Card and Merchant Services Sector Outlook — September 2026

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FINANCIALS › FINANCIAL SERVICES › CARD AND MERCHANT SERVICES

Card and Merchant Services: Profitable Growth Is Uncommon

A read on how twenty card and payments businesses are priced today, which groups hold the upper multiples, and what buyers agreed to pay in the recorded transactions.

September 2026 · Prepared by NeuraCap AI · Confidential

Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E)

Card and Merchant Services Coverage | September 2026 | Confidential | Not investment advice

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1. 01
   FINANCIALS › FINANCIAL SERVICES › CARD AND MERCHANT SERVICES

   Card and Merchant Services: Profitable Growth Is Uncommon

   Cover slide introducing the sector outlook and its central finding that profitable growth is uncommon across card and merchant services.

   We open with the headline of this outlook: across card and merchant services, profitable growth is the exception rather than the rule. What follows walks through how the sector is priced, which groups earn the premium, and what recent transactions tell us about buyer conviction.

   Everything on this page

   FINANCIALS › FINANCIAL SERVICES › CARD AND MERCHANT SERVICES Card and Merchant Services: Profitable Growth Is Uncommon A read on how twenty card and payments businesses are priced today, which groups hold the upper multiples, and what buyers agreed to pay in the recorded transactions. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Card and Merchant Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

2. 02
   CONTENTS

   What This Report Covers

   Contents slide listing the report's five sections plus the appendix.

   We've structured this so the bottom line comes first: sections on the landscape, valuation and situations, precedent transactions and strategic implications follow, with full detail in the appendix. A reader who stops after section one still leaves with the complete story.

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   CONTENTS What This Report Covers 01 The Bottom Line Where Value Sits in Card and Merchant Services 02 The Landscape Four Groups Share the Label and Earn Their Revenue in Different Ways 03 Valuation & Situations The Top of the Range Runs on Contracted Transaction Earnings 04 Precedent Transactions Buyers Keep Reaching for Acceptance, Program and Card Assets 05 Strategic Implications Higher Multiples Sit with Revenue Quality, and Mix Is Yours to Shape 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Card and Merchant Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

3. 03
   01 · THE BOTTOM LINE

   Card and Merchant Services Is Four Businesses Under One Label, from Processing Infrastructure to Card-Issuing Lenders

   Bottom-line slide showing that card and merchant services splits into four differently priced business groups, from processing infrastructure to card-issuing lenders.

   We find that card and merchant services is really four businesses wearing one label: processing infrastructure, card-issuing lenders, merchant and fleet programs, and payments-adjacent software. Processing is the largest group by count and prices at 9.4x on a forward EV/EBITDA basis, while the smaller card-issuing lender group sits higher, at 13.2x. Across the rated set the median sits at 7.6x, with the premium tier at 14.7x against 5.7x at the discount end - durable, contracted transaction earnings command that premium. Only three of the rated names combine growth above the set's median with margin above 33%, which is why we call profitable growth the uncommon asset here.

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   01 · THE BOTTOM LINE Card and Merchant Services Is Four Businesses Under One Label, from Processing Infrastructure to Card-Issuing Lenders The full story on one page · figures on EV / EBITDA (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (13 of 20 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners price this industry on EV / EBITDA rather than P / E; validated coverage supports the industry standard (15 of 20 companies), so this report follows it. Qualitative characterisations are NeuraCap views. Card and Merchant Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 The Four Groups Are Priced Apart, and Processing Sits in the Middle Issuing and acquiring processing infrastructure is the largest group by count — 8 of the 20 companies, 40% of the set — and the six of them with a forward EBITDA estimate sit at 9.4x on CY2027E. The two rated card-issuing lenders sit at 13.2x on a base of two names, and that group is customarily read on earnings and tangible book as well. 2 Durable Earnings Sit Alongside the Multiples at the Top of the Range Among the 13 names with a forward EBITDA estimate, the premium end sits at 14.7x on CY2027E against 5.7x at the discount end, with the middle of the set at 7.6x. The lens is forward, so forecast growth is already inside the number; a premium that holds there is a statement about how long earnings are expected to last. 3 Faster Growth Travels with the Higher Multiple Here Split the same 13 names with a forward EBITDA estimate at 9% revenue growth: the seven above it sit at 12.1x on CY2027E, against 6.5x for the six below. This is an association across a small set rather than a rule, and it holds on both sides of the cut. 4 Profitable Growth Is the Uncommon Asset in This Market Three of the 13 names with a forward EBITDA estimate clear both bars — revenue growth above the set's middle and an EBITDA margin above 33%. Corpay, Inc. (CPAY), Mastercard Incorporated (MA) and Paysign, Inc. (PAYS) are those three, and across the group growth and margin pull against one another. 7.6x Sector median EV/EBITDA CY2027E consensus · 13 rated of 20 companies 14.7x Premium end EV/EBITDA vs 5.7x at the discount end top quartile (n=4) against bottom quartile (n=3) on EV/EBITDA — the spread the report explains 7 Transactions with disclosed terms 20 recorded in this tier · 1 told as case studies, the full list in the appendix

