Slides
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Q4 FY26 Results Presentation
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Regulatory Disclosures 2 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 ma ter ially from those projected in the information. The use of words such as “may”, “might”, “will”, “should”, “expect”, “plan”, “anticipate”, “believe”, “estimate”, “project”, “int end ”, “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, incl uding, but not limited to, economic, competitive, governmental and technological factors outside of our control, that may cause our business, industry, strategy or actual resu lts 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 e nded June 30, 2026 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 dat e. 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 re quired 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 managem ent believes they are useful to investors and a reconciliation to the most directly comparable US GAAP financial measures can be found in the Appendix of this presenta tio n. Revision of financial measures Certain amounts have been revised for the error discussed in Note 1 to our condensed consolidated financial statements in the Company’s annual report on Form 10 - K for the year ended June 30, 2026 Currency Presentation As a domestic filer in the U.S. we report results in US dollars, under US GAAP, as evident in our 10 - K and 10 - Q filings. It is i mportant 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 signific ant ly 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 presentatio nal purposes) in analyzing the company’s performance.
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3 US GAAP Income Statement for the Quarter ZAR’000 $’000 Q4 - ended 30 June Q4 FY26 Q4 FY25 % Growth YoY Q4 FY26 Q4 FY25 % Growth YoY Average exchange rate for conversion from ZAR to $ R16.49 R17.87 (8%) R16.49 R17.87 (8%) Revenue 3 104 689 3 080 538 1% 188 321 168 467 12% Expense (3 000 618) (3 590 141) (16%) (182 012) (197 077) (8%) Cost of goods sold, IT processing, servicing & support (2 070 729) (2 196 070) (6%) (125 596) (120 082) 5% Selling, general and administration (734 207) (627 960) 17% (44 540) (34 354) 30% Depreciation and amortization (170 506) (196 633) (13%) (10 341) (10 793) (4%) Impairment loss (23 480) (334 929) (93%) (1 431) (18 863) (92%) Transaction and certain compensation costs (1 696) (234 549) (99%) (104) (12 985) (99%) Operating income 104 071 (509 603) n/m 6 309 (28 610) n/m Change in fair value of equity securities - (101 377) n/m - (5 676) n/m Interest income 11 343 11 761 (4%) 688 644 7% Interest expense (72 984) (83 929) (13%) (4 425) (4 573) (3%) Income (loss) before income taxes 42 430 (683 148) n/m 2 572 (38 215) n/m Income tax (expense) benefit 9 661 119 806 (92%) 598 6 714 (91%) Net income (loss) before equity - accounted investments 52 091 (563 342) n/m 3 170 (31 501) n/m Income from equity - accounted investments 804 449 79% 49 25 96% Net Income (loss) 52 895 (562 893) n/m 3 219 (31 476) n/m Add (less) net loss (income) attributable to non - controlling interest - 3 172 n/m - 178 n/m Net Income (loss) attributable to the company 52 895 (559 721) n/m 3 219 (31 298) n/m Earnings (loss) per share ZAR ZAR % Growth YoY USD USD % Growth YoY Basic earnings (loss) per share attributable to Lesaka shareholders 0.66 (6.97) n/m 0.04 (0.39) n/m Diluted earnings (loss) per share attributable to Lesaka shareholders 0.66 (6.97) n/m 0.04 (0.39) n/m Adjusted earnings per share attributable to Lesaka shareholders 1 2.40 0.90 166% 0.15 0.05 206% Notes 1. Non - GAAP measure. Refer to Appendix for full reconciliation of all non - GAAP measures.
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4 US GAAP Income Statement for the Year ZAR’000 $’000 Full year - ended 30 June FY26 FY25 % Growth YoY FY26 FY25 % Growth YoY Average exchange rate for conversion from ZAR to $ R16.91 R17.90 (6%) R16.91 R17.90 (6%) Revenue 12 180 962 11 980 399 2% 721 554 659 701 9% Expense (11 972 466) (12 476 972) (4%) (708 873) (687 667) 3% Cost of goods sold, IT processing, servicing & support (8 289 867) (8 845 530) (6%) (490 834) (487 186) 1% Selling, general and administration (2 806 221) (2 392 857) 17% (166 269) (131 738) 26% Depreciation and amortization (802 598) (612 298) 31% (47 346) (33 721) 40% Impairment loss (67 116) (334 929) (80%) (4 035) (18 863) (79%) Transaction and certain compensation costs (6 664) (291 358) (98%) (389) (16 159) (98%) Operating income 208 496 (496 573) n/m 12 681 (27 966) n/m Change in fair value of equity securities 43 957 (1 089 871) n/m 2 593 (59 828) n/m Reversal of allowance for doubtful loan receivable 25 132 - n/m 1 500 - n/m Net loss on disposal of equity - accounted investments (10 342) (2 886) 258% (584) (161) 263% Other income 65 353 - n/m 3 883 - n/m Loss on disposal of equity securities (12 286) - n/m (730) - n/m Interest income 48 621 47 108 3% 2 889 2 596 11% Interest expense (313 258) (396 649) (21%) (18 506) (21 824) (15%) Income (loss) before income taxes 55 673 (1 938 871) n/m 3 726 (107 183) n/m Income tax (expense) benefit (23 583) 289 008 n/m (1 429) 15 982 n/m Net income (loss) before equity - accounted investments 32 090 (1 649 863) n/m 2 297 (91 201) n/m Income from equity - accounted investments 3 593 2 035 77% 215 114 89% Net Income (loss) 35 683 (1 647 828) n/m 2 512 (91 087) n/m Add (less) net loss (income) attributable to non - controlling interest 4 155 2 307 80% 246 130 89% Net Income (loss) attributable to the company 39 838 (1 645 521) n/m 2 758 (90 957) n/m Earnings (loss) per share ZAR ZAR % Growth YoY USD USD % Growth YoY Basic earnings (loss) per share attributable to Lesaka shareholders 0.51 (20.12) n/m 0.03 (1.19) n/m Diluted earnings (loss) per share attributable to Lesaka shareholders 0.51 (20.12) n/m 0.03 (1.19) n/m Adjusted earnings per share attributable to Lesaka shareholders 1 6.51 2.10 210% 0.39 0.12 234% Notes 1. Non - GAAP measure. Refer to Appendix for full reconciliation of all non - GAAP measures.
