Flywire J.P. Morgan TMC Conference Takeaways; Upgrading to Neutral

Research evidence excerpt

Flywire J.P. Morgan TMC Conference Takeaways; Upgrading to Neutral

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

20 May 2026

Flywire ▲Neutral

Previous: Underweight

J.P. Morgan TMC Conference Takeaways; Upgrading to FLYW, FLYW US

Price (20 May 26):$15.91

Neutral ▲Price Target (Dec-26):$16.00

Prior (Dec-26):$14.00

We are upgrading FLYW shares to Neutral (from UW), leaning more into our Payments, Processors & IT Services

ACpositive bias as management’s sharp execution on re-mixing the business Tien-tsin Huang, CFA

(organically and inorganically) makes FLYW less vulnerable to negative earnings (1-212) 622-6632

revision risk. Moreover, we believe the team has smartly reset expectations with tien-tsin.huang@jpmorgan.com

a better understanding of the political climate, and think estimates exhibit far less Puneet Jain

downside risk relative to a year ago with upside potential from recent deals and (1-212) 622-1436

pipeline. And given recent commentary from our TMC Conference, travel trends puneet.x.jain@jpmorgan.com

remain positive with no notable impact from the Middle East conflict. We Brendan Biles

summarize our takeaways from our fireside chat with CEO Mike Massaro below: (1-212) 270-0880

brendan.biles@jpmorgan.com

• Strategic Update. The strategic review is in the rearview and results have been Abbey Hochreiner

positive, but mgmt is consistently looking for ways to innovate across the (1-212) 270-5798

company. Management described the strategic review as a three-pronged abbey.hochreiner@jpmchase.com

J.P. Morgan Securities LLC

approach in response to industry shifts: streamlining the organization,

optimizing performance, and reinvesting in priority areas. The company

sharpened accountability across geographies and products, improved data Quarterly Forecasts (FYE Dec)