Corpay

“In many cases we can also deliver fuel price savings to our business customers when compared to the retail price of fuel.”

Annual report 2025A · The company itself

“We estimate during the year ended December 31, 2025, approximately 8% of our consolidated revenue was directly influenced by the absolute price of fuel. Approximately 4% of our consolidated revenue during the year ended December 31, 2025 was derived from transactions where our revenue is tied to fuel price spreads.”

Annual report 2025A · The company itself

“The significant volatility in fuel prices can impact these revenues by lowering total fuel transaction purchase amounts and tightening fuel price spreads. We experience fuel price spread contraction when the merchant’s wholesale cost of fuel increases at a faster rate than the fuel price we charge to our Vehicle Payments customers, or the fuel price we charge to our Vehicle Payments customers decreases at a faster rate than the merchant’s wholesale cost of fuel.”

Annual report 2025A · The company itself

“See "Liquidity and capital resources" below for information regarding our crosscurrency interest rate swaps. •Fuel price volatility—Our Vehicle Payments customers use our products and services primarily in connection with the purchase of fuel. Accordingly, our revenue is affected by fuel prices, which are subject to significant volatility. A change in retail fuel prices could cause a decrease or increase in our revenue from several sources, including fees paid to us based on a percentage of each customer’s total purchase.”

Annual report 2025A · The company itself

“•Fuel price spread volatility—A portion of our revenue involves transactions where we derive revenue from fuel price spreads, which is the difference between the price charged to a fleet customer for a transaction and the price paid to the merchant for the same transaction. In these transactions, the price paid to the merchant is based on the wholesale cost of fuel. The merchant’s wholesale cost of fuel is dependent on several factors including, among others, the factors described above affecting fuel prices. The fuel price that we charge to our customer is dependent on several factors including, among others, the fuel price paid to the merchant, posted retail fuel prices and competitive fuel prices.”

Annual report 2025A · The company itself

“The negative macroeconomic environment was driven primarily by unfavorable fuel price spreads of approximately $18 million, unfavorable changes in foreign exchange rates on revenues of $12 million and unfavorable fuel prices of $11 million. Vehicle Payments operating income was $1,074.7 million in 2025, relatively flat compared to the prior year primarily due to organic revenue growth and the impact of our acquisitions discussed above, partially offset by the unfavorable macroeconomic environment and the impact of the disposition of our merchant solutions business.”

Annual report 2025A · The company itself

“Fuel – Our fuel solutions are used by customers to pay and control spending for fuel for vehicles and fleets. Our fuel solutions are fuel type agnostic (fossil fuel, electricity, etc.).”

Annual report 2025A · The company itself

“Vehicle Payments revenues were $2,138.7 million in 2025, an increase of 6.5% compared to the prior year. Vehicle Payments revenues increased primarily due to organic growth of 9% driven by 7% growth in transaction volumes, new sales growth and the impact of acquisitions, which contributed approximately $26 million in revenues. These increases were partially offset by the disposition of our merchant solutions business in December 2024, which lowered revenues by approximately $34 million, and the negative impact of the macroeconomic environment of approximately $42 million.”

Annual report 2025A · The company itself

“Risks related to information technology and security We are dependent on the efficient and uninterrupted operation of interconnected computer systems, telecommunications, data centers and call centers, including technology and network systems managed by multiple third parties, which could result in our inability to prevent disruptions in our services. Our ability to provide reliable service to customers, cardholders and other network participants depends upon uninterrupted operation of our data centers and call centers as well as third-party labor and services providers.”

Annual report 2025A · The company itself

“We continually seek to modernize and evolve our technology solutions through our core information technology (IT) transformation initiatives. Our IT transformation initiatives are focused on three main pillars: (1) digital strategy; (2) core systems modernization; and (3) data.”

Annual report 2025A · The company itself

“Additionally, we are investing in modernizing our core transactional systems to make them more resilient, secure and scalable.”

Annual report 2025A · The company itself

“Additionally, as we develop new solutions and modernize legacy assets, we increasingly use cloud services. Through the use of cloud technology and microservices, we are able to modernize our platforms with no disruption to our customers.”

Annual report 2025A · The company itself

“We also offer hedging and risk management services to customers, which helps them manage foreign exchange rate exposures in the course of doing business internationally.”

Annual report 2025A · The company itself

“Cross-Border Payments – Our cross-border solution is used by our customers to pay international vendors, foreign office and personnel expenses and for profit repatriation and dividends via foreign current transactions structured with foreign currency spot trades, forward contracts and option contracts.”

Annual report 2025A · The company itself

“In addition, we earn revenue in our cross-border solution from exchanges of currency at spot rates, which enable customers to make cross-currency payments. The cross-border solution also writes foreign currency derivative contracts for our customers.”

Annual report 2025A · The company itself

“We also offer hedging and risk management services to customers, which helps them manage foreign exchange rate exposures in the course of doing business internationally.”

Annual report 2025A · The company itself

“Cross-Border Payments – Our cross-border solution is used by our customers to pay international vendors, foreign office and personnel expenses and for profit repatriation and dividends via foreign current transactions structured with foreign currency spot trades, forward contracts and option contracts.”

Annual report 2025A · The company itself

“In addition, we earn revenue in our cross-border solution from exchanges of currency at spot rates, which enable customers to make cross-currency payments. The cross-border solution also writes foreign currency derivative contracts for our customers.”

