Q3 2021 Shareholder Letter and Investor Field Day Presentation

Q3 2021 Shareholder Letter

& Investor Field Day

November 10, 2021

Safe Harbor Statement and Forward Looking Information

This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this presentation that do not relate to matters of historical fact should be considered forward-looking statements, including statements regarding Shift4 Payments, Inc.'s ("our", the "Company" or Shift4") expectations regarding new customers; acquisitions and other transactions; our plans and agreements regarding future payment processing commitments; our expectations with respect to economic recovery; and anticipated financial performance, including our financial outlook for fiscal year 2021 and future periods. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any futures results, performance or achievements expressed or implied by the forward- looking statements, including, but not limited to, the following: the effect of the COVID-19 global pandemic and any variants of the virus on our business and results of operations; our ability to differentiate ourselves from our competitors and compete effectively; our ability to anticipate and respond to changing industry trends and merchant and consumer needs; our ability to continue making acquisitions of businesses or assets; our ability to continue to expand our market share or expand into new markets; our reliance on third-party vendors to provide products and services; our ability to integrate our services and products with operating systems, devices, software and web browsers; our ability to maintain merchant and software partner relationships and strategic partnerships; the effects of global economic, political and other conditions on consumer, business and government spending; our compliance with governmental regulation and other legal obligations, particularly related to privacy, data protection and information security, and consumer protection laws; our ability to establish, maintain and enforce effective risk management policies and procedures; our ability to protect our systems and data from continually evolving cybersecurity risks, security breaches and other technological risks; potential harm caused by software defects, computer viruses and development delays; the effect of degradation of the quality of the products and services we offer; potential harm caused by increased customer attrition; potential harm caused by fraud by merchants or others; potential harm caused by damage to our reputation or brands; our ability to recruit, retain and develop qualified personnel; our reliance on a single or limited number of suppliers; the effects of seasonality and volatility on our operating results; the effect of various legal proceedings; our ability to raise additional capital to fund our operations; our ability to protect, enforce and defend our intellectual property rights; our ability to establish and maintain effective internal control over financial reporting and disclosure controls and procedures; our compliance with laws, regulations and enforcement activities that affect our industry; our dependence on distributions from Shift4 Payments, LLC to pay our taxes and expenses, including payments under the Tax Receivable Agreement; and the significant influence Rook and Searchlight have over us, including control over decisions that require the approval of stockholders. These and other important factors are described in "Cautionary Note Regarding Forward-Looking Statements," and "Risk Factors" in Part I, Item 1A in our Annual Report on Form 10-K for the year ended December 31, 2020, could cause actual results to differ materially from those indicated by the forward-looking statements made in this presentation. Any such forward- looking statements represent management's estimates as of the date of this presentation. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change.

Non-GAAP Financial Measures and Key Performance Indicators

We use supplemental measures of our performance which are derived from our consolidated financial information but which are not presented in our consolidated financial statements prepared in accordance with generally accepted accounting principles, or GAAP. These non- GAAP financial measures include: gross revenue less network fees, which includes interchange and assessment fees; adjusted gross revenue; adjusted gross profit, adjusted net income (loss); earnings before interest expense, income taxes, depreciation, and amortization ("EBITDA"); and Adjusted EBITDA. Gross revenue less network fees represents a key performance metric that management uses to measure changes in the mix and value derived from our customer base as we continue to execute our strategy to expand our reach to serve larger, complex merchants. For the three and nine months ended September 30, 2021, gross revenue less network fees excludes the impact of the payments to merchants, included in "Gross revenue," and payments to partners and associated expenses due to the TSYS outage, in both cases included in "Other costs of sales" in our unaudited Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2021. These are nonrecurring payments that occurred outside of our day-to-day operations, and we have excluded them in order to provide more useful information to investors in the evaluation of our performance period-over period. Adjusted gross revenue represents gross revenue adjusted for the impact of the TSYS outage. Adjusted gross profit represents gross profit adjusted for the impact of the TSYS outage. Adjusted net income (loss) represents net income (loss) adjusted for certain non-cash and other nonrecurring items that management believes are not indicative of ongoing operations, such as the TSYS outage acquisition, restructuring and integration costs, equity-based compensation expense, impact of lease modifications and other nonrecurring items. Adjusted EBITDA is the primary financial performance measure used by management to evaluate its business and monitor results of operations. Adjusted EBITDA represents EBITDA further adjusted for certain non-cash and other nonrecurring items that management believes are not indicative of ongoing operations. These adjustments include TSYS outage payments and associated costs, acquisition, restructuring and integration costs, equity-based compensation expense, impact of lease modifications and other nonrecurring items. Adjusted EBITDA margin represents Adjusted EBITDA divided by gross revenue less network fees. We use non-GAAP financial measures to supplement financial information presented on a GAAP basis. We believe that excluding certain items from our GAAP results allows management to better understand our consolidated financial performance from period to period and better project our future consolidated financial performance as forecasts are developed at a level of detail different from that used to prepare GAAP-based financial measures. Moreover, we believe these non-GAAP financial measures provide our stakeholders with useful information to help them evaluate our operating results by facilitating an enhanced understanding of our operating performance and enabling them to make more meaningful period to period comparisons. There are limitations to the use of the non-GAAP financial measures presented in this presentation. Our non-GAAP financial measures may not be comparable to similarly titled measures of other companies. Other companies, including companies in our industry, may calculate non-GAAP financial measures differently than we do, limiting the usefulness of those measures for comparative purposes.

