Card and Merchant Services Bi-Weekly Industry Events & M&A Update — September 14–28, 2026

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BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

FINANCIALS › FINANCIAL SERVICES › CARD AND MERCHANT SERVICES

Processing Names Reprice While Card Credit Data Holds Steady

This update covers the movers, company announcements and transaction record for the two-week period September 14–28, 2026.

September 14–28, 2026

Prepared by NeuraCap AI · Confidential

Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28

Card and Merchant Services Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice

Sources & methodology

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1. 01
   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE

   FINANCIALS › FINANCIAL SERVICES › CARD AND MERCHANT SERVICES

   FINANCIALS › FINANCIAL SERVICES › CARD AND MERCHANT SERVICES.

   Cover — Card and Merchant Services bi-weekly industry events & M&A update, September 14–28, 2026. Prepared by NeuraCap AI. The deck answers: what changed, who moved and most likely why, what transacted, and what it means. 1

   Everything on this page

   BI-WEEKLY INDUSTRY EVENTS & M&A UPDATE FINANCIALS › FINANCIAL SERVICES › CARD AND MERCHANT SERVICES Processing Names Reprice While Card Credit Data Holds Steady This update covers the movers, company announcements and transaction record for the two-week period September 14–28, 2026. September 14–28, 2026 Prepared by NeuraCap AI · Confidential Market data through 2026-09-28 · events and transactions from the two-week period 2026-09-14 → 2026-09-28 Card and Merchant Services Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   THE BI-WEEKLY BOTTOM LINE

   A Broad Drawdown in Processing, with Credit Data Steady Underneath

   A Broad Drawdown in Processing, with Credit Data Steady Underneath.

   A Broad Drawdown in Processing, with Credit Data Steady Underneath The two-week period in one page · 21 covered names, close-to-close · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Driver attributions use calibrated language and are NeuraCap reads of the recorded evidence. 2

   Everything on this page

   THE BI-WEEKLY BOTTOM LINE A Broad Drawdown in Processing, with Credit Data Steady Underneath The two-week period in one page · 21 covered names, close-to-close · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Driver attributions use calibrated language and are NeuraCap reads of the recorded evidence. Card and Merchant Services Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 2 1 The Covered Set Sold off While the Broad Market Gained 18 of 21 covered names fell; the median move was -4.9%. The S&P 500 returned +0.8% over the same window. 2 Credit-Led Issuers Reported Steady to Better Loss Content American Express Company (AXP) reported August U.S. Consumer card balances of $114.2 billion at a 1.7% net write-off rate and U.S. Small Business balances of $46.1 billion at 2.2%. Bread Financial Holdings, Inc. (BFH) reported net principal losses of $101 million, a 6.40% loss rate, against $113 million and 7.57% a year earlier. 3 Operators Pulled Structure and Distribution Levers, Not Price Fiserv, Inc. (FISV) moved to run its Financial Solutions and Merchant Solutions segments as one company and set out Project Elevate priorities, then extended Clover acceptance into Canadian sports and entertainment. Shares finished the window at -9.7%. 4 No New Transactions, so the Trailing Record Still Sets the Reference No material sector transactions were announced during the period. The trailing record of 20 precedent transactions carries a median EV / EBITDA of 14.8x, while NeuraCap's standing study puts the sector median at 7.6x on CY2027E EV / EBITDA. +1.9% Best mover — Marqeta, Inc. (MQ) worst: PAY -19.3% · 3 up / 18 down of 21 covered -4.9% Sector median two-week return vs S&P 500 +0.8% 5 Company filings in the window 8-K events read for driver attribution

3. 03
   PUBLIC MARKET MOVERS

   Where the Drawdown Landed, and What the Record Actually Explains

   Where the Drawdown Landed, and What the Record Actually Explains.

   Where the Drawdown Landed, and What the Record Actually Explains Bi-Weekly moves, close-to-close · September 14–28, 2026 · sector median -4.9% · S&P 500 +0.8% · materiality bar ±7.4% (sector-relative) Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Attribution links each move only to filings and headlines recorded in the window; where no driver is recorded, the page says so. Calibrated language throughout — NeuraCap reads, not asserted causation. 3

   Everything on this page

   PUBLIC MARKET MOVERS Where the Drawdown Landed, and What the Record Actually Explains Bi-Weekly moves, close-to-close · September 14–28, 2026 · sector median -4.9% · S&P 500 +0.8% · materiality bar ±7.4% (sector-relative) Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Attribution links each move only to filings and headlines recorded in the window; where no driver is recorded, the page says so. Calibrated language throughout — NeuraCap reads, not asserted causation. Card and Merchant Services Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 3 Bi-Weekly return per company · teal above zero, amber below · sector median -4.9% Paymentus Holdings, Inc. (PAY) -19.3% No notable in-window news was identified that clearly explains the move. At -19.3%, the decline ran well beyond the -4.9% median move across covered names. Premium-tier multiples leave the least room when sentiment turns on a single name. UNEXPLAINED WEX Inc. (WEX) -11.8% Shares moved following Sep 25 commentary that paired diversified growth and stronger cash flow with transaction weakness and a heavy debt load. The biggest single day of the window, -3.9%, fell on that date. Transaction counts and balance-sheet load, not narrative, set the level for Discount-tier names. COMPANY-SPECIFIC PagSeguro Digital Ltd. (PAGS) -10.4% No notable in-window news was identified that clearly explains the move. At -10.4%, the decline ran ahead of the -4.9% median move across covered names. NeuraCap read: an emerging-market volume mix cuts both ways, and it cut against the name here. UNEXPLAINED Marqeta, Inc. (MQ) +1.9% No notable in-window news was identified that clearly explains the move. At +1.9%, Marqeta was one of three gainers in the covered set against a -4.9% median move. A Discount-tier issuing platform held ground in a window when most of the group did not. UNEXPLAINED

