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1 Q1 FY26 Results Presentation November 6, 2025
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2 Regulatory Disclosures As a domestic filer in the US. we report results in US dollars. under US GAAP. as evident in our 10 -K and 10 -Q filings. It is im portant to note that our operational currency is South African Rand and as such we analyze our performance in South African Rand. Our results reported in US dollars can be significantly affected by the currency fluctuations between the US dollar and the South African Rand and thus we refer investors to results reported in ZAR (shown as “R” for presentational purposes) in analyzing the company’s performance. Safe Harbor Statement The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for certain forward-looking statements so long as such information is identified as forward looking and is accompanied by meaningful cautionary statements identifying important factors that could cause actual results to differ materially from those projected in the information. The use of words such as “may”, “might”, “will”, “should”, “expect”, “plan”, “anticipate”, “believe”, “estimate”, “project”, “intend”, “future”, “potential” or “continue”, and other similar expressions are intended to identify forward-looking statements. All of these forward-looking statements are based on estimates and assumptions by our management that, although we believe to be reasonable, are inherently uncertain. Forward-looking statements involve risks and uncertainties, including, but not limited to, economic, competitive, governmental and technological factors outside of our control, that may cause our business, industry, strategy or actual results to differ materially from the forward-looking statements. These risks and uncertainties may include those discussed in the Company’s annual report on Form 10-K for the year ended June 30, 2025, on file with the Securities and Exchange Commission, and other factors which may not be known to us. Any forward-looking statement speaks only as of its date. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law. Use of Non-GAAP financial measures This presentation contains non-GAAP financial measures. These measures, the purposes for which management uses them, why management believes they are useful to investors and a reconciliation to the most directly comparable GAAP financial measures can be found in the Appendix of this presentation.
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3 US GAAP Income Statement for the Quarter ZAR’000 $’000 Q1 - ended 30 September FY26 Q1 FY25 Q1 % Growth YoY FY26 Q1 FY25 Q1 % Growth YoY Average exchange rate for conversion from ZAR to $ R17,67 R17,72 (0%) R17,67 R17,72 (0%) Revenue 3 023 546 2 756 877 10% 171 448 153 568 12% Expense (3 016 810) (2 757 162) 9% (171 065) (153 613) 11% Cost of goods sold. IT processing. servicing & support (2 089 010) (2 134 828) (2%) (118 440) (118 909) (0%) Selling. general and administration (698 672) (479 183) 46% (39 637) (26 698) 48% Depreciation and amortization (227 366) (112 660) 102% (12 894) (6 276) 105% Transaction costs related to Adumo, Recharger and Bank Zero acquisitions and certain compensation costs (1 762) (30 491) (94%) (94) (1 730) (95%) Operating income (loss) 6 736 (285) n/m 383 (45) n/m Change in fair value of equity securities - - n/m - - n/m Reversal of (allowance) of EMI doubtful debt - - n/m - - n/m Net gain (loss) on impairment of equity -accounted investments (10 342) - n/m (584) - n/m Interest income 9 496 10 517 (10%) 539 586 (8%) Interest expense (86 410) (90 328) (4%) (4 898) (5 032) (3%) Loss before income taxes (80 520) (80 096) 1% (4 560) (4 491) 2% Income tax (expense) benefit 2 572 (1 402) n/m 146 (78) n/m Net income/(loss) before equity -accounted investments (77 948) (81 498) (4%) (4 414) (4 569) (3%) Income/(loss) from equity -accounted investments - 475 n/m - 27 n/m Net loss (77 948) (81 023) (4%) (4 414) (4 542) (3%) (Add) less net (loss) income attributable to non -controlling interest 2 058 - n/m 117 - n/m Net loss attributable to the company (75 890) (81 023) (6%) (4 297) (4 542) (5%) Earnings (loss) per share ZAR ZAR % Growth YoY USD USD % Growth YoY Basic loss per share attributable to Lesaka shareholders (0.93) (1.26) (26%) (0.05) (0.07) (29%) Diluted loss per share attributable to Lesaka shareholders (0.88) (1.24) (29%) (0.05) (0.07) (29%) Adjusted earnings (loss) per share attributable to shareholders 1 1.07 0.54 97% 0.06 0.03 99% Notes 1. Non -GAAP measure. Refer to Appendix for full reconciliation of all non -GAAP measures.
