Slides
Page 1
Earnings Release Supplement Refer to earnings release dated August 6, 2025 for further information ^ - dark blue-teal #00B5E2 ^ - light raspberry #981239 ^ - dark raspberry #981239 ^ - light blue-teal #59CBE8 ^ - cool gray 1 #E6E8E7 ^ - maroon #3D1628 Q2 2025
Page 2
Corpay | 2 Safe Harbor Provision This presentation contains forward-looking statements within the meaning of the federal securities laws. Statements that are not historical facts, including statements about Corpay’s beliefs, assumptions, expectations and future performance, are forward-looking statements. Forward-looking statements can be identified by the use of words such as “anticipate,” “intend,” “believe,” “estimate,” “plan,” “seek,” “project” or “expect,” “may,” “will,” “would,” “could” or “should,” the negative of these terms or other comparable terminology. These forward-looking statements are not a guarantee of performance, and you should not place undue reliance on such statements. We have based these forward-looking statements largely on preliminary information, internal estimates and management assumptions, expectations and plans about future conditions, events and results. Forward-looking statements are subject to many uncertainties and other variable circumstances, such as risks related to the completion of the acquisition of a partnership interest in AvidXchange, and the acquisition of Alpha, including, in each case, the satisfaction of any conditions thereto; our ability to successfully execute our strategic plan, manage our growth and achieve our performance targets; the impact of macroeconomic conditions, including any recession or economic downturn that has occurred or may occur in the future, and whether expected trends, including retail fuel prices, fuel price spreads, fuel transaction patterns, electric vehicle, retail lodging price, foreign exchange rates and interest rates trends develop as anticipated and we are able to develop successful strategies in light of these trends; our ability to attract new and retain existing partners, fuel merchants, and lodging providers, their promotion and support of our products, and their financial performance; our ability to successfully manage the derivative financial instruments that we use in our Cross-Border solution to reduce our exposure to various market risks, including changes in foreign exchange rates; the failure of management assumptions and estimates, as well as differences in, and changes to, economic, market, interest rate, interchange fees, foreign exchange rates, and credit conditions, including changes in borrowers’ credit risks and payment behaviors; the risk of higher borrowing costs and adverse financial market conditions impacting our funding and liquidity, and any reduction in our credit ratings; our ability to successfully manage our credit risks and the sufficiency of our allowance for expected credit losses; our ability to securitize our trade receivables; the occurrence of fraudulent activity, data breaches or failures of our information security controls or cybersecurity-related incidents that may compromise our systems or customers’ information; any disruptions in the operations of our computer systems and data centers; the international operational and political risks and compliance and regulatory risks and costs associated with international operations; the impact of international conflicts, including between Russia and Ukraine, as well as within the Middle East, on the global economy or our business and operations; the impact of changes in global tariff and trade policies and potential retaliatory actions by affected countries; our ability to develop and implement new technology, products, and services; any alleged infringement of intellectual property rights of others and our ability to protect our intellectual property; the regulation, supervision, and examination of our business by foreign and domestic governmental authorities, as well as litigation and regulatory