Corpay : Cross Border Business Teach-In Presentation

Published: 2026-05-12 16:26:57 ET CPAY

Published on 05/12/2026 at 04:26 pm EDT

MAY 13

2026

CROSS-BORDER

TEACH-IN

RON CLARKE

Chief Executive Officer

PETER WALKER

Chief Financial Officer

MARK FREY

Group President, Cross-Border Solutions

Graph represents year over year revenues, net, to scale

For Every Way Your Business Moves Money

CORPORATE PAYMENTS

VEHICLE PAYMENTS

LODGING

PAYMENTS

CROSS-BORDER SOLUTIONS

A Key Corpay Growth Engine

SAFE HARBOR PROVISION

This presentation contains forward-looking statements within the meaning of the federal securities laws. Statements that are not historical facts, including statements about Corpay's beliefs, assumptions, expectations and future performance, are forward-looking statements. Forward-looking statements can be identified by the use of words such as "anticipate," "intend," "believe," "estimate," "plan," "seek," "project," "expect," "may," "will," "would," "could" or "should," the negative of these terms or other comparable terminology and similar expressions. These forward-looking statements are not a guarantee of performance, and you should not place undue reliance on such statements. We have based these forward-looking statements on preliminary information, internal estimates and management's assumptions, expectations and plans about future conditions, events and results.

Forward-looking statements are subject to many uncertainties and other variable circumstances, such as risks related to our ability to successfully execute our strategic plan, manage our growth and achieve our performance targets; the impact of macroeconomic conditions, including any recession or economic downturn that has occurred or may occur in the future, and whether expected trends, including retail fuel prices, fuel price spreads, fuel transaction patterns, electric vehicle adoption, retail lodging prices, foreign exchange rates and interest rates trends develop as anticipated, and whether we are able to develop and implement successful strategies in light of these trends; our ability to attract new and retain existing partners, fuel merchants, and lodging providers, their promotion and support of our products, and their financial performance; our ability to successfully manage the derivative financial instruments that we use in our Cross-Border solutions to manage our exposure to various market risks, including changes in foreign exchange rates; the failure of management assumptions and estimates, as well as differences in, and changes to, economic, market, interest rate, interchange fees, foreign exchange rates, and credit conditions, including changes in borrowers' credit risks and payment behaviors; the risk of higher borrowing costs and adverse financial market conditions impacting our funding and liquidity, and any reduction in our credit ratings; our ability to successfully manage our credit risks and the sufficiency of our allowance for expected credit losses; our ability to securitize our trade receivables; the occurrence of fraudulent activity, data breaches or failures of information security controls, or other technology or cybersecurity-related incidents that may compromise our systems or customers' information; any disruptions in the operations of our computer systems and data centers; the operational and political risks and compliance and regulatory risks and costs associated with international operations; the impact of international conflicts, including between Russia and Ukraine, as well as within the Middle East, on the global economy or our business and operations; the impact of changes in global tariff and trade policies and potential retaliatory actions by affected countries; our ability to develop and implement new technology, products, and services; any alleged infringement of intellectual property rights of others and our ability to protect our intellectual property; the regulation, supervision, and examination of our business by foreign and domestic governmental authorities, as well as litigation and regulatory actions, including the lawsuit filed by the Federal Trade Commission; the impact of regulations and related requirements relating to privacy, information security and data protection; derivative and hedging activities and the related regulations and regulatory environment; use of third-party vendors and other third-party business relationships; and failure to comply with anti-money laundering and anti-terrorism financing laws; changes in our senior management team and our ability to attract, motivate and retain qualified personnel consistent with our strategic plan; tax legislation initiatives or challenges to our tax positions and/or interpretations, and state sales tax rules and regulations; the risks of mergers, acquisitions and divestitures, such as our recent acquisition of a partnership interest in AvidXchange and the acquisition of Alpha, including, without limitation, the time and costs of implementing such transactions, integrating operations as part of these transactions and possible failures to achieve expected gains, revenue growth and/or expense savings from such transactions, as well as the other risks and uncertainties identified under the caption "Risk Factors" in the 2025 Form 10-K filed with the Securities and Exchange Commission ("SEC") on February 27, 2026 and subsequent filings with the SEC made by us. These factors could cause our actual results and experience to differ materially from any forward-looking statement made herein. The forward-looking statements included in this presentation are made only as of the date hereof and we do not undertake, and specifically disclaim, any obligation to update any such statements as a result of new information, future events or developments, except as required by law. You may access Corpay's SEC filings for free by visiting the SEC web site at https://www.sec.gov.

