WEX (WEX) 47th Annual Raymond James Institutional Investor Conference summary

Strategic Focus and Market Positioning

• Operates in three core markets: mobility, benefits, and corporate payments, aiming to simplify business operations through integrated payment intelligence and workflow solutions.

• Emphasizes deep customer integration, compliance, and data enrichment to drive efficiency and confidence in transactions.

• Maintains leadership in each market, focusing on customer acquisition, retention, and optimal pricing.

• Expands reach by targeting new profit pools and launching products like 10-4 for owner-operators and embedded payments for broader categories.

• Accelerates innovation, particularly through AI, increasing product development speed and operational efficiency.

Technology, Innovation, and Platform Scalability

• Unified product and technology teams, hiring AI and data science talent, and embedding AI across product discovery and development.

• Achieved 50% increase in product innovation velocity in 2025 with a leaner team, leveraging AI for faster, cost-effective solutions.

• AI now writes 40% of code, enhancing both offensive (product) and defensive (cost, risk) capabilities.

• Scalable platform serves over 600,000 customers and supports complex enterprise payments across all segments.

• AI-driven risk and fraud tools support expansion into SMB and over-the-road trucking, improving customer targeting and risk management.

Segment Performance and Growth Drivers

• Mobility segment generated $1.4B revenue in 2025, with a 39% adjusted operating margin and over 600,000 customers worldwide.

• Benefits segment reported $797M revenue and a 43% adjusted operating margin, leading in HSA accounts and custodial cash assets.

• Corporate payments segment achieved $477M revenue and a 45% adjusted operating margin, processing $80B in purchase volume and $148B in total volume.

• WEX Bank provides low-cost funding, unified compliance, and enables higher yields on HSA deposits, supporting integrated financial solutions.

• Benefits segment features a unified platform with AI-enabled decision support, serving over 60% of the Fortune 1000 and 20 million consumers.