Slides
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Q1 FY27 Results Presentation
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Regulatory Disclosures 2 Forward Looking Statements 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 include those described in the Company’s annual report on Form 10 - K for year ended Jun e 30, 2026 and in the Company’s quarterly report on Form 10 - Q for the quarter ended September 30, 2026 on file with the Securities and Exchange Commission, and other fact ors 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 - lookin g 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 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 prior period amounts Certain amounts have been revised for the error discussed in Note 1 to our condensed consolidated financial statements in the Company’s quarterly report on Form 10 - Q for the quarter ended September 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 Q1 - ended 30 Sep Q1 FY27 Q1 FY26 % Growth YoY Q1 FY27 Q1 FY26 % Growth YoY Average exchange rate for conversion from ZAR to $ 16.28 17.67 (8%) 16.28 17.67 (8%) Revenue 3 005 676 3 023 546 (1%) 184 572 171 448 8% Expense (3 022 864) (3 021 173) 0% (185 638) (171 311) 8% Cost of goods sold, IT processing, servicing & support 1 (2 020 378) (2 092 242) (3%) (124 052) (118 623) 5% Selling, general and administration a nd allowance for credit losses 1 (839 158) (699 803) 20% (51 555) (39 700) 30% Depreciation and amortization (162 383) (227 366) (29%) (9 973) (12 894) (23%) Transaction costs related to Utilities and Bank Zero acquisitions (945) (1 762) (46%) (58) (94) (38%) Operating (loss) income (17 188) 2 373 n/m (1 066) 137 n/m Loss on impairment of equity - accounted investment - (10 342) n/m - (584) n/m Interest income 8 875 9 496 (7%) 545 539 1% Interest expense 1 (69 345) (88 422) (22%) (4 258) (5 013) (15%) Income (loss) before income taxes (77 658) (86 895) 11% (4 779) (4 921) 3% Income tax (expense) benefit 8 494 2 572 230% 527 146 261% Net income (loss) before equity - accounted investments (69 164) (84 323) 18% (4 252) (4 775) 11% Income from equity - accounted investments 1 118 - n/m 69 - n/m Net Income (loss) (68 046) (84 323) 19% (4 183) (4 775) 12% Add (less) net loss (income) attributable to non - controlling interest - 2 058 n/m - 117 n/m Net Income (loss) attributable to the company (68 046) (82 265) 17% (4 183) (4 658) 10% Earnings (loss) per share ZAR ZAR % Growth YoY USD USD % Growth YoY Basic earnings (loss) per share attributable to Lesaka shareholders 1 (0.81) (0.88) 8% (0.05) (0.05) - Diluted earnings (loss) per share attributable to Lesaka shareholders 1 (0.81) (0.88) 8% (0.05) (0.05) - Adjusted earnings per share attributable to Lesaka shareholders 2 0.72 0.97 (26%) 0.04 0.06 (28%) Notes 1. Revised Q1 FY26 amounts to correct the error discussed in Note 1 of our Form 10 - Q for the period ended September 30, 2026. 2. Non - GAAP measure. Refer to Appendix for full reconciliation of all non - GAAP measures.
