Corpay Inc at Autonomous Future of Commerce Symposium Summary

The following is excerpted from the question-and-answer section of the transcript.

Question: Ken Suchoski - Autonomous Research US LP - Analyst : <_ALACRA_META_ABSTRACT>Well, great. Thank you for joining us. And so, like I said, I've prepared questions for Mark, and if there's time at the end, we'll open it up to Q&A, and you guys can raise your hand and ask questions. So Mark, maybe to start off, the corporate payments segment, it's become a bigger part of Corpay's business over time. I think back in 2015, it was 10% of revenue. Now it's approaching 40%. Maybe you can give us a lay of the land in terms of the underlying businesses within that segment. And it might be helpful for investors to understand just the relative sizes of those and the different growth rates as well. Mark Frey - Corpay Inc - Group President - Cross-Border Solutions Yes, absolutely, Ken. So yes, it has been a purposeful shift towards corporate payments. We see higher organic growth rates in these businesses as well as it's been a primary focus from an acquisition and M&A perspective for us as well. We see this business growing to near 50% in the very near term of the overall corporate enterprise. When we think of the corporate payments business at Corpay, it's really two separate divisions. So there's the domestic payables division focused on Canada, the United States. And that is a business that is, let's call it a $700 million revenue business growing high teens, sort of low 20s over the past few years, fairly consistently, broken into, I'd say, three key segments. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 11, 2025 / 12:30PM, CPAY.N - Corpay Inc at Autonomous Future of Commerce Symposium So there's a traditional sort of corporate payments, commercial card business, virtual card, T&E, and expense management component to that business. That grows a little slower, sort of high double-digit -- or sorry, low-teens, I would say. And then there's a larger component of the business, about 60% of the business, that is a full AP outsourcing, so an AP automation business. So really think about a business process outsourcing of your AP department that includes all of those commercial card components as well as a business process workflow in terms of AP automation. That business grows a little faster than 25%. It is sort of the lion's share of the franchise and continues to scale. And then there's a channel partner reseller business, ultimately, where we enable our capability and other fintechs to go off and sell that commercial payments value proposition. When we think of the cross-border business, you can think of it roughly as $1 billion revenue business just under in '25, really broken into four key customer segments. So one, and sort of the heritage of the business is the corporate segment that was historically very sort of small business focus has become more mid-market to large market focus, large cap. That is, let's call it an $800 million business and growing high teens year on year pretty consistently going back over the past decade. We have a financial institutions and fintech practice. So this is a little bit more than $100 million business. It grows about 25% year on year, continues to scale nicely. And this is us servicing financial institutions and fintechs with cross-border payments. So think of the Tier 1 money center banks of the world, the B of A, Citi, Wells Fargo organizations where we provide payment execution and currency liquidity in the emerging market world. So we make payments from the Northern Hemisphere to the Southern Hemisphere with a particular focus on Latin America and Africa. For the Tier 2, Tier 3 financial institutions, we really focus on providing growth beyond the G20 currency corridors that they historically have as part of their correspondent network. We expand their capability into a larger geographic reach. And then for the Tier 4 or 5 smaller financial institutions, it's really an outsourcing of their global payments capability. They might not have international SWIFT connectivity. They might not have correspondent accounts in other major currencies. And we can provide them all that infrastructure and execution ultimately for their corporate clients. The third category of our business is sort of a rocket ship for us right now. In 2014, our institutional private markets business was a $5 million business at the end of 2014. We'll exit this year at about a $70 million business, so very impressive growth over the last 12 months. And it's really just taking our existing resources and pointing them at a particular customer segment and finding a really attractive niche to sell into. So that business does very, very well and we provide FX services and banking services ultimately to those private markets customers, funds and SPVs and global investors ultimately. The final category of our business is the digital currency space. And so this is relatively new. This is something that we've been building, I'd say, for the past 12 to 15 months and have really just launched commercially in '25 and is scaling quite nicely. We've had some big client wins and is really beginning to gain some traction.

