Solid 1Q to Open 2026; FY26 Outlook Affirmed; Take-Private Elephant Remains

研报英文原文证据摘录

Solid 1Q to Open 2026; FY26 Outlook Affirmed; Take-Private Elephant Remains

Payments

Priority Technology Holdings

TD SECURITIES (USA) LLC EARNINGS UPDATE

May 11, 2026

Price: $5.62 (05/8/2026) Solid 1Q to Open 2026; FY26 Outlook

Price Target: $9.00 Affirmed; Take-Private Elephant Remains

BUY (1)

ESG SCORE: 67/100

Bryan C. Bergin, CFA THE TD COWEN INSIGHT

646 562 1369

1Q net rev/GP/EBITDA beat Street by 2.8%/2.1%/5.8% as PRTH opened 2026 with a solid start.

bryan.bergin@tdsecurities.com

Payables & Treasury stood out, though Merchant Solutions also improved y/y, and it affirmed

David Duka FY26 guides. Operational activity is solid, but no update on the special committee's review

646 562 1444 of the take-private offer; this remains the elephant in the room & is apt to keep shares range

david.duka@tdsecurities.com

bound until some resolution.

Key Data

Symbol NASDAQ: PRTH Good 1Q; Shares Left in the Lurch on Special Committee Review

Beta: 1.49 PRTH posted a good start to 2026 with a clean 1Q beat. Performance was led by Payables

52-Week Range: $8.67-$4.64 and Treasury Solutions outperformance while Merchant Solutions showed improved organic

Market Cap: $462.4MM growth. As expected, PRTH affirmed its FY26 outlook. From here, consistent execution in a

Net Debt (MM): $951.8 stable backdrop on its plan would likely yield outperformance. It's seeing strong traction in

Cash/Share: $0.07 Payables via its successful movement upmarket as it offers enterprises an attractive NWC

Dil. Shares Out (MM): 81.5 alternative, and is also experiencing positive momentum within Treasury solutions as Passport

Enterprise Value $1,418.7 gains traction via partners and as Priority Tech Ventures scales nascent solutions (across

(MM):