Nuvei : Quarterly Shareholder Letter - Q4 2023

N U V E I C O R P O R A T I O N

Shareholder Letter

M A R C H 5 , 2 0 2 4

Fourth Quarter and Full Year 2023

Fourth Quarter 2023 Financial Snapshot

Total	Revenue Growth
Volume(1)	Growth

53%	46%
Y/Y
Y/Y

Total volume(1) ($B)

	Growth % Y/Y
			$50.6		$61.8
	$40.3	$42.4	$48.2
				+72%	+53%
	+28%	+45%	+68%
	Q4	Q1	Q2	Q3	Q4
	2022	2023

Adj. EBITDA Margin(2)	Combined leverage
ratio(2)(3)

37.3%		2.5x
+100 bps Q/Q
	(0.1x) Q/Q
Revenue ($M)
Growth % Y/Y			$321.5
		$307.0	$304.9
	$256.5
$220.3
+4%	+20%	+45%	+55%	+46%
Q4	Q1	Q2	Q3	Q4
2022	2023

Adjusted EBITDA(2) ($M)

Margin %				+40% Y/Y
		$110.3	$110.7	$120.1
	$96.3
$85.7
38.9%	37.5%	35.9%	36.3%	37.3%
Q4	Q1	Q2	Q3	Q4
2022	2023

Net income (loss) ($M)

Margin % and net income (loss) per share	+51% Y/Y
			$11.6		$14.1
$9.4
		$0.07	($0.14)
	$0.06	($0.07)	$0.08
	4.2%	(3.2%)	3.8%	(5.9%)	4.4%
	Q4	Q1	Q2	Q3	Q4
		($8.3)
2022	2023		($18.1)

Adjusted net income(2) ($M)

Adjusted net income per diluted share(2)

					1% Y/Y
	$68.0	$64.5	$58.1	$56.8	$68.6
	$0.47
	$0.44	$0.39	$0.39	$0.47
	Q4	Q1	Q2	Q3	Q4
	2022	2023

Combined leverage ratio(2)(3)

2.9x

2.8x

		2.6x	2.5x
Q1	Q2	Q3	Q4

2023

1. Total volume does not represent revenue earned by the Company, but rather the total dollar value of transactions processed by customers under contractual agreement with the Company. See "Supplementary Financial Measures"
2. Adjusted EBITDA , Adjusted EBITDA margin, Combined leverage ratio, Adjusted net income, and Adjusted net income per diluted share are non-IFRS measures and ratios. These measures and ratios are not recognized measures under IFRS and do not have standardized meanings prescribed by IFRS and therefore may not be comparable to similar measures presented by other companies. Please find the reconciliation to the nearest IFRS measure in the Appendix. See also "Non-IFRS Financial Measures".
3. Represents leverage since the Paya acquisition in Q1 2023.

Q4 2023 |

1

Full Year 2023 Financial Snapshot

Total	Revenue Growth
Volume(1) Growth
41%
59%
Y/Y	Y/Y

Total volume(1) ($B)

Growth % Y/Y			$203
				$128
			$95
$43
			+121%	+35%	+59%
2020		2021	2022	2023

Adjusted EBITDA(2) ($M)
Margin %			+24% Y/Y
				$437
		$317	$351
$163
	43.7%	41.6%	36.8%
	43.4%
2020	2021	2022	2023

Adjusted net income(2) ($M)

Adjusted net income per diluted share(2)

				(10%) Y/Y
		$249	$274	$248
	$89
		$1.69	$1.86	$1.69
	$0.85
	2020	2021	2022	2023

Adj. EBITDA Growth(2)	Adj. EBITDA Margin(2)
25%	36.8%

Y/Y

Revenue ($M)

Growth % Y/Y

				$1,190
		$725	$843
	$376
		+93%	+16%	+41%
	2020	2021	2022	2023

Net income (loss) ($M)

Margin % and net income (loss) per share
		$107
				$62
($1.08)		$0.71			($0.06)
	$0.39
(27.6%)		14.8%		7.8%	(0.1%)
	2020	2021	2022	2023
						($1)
($104)

Capital Expenditures(3)

As a % of revenue

	4.8%	5.7%
	4.6%
		3.7%

2020

2021

2022

2023

1. Total volume does not represent revenue earned by the Company, but rather the total dollar value of transactions processed by customers under contractual agreement with the Company. See "Supplementary Financial Measures"
2. Adjusted EBITDA , Adjusted EBITDA margin, Adjusted EBITDA growth, Combined leverage ratio, Adjusted net income, and Adjusted net income per diluted share are non-IFRS measures and ratios. These measures and ratios are not recognized measures under IFRS and do not have standardized meanings prescribed by IFRS and therefore may not be comparable to similar measures presented by other companies. Please find the reconciliation to the nearest IFRS measure in the Appendix. See also "Non-IFRS Financial Measures".
3. Capital expenditures represents acquisition of property and equipment and acquisition of intangible assets.