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R0.48 R 2.10 R6.51 Our transformative journey 5 Notes 1. Acquisition pending subject to regulatory approval by the Prudential Authority and the South African Reserve Bank and other c ustomary closing conditions. March 2024 Crossed 1.5m active Consumers for the first time November 2025 Relaunched to staff as One Lesaka. A unified brand identity reflecting our purpose and future ambitions February 2025 Consolidated and optimized debt on balance sheet Officially rebranded to Lesaka following milestone Connect transaction May 2022 June 2024 June 2025 June 2026 April 2022 Genesis of Merchant product offering October 2024 Significantly expanding scale & product of Merchant business March 2025 Added target vertical of Utilities within Enterprise June 2025 1 Banking license and modern digital banking to power the Group Group Adjusted EBITDANet Revenue Adjusted EPS – Full Year June 2022 (R7.41) June 2023 (R2.76)
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One Lesaka
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Group performance: year in review 7 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. Financial period Ended, 30 June Net Revenue¹ Group Adjusted EBITDA ¹ Adjusted Earnings per Share ¹ Adjusted Earnings ¹ Net Debt / Group Adjusted EBITDA 1,2 FY25 FY26 Growth R1.27bn ▲ 41 % R6.51 1.9x R539m R907 m R2.10 2.9x R164m R6.33bn ▲ 20 % R5.29bn ▲ 229 % ▲ 210 % Improved by 1.0x FY26 Guidance Net Revenue: R6.2 billion to R 6.5 billion Group Adjusted EBITDA: R1.25 billion to R1.35 billion Adjusted EPS: R5.50 to R6.00 per share Net Income (GAAP) positive Net Revenue by Division Merchant: R3.00b Consumer: R1.74b Enterprise: R0.65b Merchant: R3.10b Consumer: R2.40b Enterprise: R0.91b Merchant: ▲ 3% Consumer: ▲ 38% Enterprise: ▲ 40%
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R2,669m R2,829m FY25 FY26 Merchant performance: year in review 8 FY26 vs FY25: Merchant Core Net Revenue FY26 vs FY25: Core Net Revenue Underlying Drivers Notes Sums may not add to sub - totals due to ‘Other’ product category, representing an immaterial contribution to revenue derived from early - stage product launches. 1. In FY27 onwards, acquiring take rates will reflect a removal of network fees charged by the Corporate segment. Adjusting f or this acquiring take rates for FY26 would be 1.24% Acquiring 1 TPV R44bn (↑ 27% YoY) Take Rate 1.78% (↓ 4% YoY) ADP TPV R55bn (↑ 31% YoY) Take Rate 1.27% (↓ 25% YoY) Cash TPV R119bn (↑ 4% YoY) Take Rate 0.66% (↓ 10% YoY) Avg. Active Merchants 132k (↑ 12% YoY) Avg. ARPU R1,784 (↓ 5% YoY) Core Revenue 6% FY25: R2,995m Core Revenue Net Revenue FY26: R3,096m ADP Acquiring Cash Software Lending
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Consumer performance: year in review 9 FY26 vs FY25: Consumer Core Net Revenue FY26 vs FY25: Core Net Revenue Underlying Drivers Transactional Accounts Transactional Fees R35.3 (↑ 3% YoY) Lending Origination Volume R3.8bn (↑ 51% YoY) Blended Duration 7.3 months (↑ 9% YoY) Insurance GWP R528m (↑ 41% YoY) Collection Rate 94% (↓ 2% YoY) Avg. Active Consumers 2.0 million (↑ 19% YoY) Avg. ARPU R94 (↑ 15% YoY) Core Revenue Notes Sums may not add to sub - totals due to ‘Other’ product category, representing an immaterial contribution to revenue derived from early - stage product launches Avg. Active Consumers 2.0 million (↑ 19% YoY) R1,647m R2,262m FY25 FY26 Lending Transactional Accounts Insurance 37% FY25: R1,744m Core Revenue Net Revenue FY26: R2,401m
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Enterprise performance: year in review 10 FY26 vs FY25: Enterprise Core Net Revenue FY26 vs FY25: Core Net Revenue Underlying Drivers ADP TPV R48bn (↑ 17% YoY) Take Rate 1.25% (↑ 6% YoY) Utilities TPV R1.9bn (↑ 151% YoY) Take Rate 14% (↑ 42% YoY) TPV R50bn (↑ 20% YoY) Core Take Rate 1.63% (↑ 21% YoY) Core Revenue Notes Sums may not add to sub - totals due to ‘Other’ product category, representing an immaterial contribution to revenue derived from early - stage product launches FY25: R651m Core Revenue Net Revenue FY26: R913m R561m R813m FY25 FY26 Utilities ADP 45%
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Key Financial Highlights
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FY26: A year of financial inflection 12 Key highlights Observable trends Delivery on commitments Notes 1. Net income attributable to Lesaka 2. Includes working -capital, loan book funding, bulk ADP purchases, taxes and interest paid 3. 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 Appendix for full reconciliation of all non -GAAP measures. Positive cash after investment A stronger balance sheet Lower non - operational & once - off charges R1.27bn A djusted EBITDA within latest guidance R6.51 A djusted EPS above guidance; ~ R 40 m GAAP profit¹ R864m net cash from operating activities ² R44 3 m after R42 1 m capex 1.9x leverage ratio 3 , below our 2.0x target Gross debt reduced by ~ R20 0 m R35m of non - operational charges vs. R1.7bn in FY25 R91m of once - off charges vs. R322m in FY25 Improved cash generation and quality of earnings
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Group level financial performance 13 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. Financial period Ended, 30 June Q4 FY25 Q4 FY26 Growth R367m ▲ 22 % R199m 1.9x R2.40 R302 m R75m 2.9x R0.90 R1.62bn ▲ 8 % R1.50bn ▲ 166 % ▲ 166 % Improved 1.0x Net Revenue¹ Group Adjusted EBITDA ¹ Adjusted Earnings ¹ Adjusted Earnings per Share ¹ Net Debt / Group Adjusted EBITDA 1,2
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R190m R222m R217m R220m R255m R510m R539m R567m R627m R669m R812m R783m R833m R751m R729m R1 499m R1 527m R1 598m R1 576m R1 624m Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q4 FY26 Net Revenue Divisional financial performance 14 Growth (10 %) YoY 31 % YoY 34% YoY 8% Consumer Merchant Enterprise Intercompany Eliminations
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(R58m) (R64m) (R50m) (R62m) (R63m) R15m R22m R24m R35m R54m R162m R150m R159m R213m R253m R183m R158m R170m R151m R122m R302m R266m R304m R337m R367m Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Profitability performance 15 R 0.90 R 0.97 R 1.34 R 1.80 R 2.40 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Group Adjusted EBITDA 1 Adjusted Earnings per Share 1 Growth (33%) YoY 56 % YoY 255% YoY Consumer Merchant Enterprise Group Costs 22% 166% Notes 1. R evised following a non - material error in reconciliation. Refer to Note 1 in the Company’s published 10 - K form for the year ended June 30, 2026, for further information.
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Cash flow and leverage ratio performance 16 Cashflow from Business Operations 1,2 Leverage Ratio: Net Debt / Group Adjusted EBITDA 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 purch ase s, tax paid and interest paid (R234m) (R122m) (R385m) (R10m) (R70m) (R139m) (R106m) (R101m) (R98m) (R66m) (R49m) (R13m) (R75m) (R9m) (R79m) R379m R333m R423m R365m R384m Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 2.9x 2.5x 2.5x 2.1x 1.9x Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Movement in Loan Book Funding Cash Generated from Business Operations 1 Interest Paid Taxes Paid
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Capex spend and areas of investment 17 Capex Q4 FY26: Areas of investment R33m R39m R35m R25m R61m R72m R51m R48m R50m R110m R105m R90m R84m R76m R171m 0 50 100 150 200 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Maintenance Growth IT Equipment 8% POS Devices 21% Office fit - out 30% Vehicles 10% Hospitality POS Devices 4% Cash Vaults 17% Capitalized Dev. Costs 10%
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Benefits of scaling the platform 18 Operating Margin 1 Capex % of Group Adjusted EBITDA (LTM) 1 42.0% 39.5% 32.7% 29.3% 33.0% Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 20.1% 17.4% 19.1% 21.4% 22.6% Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Group Adjusted EBITDA / Net Revenue Capex LTM / Group Adjusted EBITDA LTM Notes 1. Non - GAAP measure. Refer to Appendix for full reconciliation of all non - GAAP measures.