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Our FY27 prioritie s FY27 priority Evolve Consumer and Enterprise Where we are • Consumer : accelerating growth in market segment , proven product market fit • Enterprise: above inflection point on fixed costs with diminishing cost to serve Expectation going forward • Consumer: expand digital engagement, create network effect with merchant • Enterprise: deepen penetration with customers increasing market share FY27 priority Reset Merchant Where we are • Reset costs being taken upfront • Q1FY27 Segment Adjusted EBITDA: R77m, however run - rate excluding exceptional items: ~R120m Expectation going forward • Significant merchant growth expected in Q2 FY27 • Q2 Segment Adjusted EBITDA >R130m implying ~70% QoQ growth FY27 priority Complete Bank Zero Where we are • Competition Tribunal approved • Final regulatory approvals pending Expectation going forward • Deal completion by beginning Q3 FY27 (31 st Jan 2027) • Lending book transfers by Q4 FY27 • Sponsorship bank transfer by Q1 FY28 One Lesaka One brand and one platform, with main offices expected to consolidate by end Q 2 FY27
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Our FY27 priorities and the FY29 ambition >20% Net Revenue CAGR to FY29 FY27 priority People • Carolina Lacerda, Board (current board positions at PagSeguro , IHS Towers, China Three Gorges, MAPFRE and Vivara ) • James Oates, Board (current supervisory board position at Raisin, ex Global Head of Compliance and Operational Risk Control at UBS) • Kerin Wood, Head of Risk & Compliance (ex PwC, Standard Chartered) • Atang Matebesi, Consumer COO (ex Santam, Sanlam, Actis) • Graduate Recruitment >30% Group Adjusted EBITDA CAGR to FY29 FY27 priority Risk & controls • Investing in a higher standard on controls and cyber security, reflected in FY27 group costs, to give us a competitive advantage in SA fintech • Proactively managing cyber resilience as AI sophistication scales >40% Adjusted EPS CAGR to FY29 FY2 9 ambition Medium term ambition 1 Notes 1. Management ambition to FY29 as set out with our Q4 FY26 results. Ambitions are not guidance; they include Bank Zero and exclu de unannounced acquisitions. Non - GAAP measures. Reconciliation of forward - looking non - GAAP measures is not available without unreasonable effort; see notes to our guidance.
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Key Financial Highlights
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Group level financial performance 7 Notes 1. Non - GAAP measure. Refer to Appendix for full reconciliation of all non - GAAP measures. Net Revenue excludes network fees paid to banks under the Corporate acquiring product for comparability to Community segment and to more appropriately measure Net Revenue performance of the Group. Previous historical Net Revenue dat a h as been adjusted for this change. 2. Net Debt to Group Adjusted EBITDA ratio is a non - GAAP measure, calculated as Net Debt (as defined in our lending agreements) at quarter end divided by Group Adjusted EBITDA (based on the last - twelve months (LTM) actual Group Adjusted EBITDA). Refer to calculation in Appendix. Quarter ended 30 September Q1 FY26 Q1 FY27 Growth R220m ▼ (17 %) R60m 2.2x R0.72 R266 m R81m 2.5x R0.97 R1.58bn ▲ 8 % R1.47bn ▼ (26 %) ▼ (25 %) Improved 0.3x Net Revenue¹ Group Adjusted EBITDA ¹ Adjusted Earnings ¹ Adjusted Earnings per Share ¹ Net Debt / Group Adjusted EBITDA 1,2 Q1 FY27 Guidance Net Revenue: R1.58 billion to R 1.66 billion Group Adjusted EBITDA: R200 million to R240 million Adjusted EPS: R0.40 to R0.60 per share
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R222m R217m R220m R255m R263m R539m R567m R627m R669m R668m R727m R768m R692m R673m R675m R1471m R1533m R1517m R1568m R1583m Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q1 FY27 Net Revenue 1 Divisional financial performance 8 Growth (7 %) YoY 24 % YoY 19% YoY 8% Notes 1. Non - GAAP measure. Refer to Appendix for full reconciliation of all non - GAAP measures. Net Revenue excludes network fees paid to banks under the Corporate acquiring product for comparability to Community segment and to more appropriately measure Net Revenue performance of the Group. Previous historical Net Revenue dat a h as been adjusted for this change. Consumer Merchant Lesaka Enterprise Intercompany Eliminations 8 % YoY
