Fiserv, Inc.

Q3 performance & near-term outlook (overall “in line”, revenue trough past) - Adjusted Q3 revenue: $4.85B (-1% YoY); organic revenue flat YoY, within guidance. - Adjusted operating income: $1.5B, adjusted operating margin 31.2%; adjusted EPS $1.75. - Free cash flow: $679M in Q3; ~71% YTD conversion (company targets ~90% for full-year). - 2026 guidance reaffirmed: adjusted revenue down 1.5% to down 0.5%; organic revenue -1% to flat. - Q4 expectation: organic revenue growth for both segments in line with medium-term targets; merchant + financial solutions momentum as prior nonrecurring comps normalize.

Segment results: stabilization in Financial Solutions; Merchant improving as nonrecurring revenue normalizes - Merchant Solutions (Q3): adjusted revenue -3% (-2% organic). - Small Business revenue -2% adjusted / -1% organic; impacted by Argentina anticipation + hardware headwinds; Clover GPV strength partially offsets. - Clover: processing revenue +12% driven by GPV; Clover Q4 expected to return to double-digit revenue growth as last year’s higher nonrecurring revenue fades. - Enterprise: adjusted/organic revenue -3% (largest impact from prior-year nonrecurring). - Processing: adjusted/organic revenue -7%. - Financial Solutions (Q3): adjusted revenue flat, with divestitures headwind ~200 bps; organic +2%. - Digital Payments (Q3): adjusted -3% (managed ATM divestiture ~300 bps headwind); organic flat; debit/network transactions +4% with Zelle +20%; bill pay still pressured. - Issuing (Q3): adjusted +5%, organic +7% (student loan servicing divestiture ~amplified headwind removed); growth supported by go-lives and implementations. - Banking: adjusted -3% / organic -5%, but attrition improving (see next bullet).

Banking “good news”: attrition improving faster than reported financials (recovery timing ~9–12 months) - Management says bank core attrition peaked; client sentiment improving due to service + technology stability investments. - Metrics cited: - Attrition down 17% (on revenue basis); client wins up >50%. - Client impacting incidents improving: 75% YoY reduction; platforms target “five 9s” uptime. - Timing guidance from Paul Todd: banking improvement should flow through over ~9–12 months, with back half of next year as the point where banking trend moves toward Investor Day expectations (low single-digit growth for the segment).