NYSE: CPAY

errors, inaccurate reimbursement processing, account reconciliation errors, employee misuse and more.

Digital payments are faster and more secure than paper-based methods such as checks, provide timely and detailed data that can

be utilized to effectively reduce unauthorized purchases and fraud, automate data entry and reporting and eliminate

reimbursement mistakes. Combining this payment data with analytical tools delivers powerful insights, which managers can use

to better run their businesses.

Corpay’s vision is that every payment is digital, every purchase is controlled and every related decision is informed. Our wide

range of modern, digitized solutions provide control, reporting and automation benefits superior to many of the payment

methods businesses often use such as cash, paper checks, general purpose credit cards, as well as employee payment processes.

In addition to delivering meaningful value to our customers, our solutions also share several important and attractive business

model characteristics including:

•the majority of revenue is derived from business customers, which tend to have relatively predictable, consistent

volumes;

•recurring revenue models that are volume-driven, resulting in predictable revenue;

•unique selling systems with common sales approaches, management and reporting;

•specialized technology platforms and proprietary payment acceptance networks, which we believe create competitive

advantages and barriers to entry; and

•attractive EBITDA margins and strong cash flow conversion with relatively limited incremental infrastructure

investment requirements.

We actively market and sell to current and prospective customers using a multi-channel, go-to-market strategy, which includes

comprehensive digital channels, direct sales forces and strategic partner relationships. We sell stand-alone products and services

and are currently deploying platforms where a single customer can use multiple products from one user interface. We compete

with financial institutions that provide general purpose commercial card, accounts payable and cross-border payment products,

as well as specialized providers offering more targeted solutions; and also with traditional payment methods such as cash,

checks and manual processes. We supplement our organic growth strategy and sales efforts by pursuing attractive acquisition

opportunities, which serve to strengthen and extend our market positions and create value faster. With a long, proven operating

history, Corpay facilitates payments to or on behalf of millions of businesses around the world through multiple modalities.

Corpay has the following reportable segments: Corporate Payments, Vehicle Payments, Lodging Payments and Other. These

segments reflect how we organize and manage our global employee base, manage operating performance and execute on

strategic initiatives. Our Corporate Payments solutions simplify and automate vendor payments and include AP automation,

virtual cards, cross-border payments and purchasing and travel and entertainment ("T&E") card products. Our Vehicle

Payments solutions help control and monitor spending and include fuel card offerings, tolls and other complementary products.

Our Lodging Payments solutions help businesses manage their lodging costs, while simplifying the management of hotels and

housing, both short and longer-term, while also providing traveler and end customer support.

Corporate Payments

Our Corporate Payments solutions help businesses streamline the management, processing and payment of their domestic and

international invoices and make point-of-sale purchases for their employees. Companies can save time, reduce costs and

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manage business-to-business (B2B) payment processing more efficiently with our suite of Corporate Payment solutions,

including cross-border payments, spend management solutions, AP automation, virtual cards and purchasing and T&E cards.

Cross-Border Payments – Our cross-border solution is used by our customers to pay international vendors, foreign office and

personnel expenses and for profit repatriation and dividends via foreign current transactions structured with foreign currency

spot trades, forward contracts and option contracts. We may use our own proprietary network, SWIFT international payments

network, and even stablecoins, to move liquidity around the world. We also offer hedging and risk management services to

customers, which helps them manage foreign exchange rate exposures in the course of doing business internationally. This

solution may be sold in conjunction with our AP automation and virtual card solutions.

Trade settlement and payment delivery is facilitated through a global network of correspondent banks, in-country payment

gateways and technology providers, enabling us to send payments to recipients in close to 200 countries and 145 currencies.

Our customers rely on us to deliver personalized service and customer solutions. We offer a proprietary trading and payments

platform that we can "white label" for financial institutions looking to expand their cross-border payment capability, as well as

a suite of API products that enables us to embed our full capability directly within the technology of both customers and

partners. By utilizing transaction monitoring and "watch list" screening systems, we ensure payments are safe, secure and meet

all applicable regulatory requirements.

We also offer multi-currency bank accounts to our corporate and financial institutions customers and alternative bank account

solutions tailored to the alternative investment industry (private equity, real estate, hedge funds) to handle complex, high-

volume, and cross-border transactions. These solutions are designed to give customers the ability to hold and manage funds in

multiple currencies across different countries, with local accounts in different jurisdictions.

Spend Management – Our spend management solution provides customers with a unified platform to control, analyze and

optimize employee-driven spend across the organization. By combining real-time transaction data from virtual cards,

purchasing cards and T&E cards into a single system, Corpay delivers comprehensive visibility into corporate spend by vendor,

category, cost center and geography. This transparency enables finance leaders to identify savings opportunities, reduce

maverick spend, and make more informed budgeting and forecasting decisions.

The platform includes integrated expense management capabilities that automate expense capture, including mobile and digital

receipt capture, approval workflows and reconciliation. Transactions flow directly from the point of purchase into configurable

workflows, reducing manual processes, improving data accuracy and accelerating financial close cycles. Seamless integration

with leading ERP and accounting systems enables automated coding, posting and reporting.

Corpay’s spend management solution also incorporates advanced analytics, including artificial intelligence (AI) enabled

capabilities, to enhance spend oversight and decision-making. These capabilities help automatically categorize spend, identify

anomalies and surface actionable insights related to policy compliance, potential fraud and optimization opportunities, enabling

customers to proactively manage spend and strengthen financial controls.

AP Modernization – We offer invoice and payments automation solutions with options that are purpose-built for the simplest

small business to the most complex large enterprise. We initiate, manage and guarantee payment of all company-approved bills

to all domestic and international vendors through whichever payment modalities the vendors allow, such as virtual card,

automated clearing house (ACH), wire or check. Our mid-market/enterprise solution meets the needs of the most complex

global enterprises with multiple organizational hierarchies, approval workflows, locations, bank accounts, robust on-demand

reporting and seamless integration with Enterprise Resource Planning (ERP) systems. We also provide rich data on the

remittance to the vendor, regardless of payment modality, which facilitates invoice reconciliations and payment posting. By

automating the process of paying vendors, businesses of all sizes can reduce the time, costs and fraud risks associated with their

payment processes and focus on operating their businesses.

Virtual Card – Our virtual card solution provides a single-use card number for a specific amount, usable within a defined

timeframe. Virtual cards provide enhanced security relative to checks while reducing total payment costs for our customers.

