million for the three months ended June 30, 2026, an increase of $5.8 million or 10% compared to the same period in 2025. Selling, general and administrative expenses were $127.1 million for the six months ended June 30, 2026, an increase of $12.9 million or 11% compared to the same period in 2025. The increase was primarily attributable to higher professional fees, increased advertising and promotion expenses to support strategic initiatives. As a percentage of revenues, these expenses increased to 15.0% and 14.7% for the three and six months ended June 30, 2026, compared to 13.1% and 13.0% for the same period in 2025. Fluctuations in foreign currency exchange rates increased salaries and benefits by approximately $1.9 million for the three months ended June 30, 2026 compared to the same period in 2025. Fluctuations in foreign currency exchange rates increased salaries and benefits by approximately $7.5 million for the six months ended June 30, 2026 compared to the same period in 2025. Depreciation and amortization Depreciation and amortization expenses were $6.4 million for the three months ended June 30, 2026, an increase of $0.4 million or 7% compared to the same period in 2025. Depreciation and amortization expenses were $12.8 million for the six months ended June 30, 2026, an increase of $0.7 million or 6% compared to the same period in 2025. Depreciation and amortization expenses primarily represent amortization of acquired intangible assets and depreciation of money transfer terminals, computers and software, leasehold improvements and office equipment. As a percentage of revenues, these expenses were 1.5% and 1.5% for both the three and six months ended June 30, 2026, compared to 1.3% and 1.4% for the same period in 2025. Operating income Cross-Border Payments Segment operating income was $43.3 million for the three months ended June 30, 2026, a decrease of $22.3 million or 34% compared to the same period in 2025. CBP Segment operating income was $85.2 million for the six months ended June 30, 2026, a decrease of $25.5 million or 23% compared to the same period in 2025. Operating margin was 9.8% and 9.9% for the three and six months ended June 30, 2026, compared to 14.3% and 12.6% for the same period in 2025. Operating income per transaction was $0.95 and $0.95 for the three and six months ended June 30, 2026, compared to $1.42 and $1.22 for the same period in 2025. The decrease in operating income and operating margin was primarily attributable to lower transaction volumes in higher-margin corridors, a less favorable transaction mix, competitive pricing pressure in certain markets, and continued investment in the digital business and the Dandelion platform. CORPORATE SERVICES The following table presents the operating expenses for the three and six months ended June 30, 2026 and 2025 for Corporate Services: Three Months Ended June 30, Year-over-Year Change Six Months Ended June 30, Year-over-Year Change (dollar amounts in millions) 2026 2025 Increase Amount Increase Amount 2026 2025 Increase Amount Increase Amount Salaries and benefits $ 21.2 $ 19.0 $ 2.2 12 % $ 41.8 $ 35.6 $ 6.2 17 % Selling, general and administrative 3.6 3.6 — — % 8.5 6.8 1.7 25 % Depreciation and amortization 0.2 0.1 0.1 100 % 0.4 0.3 0.1 33 % Total operating expenses $ 25.0 $ 22.7 $ 2.3 10 % $ 50.7 $ 42.7 $ 8.0 19 % Corporate operating expenses Total Corporate operating expenses were $25.7 million and $50.7 million for the three and six months ended June 30, 2026, an increase of $2.3 million or 10% and $8.0 million or 19% compared to the same period in 2025. This increase was largely driven by an increase in long-term share-based compensation. 38 OTHER EXPENSE, NET Three Months Ended June 30, Six Months Ended June 30, Year-over-Year Change Year-over-Year Change (dollar amounts in millions) 2026 2025 Increase (Decrease) Amount Increase (Decrease) Amount 2026 2025 Increase (Decrease) Amount Decrease Percent Interest income $ 4.8 $ 6.2 $ (1.4) (23) % $ 8.9 $ 11.5 $ (2.6) (23) % Interest expense (20.6) (28.2) 7.6 (27) % (34.7) (47.6) 12.9 (27) % Foreign currency exchange gains (losses), net (0.2) (5.7) 5.5 (96) % 8.2 (23.8) 32.0 (134) % Other gains (losses) 3.2 0.4 2.8 700 % (0.9) 2.9 (3.8) (131) % Other expense, net $ (12.8) $ (27.3) $ 14.5 (53) % $ (18.5) $ (57.0) $ 38.5 (68) % Interest income Interest income was $4.8 million for the three months ended June 30, 2026, a decrease of $1.4 million or 23% compared to the same period in 2025. Interest income was $8.9 million for the six months ended June 30, 2026, a decrease $2.6 million or 23% compared to the same period in 2025. This decrease was driven by a decrease in interest rates. Interest expense Interest expense was $20.6 million for the three months ended June 30, 2026, a decrease of $7.6 million or 27% compared to the same period in 2025. Interest expense was $34.7 million for the six months ended June 30, 2026, a decrease of $12.9 million or 27% compared to the same period in 2025. This decrease for the six months ended June 30, 2026 compared to the same period in 2025 was largely driven by the shift of borrowing from the Credit Facility to the 2030 Convertible Notes during the first quarter of 2026. 