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Merchant Division
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27k 25k 101k 107k 128k 132k Q4 FY25 Q4 FY26 Merchant base & engagement 20 Active Merchants 1 Merchant ARPU 2 Product Penetration Rate 3% (8%) 46% 46% 10% 7% Q4 FY25 Q4 FY26 2 or more products 3 or more products R 1,909 R 1,750 R 824 R 755 R 5,956 R 5,970 Q4 FY25 Q4 FY26 Notes 1. Our definition of an active merchant is any merchant that has made a voluntary transaction (debit and/or credit) within the l ast 90 days. The definition of an active merchant reflects the revenue generating engagement of our entire Merchant base and more accurately tracks our current and future monetization stra teg y for the division. 2. Monthly average revenue per active user (“ARPU”) over the prevailing quarterly period. ARPU includes network fees earned unde r t he Corporate segment. The methodology to Merchant ARPU calculation may be subject to refinement from FY27 onwards. Corporate Merchant Standalone ARPU Community Merchant Standalone ARPU Active Corporate Merchants Active Community Merchants
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R 10.0 bn R 10.6 bn 70.3 k 73.7 k Q4 FY25 Q4 FY26 R 5.4 bn R 5.7 bn R 5.5 bn R 8.9 bn R10.9b n R14.6b n 98.2k 101.7 k Q4 FY25 Q4 FY26 R 28.3 bn R 29.8 bn 4.8 k 4.9 k Q4 FY25 Q4 FY26 Merchant volumes 21 Acquiring TPV Cash TPV ADP TPV Prepaid Solutions Supplier Enabled Payments Active Merchants 1 34% 6% 5% Active Merchants 1 Active Merchants 1 Notes 1. Our definition of an active merchant is any merchant that has made a voluntary transaction (debit and/or credit) within the l ast 90 days. The definition of an active merchant reflects the revenue generating engagement of our entire Merchant base and more accurately tracks our current and future monetization stra teg y for the division. Merchant card and cash acquiring TPV is based on volumes enabled by Lesaka only.
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9,755 9,738 Q4 FY25 Q4 FY26 R 402 m R 463 m Q4 FY25 Q4 FY26 Merchant lending and software 22 R 209 m R 249 m Q4 FY25 Q4 FY26 Lending Origination Lending Portfolio Outstanding Software Sites Notes 1. Our lending solutions are offered to merchants through in - house lending products and a joint venture with Retail Capital with a 50:50 profit share. Amounts reflected above include 15% of the joint venture with Retail Capital’s lending originated and portfolio outstanding. 20% 15% Flat
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Merchant base & engagement 23 Merchant Product Engagement Average ARPU 2 per Product Layered Notes 1. Our definition of an active merchant is any merchant that has made a voluntary transaction (debit and/or credit) within the l ast 90 days. The definition of an active merchant reflects the revenue generating engagement of our entire Merchant base and more accurately tracks our current and future monetization stra teg y for the division. 2. Monthly average revenue per active user (“ARPU”) over the prevailing quarterly period. ARPU includes network fees earned unde r t he Corporate segment. The methodology to Merchant ARPU calculation may be subject to refinement from FY27 onwards. 69k 71k 46k 52k 12k 9k 125k 132k Q4 FY25 Q4 FY26 R540 R893 R1,076 R5,701 R8,927 1 Product 2 Products 3+ Products Corporate Merchant ARPU Community Merchant ARPU 1 Product 2 Products 3+ Products
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Consumer Division
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1.5 m 1.9 m 2.1 m 10.8% 13.6% 14.9% Q4 FY24 Q4 FY25 Q4 FY26 R 76.2 R 84.8 R 97.6 Q4 FY24 Q4 FY25 Q4 FY26 43% 45% 51% 14% 16% 20% Q4 FY24 Q4 FY25 Q4 FY26 2 or more products 3 products Consumer base and engagement 25 Active Consumers 1 Consumer ARPU 3 Product Penetration Rate 4 Notes 1. Active consumers excludes Lesaka Payouts cardholders given this tracks a different monetization strategy but includes non - perman ent (SRD) grant beneficiaries. 2. South African Social Security Agency (“SASSA”) as at June 30, 2026. 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. SASSA Market Share 2 11% 15%
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R34.0 R34.3 R35.3 R27.2 R32.6 R39.7 R15.0 R17.9 R22.6 R 76.2 R 84.8 R 97.6 0 100 Q4 FY24 Q4 FY25 Q4 FY26 Transactional Accounts Lending Insurance Consumer ARPU driven by cross - sell 26 Decomposition of Consumer ARPU Branch Distribution and Staff Growth 15% 223 232 268 1,218 1,460 1,547 0.0 200.0 400.0 600.0 800.0 1000.0 1200.0 1400.0 1600.0 1800.0 0 100 200 300 Q4 FY24 Q4 FY25 Q4 FY26 Number of Branches Sales Staff Employed
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R 548 m R 997 m R 1,396 m Q4 FY24 Q4 FY25 Q4 FY26 R 470 m R 780 m R 937 m Q4 FY24 Q4 FY25 Q4 FY26 Lending origination driven by channel and product innovation Lending Origination Lending Portfolio Outstanding Duration Mix 4% 2% 48% 35% 48% 63% Q4 FY25 Q4 FY26 3 months 6 months 9 months 20% 40% 27
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439 k 563 k 753 k 96% 96% 94% Q4 FY24 Q4 FY25 Q4 FY26 R78m R 114 m R 155 m Q4 FY24 Q4 FY25 Q4 FY26 Insurance offering continues to scale 28 Gross Written Premium Number of Policies (#k) and Collection Ratio (%) 36% 34%
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Enterprise
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R8.3bn R9.3bn R2.0bn R2.9bn R 10.3 bn R 12.2 bn Q4 FY25 Q4 FY26 Enterprise ADP TPV and take rate 30 ADP TPV 1 ADP Channels Notes 1. ADP Division includes prepaid solutions and bill payments through channels such as retailer distribution networks and online ban king apps. 18% Prepaid Solutions Bill Payments Banking channels Retail channels Fintech channels
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R 435 m R 502 m 345 k 382 k Q4 FY25 Q4 FY26 Enterprise Utilities TPV and active meters 31 16% Utilities TPV Number of Active Meters Utilities TPV Utilities Channels Retail & Wholesale channels
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Bank Zero Update
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33 Transaction t imeline and status Bank Zero transaction announced; Deposit base: R400m June 2025 Competition tribunal unconditional approval November 2025 Onboarded first alliance banking partner - Paymentology Deposit base: ~R700m 1 April 2026 Forecasting break - even status at a Bank Zero standalone level Forecasted deposit base: R1.0bn+ December 2026 Transaction expected to go unconditional following completion of pending approvals: Prudential Authority and Exchange Control 2 December 2026 Notes 1. Banks BA900 Economic Returns Data – April 2026 2. Management expectation and subject to regulatory approval by the South African Reserve Bank (“SARB”).
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34 Bank Zero’s impact to Lesaka Lower Cost to Fund • Ability to fund lending through bank deposits over time • Reduce Group leverage through movement of lending books into the bank • Offer comprehensive banking services to existing consumer and merchant base • Expand TAM by offering new solutions (e.g., FX and cross border transfers) Higher Wallet Share Lower Cost to Serve Higher Income • Reduce reliance on sponsor bank arrangements • Lower technology cost by integrating a scalable banking platform • Opportunity to convert consumer float into deposits • Earn interest income on deposits held under the banking license Balance Sheet Funding Enhanced Product Capabilities Banking Infrastructure Deposit - Taking License Notes Completion is subject to remaining regulatory approvals.
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35 Unlocking more market opportunity Unlocks more Consumer segments leveraging an integrated banking platform Strengthens our Merchant relationships with deeper product penetration Broadens our Enterprise ecosystem with new services & client categories Business Savings Accounts Merchant Loans Payments Software Business Banking Remittance Payments Merchant Consumer Enterprise 12 M 26 M Social Grant Recipients 1 Social Grant Recipients + Consumers with Taxable Income 2 + Account Hosting Co - Branded Card Programs Instantaneous Settlement Compliance & Legal Support Fintechs Platforms Marketplaces Retailers New Services New Enterprises Alliance Banking Extend New Services to More Enterprises More Capabilities to Serve Merchants Expand Our Consumer Addressable Market Notes 1. World Bank: Excluding social relief of distress (SRD) grant recipients. 2. National Treasury Budget Review 2025; South Africans with taxable income Completion is subject to remaining regulatory approvals.