Full remittance data accompanies each virtual card payment, providing significant reconciliation advantages to ACH and check

payments. We have integrated our virtual card offering into most leading enterprise resource planning (ERP) systems, providing

a seamless experience for our customer's accounts payable personnel.

We have built a proprietary merchant acceptance network that accepts our virtual card payments. Our merchant acceptance

network is unique due to the nature of commercial virtual card acceptance. Unlike standard point-of-sale purchases, each issuer

negotiates directly with the merchant for acceptance, so other issuers’ virtual cards are not interchangeable. This network is

managed with proprietary technology that allows us to continuously expand virtual card acceptance and optimize the amount of

spend we can capture. The scale of this network, coupled with an in-house vendor enrollment service, is a competitive

advantage. Our ERP integrations, API capabilities, strategic vendor enrollment and transaction management tools enable us to

optimize our customers’ electronic payables programs.

Our virtual card solution operates on the Mastercard network. Our customers’ ERP systems are directly integrated with our

issuing system, and merchants must be enrolled in our proprietary vendor network to accept our virtual card solution. This two-

sided transaction, where both payor and receiver are in our network, provides substantial payment security relative to paper

checks or ACH.

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Purchasing and T&E Cards – Our purchasing and travel & entertainment (T&E) card solutions enable secure, controlled

payment for employee-driven operational and travel-related expenses while also delivering meaningful financial benefits to our

customers. These card programs are designed to replace manual reimbursement and purchase order processes with streamlined,

auditable card transactions that improve efficiency, enhance visibility and reduce administrative burden.

Customers benefit from robust, real-time spend controls that extend beyond traditional card limits. Administrators can

configure policies by employee, role, department, location or project, and enforce merchant category restrictions, transaction

and daily limits, time-based usage rules and approval thresholds. These controls help prevent out-of-policy spend before it

occurs, reduce fraud risk and ensure compliance with internal policies.

In addition to operational efficiency, Corpay’s purchasing and T&E cards provide access to flexible credit lines and rebate

opportunities that can improve cash flow and reduce net spending costs. Customers can leverage card-based credit to better

align cash outflows with business cycles, while rebate programs allow them to earn returns on eligible spend. When deployed

alongside our AP automation and virtual card solutions, purchasing and T&E cards enable customers to optimize payment

modality by spend type and supplier, increasing electronic payment adoption and strengthening overall spend governance.

Vehicle Payments

Our Vehicle Payments solutions are purpose-built to enable our customers to pay for vehicle related expenses. For our business

customers, we also provide greater control and visibility of spending when compared with less specialized payment methods,

such as cash or general-purpose credit cards. Our digital enabled solutions provide customers with significant control

capabilities such as, customizable user-level controls, programmable alerts and detailed transaction reporting. Furthermore, our

business customers can use the data, controls and tools to combat employee misuse and fraud, streamline expense

administration and potentially lower their operating costs, accessible through sophisticated web portals and mobile applications.

For our consumer customers, our Vehicle Payments solutions provide seamless, mobile first digital experiences when paying

for certain vehicle related expenses, removing the friction associated with alternative payment methods and having to use

multiple service providers.

We utilize both proprietary and third-party payment acceptance networks to deliver our Vehicle Payments solutions. In our

proprietary networks, which tend to be geographically distinct and unique to the markets we serve, transactions are processed

on applications and operating systems owned and operated by us, and only at select participating merchants with whom we

have contracted directly for acceptance. These proprietary networks generally provide us with better economics, as we control

more of the transaction, and pass-through richer data because of how the networks and point-of-sale software are configured.

Third-party networks are operated by independent parties, such as MasterCard and VISA, and tend to be more broadly

accepted, which is the primary benefit compared with our proprietary networks, although merchant economics tend to be

inferior.

Our Vehicle Payments solutions are subject to seasonal fluctuations during the first and fourth quarter each year due to the

weather, holidays in the U.S. and lower business levels in Brazil due to summer break and the Carnival celebration.

Fuel – Our fuel solutions are used by customers to pay and control spending for fuel for vehicles and fleets. Our fuel solutions

are fuel type agnostic (fossil fuel, electricity, etc.). We offer fuel solutions primarily to businesses and public sector entities who

operate vehicle fleets, and, in some cases, to consumers in Brazil, Mexico and Europe. At the most basic level, we provide the

measurement of fuel used and facilitate the payment for that fuel to the merchant, whether that fuel be diesel, gasoline,

compressed natural gas or electricity, while also providing online control, reporting and tracking capabilities to fleet operators.

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

U.K. and Europe, we also enable fleets to significantly streamline the VAT reclaim process by digitizing and itemizing fuel

receipts in a way that is compliant with tax authority requirements.

The measurement, control and payment needs of our customers operating electric vehicles (EV) are similar to those operating

traditional, internal combustion vehicles, just centered around electricity usage instead of gas or diesel usage. As we help our

customers manage through the transition to EVs, many will operate "mixed" fleets (i.e., fleets with a combination of internal

combustion vehicles and EVs) for a long period of time and will need access to all types of fueling, including networks of fuel

stations, electric charging stations both on the road and at the office and at-home charging options. Considering the increased

complexity of managing a mixed or an all EV fleet, our product sets are positioned to remain valuable and capture transaction

economics, regardless of the vehicle type or propulsion method. We have also enhanced our customer platforms and reporting

capabilities to ensure a fully integrated mixed fleet experience for our customers, so they can capture and review all the relevant

fleet insights in one place, eliminating the need to select alternative providers for different fuel types or manage disparate

systems.

Many of our solutions also have additional capabilities. For example, we can enable the fuel card to allow customers to

purchase a limited set of non-fuel items, such as oil, tolls, parking and vehicle maintenance supplies and book and pay for

vehicle maintenance. Our proprietary EV networks in the U.K. and western Europe, combined with our Mastercard network in

the U.S., offer access to hundreds of thousands of charge points and the management of at-home charging, while also delivering

additional value-added services through a mobile app, including the ability to locate and route to a charge-point, charge-point

recharging speed, pricing and availability. Our EV home-charging software solution is aimed at fleets that need to accurately

reimburse drivers for charging that takes place at home for business purposes, capturing, measuring and accurately pricing

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relevant charging sessions and is directly integrated with energy companies to facilitate direct payment, thus bypassing the

home energy account. We are actively expanding our EV footprint to accommodate charging in the U.S., U.K. and Europe.