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 gain of ($0.2) million and a loss of $8.2 million for the three and six months ended June 30, 2026, compared to net foreign currency exchange losses of $5.7 million and $23.8 million for the same period in 2025. These realized and unrealized foreign currency exchange results reflect the fluctuation in the value of the U.S. dollar against the currencies of the countries in which we operated during the respective period. Other gains The other gains and losses mainly relate to a discrete non-cash investment. INCOME TAX EXPENSE The Company's effective income tax rate was 37.6% and 39.7% for the three and six months ended June 30, 2026, compared to 25.6% and 23.0% for the same period ended June 30, 2025. The Company's effective income tax rate for the three months ended June 30, 2026 was higher than the applicable statutory income tax rate of 21% as a result of certain foreign earnings being subject to higher local statutory tax rates and our U.S. deferred tax activity. The Company's effective income tax rate for the three and six months ended June 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. 39 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: Subsidiary Percent Owned Segment - Country LATAM ATM Solutions (Prosegur) 51% PI - South America Euronet Pakistan 70% PI - Pakistan Unidos Co., Ltd. 60% CBP - Japan NET INCOME ATTRIBUTABLE TO EURONET Net income attributable to Euronet was $77.4 million for the three months ended June 30, 2026, a decrease of $20.2 million or 21% compared to the same period in 2025. The decrease in net income was primarily attributable to a $13.1 million increase in income tax expense and a $21.5 million decrease in operating income, partially offset by a $7.6 million decrease in interest expense, a $5.5 million improvement in foreign currency exchange results due to the weakening of the U.S. dollar compared to our other reporting currencies, and a $2.8 million gain related to the revaluation of an investment. Net income attributable to Euronet was $114.9 million for the six months ended June 30, 2026, a decrease of $21.1 million or 16% compared to the same period in 2025. The decrease in net income was primarily attributable to a $35.0 million increase in income tax expense and a $24.7 million decrease in operating income, partially offset by a $12.9 million decrease in interest expense, a $32.0 million improvement in foreign currency exchange results due to the weakening of the U.S. dollar compared to our other reporting currencies, and a $3.8 million gain related to the revaluation of an investment recognized. LIQUIDITY AND CAPITAL RESOURCES Working capital As of June 30, 2026, we had working capital of $1,174.8 million, which is calculated as the difference between total current assets and total current liabilities, compared to working capital of $415.5 million as of December 31, 2025. Our ratio of current assets to current liabilities was 1.37 and 1.11 at June 30, 2026 and December 31, 2025, respectively. The Company believes its cash on hand, cash generated from operations and available borrowing capacity under its revolving credit facilities provide sufficient liquidity to fund its working capital requirements, capital expenditures, debt service obligations, share repurchases and strategic growth initiatives. During the first six months of 2026, liquidity was primarily affected by the repayment of approximately $700 million of Senior Notes at maturity, seasonal increases in ATM cash associated with the European tourism season and the use of short-term uncommitted credit facilities to support those seasonal funding requirements. We require substantial working capital to finance operations. The CBP 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 CBP 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 PI Segment, we obtain a significant portion of the cash required to operate our ATMs through various cash supply arrangements, the amount of which is not recorded on Euronet's Consolidated Balance Sheets. However, in certain countries, we fund the cash required to operate