Q4 2023 |

2

PHILIP FAYER

Founder, Chair and

Chief Executive Officer

Dear Shareholders,

We are pleased to report our fourth quarter and full year results, in which we delivered against our outlook. For the fourth quarter, Total volume(1) increased 53% year-over-year to $62 billion, revenue increased 46% to $322 million, and Adjusted EBITDA(2) increased 40% to $120 million. Net income for the quarter was $14 million, or $0.08 per diluted share, with Adjusted net income(2) of $68 million, or $0.47 per diluted share(2).

For the full year, Nuvei reached new milestones. Total volume(1) increased 59% to $203 billion, revenue increased 41% to $1.2 billion, and Adjusted EBITDA(2) increased 24% to $437 million. Net loss for the year was $1 million, or $0.06 per share, with Adjusted net income(2) of $247 million, or $1.69 per diluted share(2).

Our results are being driven by our team's focus in accelerating new wins and expanding our wallet share with customers, extending our footprint across more geographies, and continuously launching new products and capabilities to further differentiate our technology platform.

We are executing on our strategic initiatives, which have always centered on partnering with our customers, driving innovation, delivering profitability, and developing our people. Staying true to these principles is fundamental to our competitive differentiation and sustained success.

DAVID SCHWARTZ

Chief Financial

Officer

QUARTERLY

HIGHLIGHTS

Delivered Against

Financial Outlook

Revenue Growth

Across All Channels

Expanded Adjusted

EBITDA Margin(2)

Sequentially

Introducing Q1/FY24

Outlook

1. Total volume does not represent revenue earned by the Company, but rather the total dollar value of transactions processed by customers under contractual agreement with the Company. See "Supplementary Financial Measures".
2. Adjusted EBITDA, Adjusted EBITDA margin, Adjusted net income, and Adjusted net income per diluted share are non-IFRS measures and ratios. These measures and ratios are not recognized measures under IFRS and do not have standardized meanings prescribed by IFRS and therefore may not be comparable to similar measures and ratios presented by other companies. Please find the reconciliation to the nearest IFRS measure in the Appendix. See also "Non-IFRS Financial Measures".

Q4 2023 |

3

Partnering and Growing with Our Customers

We are mission-critical partners to our customers, and are obsessed with helping them execute on their growth journeys.

Our right to win is driven by our modern and purpose-built technology, our category-leading net promoter score, and the flexibility of our solutions.

Organic Total volume at constant currency(1) increased by 19% during the fourth quarter and signifies our ongoing success in furthering our industry leadership as we take share in our core end markets, positioning ourselves as challengers and disruptors as we expand into new markets, and increasingly winning upmarket with higher profile enterprise customers.

In the quarter, we welcomed numerous premier customers such as Microsoft for their Xbox, Office and Dynamics ecosystems. Other notable new wins include fashion retailer Charles & Keith, global airline TAP Portugal, educational software provider Esenda, and independent Canadian pharmacy chain Familiprix, amongst many others.

We also continued to expand wallet share with our existing relationships, whereby customers that process at least $1 billion of Total volume(1) with Nuvei grew collectively by 19% compared to last year's fourth quarter.

1. Total volume and Organic Total volume at constant currency do not represent revenue earned by the Company, but rather the total dollar value of transactions processed by customers under contractual agreement with the Company. See "Supplementary Financial Measures."

"Partnering with Nuvei enables our customers to pay wherever they are and whenever they want to."

AJITH THEKADATH

Vice President Global Payments

"The process to launch our online checkout with Nuvei has been very smooth."

CHARLES NADEAU

E-commerce and Digital

Experience Director

"Partnering with Nuvei to enable customers to make payments directly through texts smoothly and securely is a huge upgrade."

DAVID BAXTER

CEO

Q4 2023 |

4

Driving Innovation

We are innovators. Our technology is modular- based, flexible, highly responsive, and always evolving to support the needs of our customers.

