Transaction and Payment Processing Sector Outlook — September 2026

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FINANCIALS › FINANCIAL SERVICES › TRANSACTION AND PAYMENT PROCESSING

Payments: Consolidation Without a Sector Price

This report shows how business model, distribution and revenue quality shape buyer interest and valuation.

September 2026 · Prepared by NeuraCap AI · Confidential

Market data as of 2026-09-16 · primary valuation basis P / E (CY2027E)

Transaction and Payment Processing Coverage | September 2026 | Confidential

Sources & methodology

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   FINANCIALS › FINANCIAL SERVICES › TRANSACTION AND PAYMENT PROCESSING

   This is the cover page for the September 2026 Transaction and Payment Processing sector outlook.

   We open the payments sector outlook as of September 16, 2026, built on a forward P/E (CY2027E) valuation basis. The pages that follow show why business model, not sector label, drives value in this space.

   Everything on this page

   FINANCIALS › FINANCIAL SERVICES › TRANSACTION AND PAYMENT PROCESSING Payments: Consolidation Without a Sector Price This report shows how business model, distribution and revenue quality shape buyer interest and valuation. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-16 · primary valuation basis P / E (CY2027E) Transaction and Payment Processing Coverage | September 2026 | Confidential Sources & methodology 1

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   CONTENTS

   What This Report Covers

   This slide lists the five sections and appendix that make up the report.

   We've structured this report so the bottom line comes first: five sections plus an appendix cover the landscape, valuation, the deal tape and strategic implications. A client who reads only section one still gets the full argument. From there we build the supporting evidence section by section.

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   CONTENTS What This Report Covers 01 The Bottom Line Payments Infrastructure Sets the Shape of the Market 02 The Landscape One Sector Label Covers Four Distinct Business Models 03 Valuation & Situations Forward Earnings Is the Common Yardstick, but the Ranking Is Not yet Supported 04 The Deal Tape Strategic Buyers Set the Visible Pace, and Each Asset Finds Its Own Price 05 Strategic Implications Operating Quality Matters More When the Sector Offers No Standard Price 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Transaction and Payment Processing Coverage | September 2026 | Confidential Sources & methodology 2

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   01 · THE BOTTOM LINE

   Transaction and Payment Processing Is a 21-name Universe — Each Name Is Its Own Story, and the Deal Tape Carries the Pricing Signal

   This slide states the report's central finding: a 21-name universe where the deal tape carries the pricing signal.

   We cover 21 companies in transaction and payment processing, and each one tells its own story rather than following a single sector multiple. Our primary valuation basis is forward P/E on CY2027E consensus, but none of the 21 companies currently clear our plausibility checks for that multiple. That's why we turn to the deal tape: with pricing largely absent in the public multiples, filed transactions carry the signal on how the market values these businesses. So the conversation with clients should center on business model and deal evidence, not a sector-wide multiple.

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   01 · THE BOTTOM LINE Transaction and Payment Processing Is a 21-name Universe — Each Name Is Its Own Story, and the Deal Tape Carries the Pricing Signal The full story on one page · figures on P / E (CY2027E), market data as of 2026-09-16 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-16; company disclosures via SEC EDGAR where linked. Primary valuation basis: P / E on CY2027E consensus (0 of 21 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Transaction and Payment Processing Coverage | September 2026 | Confidential Sources & methodology 3 1 Infrastructure Dominates; The Other Models Divide the Balance Payments infrastructure and processing platforms represent 57% of the set, while each other segment represents 14%. Their value case rests on net revenue quality, operating leverage and durable access to merchants and partners. 2 Coverage Is Complete; Valuation Separation Is Not All 21 names support forward P / E, but approved company-level readings do not establish premium and discount groups. Because forward earnings already credits forecast growth, any future premium would need to signal durability beyond forecast growth alone. 3 Strategic Activity Is Visible; Pricing Evidence Is Partial Across 115 filed transactions, the supplied record supports the view that strategic buyers are setting the visible pace. Revenue-based pricing is available in 13 cases, earnings-based pricing in 9, and buyer type is unclassified in 28, so conclusions should remain measured. n/a Sector median P / E CY2027E consensus · 0 rated of 21 companies 58 Recorded transactions in this tier told as case studies in the deal section; the full tape is in the appendix

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   SECTION 02

   02

   This divider introduces the four business models within the payments sector.