Annual report 2025A · The company itself

“These factors affected our businesses in each of our segments. •Foreign currency changes—Our results of operations are significantly impacted by changes in foreign currency exchange rates; namely, by movements of the Australian dollar, Brazilian real, British pound, Canadian dollar, Czech koruna, euro, Mexican peso and New Zealand dollar, relative to the U.S. dollar. Approximately 49% and 52% of our revenues in 2025 and 2024, respectively, were derived in U.S. dollars and were not affected by foreign currency exchange rates.”

Annual report 2025A · The company itself

“Revenues from risk management products and foreign exchange payment services are primarily comprised of the difference between the exchange rate we set for the customer and the rate available in the wholesale foreign exchange market. In our cross-border business, our revenue is from exchanges of currency at spot rates, which enables customers to make cross-currency payments. Our crossborder business also derives revenue from our risk management business, which aggregates foreign currency exposures arising from customer contracts and economically hedges the resulting net currency risks by entering into offsetting contracts with established financial institution counterparties.”

Annual report 2025A · The company itself

“•In April 2025, we expanded our long-standing strategic partnership agreement with Mastercard to deliver an enhanced suite of corporate cross-border payment solutions. The transaction also includes an investment in our cross-border business with Mastercard acquiring a 2.3% interest for $300 million. The investment into our cross-border business closed on December 1, 2025.”

Annual report 2025A · The company itself

“Our card solutions include a variety of fees and charges associated with transactions, cards, reports, optional services and late payments. Revenues for late fees and finance charges represented approximately 3% of our consolidated revenue for the year ended December 31, 2025. If the users of our cards decrease their transaction activity, or the extent to which they use optional services or pay invoices late, our revenue could be materially adversely affected.”

Annual report 2025A · The company itself

“Corpay is a global corporate payments company that helps businesses and consumers better manage and pay their expenses in a simple, controlled manner. Corpay provides a broad suite of payment and spend management solutions, including accounts payable automation and cross-border payment solutions (including foreign exchange spot, forward and option transactions), commercial card programs (e.g., purchasing cards, business cards and virtual cards), vehicle payment solutions (e.g., fuel cards, toll payments and related services) and lodging payment solutions (e.g., hotel and extended stay bookings).”

Annual report 2025A · The company itself

“In our Corporate Payments segment, our payables business primarily earns revenue from the difference between the amount charged to the customer and the amount paid to the third party for a given transaction, as interchange or spread revenue. Our programs may also charge fixed fees for access to the network and ancillary services provided.”

Annual report 2025A · The company itself

“Revenues from risk management products and foreign exchange payment services are primarily comprised of the difference between the exchange rate we set for the customer and the rate available in the wholesale foreign exchange market. In our cross-border business, our revenue is from exchanges of currency at spot rates, which enables customers to make cross-currency payments. Our crossborder business also derives revenue from our risk management business, which aggregates foreign currency exposures arising from customer contracts and economically hedges the resulting net currency risks by entering into offsetting contracts with established financial institution counterparties.”

Annual report 2025A · The company itself

“Corporate Payments revenues were $1,635.1 million in 2025, an increase of 33.8% compared to the prior year. Corporate Payments revenues increased primarily due to organic revenue growth of 17%, driven by a 31% growth in spend volume, strong new sales in our payables and cross-border solutions and the impact of our acquisitions, which contributed approximately $169 million in revenue.”

Annual report 2025A · The company itself

“We continually seek to modernize and evolve our technology solutions through our core information technology (IT) transformation initiatives. Our IT transformation initiatives are focused on three main pillars: (1) digital strategy; (2) core systems modernization; and (3) data.”

Annual report 2025A · The company itself

“Our digital strategy is focused on streamlining a digital customer experience across all of our solutions, providing a seamless experience.”

Annual report 2025A · The company itself

“Finally, data is becoming an ever-increasing part of how we and our customers do business. We are focused on investing in our data assets to deliver value for our customers through improved insights to help them to better control expenses and mitigate fraud.”

Annual report 2025A · The company itself

“Our Corporate Payments solutions simplify and automate vendor payments and include AP automation, virtual cards, cross-border payments and purchasing and travel and entertainment ("T&E") card products.”

Annual report 2025A · The company itself

“Spend Management – Our spend management solution provides customers with a unified platform to control, analyze and optimize employee-driven spend across the organization. By combining real-time transaction data from virtual cards, purchasing cards and T&E cards into a single system, Corpay delivers comprehensive visibility into corporate spend by vendor, category, cost center and geography.”

Annual report 2025A · The company itself

“AP Modernization – We offer invoice and payments automation solutions with options that are purpose-built for the simplest small business to the most complex large enterprise. We initiate, manage and guarantee payment of all company-approved bills to all domestic and international vendors through whichever payment modalities the vendors allow, such as virtual card, automated clearing house (ACH), wire or check.”

Annual report 2025A · The company itself

“The loss of, failure to maintain, or failure to establish new relationships, or the weakness or decrease in size of companies with whom we maintain relationships, could adversely affect our ability to serve our customers, as well as adversely affect our solutions and operating results.”

Annual report 2025A · The company itself

“We supplement our organic growth strategy and sales efforts by pursuing attractive acquisition opportunities, which serve to strengthen and extend our market positions and create value faster.”

Annual report 2025A · The company itself

“This enables us to provide new offerings with better cost economics, sell complementary products, acquire attractive assets that can leverage existing infrastructure and cost synergies and introduce successful products and practices from other markets. •Compounding Growth Model – Our growth model historically benefits from strong revenue retention, organic growth from new customer acquisitions and selling more value-added products to current customers, via developed and acquired payment solutions. •Proprietary Networks – Our specialized proprietary networks allow for unique data capture at the point-of-sale, providing an incremental value proposition to our customers.”