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   SECTION 02

   02

   Section divider introducing the four business groups and where recurring transaction revenue sits.

   This section maps who does what across the four groups and shows where recurring transaction revenue concentrates. We'll use it to set up the valuation differences that follow.

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   SECTION 02 02 THE LANDSCAPE Four Groups Share the Label and Earn Their Revenue in Different Ways Who does what, and where recurring transaction revenue sits. 02 of 06 Card and Merchant Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

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   02 · MARKET MAP

   One Sector Label, Four Different Businesses Underneath

   Market-map slide grouping the 20 approved companies into four business segments with median EV/EBITDA per group.

   We group the full universe of 20 companies into four segments to show that one sector label covers genuinely different business models. Group medians on EV/EBITDA reveal how differently the market prices each one, which is the foundation for everything that follows. The takeaway: comparing these companies on a single multiple without segment context would be misleading.

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   02 · MARKET MAP One Sector Label, Four Different Businesses Underneath 20 approved companies grouped by business segment · median EV / EBITDA (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. Card and Merchant Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 ISSUING AND ACQUIRING PROCESSING INFRASTRUCTURE 8 cos median 9.4x CPAY KSPI WEX PAY DLO NYAX MQ LSAK The recurring processing stream: per-transaction and per-active-account revenue, where contract term and true ownership of the merchant relationship are the value questions. CARD-ISSUING LENDERS AND RECEIVABLES FUNDING 6 cos median 13.2x V MA AXP PYPL COF BFH Where interchange, rewards, funding cost and loss content land in one earnings line, and capital and licensing set the pace of growth. MERCHANT SERVICES AND COMMERCIAL FLEET CARD PROGRAMS 3 cos median 8.9x PAGS EVTC PAYS Direct merchant books and corporate fleet programs, underwritten on spread over cost and how long the relationship stays. ADJACENT MODELS 3 cos median 6.8x FISV CXT BLKB Software and acceptance equipment businesses that reach payments economics through an installed base rather than through direct acquiring.

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   02 · LANDSCAPE

   Four Revenue Engines, Four Different Diligence Questions

   Landscape slide detailing what each of the four revenue engines does and the diligence question it raises.

   Each of the four groups earns revenue differently, and that difference drives what a buyer needs to underwrite: contract term for processors, credit performance for issuing lenders, program and sponsor concentration for merchant and fleet businesses. We lay out what each does and why it matters commercially, not just descriptively. Understanding this distinction is the first filter for any diligence conversation in this sector.