The non-GAAP financial measures are not meant to be considered as indicators of performance in isolation from or as a substitute for net income (loss) prepared in accordance with GAAP, and should be read only in conjunction with financial information presented on a GAAP basis. Reconciliations each of EBITDA and Adjusted EBITDA, gross revenue less network fees, and Adjusted net income to its most directly comparable GAAP financial measure are presented at the end of this presentation. We encourage you to review the reconciliations in conjunction with the presentation of the non-GAAP financial measures for each of the periods presented. In future fiscal periods, we may exclude such items and may incur income and expenses similar to these excluded items. In addition, we present end-to-end payment volume and spread, which are key performance indicators. End-to-end payment volume is defined as the total dollar amount of card payments that we authorize and settle on behalf of our merchants. This volume does not include volume processed through our gateway-only merchants. Spread represents the average yield Shift4 earns on the average end-to-end payments volume processed for a given period after network fees. Spread is calculated by taking payments-based revenue less gateway revenue and network fees for a given period divided by the end- to-end payments volume processed for the similar period.

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Q3

Shareholder Letter

Dear Shareholders,

The third quarter and the last few weeks has been especially interesting. The quarter began with record volume, followed by a noticeable but not dramatic setback from the COVID delta variant, a confusing secondary offering from our sponsor, TSYS service outage, a rocket launch, supply chain fears, and then several weeks of disappointing share price performance. I suspect, had we provided more frequent updates on our performance, it may have assuaged some of the perceived concerns. We will endeavor to cover all these points and the exciting road ahead in this shareholder letter as well as the Investor Field Day that will immediately follow our earnings call.

As to this past quarter, we had reasonably strong growth, with record end-to-end payment volume of $13.5 billion which represents a 90% increase over last year and a roughly 14% sequential increase over Q2 2021. While there is no question the COVID delta variant took some of the momentum out of the quarter, we believe our results represents the strongest organic volume growth of any of our peers. And despite our Q2 disclaimer that any COVID resurgence would negate our 2021 guidance, we are pleased to reaffirm and raise parts of our outlook for the year and set bold expectations for 2022 and beyond.

Despite the record performance, the quarter did experience a notable service disruption. You may recall this from the disclosure we put out on August 25th. As one of the industry's "backbones", this outage impacted numerous financial institutions, dozens of payment processing providers not to mention hundreds of thousands of businesses across the country. I'm proud to say that we acted quickly to help our merchants during this period and in a way that is consistent with the alignment we strive to achieve with our customers. As such, we made the decision to reimburse them for lost revenue during this period despite the obvious fact that the outage was out of our control. You will see a one-time charge of $25 million in our GAAP financials related to these payments, which we have adjusted in certain non-GAAP measures to provide clarity of the quarterly results when excluding this charge. Despite how other companies chose to handle this matter, we did the right thing. While others were bogged down with threats of litigation, customer complaints and attrition, we solidified our reputation, earned the trust of many and only accelerated our growth in our core and new verticals. It may, in a way, turn out to be some of the smartest capital we have ever deployed and we believe there are avenues to recover those funds from the responsible parties.

Over the last few choppy weeks, we have received quite a few inquiries related to the broader economic recovery, industry trends and our competitive positioning. There were a lot of questions that boiled down to - "what makes Shift4 special?" This was surprising, as it seemed like many forgot why Shift4 is such an integrated payments juggernaut-posting double digit growth in 2020 during a pandemic and sustaining that growth while innovating and entering several new and exciting verticals. The news we will share this quarter will transform the company in an outstanding way-and hopefully, make clear why Shift4 is so special.

Boldly Forward,

Jared Isaacman

CEO

[e-mail]

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Q3 Quarterly Highlights

• Record quarterly end-to-end payment volume of $13.5 billion during Q3 2021, up approximately 90% from Q3 2020
• Record quarterly gross revenue of $377.8 million, up 76% from Q3 2020, or gross revenue adjusted for the TSYS outage of $400.2 million, up 86% from Q3 2020 (1)(3)
• Gross revenue less network fees of $148.3 million, up 69% from Q3 2020 (1)
• Net loss for the third quarter of 2021 was $(13.8) million or a net loss of $(0.17) per class A and C share, basic and diluted Adjusted net income for the third quarter of 2021 was $21.6 million, or Adjusted net income per class A and C share of $0.26, basic and diluted (2)(3)
• EBITDA was $20.4 million and Adjusted EBITDA was $55.8 million for the third quarter of 2021. Adjusted EBITDA margins were 38% this quarter, nearly 450 basis points of margin expansion over Q2 2021 (3)

QUARTERLY FINANCIAL METRICS

END-TO-END	GROSS REVENUE LESS
PAYMENT VOLUME	NETWORK FEES (1) (3)
($BILLION)	($MILLION)
+90%	+69%
YoY	YoY

GROSS PROFIT $51.5

$51.3

$51.8

$78.1

$64.4

ADJUSTED EBITDA (3)	OCTOBER END-TO-END PAYMENT
VOLUME GROWTH
($MILLION)	($BILLION)
+94%	+86%
YoY	YoY

ADJ. NET INCOME	$(1.9)	$(4.3)	$(10.4)	$18.9	$21.6
(LOSS)

(1) Gross revenue for the third quarter of 2021 includes $22.4 million of payments to merchants associated with the TSYS outage, which are recorded as contra revenue. Gross revenue less network fees for the third quarter of 2021 excludes the $22.4 million impact from TSYS outage.

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1. Adjusted net income per share, which is a non-GAAP measure, is calculated using weighted average fully diluted shares of 84.7 million as of September 30, 2021, which includes 51.5 million Class A shares, 27.1 million Class B shares and 6.1 million Class C shares, of which the Class B and Class C shares are exchangeable/convertible into shares of Class A common stock.
2. For a reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures, please see the tables titled "Third Quarter of 2021 - Reconciliation to Non-GAAP Financial Measures" in the appendix of this document.