Annual report 2025A · The company itself

“We have been an active acquirer in the U.S. and internationally, and, as part of our growth strategy, we expect to seek to acquire businesses, commercial account portfolios, technologies, services and products in the future. We have substantially expanded our overall portfolio of solutions, customer base, headcount and operations through acquisitions.”

Annual report 2025A · The company itself

“•Acquisitions—Since 2002, we have completed over 100 acquisitions of companies and commercial account portfolios. Acquisitions have been an important part of our growth strategy, and it is our intention to continue to seek opportunities to increase our customer base and diversify our service offering through further strategic acquisitions.”

Annual report 2025A · The company itself

“The markets for our solutions are highly competitive and characterized by rapid technological change, frequent introduction of new products and services, evolving industry standards and evolving customer needs. We must respond to the technological advances offered by our competitors, including the use of artificial intelligence and the requirements of regulators and our customers and partners, in order to maintain and improve upon our competitive position and fulfill contractual obligations.”

Annual report 2025A · The company itself

“Finally, data is becoming an ever-increasing part of how we and our customers do business. We are focused on investing in our data assets to deliver value for our customers through improved insights to help them to better control expenses and mitigate fraud.”

Annual report 2025A · The company itself

“Artificial intelligence technologies, including machine learning and generative AI, are being rapidly adopted across the payments and enterprise software industries to improve automation, analytics, fraud detection, customer support and decisionmaking. Our competitors, customers and partners may increasingly expect AI-enabled functionality and efficiencies in the solutions they purchase and use. If we do not identify, develop, license, acquire and integrate AI technologies into our products and operations on a timely basis, or if we are unable to obtain the data, computing resources or specialized personnel needed to do so cost-effectively, our products and services may become less competitive, we may experience slower growth, reduced transaction volumes, loss of customers or partners, and pressure on margins.”

Annual report 2025A · The company itself

“Spend Management – Our spend management solution provides customers with a unified platform to control, analyze and optimize employee-driven spend across the organization. By combining real-time transaction data from virtual cards, purchasing cards and T&E cards into a single system, Corpay delivers comprehensive visibility into corporate spend by vendor, category, cost center and geography.”

Annual report 2025A · The company itself

“We have significant amounts of cash, cash equivalents, receivables outstanding and other investments on deposit or in accounts with banks or other financial institutions in the U.S. and international jurisdictions. Among other services, certain banks and other financial institutions are lenders under our credit facilities, hold customer deposits for customers funds payable on demand and hold cash collateral received from customers for derivative transactions as part of our cross-border solution.”

Annual report 2025A · The company itself

“In May 2025, the Company and TPG formed a limited partnership that, through its wholly owned subsidiaries, entered into a definitive agreement to acquire AvidXchange. AvidXchange is a provider of AP automation solutions to lower middle market companies with a focus on several verticals including real estate, homeowners associations, financial institutions and media.”

Annual report 2025A · The company itself

“We serve lodging customers through three primary verticals: workforce, airlines and insurance. We offer lodging solutions to businesses primarily in North America and the U.K. that have employees who travel overnight for work purposes, to airlines and cruise lines globally to accommodate both their traveling crews and stranded passengers and to North American residential property insurance policyholders displaced from their homes due to damage or catastrophe on behalf of property insurance carriers.”

Annual report 2025A · The company itself

“Furthermore, we facilitate payment and foreign exchange solutions for enterprises of all sizes using a global network of bank relationships.”

Annual report 2025A · The company itself

“We manage and report our operating results through the following three reportable segments: Corporate Payments, Vehicle Payments and Lodging Payments. The remaining results are included within Other, which includes our Gift and Payroll Card businesses.”

Annual report 2025A · The company itself

“We serve lodging customers through three primary verticals: workforce, airlines and insurance.”

Annual report 2025A · The company itself

“Lodging Payments revenues were $469.5 million in 2025, a decrease of 3.9% compared to the prior year. The decrease in Lodging Payments revenues was primarily due to a decline in workforce room night volume due to lower emergency activity.”

Annual report 2025A · The company itself

“The compliance standards relate to our infrastructure, components and operational procedures designed to safeguard the confidentiality and security of non-public consumer personal information received from our customers. Our ability to maintain compliance with these standards and satisfy these audits will affect our ability to attract and maintain business in the future.”

Annual report 2025A · The company itself

“Additionally, we are investing in modernizing our core transactional systems to make them more resilient, secure and scalable.”

Annual report 2025A · The company itself

“The volatility could be due to many factors outside our control, such as geopolitical risk, pandemics, new oil production or slowdowns, shifting of customer preferences (e.g., shift to EV), actions by the Organization of the Petroleum Exporting Countries (OPEC) and others, speculative trading, changing government regulation, and weather and general economic conditions.”

Annual report 2025A · The company itself

“For example, we can enable the fuel card to allow customers to purchase a limited set of non-fuel items, such as oil, tolls, parking and vehicle maintenance supplies and book and pay for vehicle maintenance. Our proprietary EV networks in the U.K. and western Europe, combined with our Mastercard network in the U.S., offer access to hundreds of thousands of charge points and the management of at-home charging, while also delivering additional value-added services through a mobile app, including the ability to locate and route to a charge-point, charge-point recharging speed, pricing and availability.”

Annual report 2025A · The company itself

“Fuel – Our fuel solutions are used by customers to pay and control spending for fuel for vehicles and fleets. Our fuel solutions are fuel type agnostic (fossil fuel, electricity, etc.).”

