Global Payments, Inc.

Strong Q2 performance; “durable model” despite travel headwind - Adjusted net revenue: $3.16B, +4% normalized (excluding dispositions). - Adjusted operating margin: +70 bps normalized, driven by scale + execution. - Adjusted EPS: $3.46, +12%. - Key drag: ~100 bps headwind from Middle East conflict impacting the travel portfolio (also mentioned as slightly worse than prior expectations).

Worldpay integration progressing with clear structural/tech milestones - Completed operating model design and established full leadership structure. - Defined target architecture to consolidate platforms and reduce infrastructure complexity (aimed at improving operating leverage over time). - Aligned go-to-market into 3 operating segments: SMB, Enterprise, Platforms. - Management expects integration cost savings to help margins more meaningfully in 2H.

Genius (AI-powered restaurant POS) momentum—opportunity, but still not huge today - SMB Genius rollout accelerating: new Genius locations +50% YoY and ~25% sequentially (Q2 vs Q1). - Genius bookings up >25% sequentially; new customer yields +75% YoY (clients “willing to pay” for value). - Product upgrades: AI handheld (Edge AI + local model to reduce latency; voice ordering), and Genius AI reporting (agentic/natural-language insights). - Examples: Desjardins (Canada) selling Genius; U.S. rollout enabling FI partners starting Q4 with first ~30 largest bank partners. - Contribution caveat: Genius revenue is described as “relatively modest today”—expect yield improvement over time, but near-term SMB revenue growth likely close to volume growth.