WEX Inc. (NYSE: WEX) released a shareholder letter highlighting financial performance and urging support for its board nominees ahead of the May 5, 2026 annual meeting. The company opposes efforts by Impactive Capital Master Fund LP to replace three directors.

WEX reported record revenue, net income per share and adjusted net income per share for 2025. The company said its 2025 adjusted EBITDA exceeded projections that Impactive published in 2022. First quarter 2026 results showed year-over-year increases in revenue and adjusted net income per share, both exceeding guidance ranges.

The company stated its stock price increased nearly 50% over the past year and that total shareholder returns outperformed its performance peer group year-to-date, since third quarter 2025 earnings and over the last year.

WEX conducted a comprehensive strategic review with Bank of America and J.P. Morgan after Impactive presented a breakup proposal in February 2025. The board unanimously concluded that WEX's businesses are stronger together, citing concerns about reduced growth rates, increased customer concentration and greater earnings volatility if separated.

The company raised concerns about Impactive nominee Taylor Wolfe, citing potential conflicts of interest related to her spouse's investment firm's stake in competitor Ramp, along with what WEX described as conduct issues on a prior board.

WEX increased its 2026 outlook and said it has renewed confidence in its ability to continue building on recent progress. The company operates payment solutions across mobility, benefits and corporate payments segments.