actions, including the lawsuit filed by the Federal Trade Commission (FTC); the impact of regulations and related requirements relating to privacy, information security and data protection; derivative and hedging activities; use of third-party vendors and ongoing third-party business relationships; and failure to comply with anti-money laundering (AML) and anti-terrorism financing laws; changes in our senior management team and our ability to attract, motivate and retain qualified personnel consistent with our strategic plan; tax legislation initiatives or challenges to our tax positions and/or interpretations, and state sales tax rules and regulations; the risks of mergers, acquisitions and divestitures, including, without limitation, the related time and costs of implementing such transactions, integrating operations as part of these transactions and possible failures to achieve expected gains, revenue growth and/or expense savings from such transactions; our ability to remediate material weaknesses and the ongoing effectiveness of internal control over financial reporting, as well as the other risks and uncertainties identified under the caption "Risk Factors" in the 2024 Form 10-K filed with the Securities and Exchange Commission (“SEC”) on February 27, 2025 and subsequent filings with the SEC made by us. These factors could cause our actual results and experience to differ materially from any forward-looking statement made herein. The forward- looking statements included in this presentation are made only as of the date hereof and we do not undertake, and specifically disclaim, any obligation to update any such statements as a result of new information, future events or developments, except as specifically stated or to the extent required by law. You may access Corpay’s SEC filings for free by visiting the SEC web site at www.sec.gov. This presentation includes non-GAAP financial measures, which are used by the Company as supplemental measures to evaluate its overall operating performance. The Company’s definitions of the non-GAAP financial measures used herein may differ from similarly titled measures used by others, including within the Company's industry. By providing these non-GAAP financial measures, together with reconciliations to the most directly comparable GAAP financial measures, we believe we are enhancing investors’ understanding of our business and our results of operations, as well as assisting investors in evaluating how well we are executing strategic initiatives. See the appendix for additional information regarding these non-GAAP financial measures and a reconciliation to the most directly comparable GAAP measure. Q2 2025 ^
Page 3
Agenda Q2 2025 Results 2025 Guidance Deal Activity Digital Currency Strategy - Cross Border Appendix ^ Q2 2025
Page 4
^ Q2 2025 Q2 2025 Results
Page 5
Corpay | 5 Our Take on the Quarter Earnings slightly ahead of expectations1, grew 13%: • Adjusted EPS2 $5.13, up 13% YOY...up 17% YOY on constant macro basis • Revenues $1.102 billion, up 13% YOY • Adjusted EBITDA2 $621 million, up 12% YOY • GAAP EPS $3.98, up 13% YOY Fundamental trends: • Organic revenue growth of 11%2...Corporate Payments revenue growth of 18%2 • Same store sales flat YOY • Sales growth of 31% • Revenue retention improved to 92.3%3 • Managed credit losses to 5 bps of spend 1. All comparisons are versus Q2 2024 2. Non-GAAP financial measures. See appendix for reconciliation of non-GAAP measures to GAAP 3. Based on volume relevant to business or product (e.g., gallons, spend, etc.) weighted by revenue; excludes European Private Label businesses, where Corpay is a processor instead of issuer. Also excludes cross-border business due to the nature of business customer and businesses owned less than one year Q2 adjusted EPS finished slightly ahead of our guide Adjusted EPS2 Up 10% ex- Russia ^ Q2 2025 11% organic revenue growth... +200 bps vs. 1Q25
Page 6