Annual report 2025A · The company itself

“For example, we can enable the fuel card to allow customers to purchase a limited set of non-fuel items, such as oil, tolls, parking and vehicle maintenance supplies and book and pay for vehicle maintenance. Our proprietary EV networks in the U.K. and western Europe, combined with our Mastercard network in the U.S., offer access to hundreds of thousands of charge points and the management of at-home charging, while also delivering additional value-added services through a mobile app, including the ability to locate and route to a charge-point, charge-point recharging speed, pricing and availability.”

Annual report 2025A · The company itself

“Services are rendered in partnership with major insurance companies including Metlife, Inc., Suhai Suguradora and others, which hold the underwriting risks to our customers.”

Annual report 2025A · The company itself

“Auto Insurance and Road Assistance – We offer a variety of auto insurance and roadside assistance services to our customer base through a physical sales channel with more than four million policies issued so far.”

Annual report 2025A · The company itself

“We offer fuel solutions primarily to businesses and public sector entities who operate vehicle fleets, and, in some cases, to consumers in Brazil, Mexico and Europe.”

Annual report 2025A · The company itself

“AP Modernization – We offer invoice and payments automation solutions with options that are purpose-built for the simplest small business to the most complex large enterprise. We initiate, manage and guarantee payment of all company-approved bills to all domestic and international vendors through whichever payment modalities the vendors allow, such as virtual card, automated clearing house (ACH), wire or check.”

Annual report 2025A · The company itself

“We generate revenue in our Vehicle Payments segment through a variety of program fees, including transaction fees, card fees, network fees and charges, as well as from interchange. These fees may be charged as fixed amounts, costs plus a mark-up, based on a percentage of the transaction purchase amounts, or a combination thereof. Our programs also include other fees and charges associated with late payments and based on customer credit risk.”

Annual report 2025A · The company itself

“Corpay provides a broad suite of payment and spend management solutions, including accounts payable automation and cross-border payment solutions (including foreign exchange spot, forward and option transactions), commercial card programs (e.g., purchasing cards, business cards and virtual cards), vehicle payment solutions (e.g., fuel cards, toll payments and related services) and lodging payment solutions (e.g., hotel and extended stay bookings).”

Annual report 2025A · The company itself

“Fuel – Our fuel solutions are used by customers to pay and control spending for fuel for vehicles and fleets. Our fuel solutions are fuel type agnostic (fossil fuel, electricity, etc.).”

Annual report 2025A · The company itself

“Corpay’s vision is that every payment is digital, every purchase is controlled and every related decision is informed. Our wide range of modern, digitized solutions provide control, reporting and automation benefits superior to many of the payment methods businesses often use such as cash, paper checks, general purpose credit cards, as well as employee payment processes.”

Annual report 2025A · The company itself

“We offer fuel solutions primarily to businesses and public sector entities who operate vehicle fleets, and, in some cases, to consumers in Brazil, Mexico and Europe.”

Annual report 2025A · The company itself

“In May 2025, the Company and TPG formed a limited partnership that, through its wholly owned subsidiaries, entered into a definitive agreement to acquire AvidXchange. AvidXchange is a provider of AP automation solutions to lower middle market companies with a focus on several verticals including real estate, homeowners associations, financial institutions and media.”

Annual report 2025A · The company itself

“Gift – We provide fully integrated gift card program management and processing services to retailers in 66 countries, in both plastic and digital form. The gift cards are issued specifically for each customer under their specific brands and are generally accepted exclusively within their retail network, digitally or in-person.”

Annual report 2025A · The company itself

“We manage and report our operating results through the following three reportable segments: Corporate Payments, Vehicle Payments and Lodging Payments. The remaining results are included within Other, which includes our Gift and Payroll Card businesses.”

Annual report 2025A · The company itself

“Corpay’s vision is that every payment is digital, every purchase is controlled and every related decision is informed. Our wide range of modern, digitized solutions provide control, reporting and automation benefits superior to many of the payment methods businesses often use such as cash, paper checks, general purpose credit cards, as well as employee payment processes.”

Annual report 2025A · The company itself

“In our Lodging Payments segment, we primarily earn revenue from the difference between the amount charged to the customer and the amount paid to the hotel for a given transaction or based on commissions paid by hotels. We may also charge fees for access to the network and ancillary services provided.”

Annual report 2025A · The company itself

“Email and Text Marketing Laws and Regulations We use email marketing and text-messaging to reach out to current or potential customers and therefore are subject to various statutes, regulations and rulings, including the Telephone Consumer Protection Act (TCPA), the Controlling the Assault of Non-Solicited Pornography and Marketing Act (CAN-SPAM Act) and related Federal Communication Commission (FCC) orders. Several states have enacted additional, more restrictive and punitive laws regulating telemarketing and commercial email. Foreign legislation exists as well, including Canada’s Anti-Spam Legislation and the European laws that have been enacted pursuant to European Union Directive 2002/58/EC and its amendments.”

Annual report 2025A · The company itself

“Unfair or Deceptive Business Practices All persons engaged in commerce, including, but not limited to, us and our bank sponsors and customers, are subject to regulatory enforcement by the FTC, under Section 5 of the Federal Trade Commission Act, and state attorneys general, under various consumer-protection statutes, prohibiting unfair or deceptive acts or practices, and certain products also are subject to the jurisdiction of the Consumer Financial Protection Bureau (CFPB) regarding the prohibition of unfair, deceptive, or abusive acts and practices.”