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   02 · LANDSCAPE Four Revenue Engines, Four Different Diligence Questions Segment view of the approved universe · EV / EBITDA (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. Card and Merchant Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6 Segment n Share of universe Median EV/EBITDA Names to know What they do — and why it matters Issuing and acquiring processing infrastructure 8 40% 9.4x Corpay, Inc. (CPAY) · Joint Stock Company Kaspi.kz (KSPI) · +6 more The recurring transaction engine. Eight of the 20 companies sit here — acquirers, issuer processors and unattended acceptance names including Corpay, Inc. (CPAY), DLocal Limited (DLO), Nayax Ltd. (NYAX) and Marqeta, Inc. (MQ). Six carry a forward EBITDA estimate, with the middle at 9.4x on CY2027E; revenue arrives per transaction, and diligence concentrates on contract term and de-conversion risk. Card-issuing lenders and receivables funding 6 30% 13.2x Visa Inc. (V) · Mastercard Incorporated (MA) · +4 more Where credit meets the card. Six companies, including Visa Inc. (V), Mastercard Incorporated (MA), American Express Company (AXP) and Capital One Financial Corporation (COF). Two of the six carry a forward EBITDA estimate, with the middle at 13.2x on those two names, and on balance-sheet lenders practitioners read earnings and tangible book alongside it — funding cost, rewards and loss content sit inside the operating result. Merchant services and commercial fleet card programs 3 15% 8.9x PagSeguro Digital Ltd. (PAGS) · EVERTEC, Inc. (EVTC) · +1 more Merchant books and fleet programs. Three companies — PagSeguro Digital Ltd. (PAGS), EVERTEC, Inc. (EVTC) and Paysign, Inc. (PAYS). Two of the three carry a forward EBITDA estimate, with the middle at 8.9x on those two names; merchant discount rate, spread over cost and attrition are the operating lines practitioners underwrite here. Adjacent models 3 15% 6.8x Fiserv, Inc. (FISV) · Crane NXT, Co. (CXT) · +1 more Payments-adjacent software and equipment. Fiserv, Inc. (FISV), Crane NXT, Co. (CXT) and Blackbaud, Inc. (BLKB) sit outside the pure processing and issuing groups, and the three of them carry a forward EBITDA estimate, with the middle at 6.8x on CY2027E. Their payments economics arrive through software and hardware installed bases rather than through direct merchant acquiring.

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   SECTION 03

   03

   Section divider introducing the public-market valuation analysis on contracted transaction earnings.

   This section turns to how the market prices these businesses today, focused on the group with contracted transaction earnings at the top of the range. Of the 20 companies on the page, 13 carry a forward EBITDA estimate we can rate.

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   SECTION 03 03 VALUATION & SITUATIONS The Top of the Range Runs on Contracted Transaction Earnings 20 companies on the page, 13 of them with a forward EBITDA estimate. 03 of 06 Card and Merchant Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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   03 · PUBLIC MARKET VALUATION

   Durable Transaction Earnings Sit at the Top of the Range

   Ranked EV/EBITDA slide showing all 13 rated companies sorted descending against a sector median of 7.6x.

   Sorting all 13 rated names by forward EV/EBITDA shows a clear tiering, with the sector median at 7.6x. The names at the top hold durable, contracted transaction earnings, and that durability - not just growth - is what the market is paying for. For any owner or acquirer, where a business sits in this range is the starting point for every valuation conversation that follows.

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   03 · PUBLIC MARKET VALUATION Durable Transaction Earnings Sit at the Top of the Range EV / EBITDA (CY2027E) · all 13 rated companies, sorted descending · sector median 7.6x · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (13 of 20 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners price this industry on EV / EBITDA rather than P / E; validated coverage supports the industry standard (15 of 20 companies), so this report follows it. Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same EV / EBITDA (CY2027E) basis. Panel commentary is a NeuraCap view. Card and Merchant Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 14.7x CORE · median 7.4x DISCOUNT · median 5.7x Sector median 7.6x WHAT SEPARATES THE TWO ENDS The top sells durable processing. The premium end of the 13 names with a forward EBITDA estimate sits at 14.7x on CY2027E, and it holds four names: Mastercard Incorporated (MA), Paymentus Holdings, Inc. (PAY), Nayax Ltd. (NYAX) and Paysign, Inc. (PAYS). What they share is recurring per-transaction and per-active-account revenue on platforms they operate themselves. The bottom carries conversion questions. The discount end sits at 5.7x on the same lens across three names — Marqeta, Inc. (MQ), EVERTEC, Inc. (EVTC) and WEX Inc. (WEX). Slower revenue growth, program and sponsor concentration, and platform conversion obligations are the items diligence concentrates on at this end. A forward multiple raises the bar. This lens is CY2027E, so forecast growth is already credited inside the number. A premium that holds up on a forward profit multiple is a statement about durability rather than about pace.