We strive for perfection in our approach to enhancing our technology stack, increasing our product offerings and platform capabilities, adding more local market accessibility, and creating deeper relationships with our customers. These efforts further differentiate Nuvei as pioneers in creating value for our customers through a single integration.

In the fourth quarter alone, we delivered 40 new platform and product releases focused on driving enhancements to our customers and supporting their growth journeys, and continued to meaningfully enhance processing capacity across our authorization infrastructure.

In 2023, we expanded our platform into seven new geographies, extended our rich global catalog of alternative payment methods (APMs) available to our customers to 680, built upon our domestic processing and local pricing capabilities to support further market share gains with global customers within travel and other verticals, and enabled the latest network tokenization from the major card brands.

We expect to maintain a robust cadence of product delivery. Each of these new product solutions expands our total addressable market and offers us incremental opportunities to build deeper relationships with our customers in 2024 and beyond.

P LA TFO RM S C O P E & EX P A N S I O N

680

Payment methods

200

Global markets

50

Local acquiring markets

109

Product & platform releases in 2023

Q4 2023 |

5

Delivering Profitability

We are committed to growing profitably. Through further scaling our global platform and driving greater efficiencies across our organization using a disciplined cost management philosophy, we expanded our Adjusted EBITDA margin(1) by 100 basis points sequentially to 37.3% in the fourth quarter.

We continued to enhance free cash flow generation and improve our net debt position. We measure free cash flow using Adjusted EBITDA less capital expenditures(1). For the quarter, Adjusted EBITDA less capital expenditures(1) increased 48% to $105 million and represented an 88% conversion

ratio(1). Net income was $14 million and net income margin was 4.3%. Our combined leverage ratio(1) of net debt to Adjusted EBITDA(1) reduced by 0.1x to 2.5x.

Our strong balance sheet, substantial free cash generation, low capital expenditure requirements, and a commitment to returning excess cash to shareholders are all hallmarks of our robust financial profile.

Developing Our People

Our people are everything to us. Nuvei is a people-first organization, and we are fortunate to work with an incredibly talented, diverse, and passionate group of 2,202 leaders from around the world.

Our focus is on continuing to foster an exceptional culture of innovation, progress, performance, and engagement to ensure that we remain dedicated partners to our customers' growth journeys while we develop an inclusive culture.

1. Adjusted EBITDA , Adjusted EBITDA less capital expenditures, Conversion ratio, Adjusted EBITDA margin, and Combined leverage ratio are non-IFRS measures and ratios. These measures and ratios are not recognized measures under IFRS and do not have standardized meanings prescribed by IFRS and therefore may not be comparable to similar measures presented by other companies. Please find the reconciliation to the nearest IFRS measure in the Appendix. See also "Non-IFRS Financial Measures".
2. Team members as at December 31, 2023.

Adjusted EBITDA margin(1)

35.9% 36.3% 37.3%

Q2'23 Q3'23 Q4'23

Combined leverage ratio(1)

2.8x 2.6x 2.5x

Q2'23 Q3'23 Q4'23

Conversion ratio(1)

88%

Capital expenditures

4.6%

of revenue

Cumulative cash returned to

shareholders since 2022

$251M

North

AmericaEMEA

LATAMAPAC

Q4 2023 |

6

Financial Results and Capital Allocation - Q4'23

Total volume(1) increased 53% to $62 billion from $40 billion in the prior year period. Organic Total volume at constant currency(1) increased 19%. Revenue increased 46% to $322 million from $220 million. Organic revenue at constant currency(2) increased 7%.

On a regional basis, revenue increased across all geographies. In North America (NA), Europe, Middle East, and Africa (EMEA), Latin America (LATAM), and Asia Pacific (APAC), revenue increased by 99%, 9%, 19%, and 28%, respectively in the fourth quarter.

We are focused on driving incremental gross profit dollars by winning wallet and market share from existing and new customers. Gross profit for the quarter was $263 million, a 54% increase compared to the prior year. Gross margin in the fourth quarter expanded by 450 basis points to 82% compared to 77% in the fourth quarter of 2022.

Selling, general and administrative ("SG&A") expenses in the fourth quarter increased by $68 million or 46% year-over-year to $216 million. Of this increase, the vast majority is attributable to the contribution to SG&A from Paya since the acquisition in February 2023. On a sequential basis, SG&A expenses decreased slightly, driven primarily by lower share-based payments, which decreased to 9% of revenue in the fourth quarter. We continue to be committed to disciplined cost management.

