Repay : First Quarter 2026 Earnings Supplement

Published: 2026-05-04 17:10:09 ET RPAY

Published on 05/04/2026 at 05:10 pm EDT

Exhibit 99.2

May 2026

Revenue

Gross Profit

Adjusted EBITDA (2)

Free Cash Flow (3)

$77.3

$80.8

4% y/y growth

5% y/y growth

$5.4

Q1 2025 Q1 2026

$58.7

$61.5

Q1 2025 Q1 2026

% Margin (1)

($8.0)

% Margin (2)

$33.2

$34.4

Q1 2025

Q1 2026

Q1 2025 Q1 2026

FCF conversion (3)

76%

43%

(24%)

16%

Gross profit margin represents gross profit / revenue

Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP financial measures. See slide 1 under "Non-GAAP Financial Measures" and slide 14 for reconciliation. Adjusted EBITDA margin represents adjusted EBITDA / revenue

Free Cash Flow and Free Cash Flow conversion are non-GAAP financial measures. See slide 1 under "Non-GAAP Financial Measures" and slide 17 for reconciliation. Free Cash Flow conversion represents Free Cash Flow / Adjusted EBITDA

4% y/y growth,

as reported

$75.1

Gross Profit Margin

79% 80%

6% y/y growth,

Key Business Highlights

Revenue growth driven by on-going ramp of clients and increased volumes from tax refund seasonality

$71.9

as reported

$60.3

$56.7

Q1 2025

Q1 2026

Q1 2025

Q1 2026

Revenue Gross Profit

Resilient trends across auto loans, personal loans, credit unions, and mortgage servicing

We are continuing to win large enterprise clients who are adopting more payment channels and modalities

GP margins positively impacted from immediate contributions of our strategic initiatives with a distribution partner and optimized network routing

Confidence in our sales pipeline from integrations and further penetration with software partnerships

18% y/y growth,

as reported

$13.0

Gross Profit Margin

69% 65%

Key Business Highlights

$11.0

12% y/y growth,

as reported

$8.5

$7.6

Q1 2025

Q1 2026

Q1 2025

Q1 2026

Revenue Gross Profit

Strong sales pipeline within automotive, property management, and municipality verticals via direct sales and new integrations

Increased our AP Supplier Network to 665,000+ suppliers, ~70% y/y growth

Starting to see early political media spending ahead of 2026 mid-term election cycle

Gross Profit margins experienced near-term impacts from changes of enhanced data programs with card networks

Balance Sheet and Net Leverage

Liquidity (1) & Recent Debt Maturity

Net Leverage as of March 31, 2026

(In $ millions)

$366

Q1 uses of cash includes debt maturity, TRA payments, and purchase of strategic distribution partner

Total Debt $398 MM

Cash Balance $44 MM

$147

$184

Net Debt $354 MM

LTM Adjusted EBITDA (2)

$130 MM

Net Leverage 2.7x

$110

$37

$44

$116

Total Liquidity Q4 2025A

Sources Debt Maturity Feb 2026

Total Liquidity Q1 2026A

Focused on Maintaining Significant Liquidity

Business continues to show high cash flow conversion

Continued investments in organic growth

Preserve liquidity and profitability through:

Hiring focused on revenue generating / supporting roles

Limited discretionary expenses

Negotiations with vendors

Committed to Prudently Managing Leverage

Total Outstanding Debt comprised of:

$110 million drawn on revolver facility

$140 million undrawn capacity

Secured net leverage covenant is max of

2.5x (excludes convertible notes balance)

$288 million 2029 Convertible Notes with 2.875% coupon

Total liquidity represents cash balance plus the undrawn revolver facility

Adjusted EBITDA is a non-GAAP financial measure. See slide 1 under "Non-GAAP Financial Measures." LTM Adjusted EBITDA represents the sum of the Adjusted EBITDA for the four most recent fiscal quarters. See slide 14 for such amounts and additional reconciliation information contained in footnote 2 of Slide 7

REPAY reiterates its previously updated (1) outlook for full year 2026

REVENUE

Reported Growth 10%-12%

Normalized Growth 7%-9%

(unchanged)

ADJUSTED EBITDA

~42% Margins

(prior $136.5-$141.5 million)

FREE CASH FLOW CONVERSION (2)

(unchanged)