Question: Ken Suchoski - Autonomous Research US LP - Analyst : Maybe we could dig into the cross-border part of the business a little more, Mark. And I think one of the things that we wanted to focus on is just the evolution of the business from a go-to-market perspective as well as a geographic evolution. Because I think the cross-border business used to be very North American concentrated, but you've diversified away from that into other geographies. So how has that mix evolved? And maybe talk about why that's important to build out a presence in other geography. Mark Frey - Corpay Inc - Group President - Cross-Border Solutions Yes, we've diversified and certainly reduced our risk to a certain extent, but moved into categories and geographies that offer us higher growth as well. So it's a shifting of the growth math ultimately to something that is a little bit more durable. So historically, the business was very North American centric, small business focused, and sort of moving into the mid-market. Over the last five, six years, we've moved from mid-market to the large corporate market in the North American geography, and then have replicated that sort of go-to-market strategy in the UK and across continental Europe and now in Asia Pacific as well, and continue to add geographies, particularly in continental Europe, that we think are super nutritional to the brands. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 11, 2025 / 12:30PM, CPAY.N - Corpay Inc at Autonomous Future of Commerce Symposium The FX centricity or the cross-border centricity of business in Europe, it lends itself a little bit better to our value proposition than the US does, quite frankly. So we see it as a more target-rich environment with less competition and less-capable national champion banks in each of those geographies. So we think of Italy and Spain and France and Germany as all being markets that have a $150 million to $200 million market potential that's realizable over the next four or five years. So we see a lot of growth coming from continental Europe. We've also expanded in Asia Pacific, opening up a business in New Zealand. We've launched in Singapore, where we're contemplating next to go to Hong Kong and India ultimately. And then in North America, in addition to expanding our sort of presence across the United States, we've recently started originating customers in Mexico as well. So very diverse sort of sprawl from a geographic perspective and continuing to take the same model and technology, deploy it in new geographies and scale the business. The other part is really moving away from that sort of direct sale primarily model to a channel partner model as well. So a good portion of our new business comes from partnerships and introductions that we get from other organizations, both where we've embedded our capability in their technology and also where they're just providing introductions to clients. So we've really augmented

Question: Ken Suchoski - Autonomous Research US LP - Analyst : Great. Often, we see on the merchant acquiring side of the payments industry, companies in the middle market or maybe sort of the upmarket have multiple providers. Is that the same when you think about these companies on the cross-border side? And you kind of hit on it earlier, Mark, but what are some of the two or three key factors that companies consider when choosing a provider? Mark Frey - Corpay Inc - Group President - Cross-Border Solutions Yes, I think we do oftentimes see in the mid and large corporate space that there's certainly a focus on having a primary provider and then a redundant partner at the very least. It would be very rare that you would unilaterally own 100% of a customer's flow in all geographies, let's say. Typically, that incumbent is a financial institution until we dislodge them, and then they become the redundant partner ultimately is always the goal. I think the points in which we compete on are our network connectivity capability, how can we move money everywhere in the world, the strength of our FX franchise in terms of risk management, execution, as well as just trading liquidity for clients. It's certainly a big part of our focus over the last number of years is building customer-facing technology, particular workflows for individual segments of customers that have sort of niche requirements that end up being very big sectors ultimately. So we build customized technology for a group of customers that we can then go out and sell to hundreds of millions of other customers or hundreds of millions of dollars of revenue of other clients in that space. So it's the technology that's important, the network connectivity, of course, the balance sheet strength as a counterparty, and then the geographic reach is super important.

