Digital payments and fintech

“We process a significant volume and dollar value of transactions on a daily basis. When hosts do not fulfill their obligations to guests, there are fraudulent listings or bookings on our platform, or there are user account takeovers, we have incurred and will continue to incur losses from claims by hosts and guests, and these losses may be substantial.”

Annual report 2025A · The company itself

“For the year ended December 31, 2025, total chargeback expense was $67 million.”

Annual report 2025A · The company itself

“Table of Contents For certain payment methods, including credit and debit cards, we pay interchange and other fees, and such fees result in significant costs. Payment card networks may impose special fees or assessments on any transaction that accesses their network. Our payment card processors have the right to pass any increases in interchange fees, assessments or special fees on to us. Such interchange and other fees may increase over time and raise our operating costs and lower profitability.”

Annual report 2025A · The company itself

“Credit card transactions result in higher fees to us than transactions made through debit cards. Any material increase in interchange fees in the United States or other geographies, including as a result of changes in interchange fee limitations imposed by law in some geographies, or other network fees or assessments, or a shift from payment with debit cards to credit cards among our guests could increase our operating costs and materially adversely affect our business, results of operations, and financial condition.”

Annual report 2025A · The company itself

“While in some cases our business is subject to exemptions related to certain of these regulations, there is no guarantee that such exemptions will continue to be available and even where we are not directly regulated, regulation of bankcard fees significantly negatively impacts the discount revenue derived from our business, including as a result of downward pressure on our discount rate from decreases in competitor pricing in connection with caps on interchange fees.”

Annual report 2025A · The company itself

“We seek to differentiate ourselves from competitors primarily on the basis of our extensive commerce ecosystem and our focus on building remarkable products and services that are cohesive, fast, self-serve, and elegant.”

Annual report 2025A · The company itself

“Substantial and increasingly intense competition in our markets and industry may harm our business. We compete in markets characterized by vigorous competition, changing technology, evolving industry standards, changing customer needs, and frequent introductions of new products and services.”

Annual report 2025A · The company itself

“We compete against many companies to attract customers across our products and services, and some of these companies have greater financial resources and substantially larger bases of customers than we do, which may provide them with significant competitive advantages. These companies may devote greater resources to the development, promotion, and sale of products and services, may achieve economies of scale due to the size of their customer bases, and may more effectively introduce their own innovative products and services that adversely impact our growth.”

Annual report 2025A · The company itself

“Certain sellers have long-standing exclusive, or nearly exclusive, relationships with our competitors to accept payment cards and other services that compete with what we offer. These relationships can make it difficult or cost-prohibitive for us to conduct material amounts of business with them.”

Annual report 2025A · The company itself

“We may also face pricing pressures from competitors. Some competitors may offer lower prices by cross-subsidizing certain services that we also provide through other products they offer. Such competition may result in the need for us to alter our pricing and could reduce our gross profit.”

Annual report 2025A · The company itself

“These banks and acquiring processors may fail or refuse to process transactions on our behalf, may breach their agreements with us, may take actions that degrade the functionality of our services, impose additional costs or requirements on us, or give preferential treatment to competitive services, including their own services.”

Annual report 2025A · The company itself

“The payment card networks set these network rules and have discretion to interpret the rules and change them at any time. Changes to these network rules or how they are interpreted could have a significant impact on our business and financial results.”

Annual report 2025A · The company itself

“If we were unable to accept payment cards or were limited in our ability to do so, our business would be materially and adversely affected.”

Annual report 2025A · The company itself

“Any increase or decrease in interchange fees or assessments or in the fees we pay to our third-party payment processors, payment networks, or financial institutions could increase our costs, make our pricing less competitive, lead us to change our pricing model, or adversely affect our margins, all of which could materially harm our business and financial results.”

Annual report 2025A · The company itself

“We could be, and in the past have been, subject to penalties from payment card networks if we fail to detect activities that are illegal, contrary to the payment card network operating rules, or considered “high risk.” We must either prevent high-risk individuals from using our products and services or register such high-risk individuals with the payment card networks and conduct additional monitoring with respect to such high-risk individuals. Any such penalties could become material and could result in termination of our ability to accept payment cards or could require changes in our process for registering new sellers and customers.”

Annual report 2025A · The company itself

“Some of the laws and regulations affecting the internet, mobile commerce, dispute resolution, payment processing, BNPL, AI, bitcoin and equity investing, streaming service, business financing, and employment were not written with businesses like ours in mind, and many of the laws and regulations, including those affecting us have been enacted relatively recently.”

Annual report 2025A · The company itself

“Our business depends on our ability to accept credit and debit cards, and this ability is provided by the payment card networks, including Visa, Mastercard, American Express, and Discover. For a majority of our transactions, we do not directly access the payment card networks that enable our acceptance of payment cards. As a result, we must rely on banks and acquiring processors to process transactions on our behalf.”

Annual report 2025A · The company itself

“From time to time, payment card networks have increased, and may in the future increase, the interchange fees and assessments that they charge for each transaction processed using their networks.”

Annual report 2025A · The company itself

“Our Ecosystems Block designs and operates connected ecosystems that integrate commerce solutions, financial services, software, hardware, and networks to serve individuals and small businesses, primarily through Cash App's consumer network and Square's business ("seller") network.”

Annual report 2025A · The company itself

“We have since expanded Square into a comprehensive commerce ecosystem that provides more than 30 distinct products and services to help our sellers start, run, and grow their businesses. We combine commerce solutions, financial services, and bitcoin capabilities to create products and services that are cohesive, fast, self-serve, and elegant.”

Annual report 2025A · The company itself

“While Cash App started with the single ability to send and receive money, it now provides an ecosystem of commerce solutions, financial services, and Bitcoin capabilities focused on helping consumers make their money go further by enabling customers to store, send, receive, spend, invest, buy now, pay later ("BNPL"), borrow, or save their money with Cash App.”

Annual report 2025A · The company itself

“•Commerce Enablement empowers sellers and consumers to transact across our ecosystems. It primarily includes Square payments, software, and hardware, Cash App Card, Cash App Pay, our BNPL products, and Cash App Business.”

Annual report 2025A · The company itself

“Commerce Enablement Square's commerce enablement products include our payments, software, and hardware products, which together provide an integrated operating system for local commerce. These products enable sellers to accept payments, manage orders and inventory, engage customers, and operate their businesses across a range of industries and geographies. •Square Payments capabilities enable sellers to accept card-present and card-not-present payments across in-person, online, mobile, and invoice-based channels.”

Annual report 2025A · The company itself

“Square generates payment processing fees on each completed transaction, which represent a significant component of Commerce Enablement revenue. As merchant of record, Square maintains contractual relationships with acquiring processors, card networks, and other providers of transaction-processing services.”

Annual report 2025A · The company itself

“Customers can fund their Cash App accounts in a variety of ways, including by receiving money from another Cash App customer through the app’s core peer-to-peer transfer service, transferring money from a bank account, depositing mobile checks, adding physical cash at participating retailers, receiving a recurring paycheck by direct deposit, and through other channels. These funds can then be sent to another customer through the app, spent anywhere that accepts Visa cards or Cash App Pay, withdrawn from an ATM using the Cash App Card, invested in stocks or exchange-traded funds (“ETFs”), used to buy bitcoin, or transferred to a bank account (either instantly for a fee or for free in one to three days).”

Annual report 2025A · The company itself

“•Commerce: Our commerce products help customers manage their spending. Cash App connects consumers and merchants through Pay Now products such as Cash App Card, Cash App Pay, and our BNPL products, enabling flexible and secure payments across online and in-person channels. •Banking: Our banking initiatives aim to help customers save, invest, and borrow more effectively to drive customer value and deeper primary banking relationships with Cash App.”

Annual report 2025A · The company itself

“Together, these products represent a core component of Cash App’s strategy to build a connected financial platform for the next generation while strengthening engagement across the broader ecosystem. •Cash App Card is a debit card, issued by our bank partner, and linked directly to a customer’s Cash App balance. Customers can order a Cash App Card for free and use it anywhere that accepts Visa cards to make purchases, drawing down from the funds stored in their Cash App balance.”

Annual report 2025A · The company itself

“BNPL Products Cash App and Afterpay offer a wide range of Pay Later capabilities that make purchasing more flexible and accessible for consumers. For merchants, these offerings are designed to improve conversion and increase average order values. •Pay in 4: Through the use of our BNPL products, consumers can split their purchases into generally three or four installments, typically due in two-week increments, without paying fees (if payments are made on time).”

Annual report 2025A · The company itself

“Outside the United States, we provide localized versions of some of our services to customers, including through various foreign subsidiaries.”

Annual report 2025A · The company itself

“The rules of the card schemes and payment systems are often updated or interpreted in different ways, and we may need to adjust our systems and/or processes to comply with updated obligations. If we fail to comply with such obligations, we may be fined, required to pay additional processing fees, lose our ability to accept certain credit and debit card payments from our customers, or facilitate other types of online payments, any of which would negatively impact our business, operating results, and profit margins.”

Annual report 2025A · The company itself

“We process the majority of our transactions on a merchant basis where we facilitate payments from travelers through payment cards and other payment methods. While processing transactions on a merchant basis allows us to offer a variety of payment methods and flexible transaction terms, we incur additional payment processing costs (which are typically higher for foreign currency transactions) and other costs related to these transactions, such as costs related to managing and detecting fraudulent payments and transactions.”