Annual report 2025A · The company itself

“We are subject to several laws and related regulations governing the provision and administration of credit. The Truth in Lending Act (TILA) was enacted as a consumer protection measure to increase consumer awareness of the cost of credit and to protect consumers from unauthorized charges or billing errors and is implemented by the CFPB’s Regulation Z.”

Annual report 2025A · The company itself

“Anti-Money Laundering, Counter Terrorist and Sanctions Regulations The Currency and Foreign Transactions Reporting Act, which is also known as the Bank Secrecy Act (BSA) and which has been amended by the USA PATRIOT Act of 2001, contains a variety of provisions aimed at fighting terrorism and money laundering. Among other things, the BSA and related regulations issued by FinCEN require financial-services providers to establish AML programs, to prohibit the financing of terrorism, to report suspicious activity and to maintain a number of related records.”

Annual report 2025A · The company itself

“The Durbin Amendment to the Dodd-Frank Act provided that interchange fees that a card issuer or payment network receives or charges for debit transactions must be “reasonable and proportional” to the cost incurred by the card issuer in authorizing, clearing and settling the transaction. Payment network fees may not be used directly or indirectly to compensate card issuers in circumvention of the interchange transaction fee restrictions.”

Annual report 2025A · The company itself

“Payment Card Industry Rules In connection with certain services we provide for payment cards bearing the Mastercard brand and to those acting as merchants accepting those cards, we must comply with the bylaws, regulations and requirements that are promulgated by Mastercard and other applicable payment-card organizations, including the Payment Card Industry Data Security Standard (PCI DSS), the Mastercard Site Data Protection Program (SDP) and other applicable data-security program requirements. A breach of such payment card network rules could subject us to a variety of fines or penalties that may be levied by the payment networks for certain acts or omissions. The payment networks routinely update and modify their requirements.”

Annual report 2025A · The company itself

“Furthermore, regulators and Congress have passed, and continue to consider, new legislation and regulations that change the electronic payments industry’s pricing, charges and other practices related to its customers. Any restrictions on our ability to price our products and services, including caps on late fees and finance charges, network fee changes or requirements to modify billing, disclosure or dispute practices, could materially and adversely affect our revenue.”

Annual report 2025A · The company itself

“In addition, Mastercard routinely updates and modifies its membership requirements. Changes in such requirements may make it significantly more expensive for us to provide these services, or may require product or process changes within compressed timelines.”

Annual report 2025A · The company itself

“In addition, the regulatory landscape for stablecoins and blockchain-based payments remains unsettled. Changes in, or inconsistent application of, laws and regulations relating to stablecoins could impose new licensing obligations, operational controls, reporting and disclosure obligations or other burdens.”

Annual report 2025A · The company itself

“Many of these laws and regulations are evolving, unclear and inconsistent across various jurisdictions, and ensuring compliance with them is difficult and costly. With increasing frequency, federal and state regulators are holding businesses like ours to higher standards of training, monitoring and compliance, including monitoring for possible violations of laws by our customers and people who do business with our customers while using our products.”

Annual report 2025A · The company itself

“With respect to its bank counterparties, the cross-border solution may be subject to additional regulatory requirements from time to time associated with trading non-centrally cleared OTC derivatives pursuant to the Uncleared Margin Rules (UMR). We will need to monitor and manage carefully the initial and variation margin requirements under the UMR, as and when they apply to portions of the cross-border solution.”

Annual report 2025A · The company itself

“Governmental bodies in the U.S. and abroad have adopted, or are considering the adoption of, laws and regulations granting consumer rights to, restricting the transfer of and requiring safeguarding of, personal information. For example, in the U.S., all financial institutions must undertake certain steps to help protect the privacy and security of consumer financial information.”

Annual report 2025A · The company itself

“The FTC Order requires us, among other things, to comply with certain advertising, contracting, record maintenance and reporting requirements for the U.S. fuel card business. Material failures to comply with the obligations under the FTC Order may subject us to enforcement proceedings, which could result in significant fines, penalties or liabilities that may impact our financial performance.”

Annual report 2025A · The company itself

“Increased regulation and compliance requirements are impacting these businesses and our bank relationships by making it more costly for us to provide our solutions or by making it more cumbersome for businesses to do business with us.”

Annual report 2025A · The company itself

“Risks related to information technology and security We are dependent on the efficient and uninterrupted operation of interconnected computer systems, telecommunications, data centers and call centers, including technology and network systems managed by multiple third parties, which could result in our inability to prevent disruptions in our services. Our ability to provide reliable service to customers, cardholders and other network participants depends upon uninterrupted operation of our data centers and call centers as well as third-party labor and services providers.”

Annual report 2025A · The company itself

“We may experience cybersecurity incidents, software defects, system errors, outages and development delays, which could damage customer relationships, decrease our profitability and expose us to liability. Our business depends heavily on the reliability, availability and security of proprietary and third-party processing systems and cloud infrastructure.”

Annual report 2025A · The company itself

“New or expanded disclosure or notification obligations could increase our compliance costs and exposure to enforcement or litigation following an incident. We may not be able to adequately protect our systems or the data we collect from continually evolving cybersecurity and data-protection risks, which could subject us to liability and damage our reputation.”

Annual report 2025A · The company itself

“In addition, the risk of cyber-attacks has increased in connection with the military and geopolitical conflicts around the world, including between Russia and Ukraine and within the Middle East. In light of those and other geopolitical events, nation-state actors or their supporters may launch retaliatory cyber-attacks and may attempt to cause supply chain and other third-party service provider disruptions, or take other geopolitically motivated retaliatory actions that may disrupt our business operations, result in data compromise, or both.”

