PAYO

• Strong, accelerating results across major KPIs in Q1 with revenue X interest accelerated and B2B volume growth more than doubled sequentially. - Confident in exiting 2026 at mid-teens growth rate. - B2B growth engine with 44% volume growth in Q1, more than doubling from Q4, driven by acquisition and onboarding of high-quality SMB and SME customers. - Momentum across regions and use cases with SMB selling on marketplaces revenue growth, new marketplace volume in China doubling year over year. - Disciplined approach to implementing agentic AI with piloting in customer support and leveraging AI-driven insights. - Investing in stablecoin capabilities with launched wallet capabilities and live in market, regulatory maturity positioning well. - Application to establish uninsured National Trust Bank in US strengthening position with many businesses signed up for wait list.

• Expect total revenue between 1.1 and 1.14 billion, including interest income of $200 million and $900 to $940 million of revenue excluding interest income. - Increase expectations for interest income by $10 million. - Increase guidance for total adjusted EBITDA to between 285 and 295 million. - Confident in accelerating growth to exit year at mid-teens rate and more than double Core Adjusted EBITDA to $90 million at midpoint.

Revenue excluding interest income grew 11% year over year. Total volume grew 16%, exceeding $22 billion, with B2B volume up 44%. ARPU growth accelerated with seventh consecutive quarter of 20% plus growth. Adjusted EBITDA was $69 million, representing a 27% margin. Customer funds held by Payoneer increased 15% year over year to $7.6 billion. Revenue from SMB selling on marketplaces continues to grow, driven by accelerating double-digit growth in APEC and EMEA. B2B volume growth in China is a key strategic pillar with multi-trillion dollar opportunity. Stablecoin wallet capabilities launched and live in market with initial cohort of customers. Application to establish uninsured National Trust Bank in US announced in February, with thousands of businesses signed up for wait list, 80% being net new customers.

Q: On FOLIA guidance, talk about underlying assumptions in macro and customer sentiment, and phasing of growth across segments.

A: Overall macro context consistent with industry trends, improving marketplace trends, robust B2B performance with over 40% volume growth, improving checkout with migration to Stripe complete and better than anticipated. Marketplace business expecting mid-single-digit volume growth with revenue in line and accelerating in back half. B2B business expecting more than 30% year-over-year volume growth through rest of year. Checkout business expecting flat to modest single-digit growth in volume.

Q: Frame margins on core business as business mix changes.

A: Pleased with Q1 performance, accelerating growth gives conviction for mid-teens core revenue exit, nice margin expansion even with mix shifts, transaction profit margin dynamics improving, adjusted OPEX up mid-single digits, AI deployment expected to unlock meaningful leverage.

Q: Talk about potential take rate in China market as business evolves into higher take rate products.

A: B2B growth in China predominantly goods business vs service-oriented rest, lower take rate overall but still take rate accretive to overall portfolio, adding capabilities and features to grow in measured way.

Q: Provide additional color on what drove 44% year-over-year growth in B2B volume and opportunity there.

A: Strong momentum in B2B, larger customers in China turning to Payoneer for global exports, services businesses choosing Payoneer as multi-currency wallet, migration to full financial stack offerings, strong usage of AP products, workforce management business strong, expect B2B volume growth for rest of year at least 30%, B2B now a third of total volume with $10 trillion opportunity.

Q: Talk about markets overperformed and underperformed in 1Q and trends in second quarter.

A: All B2B markets had blistering results, China, APAC, EMEA strong, Latin America solid growth, doing better than anticipated in China and intend to continue.

Q: Provide more color on checkout migration to Stripe going better than expected.

A: Migration of product to Stripe solution performed better than anticipated, transitioned more than 90% of portfolio more quickly, solution works for customers with best-in-class features, seeing higher uptake of features.

Q: Talk about timing dynamics of pricing initiatives and enterprise wins for back half acceleration.

A: Pricing has been lever, some pricing uplift in back half from non-strategic routes, enterprise business not all fully ramped yet with continued momentum expected, wanting additional share of business from marquee clients and adding nice wins.