WEX: Pre-2Q26 Catchup Takeaways

Research evidence excerpt

WEX: Pre-2Q26 Catchup Takeaways

Deutsche Bank

Research

Rating Company Date

Hold WEX 11 June 2026

North America Reuters Bloomberg Rating Hold

United States WEX.N WEX US Price target (USD) 160.00 Price at 10 Jun 26 137.35

52-week range 184.93 – 134.02

TMT

Payments, Processors, & IT Valuation & Risks

Services

Pre-2Q26 Catchup Takeaways

Nate Svensson, CFA

Thoughts on AMZN news, travel impact, and Mobility trends Research Analyst

+1-917-547-4768 We caught up with WEX prior to quarter-end to discuss recent trends impacting

the business. On Wednesday, WEX shares were down 7% which may have been Hersh Shintre, CFA

driven by news that AMZN is looking to expand its LTL offering, previously only Research Associate

available to its marketplace sellers for inbound goods, to all businesses through +1-917-459-1162

its Amazon Supply Chain Services offering (link). Based on our conversation with

Paul Tomaszewski WEX, the company does not see this as a concern today as even if AMZN were to Research Associate

capture the entire LTL business from traditional carriers (e.g., FDX), it would not +917-419-2598

materially impact WEX's revenue given the LTL market contributes only a trivial

amount to WEX's OTR business given low transaction fees from these fleets. We

would also point to a recent note from our colleague Richa Harnain (link) stating

that AMZN’s LTL footprint may not be big enough to become a full-fledged Key changes

nationwide asset-based LTL operator and that AMZN could be deploying more of Price target (USD) 180 160 -11%

an “asset-light” approach to its LTL offering (similar to what is offered by CHRW Source: Deutsche Bank

and RXO). Beyond the AMZN news, we are expecting minimal impact to WEX’s

travel business from the ongoing Middle East conflict. While we note WEX does