Paymentus J.P. Morgan TMC Conference Takeaways

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Paymentus J.P. Morgan TMC Conference Takeaways

J P M O R G A N North America Equity Research

18 May 2026

Paymentus Neutral

PAY, PAY US

J.P. Morgan TMC Conference Takeaways Price (15 May 26):$24.28

Payments, Processors & IT Services

We hosted Paymentus CEO Dushyant Sharma and CFO Sanjay Kalra at our TMC Tien-tsin Huang, CFA AC

Conference today, at which they discussed Q1 and 2026 outlook, demand (1-212) 622-6632

environment, AI, and new products (BillWallet/Billeo). Takeaways below: tien-tsin.huang@jpmorgan.com

Abbey Hochreiner

• Q1 Recap & 2026 Outlook.The company exited FY25 with a strong pipeline (1-212) 270-5798

and backlog that carried into 1Q, reinforcing that growth is not only driven by abbey.hochreiner@jpmchase.com

payments volume but also by the underlying tech and platform, which J.P. Morgan Securities LLC

management described as vertical-agnostic and connectable across use cases,

a key differentiator. Customer experience is framed as more than payments

alone, with payments as one component that supports strong bookings, which

management believes the market may be underappreciating. On guidance

philosophy, management emphasized prudence, noting a preference for

roughly a year of visibility (observing how/when payments are made for new

billers) before guiding, which it views as an important contributor to consistent

execution. Macro noise, including energy prices, was characterized as largely

decoupled from performance given a diversified business model, citing 1Q as

an example where energy-driven inflation of ~6%-7% was immaterial to

results. Pricing strategy has evolved with scale and diversification.

• Medium-Term Visibility.Digitization remains a structural tailwind, and

management framed the business as operating on a roughly two-year horizon,