Global Payments

“Table of Contents •There may be a decline in the use of cards and other digital payments as a payment mechanism for consumers or other adverse developments affecting the card industry in general. •We incur chargeback losses when our merchants refuse or cannot reimburse us for chargebacks resolved in favor of their customers.”

Annual report 2025A · The company itself

“•Fraud by merchants or others and losses from overdrawn cardholder accounts could have an adverse effect on our business, financial condition, results of operations and cash flows. •If our enterprise segment merchants direct significant transaction volume away from us to other providers, it could adversely affect our business, financial condition, results of operations and cash flows. •Increases in card network fees may result in the loss of customers and/or a reduction in our earnings. •Our inability to complete certain dispositions or the effects of disposing a business could have a material adverse effect on our business, financial condition and results of operations. •We may not realize the anticipated growth benefits and cost savings from, or our business may be disrupted by, our business transformation and reorganization activities.”

Annual report 2025A · The company itself

“Our future growth and profitability also depend on our ability to deepen our presence in our existing markets, benefit from the further development of these markets, and capitalize on the emergence of new markets for payment technology and software solutions. As part of our strategy, we look for acquisition and joint venture opportunities, investments and alliance relationships with other businesses, including referral partners, ISOs and other financial institutions, that will allow us to increase our market penetration, technological capabilities, service offerings and distribution capabilities.”

Annual report 2025A · The company itself

“•In order to remain competitive and to continue to increase our revenues and earnings, we must continually and quickly update our services, a process that could result in higher costs and the loss of revenues, earnings and customers if the new services do not perform as intended or are not accepted in the marketplace. •Our revenues from the provision of services to merchants that accept Visa and Mastercard, or any other network, are dependent upon our continued Visa and Mastercard registrations, financial institution sponsorship and, in some cases, continued membership in certain card networks. •We rely on various financial institutions to provide clearing services in connection with our settlement activities.”

Annual report 2025A · The company itself

“We experience attrition in merchant credit and debit card processing volume resulting from several factors, including merchant closures, loss of merchant accounts to our competitors, unsuccessful contract renewal negotiations and account closures that we initiate for various reasons, such as heightened credit risks or contract breaches by merchants.”

Annual report 2025A · The company itself

“We operate in the payments technology industry, which is highly competitive and highly innovative. In this industry, our primary competitors include other independent payment processors, card processing firms, third-party card processing software institutions, as well as financial institutions, ISOs, payment facilitators and, potentially, card networks.”

Annual report 2025A · The company itself

“These threats may be facilitated and exacerbated by the use of AI technologies, which may increase system complexity, expand data usage, and introduce new attack surfaces or modes of exploitation.”

Annual report 2025A · The company itself

“Our business may be affected by current and future laws and regulations governing the development, use and deployment of AI technologies, as well as potentially related private litigation. Our development and use of AI technology is ongoing. While we intend to develop and use AI responsibly and attempt to mitigate ethical and legal issues presented by its use, we may ultimately be unsuccessful in identifying or resolving these issues before they arise.”

Annual report 2025A · The company itself

“The payments technology industry in which we compete is characterized by rapid technological change, new product introductions, evolving industry standards and changing customer needs. In order to remain competitive, we are continually involved in a number of projects, including the development of new platforms, products, mobile payment applications, ecommerce services and other new offerings emerging in the payments technology industry.”

Annual report 2025A · The company itself

“Our future growth and profitability also depend on our ability to deepen our presence in our existing markets, benefit from the further development of these markets, and capitalize on the emergence of new markets for payment technology and software solutions. As part of our strategy, we look for acquisition and joint venture opportunities, investments and alliance relationships with other businesses, including referral partners, ISOs and other financial institutions, that will allow us to increase our market penetration, technological capabilities, service offerings and distribution capabilities.”

Annual report 2025A · The company itself

“We are exploring opportunities to expand our portfolio with AI capabilities to strengthen our market position, expand our teams' technological capabilities, and enhance our customers' experiences. If we are unsuccessful in doing so, we may have a competitive disadvantage in developing new solutions and operating our business, and, as a result, our customers may prefer different solutions.”

Annual report 2025A · The company itself

“The payments technology industry in which we compete is characterized by rapid technological change, new product introductions, evolving industry standards and changing customer needs. In order to remain competitive, we are continually involved in a number of projects, including the development of new platforms, products, mobile payment applications, ecommerce services and other new offerings emerging in the payments technology industry.”

