Fiserv, Inc.

Q3 performance & full-year outlook largely on track - Total company Q3 adjusted revenue: $4.85B, down 1% YoY (organic flat YoY), within company guidance. - Adjusted operating margin: 31.2% (Q3 adjusted operating income $1.5B); Adjusted EPS: $1.75. - Free cash flow: $679M in Q3; ~71% conversion YTD, targeting ~90% for the full year. - 2026 guidance reaffirmed: adjusted revenue down 1.5% to 0.5% (organic -1% to flat). Q4 expected to deliver organic growth aligned with medium-term targets.

Merchant segment: improvement expected as prior-year comparisons normalize, but near-term pressure remains - Merchant Q3 adjusted revenue: -3% YoY, organic -2%. - Clover: Q3 GPV +9% reported / +11% ex-gateway conversion; management expects Clover to return to double-digit revenue growth in Q4 as higher nonrecurring comps fade. - Clover outlook (full year): mid-single-digit revenue growth; Clover GPV guidance remains 10%–15% ex-gateway conversion. - Argentina headwind: management called this a peak headwind in Q3 from revenue “flow-through” dynamics; expected to abate going forward, but not to become a near-term growth tailwind.

Financial Solutions & Banking: stabilization improving; recovery expected with a lag - Financial Solutions Q3 adjusted revenue: flat YoY (divestiture headwind ~200 bps); organic +2%. - Digital Payments: organic flat; transactions +4% driven by debit processing/network; bill pay remains a headwind. - Issuing Q3: organic +7% (deal/divestiture effects aside), supported by ramp of implemented wins and pipeline confidence. - Core banking attrition turning: CEO cited revenue attrition down ~17% (and client attrition improving), with client wins up >50% YoY; improvement expected to flow into revenue in ~9–12 months (i.e., back half of next year trending toward their Investor Day range).