Revenue and Cash EPS Bridge vs Prior Year 2019 Corpay | 6 $976 $110 $(19) $46 $(10) $1,102 2Q24 Core Change Macro Acquisitions Divestiture 2Q25 $4.55 $0.67 $0.09 $0.10 $(0.17) $(0.11) $5.13 2Q24 Core Change Acquisitions Interest Rate Macro Tax Rate 2Q25 Revenue ($ in millions) Adjusted Net Income Per Share1 1. Non-GAAP financial measures. See appendix for reconciliation of non-GAAP measures to GAAP 2. Macro consists of the negative impact of movements in foreign exchange rates of approximately $7 million, negative fuel prices of approximately $6 million (average 2Q25 fuel price of $3.21), and approximately $7 million of negative impact from fuel price spreads 3. Includes impact of interest rates on both interest expense and interest income 4. Consists of the impact in footnote 2, with partial offset from impact of foreign exchange rates on expenses 4 2 +13% YoY +13% YoY 3 ^ Q2 2025
Page 7
Organic Revenue Growth1,2 Corpay | 7 ($ in millions) VEHICLE PAYMENTS OTHER3 CORPORATE PAYMENTS +19% +39% +32% +9% LODGING PAYMENTS 9% 18% 18%(2)% $504 $548 2Q24 2Q25 $331 $389 2Q24 2Q25 $55 $64 2Q24 2Q25 $122 $120 2Q24 2Q25 1. Non-GAAP financial measures. See appendix for reconciliation of non-GAAP measures to GAAP 2. Adjusted to remove impact of changes in macroeconomic environment. Adjusted to include acquisitions and exclude dispositions. Reflects adjustments related to one-time items not representative of normal business operations 3. Other includes Gift and Payroll Card operating segments Total 11% ^ Q2 2025
Page 8
Organic Revenue Growth and Same Store Sales Trends1 Corpay | 8 2024 2025 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 Vehicle Payments 4% 5% 4% 8% 8% 9% Corporate Payments 17% 18% 18% 26% 19% 18% Lodging Payments (9)% (10)% (5)% 1% (1)% (2)% Other2 12% (2)% (6)% 5% (13)% 18% Total Organic Growth 6% 6% 6% 12% 9% 11% Total Same Store Sales (2)% —% —% 1% 1% —% 1. Non-GAAP financial measures. See appendix for reconciliation of non-GAAP measures to GAAP 2. Other includes Gift and Payroll Card operating segments ^ Q2 2025 Accelerating vehicle payments organic revenue growth...with further improvement planned in 2H'25
Page 9
Improving Retention, YoY and Sequentially* Corpay | 9 91.9% 92.1% 92.0% 91.8% 92.3% 2Q24 3Q24 4Q24 1Q25 2Q25 *Based on volume relevant to business or product (e.g., gallons, spend, etc.) weighted by revenue; excludes European Private Label businesses, where Corpay is a processor instead of issuer. Also excludes our cross border payments business, due to the nature of business customer, and businesses owned less than one year ^ Q2 2025
Page 10
Balance Sheet Structured for Flexibility and Capacity 2.75 2.53 4Q24 2Q25 $6.7 $6.5 4Q24 2Q25 Leverage Ratio3 (X) Total Financial Debt4 ($ in billions) Robust cash flow and opportunistic capital allocation • Reported $621 million of adjusted EBITDA1 • Generated $366 million of free cash flow1,2 Liquidity at June 30, 2025 is ~$3.5 billion • Borrowing capacity of $1.4 billion • Total unrestricted cash of $2.2 billion Leverage ratio in target range • Leverage ratio of 2.53x3 1. Non-GAAP financial measures. See appendix for reconciliation of non-GAAP measures to GAAP 2. The Company refers to free cash flow, cash net income and adjusted net income interchangeably, a non-GAAP financial measure. See appendix for reconciliation of non-GAAP measures to GAAP 3. Calculated in accordance with the terms of our Credit Facility 4. Excludes borrowings under Securitization Facility of $1.6 billion and $1.3 billion as of June 30, 2025 and December 31, 2024, respectively ^ Corpay | 10 Q2 2025
Page 11
Updated 2025 Guidance ^ 2025
Page 12
2025 Guidance...2H Themes ^ Corpay | 12 FY 2025 Second half of 2025 sets up well for a strong finish to the year... • 2H adjusted EPS1 accelerating to $11.40, an 18% increase over 1H 2025 • Organic revenue growth in 2H of 10% ◦ Vehicle Payments organic revenue growth improving to 10% • EBITDA margin improvement of 150bps from 1H to 2H • Macro environment turning favorable in 2H versus the PY 1. Non-GAAP financial measures.