Annual report 2025A · The company itself

“In this industry, our primary competitors include other independent payment processors, card processing firms, third-party card processing software institutions, as well as financial institutions, ISOs, payment facilitators and, potentially, card networks.”

Annual report 2025A · The company itself

“We may be unable to integrate the business of Worldpay successfully or realize the anticipated benefits of the Worldpay Acquisition, which could adversely affect our business, financial condition, results of operations and cash flows. The acquisition and integration of Worldpay involves a number of risks.”

Annual report 2025A · The company itself

“Financial Risks •We are subject to risks associated with changes in interest rates or currency exchange rates and may not effectively hedge against these risks, which could adversely affect our business, financial condition, results of operations and cash flows. •A downgrade in the ratings of our debt could restrict our ability to access the debt capital markets and increase our interest costs. •Failure to maintain effective internal control over financial reporting in accordance with Section 404 of the Sarbanes-Oxley Act of 2002 (the "Sarbanes-Oxley Act") could have a material adverse effect on our business.”

Annual report 2025A · The company itself

“Consumer credit risk may make it more difficult or expensive for consumers to access credit facilities such as credit cards. In addition, regulatory changes may lead financial institutions to impose additional fees on the use of credit or debit cards, which could reduce card usage.”

Annual report 2025A · The company itself

“We have a significant amount of indebtedness and may incur other debt in the future. Our level of debt and the covenants to which we agreed could have negative consequences for us, including, among other things, (1) requiring us to dedicate a large portion of our cash flow from operations to servicing and repayment of such debt; (2) limiting funds available for strategic initiatives and opportunities, working capital and other general corporate needs; and (3) limiting our ability to incur certain kinds or amounts of additional indebtedness, which could restrict our flexibility to react to changes in our business, our industry and economic conditions.”

Annual report 2025A · The company itself

“If we are unable to generate sufficient cash flow from operations in the future to service our debt, we may be required, among other things, to seek additional financing in the debt or equity markets, refinance or restructure all or a portion of our existing indebtedness, sell selected assets or reduce or delay planned capital, operating or investment expenditures. Such measures may not be sufficient to enable us to service our debt, which could result in us defaulting on our obligations.”

Annual report 2025A · The company itself

“Additionally, credit card issuers may reduce credit limits and become more selective in their card issuance practices.”

Annual report 2025A · The company itself

“We may seek to reduce our exposure to fluctuations in interest rates or currency exchange rates through the use of hedging arrangements. To the extent that we hedge our interest rate or currency exchange rate exposures, we forgo the benefits we would otherwise experience if interest rates or currency exchange rates were to change in our favor. Developing an effective strategy for dealing with movements in interest rates and currency exchange rates is complex, and no strategy can completely insulate us from risks associated with such fluctuations.”

Annual report 2025A · The company itself

“Risks Related to General Economic Conditions •We are subject to changes to the macroeconomic and geopolitical environment, health and social events or conditions, the business cycles and credit risk of our customers and the overall level of consumer, business and government spending, which we cannot control and could adversely affect our business, financial condition, results of operations and cash flows. •Investor and other stakeholder interest in our sustainability practices, and our disclosed performance and aspirations for these practices, may, from time to time, result in additional considerations or expectations and expose us to risks.”

Annual report 2025A · The company itself

“Events outside of our control and outside of a merchant’s control, including macroeconomic trends, geopolitical developments, and natural disasters may increase the likelihood of chargebacks to certain merchants and, accordingly, losses to our business.”

Annual report 2025A · The company itself

“Adverse macroeconomic conditions in any of our markets could force merchants or other customers to cease operations or petition for bankruptcy protection, resulting in lower revenue and earnings for us and greater exposure to potential credit losses and future transaction declines.”

Annual report 2025A · The company itself

“Risks Related to General Economic Conditions •We are subject to changes to the macroeconomic and geopolitical environment, health and social events or conditions, the business cycles and credit risk of our customers and the overall level of consumer, business and government spending, which we cannot control and could adversely affect our business, financial condition, results of operations and cash flows. •Investor and other stakeholder interest in our sustainability practices, and our disclosed performance and aspirations for these practices, may, from time to time, result in additional considerations or expectations and expose us to risks.”

