Western Union J.P. Morgan TMC Conference Takeaways

Research evidence excerpt

Western Union J.P. Morgan TMC Conference Takeaways

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

20 May 2026

Western Union Underweight

WU, WU US

J.P. Morgan TMC Conference Takeaways Price (19 May 26):$8.33

Payments, Processors & IT Services

We hosted Western Union (WU) CEO, Devin McGranahan, today at our TMC Tien-tsin Huang, CFA AC

Conference and the discussion centered on macro stabilization in the Americas, (1-212) 622-6632

retail execution and distribution, and the company’s evolving mix shift toward tien-tsin.huang@jpmorgan.com

digital, VAS, and digital assets. The key takeaways were: 1) WU is seeing early Puneet Jain

signs of stabilization in key corridors after elevated political and macro pressure (1-212) 622-1436

over the past year, with 1Q evidence of improving trends in Mexico and parts of puneet.x.jain@jpmorgan.com

Central and South America, 2) management is executing a multi-pronged pivot to Abbey Hochreiner

improve resiliency, rebuilding retail distribution, accelerating cost actions, and (1-212) 270-5798

abbey.hochreiner@jpmchase.com

adding optionality via stablecoins and stablecards. Detailed takeaways below. J.P. Morgan Securities LLC

• Macro Update.While the Americas has been under pressure since the 2024

elections, the tone today was more constructive and consistent w/ 1Q call,

citing moderating conditions and promising signs in consumer behavior. The

environment was described as stable at a moderately elevated level, with a

return to small amounts of growth. 1Q showed stabilization in Mexico,

Guatemala, Nicaragua, and Colombia. Migrants still need to send money

home, and WU remains positive on the long-term demand backdrop. Talent

mobility, including within the US, remains a structural driver.

• Cash Remittance Tax.