This presentation includes non-GAAP financial measures, which are used by the Company as supplemental measures to evaluate its overall operating performance. The Company's definitions of the non-GAAP financial measures used herein may differ from similarly titled measures used by others, including within the Company's industry. By providing these non-GAAP financial measures, together with reconciliations to the most directly comparable GAAP financial measures, we believe we are enhancing investors' understanding of our business and our results of operations, as well as assisting investors in evaluating how well we are executing strategic initiatives. See the appendix for additional information regarding these non-GAAP financial measures and a reconciliation to the most directly comparable GAAP measure.

AGENDA

Market - How does the "bank market structure" create a B2B cross-border opportunity?

Business - What do we do, who do we serve, and why do we win

Stablecoins & Blockchain - From disruption narrative to multi-rail opportunity

Growth - How the business compounds

Conclusion - Why the outlook is attractive

… for independent non-bank B2B cross-border providers

Banking Industry Market Structure

Footprint

Customer Focus

Global

Enterprise /

Fortune 3000

National /

Regional

Middle Market

Local

SMBs

Bank Cross-Border Capabilities

Tier 1

Banks

Tier 2-4 Banks

Tier 5 Banks

Strong

Limited

Non-Existent

The largest banks serve the largest companies, while national and regional banks underserve

Middle Market companies' global needs

… but they "underserve" Middle Market companies' global needs as they grow and expand

Tier 2 Banks

Middle Market Served Well

Middle Market Underserved

Tier 2-4

National / Regional

Banks

Middle Market

Corporate

Local bank accounts

Lending

Foreign bank accounts

FX payments

Domestic + Global Needs

Cash management

Credit cards

FX risk management

Technology

The domestic footprint of Tier 2 banks, creates the opportunity for independent, specialist global FX providers

Cross-Border Market Opportunity

While the largest global companies account for the majority of cross-border flows, Corpay Cross Border Solutions ("CBS")

focus is the $161B Middle Market where we have <1% share … and structural advantages vs. banks and fintechs

Customer Type Revenue TAM* Primary Competitors

EEnntteerrpprriissee//

FFoorrttuunnee 33000000

$735B Tier 1 Global Banks

MMiiddddllee MMaarrkkeett

$161B Tier 2-4 Banks

Fintechs + FX Specialists

Primary Target

SSMMBBss

$32B

Tier 5 Banks Fintechs + FX Specialists

Total $930B

The Middle Market is under-served by Tier 1 banks given less attractive economics: complex workflows and

global licensing / compliance / payout networks … but much smaller mid-market ticket sizes

(*) B2B Revenue TAM estimate based on McKinsey & FXC Intelligence reports (Payments + Risk Mgmt + Currency Account)

AGENDA

Market - How does the "bank market structure" create a B2B cross-border opportunity?

Business - What do we do, who do we serve, and why do we win

Stablecoins & Blockchain - From disruption narrative to multi-rail opportunity

Growth - How the business compounds

Conclusion - Why the outlook is attractive

What We Do …

There is a lot more to B2B cross-border than merely transmitting funds … clients pay for compliance, FX conversion,

regulated workflow, payment orchestration and local bank account delivery

Regulated Onboarding & Compliance FX Conversion Local Payout & Bank Delivery

Cross-Border Payments Value Chain

Sell & Service

Onboarding & Compliance

Convert Currency

Get Money to Target Country

Settle into Beneficiary Account

End-to-End Specialist Technology & Operations

Key Assets & Capabilities

Selling System,

Licenses

Regulatory

Compliance

Liquidity Providers

(Bank or Customer)