Question: Ken Suchoski - Autonomous Research US LP - Analyst : Lots of cross-border companies talk about the large networks that they've built out, these cross-border fintech players. Can you talk about some of the key differences between Corpay's network versus others? And maybe also touch on the direct connections into the local schemes. I'm curious how much of your connectivity is direct into the local scheme versus having to rely on a bank partner. Mark Frey - Corpay Inc - Group President - Cross-Border Solutions Yes, so our direct connectivity in in-country payments today is a little bit more than 50% of our overall flow. That's grown from 5% five years ago to 50% today. It's clearly the trend of shifting away from SWIFT and bank connectivity to a single counterparty to in-country connectivity via local gateways. I think when we think of our network, it's sort of four levels ultimately. So 10 years ago, we were very focused on building bank connectivity all around the world, not just in the major currencies, but the emerging market worlds, building primary and redundant partners that could execute mass payments for us at scale, hundreds or thousands of payments at a time, as well as FX providers that we could do large-ticket FX transactions within places like Nigeria and Kenya and Central Africa. And so building that network of bank connectivity was sort of the first area of focus 10 years ago. The next thing came in-country connectivity and connecting directly to local schemes without a bank between you and the scheme ultimately. The value there is speed, efficiency, cost transparency, cost effectiveness, but also that you can be the arbiter of your own risk appetite because there's no one else that dictates. You're not going across someone else's rails. So that's a big driver of that as well. So for the last eight or so years, we've been focused on building that in-country scheme connectivity that moves away from SWIFT, that has guaranteed full-value transfer, guaranteed on-time delivery, no fees, and it costs pennies a transaction as opposed to dollars a transaction. So it has been a significant shift from SWIFT to those in-country gateways. The next area of focus over the last two or three years was to build real-time connectivity and real-time capability. So the experience that we all have as consumers, we want to now replicate in the business world as well. So instant payments or near real-time payments has been a particular area of focus for us. So taking many of those in-country gateway connections and turning them into real-time connections, so do SEPA instant payments, ACH instant payments, and other real-time rails, even in the emerging markets, not just in major currencies. So that's been a particular area of focus. I'd say the fourth area that we've actually been working on for a number of years going back to 2019 but now really beginning to scale is sort of our blockchain, stablecoin, digital currency capability ultimately as well. And the clear value here is while real-time payments can allow you to move money instantaneously and super cost-effectively, which is a core part of sort of the stablecoin value proposition or blockchain, what stablecoin or blockchain does is sort of the always-on, 24/7 element. So it's an added capability that you can build into your network by enabling blockchain payments, which is something that we've been going down this path, in particular geographic corridors since 2019. And we've invested very heavily over the last 18 months or so to build out this capability, both in terms of being the last mile of payment delivery for third-party remittances, but also in terms of treasury flows, our own treasury flows and our large corporates, so that we can move pounds sterling on a Sunday afternoon ultimately. We've always or long enabled our customers to trade on the weekends and FX liquidity capability to be able to do that. We're now moving money for customers over the weekends as well. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 11, 2025 / 12:30PM, CPAY.N - Corpay Inc at Autonomous Future of Commerce Symposium

Question: Ken Suchoski - Autonomous Research US LP - Analyst : Great. I think you hit on my next question, so maybe I'll skip that one. But I guess when you think about a comparable transaction mark, same corridor, same currency, same pair. Do you know what the cost might be to send a payment via a stablecoin versus, I guess, using your own network or another rail that you guys leverage to move money? Mark Frey - Corpay Inc - Group President - Cross-Border Solutions Yes, so I would say typically, so let's just take a $100,000 payment or a $10,000 payment. To send a payment via SWIFT costs dollars a transaction. To send a payment via stablecoin costs quarters per transaction. To send the payment via an in-country instant rail is pennies per transaction. So it's still more cost-effective in many cases to send an instant payment than it is a stablecoin payment. The gas fees are higher than the $0.03 it costs me to send a SEPA payment, let's say. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 11, 2025 / 12:30PM, CPAY.N - Corpay Inc at Autonomous Future of Commerce Symposium I'd say the other thing that is still a point of friction with respect to digital payments is the on-ramp and off-ramp scenarios. So in most cases, our customers today that are taking delivery of payments via digital means, they're not then holding those in stablecoin. They're having to off-ramp those into a fiat currency account, and that's where the friction -- that's where the real cost is. So when you talk about gas fees, that's relatively inconsequential. When it comes down to the on-ramp and off-ramp friction, that's where the real cost comes in for the customer.

