What We Learned TMT Industry Update

North America Industry Date United States 26 July 2026 What We Learned TMT Industry Update Payments, Processors, & IT Services This Week

Calm Before the Storm Nate Svensson, CFA WEX kicks things off and some thoughts on what to expect with July MTD Research Analyst updates It was a mixed week for our coverage group with our Payments & Fintech names Hersh Shintre, CFA underperforming the market (-2.4% vs S&P -0.6%), while our IT Services names Research Associate fared a bit better (-0.4%). WEX was the first of our companies to report and, in opposition to our concerns heading into the print, the stock soared +10.1% on the print (see our recap notes here and here for more detail). While we think the reaction Paul Tomaszewski Research Associate T+1 (and T+2 for that matter) was the perfect storm of one-sided positioning and oil ripping higher (Brent moved from ~$90 to ~$98/barrel over the course of the week), we feel like the set-up for WEX into the back half of the year isn’t bad.

Looking ahead to next week, we have PYPL, V, CTSH, MA, WU, and PAYP all reporting. Our biggest question heading into next week is around the networks and how the stocks will perform after reporting what we expect to be very strong CY2Q26 numbers (see our preview here for more detail) and July MTD data that is likely to step down by a few ppt. In the past few days, we have received a number of inbounds asking about how V and MA will react after they release July MTD data that will be impacted by a number of factors including: World Cup mostly coming out of numbers (79 games in June vs 25 games in July), the shift in Prime Day volumes from July last year into June this year, the re-escalation of the conflict in the Middle East, etc. While we expect there will likely be a material step down in volume growth to start the quarter out, we don’t think these timing related issues are any cause for concern over the medium to long-term and we remain optimistic on the outlook for the networks from here (regardless of how the stocks perform after disclosing their MTD updates). Please see the body of this note for more thoughts on this subject.

See below for our callback schedules with each of our companies reporting results next week. Please reach out to us or your DB sales rep if you’d like to schedule a call to discuss takes.

n 7/28: PYPL (11:30am ET; small group call w/IR), V (9:10pm ET; small group call w/CFO) n 7/29: CTSH (1:20pm ET; 1x1 w/IR) n 7/30: MA (2:15pm ET; 1x1 w/IR), WU (7:15pm ET; 1x1 w/CEO, CFO) n 7/31: PAYP (8:45 am ET; 1x1 w/IR)

Deutsche Bank Securities Inc. IMPORTANT RESEARCH DISCLOSURES AND ANALYST CERTIFICATIONS LOCATED IN APPENDIX 1. Deutsche Bank does and seeks to do business with companies covered in its research reports. Thus, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision.

26 July 2026 Payments, Processors, & IT Services What We Learned This Week

Figure 1: WTD, QTD, and YTD Performance

Page 2 Deutsche Bank Securities Inc.