4. 04
   MAJOR NEWS & INDUSTRY CATALYSTS

   Companies Spent the Window on Distribution, Compliance and Credit Reporting

   Companies Spent the Window on Distribution, Compliance and Credit Reporting.

   Companies Spent the Window on Distribution, Compliance and Credit Reporting The two-week period's highest-impact events · titles link to the underlying filing or article · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. "Why it matters" lines are NeuraCap reads; each event links to its source. Sources are admitted in a fixed reliability order (SEC filings, press releases, established outlets); video and social platforms are never used. 4

   Everything on this page

   MAJOR NEWS & INDUSTRY CATALYSTS Companies Spent the Window on Distribution, Compliance and Credit Reporting The two-week period's highest-impact events · titles link to the underlying filing or article · September 14–28, 2026 Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. "Why it matters" lines are NeuraCap reads; each event links to its source. Sources are admitted in a fixed reliability order (SEC filings, press releases, established outlets); video and social platforms are never used. Card and Merchant Services Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 4 Sep 15 · NEWS · Business Wire Mastercard published research on U.S. small businesses prioritising predictable growth Small-business spending behaviour sets same-store volume and revenue per merchant for everyone in acquiring. A Premium-tier network putting research behind stability signals where it sees acceptance growth coming from. Small-business volume is the shared input into acquiring economics across the group. Sep 14 · NEWS · Accesswire Mastercard signed a partnership to expand a cross-border card programme Cross-border volume carries a different take rate than domestic volume, so a programme win of this kind changes the revenue blend and not just the transaction count. Programme distribution deals remain the route to cross-border mix without buying anything. Sep 14 · NEWS · Business Wire DLocal added an AI-driven partner for AML, sanctions screening and transaction monitoring Compliance capacity is a licence-to-operate cost in cross-border acquiring. Buying the capability in rather than building it keeps the spend variable while market coverage widens. Compliance tooling is becoming a bought capability across cross-border platforms. Sep 15 · 8-K · SEC EDGAR American Express reported August U.S. card balances and net write-off rates It gives the sector a current read on credit-linked earnings: U.S. Consumer balances of $114.2 billion at a 1.7% net write-off rate and U.S. Small Business balances of $46.1 billion at 2.2%. Loss rates, not spend headlines, drive the earnings line at balance-sheet issuers. Sep 15 · 8-K · SEC EDGAR Bread Financial reported lower monthly credit losses with loan balances up year over year Net principal losses of $101 million and a 6.40% loss rate compare with $113 million and 7.57% a year earlier, while credit-card and other loan balances moved to $18.73 billion from $17.66 billion. Improving loss content alongside growing balances is the combination credit-led issuers are judged on. Sep 15 · 8-K · SEC EDGAR Capital One closed a euro-denominated senior notes offering due 2032 and 2037 Term funding in a second currency broadens the funding base for a balance-sheet issuer, which shapes how receivables growth is financed. Funding structure is part of the story at issuers in a way it is not at processors.

5. 05
   M&A & STRATEGIC ACTIVITY

   Buyers Stayed Out, so the Trailing Record Still Sets the Reference Point

   Buyers Stayed Out, so the Trailing Record Still Sets the Reference Point.

   Buyers Stayed Out, so the Trailing Record Still Sets the Reference Point September 14–28, 2026 · precedent transactions: 20 recorded deals · median 14.8x EV/LTM EBITDA Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Deal multiples are LTM at announcement where disclosed; "why the deal happened" is a NeuraCap read of the recorded evidence. No old transactions are re-presented as news. 5

   Everything on this page

   M&A & STRATEGIC ACTIVITY Buyers Stayed Out, so the Trailing Record Still Sets the Reference Point September 14–28, 2026 · precedent transactions: 20 recorded deals · median 14.8x EV/LTM EBITDA Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. Deal multiples are LTM at announcement where disclosed; "why the deal happened" is a NeuraCap read of the recorded evidence. No old transactions are re-presented as news. Card and Merchant Services Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 5 No Material Transactions Announced No material sector transactions were announced during the period. The trailing record of 20 precedent transactions carries a median EV / EBITDA of 14.8x, and that remains the observable reference for the sector. A quiet two-week period is information: buyer appetite, financing conditions and seller expectations all read through a period with no new deals. The precedent transactions alongside still frame what buyers have paid. 20 Recorded precedent transactions the reference set buyers and sellers price against 14.8x Precedent median EV/LTM EBITDA LTM at announcement, where disclosed

6. 06
   WHAT IT MEANS

   What the Two-Week Period Changes for Owners, Buyers and Advisors

   What the Two-Week Period Changes for Owners, Buyers and Advisors.