our ATM network from borrowings under our revolving credit facilities, uncommitted credit agreements and cash flows from operations. ATM cash, which is our own cash in use or designated for use in our ATM network, increased $336.9 million from $650.3 million as of December 31, 2025 to $987.2 million as of June 30, 2026 as a result of the increase in the number of active ATMs as of June 30, 2026 compared to December 31, 2025. The Company has $1,199.8 million of unrestricted cash as of June 30, 2026 compared to $1,040.3 million as of December 31, 2025. Including the $987.2 million of cash in ATMs at June 30, 2026, we have access to $2,740.9 million in available cash, and $993.2 million available under the Credit Facility. 40 The following table identifies cash and cash equivalents provided by/(used in) our operating, investing and financing activities for the six months ended June 30, 2026 and 2025 (in millions): Six Months Ended June 30, Liquidity 2026 2025 Cash and cash equivalents and restricted cash provided by (used in): Operating activities $ 26.0 $ 184.6 Investing activities (75.7) (88.9) Financing activities 496.8 79.2 Increase (decrease) foreign currency exchange rate changes on cash and cash equivalents and restricted cash (69.0) 257.8 Increase (decrease) in cash and cash equivalents and restricted cash $ 378.1 $ 432.7 Operating activity cash flow Cash flows provided in operating activities were $25.9 million for the six months ended June 30, 2026 compared to $184.6 million for the same period in 2025. The decline was primarily driven by unfavourable changes in working capital due to timing. Investing activity cash flow Cash flows used in investing activities were $75.7 million for the six months ended June 30, 2026 compared to $88.9 million for the same period in 2025. The decrease in cash outflows was primarily attributable to the purchase of convertible notes receivable in 2025, which did not recur in 2026. Other investing activities, including purchases of property and equipment, remained relatively consistent year-over-year. Financing activity cash flow Cash flows provided by financing activities were $496.8 million for the six months ended June 30, 2026 compared to $79.2 million for the same period in 2025. The increase was primarily due to higher net borrowings under the Company's credit agreements. 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 ($69.0) million and $257.8 million for the six months ended June 30, 2026 and 2025, respectively. 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%. The current facility fee is 0.175%. As of June 30, 2026, we had $811.4 million of borrowings and $95.4 million of stand-by letters of credit outstanding under the Credit Facility. The remaining $993.2 million under the Credit Facility was available for borrowing. 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 June 30, 2026, $33.2 million of the 2049 Convertible Notes remain outstanding. 41 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. Capped Call Transactions - In August 2025, in connection with the issuance of the 2030 Convertible Notes, the Company entered into privately negotiated capped call transactions (the “2025 Capped Call Transactions”) with certain of the initial purchasers of the 2030 Convertible Notes or affiliates thereof and other financial institutions (the “Option Counterparties”). The capped call transactions initially cover, subject to customary anti-dilution adjustments, the number of shares of the Company’s common stock that initially would be issuable upon conversion of the 2030 Convertible Notes. The Capped Call Transactions are net purchased call options in Euronet common stock. The Capped Call Transactions are separate transactions, entered into by the Company with the Option Counterparties, and are not part of the terms of the 2030 Convertible Notes and will not change the holders’ rights under the 2030 Convertible Notes. Holders of the 2030 Convertible Notes will not have any rights with respect to the Capped Call Transactions. The Company has concluded that the 2030 Capped Call Transactions meet the scope exceptions for derivative instruments, and as such, the 2030 Capped Call Transactions meet the criteria for classification in equity and are included as a reduction to additional paid in capital. Uncommitted Credit Agreements - On June 15, 2026, the Company entered into an uncommitted demand credit agreement with U.S. Bank National Association providing for a discretionary, non-revolving credit facility of up to $100 million. The facility may be used solely to provide vault cash for automated teller machines owned by the Company and its wholly