Bauch's Bullets

Research evidence excerpt

Bauch's Bullets

June 5, 2026 | 16:04 ET~

Payments, Processors, & FinTech

Bauch's Bullets Payments, Processors, & FinTech

Andrew Bauch, CFA, CPA Analyst

andrew.bauch@bmo.com (929) 594-1731

Conan Leon VP Associate

Bottom Line: conan.leon@bmo.com (212) 671-8003

This week, we marketed in Miami, caught up with select management teams, and Andrew Estes Associate

tracked company updates from peer conferences. Next week, we will be marketing in andrew.estes@bmo.com (646) 438-3717

NYC and catching up with management teams ahead of C2Q quiet period. Legal Entity: BMO Capital Markets Corp.

Bauch's Bullets is our weekly unpacking of the week that was in Fintech, and a source

for activities/events for our team in the week ahead. Global X Fintech ETF

Key Points 35

700 • Back in the Red – Following consecutive weeks in the green, our names saw a 30 900 600

pullback this week, more than offsetting the previous two-week gains. Overall, 25 500400

our names underperformed the market by 5ppt (average down 7%), with the 200100

20 0

most notable underperformance from AFRM (-14%), FOUR (-14%), ADYEN Dec Jun Dec Jun

LHS: Price / RHS: Volume (k) Source: FactSet

(-13%), GPN (-12%), and KLAR/XYZ (both -10%) vs. the S&P -2%, QQQ -3% and

FINX -10%. Notably, GLBE (+5%) was the only name in our coverage in the

green, with V/MA essentially flat. Based on our conversations with investors

and our trading desk, this weakness was driven by a combination of a broader

semis/AI selloff; 2H implications on likely extended Iran conflict resolution;

and factor-driven moves.

• Iran Conflict & Macro Fears – In respect to our coverage, given the sensitivity to

consumer spend, investors showed increasing uncertainty on 2H fundamentals

versus many hockey-stick guides across our coverage (FISV, FOUR, GPN, MA,

etc.).