Annual report 2025A · The company itself

“For inbound payments, we pay these third parties interchange and other processing and gateway fees to facilitate payments from consumers to travel service providers. If we are unable to maintain our relationships with these third parties on favorable terms, fees are increased, or if we provide security, our profit margin, business, and results of operations could be harmed.”

Annual report 2025A · The company itself

“We compete with many forms of payments offered by both bank and non-bank providers, including a variety of new and evolving alternative payment mechanisms, systems and products, such as aggregators and web-based and wireless payment platforms or technologies, digital currencies or cryptocurrencies (including stablecoins and tokenized deposits), prepaid systems and payment services targeting users of social networks, communications platforms and online gaming. If we are unable to continue to keep pace with innovation and fail to reflect such technology in our payments offerings, do not effectively market our products and services, are unable to deliver them effectively and securely to our customers or are prohibited from or unwilling to enter emerging areas of competition, our business and results of operations could be adversely affected.”

Annual report 2025A · The company itself

“The increased pressure on transaction fees associated with card payments due to competition could create additional risk to growth for both our card issuing businesses and the Global Payment Network. This, in turn, could adversely affect the revenue for our network and card issuing businesses, as well as our ability to attract and retain Network Partners who may seek alternatives from both traditional and non-traditional payment service providers, which may limit our ability to maintain or grow revenues from the Global Payment Network.”

Annual report 2025A · The company itself

“We were the largest issuer of credit cards in the United States of America (“U.S.”) based on the outstanding balance of credit card loans as of December 31, 2025.”

Annual report 2025A · The company itself

“In addition to credit cards, we also offer debit cards, bank lending, treasury management and depository services, auto loans and other consumer lending products in markets across the U.S.”

Annual report 2025A · The company itself

“Additionally, through the acquisition of Discover, we acquired new products including personal loans as well as the Discover Network, the PULSE Network, Diners Club International (“Diners Club”) and Network Partners (collectively, the “Global Payment Network”).”

Annual report 2025A · The company itself

“The Discover Network processes transactions for credit and debit cards issued on its network and provides payment transaction processing and settlement services. The PULSE Network operates an electronic funds transfer network, providing financial institutions issuing debit cards on the PULSE Network with access to ATMs domestically and internationally, as well as merchant acceptance throughout the U.S. for debit card transactions.”

Annual report 2025A · The company itself

“Diners Club is a global payments network of licensees, which are generally financial institutions, that issue Diners Club-branded charge cards and/or provide card acceptance services. We also have agreements with a number of financial institutions, financial technology firms, networks and other commercial service providers (collectively, “Network Partners”) for the provision of card issuing, payments processing and related services on the Global Payment Network.”

Annual report 2025A · The company itself

“We rely on third parties in connection with many aspects of our business, including payment processors, financial institutions, and payment gateways to process transactions; cloud computing services and data centers that provide facilities, infrastructure, smart contract development, website functionality and access, components, and services, including databases and data center facilities and cloud computing; as well as third parties that provide outsourced customer service, compliance support and product development functions, which are critical to our operations.”

Annual report 2025A · The company itself

“Institutional Trading and Markets We service institutional customers via Coinbase Prime, which is our full-service prime brokerage platform where our institutional customers can access deep pools of liquidity across a network of trading venues. We offer volume-based pricing and charge a transaction fee for executed trades.”

Annual report 2025A · The company itself

“We also provide market infrastructure in the form of exchanges for customers to trade spot and derivatives. We currently operate four exchanges: the Coinbase Exchange, the Coinbase International Exchange, the Coinbase Derivatives Exchange, and the Deribit Exchange. These exchanges charge a volume-based transaction fee for executed trades.”

Annual report 2025A · The company itself

“Institutional financing Financing is an increasingly important offering to our institutional customers. We offer integrated financing products and services to institutional customers that meet our credit criteria to access liquidity for their hedging, trading, and working capital needs. Our lending product set includes tools to allow clients to trade in real time, products that enable leverage and ability to short sell across our Prime and Markets offerings, and structured loans supporting client working capital and other needs.”

Annual report 2025A · The company itself

“Likewise, we are subject to the Payment Card Industry Data Security Standards (“PCI-DSS”) which is mandated by the card brands and administered through the Payment Card Industry Security Standards Council. As a Level 1 Merchant, we are subject to assessment and attestation for PCI-DSS compliance on an annual basis.”

Annual report 2026A · The company itself

“Under our commercial agreements with Stripe and PayPal, each of these parties may terminate our relationship with advanced notice. If both Stripe and PayPal terminate their relationship with us or refuse to renew their agreements with us on commercially reasonable terms, we would be required to find alternate payment processors and may not be able to secure similar terms or a suitable replacement in an acceptable time frame.”

Annual report 2025A · The company itself

“We primarily rely on a third-party payment processor, Stripe, to process payments made to merchants and Dashers and third-party payment processors to process payments made by consumers, primarily Stripe and PayPal.”

Annual report 2025A · The company itself

“The Company relies on a limited number of third parties to provide payment processing services (“payment processors”) including collecting amounts due from end-users and processing Dasher and merchant payouts. Funds held at payment processors represent cash due from the Company’s payment processors for transactions with consumers, as well as funds transferred to payment processors for Dasher and merchant payouts.”

Annual report 2025A · The company itself

“We have experienced and expect to continue to experience increased costs from chargebacks through our payments platforms, due to forced transaction reversals initiated by buyers through their payment card issuers.”

Annual report 2025A · The company itself

“Payments and other financial services are governed by complex and continuously evolving laws and regulations that vary across the geographies where we operate. For example, we must comply with licensing and registration requirements, audit, capital maintenance, funds handling and segregation, consumer disclosure, data processing, authentication and other reporting requirements in numerous jurisdictions.”

Annual report 2025A · The company itself

“We rely on third-party service providers to perform services, including, among others, credit card processing, payment disbursements, currency exchange, identity verification, sanctions screening, and fraud analysis and detection.”

Annual report 2025A · The company itself

“We and our customers depend on a variety of third-party products and services that are important to our success, including seller tools that automate and manage listings, merchant tools that manage listings and interface with inventory management software, storefronts that help our sellers list items, shipping providers that deliver goods sold on our platform, payment processing and financial services, item authentication services, third-party traffic drivers such as search engines, social networks and, increasingly, AI technologies such as chatbots and shopping agents.”

Annual report 2025A · The company itself

“We also continue to expand our financial services offerings, including Seller Capital, which has helped our partners provide more than $1 billion in cumulative funding since inception to small businesses, along with new payment partnerships that enhance flexibility and reliability across key markets.”

Annual report 2025A · The company itself

“We earn revenue primarily through fees collected on paid transactions, first-party advertising and shipping. eBay’s strategy is centered on reinventing the future of ecommerce for enthusiasts by delivering trusted, engaging shopping experiences for our customers.”

Annual report 2025A · The company itself

“If our advertising products, including our Promoted Listings, are not competitive, we will lose advertising revenues and our business will be harmed. We generate a meaningful amount of our revenue from our Promoted Listings (a first-party advertising offering) and, to a lesser extent, third-party advertising.”

Annual report 2025A · The company itself

“We have invested and plan to continue to invest internal resources into our payments and financial service offerings, which include seller capital that helps fund small businesses through our partners, and payment partnerships that enable us to accept payment from a variety of sources such as credit cards, digital wallets and “buy now, pay later” options.”

Annual report 2025A · The company itself

“For example, our expansion into payments and financial services in recent years subjects our operations to significant and complex new laws and regulations.”

Annual report 2025A · The company itself

“Various U.S. federal, state and international laws, rules and regulations govern the payments industry, including the Bank Secrecy Act of 1970, anti-money laundering and sanctions regulations, and state money transmitter licensing laws.”

Annual report 2025A · The company itself

“Our business is exposed to risks associated with credit card and other payment chargebacks, fraud and new payment methods. A significant percentage of our revenue is processed through credit cards and other online payment methods.”

Annual report 2025A · The company itself

“We face the risk that we may fail to maintain an adequate level of protection against fraud or chargebacks and that one or more credit card associations or other processors may, at any time, assess penalties against us or terminate our ability to accept credit card or other forms of online payments from customers. Under our contracts with our payment processors, we are required to reimburse them for such penalties. If our refunds or chargebacks increase, our processors could require us to create reserves, increase fees or terminate their contracts with us.”

Annual report 2025A · The company itself

“In addition, we could be liable if there is a cybersecurity incident affecting the payment information we store.”

Annual report 2025A · The company itself

“Under our contracts with our processors, if there is unauthorized access to, or disclosure of, payment information we store, we could be liable to the credit card issuing banks for their cost of issuing new cards and related expenses.”

Annual report 2025A · The company itself

“Moreover, in the future we may explore accepting various forms of payment that may have higher fees and costs than our current payment methods. If our customers utilize alternative payment methods, our payment costs could increase and our operating results could be adversely impacted.”

Annual report 2025A · The company itself

“Finally, our suite of Commerce solutions enables our customers to sell directly online, in-person and across multiple channels, such as marketplaces and social platforms, and to integrate dynamic information everywhere they engage with current and potential customers. These solutions include GoDaddy Payments, point-of-sale (POS) systems, Tap to Pay on Mobile, GoDaddy Capital, Instant Payout and inventory and order dashboards for easier business management for our customers and their businesses.”