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4 Key Financial Highlights
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5 Group Level Financial Performance Notes 1. Non-GAAP measure. Refer to Appendix for full reconciliation of all non -GAAP measures. 2. Net Debt to Group Adjusted EBITDA ratio is a non -GAAP measure, calculated as net debt at quarter end divided by Group Adjusted E BITDA (based on the last -twelve months (LTM) actual Group Adjusted EBITDA). Refer to calculation in Appendix. Q1 FY25 R271m ▲ 61% R87m 2.5x R1.07 R168m R35m 2.6x R0.54 R1.53bn ▲ 45%R1.06bn ▲ 97% ▲ 150% Q1 FY26 GrowthFinancial period Ended Sept 30 ▲ 0.1x Q1 FY26 Guidance R1.50 billion to R1.65 billion R260 million to R300 million Net Revenue¹ Group Adjusted EBITDA¹ Adjusted Earnings¹ Adjusted Earnings per Share¹ Net Debt / Group Adjusted EBITDA1,2
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6 R186m R130m R145m R190m R222m R378m R411m R446m R510m R539m R547m R854m R782m R812m R783m Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 R1.06bn R1.53bn R1.38bn R1.36bn R1.50bn Divisional Financial Performance Notes 1. Non-GAAP measure. Refer to Appendix for full reconciliation of all non -GAAP measures. Q1 FY26 Net Revenue 1 Growth 43% YoY 43% YoY 19% YoY ConsumerMerchantLesaka Enterprise Intercompany eliminations 45%
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7 (R53m) (R50m) (R33m) (R58m) (R64m) R7m (R0.5m) R2m R15m R22m R79m R77m R117m R162m R150m R136m R185m R150m R187m R162mR168m R212m R237m R306m R271m Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Profitability Performance Notes 1. Non-GAAP measure. Refer to Appendix for full reconciliation of all non -GAAP measures. Group Adjusted EBITDA 1 R0.54 R0.28 R0.60 R0.99 R1.07 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Adjusted Earnings per Share 1 61% 97% Growth 20% YoY 90% YoY 241% YoY ConsumerMerchantLesaka Enterprise Group Costs
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8 (R28m) (R149m) (R217m) (R230m) (R122m)(R58m) (R76m) (R52m) (R139m) (R106m) R196m R269m R277m R378m R341m Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 R29m R57m R31m R33m R39m R44m R63m R52m R70m R51m R73m R120m R83m R103m R90m Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 2.6x 2.4x 2.8x 2.9x 2.5x Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Cash flow, Capex and Leverage Ratio Performance Cashflow from Business Operations 1,2 Movement in Loan Book Funding Cash Generated from Business Operations1 Capex Net Debt / Group Adjusted EBITDA 1 MaintenanceGrowth Capex % of Group Adjusted EBITDA1 Target Actual 43% 57% 35% 34% 33% Interest Paid Notes 1. Non-GAAP measure. Refer to Appendix for full reconciliation of all non -GAAP measures. 2. Cashflow from business operations is before working capital related items, movement in loan book funding, bulk airtime purcha ses, tax paid and interest paid.