Question: Ken Suchoski - Autonomous Research US LP - Analyst : Yes, it's a great point -- yes, totally. I guess my one question that we get is -- so I guess I get the cost structure is, for a netted transaction is quite low, right, where there's an offsetting flow? There's still a wide delta between the revenue versus that cost structure. So the margin is still quite attractive. I guess what prevents other players from coming in and trying to chip away at that margin if they could replicate that low-cost structure that you have? Mark Frey - Corpay Inc - Group President - Cross-Border Solutions It's a super deep and wide competitive moat, thankfully, that we've spent a lot of time trying to cultivate and develop over the last decade plus. So it's the regulatory framework, being licensed in as many jurisdictions as possible, that is then required to have the local connectivity. Without local licenses, you can't connect to the local schemes. To build that out takes years and years, going geography by geography, ultimately. It's the customer-facing tech, so it's the ERP connections, the API connectivity, whether it be SOAP, REST, or fixed APIs, having a product set that can touch different customers, meeting them where they are in terms of their tech development journey. It is having the ability to embed capability directly in your customer's user interface or their front end or their web technology, their e-commerce platform. So that technology element of solving the friction in the execution of payments in FX is a huge component. Then it's the network. It's the global reach and being able to move money to Central Africa or Nigeria. What we see from our customers is, typically, a corporate will come to us, and 90% of their flow is in major currency corridors. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 11, 2025 / 12:30PM, CPAY.N - Corpay Inc at Autonomous Future of Commerce Symposium But if we can solve their pain point with respect to moving money to Nigeria or moving money to Brazil, which might be a small part of their overall flow, but a big part of their treasury friction and the thing that consumes time; if we can solve that unique use case for them, then we get all the rest of the flow as well. We get all the euros and the sterling that we can make really good spreads on that are super easy to automate and everything else. So it's that investment in the in-country networks globally in the emerging and frontier market world over the past decade that are really reaping significant benefits for us today.

Question: Ken Suchoski - Autonomous Research US LP - Analyst : Yes. Maybe just building on the stablecoin discussion, you guys partnered with Circle. Maybe we could touch on that partnership. I'm curious what customer feedback has been, what has demand for USDC been. And then I think -- separately, I think Circle is introducing a new network called Circle Payments Network. What are your initial thoughts on that network? And I'm curious to get your thoughts on how successful that might be. Mark Frey - Corpay Inc - Group President - Cross-Border Solutions Yes, so there's a lot there. So we've done a number of partnerships in the space. We've had a longstanding partnership with Ripple, for instance. Circle is a new partner for us. We think of these relationships as really twofold. It's taking their capability from a digital currency space and embedding it in our technology and making it part of our network. And then it's us being the on-ramp, off-ramp provider for them to be able to reduce that friction for their customers as well. So there's sort of a two-pronged attack in that it contributes to the growth of both organizations. I think the Circle Payments Network is an interesting network, sort of a closed-loop network that has some treasury applications for corporates, certainly has some third-party roommates, so last-mile payment delivery as well, that we see some capability for. I think it will take a little bit of time to build. I think what they've created, though, is an ecosystem that will invite a number of financial institutions to participate in. Whether they have the capability and the appetite and the technology to step into that world will dictate how quickly each of them can run. But we do see it as a valuable piece of the ecosystem in the digital currency space, much like what we partnered with and REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 11, 2025 / 12:30PM, CPAY.N - Corpay Inc at Autonomous Future of Commerce Symposium built with JPMorgan and Kinexys, for instance, is a capability that we use to move money on a 24/7, always-on basis from a treasury perspective. Each of these networks creates different opportunities and solves for different use cases for our customers.