Foreign Bank Accounts,

Rail Orchestration

Local Scheme

Access

Corpay

96%

Revenue Mix 4%

Corpay Cross-Border Solutions earns most of its economics from the entire cross-border workflow … not just the rail

(*) Revenue mix % based on Q1-26, excluding float and bank fee income

We solve three high value & related customer problems … on one global technology platform

What We Provide …

Move Money Globally, Reliably, At Scale

Protect Margins and Cashflow From Volatility

Operate Globally without Building Local Banking Relationships

Advantaged Economics:

~60% Flows "Net" Settled

Corpay Bears No Trading Risk

Open Foreign Bank Account in Days not Months

⅔ of Corpay CBS revenue is from clients using >1 product … primary GTM is to "land and expand" with payments

Who We Serve …

We serve >25,000 customers … with a core focus on the middle market

Multi-National

Mid-Market

Managing global payables, collections, treasury & FX exposure

Investment Funds,

Fund Admins

Managing capital flows and bank accounts across entities and jurisdictions

Banks &

Payment Aggregators

Institutions embedding, distributing or partnering with our capability

Native Crypto &

Stablecoin Providers

Select providers requiring compliant fiat settlement, FX liquidity and on/off-ramp payments

Where We Operate …

These regions represent >50% of global GDP … and 85% of our revenue is in G20 FX

Regions

USA Canada UK EU APAC Total

# Active Clients

4.2K 4.8K 6.0K 6.8K 3.3K 25K

$ Volume

$59B $29B $79B $34B $49B $250B

% Revenue

~25% ~9% ~28% ~24% ~14%

100%

Consistent ~85% from G20 Currencies L4Y

The majority of our revenue is concentrated in liquid and highly digitized G20 currencies

(*) All figures as at FY'25, pro-forma Alpha Group acquisition

Why We Win …

Succeeding in Cross-Border payments requires a unique set of capabilities … which in the Middle Market are difficult for

banks to prioritize, or fintechs to replicate at scale

CLIENT SALES & SERVICE

TECHNOLOGY & WORKFLOW

LICENSING & COMPLIANCE

INTEROPERABILITY & LOCAL PAYOUT

>830 commercial team …

in 24 countries

Single global platform …

accessible via single API

Licensed in 35 nations …

>20 years to build

>145 currencies … across

>100 banks / 2K accounts

… via 65 local rails

Our business is highly durable: replicating the full capability suite is incredibly difficult and we have a massive head start

Corpay CBS sells >20% of the base annually … by leveraging 3 key "enablers"

Why We Win Selling System Spotlight

230+ Direct Sellers

60% of total new sales

Global

24 countries

Market Leading Productivity

>$1.5m new revenue / direct seller

830+

Global

Team

Global Recognition

Decreases CAC

Sponsor FX Flow

Funds Sponsorship Costs

30+

Sponsorships

Globally

High-quality inbound referrals

Low CAC

Deep Integrations

Thousands of downstream clients

950+

Embedded + Referral

Partnerships

AGENDA

Market - How does the "bank market structure" create a B2B cross-border opportunity?

Business - What do we do, who do we serve, and why do we win

Stablecoins & Blockchain - From disruption narrative to multi-rail opportunity

Growth - How the business compounds

Conclusion - Why the outlook is attractive

Will blockchain and stablecoins reduce FX volume … and / or compress FX spreads?

Stablecoins & Blockchain

Investor Question

Could USD stablecoins replace local currency?

Could tokenized blockchain

Economic Reality

Both business and end-user obligations remain local-currency and local bank-account based

G20 FX is already a highly efficient market, and settlement is a small component of end-to-end economics

Implication

Limited risk to core G20 B2B FX volumes

Rail innovation can improve service and may reduce costs … without resetting core spreads

Key Question #1: Lower FX Volume?