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9 Merchant Division
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10 R27.6bn R28.7bn R27.5bn 4.4k 4.5k 4.6k Q1 FY24 Q1 FY25 Q1 FY26 Merchant Volumes R3.6bn R4.2bn R9.2bn 46.6k 53.5k 87.9k Q1 FY24 Q1 FY25 Q1 FY26 Card TPV 117% Cash TPV R4.3bn R4.7bn R4.9bn R2.9bn R5.2bn R7.1bn R7.2bn R9.9bn R11.9bn 77.1k 89.0k 97.5k Q1 FY24 Q1 FY25 Q1 FY26 ADP TPV 21% Prepaid Solutions Supplier Enabled Payments Points of PresencePoints of PresencePoints of Presence1 Notes 1. Points of presence is defined as all acquiring enabled point -of-sale devices and online based stores. Points of presence also includes payment lanes which may be non -acquiring enabled but earn revenue in a fixed fee model. All throughput volume are based on acquiring enabled by Lesaka only. (4%)
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11 R173m R166m R201m Q1 FY24 Q1 FY25 Q1 FY26 Merchant Lending & Software Lending Originations 1 21% Portfolio Outstanding 1 72% Software 8,864 9,444 9,772 R2,989 R3,051 R3,184 Q1 FY24 Q1 FY25 Q1 FY26 Number of Sites ARPU2 Notes 1. Our lending solutions are offered to merchants through Capital Connect and Adumo Capital, a joint venture with Retail Capital for a Merchant Cash Advance (MCA) product with a 50:50 profit share. Amounts reflected above include 100% of Adumo Capital’s credit originated and portfolio outstanding. 2. Software ARPU is calculated on a net revenue per site basis as a monthly average revenue per user over the prevailing quarter ly period. The Software division was part of the Adumo transaction which completed on 1 st October 2024 and business operational KPI’s shown combines historical performance pre -acquisition. 3% R280m R273m R470m 533 557 1,102 Q1 FY24 Q1 FY25 Q1 FY26 Number of Merchants with a Loan Product
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12 Consumer Division
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13 Consumer Base & Engagement 1.33m 1.56m 1.93m 9.4% 11.4% 14.1% Q1 FY24 Q1 FY25 Q1 FY26 Active Consumers 1 24% R73.2 R78.3 R88.6 Q1 FY24 Q1 FY25 Q1 FY26 ARPU 3 13% 29% 30% 30% 12% 15% 18% Q1 FY24 Q1 FY25 Q1 FY26 2 Products 3 Products Product Penetration Rate 3 SASSA Market Share2 Notes 1. Active consumers excludes EasyPay Payouts cardholders given this tracks a different monetization strategy but includes non -perma nent grant beneficiaries. 2. South African Social Security Agency (“SASSA”) as at September 30, 2025. 3. Monthly average revenue per active consumer over the prevailing quarterly period. 4. % of active consumers who hold a transactional account, in -force lending product and in -force insurance policy at the quarter en d.
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14 Consumer Lending • New R4,000 Medium-term loan introduced • Fast and easy application process from their phones • Loans disbursed immediately • Meeting customer needs by providing more value R353m R462m R820m Q1 FY24 Q1 FY25 Q1 FY26 Lending Origination 77% R423m R564m R1,116m Q1 FY24 Q1 FY25 Q1 FY26 Portfolio Outstanding 98%
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15 Consumer Insurance • Low premiums from R26 per month • From Q2 FY26 – Agents will be able to activate policies for non-EasyPay Everywhere clients R63.8m R87.0m R120.0m Q1 FY24 Q1 FY25 Q1 FY26 Gross Written Premium 359k 466k 589k 96% 96% 97% Q1 FY24 Q1 FY25 Q1 FY26 Number of Policies and Collection Ratio 38% 27%
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16 Enterprise
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17 Enterprise ADP & Utilities Volumes ADP TPV 1 R9.4bn R10.6bn R11.9bn Q1 FY24 Q1 FY25 Q1 FY26 13% Notes 1. ADP Division includes prepaid solutions and bill payments through channels such as retailer distribution networks and online banking apps. 2. Utilities product vertical is represented by the total electricity vend and meters of the Recharger business. Recharger was a cquired on 3 rd March 2025 and business operational KPI’s shown combines historical performance pre-acquisition. R256m R326m R396m 205k 234k 270k Q1 FY24 Q1 FY25 Q1 FY26 21% Utilities TPV & Active Meters 2 Utilities TPV Number of Active Meters
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18 FY26 Strategy & Guidance
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19 Key Developments 1 Brand Refreshed brand to be launched this calendar year 2 Office Office move planned for Q4 FY26 3 Bank Zero Approvals in progress 4 Simplifying Corporate Structure Cell-C and other non-core assets
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20 Number of Merchants x ARPU Fuel Spaza Card, Cash, ADP TPV x Take Rate Hospitality Taverns Lending Originations x Net Yield Other Segments Software License + Hardware Sales Number of Consumers x ARPU Permanent Beneficiaries Non-Permanent Beneficiaries Banking Fees x Transaction Volumes Other Segments Payout Cardholders Lending Originations x Net Yield Insurance Premiums x Collection Rate Number of Corporates x ARPU Fintech Banks ADP, Utilities TPV x Take Rate Retail & Wholesale Telco Payments Transactions x Fixed Fee Key Drivers of Net Revenue
