Euronet Worldwide (NASDAQ:EEFT) used its 2026 Investor Day to reposition its business as a global payments platform built around shared technology, cross-segment distribution and digital growth initiatives, while management laid out a multi-year outlook calling for continued earnings growth and margin expansion.
Co-founder, Chairman and CEO Mike Brown said the company’s core function remains “move value from point A to point B,” but emphasized that Euronet is no longer primarily defined by its ATM roots. Brown said the company has evolved from three divisions with single use cases into a broader payments network with multiple products in each segment.
“We’re not an ATM company, and we’re not a conglomerate,” Brown said. “A conglomerate are several businesses that share a balance sheet. We share infrastructure and customers.”
The company described its three operating segments as payments infrastructure, epay and cross-border payments. Brown said cross-border payments accounts for 42% of consolidated revenue, payments infrastructure accounts for 30% and epay accounts for 28%. Geographically, he said 59% of revenue comes from Europe, 25% from the U.S., 12% from Asia and 4% from the rest of the world.
Management Highlights Shared Technology Platform
Chief Technology Officer Martin Brückner said about 70% of transactions on Euronet’s global platform last year were digital products moving through digital channels. He said the platform handled 20.3 billion transactions in 2025, up from 7.6 billion in 2021, and supported $209 billion in annual volume.
Brückner said the company’s Ren platform connects customers through APIs and other payment protocols, while integrating external networks such as wallets, real-time payment rails, card schemes, content providers and banking partners. He said the architecture allows products in one segment to use integrations built for another.
“Euronet is not an ATM company branching into digital,” Brückner said. “Euronet is a payments platform that also happens to be world’s largest independent ATM network.”
Brückner also discussed recent technology-related acquisitions, including Infinitium for payment authentication, CoreCard for credit issuing and processing, and PaynoPain, a Spanish fintech expected to close in the third quarter. He said the company is using artificial intelligence across engineering, fraud detection, compliance, ATM cash management, customer support and product development.
Payments Infrastructure Segment Emphasizes Processing and Merchant Services
Nikos Fountas, EVP and CEO of EFT Europe, Middle East and Africa, said Euronet renamed its EFT segment to payments infrastructure to better reflect the business. He said the segment operates across 69 countries, processes more than $114 billion in transaction volume and generates more than $1.3 billion in revenue.
Fountas said ATMs represented about 90% of segment revenue before COVID but now account for about 60%, with payment processing and merchant services serving as growth accelerators. He said Euronet has secured agreements with Bank of America, Santander Bank, UniCredit, Swedbank, Standard Chartered Bank and fintechs globally.
Himanshu Pujara, managing director of Asia Pacific, said payment processing represents a little over one-fifth of segment revenue and addresses an estimated $34 billion total addressable market. He said the Ren and CoreCard platforms position Euronet to serve banks and fintechs across debit, credit, prepaid, acquiring, instant payments and ATM-as-a-service.
epay Points to Stored Value Network and Gaming Opportunity
Kevin Caponecchi, EVP and CEO of epay, Software and EFT Asia Pacific, said 85% of epay revenue is generated outside the U.S., with Europe the largest region. He said 70% of the gift cards epay sells are for self-use, reflecting consumer preferences in markets where customers may not have credit cards or may avoid using debit cards online.
Caponecchi said epay operates across 66 countries, 749,000 point-of-sale terminals and 352,000 retail locations, with 70% of transactions digital across 400 digital channel partners. Branded payments make up 90% of the segment, while merchant services and solutions account for 6% and 4%, respectively.
Caponecchi also highlighted real-money gaming as a new growth area. He said epay is a technology service provider to partners Marker Trax and Koin, supporting products including Koin Life, Koin Direct, Moolah Play and Moolah Play Digital. He said nine operators are live across three states and 85 operators have signed.
Cross-Border Payments Targets Digital, XE and Dandelion
Juan Bianchi, EVP and CEO of the money transfer segment, said the company’s cross-border business has expanded beyond migrant worker remittances into higher-value consumers, businesses, banks and financial institutions. The segment reaches 200 countries through 12 billion digital account points and 639,000 cash points, he said.
Bianchi said the segment’s accelerators are Ria Digital, Xe and Dandelion, which together represent 21% of cross-border revenue and are growing 24% year over year. He said Ria Digital is live in 29 markets, with first-quarter transactions up 35% and revenue up 42%.
For Xe, Bianchi said Euronet is targeting higher-value consumers and small and medium-sized businesses in a $15 trillion market. He said Xe’s digital corporate revenue grew at a 16% compound annual growth rate from 2023 to 2025, while embedded ERP and API revenue grew at a 92% CAGR over the same period from a smaller base.
Bianchi described Dandelion as a wholesale cross-border payments platform serving banks and financial institutions through one API. He said management expects high double-digit growth for Dandelion over the next five years.
Financial Outlook Calls for EPS Growth and Buybacks
CFO Rick Weller said Euronet has grown revenue at a 12% compound annual rate over the last 20 years and at an 11% rate over the last five years, while adjusted EBITDA grew at a 20% CAGR over the last five years.
For 2026, Weller said Euronet expects revenue of approximately $4.5 billion, EBITDA of approximately $800 million and adjusted earnings per share growth of 10% to 15%. Longer term, he said the company expects mid-single to upper-mid-single-digit revenue growth, upper-single-digit EBITDA growth and a three-year adjusted EPS CAGR of 10% to 15%. At the midpoint, Weller said EPS would be $13.68 in 2028.
Weller said digital accelerator revenue represents 21% of 2025 revenue and has been growing at a three-year CAGR of 20% to 25%. He said Euronet plans to disclose digital accelerator revenue on an aggregate basis going forward.
Weller also said the company expects to use at least one-third of free cash flow for share repurchases, or roughly $125 million to $150 million, while maintaining investment-grade metrics and pursuing strategic acquisitions.
During the question-and-answer session, Brown said the company does not see data supporting expectations that non-accelerator businesses such as ATMs and physical remittances will “fall off the cliff.” He pointed to continued cash usage in Europe and emerging tourist markets, while Bianchi said half of the global remittance market remains in physical channels.
Brown said management’s three-year revenue growth outlook is based only on organic growth, with acquisitions representing potential upside if attractive opportunities emerge.
About Euronet Worldwide (NASDAQ:EEFT)
Euronet Worldwide, Inc is a global financial technology company specializing in electronic payment services and transaction processing. Through its three primary business segments—Electronic Funds Transfer (EFT) Network Services, epay® Prepaid and Payment Services, and Money Transfer—Euronet provides end-to-end solutions that enable secure, efficient and convenient payments for consumers, financial institutions and retailers worldwide.
In its EFT Network Services arm, Euronet operates one of the world's largest ATM and point-of-sale (POS) terminal networks, offering deployment, management and connectivity services.
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