Annual report 2025A · The company itself

“Our primary commerce products and services include: GoDaddy Payments. As a "payment facilitator," GoDaddy Payments enables our customers in both the U.S. and Canada to accept all major forms of payment, including Visa, MasterCard, American Express, Discover and contactless payments, including Apple Pay and Google Pay, with no long-term contracts or monthly minimums. This service enables our customers to start accepting payments in minutes with a simple setup and get paid, in many cases, as early as the next business day, all with the lowest fees in the industry when compared to similar plans from other leading providers.”

Annual report 2025A · The company itself

“In 2025, we launched GoDaddy Capital, a merchant cash advance program available to GoDaddy Payments users, that allows them to apply for an advance of up to $1.0 million and Instant Payouts, an on-demand payout option allowing our customers to get their payout on any day, including weekends and holidays.”

Annual report 2025A · The company itself

“Our ability to compete may also be affected by regulatory and legislative initiatives, as well as the outcomes of litigation, competition-related regulatory proceedings and both central bank and legislative activity. If we are not able to differentiate ourselves from our competitors, drive value for our customers and/or effectively align our resources with our goals and objectives, we may not be able to compete effectively against these threats. Our failure to compete effectively against any of the foregoing threats could materially and adversely affect our overall business and results of operations.”

Annual report 2025A · The company itself

“•Payments industry participants may develop their own products and services to support our switched transaction and payments offerings, forcing us to change our pricing or practices for our own offerings in order to compete. Participants may also withhold rights to data we use to power our solutions in order to support their own potential future solutions, potentially impacting the effectiveness of our solutions.”

Annual report 2025A · The company itself

“Continued intense pricing pressure may materially and adversely affect our overall business and results of operations. In order to increase transaction volumes, enter new markets and expand our products and services, we seek to enter into business agreements with customers through which we offer incentives, pricing discounts and other support that promote our products. In order to stay competitive, we may have to increase the amount of these incentives and pricing discounts so as to meet customer demand for better pricing arrangements and greater rebates and incentives. As a result, we may not be able to grow our volume and/or services to the extent necessary to compensate for the additional costs related to these increased incentives and pricing discounts.”

Annual report 2025A · The company itself

“In the future, we may not be able to enter into agreements with our customers if they require terms that we are unable or unwilling to offer, and we may be required to modify existing agreements in order to maintain relationships and compete with others in the industry. Some of our competitors are larger with greater financial resources and accordingly may be able to charge lower prices.”

Annual report 2025A · The company itself

“Our customers also may implement cost reduction initiatives that reduce or eliminate payment product marketing or increase requests for greater incentives or greater cost stability.”

Annual report 2025A · The company itself

“Additionally, we face pricing pressure related to real-time account-based payment schemes. These pressures impact both domestic pricing (such as the increased use of schemes that offer increasingly lower or subsidized P2M pricing) and cross-border pricing (including from both competing schemes and global initiatives to lower the cost of cross-border payments to end users).”

Annual report 2025A · The company itself

“Damage to our reputation or brands resulting from an account data breach of our systems and networks or those of our customers, merchants and other third parties could decrease the use and acceptance of our products and services. Such events could also slow or reverse the trend toward electronic payments.”

Annual report 2025A · The company itself

“Cross-border Volume Growth measures the growth of cross-border dollar volume during the period, on a local currency basis and U.S. dollar-converted basis, for all Mastercard-branded programs. Switched Transactions measures the number of transactions switched by Mastercard, which is defined as the number of transactions initiated and switched through our network during the period.”

Annual report 2025A · The company itself

“Net revenue from our payment network increased 12%, on both an as-reported and currency-neutral basis, in 2025 versus the prior year. The increase was primarily driven by growth in domestic and cross-border dollar volumes and an increase in the number of switched transactions, reflecting growth trends across all of our key drivers.”

Annual report 2025A · The company itself

“Interchange fees reflect the value merchants receive from accepting our products and play a key role in balancing the costs and benefits that consumers and merchants derive. Generally, interchange fees are collected from acquirers and paid to issuers to reimburse the issuers for a portion of the costs incurred.”

Annual report 2025A · The company itself

“Working with new customers and end users as we continue to expand our products and services can present operational and onboarding challenges, be costly and result in reputational damage if the new products or services do not perform as intended. The payments markets in which we compete are characterized by rapid technological change, new product introductions, evolving industry standards and changing customer and consumer needs. In order to remain competitive and meet the needs of the payments markets, we are continually involved in developing and implementing complex multi-rail solutions and diversifying our products and services.”

Annual report 2025A · The company itself

“The following chart provides gross dollar volume (“GDV”) and number of cards featuring our brands in 2025 for select programs and solutions: GDV Cards Year Ended December 31, 2025 As of December 31, 2025 Mastercard-branded Programs 1 (in billions) % Increase from December 31, 2024 (Local) % of Total GDV (in millions) % Increase from Consumer Credit $ 3,878 8 % 37 % 1,083 3 % Consumer Debit and Prepaid 2 5,349 9 % 50 % 2,134 11 % Commercial Credit and Debit 1,405 11 % 13 % 174 14 % 1Excludes Maestro and Cirrus cards and volume generated by those cards.”

Annual report 2025A · The company itself

“Consumer Credit. We offer products that enable issuers to provide consumers with credit, allowing them to defer payment.”

Annual report 2025A · The company itself

“Consumer Debit. We support a range of payment products and solutions that allow our customers to provide consumers with convenient access to funds in deposit and other accounts. Our debit and deposit access programs can be used to make purchases and to obtain cash from bank branches, at ATMs and, in some cases, at the point of sale.”

Annual report 2025A · The company itself

“Prepaid accounts are a type of electronic payment that enables consumers to pay from pre-funded accounts whether or not they previously had a bank account or a credit history. These accounts can be tailored to meet specific program, customer or consumer needs, such as paying bills, sending person-to-person payments or withdrawing cash from an ATM. Our focus ranges from digital accounts (such as fintech and gig economy platforms) to business programs such as employee payroll, health savings accounts and solutions for small business owners.”

Annual report 2025A · The company itself

“This could impact the products and services we offer and other aspects of our business, such as fraud monitoring, the need for improved data management, governance, quality and accuracy practices, the development of information-based products and solutions, and technology operations.”

Annual report 2025A · The company itself

“Business Overview Mastercard is a technology company in the global payments industry. We connect consumers, financial institutions, merchants, governments, digital partners, businesses and other organizations worldwide by enabling electronic payments and making those payment transactions secure, simple, smart and accessible. We make payments easier and more efficient by providing a wide range of payment solutions and services using our family of well-known and trusted brands, including our primary brand Mastercard®, as well as our Maestro® and Cirrus® brands.”

Annual report 2025A · The company itself

“Through our unique and proprietary global payments network, we switch (authorize, clear and settle) payment transactions. We have additional payments capabilities that include automated clearing house (“ACH”) transactions (both batch and real-time account-based payments). Using these capabilities, we offer consumer and commercial payment products, capture new payment flows and provide services and solutions.”

Annual report 2025A · The company itself

“Financial Results Net Revenue The components of net revenue were as follows: For the Years Ended December 31, Increase/(Decrease) 2025 2024 2023 2025 2024 ($ in millions) Payment network $ 19,476 $ 17,335 $ 15,824 12% 10% Value-added services and solutions 13,315 10,832 9,274 23% 17% Total net revenue $ 32,791 $ 28,167 $ 25,098 16% 12% Net revenue increased 16%, or 15% on a currency-neutral basis, in 2025 versus the prior year, which included a 1 percentage point increase from acquisitions completed in 2024 (“Acquisitions”). The remaining increase in net revenue was attributable to organic growth in our payment network and value-added services and solutions.”

Annual report 2025A · The company itself

“Table of Contents If we become unable or limited in our ability to accept certain payment types such as debit or credit cards, our business would be materially and adversely affected. Changes in how consumers fund their PayPal transactions could harm our business. We pay transaction fees when consumers fund payment transactions using credit cards, lower fees when consumers fund payments with debit cards, and nominal fees when consumers fund payment transactions by electronic transfer of funds from bank accounts, from an existing PayPal or Venmo account balance, or through our PayPal branded consumer credit products. Our financial performance is sensitive to changes in the rate at which our consumers fund payments using payment cards, which can significantly increase our costs.”

Annual report 2025A · The company itself

“The credit decision-making process for our consumer credit products uses proprietary methodologies, credit algorithms and other analytical techniques designed to analyze the credit risk of specific consumers based on, among other factors, their past purchase and transaction history with PayPal or Venmo and their credit scores. Similarly, proprietary risk models and other indicators are applied to assess merchants who desire to use our merchant financing offerings to help predict their ability to repay.”

Annual report 2025A · The company itself

“We offer credit products to eligible consumers in certain markets as a funding source at checkout. Our consumer credit offerings include our BNPL products in the U.S., Germany, France, United Kingdom (“U.K.”), and Australia, among other markets, and in Japan through our Paidy brand.”

Annual report 2025A · The company itself

“We provide large enterprises and small and medium businesses with online branded checkout solutions, including PayPal and Venmo; online unbranded payments processing; PayPal buy now, pay later (“BNPL”) solutions; in-person point of sale solutions; business financing; payouts capabilities; and risk tools.”

Annual report 2025A · The company itself

“Our unbranded payments processing solutions allow merchants to quickly and easily provide digital checkout online with a variety of popular ways to pay, including debit and credit cards, digital wallets, BNPL, certain cryptocurrencies, and local payment methods.”