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(R64m) (R50m) (R62m) (R63m) (R91m) R22m R24m R35m R54m R29m R150m R159m R213m R253m R206m R158m R170m R151m R122m R77m R266m R304m R337m R367m R220m Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Profitability performance 9 R 0.97 R 1.34 R 1.80 R 2.40 R 0.72 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Group Adjusted EBITDA 1 Adjusted Earnings per Share 1 Growth (51%) YoY 38 % YoY 28% YoY Consumer Merchant Enterprise Group Costs (17%) (26%) Notes 1. Non - GAAP measures. Segment contributions Segment contributions reflect Segment Adjusted EBITDA, which is a non - GAAP measure. Ref er to Appendix for full reconciliations. Revised Q1 FY2026 amounts to correct the error discussed in Note 1 of our Form 10 - Q for the period ended September 30, 2026. (17%) YoY
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Cash flow and leverage ratio performance 10 Cashflow from Business Operations 1,2 Leverage Ratio 1 : Net Debt / Group Adjusted EBITDA 1 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 (R122m) (R385m) (R10m) (R70m) (R253m) (R87m) (R79m) (R74m) (R66m) (R69m) (R13m) (R75m) (R9m) (R79m) (R7m) R314m R401m R341m R384m R245m Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 2.5x 2.5x 2.1x 1.9x 2.2x Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Movement in Loan Book Funding Cash Generated from Business Operations 1 Interest Paid Taxes Paid Target (2.0x) Actual
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R39m R35m R25m R43m R35m R51m R48m R50m R76m R54m R52m R59m R90m R84m R76m R171m R148m 0 50 100 150 200 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Capex spend and areas of investment 11 Capex 1 Areas of investment excluding office fit - out 1 Maintenance Growth Office fit - out Notes 1. Capex includes capitalized development costs. Figures may not sum due to rounding. R7m R17m R1m R5m R31m R20m R12m R22m R5m R36m R14m IT Equipment POS Devices Vehicles Hospitality POS Devices Cash Vaults Capitalized Dev. Costs Q1 FY26 Q1 FY27 R0m
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Reinvesting in the platform 12 Group Adjusted EBITDA Margin 1 Capex % of Group Adjusted EBITDA (LTM) 1 39.5% 32.7% 29.3% 33.0% 38.9% 29.0% 29.9% Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 18.1% 19.9% 22.2% 23.4% 13.9% Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 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. 2. Excludes impact of office - fit out capital expenditures. Total Capex (LTM) / Group Adjusted EBITDA (LTM) Operational Capex 2 (LTM) / Group Adjusted EBITDA (LTM)
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Merchant
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Merchant business reset Community growing, Corporate being rebuilt Key priorities for the year Community Corporate Active merchants¹ 109.1k 2% YoY 23.8k (11%) YoY A cquiring TPV R4.5bn 24% YoY R6.8bn Flat YoY Cash TPV R7.7bn 58% YoY R22.2bn (10%) YoY 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. 1 Optimize cost base Positioning Merchant for growth 2 Corporate: merchant lending Continued focus on integrated merchant lending as key lever for Corporate 3 Community: Wallet growth Network effect of ecosystem driven by product & distribution Benefits expected from Q3 We expect Q1 FY27 to be the low point for Merchant this year, with Segment Adjusted EBITDA growing each quarter thereafter from Q2 onwards 14 Q1 FY27 Throughout FY27 Volume expansion in Q2, ARPU evolution from Q3
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26.7k 23.8k 106.7k 109.1k 133.4k 132.9k Q1 FY26 Q1 FY27 Merchant base & engagement 15 Active Merchants 1 Merchant ARPU 2 Product Penetration Rate Flat (5%) 46% 46% 9% 6% Q1 FY26 Q1 FY27 2 or more products 3 or more products R 1,646 R 1,563 R 766 R 744 R 5,080 R 5,245 Q1 FY26 Q1 FY27 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 excludes network fees paid to ban ks under the Corporate acquiring product for comparability to Community segment and to more appropriately measure ARPU performance. Previous historical ARPU data has been ad justed for this change. Corporate Merchant ARPU Community Merchant ARPU Active Corporate Merchants Active Community Merchants (3 %) YoY 3% YoY 2 % YoY (11 %) YoY
