Corpay : Acquisition and Capital Allocation Update Presentation

Acquisition and Capital Allocation Update

June 19, 2024

Corpay Proprietary			1

Safe Harbor Provision	^

This presentation contains forward-looking statements within the meaning of the federal securities laws. Statements that are not historical facts, including statements about Corpay's (formerly known as Fleetcor Technologies) beliefs, assumptions, expectations regarding the expected benefits and timing of the proposed acquisition of GPS Capital Markets LLC and other recently announced transactions and future performance assuming the consummation of such transactions, are forward-looking statements. Forward-looking statements can be identified by the use of words such as "anticipate," "intend," "believe," "estimate," "plan," "seek," "project" or "expect," "may," "will," "would," "could" or "should," the negative of these terms or other comparable terminology. These forward-looking statements are not a guarantee of performance, and you should not place undue reliance on such statements. We have based these forward- looking statements largely on preliminary information, internal estimates and management assumptions, expectations and plans about future conditions, events and results. Forward-looking statements are subject to many uncertainties and other variable circumstances, such as Corpay's ability to obtain regulatory approval and meet other closing conditions to the proposed transaction (or other recently announced transactions), potential adverse reactions or changes to business relationships resulting from the announcement, pendency or inability to complete the proposed transaction (or other recently announced transactions) on the expected timeframe or at all; Corpay's inability to realize the expected benefits of the propose transaction and other recently announced transactions, as well as the other risks and uncertainties identified under the caption "Risk Factors" in Corpay's Annual Report on Form 10-K for the year ended December 31, 2023 filed with the Securities and Exchange Commission ("SEC") on February 29, 2024 and subsequent filings with the SEC made by us. These factors could cause our actual results and experience to differ materially from any forward-looking statement made herein. The forward-looking statements included in this presentation are made only as of the date hereof and we do not undertake, and specifically disclaim, any obligation to update any such statements as a result of new information, future events or developments, except as specifically stated or to the extent required by law. You may access Corpay's SEC filings for free by visiting the SEC web site at www.sec.gov. This presentation includes non-GAAP financial measures, which are used by the Company as supplemental measures to evaluate its overall operating performance. The Company's definitions of the non-GAAP financial measures used herein may differ from similarly titled measures used by others, including within the Company's industry. By providing these non-GAAP financial measures, together with reconciliations to the most directly comparable GAAP financial measures, we believe we are enhancing investors' understanding of our business and our results of operations, as well as assisting investors in evaluating how well we are executing strategic initiatives. See the appendix for additional information regarding these non-GAAP financial measures and a reconciliation to the most directly comparable GAAP measure

Corpay Proprietary and Confidential.

Corpay 2| 2

Corpay Signs Definitive Agreement to Acquire GPS for $725 million …	^
… a high-quality,USA-based, B2B cross-border business.

Description

+1,250 Upper Middle Market Customers

Revenue ~75% USA

(+ Canada, UK, EU, Australia)

>130 Sales & Marketing professionals

Expected Close: January 1, 2025

FY24 Financials (estimated): ~$100M in

revenue, mid 40% EBITDA margin

Acquisition Thesis

Attractive core business

~19% revenue CAGR since '16, profitable

Roster of blue-chip USA accounts

High quality, long tenure

Team of exceptional FX specialists

Long tenured FX experts

Market leading FX netting technology

New sales enabler, high retention

Revenue & profit synergies

Corpay capabilities and further investment

Corpay |3 3

Paymerang Expected to Close July 1st		^
Corpay is expecting to close the transaction on July 1 2024. As a reminder,
Paymerang is a payments automation company focused on four large verticals.
Description			Acquisition Thesis

Attractive core business

20%+ annual revenue growth, profitable

250,000+ Vendors in Paymerang

Payments Network

+1,300 Middle Market Customers

Client Referral Base in Education,

Healthcare, Hospitality, Manufacturing

100+ Accounting / ERP Integrations,

25+ Referral Partnerships

Expected Close: July 1, 2024

FY24 Financials (estimated): ~$50M in revenue, profitable

Scale four new verticals

Corpay TAM expansion and long-term growth

Expands Vendor Network

Distinct Network of 250k+ vendors

Revenue & profit synergies

Corpay capabilities and further investment

Corpay |4 4

Acquisitions Improve Customer Value-Prop Across Corporate Payments ^

Both acquisitions will be accretive in 2025 … and are expected to increase existing Corporate Payments revenue by ~15%.

Preliminary '25E Revenue Estimate

Expecting a Corporate Payments business approaching ~$2 Billion in revenue in 2026

(*) Calculated at the midpoint	Corpay |5	5

2024 Capital Allocation	^
Executing on Corpay's highest priority capital allocation goals: Corporate
Payments acquisitions and buybacks

Capital Allocation

2024 Sources of Capital

~$3.0 billion

• ~$1.4 billion cash net income
• ~$1.4 billion revolver capacity
• ~$0.2 billion Vehicle Payments divestiture
• Opportunity to upsize credit facility if attractive M&A targets identified in 2025

2024 Uses of Capital

Expect to deploy ~$2.1 billion

• ~$900 million on share repurchases (YTD**)
• ~$475 million Paymerang (7/1/24 close)
• ~$725 million GPS (1/1/25 close likely)

Leverage Ratio (x)*

2.7

2.4

1Q24	Pro Forma for
	Acquisitions

(*) Calculated in accordance with the terms of our Credit Facility. Excludes borrowings under Securitization Facility. Pro Forma for Acquisitions estimated as of	Corpay |6 6
4Q24 (**) As of 6/18/2024

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