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   03 · VALUATION DRIVERS

   The Faster-Growing Names Hold the Upper Multiples

   Cohort slide splitting the rated names by revenue growth and by EBITDA margin to show which driver aligns with the higher multiple.

   Splitting the rated set at its median growth rate, the faster-growing half prices at 12.1x against 6.5x for the slower half - a wide and consistent gap. This is an association across a small set, not a causal claim, but it is directionally consistent on both sides of the cut. The practical read: growth travels with premium pricing here, and that's a lever a business can work on directly.

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   03 · VALUATION DRIVERS The Faster-Growing Names Hold the Upper Multiples Median EV / EBITDA (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=7; slower n=6; higher-margin n=7; lower-margin n=6). Driver readings are NeuraCap views on the supplied data — association, not causation. Card and Merchant Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/EBITDA, median per cohort · growth split at 9% · EBITDA-margin split at 33% Faster Growth Sits with the Higher Multiples Split the 13 names with a forward EBITDA estimate at 9% revenue growth: the seven above sit at 12.1x on CY2027E, against 6.5x for the six below. Both sides rest on fewer than ten names, so read it as direction across a small set rather than as a rule for the sector. A High Margin on Its Own Tracks Differently Nayax Ltd. (NYAX) carries a 17% EBITDA margin and sits at 13.5x; WEX Inc. (WEX) carries a 43% margin and sits at 4.6x. Across this set the multiple lines up more closely with revenue growth than with margin, which is the opposite of the instinct most operating plans start from. Revenue Quality Is What Diligence Concentrates On Contract term, renewal history and who owns the merchant relationship are what buyers underwrite in processing assets, since a referral or sponsorship arrangement can end in ways an owned book cannot. Concentration in a few programs or a single sponsor bank, and interchange or routing exposure without a pricing lever, are the standing diligence concerns in this market.

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    03 · SITUATION MAP

    Six Names Sit Above the Set's Midpoint on Both the Multiple and Growth

    Situation-map slide plotting companies on multiple versus growth relative to the sector median and covered median.

    We cut the set on EV/EBITDA against the 7.6x sector median and on revenue growth against the 9% covered median to see where companies land. Six names sit above the midpoint on both dimensions - the group the market is already rewarding on both counts. This is a way of reading positioning, not a recommendation to buy or sell any name.

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    03 · SITUATION MAP Six Names Sit Above the Set's Midpoint on Both the Multiple and Growth Cut on EV / EBITDA vs the sector median (7.6x) (rows) and revenue growth vs the covered median (9%) (columns) · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. Card and Merchant Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Premium and Growing Above-median multiple · above-median revenue growth 6 names Mastercard Incorporated (MA) · Corpay, Inc. (CPAY) · Paymentus Holdings, Inc. (PAY) · +3 more Six of the 13 names with a forward EBITDA estimate sit above the set's middle of 7.6x and above its middle on revenue growth, among them Mastercard Incorporated (MA), Corpay, Inc. (CPAY) and Nayax Ltd. (NYAX). The work here is defending the rate: renewal terms, attach of value-added services and merchant retention. Premium on Slower Growth Above-median multiple · below-median revenue growth 1 names Crane NXT, Co. (CXT) Crane NXT, Co. (CXT) sits above the middle on multiple with revenue growth below it. A multiple carried on margin and an installed base asks for evidence that the recurring service stream renews. Growing at a Discount Below-median multiple · above-median revenue growth 1 names Marqeta, Inc. (MQ) Marqeta, Inc. (MQ) grows faster than the middle of the set and trades below it. Program and sponsor concentration is the usual diligence question on issuer processing assets at this stage of maturity. Below the Middle on Both Below-median multiple · below-median revenue growth 5 names Fiserv, Inc. (FISV) · PayPal Holdings, Inc. (PYPL) · WEX Inc. (WEX) · +2 more Five names sit below the middle on both measures — Fiserv, Inc. (FISV), PayPal Holdings, Inc. (PYPL), WEX Inc. (WEX), Blackbaud, Inc. (BLKB) and EVERTEC, Inc. (EVTC). Mix, pricing and cost to serve are the levers inside the operating plan here, ahead of anything the cycle delivers.

