Fiserv, Inc. J.P. Morgan TMC Conference Takeaways

Research evidence excerpt

Fiserv, Inc. J.P. Morgan TMC Conference Takeaways

J P M O R G A N North America Equity Research

19 May 2026

Fiserv, Inc. Neutral

FISV, FISV US

J.P. Morgan TMC Conference Takeaways Price (19 May 26):$56.03

Payments, Processors & IT Services

Tien-tsin Huang, CFA AC

(1-212) 622-6632

tien-tsin.huang@jpmorgan.com

Connor Allen

(1-212) 270-2895

connor.allen@jpmorgan.com

Today we hosted Fiserv CEO Mike Lyons at our TMC Conference in Boston. Tone

Abbey Hochreiner

was constructive and execution-oriented, similar to Fiserv’s Investor Day last

(1-212) 270-5798

week, with Lyons emphasizing the “One Fiserv” action plan to return to steady abbey.hochreiner@jpmchase.com

compounding, the building blocks behind a 2H acceleration and Fiserv rebuilding J.P. Morgan Securities LLC

its operating model from a position of strength across both Merchant and Financial

Solutions. Key takeaways from our conversation below:

• One Fiserv. Lyons doubled down on the message that Fiserv can return to

being a steady compounder by improving client outcomes and retention while

making its platforms easier to adopt, driving higher attach and ARPC over

time. He described how Fiserv is operating from a position of strength,

supporting two large TAMs (banks and merchants) with customers in each that

are looking for tools and services to manage through a volatile environment,

creating opportunity for Fiserv.

• Merchant. Lyons reiterated Clover as a core growth engine in Merchant and

remained confident in the medium-term framework (including 15–20% Clover

revenue growth) while emphasizing the operational levers to get there

including distribution expansion, partner channels, international, and VAS

attach. Beyond Clover, Lyons articulated Fiserv’s strength in card-present