Hold Rating on International Money Express Amid Underperformance and Pending Western Union AcquisitionQ3 2025 revenue, Adj. EBITDA, & Adj. EPS came in ~6%, ~27%, and ~15% below Street (Visible Alpha) estimates, respectively, and were ~4%, ~22%, and ~14% below UBSe. Adj. EBITDA margin of ~15% was ~150bps below Street. We note that Intermex previously suspended its 2025 outlook at last quarter's earnings release, in light of the pending acquisition by Western Union. Q3 volume (principal amount sent) decreased ~3.5% YoY to ~$6.2b vs. Street ~$6.6b. The volume decline compared to ~3.1% decline in ~3.2% increase in Q1, while transactions decreased by ~10% YoY in Q3, compared to declines of ~8% in in Q1. We estimate average principal per transaction inched up slightly QoQ to ~$450.