Fidelity National Information Services, Inc.

Solid Q2 performance; transformation delivering (good) - Revenue: $3.4B, +5.3% pro forma YoY - Banking: +6.1% (at high end of outlook); Payments +6.4% - Capital Markets: +3.2% (at low end of outlook) - Profitability: Adjusted EBITDA +7.4%, margins +113 bps; Adjusted EPS +8.8% - Cash flow: Free cash flow more than tripled to $525M in the quarter (major execution win)

FY 2026 outlook: Banking reiterated, but Capital Markets reset lower (bad/negative) - Adj. revenue growth guide reduced to ~4.5%–5.0% (from 5.1%–5.7% previously) - Banking outlook reiterated; second-half growth expected to moderate due to less M&A and lower nonrecurring contribution - Capital Markets guide cut to ~3.0%–3.5% (from ~5.5%), driven by: - Lower professional services (impact ~120 bps of the guide reduction) - Slower recurring revenue growth (sales behind plan + slower conversion of backlog) - Management described the miss as operational, not a market demand collapse

Capital Markets challenges explained: two main headwinds + possible strategic actions (bad + risk) - Professional services declined -17% YoY in Q2, falling short due to lower sales and slower backlog conversion - Recurring headwinds: expected conversion timelines and backlog implementation were too optimistic - UBS/Credit Suisse acquisition attrition headwind (~1 percentage point) to 2026 growth concentrated in trading/asset services - Management is “rebasing” the guide and announcing an evaluation of strategic alternatives for select products that may not fit FIS’s profile (investor implication: potential restructuring/sale decisions, but timing/size not disclosed yet)