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R 6.8 bn R 6.8 bn R 3.6 bn R 4.5 bn R10.4b n R11.3b n 73.4k 74.4 k Q1 FY26 Q1 FY27 R5.6bn R5.9bn R6.3bn R10.0bn R11.9b n R15.9b n 103.6k 103.4 k Q1 FY26 Q1 FY27 Merchant volumes 16 Acquiring TPV Cash TPV ADP TPV 9% 2% 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. 33% Corporate TPV Active Merchants 1 Community TPV Corporate TPV Active Merchants 1 Community TPV Prepaid Solutions Active Merchants 1 Supplier Enabled Payments R 24.6 bn R 22.2 bn R 4.9 bn R 7.7 bn R29.5b n R30.0b n 4.8k 4.5 k Q1 FY26 Q1 FY27 24 % YoY Flat YoY 58 % YoY (10%) YoY 59 % YoY 5% YoY
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9,927 9,716 Q1 FY26 Q1 FY27 R 375 m R 483 m Q1 FY26 Q1 FY27 Merchant lending and software 17 R 163 m R 272 m Q1 FY26 Q1 FY27 Lending Origination Lending Portfolio Outstanding Software Sites Notes 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. 67% 29% (2%)
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Merchant product engagement and ARPU 18 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 excludes network fees paid to ban ks under the Corporate acquiring product for comparability to Community segment and to more appropriately measure ARPU performance. Previous historical ARPU data has been ad justed for this change. 71k 72k 50k 53k 12k 8k 133.4k 132.9k Q1 FY26 Q1 FY27 R525 R891 R1,099 R5,024 R8,373 1 Product 2 Products 3+ Products Corporate Merchant ARPU Community Merchant ARPU 1 Product 2 Products 3+ Products
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Consumer
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1.6 m 1.9 m 2.1 m 11.0% 14.9% 15.6% Q1 FY25 Q1 FY26 Q1 FY27 R 78.3 R 88.6 R 101.7 Q1 FY25 Q1 FY26 Q1 FY27 45% 47% 51% 15% 17% 20% Q1 FY25 Q1 FY26 Q1 FY27 2 or more products 3 products Consumer base and engagement 20 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 September 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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R 564 m R 1,116 m R 1,578 m Q1 FY25 Q1 FY26 Q1 FY27 R 462 m R 820 m R 1,137 m 290 k 354 k 411 k Q1 FY25 Q1 FY26 Q1 FY27 Lending origination driven by channel and product innovation Lending Origination Lending Portfolio Outstanding Duration Mix 3% 3% 43% 30% 54% 67% Q1 FY26 Q1 FY27 3 months 6 months 9 months 39% 41% 21 Number of Loans Processed
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465 k 589 k 799 k 96% 97% 94% Q1 FY25 Q1 FY26 Q1 FY27 R78m R 114 m R 167 m Q1 FY25 Q1 FY26 Q1 FY27 Insurance offering continues to scale 22 Gross Written Premium Number of Policies (#k) and Collection Ratio (%) 46% 36%
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Enterprise
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R9.4bn R10.2bn R2.5bn R3.5bn R 12.0 bn R 13.8 bn Q1 FY26 Q1 FY27 Enterprise ADP and Utilities TPV 24 ADP TPV 1 Utilities TPV Notes 1. ADP Division includes prepaid solutions and bill payments through channels such as retailer distribution networks and online ban king apps. 15% Prepaid Solutions Bill Payments R 488 m R 537 m 358 k 380 k Q1 FY26 Q1 FY27 10% Number of Active Meters Utilities TPV
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Q2 & FY27 Guidance 25
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FY27 and Q2 FY27 Guidance 26 FY27 Guidance Q2 FY27 Guidance FY27 Guidance Implied YoY Growth Net Revenue R7.0bn – R7.7bn 15% - 26% Group Adjusted EBITDA R1.45bn – R1.60bn 14% - 26% Adjusted EPS R7.50 – R8.50 15% - 31% Q2 FY27 Guidance Implied YoY Growth Net Revenue R1.62bn – R1.72bn 6% - 12% Group Adjusted EBITDA R280m – R320m (8%) - 5% Adjusted EPS R1.00 – R1.40 (25%) - 5% 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. Net Revenue excludes network fees paid to banks under the C orp orate acquiring product for comparability to Community segment and to more appropriately measure Net Revenue performance of the Group. Previous historical Net Revenue data has been adjusted for this change. FY27 guidance inclu des the expected impact of the pending Bank Zero acquisition (subject to regulatory approval by the Financial Surveillance Department of the South African Reserve Bank and other customary closing conditions) and excludes any una nnounced mergers and acquisitions that we may conclude.