   We now turn to how the sector segments: four distinct business models sit under one label, each with its own distribution, payment economics and regulatory position. This distinction sets up the market map that follows.

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   SECTION 02 02 THE LANDSCAPE One Sector Label Covers Four Distinct Business Models Distribution, payment economics and regulatory position determine how each segment competes. 02 of 06 Transaction and Payment Processing Coverage | September 2026 | Confidential Sources & methodology 4

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   02 · MARKET MAP

   The Market Divides by Infrastructure, Distribution and Payment Economics

   This slide groups the 21 approved companies by business segment and shows median forward P/E per group.

   We group the 21 approved companies into segments based on infrastructure, distribution and payment economics. Payments infrastructure and processing platforms make up 57% of the universe, with the remaining segments each accounting for 14%. This concentration means infrastructure economics anchor the sector, while the smaller segments compete on more specialized ground. That segmentation is the lens we use for every valuation and deal read that follows.

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   02 · MARKET MAP The Market Divides by Infrastructure, Distribution and Payment Economics 21 approved companies grouped by business segment · median P / E (CY2027E) per group · as of 2026-09-16 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-16; 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. Transaction and Payment Processing Coverage | September 2026 | Confidential Sources & methodology 5 PAYMENTS INFRASTRUCTURE AND PROCESSING PLATFORMS 12 cos no rated names CPAY DLO LSAK NYAX PAY PAYO PRTH PSFE RPAY STNE WEX XYZ The 57% segment concentrates processing scale, gateway capability and transaction-linked economics. MERCHANT SERVICES AND PAYMENTS OUTSOURCING 3 cos no rated names CASS EVTC PAGS This group competes through merchant access, service depth and the durability of referral relationships. CARD ISSUING AND CREDIT-ENABLED PAYMENT PROGRAMMES 3 cos no rated names GPN MA V Issuer processing, network position and credit-linked economics give this group a distinct earnings profile. ADJACENT MODELS 3 cos no rated names BLKB CXT FISV These businesses connect payments with vertical software, authentication or other specialised workflows.

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   02 · LANDSCAPE

   Business Model Determines the Buyer Set Before Scale Enters the Discussion

   This slide shows how business model shapes which buyers are relevant, ahead of any scale comparison.

   We find that segment membership, not company size, determines who the natural buyer or comparator is for each name. Infrastructure and processing platforms attract a different strategic and financial buyer set than merchant services or card programme businesses. Full company-level detail sits in the appendix for clients who want to trace a specific name. So we recommend starting any buyer conversation with segment fit before scale.

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   02 · LANDSCAPE Business Model Determines the Buyer Set Before Scale Enters the Discussion Segment view of the approved universe · P / E (CY2027E) medians on rated names · as of 2026-09-16 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-16; 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. Transaction and Payment Processing Coverage | September 2026 | Confidential Sources & methodology 6 Segment n Share of universe Median P/E Names to know What they do — and why it matters Payments infrastructure and processing platforms 12 57% — CPAY · DLO · +10 more Scale compounds processing economics. These platforms connect authorisation, clearing and settlement across merchants and partners. Modern infrastructure, transaction success and value-added services attach can strengthen retention and operating leverage. Merchant services and payments outsourcing 3 14% — CASS · EVTC · +1 more Distribution quality sets resilience. These businesses reach merchants through direct, bank, ISV and ISO channels. Attrition, residual obligations and partner concentration shape the durability of net revenue. Card issuing and credit-enabled payment programmes 3 14% — GPN · MA · +1 more Network position changes the model. Card programmes combine issuer processing, network economics and credit-sensitive earnings. Scheme access, programme quality and regulatory structure influence how buyers assess durability. Adjacent models 3 14% — BLKB · CXT · +1 more Specialisation broadens buyer logic. Vertical software, payment authentication and integration services sit beside core processing. Workflow position and embedded distribution can matter more than payment volume alone.