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21 Q2 FY26 Guidance Quarterly Guidance FY26 guidance excludes the impact of the Bank Zero acquisition and any unannounced mergers and acquisitions that we may concl ude FY25 FY26 YoY Growth Net Revenue R5.3bn R6.4bn – R6.9bn 21% - 30% Group Adjusted EBITDA R922m R1.25bn - R1.45bn 36% - 57% Adjusted EPS R2.29 >R4.60 >100% Q2 FY25 Q2 FY26 YoY Growth Net Revenue R1.38bn R1.575bn – R1.725bn 14% - 25% Group Adjusted EBITDA R212m R280m – R320m 32% - 51% Net Income Attributable to Lesaka expected to be positive for FY26 Full Year Guidance
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22 Appendix
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23 Segment Adjusted EBITDA (loss) The Company evaluates segment performance based on segment earnings before interest, tax, depreciation and amortization (“EBI TDA”), adjusted for items mentioned in the next sentence (“Segment Adjusted EBITDA”), the Company’s reportable segments’ measure of profit or loss. The Company i s working on obtaining a separate lending facility to fund a portion of its Consumer lending during the twelve months ended June 30, 2025. The Company has included an intercompany interest expense in its Consumer Segment Adjusted EBITDA for the three and nine months ended March 31, 2025. The Company does not allocate once -off item s, stock -based compensation charges, depreciation and amortization, impairment of goodwill or other intangible assets, other items (including gains or lo sses on disposal of investments, fair value adjustments to equity securities), interest income, certain interest expense, income tax expense or loss from equity -accounted i nvestments to its reportable segments. Group costs generally include: employee related costs in relation to employees specifically hired for group roles and related direc tly to managing the US -listed entity; expenditures related to compliance with the Sarbanes -Oxley Act of 2002; non -employee directors’ fees; legal fees; group and US -listed related audit fees; and directors and officer’s insurance premiums. Group Adjusted EBITDA (loss) Group Adjusted EBITDA is net loss before interest, taxes, depreciation and amortization, adjusted for non -operational transactio ns (including loss on disposal of equity - accounted investments), loss from equity -accounted investments, stock -based compensation charges and once -off items. Once -off it ems represent non -recurring expense items, including costs related to acquisitions and transactions consummated or ultimately not pursued. Group Adjusted EBITDA margin is Group Adjusted EBITDA divided by revenue. Adjusted earnings and Adjusted earnings per share Adjusted earnings and Adjusted earnings per share is GAAP net loss and loss per share adjusted for the amortization of acquis ition-related intangible assets (net of deferred taxes), stock -based compensation charges, and unusual non -recurring items, including costs related to acquisitions and transacti ons consummated or ultimately not pursued. Adjusted earnings and Adjusted earnings per share for fiscal 2025 also includes adjustments related to the changes in the fai r value of equity securities (net of deferred tax), impairment loss related to goodwill and intangible assets, an adjustment for deferred tax adjustments to the valuation allowa nce for a subsidiary which released its valuation allowance related to net operating losses in full during Q4 2025, loss on disposal of equity -accounted investments and intangibl e asset amortization, net related to non - controlling interests. Adjusted earnings and Adjusted earnings per share for fiscal 2024 also includes an impairment loss rel ated to an equity -accounted investment, unrealized currency loss related to our non -core business which we are in the process of winding down and a reversal of allowanc e for doubtful loan receivable. Management believes that the Group Adjusted EBITDA, Adjusted earnings and Adjusted earnings per share metrics enhance its own evaluation, as well as an investor’s understanding, of our financial performance. Attachment A presents the reconciliation between GAAP net loss attributable to L esaka and these non -GAAP measures. Net Revenue This eliminates the effect of changes in revenue mix between agency and principal sales of airtime, electricity and other pro ducts, which can be material. Net Revenue is calculated as GAAP Revenue less: • the cost of prepaid airtime vouchers sold by us and • commissions paid to third parties selling all other agency -based products (including pinless airtime, electricity and other prod