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Appendix 27
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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 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, 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 regardin g N et 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 forward - looking no n - 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 the se 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 coul d v ary significantly from period to period. Accordingly, reconciliations to the corresponding GAAP financial measure is not available without unreasonable effort. Segment Adjusted EBITDA 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 does not allocate once - off items, stock - based compensation charges, impairment of goodwill or other intangible assets, other items (including gain s or losses on disposal of investments, fair value adjustments to equity securities), interest income, certain interest expense, income tax expense or l oss from equity - accounted investments to its reportable segments. Group Adjusted EBITDA Group Adjusted EBITDA is net loss before interest, taxes, depreciation and amortization, adjusted for non - operational transactio ns (including loss on impairment/disposal of equity - accounted investments, change in fair value of equity securities), impairment loss, unrealized (ga in) loss FV for currency adjustments, earnings (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. 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 iti on - related intangible assets (net of deferred taxes), stock - based compensation charges, and unusual non - recurring items, including costs related to acquisitions a nd transactions consummated or ultimately not pursued. Adjusted earnings and Adjusted earnings per share for fiscal 2027 also includes adjustments related t o L esaka rebrand refresh expenses (net of tax). Adjusted earnings and Adjusted earnings per share for fiscal 2026 also includes adjustments related to the loss on impairment of equity - accounted investments, impairment loss, ATM exit expenses and impairments, reversal of allowance for doubtful loans receivable, Lesaka reb rand refresh expenses (net of tax), income recognized related to closure of legacy businesses (net of tax), changes in the fair value of equity securities (ne t of deferred tax), loss on disposal of equity securities, other income and intangible asset amortization, net related to non - controlling interests. Adjusted earnings a nd Adjusted earnings per share for fiscal 2025 also includes adjustments related to changes in the fair value of equity securities (net of deferred tax), impair men t loss related to goodwill and intangible assets, an adjustment for deferred tax adjustments to the valuation allowance for a subsidiary which released its val uation 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 • network fees from acquiring products (e.g interchange) Defined terms – non - GAAP measures 28
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R139m R182m R170m R228m R186m R130m R145m R190m R222m R217m R220m R255m R263m R291m R313m R338m R353m R378m R411m R446m R510m R539m R567m R627m R669m R668m R499m R510m R496m R545m R547m R799m R731m R757m R727m R768m R692m R673m R675m (R19m) (R36m) (R53m) (R110m) (R55m) (R15m) (R16m) (R13m) (R16m) (R19m) (R22m) (R29m) (R23m) R909m R969m R951m R1016m R1056m R1324m R1306m R1444m R1471m R1533m R1517m R1568m R1583m Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Net Revenue 1 Group Net Revenue Quarterly Performance Consumer Merchant Lesaka Enterprise Intercompany Eliminations 29 Notes 1. Net Revenue excludes network fees paid to banks under the Corporate acquiring product for comparability to Community segment and to more appropriately measure Net Revenue performance of the Group. Previous historical Net Revenue data has been adjusted for this change.
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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 R29m R40m R48m R71m R79m R79m R77m R117m R162m R150m R159m R213m R253m R206m R125m R136m R136m R132m R131m R181m R146m R183m R158m R170m R151m R122m R77m (R34m) (R38m) (R42m) (R34m) (R53m) (R50m) (R33m) (R58m) (R64m) (R50m) (R62m) (R63m) (R91m) R146m R164m R179m R186m R164m R208m R233m R302m R266m R304m R337m R367m R220m Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 30 Notes 1. R evised following a non - material error in reconciliation. Refer to Note 1 in the Company’s published 10 - Q form for the quarter en ded September 30, 2026, for further information.