Annual report 2025A · The company itself

“Our ability to acquire other businesses or technologies, make strategic investments or integrate acquired businesses effectively may also be impaired by a variety of factors, including adverse financial conditions, trade tensions and increased global scrutiny of foreign investments. A number of countries, including countries in Europe and the Asia-Pacific region, have implemented or are considering restrictions on foreign investments. Governments may continue to tighten or expand economic sanctions, tariffs or trade restrictions of this nature, and such restrictions could adversely affect our business, financial condition and results of operations.”

Annual report 2025A · The company itself

“Events outside of our control and outside of a merchant’s control, including macroeconomic trends, geopolitical developments, and natural disasters may increase the likelihood of chargebacks to certain merchants and, accordingly, losses to our business.”

Annual report 2025A · The company itself

“Risks Related to General Economic Conditions •We are subject to changes to the macroeconomic and geopolitical environment, health and social events or conditions, the business cycles and credit risk of our customers and the overall level of consumer, business and government spending, which we cannot control and could adversely affect our business, financial condition, results of operations and cash flows. •Investor and other stakeholder interest in our sustainability practices, and our disclosed performance and aspirations for these practices, may, from time to time, result in additional considerations or expectations and expose us to risks.”

Annual report 2025A · The company itself

“There may be a decline in the use of cards and other digital payments as a payment mechanism for consumers, or other adverse developments affecting the card industry in general. If consumers do not continue to use credit, debit or other digital payment methods of the type we process as a payment mechanism for their transactions, or if there is a change in the mix of payments between cash, checks, credit cards and debit cards that is adverse to us, it could have a material adverse effect on our business, financial condition, results of operations and cash flows.”

Annual report 2025A · The company itself

“Risks Related to Our Business Model and Operations •Our inability to protect our systems and data from continually evolving cybersecurity threats or other technological risks could adversely affect our ability to deliver our services; damage our reputation among our customers, card issuers, financial institutions, card networks, partners and cardholders; adversely affect our continued card network registration or membership and financial institution sponsorship; and expose us to lost revenues, penalties, fines, liabilities, legal claims and defense costs. •Software and hardware defects, failures, undetected errors and development delays could affect our ability to deliver our services, damage customer relations, expose us to liability and have an adverse effect on our business, financial condition and results of operations. •We depend on relationships with third parties.”

Annual report 2025A · The company itself

“We are a regular target of malicious attempts to identify and exploit system vulnerabilities, and/or to penetrate or bypass our security measures, in order to gain unauthorized access to our networks and systems or those of our associated third parties. Such attempts at unauthorized access can lead, and occasionally have led, to the compromise of sensitive, business, personal or confidential information.”

Annual report 2025A · The company itself

“We depend on relationships with third parties. Our systems or our third-party providers' systems may fail, or we may be unable to renew or renegotiate agreements with key suppliers, which could interrupt our service, cause us to lose business, increase our costs and expose us to liability.”

Annual report 2025A · The company itself

“We depend on the efficient and uninterrupted operation of our computer systems, software, data centers and telecommunications networks, as well as the systems and services of third parties. Not only could we suffer damage to our reputation in the event of a system outage or data loss, but we could also be liable to third parties.”

Annual report 2025A · The company itself

“Consumer credit risk may make it more difficult or expensive for consumers to access credit facilities such as credit cards. In addition, regulatory changes may lead financial institutions to impose additional fees on the use of credit or debit cards, which could reduce card usage.”

Annual report 2025A · The company itself

“Any new implementation of or changes made to laws, regulations or other industry standards affecting our business in any of the geographic regions in which we operate may require significant development and compliance efforts or have an unfavorable effect on our ability to continue to offer certain services, which could adversely affect our business, financial condition, results of operations and cash flows.”

Annual report 2025A · The company itself

“Interchange fees are subject to intense legal, regulatory and legislative scrutiny worldwide. For instance, the Dodd-Frank Act restricts the amounts of debit card fees that certain issuing institutions can charge merchants and allows merchants to set minimum amounts for the acceptance of credit cards and to offer discounts for different payment methods. These types of 27 Table of Contents restrictions could negatively affect the number of debit transactions, which would adversely affect our business.”