ucts) provided through our distribution channels Use of non-GAAP measures U.S. securities laws require that when we publish any non-GAAP measures. we disclose the reason for using these non-GAAP measures and provide reconciliations to the most directly comparable GAAP measures. We have received requests from investors and analysts to provide additional details regarding our reported results, and we provide these non-GAAP measures to enhance our own evaluation. as well as our investors’ and analysts’ understanding. of our financial performance. Management has provided its outlook regarding Net Revenue, Group Adjusted EBITDA and Adjusted earnings per share, which are non- GAAP financial measures and excludes certain revenue and charges. Management has not reconciled these non-GAAP financial measures to the corresponding GAAP financial measures because guidance for the various reconciling items is not provided. Management is unable to provide guidance for these reconciling items because they cannot determine their probable significance, as certain items are outside of the control of Lesaka and cannot be reasonably predicted since these items could vary significantly from period to period. Accordingly, reconciliations to the corresponding GAAP financial measure is not available without unreasonable effort. Defined terms – non-GAAP measures
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24 R139m R182m R170m R228m R186m R130m R145m R190m R222m R291 m R313 m R338 m R353m R378 m R411m R446 m R510 m R539 m R499m R510 m R496 m R545m R547 m R854 m R782 m R812 m R783 m R909 m R969 m R951 m R1 016m R1 056m R1 380m R1,357 m R1,499 m R1,527 m FY24 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY25 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY26 Q1 Group Net Revenue Quarterly Performance Net Revenue 1 ConsumerMerchantLesaka Enterprise Eliminations 45% YoY Header block is white background with purple outline and text Graphs thinner etc Please bring in data labels Consumer Enterprise Merchant Notes 1. Non -GAAP measure. Refer to Appendix for full reconciliation of all non -GAAP measures.
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25 R15 m R17 m R14 m R9m R7 m (R1m) R2 m R15 m R23 m R40m R48m R71m R79m R79m R77m R117m R162m R150m R129m R140 m R140 m R136m R136 m R185 m R150 m R187 m R163 m R150 m R168 m R183 m R190m R168 m R212 m R237 m R306 m R271 m FY24 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY25 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY26 Q1 Group Adjusted EBITDA Quarterly Performance Group Adjusted EBITDA 1 ConsumerMerchantLesaka Enterprise Group costs 61% YoY Notes 1. Non -GAAP measure. Refer to Appendix for full reconciliation of all non -GAAP measures.
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26 GAAP Income Statement for the Quarter ZAR’000 $’000 Q1 - ended 30 September FY26 Q1 FY25 Q1 % Growth YoY FY26 Q1 FY25 Q1 % Growth YoY Average exchange rate for conversion from ZAR to $ R17,67 R17,72 (0%) R17,67 R17,72 (0%) Revenue 3 023 546 2 756 877 10% 171 448 153 568 12% Expense (3 016 810) (2 757 162) 9% (171 065) (153 613) 11% Cost of goods sold. IT processing. servicing & support (2 089 010) (2 134 828) (2%) (118 440) (118 909) (0%) Selling. general and administration (698 672) (479 183) 46% (39 637) (26 698) 48% Depreciation and amortization (227 366) (112 660) 102% (12 894) (6 276) 105% Transaction costs related to Adumo, Recharger and Bank Zero acquisitions and certain compensation costs (1 762) (30 491) (94%) (94) (1 730) (95%) Operating income (loss) 6 736 (285) n/m 383 (45) n/m Change in fair value of equity securities - - n/m - - n/m Reversal of (allowance) of EMI doubtful debt - - n/m - - n/m Net gain (loss) on impairment of equity -accounted investments (10 342) - n/m (584) - n/m Interest income 9 496 10 517 (10%) 539 586 (8%) Interest expense (86 410) (90 328) (4%) (4 898) (5 032) (3%) Loss before income taxes (80 520) (80 096) 1% (4 560) (4 491) 2% Income tax (expense) benefit 2 572 (1 402) n/m 146 (78) n/m Net income/(loss) before equity -accounted investments (77 948) (81 498) (4%) (4 414) (4 569) (3%) Income/(loss) from equity -accounted investments - 475 n/m - 27 n/m Net loss (77 948) (81 023) (4%) (4 414) (4 542) (3%) (Add) less net (loss) income attributable to non -controlling interest 2 058 - n/m 117 - n/m Net loss attributable to the company (75 890) (81 023) (6%) (4 297) (4 542) (5%) Earnings (loss) per share ZAR ZAR % Growth YoY USD USD % Growth YoY Basic loss per share attributable to Lesaka shareholders (0.93) (1.26) (26%) (0.05) (0.07) (29%) Diluted loss per share attributable to Lesaka shareholders (0.88) (1.24) (29%) (0.05) (0.07) (29%) Adjusted earnings (loss) per share attributable to shareholders 1 1.07 0.54 97% 0.06 0.03 99% Notes 1. Non -GAAP measure. Refer to Appendix for full reconciliation of all non -GAAP measures.