Companies still need to pay employees, vendors and taxes in local fiat (regardless of the settlement rail) … and major economies are

unlikely to relinquish monetary sovereignty to foreign currencies

Local Fiat vs. Stablecoins What Stablecoins Change … And What They Don't

Local Beneficiaries Require Local Fiat:

Local vendors invoice and receive funds in local fiat

Local payroll, taxes, rent remain local fiat obligations

Example Recent Non-Local Stablecoin Legislation:

Protect € primacy: ECB €200m daily payment volume

cap of non-€ retail stablecoins

Stop BRL control circumvention: Central Bank of Brazil restrictions on $ stablecoins in FX transactions

Stablecoins Can Improve Settlement:

Faster value transfer

24/7 settlement

Lower cost in select corridors

But They Do Not Remove the Need For:

Regulatory compliance: e.g. AML / KYC

Workflow: e.g. beneficiary validation, ERP integration

Local-currency conversion

Delivery into local bank accounts

Stablecoins can improve settlement, but do not eliminate local-currency conversion, compliance, regulated workflow or delivery into local-bank accounts

Key Question #2: FX Spread Compression … Spread Drivers

G20 spreads can be divided into 2 spread layers … (1) Basic Spot: driven by wholesale bank rates at scale (G20 <2 bps)

(2) All-in Solution: driven by transaction complexity, regulated workflows and value-added services

Basic Spot Spread

~10-12bps

Basic Spot Spread

CPAY Average Today & L5Y

All-In Spread

~2bps Basic Spot Wholesale Spread

Does not change with CBDCs

Scale economics / 0 bps if net settle

▪+ Transaction Specific Drivers

Currency, transaction size, product

▪+ ~9bps Regulatory, Compliance, Ops

#1 is Regulatory & Compliance

Capital costs <1bps

▪+ ~1bps Mark-up

Limited basic FX profit margins

▪+ Value-Added / Regulated Workflows

API, ERP, payroll, AR/AP, remittance

▪+ Settlement Rail

~2bps Rail (~4% CBS Revenue)

Speed, 24x7, cost, traceability

~40bps

Transaction Specific

Value-Added Regulated Workflow

Potential future blockchain compression in certain rail costs does not improve CFO price discovery / FX conversion …

or change compliance, regulated workflow and local delivery requirements … or impact Corpay CBS' scaled unit economics

(*) Based on $20K transaction size for a Middle Market corporate

Key Question #2: FX Spread Compression … Blockchain Rails

Blockchain is not the best option for all scenarios however … Corpay orchestrates settlement for optimal client outcomes

across price and speed (including G20 blockchain use-cases such as out of hours settlement, and instant treasury)

Sell & Service Onboarding & Compliance

Convert Currency

Get Money to Target Country

Settle to Beneficiary

Corpay CBS Rail Orchestration Layer

Speed

Cost

Best Used For?

Limitations?

Gen 1: SWIFT

Same day

$4 (fixed / txn pricing)

Global acceptance

Data / remittance

Gen 2: ACH

Next day

$0.25 (fixed)

Low-cost local rail

Speed

Gen 3: Realtime

24/7 instant

$20 (~10 bps)

Instant domestic

Transaction size limits

Gen 4: Blockchain

24/7 instant

Private (e.g. JPM Kinexsys): $4 (fixed)

Public: $28-52 (~14-26bps)

24/7 settlement

Public on / off-ramp + extra regulatory & intermediary costs

Corpay CBS adds significant value in rail orchestration: selecting the right rail for speed, certainty, traceability and cost

(*) Assumes ~$20K payment. Public blockchain based on avg. sandwich costs offered to CPAY: 2bps transfer, plus 12-24bps on / off-ramp

AGENDA

Market - How does the "bank market structure" create a B2B cross-border opportunity?

Business - What do we do, who do we serve, and why do we win

Stablecoins & Blockchain - From disruption narrative to multi-rail opportunity

Growth - How the business compounds

Conclusion - Why the outlook is attractive

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Disclaimer

Corpay Inc. published this content on May 12, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 12, 2026 at 20:21 UTC.