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R 0.4 bn R 1.0 bn+ R 4.0 bn+ FY25 H2 FY27 FY29 Deposit base evolution 36 Forecasted deposit book growth Deposit growth strategy Deposit base evolution drives higher interest income and funds the lending proposition Expansion Alliance Banking product scaling with 1 partner live and 4 others in pipeline Migration 1 Expecting migration of Consumer deposits by Q1 FY28 Organic growth Continued growth of Bank Zero’s deposit taking offering to South African retail mass - market Notes 1. Migration timing of Lesaka accounts and lending products into Bank Zero remains subject to the transaction completion whic h i s subject to remaining regulatory approvals. CAGR: 60%+
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37 Self - funded loan b ook f rom d eposits ~R2.3bn R3.8bn Jun-26 Jun-27 Jun-29 Consumer Loan Book Merchant Loan Book By Q4 FY27 By Q4 FY27 Buyback Shares Reduce Bank Debt Selective Bolt - On Acquisitions Capital Allocation Flexibility Forecasted Transfer of Loan Book to Deposits Group Debt Bridge ~ 1.9x Net Debt / Group Adjusted EBITDA < 1.0x Net Debt / Group Adjusted EBITDA Notes Completion is subject to remaining regulatory approvals. By Q1 FY28
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FY27 Guidance & Medium - Term Outlook 38
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FY27 and Q1 FY27 Guidance 39 FY27 Guidance Q1 FY27 Guidance FY27 Guidance Implied YoY Growth Net Revenue R7.0bn – R7.7bn 11% - 22% Group Adjusted EBITDA R1.45bn – R1.60bn 14% - 26% Adjusted EPS R7.50 – R8.50 15% - 31% Q1 FY27 Guidance Implied YoY Growth Net Revenue R1.58bn – R1.66bn 3% - 9% Group Adjusted EBITDA R200m – R240m (25%) – (10%) Adjusted EPS R0.40 – R0.60 (59%) – (38%) Notes: We have provided outlook regarding Net Revenue, Group Adjusted EBITDA and Adjusted earnings per share, which are non - GAAP financ ial measures and exclude certain revenue and charges. We have not reconciled these non - GAAP financial measures to the corresponding GAAP financial measures because guidance for the various reconciling items is not pro vid ed. We are unable to provide guidance for these reconciling items because we cannot determine their probable significance, as certain items are outside of the control of Lesaka and cannot be reasonably predicted since these i tem s could vary significantly from period to period. Accordingly, reconciliations to the corresponding GAAP financial measures are not available without unreasonable effort. Q1 FY27 guidance reflects both seasonality and expected once - off restructuring costs in the merchant business.
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40 Our 3 - year operational ambition 132,000 200,000 FY26 FY29 20% CAGR # of Active Merchants R50bn R80bn FY26 FY29 Total TPV 17% CAGR Our Ambition 2 million 3 million FY26 FY29 14% CAGR # of Active Consumers Increase multi-product adoption Merchant Unlock efficiency gains for our customer and ourselves Enterprise Expand beyond grant recipients Consumer ~R105 ARPU ~R1600 ARPU ~1.70% Take Rate ~R94 ARPU ~R1784 ARPU ~1.63% Take Rate
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Our 3 - year financial ambition 41 Net Revenue Group Adjusted EBITDA Adjusted EPS Notes: We have provided statements regarding our ambitions in terms of Net Revenue, Group Adjusted EBITDA and Adjusted earnings per sha re, which are non - GAAP financial measures and exclude certain revenue and charges. We have not reconciled these non - GAAP financial measures to the corresponding GAAP financial measures because informati on for the various reconciling items is not available. We are unable to quantify these reconciling items because we 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 and could be significant to the corresponding GAAP measures. Accordingly, reconciliations to the corres pon ding GAAP financial measures are not available without unreasonable effort. FY24 FY25 FY26 FY29 + 20 % CAGR 29% CAGR R6.33bn FY24 FY25 FY26 FY29 36% CAGR R1.27bn + 30 % CAGR FY24 FY25 FY26 FY29 R6.51 + 40 % CAGR 280% CAGR
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Appendix 42
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Use of Non - GAAP Measures Satellit e U.S. securities laws require that when we publish any non - GAAP measures. we disclose the reason for using these non - GAAP measure s 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, an d 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 regardi ng 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 it ems 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 perio d t o period. Accordingly, reconciliations to the corresponding GAAP financial measure is not available without unreasonable effort. 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 sentences below (“Segment Adjusted EBITDA”), the Company’s reportable segments’ measure of profit or loss. T he Company obtained a general lending facility in February 2025, which has been partially used to fund a portion of its Consumer lending during the twelve mon ths ended June 30, 2026, and interest related to these borrowings have been allocated to Consumer. The Company also included an intercompany interest expe nse in its Consumer Segment Adjusted EBITDA for the three and six months ended December 31, 2024. The Company does not allocate once - off items, stock - based compensation charges, depreciation and amortization, impairment of goodwill or other intangible assets, other items (including gains or losses on d isp osal 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 Adjusted EBITDA (loss) Group Adjusted EBITDA is net income (loss) before interest, taxes, depreciation and amortization, adjusted for non - operational t ransactions (including loss on impairment/disposal of equity - accounted investments), impairment loss, earnings (loss) from equity - accounted investments, stock - based compensation charges and once - off items. Once - off items represent non - recurring expense items, including costs related to acquisitions and transactio ns consummated or ultimately not pursued. Adjusted earnings and Adjusted earnings per share Adjusted earnings and Adjusted earnings per share is GAAP net income (loss) and income (loss) per share adjusted for the amor tiz ation of acquisition - related intangible assets (net of deferred taxes), stock - based compensation charges, and unusual non - recurring items, including costs re lated to acquisitions and transactions consummated or ultimately not pursued. Adjusted earnings and Adjusted earnings per share for fiscal 2026 also in clu des adjustments related to the loss on impairment of equity - accounted investments, impairment loss, ATM exit expenses and impairments, reversal of allowance fo r doubtful loans receivable, Lesaka rebrand refresh expenses (net of tax), income recognized related to closure of legacy businesses (net of tax), changes in the fair value of equity securities (net of deferred tax), loss on disposal of equity securities, other income and intangible asset amortization, net related to non - controlling interests. Adjusted earnings and Adjusted earnings per share for fiscal 2025 also includes adjustments related to changes in the fair value of eq uit y 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 intangible asset amortization, net related to non - controlling interests. Net Revenue This eliminates the effect of changes in revenue mix between agency and principal sales of airtime, electricity and other pro duc ts, 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 Defined terms – non - GAAP measures 43