Annual report 2025A · The company itself

“Criminals are using increasingly sophisticated methods to engage in illegal activities involving financial products, such as skimming and counterfeiting payment cards, account takeovers and identity theft. A single significant incident of fraud, or increases in the overall level of fraud, involving our cards and other products and services, could result in reputational damage to us, which could reduce the use and acceptance of our cards and other payment solutions and services or lead to greater regulation that would increase our compliance costs.”

Annual report 2025A · The company itself

“The size, scale and nature of our lodging customer base enables us to negotiate lodging nightly rates lower than the rates most companies could negotiate directly and below the rates available to the general public.”

Annual report 2025A · The company itself

“Adverse effects on demand for our business-related products and services, from unfavorable macroeconomic conditions, weather conditions, natural catastrophes or public health crises or from changes to business purchasing practices, could adversely affect our financial condition and operating results. Adverse macroeconomic conditions within the U.S. or internationally, including but not limited to recessions or economic downturns, inflation, rising or volatile interest rates, deteriorating credit conditions, labor shortages and disputes, high unemployment, currency fluctuations, actual or anticipated large-scale defaults or failures, terrorist attacks, prolonged or recurring government shutdowns, regional or domestic hostilities, and economic sanctions and export controls (including tariffs), as well as the prospect or occurrence of more widespread conflicts, rising energy prices, a slowdown of global trade, and reduced consumer, small business, government and corporate spending, have a direct impact on the demand for our business-related products, including fuel, lodging and payment services.”

Annual report 2025A · The company itself

“We believe that the following factors and trends are important in understanding our financial performance: •Global economic conditions—Our results of operations are materially affected by conditions in the economy generally, in North America, Brazil, the U.K. and in other locations internationally. Factors affected by the economy include our transaction volumes, the credit risk of our customers and changes in tax laws across the globe. These factors affected our businesses in each of our segments. •Foreign currency changes—Our results of operations are significantly impacted by changes in foreign currency exchange rates; namely, by movements of the Australian dollar, Brazilian real, British pound, Canadian dollar, Czech koruna, euro, Mexican peso and New Zealand dollar, relative to the U.S. dollar.”

Annual report 2025A · The company itself

“Adverse effects on demand for our business-related products and services, from unfavorable macroeconomic conditions, weather conditions, natural catastrophes or public health crises or from changes to business purchasing practices, could adversely affect our financial condition and operating results. Adverse macroeconomic conditions within the U.S. or internationally, including but not limited to recessions or economic downturns, inflation, rising or volatile interest rates, deteriorating credit conditions, labor shortages and disputes, high unemployment, currency fluctuations, actual or anticipated large-scale defaults or failures, terrorist attacks, prolonged or recurring government shutdowns, regional or domestic hostilities, and economic sanctions and export controls (including tariffs), as well as the prospect or occurrence of more widespread conflicts, rising energy prices, a slowdown of global trade, and reduced consumer, small business, government and corporate spending, have a direct impact on the demand for our business-related products, including fuel, lodging and payment services.”

Annual report 2025A · The company itself

“The impact of acquisitions has, and may continue to have, a significant impact on our results of operations and may make it difficult to compare our results between periods. •Interest rates—We are exposed to market risk changes in interest rates on our debt, particularly in rising interest rate environments, which is partially offset by incremental interest income earned on cash and restricted cash. As of December 31, 2025, we have a number of receive-variable SOFR, pay-fixed interest rate swap derivative contracts with a cumulative notional U.S. dollar value of $4.5 billion. The objective of these contracts is to reduce the variability of cash flows in the previously unhedged interest payments associated with variable rate debt, the sole source of which is due to changes in SOFR benchmark interest rate.”

Annual report 2025A · The company itself

“Adverse effects on demand for our business-related products and services, from unfavorable macroeconomic conditions, weather conditions, natural catastrophes or public health crises or from changes to business purchasing practices, could adversely affect our financial condition and operating results. Adverse macroeconomic conditions within the U.S. or internationally, including but not limited to recessions or economic downturns, inflation, rising or volatile interest rates, deteriorating credit conditions, labor shortages and disputes, high unemployment, currency fluctuations, actual or anticipated large-scale defaults or failures, terrorist attacks, prolonged or recurring government shutdowns, regional or domestic hostilities, and economic sanctions and export controls (including tariffs), as well as the prospect or occurrence of more widespread conflicts, rising energy prices, a slowdown of global trade, and reduced consumer, small business, government and corporate spending, have a direct impact on the demand for our business-related products, including fuel, lodging and payment services.”

Annual report 2025A · The company itself

“In addition, the risk of cyber-attacks has increased in connection with the military and geopolitical conflicts around the world, including between Russia and Ukraine and within the Middle East. In light of those and other geopolitical events, nation-state actors or their supporters may launch retaliatory cyber-attacks and may attempt to cause supply chain and other third-party service provider disruptions, or take other geopolitically motivated retaliatory actions that may disrupt our business operations, result in data compromise, or both.”

Annual report 2025A · The company itself

“Some of the countries where we operate, and other countries where we will seek to operate, have undergone significant political, economic and social change and events (such as the military conflicts in Ukraine and the Middle East) in recent years, including the U.S. In addition, changes in laws or regulations, including with respect to payment service providers, taxation, tariffs, information technology, data transmission and revenues from non-U.S. operations, or in the interpretation of such existing laws or regulations, whether caused by a change in government or otherwise, could materially adversely affect our business, operating results and financial condition.”