Page 13
FY25 and 3Q25 Guidance ($ in millions, except per share data and %) Guide YoY Growth Full Year 2025 Range Midpoint Print GAAP Revenues $4,405 - $4,485 $4,445 +12% Adjusted Net Income per Diluted Share2 $20.86 - $21.26 $21.06 +11% Q3 2025 GAAP Revenues $1,155 - $1,175 $1,165 +13% Adjusted Net Income per Diluted Share2 $5.50 - $5.70 $5.60 +12% 1. Growth rates at the midpoint 2. A reconciliation of GAAP guidance to non-GAAP guidance is provided in Appendix 2Q24 Revenues1 $960 - $980 +6%, ex-Russia ANI Per Share1 $4.45 - $4.55 +13%, ex-Russia ^ 1Q 2025 GAAP Revenues EBITDA2 Adjusted Net Income per Diluted Share2 Guidance Ranges1 Corpay | 13 ASSUMPTIONS • Weighted average U.S. fuel prices equal to $3.16 per gallon; • Fuel price spreads lower than the 2024 average; • Foreign exchange rates equal to the July 2025 forward consensus; • Interest expense between $360 million and $390 million; • Approximately 72 million fully diluted shares outstanding; • An effective tax rate of approximately 25.5% to 26.5%; and • No impact related to acquisitions or divestitures not closed. 2Q25 Revenues1 $1,155 - $1,175 +13% YoY ANI Per Share1 $5.50 - $5.70 +12% YoY FY 2025
Page 14
Deal Activity ^ FY 2025
Page 15
15 Corpay Proprietary and Confidential. Investment Funds Products Payments and Forwards 7k Bank Accounts / $3B deposits Customers 1.5k middle market / enterprise 2k institutional funds Geos UK, EU, AUS, CA UK, EU ’24 Revenue $95M $203M Corporates Attractive New Market Opportunity Thousands of managers, 65% in US TAM Corpay Opportunity Low UK / EU wallet share No presence in US or APAC New Capabilities in Multi Trillion $ TAM New Product New Markets Treasury management software Germany, Netherlands, Malta Alpha Overview Alpha serves Corporates and Investment Funds. Investments Funds in the UK and EU account for 68% of revenue … yet they are an underserved segment globally Corpay | 15 FY 2025
Page 16
16 Corpay Proprietary and Confidential. Corporates Investment FundsFIs Digital CurrencySegment Clients Mid-Market / Enterprise Banks / Fintechs Investment Funds / Fund Admins Native Crypto / Stablecoin Providers Products FX Payments … FX Risk Management … Multi-Currency Accounts Corpay Cross-Border Customer Segments Recent Activity Acquisition closed Dec ‘24 Investment announced Apr ‘25 Acquisition announced Jul ‘25 Existing Partnerships Corpay Cross Border Overview The Alpha deal will significantly expand our position with investment funds … and bolster our ability to sell the “multi-currency accounts” product to all our segments Corpay | 16 FY 2025
Page 17
17 Corpay Proprietary and Confidential. “On-Ramp / Off- Ramp” Fiat Partner • Convert stablecoins to fiat currency (on/off-ramp) • Hold deposits in fiat account • Currently onboarding stablecoin native clients and have robust pipeline Blockchain as 3rd Rail • Currently sending 3rd party outbound payments on blockchain networks • Accept and process customer stablecoin payments (Q3) Stablecoin Digitial Wallets Unique Multi-Currency Account • Fiat currencies + stablecoin … all in 1 account Crypto Native Digital Wallet • Hold + send + receive stablecoin payments Cross-sell to all segments • Corporates, FI’s, Funds and Digital Currency providers Live Now Live Now, Q3 Live Q3 / Q4 1 2 3 Digital Currency Strategy – Stablecoins, Cryptocurrency & Blockchain Corpay Cross Border has embraced digital currencies, including stablecoins, as the next evolution in cross-border finance and is participating in 3 ways. Corpay | 17 FY 2025
Page 18