Note: REPAY does not provide quantitative reconciliation of forward-looking, non-GAAP financial measures such as forecasted Normalized Revenue Growth, Adjusted EBITDA, Free Cash Flow, and Free Cash Flow Conversion to the most directly comparable GAAP financial measure because it is difficult to reliably predict or estimate the relevant components without unreasonable effort due to future uncertainties that may potentially have significant impact on such calculations, and providing them may imply a degree of precision that would be confusing or potentially misleading

REPAY provided updated outlook on 4/27/2026

Free Cash Flow Conversion represents Free Cash Flow / Adjusted EBITDA

Gross Profit (1)

(In $ Millions)

$71.6 $72.7$74.5 $71.8 $74.3$76.0

$80.7

$74.9

$79.1 $78.3$77.3$75.6$77.7$78.6$80.8

$61.1 $62.2

$67.6$67.4

$47.5$48.4

Revenue (1)

(In $ Millions)

$45.8$47.2

$57.8$56.6$54.9$56.7

$54.9

$51.0 $50.7

$58.7 $61.5 $58.6 $61.6 $59.7$58.7$57.2$57.8$58.3 $61.5

$35.0$35.7

Q1 Q2

Q3 Q4 Q1

Q2 Q3 Q4 Q1

Q1 Q2

Q3 Q4 Q1

Q2 Q3 Q4 Q1

2021 2021 2021 2021 2022 2022 2022 2022 2023 2023 2023 2023 2024 2024 2024 2024 2025 2025 2025 2025 2026 2021 2021 2021 2021 2022 2022 2022 2022 2023 2023 2023 2023 2024 2024 2024 2024 2025 2025 2025 2025 2026

Free Cash Flow (2)

(In $ Millions)

$35.9

$33.5 $35.5 $33.7 $35.1 $36.5$33.2

$34.4

$27.8$29.3

$31.7

$30.9$30.5 $31.9

$31.8 $31.2 $32.4

$24.5

$20.5$20.4

$27.6

Adjusted EBITDA(2)

(In $ Millions)

$48.8

$6.6 $8.5

$15.2

$6.2 $7.0

$15.9

$13.9

$7.1 $10.0

$13.9

$21.8

$13.7

$19.3

$23.5

$22.6$20.8

$13.8

$5.4

Q1 Q2

Q3 Q4 Q1

Q2 Q3 Q4 Q1

($0.4)

Q1 Q2

Q3 Q4 Q1

Q2 Q3 Q4 Q1

Q2 Q3

($8.0)

Q4 Q1 Q2

Q3 Q4 Q1

Consolidated totals include the elimination of intersegment revenues

Adjusted EBITDA and Free Cash Flow are non-GAAP financial measures. See slide 1 under "Non-GAAP Financial Measures" and slides 14 & 17 for reconciliations. For historical periods shown with respect to Adjusted EBITDA, see the reconciliations provided in the Company's previous reported earnings releases and filings on Form 10-K or Form 10-Q with respect to such period ended.

Acquisition of KUBRA expected to accelerate REPAY's strategic evolution into a scaled embedded payments platform

Leading Provider in Resilient Verticals

Diversified bill payment and communication platform focused on the utility and government verticals

Attractive product offering within non-discretionary categories and recurring billing cycles

Deeply entrenched with highly reoccurring revenue streams

TAM

Expansion

KUBRA provides access to $2.75tn addressable market(1) with high barriers to entry in biller-direct segments

Complementary two-pronged GTM

approach to accelerate vertical expansion

Enhances partners & integrations with diversified distribution channels

Increased Scale

Scaled platform with combined(2) Revenue & Adj. EBITDA(3) of

~$548mm & ~$178mm

Attractive growth profile with reoccurring payments flows

Strong combined Adj. Free Cash Flow

Compelling Synergies

Enhances operations with significant expense & tech synergies realized through platform migration and shared services

Compelling revenue opportunities across entire client base to offer a comprehensive end-to-end digital bill pay platform

Financial Strength

Transaction expected to be Free Cash Flow accretive(4) by 25% in 2028

Net leverage(5) target of

< 3.0x within 18 months of acquisition closing

Third-party research and management estimates as of 3/31/2026

Combined financials based on 2025 excluding synergies. Combined is calculated using REPAY reported plus KUBRA Revenue of approximately $239 million and Adjusted EBITDA of approximately $49 million

Adjusted EBITDA is a non-GAAP measure. See slide 1 under "Non-GAAP Financial Measures"

Free Cash Flow accretion is a non-GAAP measure. See slide 1 under "Non-GAAP Financial Measures"

Net leverage is a non-GAAP measure. See slide 1 under "Non-GAAP Financial Measures"