We also provide program management services to major oil companies, leasing companies and fuel marketers, which allow

these partners to outsource the sales, marketing, credit, service and system operations of their branded fuel card portfolios. Our

fuel partners include Arco, Speedway, Casey's and fuel marketers of all sizes. On the EV side, we also provide similar modular

solutions to vehicle Original Equipment Manufacturers (OEMs) and vehicle leasing specialists who wish to distribute on-road

EV charging solutions to consumers buying an EV. We would typically either white-label our charging app or integrate directly

via application programming interface (API) with vehicle OEMs to deliver access to our products. Our vehicle OEM partners

include Renault, NIO, Polestar and Jaguar-Land Rover and our vehicle leasing partners include Ayvens and Arval.

Tolls & Parking – Operated primarily in Brazil, we are a leading electronic toll payments provider to businesses and consumers

in the form of radio frequency identification (RFID) tags affixed to vehicle windshields. Our tolls solution primarily operates on

our proprietary Sem PararTM network, which processes transactions for more than 7.5 million tagholders on 100% of the toll

roads that accept RFID across Brazil. We provide convenience and faster travel for customers, while also reducing manual

labor and cash handling at merchants’ toll booths. Our tolls solution also provides commercial customers with driver routing

controls and fare auditing, mostly in the form of vehicle type and axle count configuration.

Our tags may also be used at approximately 8,300 participating merchant locations to purchase goods and services while in the

vehicle, such as parking, fuel, car washes and meals at drive-through restaurants. At merchant locations, payment via electronic

tags is faster, safer and more secure for customers, which in turn increases loyalty and throughput for merchants and eliminates

the handling of cash.

Our customers may also use the Sem Parar super app with more than 30 different vehicle-related features, including vehicle

registration payments, car pricing comparison, off-site parking and EV charging among other features with over four million

quarterly active users.

Vehicle Compliance – Our apps for mobile devices in Brazil allow millions of drivers to pay for vehicle taxes, vehicle

registration and parking and fines instantly. These solutions help drivers manage and monitor their vehicle's and license's

compliance by leveraging technology and data in consolidated and efficient platforms. We are connected with 100% of Brazil's

State Department of Motor Vehicles, providing convenience and a fluid experience for drivers. We offer services using the Sem

PararTM super app and through standalone apps, which have over 4 million active users combined.

Auto Insurance and Road Assistance – We offer a variety of auto insurance and roadside assistance services to our customer

base through a physical sales channel with more than four million policies issued so far. Services are rendered in partnership

with major insurance companies including Metlife, Inc., Suhai Suguradora and others, which hold the underwriting risks to our

customers.

Fleet Maintenance – We provide a SaaS-based vehicle management solution that helps major leasing companies, as well as

fleet operators of all sizes, to manage their vehicle maintenance, service and repair needs primarily in the U.K., and also in

Germany, France, the Nordics, Ireland, Australia and Portugal. This solution is provided through our proprietary maintenance

and repair network, which, in the U.K., processes transactions for fleet customers at approximately 9,000 service centers. The

same platform also provides leasing companies with the ability to manage the re-marketing of leased vehicles and any ad-hoc

vehicle rental needs. In addition, we offer compliance services to the U.K.’s heavy goods (truck) operators, workshops and

drivers. Also, we are increasingly extending the platform for use in the small fleet and business-to-business-to-consumer

(B2B2C) space, enabling consumers to access our proprietary maintenance network at advantaged economics to them. Finally,

we offer tire repair and management services to leasing companies and large fleets, servicing over one million vehicles across

approximately 25,000 tire centers in Germany, Austria, Switzerland, Norway, Sweden, Finland, Czech Republic and Hungary.

Benefits – In Mexico and Brazil, we offer prepaid food vouchers or cards to employees via their employer that may be used as a

form of payment at restaurants and grocery stores. Additionally, in Brazil, we offer prepaid transportation cards and vouchers

that may be used by commuting employees as a form of payment on public transportation.

Lodging Payments

Our Lodging Payments solutions help businesses manage and control their lodging costs, simplify the management of offerings

from hotels and long-term housing arrangements and provide traveler and end customer support. We serve lodging customers

through three primary verticals: workforce, airlines and insurance. We offer lodging solutions to businesses primarily in North

America and the U.K. that have employees who travel overnight for work purposes, to airlines and cruise lines globally to

accommodate both their traveling crews and stranded passengers and to North American residential property insurance

policyholders displaced from their homes due to damage or catastrophe on behalf of property insurance carriers.

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The size, scale and nature of our lodging customer base enables us to negotiate lodging nightly rates lower than the rates most

companies could negotiate directly and below the rates available to the general public. We utilize both proprietary and third-

party networks where we provide access to deeply discounted hotel rooms with streamlined travel management programs,

thereby providing enhanced controls and reporting, audit and tax management services. We also secure hotel rooms outside our

proprietary networks in each of our solutions, including private homes in our insurance vertical. We use proprietary data

management and payment processing systems to manage customer billings and reports, which, combined with our discounted

hotel network, provide customers with potential savings and increased visibility into their lodging costs.

Workforce – Our workforce lodging solutions provide a comprehensive solution for business travel programs of any size and

business profile, with the ability to scale to the needs of the customer. Our solution allows customers to find and book lodging

online, via mobile app, directly with the hotel or by calling our travel support center. We provide full-service lodging

management for short duration stays, project-based travelers and long duration stay programs. Our solution provides customers

options, controls and insights they need to streamline their corporate lodging program and optimize their investment in travel.

Airlines –The integration of our processing systems with airline logistics and crew management systems enables us to deliver

incremental enhanced services to the airline travel industry. We offer end-to-end automation of the crew layover process,

providing cost-saving hotel and transport bookings. We also have a proactive disruption system managing flight rebookings,

hotels, meals, compensation and transportation for distressed passengers, which delivers a notification directly to the affected

passenger to self-service based on their individual requirements. With an all-in-one platform, airlines can access automated

web-based billing and continual transaction auditing that's tied to their operational data to increase billing accuracy.

Insurance – We provide temporary housing solutions for displaced residential policyholders of insurance carriers and

catastrophe teams, serving at the request and approval of the insurance adjuster while delivering a seamless housing experience.

We partner with claims adjusters to determine the best housing solution for policyholders, including extended stay hotels and

long-term housing, providing policyholders a mobile app to manage their temporary housing and receipts.

Other

Corpay provides other payments solutions that are not considered within defined segments.

Gift – We provide fully integrated gift card program management and processing services to retailers in 66 countries, in both

plastic and digital form. The gift cards are issued specifically for each customer under their specific brands and are generally

accepted exclusively within their retail network, digitally or in-person.