About Non-GAAP Financial Measures This presentation includes certain measures described below that are non-GAAP financial measures. The Company refers to free cash flow, cash net income and adjusted net income attributable to Corpay interchangeably, a non-GAAP financial measure. Adjusted net income attributable to Corpay is calculated as net income attributable to Corpay, adjusted to eliminate (a) non-cash stock-based compensation expense related to stock-based compensation awards, (b) amortization of deferred financing costs, discounts, intangible assets, amortization of the premium recognized on the purchase of receivables, and amortization attributable to the Company's noncontrolling interest, (c) integration and deal related costs, and (d) other non-recurring items, including unusual credit losses, certain discrete tax items, the impact of business dispositions, impairment losses, asset write-offs, restructuring costs, loss on extinguishment of debt, taxes associated with stock-based compensation programs, losses and gains on foreign currency transactions and legal settlements and related legal fees. We adjust net income for the tax effect of adjustments using our effective income tax rate, exclusive of certain discrete tax items. We calculate adjusted net income attributable to Corpay and adjusted net income per diluted share attributable to Corpay to eliminate the effect of items that we do not consider indicative of our core operating performance. Adjusted net income attributable to Corpay and adjusted net income per diluted share attributable to Corpay, or adjusted EPS, are supplemental measures of operating performance that do not represent and should not be considered as an alternative to net income, net income per diluted share or cash flow from operations, as determined by U.S. generally accepted accounting principles, or U.S. GAAP. We believe it is useful to exclude non-cash share based compensation expense from adjusted net income because non- cash equity grants made at a certain price and point in time do not necessarily reflect how our business is performing at any particular time and share based compensation expense is not a key measure of our core operating performance. We also believe that amortization expense can vary substantially from company to company and from period to period depending upon their financing and accounting methods, the fair value and average expected life of their acquired intangible assets, their capital structures and the method by which their assets were acquired; therefore, we have excluded amortization expense from our adjusted net income. Integration and deal related costs represent business acquisition transaction costs, professional services fees, short-term retention bonuses and system migration costs, etc., that are not indicative of the performance of the underlying business. We also believe that certain expenses, discrete tax items, gains on business disposition, recoveries (e.g. legal settlements, write-off of customer receivable, etc.), gains and losses on investments, taxes related to stock-based compensation programs and impairment losses do not necessarily reflect how our investments and business are performing. We adjust net income for the tax effect of each of these adjustments items using the effective tax rate during the period, exclusive of discrete tax items. Organic revenue growth is calculated as revenue in the current period adjusted for the impact of changes in the macroeconomic environment (to include fuel price, fuel price spreads and changes in foreign exchange rates) over revenue in the comparable prior period adjusted to include/remove the impact of acquisitions and/or divestitures and non- recurring items that have occurred subsequent to that period. We believe that organic revenue growth on a macro-neutral, one-time items, and consistent acquisition/divestiture/ non-recurring item basis is useful to investors for understanding the performance of Corpay. EBITDA is defined as earnings before interest, income taxes, interest expense, net, other expense (income), depreciation and amortization, loss on extinguishment of debt and other operating, net. Adjusted EBITDA is defined as EBITDA further adjusted for non-cash stock-based compensation expense and other one-time items including