Annual report 2025A · The company itself

“Additionally, interchange and/or other processing fees have recently become the subject of newly enacted and/or proposed new legislation that seeks to limit the application of interchange and/or other processing fees to portions of transactions processed via credit or debit. Such legislation would add significant complexity to existing systems and processes and/or would require code development and technological changes, the cost of which may not be recouped. The inability to apply interchange and/or other processing fees to portions of transactions could negatively affect the economic opportunity associated with such transactions and result in an adverse effect to our business, financial condition, results of operations and cash flows.”

Annual report 2025A · The company itself

“In certain of the jurisdictions in which we operate, we may become subject to exchange control regulations that might restrict or prohibit the conversion of our foreign currencies into U.S. dollars or limit our ability to freely move currency in or out of particular jurisdictions. The occurrence of any of these factors could decrease the value of revenues we receive from our international operations and have a material adverse effect on our business, financial condition, results of operations and cash flows.”

Annual report 2025A · The company itself

“We may seek to reduce our exposure to fluctuations in interest rates or currency exchange rates through the use of hedging arrangements. To the extent that we hedge our interest rate or currency exchange rate exposures, we forgo the benefits we would otherwise experience if interest rates or currency exchange rates were to change in our favor. Developing an effective strategy for dealing with movements in interest rates and currency exchange rates is complex, and no strategy can completely insulate us from risks associated with such fluctuations.”

Annual report 2025A · The company itself

“Our ability to acquire other businesses or technologies, make strategic investments or integrate acquired businesses effectively may also be impaired by a variety of factors, including adverse financial conditions, trade tensions and increased global scrutiny of foreign investments. A number of countries, including countries in Europe and the Asia-Pacific region, have implemented or are considering restrictions on foreign investments. Governments may continue to tighten or expand economic sanctions, tariffs or trade restrictions of this nature, and such restrictions could adversely affect our business, financial condition and results of operations.”

Annual report 2025A · The company itself

“•Fraud by merchants or others and losses from overdrawn cardholder accounts could have an adverse effect on our business, financial condition, results of operations and cash flows. •If our enterprise segment merchants direct significant transaction volume away from us to other providers, it could adversely affect our business, financial condition, results of operations and cash flows. •Increases in card network fees may result in the loss of customers and/or a reduction in our earnings. •Our inability to complete certain dispositions or the effects of disposing a business could have a material adverse effect on our business, financial condition and results of operations. •We may not realize the anticipated growth benefits and cost savings from, or our business may be disrupted by, our business transformation and reorganization activities.”

Annual report 2025A · The company itself

“If we are unable to maintain clearing services with these financial institutions and are unable to find a replacement, our business, financial condition and results of operations may be adversely affected.”

Annual report 2025A · The company itself

“Our systems or our third-party providers' systems may fail, or we may be unable to renew or renegotiate agreements with key suppliers, which could interrupt our service, cause us to lose business, increase our costs and expose us to liability.”

Annual report 2025A · The company itself

“Events outside of our control and outside of a merchant’s control, including macroeconomic trends, geopolitical developments, and natural disasters may increase the likelihood of chargebacks to certain merchants and, accordingly, losses to our business.”

Annual report 2025A · The company itself

“A downgrade in the ratings of our debt could restrict our ability to access the debt capital markets and increase our interest costs. We currently maintain investment credit ratings with nationally recognized statistical rating organizations. Unfavorable changes in the ratings that these rating agencies assign to our debt may ultimately negatively affect our access to the debt capital markets and increase the costs we incur to borrow funds.”

Annual report 2025A · The company itself

“There is also a risk that third-party suppliers of hardware and infrastructure required to support our employee productivity or our suppliers could be affected by supply chain disruptions or delays caused by the events described above. An extended supply chain disruption could also affect the delivery of our services.”

Annual report 2025A · The company itself

“Financial Risks •We are subject to risks associated with changes in interest rates or currency exchange rates and may not effectively hedge against these risks, which could adversely affect our business, financial condition, results of operations and cash flows. •A downgrade in the ratings of our debt could restrict our ability to access the debt capital markets and increase our interest costs. •Failure to maintain effective internal control over financial reporting in accordance with Section 404 of the Sarbanes-Oxley Act of 2002 (the "Sarbanes-Oxley Act") could have a material adverse effect on our business.”

Annual report 2025A · The company itself

“•Our business may be affected by current and future laws and regulations governing the development, use and deployment of AI technologies, as well as potentially related private litigation.”

Annual report 2025A · The company itself