Our gift solutions include card design, production and packaging, delivery and fulfillment, card and account management,

transaction processing, promotion development and management, website design and hosting, program analytics and card

distribution channel management. Our turnkey solution benefits our customers in the form of brand promotion, cardholder

loyalty, increased sales, interest on prepaid balances and breakage on abandoned card balances.

Our gift solutions are subject to seasonal fluctuations as a result of consumer spending patterns. Historically, gift revenues have

been strongest in the third and fourth quarters and weakest in the first and second quarters, as the retail industry has its highest

level of activity during and leading up to the Christmas holiday season.

Payroll Card – We offer a payroll card solution in North America in the form of a reloadable stored value card, that can be used

instead of a paper payroll check. Our solution operates on the Mastercard payment network and the Allpoint ATM network.

The payroll cards are issued to our customers’ employees and funded by the employees’ wages. As cardholders, the employees

may present the payroll card as a form of payment for personal purchases, transfer funds to their bank account or withdraw

funds from participating ATMs.

Sales and Distribution

We actively market and sell our solutions to current and prospective customers using a multi-channel approach. This go-to-

market strategy includes comprehensive digital channels, direct sales forces and strategic partner relationships. We continue to

expand online, end-to-end capability where the customers can buy, onboard and manage their accounts on their own. In

addition, we leverage an omni-channel approach that enables our sales people to be more efficient by improving their

prospecting efforts through digitally sourced leads. In our direct sales force channel, we acquire and manage the customer

relationship, which has historically been either in-person or via telesales. Our capabilities are also offered through indirect sales

channels (e.g., major oil companies and fuel marketers for fuel, retail establishments for tolls and vehicle OEMs for consumer

EV solutions) and on a branded or “white label” basis, indirectly through a broad range of resellers and partners across most of

our solutions. In doing so, we leverage their sales networks to expand our reach into new customer segments, new industry

verticals and new geographies faster and at a significantly lower cost.

With respect to our tolls solution, we also place proprietary manned kiosks and unmanned vending machines in areas with high

consumer foot traffic, such as shopping malls, to reach consumers. With respect to our gift solutions, third-party distribution is

generally provided by other companies, who are reliant on access to our systems to meet their distribution obligations. With

respect to our parking solutions, we sign deals with municipalities, local authorities and other parking operators to offer a

digital parking app to drivers who need to pay for parking in their locations. Typically, signage is prominently displayed in the

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parking location to direct drivers to download our parking app to facilitate booking and payment. This same app is then used as

a tool to sell other products & services to these users.

We capitalize on our products’ specialization by deploying product-dedicated sales forces to target specific customer segments.

As our solution set has expanded, we are also facilitating cross-selling and bundled product offerings to fully leverage our

distribution capabilities, capture more spend and revenue from our existing customer base and deliver more value to customers

which should improve customer loyalty and retention.

Credit Underwriting and Collections

We perform a detailed application review of all new applications for credit, evaluating the applications for fraud as well as

credit risk. With both the fraud and credit review, we leverage third-party data sources, including device data, fraud scores and

credit bureau data to name a few. The credit review includes a combination of machine learning models, as well as judgmental

underwriting based on customer financials. We employ a variety of tools to manage risk in our portfolio, including billing

frequency, payment terms, spending limits, payment methods, delinquency suspension and security. Further, we use fraud

detection programs, including proprietary and third-party solutions, to monitor transactions and prevent misuse. We monitor the

credit quality of our portfolio periodically utilizing external credit scores and internal behavior data to identify high risk or

deteriorating credit quality accounts and control our risk through various strategies. We conduct targeted strategies to minimize

exposure to high-risk accounts, including reducing spending limits and payment terms or requiring additional security deposits.

Competition

Our primary competition is from financial institutions providing a full suite of financial products, including general purpose

cards, AP payments (i.e. check and ACH) and cross-border solutions. We also compete with specialized competitive offerings

from other companies that vary by product solution.

•Corporate Payments: Our corporate payments solutions compete with similar offerings from banks, but also with other

companies like American Express and Coupa.

•Vehicle Payments: Our fuel solutions compete with similar offerings such as, WEX, U.S. Bank Voyager Fleet

Systems, Edenred, Sodexo, Alelo, Radius Payment Solutions and DKV. Our toll solutions compete with similar

offerings such as, ConectCar, Veloe (Alelo) and Repom (Edenred). Our parking solutions compete with similar

offerings such as ParkMobile, ParkHub, Parking BOXX and FLASH.

•Lodging Payments: Our lodging payments solutions compete with similar offerings from traditional travel

management companies such as, American Express Global Business Travel, as well as in-house travel solutions at

large corporations and airlines.

•Other: Our gift and payroll card solutions compete with similar offerings from Fiserv, other special-purpose card

issuers and payroll companies.

Competitive Advantage

In executing our strategy, we are advantaged by our competitive strengths:

•Global Scale – We have strong market positions across four continents. This enables us to provide new offerings with

better cost economics, sell complementary products, acquire attractive assets that can leverage existing infrastructure

and cost synergies and introduce successful products and practices from other markets.

•Compounding Growth Model – Our growth model historically benefits from strong revenue retention, organic growth

from new customer acquisitions and selling more value-added products to current customers, via developed and

acquired payment solutions.

•Proprietary Networks – Our specialized proprietary networks allow for unique data capture at the point-of-sale,

providing an incremental value proposition to our customers. These proprietary networks also provide us with

advantageous economics by providing attractive, captive spend to the merchant base.

•Scalable Technology – Our easy-to-use platforms provide control and functionality for our customers, and we can on-

board incremental customer volume with very limited need for additional infrastructure. We own and control all the

critical components to our offering, creating improved speed to market and proprietary feature functionality in the

marketplace.

•Diversification – Our solutions and geographic diversification are designed to provide stability through the “portfolio

effect” when one geography or business is underperforming relative to the others. This allows Corpay to deliver more

consistent financial performance relative to competitors, continue to invest throughout business cycles and reallocate

resources to higher performing businesses.

Technology

Our technology provides continuous authorization of transactions, processing of critical account and customer information and

settlement between merchants, issuing companies and individual commercial entities. We recognize the importance of state-of-

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the-art, secure, efficient and reliable technology in our business and have made significant investments in our applications and

infrastructure. In 2025, we spent approximately $408 million in capital and operating expenses to operate, protect and enhance

our technology.