certain legal expenses, restructuring costs and integration and deal related costs. EBITDA and adjusted EBITDA margin are defined as EBITDA and adjusted EBITDA as a percentage of revenue. Management uses adjusted net income attributable to Corpay, adjusted net income per diluted share attributable to Corpay, organic revenue growth, EBITDA and adjusted EBITDA: • as a measurement of operating performance because it assists us in comparing performance on a consistent basis; • for planning purposes including the preparation of internal annual operating budget; • to allocate resources to enhance the financial performance of our business; and • to evaluate the performance and effectiveness of operational strategies We believe adjusted net income attributable to Corpay, adjusted net income per diluted share attributable to Corpay, organic revenue growth, EBITDA and adjusted EBITDA are key measures used by the Company and investors as supplemental measures to evaluate the overall operating performance of companies in our industry. By providing these non- GAAP financial measures, together with reconciliations, we believe we are enhancing investors' understanding of our business and our results of operations, as well as assisting investors in evaluating how well we are executing strategic initiatives. Reconciliations of GAAP results to non-GAAP results are provided in the attached Appendix. Corpay | 18 Appendix ^ Q2 2025
Page 19
($ in millions, except per share amounts) Corpay | 19 1. Includes consolidated amortization related to intangible assets, premium on receivables, deferred financing costs and debt discounts 2. Includes losses and gains on foreign currency transactions, certain legal expenses, amortization expense attributable to the Company's noncontrolling interest, taxes associated with stock-based compensation programs and a loss on an economic hedge of a foreign-denominated purchase price of an acquisition 3. Represents provision for income taxes of pre-tax adjustments 4. Represents discrete non-cash tax provision recognized in the second quarter of 2025 related to the remeasurement of deferred tax assets and liabilities as a result of a tax law change in California Three Months Ended June 30, 2025 2024 Net income attributable to Corpay $284 $252 Stock based compensation 29 27 Amortization1 64 57 Loss on extinguishment of debt — — Integration and deal related costs 14 7 Restructuring and related costs 3 2 Other2 (7) 4 Total pre-tax adjustments 104 97 Income tax impact of pre-tax adjustments at the effective tax rate3 (28) (24) Discrete taxes4 $6 $— Adjusted net income attributable to Corpay $366 $325 Adjusted net income per diluted share attributable to Corpay $5.13 $4.55 Diluted shares 71 71 Reconciliation of Net Income to Adjusted Net Income ^ Q2 2025
Page 20
($ in millions) Corpay | 20 *Columns may not calculate due to rounding. 1. EBITDA is defined as earnings before interest, income taxes, interest expense, net, other expense, depreciation and amortization, other operating, net, and loss on extinguishment of debt 2. Adjusted EBITDA is adjusted for stock-based compensation and other one-time items including certain legal expenses, restructuring costs and integration and deal related costs Three Months Ended June 30, 2025 2024 Net income from operations $284 $252 Provision for income taxes 109 83 Interest expense, net 97 95 Other (income) expense, net (11) 4 Depreciation and amortization 91 84 EBITDA1 $571 $518 Stock-based compensation 29 27 Other addbacks2 21 10 Adjusted EBITDA2 $621 $554 Revenue $1,102 $976 EBITDA margin 51.8% 53.1% Adjusted EBITDA margin 56.3% 56.8% ^ Reconciliation of Net Income to EBITDA*Q2 2025
Page 21