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Segmental EBITDA Analysis for the Quarter ZAR’000 $’000 Q1 - ended 30 Sep Q1 FY27 Q1 FY26 % Growth YoY Q1 FY27 Q1 FY26 % Growth YoY Average exchange rate for conversion from ZAR to $ 16.28 17.67 (8%) 16.28 17.67 (8%) Net Revenue Merchant 674 565 726 963 (7%) 41 426 41 225 0% Consumer 668 310 539 006 24% 41 049 30 576 34% Enterprise 262 649 221 595 19% 16 137 12 567 28% Total Segment Net Revenue 1 605 524 1 487 564 8% 98 612 84 368 17% Intersegment eliminations (22 540) (16 399) 37% (1 389) (931) 49% Total Net Revenue 1 (Non - GAAP) 1 582 984 1 471 165 8% 97 223 83 437 17% Segment Adjusted EBITDA Merchant 76 870 157 713 (51%) 4 716 8 944 (47%) Consumer 206 111 149 710 38% 12 658 8 493 49% Enterprise 28 572 22 407 28% 1 755 1 269 38% Group costs (91 413) (63 619) 44% (5 615) (3 611) 55% Group Adjusted EBITDA (Non - GAAP) 220 140 266 211 (17%) 13 514 15 095 (10%) Once - off items (49 320) (4 817) 924% (3 033) (267) 1 036% Stock - based compensation charges (22 287) (32 762) (32%) (1 370) (1 861) (26%) Depreciation and amortization (72 436) (66 292) 9% (4 449) (3 760) 18% PPA amortization (89 947) (161 074) (44%) (5 524) (9 134) (40%) Interest adjustment - - - - - - Impairment loss - - - - - - Unrealized (loss) gain FV for currency adjustments (3 338) 1 107 n/m (204) 64 n/m Operating (Loss) income (17 188) 2 373 n/m (1 066) 137 n/m Loss on impairment of equity - accounted investment - (10 342) n/m - (584) n/m Interest income 8 875 9 496 (7%) 545 539 1% Interest expense 2 (69 345) (88 422) (22%) (4 258) (5 013) (15%) Net loss before tax (77 658) (86 895) 11% (4 779) (4 921) 3% Income tax (expense) benefit 8 494 2 572 230% 527 146 261% Net loss before equity - accounted investments (69 164) (84 323) 18% (4 252) (4 775) 11% Income (loss) from equity - accounted investments 1 118 - n/m 69 - n/m Net loss (68 046) (84 323) 19% (4 183) (4 775) 12% Add (less) net loss (income) attributable to non - controlling interest - 2 058 n/m - 117 n/m Net loss attributable to the company (68 046) (82 265) 17% (4 183) (4 658) 10% 31 Notes 1. Net revenue excludes network fees earned under the Corporate acquiring product for comparability to Community segment and to mor e appropriately measure net revenue performance of the Group. Previous historical net revenue data has been adjusted for this change. 2. Revised Q1 FY26 amounts to correct the error discussed in Note 1 of our Form 10 - Q for the period ended September 30, 2026.
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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 Q1 FY27 Cash generated from business operations ¹ 379 314 401 341 384 245 Cash (utilized) generated in working capital ² (36) 22 (18) 320 110 (29) Movement in loan book funding (234) (122) (385) (10) (70) (253) Cash generated from operations after loan book funding 109 214 (2) 651 424 (37) Bulk ADP receipts / (purchases) – funded from short - term facilities (34) 44 (25) 40 - - Tax paid (49) (13) (75) (9) (79) (7) Cash provided by (used in) operating activities 26 245 (102) 682 345 (44) Interest paid (139) (87) (79) (74) (66) (69) Net cash provided by (used in) operating activities (113) 158 (181) 608 279 (113) ZAR million Net debt position Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Debt (3999) (3810) (3949) (4049) (3796) (4139) Cash on hand 1359 1246 1152 1545 1336 1407 Net debt position (2641) (2563) (2797) (2504) (2461) (2733) Group Adjusted EBITDA (last - twelve months actual) 907 1009 1105 1210 1275 1229 Net debt to Group Adjusted EBITDA ratio 2.9 x 2.5 x 2.5x 2.1x 1.9x 2.2x 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. 32
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Reconciliation of non - GAAP measures – Group Adjusted EBITDA (ZAR) 33 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 Q1 FY27 Average exchange rate for conversion from ZAR to $ 18.71 18.71 18.88 18.47 17.72 17.85 18.40 17.87 17.67 16.96 16.77 16.49 16.28 (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 (68,046) (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 (68,046) Loss (Earnings) from equity accounted investments 26,657 (805) (811) (743) (475) (891) (220) (449) - (1,851) (938) (804) (1,118) 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 (69,164) 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) (8,494) (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 (77,658) 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) 3,338 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 (74,320) 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 89,947 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 15,627 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 69,345 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) (8,875) 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 76,097 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 72,436 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 22,287 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 49,320 Group Adjusted EBITDA (Non - GAAP) 145,788 163,654 179,437 186,453 164,094 207,685 233,026 301,768 266,211 304,451 337,071 366,855 220,140 Notes 1. Refer to Once Off Items slide within Appendix
