HighGravityDataShift4 Payments — Feb 26, 2026 release
Fiscal 2025 fourth-quarter results · 8-K Item 2.02 · Exhibit 99.1 · 0001794669-26-000006
Showing in the filing
Effective tax rate
“26%”
Period
FY2026
Measure
GAAP-tied
Source
Guidance table
All guidance in this release · 17
Gross revenue less network fee growth for FY2026
“26%-31%”
Payments-based revenue less network fee grow… for FY2026
“mid-teen”
TFS revenue growth for FY2026
“mid-single-digit growth”
Subscription and other revenue growth for FY2026
“low-single-digit growth”
Adjusted Free Cash Flow for FY2026
“+35% Adj. FCF Conversion”
Gross Revenue Less Network Fees for Q1 FY2026
“~$548 Million”
Adjusted EBITDA for Q1 FY2026
“~$233 Million”
Adjusted FCF Conversion for FY2026
“42%”
Adjusted Free Cash Flow for Q1 FY2026
“~$70 Million”
Adjusted FCF Conversion for Q1 FY2026
“30%”
Effective tax rate for FY2026
“26%”
Net Payments-Based Revenue share of GRLNF gr… for FY2026
“~60%”
Tax-Free Shopping share of GRLNF growth for FY2026
“~40%”
Tax-Free Shopping growth (pro forma) for FY2026
“MSD”
Blended spreads for FY2026
“60bps+”
Payments-Based Revenue Less Network Fees gro… for FY2026
“high 20s %”
Incremental ROIC (Global Blue integration) for FY2027
“~40%”
Exhibit 99.1 · the passage around this item
… earlier in the release
FCF Conversion Q1 2026 $540 Million $555 Million TO +XX% YoY +XX% YoY Q1 2026 $235 Million $240 Million TO +XX% YoY +XX% YoY Q1 2026 $235 Million $240 Million TO +XX% YoY +XX% YoY @justine fix formatting to look less ugly sorry!!! TO footnote B: "XX% adj. FCF conversion" FY 2026 Assumes a 26% effective tax rate. (B) growth rates 6% to 10% $240 Billion $260 Billion TO FY 2026 +15% YoY +24% YoY +6% YoY +10% YoY (B)
We maintain a steady merchant volume backlog of $32B+ Foundational building blocks of our durable growth 2026 Guidance Review 1 3 13 $1,981 "Our blended spreads in Q2 were 63bps" [graphic] KEEP Increased Volume and Improved Diversity Scaling and diversifying overlaying bar chart showing the GRLNF and EBITDA contribution from GB Move Up Market Average size of merchant based on volume is 363% of 2021 levels. bar chart depicting our GRLNF diversification GRLNF BRIDGE - WIP remove Stable Spreads Despite Moving Up Market and Going International Full Year 2025 blended spreads were stable at 61bps Our blended spreads in Q4 were 57ps "Consistent Volume Backlog of $XXB+" 2026 Adj. FCF Bridge 1Q26 Adj. FCF Bridge and we maintain a steady merchant volume backlog of $32B+ Merchant volume backlog of $32B+ @ justine update charts - sent snips (and see what you can do with these bullets....eek 2026 GRLNF Growth Algorithm Bullets for off to the right side or underneath if you can: -Net Payments-Based Revenue: expected to account for ~60% of GRLNF growth in 202
later in the release …
the item shown at left
other guidance in this release
Text is the filed exhibit, verbatim.