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27 Segmental EBITDA Analysis for the Quarter ZAR’000 $’000 Q1 - ended 30 September FY26 Q1 FY25 Q1 % Growth YoY FY26 Q1 FY25 Q1 % Growth YoY Average exchange rate for conversion from ZAR to $ 17.67 17.72 (0%) 17.69 17.72 (0%) Revenue Merchant 2 239 035 2 220 022 1% 126 950 123 651 3% Consumer 539 006 378 063 43% 30 576 21 072 45% Enterprise 261 904 213 997 22% 14 853 11 883 25% Total segment revenue 3 039 945 2 812 082 8% 172 379 156 606 10% Intersegment eliminations (16 399) (55 205) (70%) (931) (3 038) (69%) Total revenue 3 023 546 2 756 877 10% 171 448 153 568 12% Segment Adjusted EBITDA Merchant 162 076 135 510 20% 9 190 7 554 22% Consumer 149 710 78 681 90% 8 493 4 396 93% Enterprise 22 407 6 568 241% 1 269 362 251% Group costs (63 619) (52 654) 21% (3 611) (2 949) 22% Group Adjusted EBITDA 270 574 168 105 61% 15 341 9 363 64% Once-off items (4 817) (31 828) (85%) (267) (1 805) (85%) Stock -based compensation charges (32 762) (42 691) (23%) (1 861) (2 377) (22%) Depreciation and amortization (66 292) (45 393) 46% (3 760) (2 529) 49% PPA amortization (161 074) (67 266) 139% (9 134) (3 747) 144% Interest adjustment - 14 922 n/m - 831 (100%) Unrealized loss FV for currency adjustments 1 107 3 866 (71%) 64 219 (71%) Operating (loss) income 6 736 (285) n/m 383 (45) n/m Interest income 9 496 10 517 (10%) 539 586 (8%) Interest expense (86 410) (90 328) (4%) (4 898) (5 032) (3%) Reversal of (allowance) of EMI doubtful debt - - n/m - - n/m Net loss on impairment of equity -accounted investments (10 342) - n/m (584) - n/m Change in fair value of equity securities - - n/m - - n/m Net loss before tax (80 520) (80 096) 1% (4 560) (4 491) 2% Income tax (expense) benefit 2 572 (1 402) n/m 146 (78) n/m Net loss before earnings from equity -accounted investments (77 948) (81 498) (4%) (4 414) (4 569) (3%) Earnings (loss) from equity -accounted investments - 475 n/m - 27 n/m Net loss (77 948) (81 023) (4%) (4 414) (4 542) (3%) Income attributable to non -controlling interest 2 058 - n/m 117 - n/m Net loss attributable to the company (75 890) (81 023) (6%) (4 297) (4 542) (5%)
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28 Reconciliation of non-GAAP measures – Net Revenue Net Revenue is calculated as GAAP Revenue less: • The cost of prepaid airtime vouchers sold by us, and • Commissions paid to third parties selling all other agency -based products (including pinless airtime. electricity and other products) provided through our distribution channels. Net Revenue - Group FY26 Q1 ZAR’000 FY25 Q1 ZAR’000 FY26 Q1 $’000 FY25 Q1 $’000 Revenue 3 023 546 2 756 877 171 448 153 568 Cost of prepaid airtime vouchers sold by us & commissions paid to third parties selling all other agency -based products (1 496 497) (1 701 330) (84 842) (94 759) Net Revenue 1 527 049 1 055 547 86 606 58 809 Net Revenue as a percentage of GAAP Revenue reported 51% 38% 51% 38% Net Revenue – Merchant FY26 Q1 ZAR’000 FY25 Q1 ZAR’000 FY26 Q1 $’000 FY25 Q1 $’000 Revenue 2 239 035 2 220 022 126 950 123 651 Cost of prepaid airtime vouchers sold by us & commissions paid to third parties selling all other agency -based products (1 456 188) (1 673 225) (82 556) (93 195) Net Revenue 782 847 546 797 44 394 30 456 Net Revenue as a percentage of GAAP Revenue reported 35% 25% 35% 25% Net Revenue - Enterprise FY26 Q1 ZAR’000 FY25 Q1 ZAR’000 FY26 Q1 $’000 FY25 Q1 $’000 Revenue 261 904 213 997 14 853 11 883 Cost of prepaid airtime vouchers sold by us & commissions paid to third parties selling all other agency -based products (40 309) (28 105) (2 286) (1 564) Net Revenue 221 595 185 892 12 567 10 319 Net Revenue as a percentage of GAAP Revenue reported 85% 87% 85% 87%
