Visa Inc - Ordinary Shares - Class A

Strong Q3 headline performance (good): Fiscal Q3 net revenue up 14% YoY to $11.6B; EPS up 11% YoY and both ahead of expectations. Quarterly payments volume +10% YoY in constant dollars (first time crossing $4T in Visa history) and process transactions +10% YoY to 72B, reflecting resilient consumer spending.

Growth drivers across the platform (good): - Consumer payments: US payment volume +10% YoY (growth rate “not seen since fiscal 39” excluding post-COVID), with credit +11% YoY and debit +9% YoY; both discretionary and non-discretionary spend remain strong. - International/cross-border: cross-border volume (ex intra-Europe) +12% YoY; e-commerce +16% YoY, travel +10% YoY. - Commercial & money movement: commercial and money movement solutions revenue +17% YoY (commercial payment volume +13% YoY), Visa Direct +21% YoY.

Value-added services surge + operating guidance (good, plus the key forecast): Value-added services revenue +34% YoY in constant dollars to $3.8B (driven by underlying demand—incl. FIFA/marketing—plus pricing and Pismo acquisition; also higher utilization of network products). Company also highlighted AI-enabled velocity (agentic tooling) and more than 150 AI-powered applications with 300+ major product releases over 12 months. - Q4 outlook (adjusted growth basis): expects net revenue growth high end of low double digits, operating expense growth low double digits, EPS growth low end of mid-teens (non-GAAP nominal assumptions include Pismo/Newpay contributions). - Full-year outlook: net revenue growth now low end of low teens; operating expense growth low end of low teens; EPS growth low end of mid-teens.