Annual report 2025A · The company itself

“We offer credit products to a wide range of consumers and merchants in the U.S. and various international markets.”

Annual report 2025A · The company itself

“PayPal Working Capital (“PPWC”) and PayPal Business Loan (“PPBL”) products and certain U.S. installment loan products are provided by a state-chartered industrial bank under a program agreement with us, and we acquire the receivables generated by those loans from the state-chartered bank after origination.”

Annual report 2025A · The company itself

“The financial services industry continues to become more competitive as new technological advances enable more companies to provide financial products and services, including electronic and internet-based financial solutions such as lending and payment solutions, digital currencies, digital wallets and alternative payment methods. Competition has also increased from companies that are not subject to the same regulatory restrictions as domestic banks and bank holding companies, including by financial technology companies, or “fintechs,” which may offer bank-like products or services that compete directly with the Company’s products and services.”

Annual report 2025A · The company itself

“Central banks in a number of countries, including those in Argentina, Australia, Brazil, Canada, Europe, India, Indonesia and Mexico, are in the process of developing or expanding national RTP networks and instant payment solutions with the goal of driving a greater number of domestic transactions onto these systems. In July 2023, the U.S. Federal Reserve launched its FedNow Service with core clearing and settlement functionality, and expects to add more features and enhancements over time.”

Annual report 2025A · The company itself

“For example, as agentic commerce solutions scale, we may see increased instances of erroneous or disputed payments, increased chargebacks and reputational harm.”

Annual report 2025A · The company itself

“•We are accelerating the migration to digital payments through our network of networks strategy. We aim to provide a single connection point so that Visa clients can enable money movement for businesses, governments and consumers, regardless of which network is used to start or complete the transaction. This model ultimately helps to unify a complex payments ecosystem. Visa’s network of networks approach creates opportunities by facilitating person-to-person (P2P), business-to-consumer (B2C), business-to-business (B2B) and government-to-consumer (G2C) payments, in addition to consumer-to-business (C2B) payments.”

Annual report 2025A · The company itself

“Table of Contents Visa’s strategy is to accelerate revenue growth through consumer payments (CP), commercial and money movement solutions (CMS) and value-added services (VAS), as well as fortify the key foundations of our business model. In CP, we are focused on strengthening our impact in card-based consumer payments and expanding our reach in non-card-based payments. In CMS, formerly known as new flows, we are driving and enabling further penetration of commercial payments and money movement. Finally, in VAS, we are delivering innovative services to deepen our partnerships with our clients.”

Annual report 2025A · The company itself

“Commercial & Money Movement Solutions CMS is focused on driving digitization and improving the payments and money movement experience across all payment flows, beyond C2B, through our network of networks. These include P2P, B2C, B2B and G2C payments, which provide some of the largest payment opportunities in the world. Representing a total addressable opportunity of approximately $200 trillion(3) of payment flows annually, excluding Russia and China, this pillar of our business aims to make payments and money movement easier for businesses, consumers and governments, using both Visa’s global network and connectivity to other networks around the world.”

Annual report 2025A · The company itself

“Through Visa+, we aim to provide simplified reach and delivery of funds through alias-linked accounts and wallets, giving flexibility and additional choices to consumers when receiving payments. Visa+ does not require users to have a Visa card; instead, it is based on an alias credential that is linked to their participating payment apps. Value-Added Services VAS represents approximately a $520 billion annual revenue opportunity(4) for us to diversify our revenue with products and solutions that help our clients and partners optimize their performance, differentiate their offerings and create better experiences for their consumers.”

Annual report 2025A · The company itself

“We believe our fundamental value proposition of security, convenience, speed and reliability as well as the number of payment credentials and our acceptance footprint help us to succeed.”

Annual report 2025A · The company itself

“Business OVERVIEW Visa is one of the world’s leaders in digital payments. Our purpose is to uplift everyone, everywhere by being the best way to pay and be paid. Since Visa’s early days in 1958, we have been in the business of facilitating secure, reliable and efficient global commerce and money movement. We provide transaction processing services (primarily authorization, clearing and settlement) among consumers, issuing and acquiring financial institutions and sellers in a structure we call the “four-party” model.”

Annual report 2025A · The company itself

“The second objective is to address money movement and a subset of B2B flows through Visa Direct. This part of the business focuses on growing our domestic business through our core P2P use case and penetrating new use cases, growing our cross-border flows through enhanced network capabilities; and deepening our relationships with existing clients through new use cases, corridors and services. Through our Visa Direct strategy, we are pursuing approximately $55 trillion of annual opportunity in P2P, B2C and G2C money movement flows and approximately $25 trillion of annual opportunity in B2B money movement flows.”

Annual report 2025A · The company itself

“In addition, through our open banking platform, Tink, we continue to accelerate the development and adoption of open banking securely and at scale. Visa’s open banking capabilities range from data access use cases, such as account verification, balance check and personal finance management, to payment initiation capabilities, such as A2A transactions and seller payments. These capabilities can help our partner businesses deliver valuable services 13 Table of Contents to their customers.”

Annual report 2025A · The company itself

“Existing and emerging competitors compete with Visa’s network and payment solutions for consumers and for participation by financial institutions and sellers.”

Annual report 2025A · The company itself

“Digitaalisen liiketoiminnan kilpailukykyä edistävät toimenpiteet.Palveluiden käyttöliittymien ja esimerkiksi ostopolkujen ja maksujärjestelmien kehittäminen.”

Annual report 2025A · The company itself

“We rely on third parties to provide certain Amazon-branded payment methods and payment processing services, including the processing of credit cards, debit cards, electronic checks, and promotional financing. In each case, it could disrupt our business if these companies become unwilling or unable to provide these services to us.”

Annual report 2025A · The company itself

“For certain payment methods, including credit and debit cards, we pay interchange and other fees, which may increase over time and raise our operating costs and lower profitability.”

Annual report 2025A · The company itself

“In addition, we provide regulated services in certain jurisdictions because we enable customers to keep account balances with us and transfer money to third parties, and because we provide services to third parties to facilitate payments on their behalf. Jurisdictions subject us to requirements for licensing, regulatory inspection, bonding and capital maintenance, the use, handling, and segregation of transferred funds, consumer disclosures, maintaining or processing data, and authentication.”

Annual report 2025A · The company itself

“Payment Services The Company offers payment services, including Apple Card®, a co-branded credit card, and Apple Pay®, a cashless payment service.”

Annual report 2025A · The company itself

“Our Wisely® offerings and potentially other future offerings in the payments and/or consumer space may subject us to additional laws and regulations, some of which may not be uniform and may require us to modify or restrict our offerings and decrease our potential revenue and earnings.”

Annual report 2026A · The company itself

“Leveraging our massive global audience, we drive value through a diversified revenue mix spanning affiliation, brand activations, premium sponsorships, advertising, and subscription services.”

Annual report 2025A · The company itself

“Bilias Bil affär omfattar försäljning av nya och begagnade person-, transport- och lastbilar samt tilläggstjänster såsom finansiering och försäkring.”

Annual report 2024A · The company itself

“This commitment is further extended by minority investments in financial technology and digital distribution providers, data and whole portfolio capabilities including Viridium, Generation Life, Securitize, Upvest, Avaloq, Human Interest, Circle, Clarity AI, Envestnet, Acorns, Scalable Capital and iCapital.”

Annual report 2025A · The company itself

“In addition, BlackRock has made minority investments in financial technology and digital distribution providers, data and whole portfolio capabilities including Viridium, Generation Life, Securitize, Upvest, Avaloq, Human Interest, Circle, Clarity AI, Envestnet, Acorns, Scalable Capital and iCapital.”

Annual report 2025A · The company itself

“BXG seeks to deliver attractive risk-adjusted returns by investing in dynamic, growth-stage businesses, with a focus on the consumer, consumer technology, enterprise solutions, financial services and healthcare sectors.”

Annual report 2025A · The company itself

“Avslutningsvis erbjuder Boozt betalningslösningen BooztPay, som gör betalningsprocessen enklare för kunderna på våra plattformar. Genom att integrera betalningslösningar direkt i Boozts ekosystem bidrar BooztPay till en bättre kassaupplevelse, främjar konverteringsfrekvenser samt smidigare transaktioner för kunderna.”

Annual report 2024A · The company itself

“Segment Review We have four operating segments: •Climate Solutions Americas provides products, controls, services and solutions to meet the heating, cooling and ventilation needs of residential and commercial customers in North and South America while enhancing building performance, health, energy efficiency and sustainability. •Climate Solutions Europe provides products, controls, services and solutions to meet the heating, cooling and ventilation needs of residential and commercial customers in Europe while enhancing building performance, health, energy efficiency and sustainability. •Climate Solutions Asia Pacific, Middle East & Africa provides products, controls, services and solutions to meet the heating, cooling and ventilation needs of residential and commercial customers in Asia Pacific, the Middle East and Africa while enhancing building performance, health, energy efficiency and sustainability.”

Annual report 2025A · The company itself

“A significant percentage of our sales are made with credit cards. Because the interchange and other fees we pay when credit cards are used to make purchases, which the Company has little control over, are based on transaction amounts, higher fuel prices at the pump, higher gallon movement and other increases in price and sales of other items we sell in our stores directly result in higher credit card expenses.”