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Reconciliation of non - GAAP measures – Group Adjusted EBITDA (USD) 34 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 Q1 FY27 Average exchange rate for conversion from ZAR to $ 18.71 18.71 18.88 18.47 17.72 17.85 18.40 17.87 17.67 16.96 16.77 16.49 16.28 (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 (4,183) (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 (4,183) Loss (Earnings) from equity accounted investments 1,405 (43) (43) (40) (27) (50) (12) (25) - (110) (56) (49) (69) 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 (4,252) Income tax expense (benefit) 264 686 931 1,482 78 (6,412) (2,934) (6,714) (146) 670 1,503 (598) (527) (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 (4,779) 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) 204 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 (4,575) 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 5,524 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 9,748 949 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 4,258 Interest income (449) (485) (628) (732) (586) (721) (645) (644) (539) (508) (1,154) (688) (545) 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 4,662 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 4,449 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 1,370 Once - off items 1 78 (816) 907 1,684 1,805 488 2,306 13,227 267 247 2,553 2,385 3,033 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 13,514 Notes 1. Refer to Once Off Items slide within Appendix
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Reconciliation of non - GAAP measures – Net Revenue (ZAR) 35 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 Q1 FY27 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 3,005,676 Cost of prepaid airtime vouchers sold by us & commissions paid to third parties selling all other agency - based products and acquiring network fees (1,628,381) (1,725,838) (1,659,287) (1,694,661) (1,701,330) (1,831,442) (1,681,131) (1,636,347) (1,552,381) (1,525,579) (1,477,511) (1,536,363) (1,422,692) Net revenue (Non - GAAP) 909,278 968,668 950,626 1,016,494 1,055,547 1,324,316 1,306,095 1,444,191 1,471,165 1,532,612 1,517,025 1,568,326 1,582,984 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 1,940,454 Cost of prepaid airtime vouchers sold by us, commissions paid to third parties selling all other agency - based products and acquiring network fees (1,590,847) (1,684,739) (1,615,293) (1,659,278) (1,673,225) (1,801,679) (1,651,855) (1,601,698) (1,512,072) (1,489,214) (1,386,942) (1,361,308) (1,265,889) Merchant Net Revenue (Non - GAAP) 498,548 509,521 496,093 545,131 546,797 798,882 731,127 757,097 726,963 767,789 692,290 673,320 674,565 Enterprise Revenue (GAAP) 176,721 223,193 213,856 263,547 213,997 159,846 174,565 224,649 261,904 253,227 310,481 430,005 419,452 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) (156,803) Enterprise Net Revenue (Non - GAAP) 139,187 182,093 169,862 228,164 185,892 130,083 145,289 190,001 221,595 216,862 219,912 254,950 262,649 Notes Net Revenue excludes network fees paid to banks under the Corporate acquiring product for comparability to Community segment and to more appropriately measure Net Revenue performance of the Group. Previous historical Net Revenue data has been adjusted for this change.
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Reconciliation of non - GAAP measures – Net Revenue (USD) 36 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 Q1 FY27 Revenue (GAAP) 136,089 143,893 138,194 146,046 153,568 176,216 161,450 168,467 171,448 178,734 183,051 188,321 184,572 Cost of prepaid airtime vouchers sold by us & commissions paid to third parties selling all other agency - based products and acquiring network fees (87,326) (92,163) (87,861) (91,274) (94,759) (102,258) (90,842) (89,442) (88,011) (89,163) (90,289) (93,189) (87,349) Net revenue (Non - GAAP) 48,763 51,730 50,333 54,772 58,809 73,958 70,608 79,025 83,437 89,571 92,762 95,132 97,223 Merchant Revenue (GAAP) 112,061 117,182 111,801 118,746 123,652 145,209 128,781 128,958 126,950 131,919 127,078 123,388 119,146 Cost of prepaid airtime vouchers sold by us, commissions paid to third parties selling all other agency - based products and acquiring network fees (85,313) (89,968) (85,532) (89,370) (93,195) (100,597) (89,261) (87,542) (85,725) (87,037) (84,758) (82,553) (77,720) Merchant Net Revenue (Non - GAAP) 26,748 27,214 26,269 29,376 30,457 44,612 39,520 41,416 41,225 44,882 42,320 40,835 41,426 Enterprise Revenue (GAAP) 9,467 11,921 11,322 14,187 11,882 8,933 9,444 12,295 14,853 14,796 18,978 26,103 25,766 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) (9,629) Enterprise Net Revenue (Non - GAAP) 7,454 9,726 8,993 12,283 10,318 7,272 7,863 10,395 12,567 12,670 13,447 15,467 16,137 Notes Net Revenue excludes network fees paid to banks under the Corporate acquiring product for comparability to Community segment and to more appropriately measure Net Revenue performance of the Group. Previous historical Net Revenue data has been adjusted for this change.