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Net Revenue Group Net Revenue Quarterly Performance Consumer Merchant Lesaka Enterprise Intercompany Eliminations R139m R182m R170m R228m R186m R130m R145m R190m R222m R217m R220m R255m R291m R313m R338m R353m R378m R411m R446m R510m R539m R567m R627m R669m R499m R510m R496m R545m R547m R854m R782m R812m R783m R833m R751m R729m (R19m) (R36m) (R53m) (R110m) (R55m) (R15m) (R16m) (R13m) (R16m) (R19m) (R22m) (R29m) R 909m R 969m R 951m R1 016m R1 056m R1 380m R1 357m R1 499m R1 527m R1 598m R1 576m R1 624m Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 44
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Group Adjusted EBITDA 1 Group Adjusted EBITDA Quarterly Performance Consumer Merchant Lesaka Enterprise Group Costs R15m R17m R14m R9m R7m (R1m) R2m R15m R22m R24m R35m R54m R40m R48m R71m R79m R79m R77m R117m R162m R150m R159m R213m R253m R125m R136m R136m R132m R131m R181m R146m R183m R158m R170m R151m R122m (R34m) (R38m) (R42m) (R34m) (R53m) (R50m) (R33m) (R58m) (R64m) (R50m) (R62m) (R63m) R146m R164m R179m R186m R164m R208m R233m R302m R266m R304m R337m R367m Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Notes 1. R evised following a non - material error in reconciliation. Refer to Note 1 in the Company’s published 10 - K form for the year ended June 30, 2026, for further information. 45
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46 US GAAP Income Statement for the Quarter ZAR’000 $’000 Q4 - ended 30 June Q4 FY26 Q4 FY25 % Growth YoY Q4 FY26 Q4 FY25 % Growth YoY Average exchange rate for conversion from ZAR to $ R16.49 R17.87 (8%) R16.49 R17.87 (8%) Revenue 3 104 689 3 080 538 1% 188 321 168 467 12% Expense (3 000 618) (3 590 141) (16%) (182 012) (197 077) (8%) Cost of goods sold, IT processing, servicing & support (2 070 729) (2 196 070) (6%) (125 596) (120 082) 5% Selling, general and administration (734 207) (627 960) 17% (44 540) (34 354) 30% Depreciation and amortization (170 506) (196 633) (13%) (10 341) (10 793) (4%) Impairment loss (23 480) (334 929) (93%) (1 431) (18 863) (92%) Transaction and certain compensation costs (1 696) (234 549) (99%) (104) (12 985) (99%) Operating income 104 071 (509 603) n/m 6 309 (28 610) n/m Change in fair value of equity securities - (101 377) n/m - (5 676) n/m Interest income 11 343 11 761 (4%) 688 644 7% Interest expense (72 984) (83 929) (13%) (4 425) (4 573) (3%) Income (loss) before income taxes 42 430 (683 148) n/m 2 572 (38 215) n/m Income tax (expense) benefit 9 661 119 806 (92%) 598 6 714 (91%) Net income (loss) before equity - accounted investments 52 091 (563 342) n/m 3 170 (31 501) n/m Income from equity - accounted investments 804 449 79% 49 25 96% Net Income (loss) 52 895 (562 893) n/m 3 219 (31 476) n/m Add (less) net loss (income) attributable to non - controlling interest - 3 172 n/m - 178 n/m Net Income (loss) attributable to the company 52 895 (559 721) n/m 3 219 (31 298) n/m Earnings (loss) per share ZAR ZAR % Growth YoY USD USD % Growth YoY Basic earnings (loss) per share attributable to Lesaka shareholders 0.66 (6.97) n/m 0.04 (0.39) n/m Diluted earnings (loss) per share attributable to Lesaka shareholders 0.66 (6.97) n/m 0.04 (0.39) n/m Adjusted earnings per share attributable to Lesaka shareholders 1 2.40 0.90 166% 0.15 0.05 206% Notes 1. Non - GAAP measure. Refer to Appendix for full reconciliation of all non - GAAP measures.
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47 US GAAP Income Statement for the Year ZAR’000 $’000 Full year - ended 30 June FY26 FY25 % Growth YoY FY26 FY25 % Growth YoY Average exchange rate for conversion from ZAR to $ R16.91 R17.90 (6%) R16.91 R17.90 (6%) Revenue 12 180 962 11 980 399 2% 721 554 659 701 9% Expense (11 972 466) (12 476 972) (4%) (708 873) (687 667) 3% Cost of goods sold, IT processing, servicing & support (8 289 867) (8 845 530) (6%) (490 834) (487 186) 1% Selling, general and administration (2 806 221) (2 392 857) 17% (166 269) (131 738) 26% Depreciation and amortization (802 598) (612 298) 31% (47 346) (33 721) 40% Impairment loss (67 116) (334 929) (80%) (4 035) (18 863) (79%) Transaction and certain compensation costs (6 664) (291 358) (98%) (389) (16 159) (98%) Operating income 208 496 (496 573) n/m 12 681 (27 966) n/m Change in fair value of equity securities 43 957 (1 089 871) n/m 2 593 (59 828) n/m Reversal of allowance for doubtful loan receivable 25 132 - n/m 1 500 - n/m Net loss on disposal of equity - accounted investments (10 342) (2 886) 258% (584) (161) 263% Other income 65 353 - n/m 3 883 - n/m Loss on disposal of equity securities (12 286) - n/m (730) - n/m Interest income 48 621 47 108 3% 2 889 2 596 11% Interest expense (313 258) (396 649) (21%) (18 506) (21 824) (15%) Income (loss) before income taxes 55 673 (1 938 871) n/m 3 726 (107 183) n/m Income tax (expense) benefit (23 583) 289 008 n/m (1 429) 15 982 n/m Net income (loss) before equity - accounted investments 32 090 (1 649 863) n/m 2 297 (91 201) n/m Income from equity - accounted investments 3 593 2 035 77% 215 114 89% Net Income (loss) 35 683 (1 647 828) n/m 2 512 (91 087) n/m Add (less) net loss (income) attributable to non - controlling interest 4 155 2 307 80% 246 130 89% Net Income (loss) attributable to the company 39 838 (1 645 521) n/m 2 758 (90 957) n/m Earnings (loss) per share ZAR ZAR % Growth YoY USD USD % Growth YoY Basic earnings (loss) per share attributable to Lesaka shareholders 0.51 (20.12) n/m 0.03 (1.19) n/m Diluted earnings (loss) per share attributable to Lesaka shareholders 0.51 (20.12) n/m 0.03 (1.19) n/m Adjusted earnings per share attributable to Lesaka shareholders 1 6.51 2.10 210% 0.39 0.12 234% Notes 1. Non - GAAP measure. Refer to Appendix for full reconciliation of all non - GAAP measures.