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   SECTION 03

   03

   This divider introduces the section on public market valuation.

   Forward earnings is the common yardstick across the universe, but we'll show that the ranking it produces is not yet supported by the available readings. The next pages walk through what forward P/E can and cannot tell us here.

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   SECTION 03 03 VALUATION & SITUATIONS Forward Earnings Is the Common Yardstick, but the Ranking Is Not yet Supported Coverage is complete, while approved company-level readings are unavailable. 03 of 06 Transaction and Payment Processing Coverage | September 2026 | Confidential Sources & methodology 7

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   03 · PUBLIC MARKET VALUATION

   Forward Earnings Covers the Set, but the Supplied Readings Do Not Separate the Field

   This slide shows forward P/E for every approved company, marking names without an eligible multiple as n/a.

   We plot P/E (CY2027E) for the full approved set, and the supplied readings mark every name n/a under our plausibility checks. Coverage is complete in the sense that all 21 companies are in scope, but none currently produce a usable multiple to separate the field. Because a ranked multiple chart needs at least four rated names, we show each company against the cohort instead of a forced ranking. So clients should treat forward P/E here as a coverage statement, not yet a pricing signal.

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   03 · PUBLIC MARKET VALUATION Forward Earnings Covers the Set, but the Supplied Readings Do Not Separate the Field P / E (CY2027E) · every approved company shown; names without an eligible multiple are marked n/a · as of 2026-09-16 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-16; company disclosures via SEC EDGAR where linked. Primary valuation basis: P / E on CY2027E consensus (0 of 21 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). A ranked multiple chart is not drawn below four rated names; the readout shows each company against the n/a median of the rated set. Transaction and Payment Processing Coverage | September 2026 | Confidential Sources & methodology 8 Company Ticker EV P/E (CY2027E) Rev growth EBITDA margin What sets the price BLKB BLKB n/a n/a n/a n/a CASS CASS n/a n/a n/a n/a CPAY CPAY n/a n/a n/a n/a CXT CXT n/a n/a n/a n/a DLO DLO n/a n/a n/a n/a EVTC EVTC n/a n/a n/a n/a FISV FISV n/a n/a n/a n/a GPN GPN n/a n/a n/a n/a LSAK LSAK n/a n/a n/a n/a MA MA n/a n/a n/a n/a NYAX NYAX n/a n/a n/a n/a PAGS PAGS n/a n/a n/a n/a PAY PAY n/a n/a n/a n/a PAYO PAYO n/a n/a n/a n/a PRTH PRTH n/a n/a n/a n/a PSFE PSFE n/a n/a n/a n/a RPAY RPAY n/a n/a n/a n/a STNE STNE n/a n/a n/a n/a V V n/a n/a n/a n/a WEX WEX n/a n/a n/a n/a XYZ XYZ n/a n/a n/a n/a 2.7x Deal-tape median EV/LTM revenue LTM at announcement · recorded transactions in this tier 58 Recorded transactions the deal tape in the next section prices what the public tape cannot $778B Largest recorded deal (Apr-2018) PT Telekomunikasi Indonesia (Persero) Tbk / PT Swadharma Sarana Informatika

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   03 · VALUATION DRIVERS

   Revenue Quality, Embedded Distribution and Platform Efficiency Shape the Earnings Case

   This slide connects revenue quality, distribution and platform efficiency to the earnings case, on a supplied-data basis.

   We frame the earnings case around three drivers: revenue quality, embedded distribution and platform efficiency. These readings are our own views on the supplied data, and we treat any pattern here as an association rather than a proven cause. With cohort medians not yet populated on rated names, we hold these drivers as the framework to apply once valuation coverage improves. That keeps the analysis honest while still giving management a way to think about where earnings durability comes from.