owned subsidiaries. Advances under the facility are made solely at the lender's discretion, are payable on demand, and mature no later than November 15, 2026, unless extended by the lender. Outstanding borrowings bear interest at Daily Simple SOFR plus 1.10%. As of June 30, 2026, the Company had $100 million outstanding under the facility. The weighted-average interest rate from loan inception date to June 30, 2026, was 4.72%. On June 24, 2026, the Company entered into an uncommitted non-revolving credit facility with Wells Fargo Bank, National Association providing for borrowings of up to $300 million. The facility may be used solely to provide vault cash for automated teller machines owned by the Company and its wholly owned subsidiaries. The agreement expires on November 30, 2026, unless terminated earlier by the lender. As of June 30, 2026, the Company had $300 million outstanding under the facility. Outstanding borrowings bear interest at Daily Simple SOFR plus 1.25%. The weighted-average interest rate from loan inception date to June 30, 2026, was 4.87%. On June 24, 2026, The Company entered into an Uncommitted Loan Agreement with Bank of America, N.A. providing for an uncommitted revolving credit facility with a maximum facility of $400 million. The facility may be used solely to provide vault cash for automated teller machines owned by the Company and its wholly owned subsidiaries. Any advances under the facility are made solely at the discretion of Bank of America, which has no contractual obligation to fund borrowings and may reduce the facility limit, demand repayment of outstanding loans, or terminate the facility at any time. The agreement expires on June 23, 2027, unless terminated earlier by the lender. Loans may be denominated in U.S. dollars or euros and bear interest at rates based on Prime, Term SOFR, EURIBOR, or other rates agreed between the parties at the time of borrowing. As of June 30, 2026, the Company had $400 million outstanding under the facility. The weighted-average interest rate from loan inception date to June 30, 2026, was 4.65%. In the aggregate, these uncommitted facilities represent $800.0 million, or approximately 30% of our total debt obligations, as of June 30, 2026. Because each lender may demand repayment, reduce the available facility amount, or terminate its facility at its sole discretion and without any contractual obligation to continue funding, we may be required to repay amounts outstanding under these facilities on short notice or seek replacement funding. If one or more of these facilities were terminated or called, we believe that cash on hand, cash generated from operations and availability under our committed revolving Credit Facility would be sufficient to repay the amounts outstanding; however, there can be no assurance that replacement funding for the vault cash needs currently served by these facilities would be available on similarly favorable terms, or at all. Other debt obligations — Certain of the Company’s subsidiaries have available lines of credit and overdraft credit facilities that generally provide for short-term borrowings that are used from time to time for working capital purposes. On October 9, 2024, the Company completed a line of credit facility of MYR 100 million and an overdraft credit 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 June 30, 2026, $24.5 million was borrowed under this line of credit facility. There were no borrowings on the overdraft credit facility. Including the Malaysian facility, there was a total of $31.7 million outstanding under our subsidiaries credit lines and overdraft facilities as of June 30, 2026. Other uses of capital Capital expenditures and needs - Total capital expenditures for the six months ended June 30, 2026 were $64.6 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 CBP Segments, and office, data center and company store computer equipment and software. Total capital expenditures for 2026 are currently estimated to range from approximately $145 million to $155 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 Payments Infrastructure Segment, 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. 42 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 June 30, 2026, there were no material changes from the disclosure in our Annual Report on Form 10-K for the year ended December 31, 2025. 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 June 30, 2026. See also Note 15, Commitments, to the unaudited consolidated financial statements included elsewhere in this report. CONTRACTUAL OBLIGATIONS As of June 30, 2026, 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, 2025.