We operate several proprietary processing systems that provide features and functionality to run our card programs and

solutions, including our card issuing, processing and information services. Our processing systems also integrate with our

proprietary networks, which provide brand awareness and connectivity to our acceptance locations that enables the “end-to-

end” card acceptance, data capture and transaction authorization capabilities of our card programs. Our proprietary processing

systems and aggregation software are tailored to meet the unique needs of the individual markets they serve and enable us to

create and deliver solutions that serve each of our industry verticals and geographies. Our technology platforms are comprised

of four key components, which were primarily developed and are maintained in-house: (1) a core processing platform; (2)

specialized software; (3) integrated network capabilities; and (4) a cloud-based architecture with proprietary APIs.

Our technology function is based in the U.S., Europe and Brazil and has expertise in the management of applications,

transaction networks and infrastructure. We operate application development centers in the U.S., U.K., Netherlands, Czech

Republic, Brazil and New Zealand. Our distributed application architecture allows us to maintain, administer and innovate our

solutions in a cost-effective and flexible manner. Our solutions contain significant intellectual property that differentiates us

from our competition.

We continually seek to modernize and evolve our technology solutions through our core information technology (IT)

transformation initiatives. Our IT transformation initiatives are focused on three main pillars: (1) digital strategy; (2) core

systems modernization; and (3) data. Our digital strategy is focused on streamlining a digital customer experience across all of

our solutions, providing a seamless experience. Additionally, we are investing in modernizing our core transactional systems to

make them more resilient, secure and scalable. Our technology infrastructure is supported by highly-secure data centers, with

redundant locations. We operate our primary data centers, located in Atlanta, Georgia; Studley, United Kingdom; Prague,

Czech Republic; Las Vegas, Nevada; Lexington and Louisville, Kentucky; São Paulo, Brazil; and Toronto, Canada.

Additionally, as we develop new solutions and modernize legacy assets, we increasingly use cloud services. Through the use of

cloud technology and microservices, we are able to modernize our platforms with no disruption to our customers. Finally, data

is becoming an ever-increasing part of how we and our customers do business. We are focused on investing in our data assets to

deliver value for our customers through improved insights to help them to better control expenses and mitigate fraud. The use

of cloud services provides us with increased flexibility and agility. We use only proven technology and expect no foreseeable

capacity limitations.

We maintain disaster recovery and business continuity plans. Our telecommunications and internet systems have multiple levels

of redundancy to ensure the reliability of network service. In 2025, we achieved over 99.9% up-time for authorizations globally.

Safeguarding Our Business

To provide our services, we may collect, use and store sensitive business information and personal information. Some of this

information is also processed and stored by financial institutions, merchants and other entities, as well as third-party service

providers to whom we outsource certain functions and other agents, which we refer to collectively as, our associated third

parties. We may have responsibility to the card networks, financial institutions and in some instances, our customers, and/or

individuals, for our failure or the failure of our associated third parties (as applicable) to protect this information.

Our systems align with industry standards for security, with multiple industry certifications. Our network is configured with

multiple layers of security to isolate our core systems from unauthorized access. We use secure communication among

applications, and our employees access critical components strictly on a "need-to-know" basis. We may not be able to

adequately protect our systems or the data we collect from continually evolving cybersecurity risks or other technological risks,

which could subject us to liability and damage our reputation. See also, "Risks related to information technology and security"

under Item 1A for further discussion of the risks we face in connection with our technology systems and potential data breach

and cybersecurity risks. Also, see Item 1C Cybersecurity for further discussion of our risk management strategy and

governance.

Regulation

A substantial number of laws and regulations, both in the U.S. and in other jurisdictions, apply to businesses offering payment

products to customers, processing payments and servicing related accounts, or operating payment networks. These laws and

regulations are often evolving and sometimes ambiguous or inconsistent, and the extent to which they apply to us is at times

unclear. Failure to comply with regulations may result in the suspension or revocation of licenses or registrations, the limitation,

suspension, or termination of services or relationships with our bank partners and sponsors and business and sales partners and/

or the imposition of civil and criminal penalties, including fines. Certain of our solutions are also subject to rules set by various

payment networks, such as Mastercard, as more fully described below.

The following, while not exhaustive, is a description of several federal and state laws and regulations in the U.S., as well as

foreign laws and regulations, that are applicable to our business, and therefore can materially affect our capital expenditures,

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earnings and competitive position. In addition, the legal and regulatory framework governing our business is subject to ongoing

revision, and changes in that framework could have a significant effect on us.

Money Transmission and Payment Instrument Licensing Regulations

We are subject to various U.S. laws and regulations governing money transmission and the issuance and sale of payment

instruments. In the U.S., most states license money transmitters and issuers of payment instruments. Through our subsidiaries,

we are licensed in all states where required for business. Many states exercise authority over the operations related to money

transmission and payment instruments and, as part of this authority, subject us to periodic examinations, which may include a

review of our compliance practices, policies and procedures, financial position and related records, privacy and data security

policies and procedures and other matters related to our business. As a result of these periodic examinations, state agencies

sometimes issue to us findings and recommendations, prompting us to make changes to our operations and procedures.

As a licensee, we are subject to certain restrictions and requirements, including net worth and surety bond requirements, record

keeping and reporting requirements, requirements for regulatory approval of controlling stockholders or direct and indirect

changes of control of the licensee and certain other corporate events and requirements to maintain certain levels of permissible

investments in an amount equal to our outstanding payment obligations. Many states as well as the Financial Crimes

Enforcement Network of the U.S. Department of the Treasury (FinCEN) also require money transmitters and issuers of

payment instruments to comply with federal and state anti-money laundering laws (AML) and regulations. See “Anti-Money

Laundering, Counter Terrorist and Sanctions Regulations.”

Recently, a number of state legislatures have adopted all or parts of a new money transmission and sales of payment

instruments model law, the Money Transmission Modernization Act. State laws regarding money transmission and sales of

payment instruments requirements may continue to change in the future. Additionally, government agencies may impose new

or additional requirements on money transmission and sales of payment instruments. We expect that compliance costs will

increase in the future for our regulated subsidiaries.

Privacy and Information Security Laws and Regulations

We provide services that are subject to various state, federal and foreign privacy and information security laws and regulations

including, among others, the Gramm-Leach-Bliley Act, the EU’s General Data Protection Regulation (GDPR) and its Network

and Information Security (NIS) Directive, the U.K.'s GDPR and NIS Regulations, Canada’s Personal Information Protection

and Electronic Documents Act and Brazil’s General Data Protection Law. In the U.S., we are now subject to several

comprehensive data privacy laws at the state level, including the California Consumer Privacy Act, as amended by the

California Privacy Rights Act, the Virginia Consumer Data Protection Act, the Colorado Privacy Act (effective July 1, 2023),

the Connecticut Data Privacy Act (effective July 1, 2023) and the Utah Consumer Privacy Act (effective December 31, 2023).

