{
  "report_rows": [
    {
      "kpi": "Net revenue",
      "prediction": "BEAT",
      "answer": "pred ~$9.18B (+12.9% y/y) vs. cons $9.068B (+11.5%)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Adjusted EPS",
      "prediction": "BEAT",
      "answer": "pred ~$4.92 vs. cons $4.77",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Cross-border volume growth (local FX)",
      "prediction": "BEAT",
      "answer": "pred ~14% vs. cons ~12.5%",
      "confidence": "LOW"
    }
  ],
  "guide_rows": [
    {
      "kpi": "FY26 net revenue growth (currency-neutral, ex-inorganic)",
      "prediction": "BETTER",
      "answer": "guide reaffirmed/nudged to high-end low-double-digits ~13% + ~1-2ppt FX vs. cons ~12.5% (FY2026)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Q3 net revenue growth / cross-border travel recovery tone",
      "prediction": "BETTER",
      "answer": "guide ~13% cn (progressive recovery off Q2 trough) vs. cons ~12% (2026Q3)",
      "confidence": "LOW"
    },
    {
      "kpi": "VAS & Solutions cn growth",
      "prediction": "UNCHANGED",
      "answer": "guide ~high-teens ~18% vs. cons ~17% (2026Q2/2H)",
      "confidence": "MEDIUM"
    },
    {
      "kpi": "Adjusted opex growth (cn, ex-inorganic) & tax rate",
      "prediction": "UNCHANGED",
      "answer": "guide opex low-end low-double-digits ~11% and tax ~20-21% vs. cons ~11% / ~20.5% (2026Q2)",
      "confidence": "MEDIUM"
    }
  ],
  "day1_residual_pct": 1.8,
  "day1_confidence": "MEDIUM",
  "day5_residual_pct": 0.5,
  "day5_path": "FADE",
  "day5_rationale": "Beat is largely pre-negotiated (mgmt framed Q2 as the guided conflict-driven trough) and FY cn guide is already at the high end, so a modest EPS/revenue beat generates only limited upward out-period revisions. With the stock having rallied ~20% off the June low back to its highs into the print, the bar is raised; the initial pop on reassuring cross-border-recovery tone tends to fade as estimates get trimmed on the implicit soft-Q2 math and profit-taking sets in, leaving a small net-positive residual.",
  "day5_confidence": "LOW"
}