Question: Ken Suchoski - Autonomous Research US LP - Analyst : Great. Maybe turning to the acquisition of Alpha Group, Alpha has a bank account product and a bank account consolidation software solution, and I think that's going to be new to the Corpay portfolio. Maybe talk about the importance of those products, Mark, and the need for them across the broader portfolio. Mark Frey - Corpay Inc - Group President - Cross-Border Solutions Yes, the Alpha deal is super exciting for us. I think it's our fourth such deal that we've done since 2021, and we can sort of walk through those. But we have the belief that this could potentially be the most impactful, the biggest deal, the most successful deal that we've done yet in terms of the way that it augments our value proposition. So what we have historically done is we focused on building a multi-currency account solution for the corporate market. And we've launched that in the past year. It's been very, very successful. What Alpha has done is focused on building a bank account solution for the private markets business. so thinking of providing bank accounts in a super-efficient AML fashion to funds, SPVs, funds REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 11, 2025 / 12:30PM, CPAY.N - Corpay Inc at Autonomous Future of Commerce Symposium administrators to stand up a bank account for a new legal entity when it goes to launch that investment ultimately to the public market. That capability is not just a bank account capability, but the technology layer, the connectivity to a banking platform globally, and then the regional capability embedded in each geography in which funds are typically organized around the world. So it is super impactful in terms of driving value in the private market space. And we think that given our geographic footprint, the fact that Alpha today only really operates in the UK and Europe, that we can take that capability and sell it to our institutional customers in Asia and also in North America. We see it as being a tremendous runway for growth for that bank account product. But what we also see is that Alpha delivers to us incremental geographies in continental Europe that are high-priority targets for us that we want to build boots on the ground and build big businesses in. So introductions to Germany, Luxembourg, Austria, a much bigger business in Malta, the Netherlands. That geographic expansion ties in with our overall continental geographic expansion strategy for Europe as well. So we're super excited about the Alpha business. We think it's a tremendous fit and gives us great runway for growth.

Question: Ken Suchoski - Autonomous Research US LP - Analyst : Totally. And it sounds like this is real consolidation, like you're actually maintaining that one platform. You're not maintaining multiple platforms as you do these acquisitions. Mark Frey - Corpay Inc - Group President - Cross-Border Solutions We've got a religious belief about it. There's one way to do this, and it's proven to be very successful for us. We've looked at other deals that have happened in our space that have proven to be very unsuccessful, and we can understand the reasons why. A lot of it relates back to the technology strategy and how that's worked out. So there's usually a very clear game plan. It's really about timeline, it's about execution, and how do we do it without causing -- or by causing as little disruption to the network of customers as possible.

Question: Ken Suchoski - Autonomous Research US LP - Analyst : It seems like it was great to share a wallet opportunity. If you keep taking share and you go from 80% to 90%, 95%, that's the real needle mover. Mark Frey - Corpay Inc - Group President - Cross-Border Solutions Yes, I'm just kind of frustrated we didn't think of it years ago, but it certainly is a superpower in terms of adding capability to the organization and one that's helped us from a customer acquisition standpoint as well.

Question: Ken Suchoski - Autonomous Research US LP - Analyst : Any questions for Mark, or I'll ask one more. Unidentified Participant (inaudible - microphone inaccessible) REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 11, 2025 / 12:30PM, CPAY.N - Corpay Inc at Autonomous Future of Commerce Symposium Mark Frey - Corpay Inc - Group President - Cross-Border Solutions So yes -- very good question, both. So I'd say the way that we think of moving money internationally is if it's a cross-border transaction, a domestic international transaction, we break it into its constituent parts. So everything for us becomes a domestic transaction. So look that way for the customer, but we're leveraging a domestic rail or domestic connectivity on both sides. So we get the benefit of that pennies per transaction on everything that we settle ourselves, even though we may even charge the customer for a cross-border transaction. In terms of the economics for us, whether it's stablecoin or blockchain-enabled payment versus an off-chain fiat transaction, the economics are largely the same. I would say that the take rates in the overall economics that we generate in the on-ramp, off-ramp world are actually higher than our corporate payments business today. The flows are bigger, the volumes are more attractive, and the spreads are super attractive in that space. So there is opportunity for us. As we see greater stablecoin and digital currency adoption, we actually think there's improved economics for us.

Question: Ken Suchoski - Autonomous Research US LP - Analyst : Awesome. I think we're up against the clock, Mark, so we'll have to leave it there. But thanks for joining us. Thanks so much for making the trip. And appreciate all your thoughts. And we'll do this again next year. Mark Frey - Corpay Inc - Group President - Cross-Border Solutions Really appreciate it. Thanks so much. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. SEPTEMBER 11, 2025 / 12:30PM, CPAY.N - Corpay Inc at Autonomous Future of Commerce Symposium