Annual report 2025A · The company itself

“The volatility could be due to many factors outside our control, such as geopolitical risk, pandemics, new oil production or slowdowns, shifting of customer preferences (e.g., shift to EV), actions by the Organization of the Petroleum Exporting Countries (OPEC) and others, speculative trading, changing government regulation, and weather and general economic conditions.”

Annual report 2025A · The company itself

“Some of the countries where we operate, and other countries where we will seek to operate, have undergone significant political, economic and social change and events (such as the military conflicts in Ukraine and the Middle East) in recent years, including the U.S. In addition, changes in laws or regulations, including with respect to payment service providers, taxation, tariffs, information technology, data transmission and revenues from non-U.S. operations, or in the interpretation of such existing laws or regulations, whether caused by a change in government or otherwise, could materially adversely affect our business, operating results and financial condition.”

Annual report 2025A · The company itself

“In addition, conducting and expanding our international operations subjects us to other political, economic, technological, operational and regulatory risks and difficulties that we do not generally face in the U.S. including exchange controls, capital repatriation restrictions, shifting import and export regimes, evolving local payments regulations and heightened enforcement uncertainty.”

Annual report 2025A · The company itself

“Any factors that increase the cost for us, our bank relationships, or customers or that restrict, delay, or make delivering our solutions more difficult or impractical, such as trade policy or higher tariffs, could negatively impact our revenues and harm our business.”

Annual report 2025A · The company itself

“Our Vehicle Payments solutions are subject to seasonal fluctuations during the first and fourth quarter each year due to the weather, holidays in the U.S. and lower business levels in Brazil due to summer break and the Carnival celebration.”

Annual report 2025A · The company itself

“Similarly, prolonged adverse weather events, travel bans as a result of medical quarantine, geopolitical conflicts or in response to natural catastrophes, especially those that impact regions in which we process a large number and amount of payment transactions, could adversely affect our transaction volumes. While our lodging solutions generally benefit from weather-related events, disasters or catastrophic events in the future, including the impact of such events on certain industries or the overall economy, could have a negative effect on our business, results of operations and infrastructure, including our technology and systems.”

Annual report 2025A · The company itself

“Our gift solutions are subject to seasonal fluctuations as a result of consumer spending patterns. Historically, gift revenues have been strongest in the third and fourth quarters and weakest in the first and second quarters, as the retail industry has its highest level of activity during and leading up to the Christmas holiday season.”

Annual report 2025A · The company itself

“If the users of our cards decrease their transaction activity, or the extent to which they use optional services or pay invoices late, our revenue could be materially adversely affected.”

Annual report 2025A · The company itself

“There is increasing and, in some jurisdictions, diverging focus by governmental organizations, investors, employees, customers and partners, on ESG topics, including environmental stewardship, climate, diversity and inclusion, workplace conduct and related disclosure. Shifts in expectations, together with evolving climate and sustainability reporting regimes and anti-ESG trends, may require changes to our governance practices and increased compliance and disclosure costs, and will subject us to heightened scrutiny.”

Annual report 2025A · The company itself

“In addition, organizations that inform investors on corporate governance and sustainability matters, including ratings providers, proxy advisors and index compilers, continue to update their methodologies. Unfavorable ratings, downgrades, or exclusion from indices, as well as perceived misalignment with stakeholder expectations, may lead to negative investor sentiment, reduced demand for our securities and the diversion of investment to other companies or industries.”

Annual report 2025A · The company itself

“Our senior management team has significant industry experience and would be difficult to replace. The market for qualified individuals is competitive, especially in certain fields, including information technology, and we may not be able to attract and retain qualified personnel or candidates to replace or succeed members of our senior management team or other key personnel.”

Annual report 2025A · The company itself

“As of December 31, 2025, Corpay employed approximately 11,800 associates located in 34 countries around the world, with approximately 4,300 of those associates based in the U.S. At Corpay, we strongly believe that talent is a determinant of our performance and success.”

Annual report 2025A · The company itself

“If stablecoins and other blockchain-based payments achieve broad adoption, our cross-corder solutions could be impacted and we may be required to make significant investments in new technologies and compliance frameworks, any of which could materially adversely affect our business, financial condition and results of operations. Stablecoins and blockchain-based payments are continuing to evolve and garnering attention from financial institutions, payment providers and end users.”

Annual report 2025A · The company itself

“Likewise, recent political, investor and industry focus on greenhouse gas emissions and climate change issues, as well as energy-transition dynamics and policies affecting fossil fuel demand, may adversely affect the volume of transactions or business operations of the oil companies, merchants and truck stop owners with whom we maintain strategic relationships, which could adversely impact our business.”

Annual report 2025A · The company itself

“The volatility could be due to many factors outside our control, such as geopolitical risk, pandemics, new oil production or slowdowns, shifting of customer preferences (e.g., shift to EV), actions by the Organization of the Petroleum Exporting Countries (OPEC) and others, speculative trading, changing government regulation, and weather and general economic conditions.”

Annual report 2025A · The company itself

“We offer fuel solutions primarily to businesses and public sector entities who operate vehicle fleets, and, in some cases, to consumers in Brazil, Mexico and Europe.”

Annual report 2025A · The company itself

“Our EV home-charging software solution is aimed at fleets that need to accurately reimburse drivers for charging that takes place at home for business purposes, capturing, measuring and accurately pricing relevant charging sessions and is directly integrated with energy companies to facilitate direct payment, thus bypassing the home energy account. We are actively expanding our EV footprint to accommodate charging in the U.S., U.K. and Europe.”

