Visa Inc - Ordinary Shares - Class A

2026 performance strong; broad-based top-line momentum - Q4 2026 net revenue: $12.1B, +13% YoY (nominal and constant-dollar in line with expectations). - Full-year 2026 net revenue: $46B, +15% YoY, the strongest net revenue growth in 15+ years (ex post-pandemic/acquisition effects). - Growth engines: - CMS revenue: +19% (constant dollars) - VAS revenue: +30% (constant dollars) - VAS + CMS together: >40% of total net revenue - Volumes/throughput: payments volume +9% in constant dollars; cross-border +12% (excluding intra-Europe). Processed transactions: 281B, +9% YoY. Visa Direct: 15B+ transactions (~$1.5T payments volume).

2027 outlook: low–double-digit adjusted net revenue growth; EPS low double digits to low teens - Guidance basis: adjusted (non-GAAP), constant dollars, excluding acquisition impacts. - Full-year 2027 adjusted net revenue growth: low double digits (Q2 expected to be the growth low point due to comps). - Operating expense (2027): low double-digit growth, modestly below net revenue growth (aiming to preserve industry-leading margins). - Tax / non-operating expense: tax rate expected ~19% (higher than 2026 due to fewer “claim of right” benefits). Non-operating expense expected $250M–$300M. - Adjusted EPS growth: low double digits to low teens. - Q1 2027 expectations: net revenue growth low double digits, just under ~1 point below Q4 (driven by lack of FIFA-related revenue and pricing). EPS growth expected low end of mid-teens.

Big theme / “good”: tokenized + agentic commerce + onchain payments progress - Management emphasized trust + scale as the enabling platform for next-generation commerce. - Tokenization: >50% of available credentials tokenized (up from ~5 years ago); first tokenized transaction in 200+ countries/territories; >60% of e-commerce transactions tokenized. - Acceptance expansion: ~200M+ seller locations (physical) with major growth in Brazil/Mexico/India; tapping penetration approaching ~85% of face-to-face transactions globally. - Agentic commerce: early-stage but accelerating; “Muse/Instinct” experiences described as a tipping point for real agent-led transactions (still small relative to Visa’s total volumes). - Onchain / blockchain / stablecoins: - Visa Stablecoin Platform now available in multiple countries with 300+ partner pipeline - Stablecoin settlement run rate: >$25B annualized volume, ~10x YoY - Supports 10 blockchains (more than doubling); live across all 5 regions - Products delivered faster: agentic toolchain adoption—>60% of product dev/engineering teams have adopted the new way of working.