Annual report 2026A · The company itself

“Overview Cboe Global Markets, Inc., the world's leading derivatives and securities exchange network, delivers cutting-edge trading, clearing, and investment solutions to people around the world. Cboe provides trading solutions and products in multiple asset classes, including equities, derivatives, and FX, across North America, Europe, and Asia Pacific.”

Annual report 2025A · The company itself

“See Note 16 (“Segment Reporting”) for more information. •Global FX. The Global FX segment includes institutional FX trading services that occur on the Cboe FX fully electronic trading platform, non-deliverable forward FX transactions (“NDFs”) offered for execution on Cboe SEF, as well as revenue generated from the licensing of proprietary market data and from access and capacity services.”

Annual report 2025A · The company itself

“The Cboe FX platform provides institutional FX trading services and utilizes a price-firmness-time priority market model.”

Annual report 2025A · The company itself

“We offer a smart-order routing service through our broker-dealer subsidiary, Cboe Trading, which provides its customers with access to other market centers when we route their orders to those market centers for execution.”

Annual report 2025A · The company itself

“Schwab provides financial services to individuals and institutional clients through two segments – Investor Services and Advisor Services. The Investor Services segment provides retail brokerage, investment advisory, and banking and trust services to individual investors, and retirement plan and business services, as well as other corporate brokerage services, to businesses and their employees. The Advisor Services segment provides custodial, trading, banking and trust, and support services to independent registered investment advisors (RIAs), independent retirement advisors, and recordkeepers.”

Annual report 2025A · The company itself

“The increase in net interest income is driven by higher net interest margin which reflects lower funding costs, including the reduction of higher-cost funding given the auto loan portfolio runoff and education loan sale, lower terminated swap impacts, and fixed-rate asset repricing benefits, partially offset by lower asset yields. •Noninterest income of $2.4 billion increased $218 million compared to 2024, reflecting growth across a number of fee categories, primarily wealth and capital markets fees.”

Annual report 2025A · The company itself

“The following table presents the components of noninterest income: Table 3: Noninterest Income Year Ended December 31, (dollars in millions) 2025 2024 Change Percent Service charges and fees $444 $420 $24 6 % Capital markets fees 511 467 44 9 Wealth fees 360 294 66 22 Card fees 346 368 (22) (6) Mortgage banking fees 233 209 24 11 Foreign exchange and derivative products 156 146 10 7 Letter of credit and loan fees 186 175 11 6 Securities gains, net 22 18 4 22 Other income(1) 136 79 57 72 Noninterest income $2,394 $2,176 $218 10 % (1) Includes bank-owned life insurance income and other income for all periods presented.”

Annual report 2025A · The company itself

“Our revenue is substantially derived from fees for transactions executed and cleared in our markets.”

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

“Innehavet i Klarna (SEK 108 mn/92 procent) var det onoterade innehav som bidrog mest till substansvärdets utveckling under 2024. Vi värderar innehavet i relation till de avslut som görs i Klarnas än så länge onoterade aktie och dessa avslut har under året skett på successivt högre kurser som en naturlig följd av bolagets operationella utveckling och de alltmer konkreta planerna för en kommande notering.”

Annual report 2024A · The company itself

“We are subject to payment-related risks that could increase our operating costs, expose us to fraud or theft, subject us to new rules and other requirements and potential liability and may disrupt our business operations. We accept payments using a variety of methods, including cash, checks, credit cards, debit cards, gift cards, mobile payments and potentially other technologies in the future that may subject us to new and additional risks related to fraud and theft.”

Annual report 2025A · The company itself

“Our financial services operations provide mortgage financing and title agency services to homebuyers in many of our homebuilding markets. DHI Mortgage, our wholly owned subsidiary, provides mortgage financing services primarily to our homebuyers and sells substantially all of the mortgages it originates and the related servicing rights to third-party purchasers after origination.”

Annual report 2025A · The company itself

“Customer Mortgage Financing We provide mortgage financing services primarily to purchasers of our homes in the majority of our homebuilding markets through DHI Mortgage, our wholly owned subsidiary. DHI Mortgage assists in the sales transaction by coordinating the mortgage application, mortgage commitment and home closing processes to facilitate a timely and efficient experience for our homebuyers.”

Annual report 2025A · The company itself

“During 2025, operating activities generated $8.3 billion, primarily from ticket sales and the sale of SkyMiles to our partners.”

Annual report 2025A · The company itself

“To facilitate transactions with participating companies, we sell miles to non-airline businesses and other airlines.”

Annual report 2025A · The company itself

“Loyalty Program. This relates to revenues from brand usage by third parties and other performance obligations embedded in miles sold, as well as redemption of miles for non-air travel and other awards. These revenues are mainly driven by customer spend on American Express cards and new cardholder acquisitions, which both grew double-digit on a percentage basis compared to 2024.”

Annual report 2025A · The company itself

“Quantitative Research and Investment Firm 2 41,524 0.9 % 5.5 18 Morgan Stanley 13 39,944 0.9 % 3.9 19 Rackspace 23 39,768 0.8 % 9.1 20 Global Commerce Platform 13 39,500 0.8 % 5.6 ​ Total / Weighted Average ​ ​ $ 2,399,695 50.9 % 6.1 Note: Represents consolidated portfolio in addition to our managed portfolio of unconsolidated entities based on our ownership percentage.”

Annual report 2025A · The company itself

“DNB har en ambisjon om å øke netto provisjoner og gebyrer med mer enn 9 prosent årlig i perioden 2025–2027, og å opprettholde en kostnadsgrad på under 40 prosent.”

Annual report 2024A · The company itself

“Netto andre driftsinntekter økte med 10,0prosent sammenliknet med 2023, hovedsakelig drevet av en positiv utvikling i inntekter fra betalingstjenester og produkter for langsiktig sparing.”

Annual report 2024A · The company itself

“Økningen i netto provisjoner og gebyrer ble drevet av solide resultater på tvers av produktområder, særlig innen betalingsformidlings-, investeringsbankog kapitalforvaltningstjenester, med rekordresultater innen kapitalforvaltningstjenester.”

Annual report 2024A · The company itself

“In 2025, we accelerated our sustainability efforts through expanded customer biofuel partnerships and the launch of our decarbonised transatlantic LCL product.”

Annual report 2025A · The company itself

“Extended Alliance Elmera Group delivers billing and payment services for electricity and broadband com- panies via AllRate AS. The platform was developed by Fjordkraft and is operated and upgraded by its jointly owned software.”

Annual report 2024A · The company itself

“Revenue Recognition The majority of our revenues are derived from client access to our multi-asset solutions powered by our platform of connected data and technology that is available over the contractual term (referred to as the "Hosted Platform"). The Hosted Platform is a subscription-based service that provides client access to various combinations of products and services including workstations, portfolio analytics and enterprise solutions.”

Annual report 2025A · The company itself

“LiquidityBook provides cloud-native trading solutions to hedge fund, asset and wealth management, outsourced trading, and sell-side middle office clients. LiquidityBook operates a proprietary FIX network that enables streamlined connectivity to over 200 brokers and order routing to more than 1,600 destinations across 80 markets globally. This acquisition adds technology-forward order management and investment book of record capabilities and enhances FactSet’s ability to serve the integrated workflow needs of clients across the portfolio life cycle.”

Annual report 2025A · The company itself

“Our Scores segment includes our business-to-business (“B2B”) scoring solutions and services which give our clients access to predictive credit and other scores that can be easily integrated into their transaction streams and decision-making processes.”

Annual report 2025A · The company itself

“For certain payment methods, including credit and debit cards, we pay interchange and other fees, which may increase over time and raise our selling, general and administrative expenses. In some cases, we have determined to pass along a portion of such fees to customers.”

Annual report 2025A · The company itself

“(1)Organization FIS is a leading global provider of financial services technology solutions for financial institutions, businesses and developers. We improve the digital transformation of our financial economy, advancing the way the world pays, banks and invests.”

Annual report 2025A · The company itself

“Table of Contents Lack of system integrity, fraudulent payments, credit quality, and undetected errors related to funds settlement or the availability of clearing services could result in a financial loss. We settle funds on behalf of financial institutions, other businesses and consumers and receive funds from clients, card issuers, payment networks and consumers on a daily basis for a variety of transaction types. Transactions facilitated by us include debit card, credit card, electronic bill payment transactions, banking payments and check clearing that supports consumers, financial institutions and other businesses.”

Annual report 2025A · The company itself

“On January 9, 2026, FIS completed its previously announced (i) acquisition of the Issuer Solutions business ("the "Issuer Solutions Business") from Global Payments Inc., ("Global Payments") ("the Issuer Solutions Acquisition") and (ii) sale of all of its equity interests in Worldpay (the "2026 Worldpay Minority Interest Sale"), pursuant to the transaction agreement (the "Transaction Agreement"), entered into on April 17, 2025, by and among FIS, Global Payments, Total System Services LLC, and Worldpay.”

Annual report 2025A · The company itself

“Transaction Processing and Services Revenue Transaction processing and services revenue is primarily comprised of payment processing, data processing, application management, and outsourced services, including our SaaS, BPaaS and cloud offerings.”

Annual report 2025A · The company itself

“The Issuer Solutions Business, which was later rebranded as "FIS Total IssuingTM Solutions," is a global payments technology and financial services provider specializing in issuer processing and a wide range of payment solutions for financial institutions.”