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Segmental EBITDA Analysis for the Quarter ZAR’000 $’000 Q4 - ended 30 June Q4 FY26 Q4 FY25 % Growth YoY FY26 Q4 FY25 Q4 % Growth YoY Average exchange rate for conversion from ZAR to $ R16.49 R17.87 (8%) R16.49 R17.87 (8%) Net Revenue Merchant 728 804 811 626 (10%) 44 199 44 395 (0%) Consumer 669 465 509 834 31% 40 614 27 911 46% Enterprise 254 950 190 001 34% 15 467 10 396 49% Total Segment Net Revenue 1 653 219 1 511 461 9% 100 280 82 702 21% Intersegment eliminations (29 409) (12 740) 131% (1 784) (697) 156% Total Net Revenue 1 (Non - GAAP) 1 623 810 1 498 721 8% 98 496 82 005 20% Segment Adjusted EBITDA Merchant 122 404 182 890 (33%) 7 421 10 010 (26%) Consumer 253 338 161 880 56% 15 375 8 878 73% Enterprise 54 394 15 309 255% 3 302 823 301% Group costs (63 281) (58 311) 9% (3 840) (3 202) 20% Group Adjusted EBITDA 1 (Non - GAAP) 366 855 301 768 22% 22 258 16 509 35% Once - off items (39 301) (238 974) (84%) (2 385) (13 227) (82%) Stock - based compensation charges (30 103) (37 157) (19%) (1 829) (2 032) (10%) Depreciation and amortization (75 168) (55 045) 37% (4 559) (2 997) 52% PPA amortization (95 338) (141 588) (33%) (5 782) (7 796) (26%) Interest adjustment - (5 055) n/m - (283) n/m Impairment loss (23 480) (334 929) (93%) (1 431) (18 863) (92%) Unrealized (loss) gain FV for currency adjustments 606 1 377 (56%) 37 79 (53%) Operating income 104 071 (509 603) (120%) 6 309 (28 610) (122%) Interest income 11 343 11 761 (4%) 688 644 7% Interest expense (72 984) (83 929) (13%) (4 425) (4 573) (3%) Reversal of allowance for doubtful loan receivable - - n/m - - n/m Change in fair value of equity securities - (101 377) n/m - (5 676) n/m Net Income (loss) before tax 42 430 (683 148) (106%) 2 572 (38 215) (107%) Income tax (expense) benefit 9 661 119 806 (92%) 598 6 714 (91%) Net income (loss) before equity - accounted investments 52 091 (563 342) n/m 3 170 (31 501) n/m Income (loss) from equity - accounted investments 804 449 79% 49 25 96% Net Income (loss) 52 895 (562 893) n/m 3 219 (31 476) n/m Add (less) net loss (income) attributable to non - controlling interest - 3 172 n/m - 178 n/m Net Income (loss) attributable to the company 52 895 (559 721) n/m 3 219 (31 298) n/m 48
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Segmental EBITDA Analysis for the Year ZAR’000 $’000 Full Year - ended 30 June FY26 FY25 % Growth YoY FY26 FY25 % Growth YoY Average exchange rate for conversion from ZAR to $ R16.91 R17.90 (6%) R16.91 R17.90 (6%) Net Revenue Merchant 3 096 246 2 995 106 3% 183 233 164 844 11% Consumer 2 401 720 1 744 429 38% 142 631 96 008 49% Enterprise 913 319 651 265 40% 54 151 35 850 51% Total Segment Net Revenue 6 411 285 5 390 800 19% 380 015 296 702 28% Intersegment eliminations (86 273) (99 447) (13%) (5 142) (5 461) (6%) Total Net Revenue 1 (Non - GAAP) 6 325 012 5 291 353 20% 374 873 291 241 29% Segment Adjusted EBITDA Merchant 601 573 641 509 (6%) 35 533 35 329 1% Consumer 775 027 435 193 78% 46 193 23 949 93% Enterprise 136 164 23 724 474% 8 119 1 287 531% Group costs (238 176) (193 853) 23% (14 103) (10 743) 31% Group Adjusted EBITDA 1 (Non - GAAP) 1 274 588 906 573 41% 75 742 49 822 52% Once - off items (90 881) (321 900) (72%) (5 452) (17 826) (69%) Stock - based compensation charges (117 922) (173 470) (32%) (6 969) (9 550) (27%) Depreciation and amortization (285 133) (224 480) 27% (16 905) (12 337) 37% PPA amortization (517 465) (387 817) 33% (30 441) (21 384) 42% Interest adjustment - 39 923 n/m - 2 195 n/m Impairment loss (55 582) (334 929) (83%) (3 347) (18 863) n/m Unrealized (loss) gain FV for currency adjustments 891 (473) n/m 53 (23) n/m Operating income 208 496 (496 573) n/m 12 681 (27 966) n/m Interest income 48 621 47 108 3% 2 889 2 596 11% Interest expense (313 258) (396 649) (21%) (18 506) (21 824) (15%) Reversal of allowance for doubtful loan receivable 25 132 - n/m 1 500 - n/m Loss on disposal of equity - accounted investment (10 342) (2 886) 258% (584) (161) 263% Other income 65 353 - n/m 3 883 - n/m Loss on disposal of equity securities (12 286) - n/m (730) - n/m Change in fair value of equity securities 43 957 (1 089 871) n/m 2 593 (59 828) (104%) Net Income (loss) before tax 55 673 (1 938 871) n/m 3 726 (107 183) (103%) Income tax (expense) benefit (23 583) 289 008 n/m (1 429) 15 982 n/m Net income (loss) before equity - accounted investments 32 090 (1 649 863) n/m 2 297 (91 201) n/m Income (loss) from equity - accounted investments 3 593 2 035 77% 215 114 89% Net Income (loss) 35 683 (1 647 828) n/m 2 512 (91 087) n/m Add (less) net loss (income) attributable to non - controlling interest 4 155 2 307 80% 246 130 89% Net Income (loss) attributable to the company 39 838 (1 645 521) n/m 2 758 (90 957) n/m 49
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Reconciliation of non - GAAP measures – Cash Flow and Leverage Ratio ZAR million Summary Group cash flow Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Cash generated from business operations ¹ 379 333 423 365 384 Cash (utilized) generated in working capital ² (36) 22 (18) 320 110 Movement in loan book funding (234) (122) (385) (10) (70) Cash generated from operations after loan book funding 109 233 20 675 424 Bulk ADP receipts / (purchases) – funded from short - term facilities (34) 44 (25) 40 - Tax paid (49) (13) (75) (9) (79) Cash provided by (used in) operating activities 26 264 (80) 706 345 Interest paid (139) (106) (101) (98) (66) Net cash provided by (used in) operating activities (113) 158 (181) 608 279 ZAR million Net debt position Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Debt (3 999) (3 810) (3 949) (4 049) (3 796) Cash on hand¹ 1 359 1 246 1 152 1 545 1 336 Listed securities held for sale - - - - - Net debt position (2 641) (2 563) (2 797) (2 504) (2 461) Group Adjusted EBITDA (last - twelve months actual) 907 1 009 1 105 1 210 1 275 Net debt to Group Adjusted EBITDA ratio 2.9 x 2.5 x 2.5x 2.1x 1.9x Notes 1. Operating cash flow before working capital related items, movement in loan book funding, bulk airtime purchases, tax paid and in terest paid. 2. Working capital includes accounts receivable, accounts payable. vendor wallets. settlement balances and inventory. 50
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Reconciliation of non - GAAP measures – Group Adjusted EBITDA (ZAR) 51 ZAR’000 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Average exchange rate for conversion from ZAR to $ 14.61 15.38 15.61 15.56 17.72 17.85 18.40 17.87 17.67 16.96 16.77 16.49 (Loss) Income attributable to Lesaka (GAAP) (110,279) (55,992) (81,416) (98,456) (86,543) (589,467) (409,790) (559,721) (82,265) 60,825 8,383 52,895 (Add) Less net (loss) income attributable to non - controlling interest - - - - - (496) (369) 3,172 2,058 242 1,855 - Net (loss) income (110,279) (55,992) (81,416) (98,456) (86,543) (588,971) (409,421) (562,893) (84,323) 60,583 6,528 52,895 Loss (Earnings) from equity accounted investments 26,657 (805) (811) (743) (475) (891) (220) (449) - (1,851) (938) (804) Net (loss) income before loss from equity - accounted investments (83,622) (56,797) (82,227) (99,199) (87,018) (589,862) (409,641) (563,342) (84,323) 58,732 5,590 52,091 Income tax expense (benefit) 4,825 12,845 17,575 27,371 1,402 (116,954) (53,650) (119,806) (2,572) 11,506 24,310 (9,661) (Loss) Income before income tax expense (78,797) (43,952) (64,652) (71,828) (85,616) (706,816) (463,291) (683,148) (86,895) 70,238 29,900 42,430 Loss on disposal of equity securities - - - - - - - - - 12,286 - - Reversal of allowance for doubtful loans receivable (4,741) - - - - - - - - - (25,132) - Net loss on impairment/disposal of equity - accounted investment - - - - - 2,886 - - 10,342 - - - Impairment loss - - - - - - - 334,929 - - 32,102 23,480 Other income - - - - - - - - - (65,353) - - Change in fair value of equity securities - - - - - 614,710 373,784 101,377 - (50,000) 6,043 - Unrealized (Gain) Loss FV for currency adjustments 1,947 (2,267) 2,289 (3,390) (3,866) 7,816 (2,100) (1,377) (1,107) (2,249) 3,071 (606) Operating income/(loss) after PPA amortization and net interest (81,591) (46,219) (62,363) (75,218) (89,482) (81,404) (91,607) (248,219) (77,660) (35,078) 45,984 65,304 PPA amortization (amortization of acquired intangible assets) 67,266 67,266 67,286 67,891 67,266 86,979 91,984 141,588 161,074 162,272 98,781 95,338 Operating income/(loss) before PPA amortization after net interest (14,325) 21,047 4,923 (7,327) (22,216) 5,575 377 (106,631) 83,414 127,194 144,765 160,642 Interest expense 92,319 91,378 87,676 87,137 91,837 112,244 108,639 83,929 88,422 78,564 73,288 72,984 Interest income (8,368) (9,080) (11,861) (13,587) (10,517) (12,886) (11,944) (11,761) (9,496) (8,696) (19,086) (11,343) Operating income/(loss) before PPA amortization and net interest 69,626 103,345 80,738 66,223 59,104 104,933 97,072 (34,463) 162,340 197,062 198,967 222,283 Interest adjustment - - - - (14,922) (13,577) (16,479) 5,055 - - - - Depreciation (excluding amortization of intangibles) 41,900 41,597 42,093 47,271 45,393 60,107 63,935 55,045 66,292 69,901 73,772 75,168 Stock - based compensation charges 32,797 33,810 39,482 41,912 42,691 47,400 46,222 37,157 32,762 33,259 21,798 30,103 Once - off items 1 1,465 (15,098) 17,124 31,047 31,828 8,822 42,276 238,974 4,817 4,229 42,534 39,301 Group Adjusted EBITDA (Non - GAAP) 145,788 163,654 179,437 186,453 164,094 207,685 233,026 301,768 266,211 304,451 337,071 366,855 Notes 1. Refer to Once Off Items slide within Appendix
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Reconciliation of non - GAAP measures – Group Adjusted EBITDA (USD) 52 USD’000 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Average exchange rate for conversion from ZAR to $ 14.61 15.38 15.61 15.56 17.72 17.85 18.40 17.87 17.67 16.96 16.77 16.43 (Loss) Income attributable to Lesaka (GAAP) (5,900) (2,984) (4,313) (5,318) (4,850) (32,456) (22,353) (31,298) (4,658) 3,645 552 3,219 (Add) Less net (loss) income attributable to non - controlling interest - - - - - (28) (20) 178 117 14 115 - Net (loss) income (5,900) (2,984) (4,313) (5,318) (4,850) (32,428) (22,333) (31,476) (4,775) 3,631 437 3,219 Loss (Earnings) from equity accounted investments 1,405 (43) (43) (40) (27) (50) (12) (25) - (110) (56) (49) Net (loss) income before loss from equity - accounted investments (4,495) (3,027) (4,356) (5,358) (4,877) (32,478) (22,345) (31,501) (4,775) 3,521 381 3,170 Income tax expense (benefit) 264 686 931 1,482 78 (6,412) (2,934) (8,930) (146) 670 1,503 (598) (Loss) Income before income tax expense (4,231) (2,341) (3,425) (3,876) (4,799) (38,890) (25,279) (38,215) (4,921) 4,191 1,884 2,572 Loss on disposal of equity securities - - - - - - - - - 730 - - Reversal of allowance for doubtful loans receivable (250) - - - - - - - - - (1,500) - Net loss on impairment/disposal of equity - accounted investment - - - - - 161 - - 584 - - Impairment loss - - - - - - - 18,863 - - 1,916 1,431 Other income - - - - - - - - - (3,883) - - Change in fair value of equity securities - - - - - 33,731 20,421 5,676 - (2,971) 378 - Unrealized (Gain) Loss FV for currency adjustments 102 (122) 121 (184) (219) 435 (114) (79) (64) (133) 181 (37) Operating income/(loss) after PPA amortization and net interest (4,379) (2,463) (3,304) (4,060) (5,018) (4,563) (4,972) (13,755) (4,401) (2,066) 2,859 3,966 PPA amortization (amortization of acquired intangible assets) 3,608 3,592 3,562 3,657 3,747 4,867 4,974 7,796 9,134 9,481 6,044 5,782 Operating income/(loss) before PPA amortization after net interest (771) 1,129 258 (403) (1,271) 304 2 (5,959) 4,733 7,415 8,903 9,748 Interest expense 4,957 4,878 4,643 4,693 5,116 6,266 5,869 4,573 5,013 4,591 4,477 4,425 Interest income (449) (485) (628) (732) (586) (721) (645) (644) (539) (508) (1,154) (688) Operating income/(loss) before PPA amortization and net interest 3,737 5,522 4,273 3,558 3,259 5,849 5,226 (2,030) 9,207 11,498 12,226 13,485 Interest adjustment - - - - (831) (757) (890) 283 - - - - Depreciation (excluding amortization of intangibles) 2,248 2,221 2,229 2,548 2,529 3,356 3,455 2,997 3,760 4,087 4,499 4,559 Stock - based compensation charges 1,759 1,804 2,090 2,258 2,377 2,644 2,497 2,032 1,861 1,945 1,334 1,829 Once - off items 1 78 (816) 907 1,684 1,805 488 2,306 13,227 267 247 2,553 2,385 Group Adjusted EBITDA (Non - GAAP) 7,822 8,731 9,499 10,048 9,139 11,580 12,594 16,509 15,095 17,777 20,612 22,258 Notes 1. Refer to Once Off Items slide within Appendix
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Reconciliation of non - GAAP measures – Net Revenue (ZAR) 53 ZAR’000 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Revenue (GAAP) 2,537,659 2,694,506 2,609,913 2,711,155 2,756,877 3,155,758 2,987,226 3,080,538 3,023,546 3,058,191 2,994,536 3,104,689 Cost of prepaid airtime vouchers sold by us & commissions paid to third parties selling all other agency - based products (1,628,381) (1,725,838) (1,659,287) (1,694,661) (1,701,330) (1,775,832) (1,630,067) (1,581,817) (1,496,497) (1,460,053) (1,418,521) (1,480,879) Net revenue (Non - GAAP) 909,278 968,668 950,626 1,016,494 1,055,547 1,379,926 1,357,159 1,498,721 1,527,049 1,598,138 1,576,015 1,623,810 Merchant Revenue (GAAP) 2,089,395 2,194,260 2,111,386 2,204,409 2,220,022 2,600,561 2,382,982 2,358,795 2,239,035 2,257,003 2,079,232 2,034,628 Cost of prepaid airtime vouchers sold by us & commissions paid to third parties selling all other agency - based products (1,590,847) (1,684,739) (1,615,293) (1,659,278) (1,673,225) (1,746,069) (1,600,791) (1,547,169) (1,456,188) (1,423,688) (1,327,952) (1,305,824) Merchant Net Revenue (Non - GAAP) 498,548 509,521 496,093 545,131 546,797 854,492 782,191 811,626 782,847 833,315 751,280 728,804 Enterprise Revenue (GAAP) 176,721 223,193 213,856 263,547 213,997 159,846 174,565 224,649 261,904 253,227 310,481 430,005 Cost of prepaid airtime vouchers sold by us & commissions paid to third parties selling all other agency - based products (37,534) (41,100) (43,994) (35,383) (28,105) (29,763) (29,276) (34,648) (40,309) (36,365) (90,569) (175,055) Enterprise Net Revenue (Non - GAAP) 139,187 182,093 169,862 228,164 185,892 130,083 145,289 190,001 221,595 216,862 219,912 254,950