Corpay | 21 1Q24 ORGANIC GROWTH 3Q24 ORGANIC GROWTH 4Q24 ORGANIC GROWTH2Q24 ORGANIC GROWTH 2024 Macro Adj3 2023 Pro forma2 % 2024 Macro Adj3 2023 Pro forma2 % 2024 Macro Adj3 2023 Pro forma2 % 2024 Macro Adj3 2023 Pro forma2 % Vehicle Payments $492 $475 4% $518 $492 5% $522 $501 4% $543 $500 8% Corporate Payments 264 226 17% 290 246 18% 320 271 18% 346 274 26% Lodging Payments 111 122 (9)% 123 137 (10)% 134 141 (5)% 121 120 1% Other1 64 57 12% 55 56 (2)% 67 71 (6)% 70 67 5% Consolidated Revenues, net $932 $881 6% $985 $931 6% $1,043 $985 6% $1,080 $960 12% 1Q22 ORGANIC GROWTH 2Q22 ORGANIC GROWTH 3Q22 ORGANIC GROWTH 4Q22 ORGANIC GROWTH 2022 Macro Adj4 2021 Pro forma3 % 2022 Macro Adj4 2021 Pro forma3 % 2022 Macro Adj4 2021 Pro forma3 % 2022 Macro Adj4 2021 Pro forma3 % Vehicle Payments $432 $377 14% $455 $419 9% $468 $439 7% $470 $457 3% Fleet1 333 295 13% 351 333 5% 358 343 4% 357 351 2% Corporate Payments 185 155 19% 195 164 18% 204 169 21% 209 174 20% Lodging Payments 95 78 22% 117 83 42% 127 99 28% 120 105 14% Other2 57 56 1% 66 46 44% 68 63 6% 64 70 (8)% Consolidated Revenues, net $769 $667 15% $833 $712 17% $866 $770 13% $864 $807 7% *Columns may not calculate due to rounding. 1. Other includes Gift and Payroll Card operating segments 2. Pro forma to include acquisitions and exclude dispositions, consistent with the comparable period's ownership. See reconciliation on subsequent slides 3. Adjusted to remove the impact of changes in the macroeconomic environment to be consistent with the same period of prior year, using constant fuel prices, fuel price spreads and foreign exchange rates. See reconciliation on subsequent slides ($ in millions, except %) Calculation of Organic Growth* 1Q25 ORGANIC GROWTH 2Q25 ORGANIC GROWTH 2025 Macro Adj3 2024 Pro forma2 % 2025 Macro Adj3 2024 Pro forma2 % Vehicle Payments $532 $493 8% $548 $504 9% Corporate Payments 358 302 19% 389 331 18% Lodging Payments 111 111 (1)% 120 122 (2)% Other1 56 64 (13)% 64 55 18% Consolidated Revenues, net $1,057 $971 9% $1,121 $1,012 11% ^ Q2 2025
Page 22
Corpay | 22 2025 Organic Revenue Growth* Macro Adjusted1 Pro Forma2 2Q25 1Q25 2Q24 1Q24 VEHICLE PAYMENTS Pro forma and macro adjusted $548 $532 $504 $493 Impact of acquisitions/dispositions — — 6 1 Impact of fuel prices/spread (13) (9) — — Impact of foreign exchange rates (10) (36) — — As reported $526 $487 $510 $494 CORPORATE PAYMENTS Pro forma and macro adjusted $389 $358 $331 $302 Impact of acquisitions/dispositions — — (42) (36) Impact of fuel prices/spread — — — — Impact of foreign exchange rates 3 (5) — — As reported $392 $353 $288 $265 LODGING PAYMENTS Pro forma and macro adjusted $120 $111 $122 $111 Impact of acquisitions/dispositions — — — — Impact of fuel prices/spread — — — — Impact of foreign exchange rates — — — — As reported $120 $110 $122 $111 ($ in millions) Reconciliation of Organic Revenue to GAAP Revenue by Segment - 2025 * Columns may not calculate due to impact of rounding 1. Adjusted to remove the impact of changes in the macroeconomic environment to be consistent with the same period of prior year, using constant fuel prices, fuel price spreads and foreign exchange rates, as well as one-time items 2. Pro forma to include acquisitions and exclude dispositions and one-time items, consistent with previous period ownership ^ Q2 2025
Page 23
Corpay | 23 2025 Organic Revenue Growth* Macro Adjusted1 Pro Forma2 2Q25 1Q25 2Q24 1Q24 OTHER3 Pro forma and macro adjusted $64 $56 $55 $64 Impact of acquisitions/dispositions — — — — Impact of fuel prices/spread — — — — Impact of foreign exchange rates — — — — As reported $65 $56 $55 $64 CORPAY CONSOLIDATED REVENUES Pro forma and macro adjusted $1,121 $1,057 $1,012 $971 Impact of acquisitions/dispositions — — (36) (36) Impact of fuel prices/spread (13) (9) — — Impact of foreign exchange rates (7) (42) — — As reported $1,102 $1,006 $976 $935 * Columns may not calculate due to impact of rounding 1. Adjusted to remove the impact of changes in the macroeconomic environment to be consistent with the same period of prior year, using constant fuel prices, fuel price spreads and foreign exchange rates, as well as one-time items 2. Pro forma to include acquisitions and exclude dispositions and one-time items, consistent with previous period ownership 3. Other includes Gift and Payroll Card operating segments (continued, in millions) Reconciliation of Organic Revenue to GAAP Revenue by Segment - 2025 ^ Q2 2025
