Hooked on Fintech: The Weekly Catch 6/13: Takeaways from our check-ins with PYPL

Research evidence excerpt

Hooked on Fintech: The Weekly Catch 6/13: Takeaways from our check-ins with PYPL

Technology | Payments, Processors & IT Services

June 13, 2026

Adam Frisch Deniz Gasimli Connor O'Brien

212-812-2933 212-446-9447 212-653-9009

Adam.Frisch@evercoreisi.com Deniz.Gasimli@evercoreISI.com connor.obrien@evercoreisi.com

Hooked on Fintech: The Weekly Catch 6/13: Takeaways from our check-ins with

PYPL, TOST, XYZ, and GPN, consumer spending pulse check, merchant

perspectives on ADYEN and the BNPL landscape, and more…

All new/updated text in the attached slides is in blue for your convenience

o Quick take: Feels like (at least to me) that we may be forming a bottom in terms of investor interest in fintech right now. It

is fragile and who knows how long it may last, but interest and call volume is picking up a bit and feels like many of the stocks

in the space are washed out enough where some may be revisiting fintech. It is fairly obvious that a clear bifurcation continues

– networks trade opposite to AI, and other names with more direct consumer exposure (BNPL, neobanks, etc.) trade more

with high-beta and risk on/off trends.

o Key focus points this week: Key takeaways from our check-ins with mgmt. and consumer spending updates:

o Mgmt check-ins were mostly consistent with prior messaging, with more to come next week: We checked in with

PYPL (more co-specific rather than a macro read), TOST and GPN this week: PYPL Branded Checkout sounds

slightly better in the US, helped by easier comps, but Europe remains a drag and 2H sales / marketing investment should

weigh more on transaction margin dollar growth, TOST reiterated that memory pricing is a headwind, but only one piece

of the broader hardware cost profile, with G&A and R&D levers available to manage EBITDA margin, and GPN remains