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    03 · GROWTH VS PROFITABILITY

    Profitable Growth Is the Uncommon Combination Here

    Quadrant slide plotting revenue growth against EBITDA margin, with median multiple by quadrant, across the 13 rated companies.

    Cutting the 13 rated names at 9% growth and 33% margin produces four quadrants, and the quadrant that combines both is the smallest. That scarcity is exactly why the combination commands attention: it's the profile buyers and owners alike should be trying to build toward. The multiple attached to that quadrant confirms the market notices when a business gets both right.

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    03 · GROWTH VS PROFITABILITY Profitable Growth Is the Uncommon Combination Here Revenue growth (CY2027E, x-axis) vs EBITDA margin (CY2026E, y-axis) · 13 companies with both estimates · cuts at the covered medians (9% growth, 33% margin) · median EV/EBITDA per quadrant · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Quadrant cuts are the covered set's medians. Quadrant medians on names with a meaningful EV/EBITDA (balanced n=3; margin-only n=4; growth-only n=4; neither n=2). Card and Merchant Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 0% 10% 20% 30% 20% 40% 60% MARGIN ONLY median 5.9x BALANCED median 12.1x NEITHER median 7.7x GROWTH ONLY median 10.6x WEX FISV PYPL BLKB CXT EVTC CPAY MA MQ PAYS PAY NYAX DLO x: revenue growth (CY2027E) · y: EBITDA margin (CY2026E) HOW TO READ THIS The vertical bar is the set's middle on revenue growth; the horizontal bar is a 33% EBITDA margin. Three of the 13 names with a forward EBITDA estimate clear both — Corpay, Inc. (CPAY), Mastercard Incorporated (MA) and Paysign, Inc. (PAYS). The four names clearing growth alone sit at a median of 10.6x, the four clearing margin alone at 5.9x, and the two clearing neither at 7.7x. Rule of 40 (revenue growth + EBITDA margin ≥ 40%): 8 of 13 names clear it.

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    03 · THE AGENDA

    The Next Turn of Value Is Earned in Revenue Mix, Pricing and Retention

    Agenda slide framing the questions on revenue mix, pricing and retention that determine the next turn of value.

    Having shown where the premium sits, we turn to what actually earns it: revenue mix, pricing discipline and retention. These are operating questions an owner or acquirer can act on directly, not macro conditions to wait out. Framed this way, the next turn of value is a management decision, not a market outcome.

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    03 · THE AGENDA The Next Turn of Value Is Earned in Revenue Mix, Pricing and Retention NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. Card and Merchant Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12 Own the Endpoint Rather than Rent It Owning the merchant or cardholder relationship, instead of reaching it through a referral partner or a single sponsor bank, is the distinction buyers test hardest in processing assets. Where distribution runs through software platforms and ISVs, contract term and renewal history carry the value. What changes the answer: Renewal terms and remaining term on the largest merchant, program and sponsorship agreements. Attach Value-Added Services on Top of Core Processing Attach of disputes, fraud decisioning and tokenisation services lifts net revenue yield without adding proportionate processing cost. The upper end of this set combines recurring per-transaction revenue with growth above the middle, and attach is the route that moves both lines together. What changes the answer: Attach rate and net revenue yield moving together over four consecutive quarters. Consolidate onto a Single Processing Platform Scale on one stack is where operating leverage in this sector shows up, and legacy platforms carrying conversion and remediation obligations are a known detractor in diligence. Conversion is an operating programme with a timetable, not a line item. What changes the answer: Conversion milestones landing on schedule with merchant attrition holding flat. Reduce Concentration in Programs, Sponsors and Schemes Reliance on a few programs, one sponsor bank or one scheme relationship narrows the buyer group and lengthens diligence. Interchange and routing regulation exposure without an offsetting pricing lever works the same way. What changes the answer: A flagship co-brand, sponsorship or processing agreement entering its renewal window.

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    SECTION 04

    04

    Section divider introducing the precedent-transaction record for acceptance, program and card assets.