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   03 · VALUATION DRIVERS Revenue Quality, Embedded Distribution and Platform Efficiency Shape the Earnings Case P / E (CY2027E) · as of 2026-09-16 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-16; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=0; slower n=0). Driver readings are NeuraCap views on the supplied data — association, not causation. Transaction and Payment Processing Coverage | September 2026 | Confidential Sources & methodology 9 Net Revenue Quality Buyer underwriting focuses on take rate after interchange and scheme fees, together with merchant attrition and exposure to float, foreign exchange and interest-sensitive revenue. Embedded Distribution ISV and integrated partner channels can pair software workflow with payment acceptance. The value case strengthens when the relationship produces durable merchant retention and value-added services attach. Processing Platform Efficiency A unified platform can improve cost per transaction and simplify front-end and back-end processing. Multi-platform technical debt can offset those benefits through migration cost and execution risk. Regulatory and Scheme Position Licences, scheme memberships and sponsorship arrangements can support entry barriers. Compliance gaps, chargeback exposure and merchant credit losses can weaken buyer confidence.

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    03 · SITUATION MAP

    Four Strategic Situations Emerge Once Valuation and Margin Readings Are Available

    This slide maps four strategic situations using P/E and EBITDA margin against cohort medians.

    We cut the universe on P/E versus the sector median and EBITDA margin versus the covered median to surface four strategic situations. These boundaries are the cohort's own medians, and the placements are directional views rather than public benchmarks. This page characterizes situations only — it does not recommend buying or selling any security. So we use it to frame follow-up questions, not conclusions.

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    03 · SITUATION MAP Four Strategic Situations Emerge Once Valuation and Margin Readings Are Available Cut on P / E vs the sector median (n/a) (rows) and EBITDA margin vs the covered median (n/a) (columns) · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-16; 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. Transaction and Payment Processing Coverage | September 2026 | Confidential Sources & methodology 10 Higher Value, Higher Margin Above-median multiple · above-median EBITDA margin 0 names No rated names sit in this cell as of the analysis date. Higher Value, Lower Margin Above-median multiple · below-median EBITDA margin 0 names No rated names sit in this cell as of the analysis date. Lower Value, Higher Margin Below-median multiple · above-median EBITDA margin 0 names No rated names sit in this cell as of the analysis date. Lower Value, Lower Margin Below-median multiple · below-median EBITDA margin 0 names No rated names sit in this cell as of the analysis date.

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    03 · THE AGENDA

    Management Has Three Operating Questions to Resolve

    This slide sets out three operating questions for management to resolve.

    We frame three operating questions that an owner or acquirer should work through, grounded in the cohort data shown earlier. These are directional views, not investment advice. Resolving them is what turns a segment read into a company-specific plan. So we treat this page as the bridge between the market map and the strategic conversation.

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    03 · THE AGENDA Management Has Three Operating Questions to Resolve 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 2026-09-16; 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. Transaction and Payment Processing Coverage | September 2026 | Confidential Sources & methodology 11 Defend and Extend Premium names protect the franchise the multiple already prices. What changes the answer: Two quarters of decelerating growth. Prove the Re-Rating Discounted growers close the gap with evidence, not narrative. What changes the answer: Growth sustained above the covered median. Fix the Economics Below-median margins are the controllable lever. What changes the answer: Margin trajectory crossing the cohort median. Test the Market Where public credit is absent, the deal tape is the second opinion. What changes the answer: A comparable transaction printing above the public median.

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    SECTION 04

    04

    This divider introduces the section on precedent transactions.

    Strategic buyers are setting the visible pace of dealmaking, and the filed tape spans different business models, structures and levels of pricing evidence. The case studies and full tape that follow show how that plays out deal by deal.

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    SECTION 04 04 THE DEAL TAPE Strategic Buyers Set the Visible Pace, and Each Asset Finds Its Own Price The filed tape spans different business models, structures and levels of pricing evidence. 04 of 06 Transaction and Payment Processing Coverage | September 2026 | Confidential Sources & methodology 12

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    04 · DEAL CASE STUDIES

    Filed Pricing Spans 1.0x to 12.1x Revenue, Reinforcing an Asset-by-Asset Market

    This slide presents three case studies from the deal tape to illustrate the range of filed pricing.