Annual report 2025A · The company itself

“Our leading payment platforms and robust portfolio of value-added technology solutions position us at the intersection of finance and commerce. Our SaaS platforms, gateways, orchestration layers, and value-added services provide compelling, innovative solutions that address our clients’ most critical needs.”

Annual report 2025A · The company itself

“Acquisition of Payfare On March 2, 2025, the Company acquired Payfare, Inc. (“Payfare”), a Canada-based provider of program management solutions powering instant access to earnings and banking solutions for workforces, for a purchase price of $95 million, net of $46 million of acquired cash. Payfare is included within the Financial segment and expands the Company’s embedded finance capabilities.”

Annual report 2025A · The company itself

“Business Overview Fiserv, Inc. is a leading global provider of payments and financial services technology solutions.”

Annual report 2025A · The company itself

“Our embedded finance business involves providing financial services to a merchant’s customers. These financial services may be branded in the name of a merchant.”

Annual report 2025A · The company itself

“The businesses in the Financial segment provide products and services to financial institution, corporate and public sector clients across the world, enabling the processing of customer loan and deposit accounts, digital payments and card transactions.”

Annual report 2025A · The company itself

“For example, the regulatory frameworks for an open banking paradigm and AI and machine learning technology are evolving and remain uncertain and may affect the operation of our platform and the way in which we use consumer data, AI and machine learning technology, including with respect to consumer protection laws and the laws and regulations governing financial services products.”

Annual report 2026A · The company itself

“Automotive Financing - GM Financial Summary and Outlook We believe that offering a comprehensive suite of financing products will generate incremental sales of our vehicles, drive incremental GM Financial earnings, and help support our sales throughout various economic cycles. GM Financial's penetration of our retail sales in the U.S. was 33% in the year ended December 31, 2025 and 39% in the corresponding period in 2024.”

Annual report 2025A · The company itself

“GM Financial's prime loan originations as a percentage of total loan originations in North America was 80% in the year ended December 31, 2025 and 81% in the corresponding period in 2024.”

Annual report 2025A · The company itself

“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

“Our manufacturer-trained technicians cover major markets and deliver personalized and local services, providing installation and repair services for dental handpieces, dental and medical small equipment, table-top sterilizers and large dental equipment. • Financial service s. We offer our customers solutions in operating their practices more efficiently by providing access to a number of financial services and products provided by third party suppliers (including non-recourse financing for equipment, technology and software products, non-recourse practice financing for leasehold improvements, business debt consolidation and commercial real estate, non-recourse patient financing and credit card processing) at rates that we believe are generally lower than what our customers would be able to secure independently.”

Annual report 2025A · The company itself

“Hilton Honors members can also use points earned to transact with strategic partner hotels as well as many strategic partners, including credit card providers, such as American Express, airlines, rail and car rental companies, Amazon, Lyft and others.”

Annual report 2025A · The company itself

“Revenues from this segment include: (i) management and franchise fees charged to third-party hotel owners; (ii) licensing fees from our strategic partners, including co-branded credit card providers and strategic partner hotels, and Hilton Grand Vacations Inc.”

Annual report 2025A · The company itself

“For certain payment methods, including credit and debit cards, we pay interchange fees and other costs to accept these payments, and we may also incur losses, all of which may increase over time and raise our operating costs.”

Annual report 2026A · The company itself

“We accept payments using a variety of methods, including credit and debit cards, our PLCCs, cash, electronic payments, checks, digital wallets, loan programs including installment loans, trade credit, and gift cards, and we may offer new payment options over time.”

Annual report 2026A · The company itself

“Trade credit offerings are an important part of serving Pros, including SRS customers, and we anticipate expanding our Pro Trade Credit program as we further develop our capabilities.”

Annual report 2026A · The company itself

“Nature of Operations As an automated broker, we execute, clear and settle trades globally for both institutional and individual customers.”

Annual report 2025A · The company itself

“Customers Our customers primarily fall into two groups based on services provided, both of which take advantage of our low commissions as well as our best price execution. Cleared customers, the large majority of our customers, use our trade execution and clearing services, low financing rates, high interest paid (when benchmark rates are sufficiently above zero) and, under our IBKR LiteSM offering, commission-free trades. Non-cleared customers, including trading firms that provide liquidity in our ATS, use our trade execution services while clearing with another prime broker or a custodian bank.”

Annual report 2025A · The company itself

“Regulation of our Securities Business •In our cash equities and options markets, NYSE, NYSE Arca, NYSE American, NYSE National and NYSE Texas are national securities exchanges and, as such, are SROs and subject to oversight by the SEC. Accordingly, our U.S. securities exchanges are regulated by the SEC and, in turn, are the regulators of their members. As national securities exchanges, NYSE, NYSE Arca, NYSE American, NYSE National and NYSE Texas must comply with, and enforce compliance by their members with, the Securities Exchange Act of 1934, or the Exchange Act.”

Annual report 2025A · The company itself

“With TurboTax, Credit Karma, QuickBooks, Mailchimp, Intuit Enterprise Suite, and Intuit Accountant Suite, we help put more money in customers’ pockets, save them time by eliminating work, and help ensure that they have complete confidence in every financial decision they make.”

Annual report 2026A · The company itself

“QuickBooks and Intuit Enterprise Suite are offerings powered by our all-in-one business platform which includes financial management services, human capital management solutions such as payroll and time tracking, money solutions such as merchant payment processing, bill pay, checking accounts through an FDIC-member bank partner, and financing for small and mid-market businesses.”

Annual report 2026A · The company itself

“Get Paid and Pay Bills Payment Processing Solutions. Our full range of merchant services for small and mid-market businesses includes credit card, debit card, Apple Pay, Buy Now Pay Later, Tap to Pay, PayPal, and automated clearing house (ACH) payment services for in-person and card-not-present payments.”

Annual report 2026A · The company itself

“QuickBooks Checking. The QuickBooks Checking business bank account comes with a physical and virtual debit card for more spending power, fast payments with no-fee instant deposit, and powerful cash flow management with envelopes for partitioning funds for future expenses, all with no fees.”

Annual report 2026A · The company itself

“Genom finansieringsmodellen Deläga ges fler kunder möjlig - het att köpa sin bostad. I takt med att kunden har möjlighet köper man JMs andelar och ökar successivt sitt ägande från initialt minst 50 procent.”

Annual report 2024A · The company itself

“For example, technological advances and the growth of e-commerce have made it possible for non-depository institutions to offer products and services that traditionally were banking products. These advances have also allowed financial institutions and other companies to provide electronic and internet-based financial solutions, including: •lending and other extensions of credit to consumers •payments processing •cryptocurrency, including stablecoins •tokenized securities, and •online automated algorithmic-based investment advice.”

Annual report 2025A · The company itself

“These strategies relate to: •the products and services that JPMorganChase offers •the geographies in which it operates •the types of clients and customers that it serves •the businesses that it acquires or in which it invests •the counterparties with which it does business •the technologies that it adopts or in which it invests, and •the methods, distribution channels and third-party service providers by or through which it offers products and services.”

Annual report 2025A · The company itself

“Kamux tarjoaa asiakkailleen käytetyn auton myynnin yhteydessä kolmansien osapuolten rahoitus- ja vakuutustuotteita.”

Annual report 2024A · The company itself

“Further, as a retailer accepting debit and credit cards for payment, as well as other digital payment tools, we are subject to industry data protection standards and protocols such as the Payment Card Industry Data Security Standard. In certain circumstances, our contracts with payment card processors and payment card networks (such as Visa, Mastercard, American Express, and Discover) generally require us to adhere to payment card network rules which could make us liable to payment card issuers and others if information in connection with payment cards and payment card transactions that we process is compromised, which liabilities could be substantial.”

Annual report 2025A · The company itself

“Debit card interchange fee cap On October 25, 2023, the Federal Reserve issued for public comment a proposal to lower the maximum interchange fee that a debit card issuer with $10 billion or more in total consolidated assets (including KeyBank) can receive for a debit card transaction. The interchange fee cap is currently set at the sum of 21 cents for each transaction plus an amount equal to 0.05% of the value of the transaction and a one cent fraud prevention adjustment for issuers that satisfy certain criteria. In the new proposal, the Federal Reserve proposed to lower the cap to the sum of 14.4 cents for each transaction plus an amount equal to 0.04% of the value of the transaction and a 1.3 cent fraud prevention adjustment.”

Annual report 2025A · The company itself

“KeyBank competes with banks and other financial institutions, and increasingly with non-banks that offer non-deposit and other alternative savings vehicles, such as stablecoins, for deposits.”

Annual report 2025A · The company itself

“In addition to these uncalled commitments and funding obligations to KKR's investment funds and investment vehicles, KKR has entered into contractual commitments primarily with respect to underwriting transactions, debt financing, revolving credit facilities, and equity syndications in our Capital Markets business line. As of December 31, 2025, these capital markets commitments amounted to $1.0 billion.”

Annual report 2025A · The company itself

“SEGMENT REPORTING KKR operates through three reportable segments which are presented below and reflect how its chief operating decisionmakers, who are the Co-Chief Executive Officers, allocate resources and assess performance: •Asset Management - The asset management business offers a broad range of investment management services to investment funds, vehicles and accounts (including Global Atlantic and the Strategic Holdings segment) and provides capital markets services to portfolio companies and third parties. This reportable segment also reflects how its business lines operate collaboratively with predominantly a single expense pool.”