    This section turns to what buyers have actually agreed to pay. Seven transactions in our record carry disclosed terms, and five of those carry a disclosed multiple.

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    SECTION 04 04 PRECEDENT TRANSACTIONS Buyers Keep Reaching for Acceptance, Program and Card Assets Seven recorded transactions, five of them with a disclosed multiple. 04 of 06 Card and Merchant Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13

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    04 · DEAL CASE STUDIES

    Agreed Transaction Values Set the Reference Point for Acceptance, Program and Card Assets

    Case-study slide walking through precedent transactions with disclosed terms in acceptance, program and card assets.

    We walk through the transactions with disclosed terms as case studies, because the reasoning behind each deal is as informative as the multiple itself. These multiples are struck on LTM financials at announcement, so they aren't directly comparable to the forward public-market basis we use elsewhere - we don't claim a spread between the two. What they do confirm is that buyers keep reaching for acceptance, program and card assets specifically, which tells us where strategic appetite concentrates.

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    04 · DEAL CASE STUDIES Agreed Transaction Values Set the Reference Point for Acceptance, Program and Card Assets 1 of 7 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 23 precedent record(s) carry data-quality flags (deal value unit unresolved; financial target ev not meaningful; no evidence record); figures are shown as recorded in the filing. 13 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. "Why the deal happened" is a NeuraCap read of the recorded evidence. Card and Merchant Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14 Apr-2025 $13.5B Fidelity National Information Services, Inc. acquires Issuer Solutions business EV / LTM revenue n/a EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The buyer is an issuer processing and banking platform and the target is an issuer solutions business, so the transaction suggests consolidation onto a shared processing stack rather than entry into a new market. At that size, the logic points to scale on card platform operations, conversion-led cost and longer contracted term with existing issuing clients. HOW THE TARGET WAS VALUED The filing records the announced value at $13.5B. Against the earlier processing transactions in the same record, Worldpay, Inc. was agreed at 20.3x EV / EBITDA, which is the upper reference point for an acceptance or processing asset of this type.

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    SECTION 05

    05

    Section divider framing what the valuation and transaction evidence implies for owners, operators and acquirers.

    Having covered how the market prices this sector and what buyers have paid, we close with what it implies for action. Higher multiples sit with revenue quality, and revenue quality is something management can shape.

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    SECTION 05 05 STRATEGIC IMPLICATIONS Higher Multiples Sit with Revenue Quality, and Mix Is Yours to Shape What the set points to for owners, operators and acquirers. 05 of 06 Card and Merchant Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15

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    05 · STRATEGIC IMPLICATIONS

    Revenue Quality Is the Lever, and It Sits Inside Management Control

    Strategic-implications slide setting out the questions this data puts to owners, management teams and acquirers over the next twelve months.

    The evidence points to one lever above all others: revenue quality, and it sits inside management's control rather than in market conditions. For owners, that means working the mix - recurring transaction revenue, attach of value-added services - before chasing the growth rate. For acquirers, it means underwriting attrition and contract term directly, since that is what the precedent transactions show buyers actually diligence.

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    05 · STRATEGIC IMPLICATIONS Revenue Quality Is the Lever, and It Sits Inside Management Control NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. Card and Merchant Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16 FOR OWNERS Work the Revenue Mix Before the Growth Rate The top of the range in this set pairs recurring per-transaction revenue with growth above the middle. Attach of value-added services, net revenue yield and merchant retention are the levers that move both, and they live in the operating plan rather than in the cycle. FOR MANAGEMENT TEAMS Be Able to Stand Behind Attrition and Term Contract term, renewal history and who owns the merchant relationship are what buyers underwrite in processing and program assets. Where growth runs through referral banks and software platforms, the durability of those arrangements is the question that decides how the revenue is read. FOR ACQUIRERS Precedent Transactions Favour Conviction on Recurring Profit The transactions in this record were negotiated on recurring EBITDA, with diligence on contract term, conversion risk and attrition. Build-versus-buy in adjacent capability — disputes, fraud decisioning, tokenisation, cross-border acceptance — is the question this buyer landscape keeps raising.

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    SECTION 06

    06

    Section divider introducing the appendix: full comparables universe, methodology and sources.