Page 24
Corpay | 24 2024 Organic Revenue Growth* Macro Adjusted1 Pro Forma2 4Q24 3Q24 2Q24 1Q24 4Q23 3Q23 2Q23 1Q23 VEHICLE PAYMENTS Pro forma and macro adjusted $543 $522 $518 $492 $500 $501 $492 $475 Impact of acquisitions/dispositions — — — — — (1) 18 21 Impact of fuel prices/spread (17) 4 — (10) — — — — Impact of foreign exchange rates (28) (19) (8) 12 — — — — As reported $498 $507 $510 $494 $500 $501 $510 $495 CORPORATE PAYMENTS Pro forma and macro adjusted $346 $320 $290 $264 $274 $271 $246 $226 Impact of acquisitions/dispositions — — — — (23) (13) — — Impact of fuel prices/spread — — — — — — — — Impact of foreign exchange rates — 2 (1) 1 — — — — As reported $346 $322 $288 $265 $251 $258 $246 $226 LODGING PAYMENTS Pro forma and macro adjusted $121 $134 $122 $111 $120 $141 $137 $122 Impact of acquisitions/dispositions — — — — — — — — Impact of fuel prices/spread — — — — — — — — Impact of foreign exchange rates — — — — — — — — As reported $121 $134 $122 $111 $120 $141 $137 $122 ($ in millions) Reconciliation of Organic Revenue to GAAP Revenue by Segment - 2024 * Columns may not calculate due to impact of rounding 1. Adjusted to remove the impact of changes in the macroeconomic environment to be consistent with the same period of prior year, using constant fuel prices, fuel price spreads and foreign exchange rates, as well as one-time items 2. Pro forma to include acquisitions and exclude dispositions and one-time items, consistent with previous period ownership ^ Q2 2025
Page 25
Corpay | 25 2024 Organic Revenue Growth* Macro Adjusted1 Pro Forma2 4Q24 3Q24 2Q24 1Q24 4Q23 3Q23 2Q23 1Q23 OTHER3 Pro forma and macro adjusted $70 $66 $55 $64 $67 $71 $56 $57 Impact of acquisitions/dispositions — — — — — — — — Impact of fuel prices/spread — — — — — — — — Impact of foreign exchange rates — — — — — — — — As reported $70 $67 $55 $64 $67 $71 $56 $57 CORPAY CONSOLIDATED REVENUES Pro forma and macro adjusted $1,080 $1,043 $985 $932 $960 $985 $931 $881 Impact of acquisitions/dispositions — — — — (23) (14) 18 21 Impact of fuel prices/spread (17) 4 — (10) — — — — Impact of foreign exchange rates (28) (17) (9) 14 — — — — As reported $1,034 $1,029 $976 $935 $937 $971 $948 $901 * Columns may not calculate due to impact of rounding 1. Adjusted to remove the impact of changes in the macroeconomic environment to be consistent with the same period of prior year, using constant fuel prices, fuel price spreads and foreign exchange rates, as well as one-time items 2. Pro forma to include acquisitions and exclude dispositions and one-time items, consistent with previous period ownership 3. Other includes Gift and Payroll Card operating segments (continued, in millions) Reconciliation of Organic Revenue to GAAP Revenue by Segment - 2024 ^ Q2 2025
Page 26
Corpay | 26* Columns may not calculate due to rounding Q3 2025 GUIDANCE Low* High* Net income $318 $328 Net income per diluted share $4.42 $4.62 Stock based compensation 25 25 Amortization 63 63 Other 17 17 Total pre-tax adjustments $105 $105 Income tax impact of pre-tax adjustments (27) (27) Adjusted net income $396 $406 Adjusted net income per diluted share $5.50 $5.70 Diluted shares 72 72 Reconciliation of Non-GAAP Guidance Measures ($ in millions, except per share amounts) 2025 GUIDANCE Low* High* Net income $1,171 $1,211 Net income per diluted share $16.41 $16.81 Stock based compensation 97 97 Amortization 256 256 Other 71 71 Total pre-tax adjustments $424 $424 Income tax impact of pre-tax adjustments (107) (107) Adjusted net income $1,488 $1,528 Adjusted net income per diluted share $20.86 $21.26 Diluted shares 72 72 ^ FY 2025