Annual report 2025A · The company itself

“PAYMENT SYSTEMS ​ We accept payments using a variety of methods, including cash and checks, select credit and debit cards, and Kroger Pay, a mobile payment solution.”

Annual report 2026A · The company itself

“For certain payment methods, we pay interchange and other related acceptance fees, along with additional transaction processing fees.”

Annual report 2026A · The company itself

“*Sustainability statement is a part of the report from the Board of Directors Annual Report 2024 | LINK in short 1000 2000 3000 4000 5000 6000 7000 8000 LINK in short 4,291 4,914 6,282 6,994 2021 2024202320222021 Revenue NOKm Adjusted EBITDA NOKm +17% +13% 7.0 billion 718 million margin of 10.3% LINK is a leading provider of mobile communications, specializing in CpaaS solutions and mobile messaging solutions.”

Annual report 2024A · The company itself

“Både Loomis och företagets kunder är exponerade för risker som gäller förändringar i betalningsmetoder som kan kräva att finansiella institutioner och återförsäljare förändrar sina processer. Förändrade konsumentbeteenden som rör inköp och betalningsmetoder kan påverka efterfrågan på Loomis produkter och tjänster.”

Annual report 2024A · The company itself

“Bolaget har licens för elektroniska pengar (e-money) i EU. Det både stärker och öppnar för nya möjligheter inom Loomis digitala erbjudande.”

Annual report 2024A · The company itself

“Utveckling av det digitala erbjudandet genom förvärv Loomis avser att fortsätta växa inom digitala tjänster, särskilt i länder där kontantanvändningen fortfarande är mycket utbredd. Dessa marknader har en betydande tillväxtpotential och Loomis strategi är att göra selektiva förvärv som hjälper oss att stärka närvaron på dessa marknader. Fokus är på förvärv av POS-lösningar, kassasystemlösningar för bemannade kassor eller självbetjäning.”

Annual report 2024A · The company itself

“De senaste åren har Loomis utvecklats från en renodlad värdetransportör till en bred leverantör av både fysiska och digitala betalningar.”

Annual report 2024A · The company itself

“Attraktiva utsikter från en stabil position i en föränderlig omvärld Loomis är en global aktör inom kontanthantering och fysiska och digitala betalningslösningar.”

Annual report 2024A · The company itself

“Vår betaltjänst Loomis Pay hanterar alla typer av betalmedel; kort, kontanter och digitala alternativ i ett integrerat system. Den heltäckande betallösningen, som även inkluderar lokala POS-lösningar, ger handlarna smidiga processer och en bra finansiell överblick i ett enda kontrakt och med en support för alla typer av betalningar. > Läs om hur vår strategi stärker vårt erbjudande inom alla tre tjänstekategorier på sidan 25.”

Annual report 2024A · The company itself

“En föränderlig marknad med stabil tillväxt Kontanthanteringsbranschen är en viktig del i ett betalningsekosystem där både kontanter och digitala betalningslösningar spelar avgörande roller för företag och konsumenter världen över.”

Annual report 2024A · The company itself

“Loomis tillhandahåller även digitala betalningslösningar, Loomis Pay, som primärt är riktade till små och medelstora handlare.”

Annual report 2024A · The company itself

“Vi ser möjligheter att växa inom hela vårt erbjudande; kärnerbjudanden, närliggande service och digitala tjänster.”

Annual report 2024A · The company itself

“Vi fokuserar på att accelerera kärnaffären inom värdetransporter, kontanthantering och internationell värdehantering. Vi satsar också på närliggande service som automatiserade lösningar, bankomater och valutatjänster samt vårt digitala erbjudande via Loomis Pay.”

Annual report 2024A · The company itself

“If we fail to comply with these rules or requirements, or if our data security systems are breached or compromised, we may be liable for card issuing banks’ costs, subject to fines and higher transaction fees, and lose our ability to accept credit and debit card payments from our customers, process electronic funds transfers, or facilitate other types of online payments, and our business and operating results could be adversely affected. For certain payment methods, including credit and debit cards, we pay interchange and other fees, which may increase over time and raise our operating costs.”

Annual report 2026A · The company itself

“We accept payments using a variety of methods, including credit cards, debit cards, credit accounts, our private label and co-branded credit cards, trade credit, mobile and electronic payments, digital wallets, gift cards, cash, consumer invoicing and physical bank checks, buy now pay later, and we may offer different payment options over time. These payment options subject us to many compliance requirements, including, but not limited to, compliance with payment card association operating rules, including data security rules, certification requirements, rules governing electronic funds transfers and Payment Card Industry Data Security Standards.”

Annual report 2026A · The company itself

“Mandatumin liiketoiminta jakautuu neljään osa-alueeseen: varainhoitoon, yritysasiakkaisiin, henkilöasiakkaisiin sekä laskuperustekorkoiseen liiketoimintaan. Varainhoidossa Mandatum tarjoaa laajat palvelut asiakkailleen, joihin kuuluu institutionaalisia sijoittajia ja varakkaita yksityishenkilöitä. Sijoituskohdetarjooma kattaa niin osake-, korko-, yrityslaina- kuin vaihtoehtoisten sijoitusten kohteita.”

Annual report 2025A · The company itself

“Several of our products offer Payments functionality, including enabling our users to purchase tangible, virtual, and digital goods from merchants and developers that offer applications using our Payments infrastructure, send money to other users, and make donations to certain charitable organizations, among other activities. We are subject to a variety of laws and regulations in the United States, Europe, and elsewhere, including those governing anti-money laundering and counter-terrorist financing, money transmission, stored value, gift cards and other prepaid access instruments, electronic funds transfer, virtual currency, consumer protection, charitable fundraising, economic sanctions, and import and export restrictions.”

Annual report 2025A · The company itself

“Stärkt fokus på kontinuerlig tillväxt genom service och komponenter Under året uppdaterades ambitionen att service och komponenter på sikt ska utgöra >1/3 av nettoomsättningen på lång sikt Munters | Års- och hållbarhetsredovisning 2024 Strategi kunder 18 Strategi 02 Innovation Strategi Munters strategi för innovation bygger på ett starkt kundfokus.”

Annual report 2024A · The company itself

“Acceptance and processing of these payment methods are subject to certain rules, regulations, and industry standards, including data storage requirements, additional authentication requirements for certain payment methods, and require payment of interchange and other fees. To the extent there are increases in payment processing fees, material changes in the payment ecosystem, such as large re-issuances of payment cards, delays in receiving payments from payment processors, changes to rules, regulations or industry standards concerning payments, loss of payment partners and/or disruptions or failures in our payment processing systems, partner systems or payment products, including products we use to update payment information, our revenue, operating expenses and results of operations could be adversely impacted.”

Annual report 2025A · The company itself

“We have limited experience and operating history offering advertising on our service, and our advertising revenue may not grow as we expect.”

Annual report 2025A · The company itself

“In addition to the market segments mentioned above, NEXT is also targeting customers in the point of sale and fintech segments in China.”

Annual report 2024A · The company itself

“Avgifts- och provisionsnettot ökade med 4procent jämfört med 2024, efter högre intäkter från utlåning och från betalningar och kort.”

Annual report 2025A · The company itself

“Erbjudande: Vara ledande med de bästa betalningslösningarna och digitala erbjudanden som grundas på branschexpertis och kunskaper.”

Annual report 2025A · The company itself

“Resultat af associeret virksomhed – Karman Connect Profil Karman Connect er en fintech virksomhed specialiseret i digital formidling af lån og en række forbrugerservices som f.eks. internet, forsikringer, el, varmepumper og solceller.”

Annual report 2025A · The company itself

“Northern Trust emphasizes the development and growth of scalable, sustainable fee-based income.”

Annual report 2025A · The company itself

“Asset servicing and related services encompass a full range of capabilities including but not limited to: custody; fund administration; investment operations outsourcing; investment management; investment risk and analytical services; employee benefit services; securities lending; foreign exchange; treasury management; brokerage services; transition management services; banking; and cash management.”

Annual report 2025A · The company itself

“We provide a number of mortgage and title-related services through our mortgage banking operations. Through operations in each of our homebuilding markets, NVRM originates mortgage loans exclusively for our homebuyers.”

Annual report 2025A · The company itself

“vii.Security Controllers NXP is the market leader in security controller ICs. Our security controller ICs are embedded in smart cards (ePassports, electronic ID credentials, payment cards and transportation cards), as well as in consumer electronic and smart devices, for example in smartphones, tablets and wearables.”

Annual report 2025A · The company itself

“In secure edge identification solutions, NXP has extensive experience providing customers with solutions for applications demanding the highest security and reliability such as ePassports, eID credentials, transportation & payment cards. Included as well in this end market is the growing RFID market that uses wireless technology for identification and tracking of objects. Further digitalization of governmental services, the trend towards secure contactless payment and the need to improve tracking, traceability and authentication of products are driving demand across these applications.”

Annual report 2025A · The company itself

“Market Risk Management – Customer-Related Trading Risk We engage in fixed income securities, derivatives and foreign exchange transactions to support our customers’ investing and hedging activities.”

Annual report 2025A · The company itself

“Customer-related trading revenue was $236 million in 2025 compared to $122 million in 2024 and is recorded in Capital markets and advisory noninterest income and Other interest income on our Consolidated Income Statement.”

Annual report 2025A · The company itself

“All customers can place limit orders to buy whole shares of the most traded exchange-traded funds and individual stocks - 24 hours a day, five days a week, through Robinhood 24 Hour Market.”