    The appendix carries the full comparables set behind every figure in the body, along with the valuation basis and sourcing. We point you here for company-level detail on any name discussed earlier.

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    SECTION 06 06 APPENDIX The Full Universe, Methodology and Sources Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. 06 of 06 Card and Merchant Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17

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    06 · PUBLIC COMPARABLES (1 OF 1)

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier

    Appendix table listing all rated public comparables on EV/EBITDA (CY2027E), grouped by valuation tier.

    This table carries every rated company behind the charts shown earlier, grouped into the same valuation tiers. It's the reference point for tracing any multiple quoted in the body back to its source company. Use it to check where a specific name of interest sits before the next conversation.

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    06 · PUBLIC COMPARABLES (1 OF 1) Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (7.6x); amber marks below · 13 rated companies; 7 not rated (no eligible EV/EBITDA) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 13 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. Card and Merchant Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Company Ticker Segment EV EV/EBITDA (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥12.1x · median 14.7x · 4 companies Mastercard Incorporated MA Card-issuing lenders and receivables funding $511B 19.3x 13% 63% 76 Paymentus Holdings, Inc. PAY Issuing and acquiring processing infrastructure $3.4B 16.0x 18% 12% 31 Nayax Ltd. NYAX Issuing and acquiring processing infrastructure $1.6B 13.5x 23% 17% 42 Paysign, Inc. PAYS Merchant services and commercial fleet card programs $542M 12.1x 16% 33% 50 CORE — 6.2x–12.1x · median 7.4x · 6 companies Corpay, Inc. CPAY Issuing and acquiring processing infrastructure $34.4B 11.2x 9% 51% 62 Crane NXT, Co. CXT Adjacent: currency handling and payment acceptance… $4.0B 8.3x 6% 24% 30 DLocal Limited DLO Issuing and acquiring processing infrastructure $3.2B 7.6x 30% 20% 50 PayPal Holdings, Inc. PYPL Card-issuing lenders and receivables funding $49.2B 7.2x 4% 20% 23 Blackbaud, Inc. BLKB Merchant payment acceptance applications $3.1B 6.8x 5% 37% 42 Fiserv, Inc. FISV Card platform managed services and processing operations $53.0B 6.2x 3% 41% 45 DISCOUNT — <6.2x · median 5.7x · 3 companies Marqeta, Inc. MQ Issuing and acquiring processing infrastructure $1.1B 6.0x 15% 21% 37 EVERTEC, Inc. EVTC Merchant services and commercial fleet card programs $2.6B 5.7x 8% 39% 48 WEX Inc. WEX Issuing and acquiring processing infrastructure $6.0B 4.6x 2% 43% 46

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    06 · PRECEDENT TRANSACTIONS (1 OF 1)

    All Precedent Transactions with Disclosed Terms, Newest First

    Appendix table listing all precedent transactions with disclosed terms, newest first.