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29 Reconciliation of non-GAAP measures – Group Adjusted EBITDA FY26 Q1 FY25 Q1 FY26 Q1 FY25 Q1 ZAR’000 ZAR’000 $’000 $’000 Average exchange rate for conversion from ZAR to $ 17,67 17,72 17,67 17,72 Loss attributable to Lesaka – GAAP (75 890) (81 023) (4 297) (4 542) Net income attributable to non -controlling interest 2 058 - 117 - Net loss (77 948) (81 023) (4 414) (4 542) (Earnings) from equity accounted investments - (475) - (27) Net loss before earnings from equity -accounted investments (77 948) (81 498) (4 414) (4 569) Income tax (benefit) expense (2 572) 1 402 (146) 78 Loss before income tax expense (80 520) (80 096) (4 560) (4 491) Reversal of (allowance) of EMI doubtful debt - - - - Loss on impairment of equity -accounted investment 10 342 - 584 - Impairment loss - - - - Change in fair value of equity securities - - - - Unrealized (gain) loss FV for currency adjustments (1 107) (3 866) (64) (219) Operating income (loss) after PPA amortization and net interest (non -GAAP) (71 285) (83 962) (4 040) (4 710) PPA amortization (amortization of acquired intangible assets) 161 074 67 266 9 134 3 747 Operating income/(loss) before PPA amortization after net interest (non -GAAP) 89 789 (16 696) 5 094 (963) Interest expense 86 410 90 328 4 898 5 032 Interest income (9 496) (10 517) (539) (586) Operating income/(loss) before PPA amortization and net interest (non -GAAP) 166 703 63 115 9 453 3 483 Interest adjustment - - - - Depreciation and amortization (excluding amortization of acquired intangibles) 66 292 45 393 3 760 2 529 Stock -based compensation charges 32 762 42 691 1 861 2 377 Once -off items 4 817 31 828 267 1 805 Group Adjusted EBITDA (Non -GAAP) 270 574 168 105 15 341 9 363
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30 Reconciliation of non-GAAP measures – Adjusted Earnings & EPS Notes : Adjusted earnings (loss) and adjusted earnings (loss) per share are non -GAAP measures. Refer to Appendix for a full reconciliati on of non -GAAP measures. Items adjusted for comprises: Change in fair value of equity securities (net), intangible asset amortization (net), stock -based compensation charges, transaction costs, indirect taxes provision release, net loss on disposal of equity -accounted investments, income recognized related to closure of legacy businesses, and other items. From FY25 Q4 onwards, the adjusted earnings definition now includes all adjustment as described and the adjustment of deferred tax assets recognized. Q1 FY26 Q1 FY25 Q1 FY26 Q1 FY25 ZAR’000 Adjusted Earnings Adjusted EPS Adjusted Earnigns Adjusted EPS Adjusted Earnings Adjusted EPS Adjusted Earnings Adjusted EPS Average exchange rate for conversion from ZAR to $ 17,67 17,72 17,67 17,72 Net loss attributable to Lesaka (GAAP) (75 890) (0,93) (81 023) (1,26) (4 297) (0,05) (4 542) (0,07) Change in fair value of equity securities - - - - Intangible asset amortization, net of tax 117 584 49 173 6 668 2 735 Release of valuation allowance related to EPFS deferred tax asset - (7 774) - (437) Stock -based compensation charge 32 762 42 691 1 861 2 377 Transaction -related costs 4 817 31 828 267 1 805 Other - - - - Loss on sale of equity method investment 10 342 - 584 - Intangible asset amortization, net related to non -controlling interest (2 361) - (134) - Impairment of equity method investments - - - - Reversal of allowance for doubtful EMI loans receivable - - - - (Income recognized) Expenses incurred related to closure of legacy businesses - - - - Adjusted Earnings (non -GAAP) 87 254 1.07 34 895 0.54 4 949 0.06 1 938 0.03
