Corpay Inc at UBS Global Technology and AI Conference Transcript

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

Question: Chao Zhang - UBS AG - Analyst : Good to have you. To kick things off, can you maybe share a little bit about what's on top of the mind of the management team at Corpay for 2026?

Question: Chao Zhang - UBS AG - Analyst : All right. That's awesome. Maybe looking more to the near term, looking at the fourth quarter, as of the last earnings call, trends were generally pretty consistent across the business segments with improvements. Also, you provided a pretty encouraging preliminary 2026 guidance -- LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 02, 2025 / 8:35PM, CPAY.N - Corpay Inc at UBS Global Technology and AI Conference

Question: Chao Zhang - UBS AG - Analyst : On the back of favorable market se-tup. And then, October trends you mentioned seem to be also supportive of the outlook. It's been a couple of weeks so maybe can you provide an update on what you're seeing across the business now that we're heading towards the end of the quarter?

Question: Chao Zhang - UBS AG - Analyst : All right. Awesome. It's great to hear. Maybe just moving to the segments, Corporate Payments, the most important one to start with. A lot of exciting developments in the segment across the board. It probably would be great to hit on a couple of key topics. First, on the underlying drivers of the strong mid-teens organic revenue growth in the segment year to date and line of sight to mid-teens organic growth to 2026, maybe can you just talk about some of the underlying drivers?

Question: Chao Zhang - UBS AG - Analyst : All right. That's very helpful color. I think you often cite the market penetration by different segments. Can you maybe just recap for us the enterprise versus mid-market versus maybe even lower tier, what's the penetration rate do you see in it?

Question: Chao Zhang - UBS AG - Analyst : All right. Awesome. Before I go back to the Vehicle Payments, I think it's a very good segue but there's a couple more Corporate Payments topics I just want to follow up on. Also, in the Corporate Payments that you're seeing, basically, you and a lot of competitors serving the middle market are still competing against the banks. That's, like, the biggest competitor, still. Okay. And then, in terms of your customer mix, you've mentioned the decline in revenue per spend volume in this business, as you mix shift towards new payables and cross-border enterprise clients. Maybe can you talk a little bit about how you think about the enterprise opportunity and maybe the trajectory of this metric in the coming years?

Question: Chao Zhang - UBS AG - Analyst : All right. That's awesome. I think you've outlined this before but I think it's pretty important from a longer-term strategic perspective, how do you see the Corporate Payments business growing from the expected $2 billion-plus of revenue in 2026 to 5 times the size, longer term?

Question: Chao Zhang - UBS AG - Analyst : All right. Awesome. Moving to the inorganic part of the growth algorithm, in terms of the most recent acquisitions, maybe starting with the Alpha Group, can you recap for us what makes this an attractive acquisition for Corpay, in terms of expanding cross-border capabilities and where we'll see the greatest synergies outside of the $200 million of expected revenue contribution?

Question: Chao Zhang - UBS AG - Analyst : All right. Next one, not technically an acquisitions, it's more of an investment -- significant investment -- in AvidXchange, where you took one-third of the stake; and then, understand you may or may not in the future acquire the rest of it. What's your plan there? Maybe can you remind us what you're looking to see from Avid that would encourage you to buy or not buy? And then, how can your current AP business benefit from the added scale?

Question: Chao Zhang - UBS AG - Analyst : All right. Awesome. Lastly, can you talk about the Mastercard transaction (inaudible) the other way around? And then, what's the expected financial impact in 2026?

Question: Chao Zhang - UBS AG - Analyst : All right. That's awesome. Lots of things to look forward to in this segment alone.

Question: Chao Zhang - UBS AG - Analyst : All right. Makes total sense. Moving to the next big segment, Vehicle Payments, the segment accelerated to 10% year-on-year organic growth

Question: Chao Zhang - UBS AG - Analyst : All right. That's helpful. And then, regarding some of the divestiture candidates in the segment, maybe can you just share some additional context in terms of the business profile, growth profile; and what makes them potential divestiture candidates; and what are you looking to get?

Question: Chao Zhang - UBS AG - Analyst : All right. That makes sense. And so, looking forward to the update -- and I think from last call, I think you shared it's -- you're probably going to see some outcome within 90 days of the earnings call.

Question: Chao Zhang - UBS AG - Analyst : Right. It's not contingent upon being able to sell both of them at the same time, right? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 02, 2025 / 8:35PM, CPAY.N - Corpay Inc at UBS Global Technology and AI Conference

Question: Chao Zhang - UBS AG - Analyst : All right. Maybe quickly touching on lodging, what are some of the steps you're taking to maybe revert the sales back to the level it was in 2023? Or maybe, like, if it turns out to be, like, a secular, slower growth business, what will help you make the decision of whether to keep the business or divest it at some point?

Question: Chao Zhang - UBS AG - Analyst : All right. That's awesome. And then, maybe just picking back up to the Corporate level, in terms of capital allocation between investing sales growth, other M&A opportunities, and share repurchases. You certainly touched on some of this. From just your recent conversations with the investors, what are some of their views on where you want your leverage to be, whether there's an appetite for that to go above 3 times or maybe go lower? LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 02, 2025 / 8:35PM, CPAY.N - Corpay Inc at UBS Global Technology and AI Conference

Question: Chao Zhang - UBS AG - Analyst : Right. Awesome. Jim, I'd like to open this up for any audience Q&A. If you have a question, feel free to raise your hand. If not, I have a final follow-up for Jim. All right. You've had -- we had a dinner so well attended last night and a lot of investor conversations. Anything you feel like still misunderstood you want to emphasize or --?

Question: Chao Zhang - UBS AG - Analyst : All right. Perfect. Thank you so much, Jim.