We are also subject to the separate security breach notification laws of each of the 50 states and the District of Columbia. Some

non-U.S. data protection laws, including in the U.K. and EU, impose restrictions on the international transfer of personal data

absent lawfully recognized transfer mechanisms or, in some cases, prohibit such transfer completely. Going forward, we will

likely be subject to new and evolving data privacy laws in the U.S. and abroad, which could result in additional costs of

compliance, enforcement actions, regulatory investigations and fines, individual or class action litigation, or reputational harm.

These and similar laws and their related regulations collectively restrict certain collection, processing, storage, use and

disclosure of personal information, require notice to individuals of privacy practices and provide individuals with certain rights

to prevent use and disclosure of protected information. Some also impose requirements for the safeguarding and proper

destruction of personal information through the issuance of data security standards or guidelines. In many cases they impose

obligations to notify affected individuals, state officers or other governmental authorities, the media and consumer reporting

agencies, as well as businesses and governmental agencies, of security breaches affecting personal information. In addition,

some restrict the ability to collect and utilize certain types of information such as Social Security and driver’s license numbers.

These laws and regulations are complex and evolving and can provide for significant penalties for non-compliance. We incur

and expect to continue to incur significant and ongoing operating costs as part of our efforts to comply with applicable laws and

regulations regarding personal information. These efforts also may divert management and employee attention from other

business initiatives.

Certain of our products that access payment networks require compliance with Payment Card Industry (PCI) data security

standards. See “Payment Card Industry Rules.”

Email and Text Marketing Laws and Regulations

We use email marketing and text-messaging to reach out to current or potential customers and therefore are subject to various

statutes, regulations and rulings, including the Telephone Consumer Protection Act (TCPA), the Controlling the Assault of

Non-Solicited Pornography and Marketing Act (CAN-SPAM Act) and related Federal Communication Commission (FCC)

orders. Several states have enacted additional, more restrictive and punitive laws regulating telemarketing and commercial

email. Foreign legislation exists as well, including Canada’s Anti-Spam Legislation and the European laws that have been

enacted pursuant to European Union Directive 2002/58/EC and its amendments. Although we believe that our telemarketing

and email practices comply with the relevant regulatory requirements, violations could result in enforcement actions, statutory

fines and penalties, class action litigation and reputational harm.

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Unfair or Deceptive Business Practices

All persons engaged in commerce, including, but not limited to, us and our bank sponsors and customers, are subject to

regulatory enforcement by the FTC, under Section 5 of the Federal Trade Commission Act, and state attorneys general, under

various consumer-protection statutes, prohibiting unfair or deceptive acts or practices, and certain products also are subject to

the jurisdiction of the Consumer Financial Protection Bureau (CFPB) regarding the prohibition of unfair, deceptive, or abusive

acts and practices. As a service provider to certain of our bank sponsors, we may further be subject to direct supervision and

examination by federal banking regulators in connection with certain of our products and services, which may increase our

compliance costs. If we are accused of violating any of these laws, rules and regulations, we may be subject to enforcement

actions and as a result, may incur losses and liabilities that may impact our business.

Lending Regulations

We are subject to several laws and related regulations governing the provision and administration of credit. The Truth in

Lending Act (TILA) was enacted as a consumer protection measure to increase consumer awareness of the cost of credit and to

protect consumers from unauthorized charges or billing errors and is implemented by the CFPB’s Regulation Z. Most

provisions of TILA and Regulation Z apply only to the extension of consumer credit, but a limited number of provisions apply

to commercial cards as well. One example where TILA and Regulation Z are generally applicable is a limitation on liability for

unauthorized use, although a business that acquires 10 or more credit cards for its personnel can agree to more expansive

liability. Our cardholder agreements generally provide that these business customers waive, to the fullest extent possible, all

limitations on liability for unauthorized card use. The Equal Credit Opportunity Act (ECOA) together with Regulation B

prohibit creditors from discriminating on certain prohibited bases, such as an applicant’s sex, race, nationality, age and marital

status and further requires that creditors disclose the reasons for taking any adverse action against an applicant or a customer

seeking credit. The Fair Credit Reporting Act (FCRA) regulates consumer reporting agencies and the disclosure and use of

consumer reports. We obtain consumer reports with respect to an individual who guarantees or otherwise is obligated on a

commercial card. The Fair and Accurate Credit Transactions Act of 2003 amended FCRA and requires creditors to adopt

identity theft prevention programs to detect, prevent and mitigate identity theft in connection with covered accounts, which can

include business accounts for which there is a reasonably foreseeable risk of identity theft.

Anti-Money Laundering, Counter Terrorist and Sanctions Regulations

The Currency and Foreign Transactions Reporting Act, which is also known as the Bank Secrecy Act (BSA) and which has

been amended by the USA PATRIOT Act of 2001, contains a variety of provisions aimed at fighting terrorism and money

laundering. Among other things, the BSA and related regulations issued by FinCEN require financial-services providers to

establish AML programs, to prohibit the financing of terrorism, to report suspicious activity and to maintain a number of related

records. We are also subject to certain economic and trade sanctions programs that are administered by the U.S. Department of

Treasury’s Office of Foreign Assets Control (OFAC) that prohibit or restrict transactions to or from or dealings with specified

countries, their governments and, in certain circumstances, their nationals, narcotics traffickers and terrorists or terrorist

organizations. In addition to economic sanctions programs, we are also subject to a number of international laws and

regulations focused on fighting terrorism and money laundering, including primarily:

•in Canada, Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA);

•in Australia, as a registered remittance dealer with AUSTRAC, the Anti-Money Laundering and Counter-Terrorism

Financing Act 2006 (AML/CTF Act);

•in the U.K., as a registered Electronic Money Institution with the Financial Conduct Authority, the Proceeds of Crime

Act, 2002 and the Terrorism Act 2000;

•in Ireland, the Criminal Justice (Money Laundering and Terrorist Financing) Act 2010, as amended by Part 2 of the

Criminal Justice Act 2013 and by the Criminal Justice (Money Laundering and Terrorist Financing) (Amendment) Act

2018; and

•in the EU, AML requirements promulgated under the 4th, 5th and 6th EU Anti-Money Laundering Directives.

Numerous other countries have also enacted or proposed new or enhanced AML legislation and regulations applicable to us.

Non-banks that provide certain financial services are required to register with FinCEN as “money services businesses” (MSB).

Certain of our subsidiaries are registered as MSBs.