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31 Reconciliation of non-GAAP measures – Cash Flow and Leverage Ratio 1. Operating cash flow before working capital related items, movement in loan book funding, bulk airtime purchases, tax paid and interest paid. 2. Working capital includes accounts receivable, accounts payable. vendor wallets. settlement balances and inventory. Summary Group cash flow ( ZARm ) Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Cash generated from business operations ¹ 196 269 277 378 341 Cash (utilized) generated in working capital ² (193) (81) 156 (42) 14 Movement in loan book funding (28) (149) (217) (230) (122) Cash generated (utilized) from operations after loan book funding (25) 39 216 106 233 Bulk ADP purchases (funded from short -term facilities) 9 (69) 41 (34) 44 Tax refunds (paid) 1 (58) (9) (49) (13) Cash provided by (used in) operating activities (15) (88) 248 23 264 Interest paid (58) (76) (52) (139) (106) Net cash provided by (used in) operating activities (73) (164) 196 (116) 158 Net debt position (ZARm) Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Debt (2 722) (3 762) (4 005) (3 999) (3 810) Cash on hand¹ 854 1 142 1 303 1 359 1 246 Listed securities held for sale N/A 802 406 - - Net debt position (1 868) (1 819) (2 296) (2 641) (2 563) Group Adjusted EBITDA (last -twelve months actual) 710 754 807 922 1 025 Net debt to Group Adjusted EBITDA ratio 2.6x 2.4x 2.8x 2.9x 2.5x
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32 Reconciliation of Once Off Items ZAR’000 $’000 For the quarter FY26 Q1 FY25 Q1 FY26 Q1 FY25 Q1 Average exchange rate for conversion from ZAR to $ 17,67 17,72 17,67 17,72 Transaction costs 3 056 1 337 173 75 Transaction costs related to Adumo, Recharger, and Bank Zero acquisitions and certain compensation costs 1 762 30 491 94 1 730 Separation of employee expense - - - - (Income recognized) Expenses incurred related to closure of legacy businesses - - - - Non-recurring revenue not allocated to segments - - - - Employee misappropriation of company funds - - - - Indirect taxes expense - - - - Total once -off items 4 817 31 828 267 1 805
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33 Stock Based Compensation (“SBC”) Charges • Current level of SBC is lower as Connect acquisition and executive sign on awards have vested • Mix of awards from FY26e onwards shifts to awarded under LTIP to employees and executives. • FY24 and FY25 increase relates to appointment of Executive Chairman • Long-term incentive plan (“LTIP”) awards are indicative of the continued run-rate cost - Medium to long term run rate normalizes over time • Long-term stock-based costs are largely linked to share option values and accrue based on value creation - Options included have a strike price ranging from $6 per share to $14 per share - Restricted stock awards with a vesting target price of $7.60 during fiscal 2028 Expected Annual SBC Charges Exec sign onConnect acquisitionLTIP 25,000 70,794 80,958 99,000 57,029 4,106 8,761 48,331 51,054 39,005 11,255 10,676 15,989 35,465 74,223 84,949 68,012 FY22 FY23 FY24 FY25 FY26e FY27e FY28e