Adjusted EBITDA(2) for the quarter was $120 million, representing an Adjusted EBITDA margin(2) of 37.3%, an increase of 100 basis points sequentially. We believe the sequential improvement in margin is consistent with our proactive and strategic approach to achieve an Adjusted EBITDA margin(2) over the long term in excess of 50%.

Total volume(1) ($B)

			$62					+19%
$40		+53% Y/Y Organic Total
				Y/Y	volume at Constant
								Currency(1)
		Q4'22	Q4'23
Revenue ($M)
			$322					+7%
$220		+46%
				Y/Y Organic
				Y/Y	Revenue at
							Constant Currency(2)
		Q4'22	Q4'23
Revenue by region ($M)
Growth % Y/Y
$15	$4
+19% +28%
							North America
$126	$178				EMEA
			LATAM
+9%	+99%
							APAC
Gross profit ($M) and margin %
			$263
$170		+54%
77.2%	81.7%	Y/Y
		Q4'22	Q4'23
SG&A						(18%)
			$216	+46%
			Y/Y Share-
$148
				Y/Y	based
								payments
		Q4'22	Q4'23

Adjusted EBITDA(2) ($M) and margin %(2)

$120

$86		+40%	+100
		bps margin
38.9%41%	36%	Y/Y
Q/Q
37.3%
Q4'22	Q4'23

1. Total volume and Organic Total volume at constant currency do not represent revenue earned by the Company, but rather the total dollar value of transactions processed by customers under contractual agreement with the Company. See "Supplementary Financial Measures".
2. Organic Revenue growth at constant currency, Adjusted EBITDA and Adjusted EBITDA margin are non-IFRS measures and non-IFRS ratios. These measures are not recognized under IFRS and do not have standardized meanings prescribed by IFRS and therefore may not be comparable to similar measures presented by other companies. Please find the reconciliation to the nearest IFRS measure in the Appendix. See also "Non-IFRS Financial Measures".

Q4 2023 |

7

Financial Results and Capital Allocation Q4'23 (continued)

For the quarter, net income was $14 million or $0.08 per diluted share compared to net income of $9 million or $0.06 per diluted share in the fourth quarter of 2022. The increase year-over-year resulted primarily from an increase in operating profit of $25

million. Adjusted net income(1) was $69 million or $0.47 per diluted share(1) for the fourth quarter compared to $68 million or $0.47 per diluted share(1) in the prior year.

Cash generated from operating activities for the three-month period increased by 8% to $81 million, versus $75 million for the comparable prior-year period. Capital expenditures were $15 million or 4.6% of revenue, which aligns with our stated medium term target (4% to 6% of revenue). Adjusted EBITDA less capital expenditures(1) increased 48% to $105 million, representing an 88% conversion ratio(1) from Adjusted EBITDA(1).

At the end of the quarter, we had cash and cash equivalents of $170 million and outstanding debt of $1.2 billion, resulting in net debt of $1 billion.

During the quarter, we refinanced our long term debt which resulted in the extension of the maturities to 2028 on our revolving facility and 2030 on our term debt. Our combined leverage ratio(1) decreased by 0.1x to 2.5x as of the end of the quarter as we repaid $15 million in debt prior to the refinancing. In addition, we declared and paid a dividend totaling $14 million.

We remain committed to returning excess capital to shareholders and introduced a discretionary quarterly cash dividend earlier in 2023. Our Board of Directors has authorized and declared a cash dividend of $0.10 per subordinate voting share and multiple voting share, payable on April 4, 2024 to shareholders of record as of March 19, 2024. Cumulatively since 2022, we have returned $251 million to shareholders in the form of share repurchases and dividends.

Net income ($M) and margin %

$14

$9+51%

Y/Y

4.2% 4.4%

Q4'22 Q4'23

Adjusted net income(1) ($M) and margin %

$68	$69	+1%
30.9%	21.3%			Y/Y
Q4'22	Q4'23
Net income per		Adjusted net income
diluted share		per diluted share(1)
	$0.08	$0.47	$0.47
$0.06
Q4'22	Q4'23			Q4'22	Q4'23

Cash generated from operating activities ($M)

$75 $81 +8%

Y/Y

Q4'22 Q4'23

Capital expenditures as % of revenue

6.6%	4.6%	4-6%
	Medium-term

target

Q4'22 Q4'23

Adjusted EBITDA less capital expenditures(1) ($M)

