Jack Henry & Associates, Inc.: 2026 MS Financials Conference Recap – Core & Payments Acceleration in Focus

Research evidence excerpt

Jack Henry & Associates, Inc.: 2026 MS Financials Conference Recap – Core & Payments Acceleration in Focus

d with implied volatility data from the options market as of 10

Jun 2026. All figures are approximate risk-neutral probabilities of the stock reaching beyond the scenario price in either

three-months’ or one-years’ time. View explanation of Options Probabilities methodology here

BULL CASE $253.00 BASE CASE $170.00 BEAR CASE $81.00

30x Bull Case CY26E adjusted diluted EPS 23x Base Case CY27E adjusted diluted EPS 15x Bear Case CY27E adjusted diluted EPS

Outsized multiple expansion vs. legacy Premium to legacy processing peers given Multiple breaches trough levels and begins

processing peers. Assumes sustained high diversification / lack of merchant acquiring. to trend towards slow-growth processing

single-digit / low double-digit revenue Assumes mid-single-digit revenue growth peers. Assumes decelerating revenue

growth given faster than expected growth in and low- to mid-20s operating income growth and margins on the back of

Payments and Complementary specifically, margins through CY27. Our target applies a decreased outsourced technology spend and

along with TAM expansion as the technology 23x multiple to our CY27E Base Case / or a material increase in the competitive

modernization strategy results in meaningful adjusted diluted EPS, which we believe environment. Multiple is close to trough

adoption by larger regional banks. Our appropriately reflects the company's growth levels over the last 10 years, which could be

multiple represents a meaningful premium durability with relative financial warranted if growth materially decelerates

to other incumbent processing peers, which performance vs. peers. and / or recent technology investment