Leading bill payment and customer communications platform serving enterprise clients across North America

Company & Financial Highlights(1) Vertical Expertise

~$49mm

Adj. EBITDA

~$239mm

Revenue

250+

Clients

~40%

of Households in U.S. and Canada

UTILITIES

GOVERNMENT

AUTO FINANCE

INSURANCE

HQ in Mississauga, Canada with regional hubs in the

U.S. for communication services & operational support

10+ year average customer tenure with top clients

HEALTHCARE

OTHER ADJACENT VERTICALS

Diversified Product Offering

Product offering consists of an embedded technology platform serving all verticals

Alerts & Preference Management

Business Intelligence & Insights

Billing & Payment

Mapping & Communication Services

1) Financial and business metrics as of and for the year ended December 31, 2025

REPAY to become one of the

largest bill payment providers in the U.S. processing over ~$130Bn of combined 2025 Annual Payment Volume…

Combined Mix(1)

… while further diversifying our payment expertise across 18+ attractive verticals

Utilities & Government

2025 COMBINED REVENUE(1)

~$548mm

Auto Finance

2025 COMBINED ADJ. EBITDA(1)(2)

~$178mm

~32% MARGIN(1)

Personal Finance

Combined

Healthcare

ARM

Diversified Retail & Other (incl. RCS) Mortgage

Financial Institutions

Consumer Payments

~45%

Business Payments

(AP & AR)

KUBRA

~45%

Business Payments

<10%

Note: Financials and business metrics based on combined 2025 excluding synergies

Combined financials based on 2025 excluding synergies. Combined is calculated using REPAY reported plus KUBRA Revenue of approximately $239 million and Adjusted EBITDA of approximately $49 million

Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP financial measures. See slide 1 under "Non-GAAP Financial Measures"

Transaction is expected to be Free Cash Flow accretive(1) by 25% in 2028

Estimated Run-Rate Savings(2)

Streamline redundant operations, while automating functions to integrate into REPAY's business model

Platform migration leading to identified platform support, maintenance, and related infrastructure cost savings

Scale efficiencies with payment processing improvements

Platform rationalization and reduction in product investments

Optimize tech platforms

$15+ million

$5+ million

Increase penetration into all verticals with a comprehensive end-to-end digital bill pay platform; including bill presentment, communications, payment engine, and core processing

Expand KUBRA's communication services to existing REPAY clients across Consumer Payment verticals

$5+ million

Note: REPAY does not provide quantitative reconciliation of forward-looking, non-GAAP financial measures to the most directly comparable GAAP financial measure because it is difficult to reliably predict or estimate the relevant components without unreasonable effort due to future uncertainties that may potentially have significant impact on such calculations, and providing them may imply a degree of precision that would be confusing or potentially misleading

Free Cash Flow accretion is a non-GAAP financial measure. See slide 1 under "Non-GAAP Financial Measures"

Estimated run-rate synergies by 2028

Appendix

$MM

THREE MONTHS ENDED MARCH 31

CHANGE

2026

AMOUNT

Revenue

$80.8

$77.3

$3.5

Costs of Services

19.3

18.7

0.6

Gross Profit

$61.5

$58.7

$2.9

Operating Expenses(1)

40.6

40.2

0.3

EBITDA

$21.0

$18.4

$2.5

14%

Depreciation and Amortization

25.5

25.3

0.2

Interest (Income)

(0.4)

(1.4)

0.9

69%

Interest Expense

3.8

3.1

0.7

24%

Income Tax Expense (Benefit)

2.0

(0.5)

2.5

Net Income (Loss)

($10.0)

($8.2)

($1.9)

(23%)

Adjusted EBITDA(2)

$34.4

$33.2

$1.2

Adjusted Net Income(3)

$19.4

$20.3

($0.9)

(5%)

Free Cash Flow(4)

$5.4

($8.0)

$13.4

167%

Note: Not meaningful (NM) for comparison

Operating expenses includes SG&A and expenses associated with non-cash impairment loss, the change in fair value of tax receivable liability, change in fair value of contingent consideration, loss on extinguishment of debt, and other income / expenses

See "Adjusted EBITDA Reconciliation" on slide 14 for reconciliation of Adjusted EBITDA to its most comparable GAAP measure

See "Adjusted Net Income Reconciliation" on slide 16 for reconciliation of Adjusted Net Income to its most comparable GAAP measure