	$105		88%
$71		+48%
		Conversion
		Y/Y
		ratio(1)
Q4'22	Q4'23
$15M	$14M
Debt Repayment	Dividend

1. Adjusted EBITDA, Adjusted EBITDA less capital expenditures, Conversion ratio, Adjusted net income, Adjusted net income per diluted share, and Combined leverage ratio are non-IFRS measures and ratios. These measures and ratios are not recognized measures and ratios under IFRS and do not have standardized meanings prescribed by IFRS and therefore may not be comparable to similar measures and ratios presented by other companies. Please find the reconciliation to the nearest IFRS measure in the Appendix. See also "Non-IFRS Financial Measures".

Q4 2023 |

8

Financial Results - FY'23

Total volume(1) increased 59% to $203 billion from $128 billion in the prior year. Organic Total volume at constant currency(1) increased 23%. Revenue increased 41% to $1.2 billion from $843 million. Organic revenue at constant currency(2) increased 9%.

On a regional basis, revenue increased across all geographies. In NA, EMEA, LATAM, and APAC, revenue increased by 91%, 5%, 55%, and 5%, respectively.

Gross profit for the year was $967 million, a 44% increase compared to the prior year. Gross margin increased to 81% compared to 80% in 2022.

SG&A expenses increased by 44% year-over- year to $850 million. Similar to the fourth quarter comparison, the vast majority of this increase is attributable to the contribution to SG&A from Paya since the acquisition in February 2023. Notably, share-based payments decreased 3% compared to the prior year.

Adjusted EBITDA(2) was $437 million, a 24% increase compared to the prior year. We believe our scaled global platform has reached an inflection point whereby we can continue to expand our Adjusted EBITDA margins as incremental dollars are accretive to profitability.

Net loss was $1 million or $0.06 per share compared to net income of $62 million or $0.39 per diluted share last year. The change year- over-year resulted primarily from a $100 million increase in finance cost from additional debt raised in the first quarter of 2023. Adjusted net income(2) was $248 million or $1.69 per diluted share(2) for the full year compared to $274 million or $1.86 per diluted share(2) in 2022.

Cash generated from operating activities was $263 million in 2023, consistent with $268 million for the prior year despite an increase in interest paid of $69 million. Capital expenditures were $55 million or 5% of revenue, which aligns with our stated medium term target (4% to 6% of revenue). Adjusted EBITDA less capital expenditures(2) increased 26% to $382 million, representing an 87% conversion ratio(2) from Adjusted EBITDA and more than 100 basis points higher than the prior year's conversion ratio.

Total volume(1) ($B)

		$203					+23%
	$128		+59% Y/Y Organic Total
			Y/Y	volume at Constant
							Currency(1)
	FY'22	FY'23
	Revenue ($M)
		$1,190		+41%	+9%
	$843			Y/Y Organic
				Y/Y	Revenue at
				Constant Currency
	FY'22	FY'23
	Revenue by region ($M)
	Growth % Y/Y
	$51	$8
	+55% +5%
						North America
	$488	$643			EMEA
			LATAM
	+5%	+91%
						APAC
	Gross profit ($M) and margin %
		$967
	$672			+44%
	79.7%	81.3%		Y/Y
	FY'22	FY'23

Net income (loss) ($M) and margin %

$62		+$100M
7.3%	(0.1)%	Finance
cost Y/Y

FY'22 FY'23

$(1)

Adjusted EBITDA(2) ($M) and margin %(2)

$351	$437
	+24%
41.7% 36.8%	Y/Y

FY'22 FY'23

Cash generated from operating activities ($M)

$268 $263

(2%)

Y/Y

FY'22 FY'23

1. Total volume and Organic Total volume at constant currency do not represent revenue earned by the Company, but rather the total dollar value of transactions processed by customers under contractual agreement with the Company. See "Supplementary Financial Measures".
2. Organic Revenue at constant currency, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EBITDA less capital expenditures, Conversion ratio, Adjusted net income, and Adjusted net income per diluted share are non-IFRS measures and non-IFRS ratios. These measures and ratios are not recognized under IFRS and do not have standardized meanings prescribed by IFRS and therefore may not be comparable to similar measures and ratios presented by other companies. Please find the reconciliation to the nearest IFRS measure in the Appendix. See also "Non-IFRS Financial Measures".

Q4 2023 |

9