    We highlight three transactions from the recorded tape of 58 to show how filed pricing behaves in practice. Across the tape, disclosed multiples span 1.0x to 12.1x revenue on LTM financials at announcement, which reinforces our view that this is an asset-by-asset market rather than one priced off a single multiple. These deal multiples aren't directly comparable to the CY2027E public basis, so we don't draw a spread between the two. So clients should read each case study on its own commercial logic, not as a proxy for the whole sector.

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    04 · DEAL CASE STUDIES Filed Pricing Spans 1.0x to 12.1x Revenue, Reinforcing an Asset-by-Asset Market 3 of 58 recorded transactions, told as case studies · multiples on LTM financials at announcement where disclosed · the complete tape is in the appendix · as of 2026-09-16 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-16; company disclosures via SEC EDGAR where linked. 90 tape record(s) carry data-quality flags (deal value label mismatch; deal value unit unresolved; divestiture roles reassigned); figures are shown as recorded in the filing. 63 recorded transactions with neither a disclosed value nor a multiple are omitted from the tape 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. Transaction and Payment Processing Coverage | September 2026 | Confidential Sources & methodology 13 Mar-2026 $372M Repay Holdings Corporation Repay Holdings Corporation completed the KUBRA acquisition with both revenue and earnings benchmarks. EV / LTM revenue 1.6x EV / LTM EBITDA 7.6x WHY THE DEAL HAPPENED The completed transaction suggests an asset-specific strategic expansion by Repay Holdings Corporation. The supplied record supports the transaction structure and status, but not a more detailed statement of buyer motive. HOW THE TARGET WAS VALUED KUBRA was valued at $372M, 1.6x revenue and 7.6x EBITDA. The disclosed measures provide both revenue and earnings benchmarks, subject to the filing's value-unit limitation. Sep-2025 $707M 365 Retail Markets, LLC 365 Retail Markets, LLC moved to acquire Cantaloupe, Inc. at a fully disclosed operating benchmark. EV / LTM revenue 2.4x EV / LTM EBITDA 17.6x WHY THE DEAL HAPPENED The announced transaction suggests a strategic combination between two operating businesses. The supplied record does not establish the specific cost, distribution or cross-sell assumptions behind the agreement. HOW THE TARGET WAS VALUED Cantaloupe, Inc. was valued at $707M, 2.4x revenue and 17.6x EBITDA. Those measures provide a direct benchmark for an announced strategic transaction. Mar-2024 $21M Nayax Ltd. acquires VMtecnologia EV / LTM revenue 2.5x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED No parties, structure or status are supplied. Buyer logic therefore cannot be inferred from the available evidence. HOW THE TARGET WAS VALUED No disclosed value or multiple is supplied. A valuation benchmark is not supported by the available record.

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    SECTION 05

    05

    This divider introduces the section on strategic implications.

    Operating quality matters more when the sector offers no standard price: revenue mix, distribution durability and platform economics shape strategic standing. The next page turns that into a view on where the strongest position sits.

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    SECTION 05 05 STRATEGIC IMPLICATIONS Operating Quality Matters More When the Sector Offers No Standard Price Revenue mix, distribution durability and platform economics shape strategic standing. 05 of 06 Transaction and Payment Processing Coverage | September 2026 | Confidential Sources & methodology 14

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    05 · STRATEGIC IMPLICATIONS

    The Strongest Position Combines Durable Distribution with Cleaner Processing Economics

    This slide argues that durable distribution combined with cleaner processing economics defines the strongest strategic position.

    We see the strongest position as the combination of durable distribution and cleaner processing economics, not scale alone. For owners, that means identifying which products, channels and customer groups produce durable net revenue after interchange and scheme fees. For management, it means concentrating effort on merchant retention, value-added services attach, authorisation performance and platform simplification. For boards, build-versus-buy decisions should weigh distribution access, technical debt, regulatory structure and platform consolidation economics.