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Reconciliation of non - GAAP measures – Group Adjusted EBITDA Margin and Capex % of Group Adjusted EBITDA (LTM) 37 ZAR’000 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Net Revenue (Non - GAAP) 1,471,165 1,532,612 1,517,025 1,568,326 1,582,984 Group Adjusted EBITDA (Non - GAAP) 266,211 304,451 337,071 366,855 220,140 Group Adjusted EBITDA Margin % 18.1% 19.9% 22.2% 23.4% 13.9% ZAR’000 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Group Adjusted EBITDA (Non - GAAP) – LTM 1,008,690 1,105,456 1,209,501 1,274,588 1,228,517 Capex - LTM 398,390 361,568 354,579 421,212 478,287 Capex % Group Adjusted EBITDA – LTM (Non - GAAP) 39.5% 32.7% 29.3% 33.0% 38.9%
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Reconciliation of non - GAAP measures – Adjusted Earnings & EPS (ZAR) 38 ZAR’000 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Average exchange rate for conversion from ZAR to $ 17.87 17.67 16.96 16.77 16.49 16.28 Net income (loss) attributable to Lesaka (GAAP) (559,721) (82,265) 60,825 8,383 52,895 (68,046) 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 65,661 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 22,287 Transaction - related costs 237,741 4,817 4,227 10,150 6,051 4,609 Impairment loss 326,195 - - 32,102 17,140 - Other 1,233 - (65,353) - - - Net loss on impairment of equity - accounted 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 35,744 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 60,255 Basic (loss) earnings per share attributable to Lesaka shareholders (GAAP) (6.97) (0.88) 0.68 0.17 0.66 (0.81) Adjusted earnings per share attributable to shareholders (Non - GAAP) 0.90 0.97 1.34 1.80 2.40 0.72 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 83,340,000 In the money stock options 642,694 642,694 642,694 642,694 702,208 621,498 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 83,961,498
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Reconciliation of non - GAAP measures – Adjusted Earnings & EPS (USD) 39 USD’000 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Average exchange rate for conversion from ZAR to $ 17.87 17.67 16.96 16.77 16.49 16.28 Net income (loss) attributable to Lesaka (GAAP) (31,298) (4,658) 3,645 552 3,219 (4,183) 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 4,033 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 1,370 Transaction - related costs 13,158 267 247 610 368 283 Impairment loss 18,371 - - 1,916 1,045 - Other 69 - (3,883) - - - Net loss on impairment of equity - accounted 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 2,199 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 3,702 Basic (loss) earnings per share attributable to Lesaka shareholders (GAAP) (0.39) (0.05) 0.04 0.01 0.04 (0.05) Adjusted earnings per share attributable to shareholders (Non - GAAP) 0.05 0.06 0.08 0.11 0.15 0.04 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 83,340,000 In the money stock options 642,694 642,694 642,694 642,694 702,208 621,498 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 83,961,498
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Summary of Once - Off Items for the quarter ZAR’000 $’000 Q1 FY27 Q1 FY26 Q1 FY27 Q1 FY26 Average exchange rate for conversion from ZAR to $ 16.28 17.67 16.28 17.67 Transaction costs 3,664 3,055 225 173 Transaction costs related to Utilities and Bank Zero acquisitions 945 1,762 58 94 Lesaka brand refresh 44,711 - 2,750 - Total once - off items 49,320 4,817 3,033 267 40
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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. • 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 21,444 15,342 2,631 48,331 51,054 39,005 10 676 15 989 51 203 80 079 107 570 104 397 67 371 FY23 FY24 FY25 FY26 FY27e FY28e FY29e LTIP Connect acquistion Exec sign on All amounts in ZAR thousands 41 Notes 1. FY27e through FY29e amounts are estimates based on current assumptions, including as to vesting and forfeitures, and are forw ard - looking statements subject to the risks described under "Forward - Looking Statements" on slide 2. Actual charges may differ materially.