In addition, provisions of the BSA known as the Prepaid Access Rule issued by FinCEN impose certain obligations, such as

registration and collection of consumer information, on “providers” of certain prepaid access programs, including the stored

value products issued by our sponsor banks for which we serve as program manager. FinCEN has taken the position that, where

the issuing bank has principal oversight and control of such prepaid access programs, no other participant in the distribution

chain would be required to register as a provider under the Prepaid Access Rule. Despite this position, we have opted to register

as a provider of prepaid access through our subsidiary, Comdata Inc.

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Interchange Fees

The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act) effected comprehensive

revisions to a wide array of federal laws governing financial institutions, financial services and financial markets. The Durbin

Amendment to the Dodd-Frank Act provided that interchange fees that a card issuer or payment network receives or charges for

debit transactions must be “reasonable and proportional” to the cost incurred by the card issuer in authorizing, clearing and

settling the transaction. Payment network fees may not be used directly or indirectly to compensate card issuers in

circumvention of the interchange transaction fee restrictions. The Federal Reserve has capped debit interchange fees and may

reduce the cap in the future, however the cap has not had a material direct impact on our results of operations because we

operate under an exemption to the cap for the majority of our debit transactions.

Anti-Bribery Regulations

The Foreign Corrupt Practices Act (FCPA) prohibits the payment of bribes to foreign government officials and political figures

and includes anti-bribery provisions enforced by the Department of Justice and accounting provisions enforced by the Securities

and Exchange Commission (SEC). The statute has a broad reach, covering all U.S. companies and citizens doing business

abroad, among others, and defining a foreign official to include not only those holding public office but also local citizens

affiliated with foreign government-run or -owned organizations. The statute also requires maintenance of appropriate books and

records and maintenance of adequate internal controls to prevent and detect possible FCPA violations. We are subject to similar

statutes in certain foreign jurisdictions in which we operate, such as the U.K. Bribery Act.

Payment Card Industry Rules

In connection with certain services we provide for payment cards bearing the Mastercard brand and to those acting as merchants

accepting those cards, we must comply with the bylaws, regulations and requirements that are promulgated by Mastercard and

other applicable payment-card organizations, including the Payment Card Industry Data Security Standard (PCI DSS), the

Mastercard Site Data Protection Program (SDP) and other applicable data-security program requirements. A breach of such

payment card network rules could subject us to a variety of fines or penalties that may be levied by the payment networks for

certain acts or omissions. The payment networks routinely update and modify their requirements. Our failure to comply with

the networks’ requirements or to pay the fines they impose could cause the termination of our registration and require us to stop

processing transactions on their networks. Our subsidiary, Comdata Inc., is PCI DSS 3.2 compliant.

We are also subject to network operating rules promulgated by the National ACH Association relating to payment transactions

processed by us using the ACH network.

Escheat Regulations

We may be subject to unclaimed or abandoned property (escheat) laws in the U.S. that require us to turn over to certain

government authorities the property of others that we hold that has been unclaimed for a specified period of time, such as

payment instruments that have not been presented for payment and account balances that are due to a customer following

discontinuation of our relationship. We may be subject to audit by individual U.S. states with regard to our escheatment

practices.

Prepaid Card Regulations

Prepaid card programs that we manage may be subject to various federal and state laws and regulations, such as the Credit Card

Accountability, Responsibility and Disclosure Act of 2009 (CARD Act) and the CFPB’s Regulation E, which impose

requirements on general-use prepaid cards, store gift cards and electronic gift certificates.

State Usury Laws

Extensions of credit under many of our card products may be treated as commercial loans and may require state licensing. In

some states, usury laws limit the interest rates that can be charged not only on consumer loans but on commercial loans as well.

To the extent that these usury laws apply, we are limited in the amount of interest that we can charge and collect from our

customers. Because we have substantial operations in multiple jurisdictions, we utilize choice of law provisions in our

cardholder agreements as to the laws of which jurisdiction to apply. With respect to card products where we work with a partner

or issuing bank, the partner bank may utilize the law of the jurisdiction applicable to the bank and “export” the usury limit of

that state in connection with cards issued to residents of other states or we may use our choice of law provisions.

Derivatives Regulations

Rules adopted under the Dodd-Frank Act by the Commodity Futures Trading Commission (CFTC), provisions of the European

Market Infrastructure Regulation and its technical standards, as well as derivative reporting in Canada and the U.S., have

subjected certain of the foreign exchange derivative contracts we offer to our customers as part of our cross-border payments

business to reporting, recordkeeping and other requirements. Additionally, certain foreign exchange derivatives transactions we

may enter into in the future may be subject to centralized clearing requirements, or may be subject to margin requirements in

the U.S., U.K. and European Union. Other jurisdictions outside the U.S., U.K. and the European Union are considering, have

implemented, or are implementing regulations similar to those described above.

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Other

We must contractually comply with certain regulations to which our sponsor banks are subject, as applicable. We may be

examined by our sponsor banks’ regulators and be subject to audits by certain sponsor banks relative to such regulations.

The Housing Assistance Tax Act of 2008 requires information returns to be made for each calendar year by merchants,

acquiring entities and third-party settlement organizations with respect to payments made in settlement of electronic payment

transactions and third-party payment network transactions occurring in that calendar year. Reportable transactions are also

subject to backup withholding requirements. We are required to comply with these requirements for the merchants in our

Comdata network. We could be liable for penalties if our information return is not in compliance with these regulations.

Human Capital

As of December 31, 2025, Corpay employed approximately 11,800 associates located in 34 countries around the world, with

approximately 4,300 of those associates based in the U.S. At Corpay, we strongly believe that talent is a determinant of our

performance and success. Our values-driven people programs, practices and policies have been developed to ensure we are able

to attract, retain and develop the quality of talent necessary to advance our key initiatives and achieve our strategic objectives.

We are firmly committed to delivering a strong employee value proposition and unique employment experience to our

associates which, in turn, should lead to better customer experiences and business outcomes.

Culture

Our culture has evolved through time, as we have grown considerably both organically and through acquisitions. Despite

Corpay’s expansive size and geographic scope, we seek to retain a strong entrepreneurial spirit and share a common vision,

mission and set of values, which together serve as cornerstones to our “One Corpay” culture. Our values, listed below, are

infused in all aspects of Corpay and guide our employee selection, behavior and interactions with both internal and external

stakeholders:

•Innovation – figure out a better way

•Execution – get it done; outputs matter

•Integrity – do the right thing

•People – we make the difference

•Collaboration – accomplish more together

As of December 31, 2025, females represented approximately 50% of our global workforce and approximately 17% of our

senior leadership team, while minorities comprised approximately 32% of our domestic workforce and approximately 17% of

our senior leadership team.