See "Free Cash Flow Reconciliation" on slide 17 for reconciliation of Free Cash Flow to its most comparable GAAP measure

$MM

2026

2025

Net Income (Loss) ($10.0) ($8.2)

Interest (Income) (0.4) (1.4)

Interest Expense 3.8 3.1

(1)

Reflects amortization of client relationships, non-compete agreement, software, and channel relationship intangibles acquired through the business combination with Thunder Bridge, and client relationships, non-compete agreement, and software intangibles acquired through REPAY's acquisitions of TriSource Solutions, APS Payments, Ventanex, cPayPlus, CPS Payments, BillingTree, Kontrol Payables and Payix. This adjustment excludes the amortization of other intangible assets which were acquired in the regular course of business, such as capitalized internally developed software and purchased software.

Reflects the changes in management's estimates of the fair value of the liability relating to the Tax Receivable Agreement.

Represents compensation expense associated with equity compensation plans.

Primarily consists of professional service fees incurred in connection with prior transactions.

Depreciation and Amortization

25.5 25.3

Reflects costs associated with reorganization of operations, consulting fees related to processing services and other operational improvements, including restructuring and integration activities related to acquired

Income Tax Expense (Benefit) 2.0 (0.5)

EBITDA $21.0 $18.4

Non-cash change in fair value of assets and liabilities(2) 4.6 3.0

Share-based compensation expense(3) 5.0 6.0

Transaction expenses(4) 0.3 0.8

Restructuring and other strategic initiative costs(5) 1.9 3.5

Other non-recurring charges(6) 1.7 1.4

Adjusted EBITDA $34.4 $33.2

businesses, that were not in the ordinary course.

Reflects franchise taxes and other non-income based taxes, non-recurring legal and other litigation expenses and payments made to third-parties in connection with our IT security and personnel.

$MM

FY 2025

FY 2024

Net Income (Loss) ($271.1) ($10.3)

Interest (Income) (4.1) (6.0)

Interest Expense 13.9 7.9

Depreciation and Amortization(1) 102.0 103.7

Income Tax Expense (Benefit) (5.9) (0.6)

Reflects non-cash goodwill impairment loss primarily related to the Consumer Payments segment and non-cash impairment loss related to operating lease ROU assets.

Reflects a gain on the repurchase of 2026 Notes principal, net of a write-off of debt issuance costs relating to the repurchased principal.

Reflects the changes in management's estimates of the fair value of the liability relating to the Tax Receivable Agreement.

Represents compensation expense associated with equity compensation plans.

EBITDA

($165.0)

$94.7

Non-cash impairment loss (2)

242.7

Gain on extinguishment of debt(3)

(1.4)

(13.1)

Non-cash change in fair value of assets and liabilities(4)

13.5

14.5

Share-based compensation expense(5)

19.0

25.2

Transaction expenses(6)

1.7

2.3

Restructuring and other strategic initiative costs(7)

10.1

12.5

Other non-recurring charges(8)

7.9

4.7

Adjusted EBITDA

$128.6

$140.8

Primarily consists of professional service fees incurred in connection with prior transactions.

For the year ended December 31, 2025, reflects franchise taxes and other non-income based taxes, non-recurring legal and other litigation expenses and payments made to third-parties in connection with our IT security and personnel. For the year ended December 31, 2024, reflects one-time processing settlements, franchise taxes and other non-income based taxes, non-recurring legal and other litigation expenses and payments made to third-parties in connection with our IT security and personnel.

($MM)

Q1 2026

Q1 2025

Net Income (Loss)

($10.0)

($8.2)

Amortization of acquisition-related intangibles(1)

19.8

19.3

Non-cash change in fair value of assets and liabilities(2)

4.6

3.0

Share-based compensation expense(3)

5.0

6.0

Transaction expenses(4)

0.3

0.8

Restructuring and other strategic initiative costs(5)

1.9

3.5

Other non-recurring charges(6)

1.7

1.4

Non-cash interest expense(7)

0.6

0.8

Pro forma taxes at effective rate(8)

(4.3)

(6.4)

Adjusted Net Income

$19.4

$20.3

Reflects the changes in management's estimates of the fair value of the liability relating to the Tax

Receivable Agreement.

Represents compensation expense associated with equity compensation plans.

Primarily consists of professional service fees incurred in connection with prior transactions.

Reflects franchise taxes and other non-income based taxes, non-recurring legal and other litigation expenses and payments made to third-parties in connection with our IT security and personnel.

Represents amortization of non-cash deferred debt issuance costs.