Annual report 2025A · The company itself

“Table of Contents We extend margin credit and leverage to customers, which are collateralized by customer assets.”

Annual report 2025A · The company itself

“We offered a Spending Account (in connection with a partnership with J.P. Morgan Chase Bank, N.A.), and partnered, on a non-exclusive basis, with Sutton Bank (“Sutton”), an Ohio-chartered bank, pursuant to a license from Mastercard International Incorporated, to offer the Robinhood Cash Card. Under the terms of our program agreement with Sutton, Robinhood Cash Card accounts for our users were opened and maintained by Sutton. We act as the service provider to, among other things, facilitate communication between our users and Sutton for which we receive compensation from Sutton.”

Annual report 2025A · The company itself

“Additionally, Robinhood branded credit cards are issued by Coastal Bank, a Washington-chartered bank, pursuant to a partnership with Visa U.S.A.”

Annual report 2025A · The company itself

“Netto provisjonsinntekter utgjorde 119,9 millioner kroner for 2024, en økning på 24,3 millioner kroner sammenlignet med samme periode i 2023. Provisjonsinntekter fra bankrelaterte tjenester, herunder provisjonsinntekter innen betalingsformidling, salg av forsikringstjenester og spareprodukter har økt sammenlignet med fjoråret.”

Annual report 2024A · The company itself

“Other income comprises of loan referral commission (earned from referring customers to thirdparty loan providers), servicer fees and interest earned on cash in hand. Performance obligation related to referral commission is to offer the referral service to customers.”

Annual report 2025A · The company itself

“Under 2024 förvärvade SEB 100 procent av aktierna i AirPlus International GmbH, en ledande leverantör inom företagsbetaltjänster, för en kontant köpeskilling om 5 218 Mkr. Transaktionen kommer att ge SEB Kort skalfördelar, en stark bas för ytterligare tillväxt i Europa och en modern IT-plattform.”

Annual report 2024A · The company itself

“Provisionsnettot från betalningsförmedling och kortverksamhet ökade med 1 160 Mkr till 5 962 Mkr (4 802), jämfört med 2023, huvudsakligen beroende på AirPlus-integrationen, men också för att kunderna varit mer aktiva vad gäller betalningar och kort under året jämfört med 2023.”

Annual report 2024A · The company itself

“Norne Securities vil dermed bli et tilknyttet selskap til Sparebanken Norge.”

Annual report 2024A · The company itself

“We engage in trading activities primarily to support our clients’ needs and to contribute to our overall corporate earnings and liquidity. In connection with certain of these trading activities, we enter into a variety of derivative financial instruments to support our clients' needs and to manage our interest rate and currency risk. These activities are generally intended to generate foreign exchange trading services revenue and to manage potential earnings volatility.”

Annual report 2025A · The company itself

“Vår ambition är att ge det bästa erbjudandet inom finansiering, sparande och rådgivning.”

Annual report 2024A · The company itself

“We also derive significant revenues from distribution on third‑party mobile and web platforms, such as the Apple App Store, the Google Play Store, and Facebook, which are also our direct competitors and, in some cases, the exclusive means through which our content reaches gamers on those platforms, and most of the virtual currency we sell is purchased using these platform providers’ payment processing systems.”

Annual report 2026A · The company itself

“Finansiell inkludering Ericsson Mobile Wallet Platform gör att leverantörer av kommunikationstjänster och finansiella institutioner kan erbjuda användarvänliga, prisvärda och säkra mobila finansiella tjänster till människor över hela världen, som idag har liten tillgång till sådana tjänster. Det stöder i sin tur finansiell inkludering.”

Annual report 2024A · The company itself

“For certain payment methods, including credit and debit cards, we pay interchange and other fees, which may increase over time and raise our operating costs and lower profitability.”

Annual report 2025A · The company itself

“The increase is primarily due to a $25.4 million increase in merchant fees and other third-party fees related to higher transaction volumes, a $21.0 million increase in hosting costs, and a $4.8 million increase in stock-based compensation expense.”

Annual report 2025A · The company itself

“•Data & Insights: Allows agencies to transform data into insights about financial, operational, and strategic outcomes by making it easier to surface meaningful data for informing government decisions and citizens. •Digital Solutions: Provides a seamless cross-department experience so that agencies can deliver a unified citizen experience and achieve better outcomes while helping workers and policymakers share, communicate, and leverage data more effectively. •Payments: The leading integrated payments platform for Tyler’s public sector clients, processing nearly half a billion transactions annually and covers the entire payments lifecycle, including integrated credit, debit and ACH processing, billing, invoice presentment, merchant onboarding, support, collections, reconciliation, and disbursements. •Platform Technologies: A low-code application development platform purpose-built for the public sector.”

Annual report 2025A · The company itself

“Transaction-based fees primarily relate to digital government services, online payment solutions (which are sometimes offered with the assistance of third-party vendors), and online dispute resolution solutions. Digital government services consist of websites and applications that allow consumers, such as businesses and citizens, to access government information, complete transactions and make electronic payments.”

Annual report 2025A · The company itself

“Our online payments solution covers the entire payments life cycle, including billing, presentment, merchant onboarding, collections, reconciliation, and disbursements.”

Annual report 2025A · The company itself

“We provide subscription-based services such as software as a service (“SaaS”) and transaction-based services primarily related to digital government services and payment processing.”

Annual report 2025A · The company itself

“Transaction-based fees The following table sets forth a comparison of our subscriptions revenue derived from transaction-based fees for the listed years ended December 31 ($ in thousands): Change 2025 2024 $ % ES $ 318,143 $ 234,633 $ 83,510 36 % PT 490,291 463,519 26,772 6 % Total transaction-based fees revenue $ 808,434 $ 698,152 $ 110,282 16 % For the twelve months ended December 31, 2025, contributing to the growth in transaction-based fees compared to prior period are the new transaction clients, volume increases from online payments and e-filing services, and price increases by certain third-party processing partners from whom we receive a share of revenues.”

Annual report 2025A · The company itself

“At the same time, we introduced 'Fiks færdig', our integrated shipping and payment solution.”

Annual report 2024A · The company itself

“Grainger’s eCommerce channels are subject to risks related to online payment methods and other online transactions, including through purchasing platforms.”

Annual report 2025A · The company itself

“In addition, Grainger must pay certain transaction fees relating to these transactions, which may increase over time and could adversely impact product margins, operating costs and profitability.”

Annual report 2025A · The company itself

“We accept payments using a variety of methods, including cash, checks, credit and debit cards, electronic benefits transfer (EBT) cards, mobile payments and our private label credit cards and gift cards, and we may offer new payment options over time, which may have information security risk implications.”

Annual report 2026A · The company itself

“Additionally, through various financial service partners and our OnePay fintech venture, we offer various services such as money transfers, digital payment platforms, bill payment, money orders, check cashing, prepaid access, co-branded credit cards, limited access to cryptocurrency and equity investment products, installment lending and earned wage access. These products and services require us to comply with legal and regulatory requirements, including those intended to help detect and prevent fraud and other illicit activity, the sale and custody of equity and cryptocurrency products, privacy, information security, anti-money laundering and sanctions regimes and consumer protection under U.S. state and federal laws and regulations, as well as those of certain other countries.”

Annual report 2026A · The company itself

“We generate revenue from fees charged to distributors that carry our network brands and programming, including cable, direct-to-home (“DTH”) satellite, telecommunication and digital service providers, as well as through direct-to-consumer (“DTC”) subscription services (distribution revenue); the sale of advertising on our networks and digital platforms (advertising revenue); the release of feature films for initial exhibition in theaters, the licensing of feature films and television programs to various television, subscription video on demand (“SVOD”) and other digital markets, distribution of feature films and television programs in the physical and digital home entertainment markets, sales of console games and mobile in-game content, sublicensing of sports rights, and licensing of intellectual property such as characters and brands (content revenue); and other sources such as studio tours and production services (other revenue).”

Annual report 2025A · The company itself

“Xspray Pharma strävar efter att generera intäkter genom att på egen hand ta bolagets produktkandidater till registrering för att därefter antingen sälja produkten själv eller ingå avtal med en extern samarbetspart som hanterar marknadsföring och försäljning.”

Annual report 2024A · The company itself

“Yum China, our largest franchisee, utilizes third-party mobile payment apps such as Alipay, WeChat Pay and Union Pay as a means through which to generate sales and process payments. Should customers become unable to access mobile payment apps in China, should the relationship between Yum China and one or more third-party mobile payment processors become interrupted, or should Yum China’s ability to use such third-party mobile payment apps in its operations be restricted, its business could be adversely affected, which could have a negative impact on the license fee paid to us.”

Annual report 2025A · The company itself

“Customers are increasingly using our internally-owned e-commerce websites and apps, such as kfc.com, tacobell.com, pizzahut.com, habitburger.com, and the KFC, Taco Bell, Pizza Hut and the Habit Burger & Grill apps in the U.S. and other regions. Our customers also increasingly utilize alternative methods of digital ordering and delivery technology, including apps owned by third-party delivery aggregators and third-party developers and payment processors, to order, pay for and have delivered our Concepts’ products.”

Annual report 2025A · The company itself

“Metso applies, on average, payment terms of 14-120 days in its contracts with suppliers and, as standard, payments are made according to the due date.”

Annual report 2025A · The company itself