Employee Wellness

Corpay’s benefits programs are designed to meet the evolving needs of our workforce across the globe. Because we want our

employees and their families to thrive, in additional to our regular benefit offerings, we also focus on physical and mental well-

being. As part of our benefit programs we offer free online fitness classes, discounted gym memberships, weight-loss classes,

provide access to employee assistance programs in all regions and Mental Health Awareness programs globally.

Talent Development

Corpay offers a variety of high-quality learning opportunities, designed to support employee development and organizational

effectiveness. Learning opportunities are available in all geographies at all levels and incorporate personal, business and

leadership skills development with the goal of empowering our organization, creating avenues for closing skill gaps and

enhancing the capabilities of our workforce. Leadership, teamwork, communication and many other soft skills are vital to our

success. We offer a wide variety of career opportunities and paths to advancement through on-the-job coaching, training and

education. We are proud to be a company where an associate can start as an intern and turn it into a successful career.

The Voice of the Employee

We continue to develop and refine our people programs based on feedback we receive directly from our workforce, which we

gather through a survey of all employees globally. The participation rate for our 2025 survey was approximately 51%. Our

employee engagement score in 2025 remained consistent with previous years. We believe our employee proposition remains

strong and we continue to attract and retain top talent. We continue to share the detailed engagement scores across the

organization and analyze the results to understand differences by geography, demographics, job level and leader, and to identify

opportunities for further improvement. We also conduct pulse surveys and focus groups to assess the ongoing engagement of

our workforce.

In January 2025, Corpay published its latest Corporate Responsibility & Sustainability Report (CRS Report), in which we

provided detailed information about the Company’s views and approaches regarding environmental, social and governance

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issues. Our CRS Report also includes details related to our global talent strategy, inclusion efforts, employee wellness and talent

development. Our CRS Reports may be accessed electronically at https://investor.corpay.com, in the governance section.

Additional Information

We maintain a website at www.corpay.com. The information on our website is not incorporated by reference into this Annual

Report on Form 10-K. We make available on or through our website certain reports and amendments to those reports that we

file with or furnish the SEC in accordance with the Securities and Exchange Act of 1934, as amended ( the "Exchange

Act"). These include our Annual Reports on Form 10-K, our Quarterly Reports on Form 10-Q and our Current Reports on Form

8-K. We make this information available on our website free of charge as soon as reasonably practicable after we electronically

file the information with, or furnish it to, the SEC.

In addition, the SEC maintains a website that contains reports, proxy and information statements and other information

regarding issuers that file electronically at https://www.sec.gov.

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ITEM X. EXECUTIVE OFFICERS OF THE REGISTRANT

The following table sets forth certain information regarding our executive officers, with their respective ages as of

December 31, 2025. Our officers serve at the discretion of our board of directors. There are no family relationships between any

of our directors or executive officers.

Name

Age

Position(s)

Ronald F. Clarke

70

Chief Executive Officer and Chairman of the Board of Directors

Peter Walker

52

Chief Financial Officer

Alan King

49

Group President—International Vehicle Payments

Armando L. Netto

57

Group President—Brazil Vehicle Payments and Strategic Transformation

Ronald F. Clarke has been our Chief Executive Officer since August 2000 and was appointed Chairman of our Board of

Directors in March 2003. From 1999 to 2000, Mr. Clarke served as President and Chief Operating Officer of AHL Services,

Inc., a staffing firm. From 1990 to 1998, Mr. Clarke served as Chief Marketing Officer and later as a Division President with

Automatic Data Processing, Inc., a human resources software and services company. From 1987 to 1990, Mr. Clarke was a

Principal with Booz Allen Hamilton, a global management consulting firm. Earlier in his career, Mr. Clarke was a marketing

manager for General Electric Company, a diversified technology, media and financial services corporation.

Peter Walker has been our Chief Financial Officer ("CFO") since July 2025. Prior to joining Corpay, Mr. Walker served as the

CFO at Instructure Holdings, Inc. ("Instructure"), an education technology company, from November 2023 to July 2025.

During his tenure with Instructure, Mr. Walker led the privatization of Instructure with its sale to Kohlberg Kravis Roberts &

Co. Prior to Instructure, Mr. Walker was CFO of Sterling Check Corp., a company providing pre-employment background

checks, from July 2019 to November 2023, and CFO of Jackson Hewitt Tax Service Inc. ("Jackson Hewitt"), a tax preparation

service from July 2017 to May 2018. Prior to Jackson Hewitt, Mr. Walker spent over 17 years at Assurant, Inc. in finance,

accounting and strategy roles, finishing his career there as Global Chief Strategy Officer.

Alan King has served as our Group President — International Vehicle Payments since December 2023 and prior to that was our

Group President of Global Fleet since May 2022. Mr. King joined Corpay in August 2016 and served as our President - U.K.,

Australia and New Zealand, based in London, until June 2019. From July 2019 to April 2022, Mr. King was Group President of

Europe, Australia and New Zealand Fuel. Prior to joining us, Mr. King worked at Mastercard Inc. ("Mastercard") where he was

most recently Managing Director, MasterCard Prepaid Management Services. During his 11 year career at Mastercard, Mr.

King held the roles of Group Head, Global Prepaid Solutions, Group General Manager for Market and Business Development

in the U.K. & Ireland and General Manager, Global Accounts. Prior to Mastercard, Mr. King held leadership positions at VISA

Inc. in the CEMEA region from 2003 to 2005 and at Citigroup Inc. from 1998 to 2003, largely across commercial payments in

international markets. Mr. King spent the early part of his career in the telecom and automotive industries, in various sales and

marketing roles covering Europe.

Armando L. Netto is our Group President — Brazil Vehicle Payments and Strategic Transformation as of January 2026. From

December 2023 to December 2025, Mr. Netto served as our Group President — Brazil and U.S. Vehicle Payments and prior to

that was our Group President – Brazil since June 2014. Prior to joining us, Mr. Netto led IT Services for TIVIT, an IT and

business process outsourcing (BPO) services company, from 2006 to 2014, where he led the integration of functional areas into

the business unit, focused on onboarding new clients and ensuring service quality. Prior to TIVIT, Mr. Netto held various

leadership roles with Unisys Corporation and McKinsey & Company, where he gained international experience in Europe

supporting clients in the U.K., France, Austria, Portugal and the Netherlands.

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