   What the Two-Week Period Changes for Owners, Buyers and Advisors The two-week period translated for the people who act on it · NeuraCap view · observations, not recommendations Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. This page is analytical interpretation drawn from the two-week period's recorded evidence. It is not investment advice. 6

   Everything on this page

   WHAT IT MEANS What the Two-Week Period Changes for Owners, Buyers and Advisors The two-week period translated for the people who act on it · NeuraCap view · observations, not recommendations Source: NeuraCap analytics platform (universe, prices, filings, transaction records); publisher-sourced news where linked; market data through 2026-09-28. This page is analytical interpretation drawn from the two-week period's recorded evidence. It is not investment advice. Card and Merchant Services Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice Sources & methodology 6 Sector study 2026-09-28 EV / EBITDA (CY2027E) median 7.6x 20 companies in the study 3 valuation tiers Standing thesis: Card and Merchant Services Is Four Businesses Under One Label, From Processing Infrastructure to Card-Issuing Lenders FOR OWNERS & OPERATORS The Operating Metrics Did the Talking The data companies put out this window was about transaction counts, take rate on net revenue and loss content, not about price lists. Revenue per merchant, merchant attrition and cross-border mix are the levers that show up next. FOR ACQUIRERS The Reference Set Gained Operating Evidence, Not New Pricing No material sector transactions were announced during the period, so the trailing 20 precedent transactions and their 14.8x median EV / EBITDA still carry the reference. FOR ADVISORS Lead with Net Revenue Quality and Loss Content The dividing line this window ran between volume-linked and credit-linked earnings. Lead with what a business keeps after interchange and scheme fees, the durability of the merchant base, and for issuers the loss rate and balance trend.

7. 07
   SOURCES & METHODOLOGY

   Sources, Methodology and Important Notice

   Sources, Methodology and Important Notice.

   Sources, Methodology and Important Notice How this bi-weekly update is built and what each kind of statement rests on · September 14–28, 2026 · market data through 2026-09-28 Every figure in this update links to the record it was taken from; the publishers and filings drawn on for the period are listed above. 7

   Everything on this page

   SOURCES & METHODOLOGY Sources, Methodology and Important Notice How this bi-weekly update is built and what each kind of statement rests on · September 14–28, 2026 · market data through 2026-09-28 Every figure in this update links to the record it was taken from; the publishers and filings drawn on for the period are listed above. Card and Merchant Services Bi-Weekly Update | September 14–28, 2026 | Confidential | Not investment advice 7 OBSERVED DATA Bi-Weekly stock moves are computed close-to-close over the stated window from the platform’s price series. Deal records, values and multiples come from the platform’s transaction record (SEC 8-K extractions) exactly as recorded; each figure links to its citation. Treasury rates come from the platform’s Treasury series and are shown only when the 10-year moved at least ten basis points over the window (it did not in this window, so no rate figures appear). UNIVERSE QUALITY The update universe is the platform’s approved company set for this sector, subject to a $100M market-cap floor so small, loosely related names cannot dominate the statistics. No covered name fell below the floor in this window. EVENTS & NEWS Company events are in-window 8-K filings; news items are publisher-sourced headlines fetched for the window (and any externally supplied items, marked as such). Operational and strategic developments (deals, partnerships, launches, expansion, guidance, leadership, regulatory outcomes) are shown first; capital-return mechanics and conference appearances are limited to one each. Every event links to its source. The deck never asserts an event that has no linked record. SOURCE HIERARCHY News is admitted in a fixed order of reliability: SEC filings first, then company press releases and investor-relations communications, then transaction documents, then established outlets (Reuters, CNBC, The Wall Street Journal, Barron’s and peers). Video and social platforms — including YouTube — are never used as sources. DRIVER ATTRIBUTION A stock move is linked to an event only when the event falls inside the window, and only in calibrated language ("the move appears to reflect…", "shares moved following…"). Where no driver is recorded, the page says so and compares the move to the sector median instead. ANALYTICAL INTERPRETATION "Why it matters", "why the deal happened" and the what-it-means page are NeuraCap analytical views drawn from the recorded evidence, and are labeled as such. INHERITED CONTEXT The standing sector view (thesis, valuation lens, sector median and tiering) is inherited from the NeuraCap sector study run_20260929T225231Z_604_prod (market data as of 2026-09-28) — distilled, never re-derived. That report’s own sources page governs its content; this update reads the period against it. IMPORTANT NOTICE This report is informational only. It is not investment advice, not a recommendation to buy or sell any security, and not an offer of any kind. Readers should perform their own diligence before acting on anything described here. Linked sources this two-week period: businesswire.com · accessnewswire.com · sec.gov · prnewswire.com

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