    Here is the complete list of transactions with disclosed terms, ordered newest first, with deal values linking back to the underlying filing. It's the full record behind the case studies shown earlier in the deck. For anyone assessing a potential transaction, this is the comparable set to start from.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 1) All Precedent Transactions with Disclosed Terms, Newest First 7 transactions with disclosed terms in this tier (20 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 23 precedent record(s) carry data-quality flags (deal value unit unresolved; financial target ev not meaningful; no evidence record); figures are shown as recorded in the filing. 13 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. Card and Merchant Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Apr-2025 Fidelity National Information Services, Inc. → Issuer Solutions business $13.5B n/a n/a Fidelity National Information Services, Inc. announced the acquisition of the Issuer Solutions business in April 2025, recorded at $13.5B. The read here is strategic fit: card platform operations bought for scale on a shared processing stack and for contracted issuing… Feb-2024 Capital One Financial Corporation → Discover Financial Services $44.9B n/a n/a Capital One Financial Corporation announced the acquisition of Discover Financial Services in February 2024, recorded at $44.9B. On a balance-sheet lender, interchange, funding cost, rewards and loss content land together in earnings, so practitioners read this one on… Apr-2019 Fidelity National Information Services, Inc. → Worldpay, Inc. n/a 12.0x 20.3x Fidelity National Information Services, Inc. announced the acquisition of Worldpay, Inc. in April 2019 at 20.3x EV / EBITDA and 12.0x EV / revenue. That is the upper reference point in this record for a merchant acquiring platform with recurring per-transaction… Feb-2016 Global Payments → Heartland Payment Systems, Inc. n/a 1.5x 19.6x Global Payments announced the acquisition of Heartland Payment Systems, Inc. in February 2016 at 19.6x EV / EBITDA on 1.5x EV / revenue. The gap between the two multiples is consistent with a direct sales model at a lower margin, and the price sits alongside ownership… Aug-2014 FleetCor Technologies, Inc. → Comdata Inc. n/a 5.9x 12.0x FleetCor Technologies, Inc. announced the acquisition of Comdata Inc. in August 2014 at 12.0x EV / EBITDA. Commercial fleet programs bring contracted corporate relationships and spend-per-active-account economics, and this one was agreed below the acceptance… Feb-2013 TSYS → NetSpend Holdings, Inc. n/a n/a 14.4x TSYS announced the acquisition of NetSpend Holdings, Inc. in February 2013 at 14.4x EV / EBITDA. Program management assets carry concentration in a handful of sponsor and distribution relationships, and the price here sits between the fleet and the acceptance… Feb-2013 Total System Services, Inc. → Netspend Holdings, Inc. n/a 4.0x 14.8x Total System Services, Inc. announced the acquisition of Netspend Holdings, Inc. in February 2013 at 14.8x EV / EBITDA on 4.0x EV / revenue. The spread between the profit and revenue multiples is consistent with a program business already converting spend into margin…

20. 20
    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    Methodology slide setting out the sources, assumptions and data-quality treatment behind the report.

    Every figure in this deck traces back to a specific source - SEC filings, consensus estimates or market prices as of the date on the cover. Where a company's data didn't clear our plausibility checks, we excluded it rather than plot a distorted number, and that exclusion is documented here rather than hidden. This is the page to return to if a client questions where a specific figure came from.

    Everything on this page

    06 · METHODOLOGY Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. Card and Merchant Services Coverage | September 2026 | Confidential | Not investment advice 20 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (13 of 20 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Practitioners price this industry on EV / EBITDA rather than P / E; validated coverage supports the industry standard (15 of 20 companies), so this report follows it. EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Card and Merchant Services and it clears the coverage gate with 13 of 20 companies (65%). EV / Revenue is carried as a cross-check. The set earns: 13 of 20 companies carry a meaningful forward EBITDA on CY2027E, so the profit multiple leads and a revenue multiple would understate what the market is pricing. DATA QUALITY & EXCLUSIONS 3 records were excluded or quarantined by the platform's validation gates (unit errors, implausible ratios, ineligible securities and classification failures); the full ledger ships in the companion tables and never feeds a statistic in this report. DEFINITIVE VS DIRECTIONAL Definitive content is disclosed or consensus data passed through stated arithmetic. Directional content — tier boundaries, situation cuts, "why it matters" commentary, the agenda pages — is NeuraCap analyst judgment and is labeled as such where it appears. WHAT THIS REPORT IS NOT This report characterises a sector. It does not recommend buying, selling or holding any security, and no statement in it should be read as investment advice or a price target. WHERE THE DATA LIVES 799 registered source documents stand behind the figures in this report. Metric hyperlinks throughout the deck open the specific filing or data record; by publisher: sec.gov (798) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

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    The Upper Multiples Here Sit Alongside Durable, Contracted Transaction Earnings.

    Closing slide restating that the upper multiples in this sector sit alongside durable, contracted transaction earnings.

    The upper multiples in this set sit alongside durable, contracted transaction earnings - that pairing is the throughline of this outlook. The companion tables carry the full universe and every source for a client who wants to trace a specific figure.

    Everything on this page

    The Upper Multiples Here Sit Alongside Durable, Contracted Transaction Earnings. NeuraCap AI — Card and Merchant Services Coverage September 2026 · Prepared by NeuraCap AI · Confidential Card and Merchant Services Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 21

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