Euronet Q2 2025 slides: Record revenue and strategic CoreCard acquisition

Introduction & Market Context

Euronet Worldwide Inc (NASDAQ:EEFT) reported record second-quarter results for 2025, with significant growth across all business segments and a major strategic acquisition announcement. The company’s stock is currently trading at $100.10, up 1.1% following the presentation of these results, reflecting positive market reception to both the financial performance and strategic initiatives.

The payment processing company delivered strong numbers that continued the momentum seen in Q1 2025, when it reported an adjusted EPS of $1.13 against a forecast of $1.09. This quarter’s performance further validates management’s earlier guidance of 12-16% earnings growth for the full year 2025.

Quarterly Performance Highlights

Euronet reported record second-quarter revenue of $1,074.3 million, representing a 9% increase from $986.2 million in Q2 2024, or 6% growth on a constant currency basis. Operating income rose 18% to $158.6 million, while adjusted EBITDA increased 16% to $206.2 million.

As shown in the following financial highlights slide, adjusted earnings per share reached $2.56, up 14% from $2.25 in the same quarter last year:

The company’s performance showed strength across all three business segments. The EFT Processing segment delivered 11% revenue growth, while epay grew by 7%, and Money Transfer increased by 9%. Notably, the Money Transfer segment demonstrated exceptional profitability improvement with operating income surging 39% year-over-year.

The following slide provides a detailed breakdown of segment performance compared to the same quarter last year:

Euronet’s consistent revenue growth trajectory is evident in its 10-year revenue trend for second quarters, showing steady expansion except for the pandemic-related dip in 2020:

Strategic Initiatives

The most significant strategic announcement was Euronet’s agreement to acquire CoreCard (NYSE:CCRD), a leading U.S.-based provider of card management systems. This $248 million acquisition represents a major step in Euronet’s digital transformation journey and expansion into credit card processing.

The following slide outlines the strategic rationale behind the CoreCard acquisition:

CoreCard brings a modern credit card processing platform proven at scale, with marquee clients including Goldman Sachs, American Express (NYSE:AXP), and fintech companies like Cardless and Gemini. The acquisition is expected to be accretive to adjusted EPS, with CoreCard forecasting 2025 revenue of $66.8 million and adjusted EBITDA of $16.1 million.

The company highlighted several benefits of this strategic move:

Beyond the CoreCard acquisition, Euronet announced a multi-year agreement to provide its Ren technology to one of the top three banks in the United States, involving ATM software and transaction switching. The company also acquired a majority stake in Kyodai Remittance, a leading Japanese firm, strengthening its position in the Asian market.

Digital Transformation

Euronet continues to execute on its long-term strategy of shifting from physical ATMs to digital payment solutions. The company reported 29% growth in digital transactions within its Money Transfer segment, with 55% of payouts now going through digital channels. Similarly, 70% of epay transactions are now fully digital.

The company’s revenue mix is projected to shift dramatically over the next decade, with ATM-based revenue declining from 19% of total revenue in 2024 to just 7% by 2034, while digital businesses are expected to account for 93% of revenue:

This transformation aligns with Euronet’s focus on two massive addressable markets: payments and transaction processing (estimated at $1,800 trillion) and cross-border and foreign exchange (estimated at $320 trillion).

Balance Sheet and Financial Position

As of June 30, 2025, Euronet reported $1,329.3 million in unrestricted cash, down slightly from $1,393.6 million at the end of Q1 2025. Total (EPA:TTEF) debt stood at $2,438.1 million, resulting in a total debt to trailing twelve-month adjusted EBITDA multiple of 3.4x and a net debt to adjusted EBITDA multiple of 1.5x, indicating a manageable leverage position.

Forward-Looking Statements

Euronet’s management expressed confidence in the company’s growth trajectory, highlighting a strong pipeline of opportunities across all segments. The company reaffirmed its focus on expanding digital channels and leveraging the CoreCard acquisition to accelerate growth in credit card processing.

The following summary slide captures the key achievements and outlook from Q2 2025:

The company’s strategy emphasizes continued expansion in digital payments, diversification of the EFT segment, and disruption in credit card issuing. With the CoreCard acquisition, Euronet gains a stronger foothold in the U.S. market and enhances its ability to serve fintech companies and banks with modern payment processing solutions.

Euronet’s Q2 2025 results and strategic initiatives demonstrate the company’s successful execution of its digital transformation strategy while delivering strong financial performance across all business segments. The CoreCard acquisition positions the company for accelerated growth in the evolving payments landscape, particularly in credit card processing and digital payment solutions.

Full presentation:

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