Annual report 2025A · The company itself

“Fleet Maintenance – We provide a SaaS-based vehicle management solution that helps major leasing companies, as well as fleet operators of all sizes, to manage their vehicle maintenance, service and repair needs primarily in the U.K., and also in Germany, France, the Nordics, Ireland, Australia and Portugal. This solution is provided through our proprietary maintenance and repair network, which, in the U.K., processes transactions for fleet customers at approximately 9,000 service centers.”

Annual report 2025A · The company itself

“Finally, we offer tire repair and management services to leasing companies and large fleets, servicing over one million vehicles across approximately 25,000 tire centers in Germany, Austria, Switzerland, Norway, Sweden, Finland, Czech Republic and Hungary.”

Annual report 2025A · The company itself

“We offer lodging solutions to businesses primarily in North America and the U.K. that have employees who travel overnight for work purposes, to airlines and cruise lines globally to accommodate both their traveling crews and stranded passengers and to North American residential property insurance policyholders displaced from their homes due to damage or catastrophe on behalf of property insurance carriers.”

Annual report 2025A · The company itself

“Gift – We provide fully integrated gift card program management and processing services to retailers in 66 countries, in both plastic and digital form.”

Annual report 2025A · The company itself

“Corpay has been a member of the S&P 500 since 2018 and trades on the New York Stock Exchange ("NYSE") under the ticker CPAY.”

Annual report 2025A · The company itself

“Our EV home-charging software solution is aimed at fleets that need to accurately reimburse drivers for charging that takes place at home for business purposes, capturing, measuring and accurately pricing relevant charging sessions and is directly integrated with energy companies to facilitate direct payment, thus bypassing the home energy account. We are actively expanding our EV footprint to accommodate charging in the U.S., U.K. and Europe.”

Annual report 2025A · The company itself

“We offer lodging solutions to businesses primarily in North America and the U.K. that have employees who travel overnight for work purposes, to airlines and cruise lines globally to accommodate both their traveling crews and stranded passengers and to North American residential property insurance policyholders displaced from their homes due to damage or catastrophe on behalf of property insurance carriers.”

Annual report 2025A · The company itself

“Gift – We provide fully integrated gift card program management and processing services to retailers in 66 countries, in both plastic and digital form.”

Annual report 2025A · The company itself

“We provide our payment solutions to our business, merchant, consumer and payment network customers in more than 200 countries around the world today, although we operate primarily in three geographies, with approximately 79% of our business in the U.S., Brazil and the U.K.”

Annual report 2025A · The company itself

“We believe that the following factors and trends are important in understanding our financial performance: •Global economic conditions—Our results of operations are materially affected by conditions in the economy generally, in North America, Brazil, the U.K. and in other locations internationally.”

Annual report 2025A · The company itself

“We offer fuel solutions primarily to businesses and public sector entities who operate vehicle fleets, and, in some cases, to consumers in Brazil, Mexico and Europe.”

Annual report 2025A · The company itself

“Tolls & Parking – Operated primarily in Brazil, we are a leading electronic toll payments provider to businesses and consumers in the form of radio frequency identification (RFID) tags affixed to vehicle windshields. Our tolls solution primarily operates on our proprietary Sem PararTM network, which processes transactions for more than 7.5 million tagholders on 100% of the toll roads that accept RFID across Brazil.”

Annual report 2025A · The company itself

“Our customers may also use the Sem Parar super app with more than 30 different vehicle-related features, including vehicle registration payments, car pricing comparison, off-site parking and EV charging among other features with over four million quarterly active users. Vehicle Compliance – Our apps for mobile devices in Brazil allow millions of drivers to pay for vehicle taxes, vehicle registration and parking and fines instantly.”

Annual report 2025A · The company itself

“Benefits – In Mexico and Brazil, we offer prepaid food vouchers or cards to employees via their employer that may be used as a form of payment at restaurants and grocery stores. Additionally, in Brazil, we offer prepaid transportation cards and vouchers that may be used by commuting employees as a form of payment on public transportation.”

Annual report 2025A · The company itself

“We provide our payment solutions to our business, merchant, consumer and payment network customers in more than 200 countries around the world today, although we operate primarily in three geographies, with approximately 79% of our business in the U.S., Brazil and the U.K.”

Annual report 2025A · The company itself

“We believe that the following factors and trends are important in understanding our financial performance: •Global economic conditions—Our results of operations are materially affected by conditions in the economy generally, in North America, Brazil, the U.K. and in other locations internationally.”

Annual report 2025A · The company itself

“Gift – We provide fully integrated gift card program management and processing services to retailers in 66 countries, in both plastic and digital form.”

Annual report 2025A · The company itself

“We provide our payment solutions to our business, merchant, consumer and payment network customers in more than 200 countries around the world today, although we operate primarily in three geographies, with approximately 79% of our business in the U.S., Brazil and the U.K.”

Annual report 2025A · The company itself

“Government budgets, policy shifts, prolonged or recurring government shutdowns and funding delays can affect the timing of awards, renewals and payments, and may reduce or pause spending under existing contracts or impede new awards. Any of the foregoing could adversely affect our business, operating results and financial condition.”

Annual report 2025A · The company itself

“The value of certain of our solutions depend, in part, on relationships with bank partners, oil companies, fuel and lodging merchants, truck stop operators, airlines, sales channels and other channels and partnerships to grow our business.”

Annual report 2025A · The company itself