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    05 · STRATEGIC IMPLICATIONS The Strongest Position Combines Durable Distribution with Cleaner Processing Economics 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 2026-09-16; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. Transaction and Payment Processing Coverage | September 2026 | Confidential Sources & methodology 15 FOR OWNERS Define Where the Earnings Endure Strategic standing rests on which products, channels and customer groups produce durable net revenue after interchange and scheme fees. FOR MANAGEMENT Concentrate Operating Effort The operating agenda centres on merchant retention, value-added services attach, authorisation performance and platform simplification. FOR BOARDS Frame Capital Allocation Clearly Build-versus-buy choices should reflect distribution access, technical debt, regulatory structure and the economics of moving activity onto a common platform.

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    SECTION 06

    06

    This divider introduces the appendix covering the full universe, methodology and sources.

    The appendix carries the full universe, the valuation basis and the source for every disclosure behind the figures in this report. We include it so any figure a client wants to trace has a clear path back to its filing.

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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 Transaction and Payment Processing Coverage | September 2026 | Confidential Sources & methodology 16

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    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    The Full Deal Tape, Newest First

    This slide lists the deal tape's 58 recorded transactions, newest first, part one of two.

    We list the recorded tape of 58 transactions in this tier, newest first, with deal values linked to the underlying filing where available. Eighteen of the 58 are shown across these two pages; the remainder sits in the companion workbook for clients who want the complete record. Sixty-three recorded transactions without a disclosed value or multiple are excluded from the tape and case studies, though we keep them in the companion workbook. Deal multiples are LTM at announcement and are not directly comparable to the CY2027E public basis, so we don't draw a spread between them.

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    06 · PRECEDENT TRANSACTIONS (1 OF 2) The Full Deal Tape, Newest First 58 recorded transactions in this tier · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-16 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-16; company disclosures via SEC EDGAR where linked. 90 tape record(s) carry data-quality flags (deal value label mismatch; deal value unit unresolved; divestiture roles reassigned); figures are shown as recorded in the filing. 63 recorded transactions with neither a disclosed value nor a multiple are omitted from the tape 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. 18 of 58 transactions shown; the rest are in the companion workbook. Transaction and Payment Processing Coverage | September 2026 | Confidential Sources & methodology 17 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Mar-2026 Repay Holdings Corporation → KUBRA $372M 1.6x 7.6x Repay Holdings Corporation completed its acquisition of KUBRA at $372M. The filing records 1.6x revenue and 7.6x EBITDA, subject to the stated value-unit limitation. Jan-2026 Telecom Argentina S.A. → Micro Sistemas S.A.U. $150M n/a n/a Value shown as recorded in the filing; deal value unit unresolved, status defaulted announced. Sep-2025 365 Retail Markets, LLC → Cantaloupe, Inc. $707M 2.4x 17.6x 365 Retail Markets, LLC announced its acquisition of Cantaloupe, Inc. at $707M. The filing records 2.4x revenue and 17.6x EBITDA. Aug-2025 Deluxe Corporation → CheckMatch electronic check conveyance business $25M n/a n/a Value shown as recorded in the filing; deal value unit unresolved, status defaulted announced. Feb-2025 Shift4 Payments, Inc. → Global Blue Group Holding AG $2.5B n/a n/a Shift4 Payments, Inc. closed its acquisition of Global Blue Group Holding AG at $2.5B. No revenue or EBITDA multiple is supplied for comparison. Oct-2024 Project Granite Buyer, Inc. → TRANZACT Business $632M n/a n/a Value shown as recorded in the filing; deal value unit unresolved, status defaulted announced. Aug-2024 PLDT Inc. → Multipay Corporation $4M n/a n/a Value shown as recorded in the filing; deal value unit unresolved, status defaulted announced. Aug-2024 DigiCo → CIS Bayad Center Inc. $54M n/a n/a Value shown as recorded in the filing; deal value unit unresolved, status defaulted announced. Jun-2024 Payroc Buyer, LLC → Merchant Services Business $438M n/a n/a Value shown as recorded in the filing; deal value unit unresolved, parent financials detached.

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    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    The Full Deal Tape, Newest First

    This slide continues the deal tape's 58 recorded transactions, newest first, part two of two.