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Reconciliation of non - GAAP measures – Net Revenue (USD) 54 USD’000 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Revenue (GAAP) 136,089 143,893 138,194 146,046 153,568 176,216 161,450 168,467 171,448 178,734 183,051 188,321 Cost of prepaid airtime vouchers sold by us & commissions paid to third parties selling all other agency - based products (87,326) (92,163) (87,861) (91,274) (94,759) (99,156) (88,083) (86,462) (84,842) (85,331) (86,683) (89,825) Net revenue (Non - GAAP) 48,763 51,730 50,333 54,772 58,809 77,060 73,367 82,005 86,606 93,403 96,368 98,496 Merchant Revenue (GAAP) 112,061 117,182 111,801 118,746 123,652 145,209 128,781 128,957 126,950 131,919 127,078 123,388 Cost of prepaid airtime vouchers sold by us & commissions paid to third parties selling all other agency - based products (85,313) (89,968) (85,532) (89,370) (93,195) (97,495) (86,502) (84,562) (82,556) (83,205) (81,152) (79, 189) Merchant Net Revenue (Non - GAAP) 26,748 27,214 26,269 29,376 30,457 47,714 42,279 44,395 44,394 48,714 45,926 44,199 Enterprise Revenue (GAAP) 9,467 11,921 11,322 14,187 11,882 8,933 9,444 12,296 14,853 14,796 18,978 26,103 Cost of prepaid airtime vouchers sold by us & commissions paid to third parties selling all other agency - based products (2,013) (2,195) (2,329) (1,904) (1,564) (1,661) (1,581) (1,900) (2,286) (2,126) (5,531) (10,636) Enterprise Net Revenue (Non - GAAP) 7,454 9,726 8,993 12,283 10,318 7,272 7,863 10,396 12,567 12,670 13,447 15,467
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Reconciliation of non - GAAP measures – Operating Margin 55 ZAR’000 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Net Revenue (Non - GAAP) 1,498,721 1,527,049 1,598,138 1,576,015 1,623,810 Group Adjusted EBITDA (Non - GAAP) 301,768 266,211 304,451 337,071 366,855 Operating margin % 20.1% 17.4% 19.1% 21.4% 22.6%
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Reconciliation of non - GAAP measures – Capex % of Group Adjusted EBITDA (LTM) 56 ZAR’000 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Group Adjusted EBITDA (Non - GAAP) 164,094 207,685 233,026 301,768 266,211 304,451 337,071 366,855 Capex 73,315 120,413 82,626 104,817 90,534 83,591 75,637 171,450 Capex % Group Adjusted EBITDA 44.7% 58.0% 35.5% 34.7% 34.0% 27.5% 22.4% 46.7% ZAR’000 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Group Adjusted EBITDA (Non - GAAP) – LTM 906,573 1,008,690 1,105,456 1,209,501 1,274,588 Capex - LTM 381,171 398,390 361,568 354,579 421,212 Capex % Group Adjusted EBITDA – LTM (Non - GAAP) 42.0% 39.5% 32.7% 29.3% 33.0%
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Reconciliation of non - GAAP measures – Adjusted Earnings & EPS (ZAR) 57 ZAR’000 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Average exchange rate for conversion from ZAR to $ 17.87 17.67 16.96 16.77 16.49 Net income (loss) attributable to Lesaka (GAAP) (559,721) (82,265) 60,825 8,383 52,895 Change in fair value of equity securities 101,377 - (50,000) 6,043 - Intangible asset amortization, net of tax 103,359 117,584 118,459 72,110 69,597 Release of valuation allowance related to EP FS deferred tax asset (170,555) - - - - Stock - based compensation charge 37,157 32,762 33,259 21,798 30,103 Transaction - related costs 237,741 4,817 4,227 10,150 6,051 Impairment loss 326,195 - - 32,102 17,140 Other 1,233 - (65,353) - - Loss on sale of equity method investment - 10,342 - - - Loss on disposal of equity securities - - 12,286 - - Intangible asset amortization, net related to non - controlling interest (2,091) (2,361) (2,361) (1,574) - (Income recognized) related to closure of legacy businesses - - - (14,208) - Lesaka rebrand refresh, net of tax - - - 11,885 22,923 ATM exits expenses and impairments - - - 26,792 - Reversal of allowance for doubtful loans receivable - - - (25,132) - Adjusted earnings (Non - GAAP) 74,695 80,879 111,342 148,349 198,709 Basic (loss) earnings per share attributable to Lesaka shareholders (GAAP) (6.43) (0.88) 0.68 0.17 0.66 Adjusted earnings per share attributable to shareholders (Non - GAAP) 0.90 0.97 1.34 1.80 2.40 Basic weighted - average common shares outstanding and unvested restricted shares expected to vest under (GAAP) 81,186,000 81,327,000 81,719,000 81,845,000 82,076,000 In the money stock options 642,694 642,694 642,694 642,694 702,208 Acquisition related shares 914,912 999,000 999,000 - - Weighted average number of shares used to calculate Adjusted EPS (Non - GAAP) 82,743,606 82,968,694 83,360,694 82,487,694 82,778,208
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Reconciliation of non - GAAP measures – Adjusted Earnings & EPS (USD) 58 USD’000 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Average exchange rate for conversion from ZAR to $ 17.87 17.67 16.96 16.77 16.49 Net income (loss) attributable to Lesaka (GAAP) (31,298) (4,658) 3,645 552 3,219 Change in fair value of equity securities 5,676 - (2,971) 378 - Intangible asset amortization, net of tax 5,691 6,668 6,921 4,412 4,221 Release of valuation allowance related to EP FS deferred tax asset (9,525) - - - Stock - based compensation charge 2,032 1,861 1,945 1,334 1,829 Transaction - related costs 13,158 267 247 610 368 Impairment loss 18,371 - - 1,916 1,045 Other 69 - (3,883) - - Loss on sale of equity method investment - 584 - - - Loss on disposal of equity securities - - 730 - - Intangible asset amortization, net related to non - controlling interest (117) (134) (139) (94) - (Income recognized) related to closure of legacy businesses - - - (848) - Lesaka rebrand refresh, net of tax - - - 718 1,390 ATM exits expenses and impairments - - - 1,599 - Reversal of allowance for doubtful loans receivable - - - (1,500) - Adjusted earnings (Non - GAAP) 4,057 4,588 6,495 9,077 12,072 Basic (loss) earnings per share attributable to Lesaka shareholders (GAAP) (0.39) (0.05) 0.04 0.01 0.04 Adjusted earnings per share attributable to shareholders (Non - GAAP) 0.05 0.06 0.08 0.11 0.15 Basic weighted - average common shares outstanding and unvested restricted shares expected to vest under (GAAP) 81,186,000 81,327,000 81,719,000 81,845,000 82 076 000 In the money stock options 642,694 642,694 642,694 642,694 702,208 Acquisition related shares 914,912 999,000 999,000 - - Weighted average number of shares used to calculate Adjusted EPS (Non - GAAP) 82,743,606 82,968,694 83,360,694 82,487,694 82,778,208
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Summary of Once - Off Items for the year ZAR’000 $’000 FY26 FY25 FY26 FY25 Average exchange rate for conversion from ZAR to $ 16.91 17.90 16.91 17.90 Transaction costs 18 583 32 817 1 103 1 794 Transaction costs related to Adumo, Utilities and Bank Zero acquisitions 6 664 291 358 389 16 159 Exit of ATM business 26 792 - 1 599 - Lesaka brand refresh 49 531 - 3 001 - Income recognized related to closure of legacy businesses (9 701) - (579) - Indirect taxes provision release (988) (2 275) (61) (127) Total once - off items 90 881 321 900 5 452 17 826 59
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Summary of Once - Off Items for the quarter ZAR’000 $’000 Q4 FY26 Q4 FY25 Q4 FY26 Q4 FY25 Average exchange rate for conversion from ZAR to $ 16.49 17.87 16.49 17.87 Transaction costs 4 355 3 192 264 173 Transaction costs related to Adumo, Utilities and Bank Zero acquisitions 1 696 234 549 104 12 985 Exit of ATM business - - - - Lesaka brand refresh 33 250 - 2 017 - Income recognized related to closure of legacy businesses - - - - Indirect taxes provision release - 1 233 - 69 Total once - off items 39 301 238 974 2 385 13 227 60
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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 FY26 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 70,794 80,958 83,262 37,843 22,492 15,963 2,631 48,331 51,054 39,005 10 676 15 989 51 203 80 079 101 637 100 173 53 093 FY23 FY24 FY25 FY26 FY27e FY28e FY29e LTIP Connect acquistion Exec sign on All amounts in ZAR thousands 61