Unity Software Inc: Why the Shift to Direct Payments Is Bullish for U & APP

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Unity Software Inc: Why the Shift to Direct Payments Is Bullish for U & APP

Idea

June 11, 2026 10:00 PM GMT

Morgan Stanley & Co. LLCMUnity Software Inc | North America Matthew Cost

Equity Analyst

Why the Shift to Direct Matthew.Cost@morganstanley.comBrian Nowak, CFA +1 212 761-7252

Brian.Nowak@morganstanley.com +1 212 761-3365

Payments Is Bullish for U & APP Cela VanLieshout

Research Associate

Cela.Vanlieshout1@morganstanley.com +1 212 761-2679

Direct payment adoption for in-app purchases is rising, as mobile Julian Herrera

apps and games seek to avoid 30% app store fees. We expect Research Associate

Julian.Herrera@morganstanley.com +1 212 761-1784

developers to reinvest a large portion of savings into paid user Gregory Gao

acquisition, with every 5% reduction in payment fees driving ResearchGreg.Gao@morganstanley.comAssociate +1 212 296-3125

19%/5% EBITDA upside at U/APP. Kavya A Narayanan

Kavya.Narayanan@morganstanley.com +1 212 761-4183

Key Takeaways Nikhil Javeri

U and APP could benefit from direct payments adoption in the mobile game/app Nikhil.Javeri1@morganstanley.com +1 212 761-3742

economy, as developers seek to avoid 30% platform fees on in-app purchases

If fees go down, we expect developers to reinvest a large portion of savings into

paid user acquisition, driving U and APP's network businesses

We estimate that every 5% reduction in fees would drive 19% upside to U's

EBITDA and 5% upside to APP's EBITDA in '27 Unity Software Inc (U.N, U UN)

Internet | United States of America

U's Commerce offering also opens the opportunity to capture payment

Stock Rating Overweight

processing revenue directly, with every 10% penetration driving 20% upside to Industry View Attractive

'27 EBITDA Price target $35.00

Shr price, close (Jun 10, 2026) $26.66