    We continue the same recorded tape of 58 transactions here, still ordered newest first with deal values linked to their filings. Together these two pages show 18 of the 58 transactions; the rest remain available in the companion workbook. Ninety tape records carry data-quality flags such as label mismatches or unresolved units, and we show those figures as recorded rather than adjusting them. So we treat the tape as a starting point for diligence, not a finished comparison.

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    06 · PRECEDENT TRANSACTIONS (2 OF 2) The Full Deal Tape, Newest First 58 recorded transactions in this tier · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-16 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-16; company disclosures via SEC EDGAR where linked. 90 tape record(s) carry data-quality flags (deal value label mismatch; deal value unit unresolved; divestiture roles reassigned); figures are shown as recorded in the filing. 63 recorded transactions with neither a disclosed value nor a multiple are omitted from the tape 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. 18 of 58 transactions shown; the rest are in the companion workbook. Transaction and Payment Processing Coverage | September 2026 | Confidential Sources & methodology 18 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Mar-2024 Nayax Ltd. → VMtecnologia $21M 2.5x n/a Value shown as recorded in the filing; deal value unit unresolved, status defaulted announced. Oct-2023 Undisclosed buyer → SumUp Holdings S.à r.l. $94M n/a n/a Value shown as recorded in the filing; deal value unit unresolved, divestiture roles reassigned. Aug-2023 NCR Corporation → NCR Atleos Corporation $4.4B n/a n/a Value shown as recorded in the filing; deal value unit unresolved, financial target ev not meaningful. Aug-2023 Shift4 Payments, Inc. → Credorax, Inc. d/b/a Finaro $600M n/a n/a Value shown as recorded in the filing; deal value unit unresolved, status defaulted announced. Jul-2023 Fidelity National Information Services, Inc. → Merchant Solutions (Worldpay) business $17.5B n/a n/a Value shown as recorded in the filing; deal value unit unresolved. Jan-2023 Nuvei Corporation → Paya Holdings Inc. $1.3B n/a 13.0x Value shown as recorded in the filing; deal value unit unresolved. Oct-2022 Undisclosed buyer → Crane NXT $2.7B 1.9x 6.4x Value shown as recorded in the filing; divestiture roles reassigned, status defaulted announced. Aug-2022 Vontier Corporation → Invenco $80M 1.0x n/a Value shown as recorded in the filing; deal value unit unresolved, status defaulted announced. Aug-2022 Global Payments Inc. → EVO Payments $4.0B n/a n/a Value shown as recorded in the filing; deal value unit unresolved.

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    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    This slide explains the sources, assumptions and data-quality treatment behind the report.

    We built this analysis from market data and consensus estimates as of September 16, 2026, with company disclosures linked to SEC filings where available. Any comparable, transaction or multiple that failed our plausibility checks was excluded rather than forced into the analysis. That approach keeps the figures defensible even where coverage is incomplete. So clients can trust that every number shown here has a traceable source.

    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 2026-09-16 Typeface note: NeuraCap brand face is Kallisto Medium; this build renders in a standard sans (Arial) and should be reviewed in the brand face before external distribution. Transaction and Payment Processing Coverage | September 2026 | Confidential 19 VALUATION BASIS Primary valuation basis: P / E on CY2027E consensus (0 of 21 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). P / E on CY2027E is the lead convention: it is the sector-appropriate prior for Transaction and Payment Processing and it clears the coverage gate with 21 of 21 companies (100%). EV / EBITDA, EV / Revenue are carried as a cross-check. DATA QUALITY & EXCLUSIONS 9 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 1151 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 (1150) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

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    In Payments, Durable Economics Matter More than a Sector Label.

    This is the closing page reinforcing that durable economics matter more than a sector label.

    In payments, durable economics matter more than a sector label. The companion tables carry the full universe, the exclusion ledger and the complete source index for any figure a client wants to trace.

    Everything on this page

    In Payments, Durable Economics Matter More than a Sector Label. NeuraCap AI — Transaction and Payment Processing Coverage September 2026 · Prepared by NeuraCap AI · Confidential Transaction and Payment Processing Coverage | September 2026 | Confidential Sources & methodology 20

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