This report does not constitute a rating action. S&P Global Ratings expects the company to achieve our full-year growth projections on strategic expansions and new business ramps despite first-half revenue falling short of expectations on timing headwinds. Blackhawk Network Holdings Inc.’s adjusted operating revenue (AOR) declined 1.2% in the first half, compared with the prior-year period, which was behind the pace relative to our expectation for 5.0% growth for full-year 2026. Its Global Commerce segment's AOR declined 5.1% while its Global Incentives segment grew modestly by 3.8% in the same period. This softer revenue performance stemmed from timing headwinds, specifically delayed long-term distribution renewals, rather than structural changes to the business model. We still project generally accepted accounting principles (GAAP)