Represents pro forma income tax adjustment effect associated with items adjusted above.

$MM

2021

2022

2023

2024

2025

2026

Net Cash provided by $4.8

$12.1

$14.6

$21.8

$13.8

$13.3

$25.3

$21.8

$20.8

$20.0

$28.0

$34.9

$24.8

$31.0

$60.1

$34.3

$2.5

$33.1

$32.2

$23.3

$16.8

Cash paid for property

and equipment (0.6)

Cash paid for capitalized

(1) (4.6)

(0.3)

(5.2)

(0.9)

(5.2)

(0.9)

(5.7)

(0.6)

(7.0)

(1.3)

(5.1)

(0.8)

(8.7)

(0.6)

(7.4)

(0.5)

(13.2)

0.4

(10.4)

(0.9)

(13.1)

(0.2)

(12.9)

(0.1)

(11.0)

(0.5)

(11.2)

(0.2)

(11.0)

(0.2)

(10.6)

(0.1)

(10.4)

0.1

(10.5)

(0.1)

(11.3)

(0.1)

(9.5)

(0.1)

(11.3)

Total capital expenditures

(5.2)

(5.5)

(6.1)

(6.7)

(7.6)

(6.3)

(9.5)

(7.9)

(13.7)

(10.0)

(14.0)

(13.1)

(11.1)

(11.7)

(11.2)

(10.8)

(10.5)

(11.4)

(9.5)

(11.4)

Free Cash Flow

($0.4)

$6.6

$8.5

$15.2

$6.2

$7.0

$15.9

$13.9

$7.1

$10.0

$13.9

$21.8

$13.7

$19.3

$48.8

$23.5

($8.0)

$22.6

$20.8

$13.8

$5.4

Adjusted EBITDA

$20.5

$20.4

$24.5

$27.8

$29.3

$27.6

$31.7

$35.9

$30.9

$30.3

$31.9

$33.5

$35.5

$33.7

$35.1

$36.5

$33.2

$31.8

$31.2

$32.4

$34.4

Free Cash Flow Conversion(2)

(2%)

32%

35%

54%

21%

25%

50%

39%

23%

33%

44%

65%

38%

57%

139%

64%

(24%)

71%

67%

43%

16%

Operating Activities

Capital expenditures

software development costs

$MM

Full Year

2022

2023

2024

2025

Net Cash provided by Operating Activities

Capital expenditures Cash paid for property and equipment

Cash paid for capitalized software development costs (1)

$74.2

(3.2)

(33.6)

$103.6

(0.7)

(50.1)

$150.1

(1.0)

(43.9)

$91.1

(0.3)

(41.7)

Total capital expenditures

(36.8)

(50.8)

(44.9)

(42.0)

Free Cash Flow

$37.4

$52.8

$105.2

$49.1

Adjusted EBITDA

$124.5

$126.8

$140.8

$128.6

Free Cash Flow Conversion(2)

30%

42%

75%

38%

Historical periods beginning Q3 2023 reflect cash paid for intangibles assets that exclude acquisition costs that are capitalized as channel relationships

Represents Free Cash Flow / Adjusted EBITDA

$MM

Q1 2026

Q1 2025

Acquisition-related intangibles

$19.8

$19.3

Software

5.5

Amortization

$25.3

$24.8

Depreciation

0.2

0.5

Total Depreciation and Amortization

$25.5

$25.3

Note Adjusted Net Income is adjusted to exclude amortization of all acquisition-related intangibles as such amounts are inconsistent in amount and frequency and are significantly impacted by the timing and/or size of acquisitions (see corresponding adjustments in the reconciliation of net income to Adjusted Net Income presented above). Management believes that the adjustment of acquisition-related intangible amortization supplements GAAP financial measures because it allows for greater comparability of operating performance. Although REPAY excludes amortization from acquisition-related intangibles from its non-GAAP expenses, management believes that it is important for investors to understand that such intangibles were recorded as part of purchase accounting and contribute to revenue generation. Amortization of intangibles that relate to past acquisitions will recur in future periods until such intangibles have been fully amortized. Any future acquisitions may result in the amortization of additional intangibles

$MM

Q1 2026

Consumer Payments

Business Payments

Total Company

Revenue Growth

18%

Political Media contribution / (impact)

n/a

<1%

Revenue Growth, excl. political media 4% 14% 4%

Disclaimer

Repay Holdings Corporation published this content on May 02, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on May 04, 2026 at 21:01 UTC.