Slide 1: FY25 Results and Acquisition of Indue
FY25 Results and Acquisition of Indue Moving Payments Forward. Together. Craig Kennedy Sean O’Donoghue Managing Director Chief Financial Officer 22 August 2025 Cuscal Limited. ASX: CCL
Slide 2: Important Notice
IMPORTANT NOTICE This presentation has been prepared by Cuscal Limited (ACN 087 822 455) (Cuscal). This presentation contains summary information about Cuscal and its subsidiaries as at the date of this presentation. The information in this presentation does not purport to be complete and is not int
Slide 3: Acknowledgment of Country
ACKNOWLEDMENT OF COUNTRY Cuscal acknowledges the Traditional Custodians of the lands, seas and waters across Australia. We acknowledge the Gadigal peoples of the Eora Nation, whose ancestral lands and waters are where the Cuscal Limited headquarters stand. Cuscal recognises Aboriginal and Torres Str
Slide 4: Agenda & Presenters
Agenda & Presenters Page 1 FY25 Highlights 5 2 Acquisition of Indue 7 Craig Kennedy Managing Director 3 FY25 Financial Performance 16 4 Strategy & Outlook 22 A Appendix 27 Sean O’Donoghue Chief Financial Officer 4
Slide 5: FY25 Highlights
FY25 Highlights Craig Kennedy, Managing Director
Slide 6: FY25 Highlights
FY25 Highlights Solid start to life as a listed company Successful IPO on 25 November 2024. Earnings growth across all core capabilities and improved returns through strong investment discipline. Exceeded Prospectus FY25 pro forma NPAT forecast. FY25 final dividend of 5.5cps.
Slide 7: Acquisition of Indue
Acquisition of Indue Craig Kennedy, Managing Director
Slide 8: Better Together
Better Together Strategically and Financially Compelling $15-$20 million post tax annual run rate cost synergies(1) || Run rate post synergy EPS Accretion 25%+(2) || RoIC 20%+(3) Strategic Alignment Operating Efficiencies Improved Resilience on business strategy and position in the delivered through
Slide 9: Acquisition overview
Acquisition overview Cuscal Limited (Cuscal) has signed a conditional, binding Share Sale and Purchase Agreement (SSPA) with the shareholders of Indue Limited (Indue) to acquire 100% of the company (the Acquisition). Overview Under the SSPA, Cuscal will pay Indue shareholders a total of $75 mill
Slide 10: Acquisition overview Continued
Acquisition overview Continued Cuscal will form an Integration Advisory Committee comprised of representatives from Cuscal and Indue to ensure an effective integration over two years post completion. Board and Senior The Integration Advisory Committee will help retain corporate history and intel
Slide 11: A respected player in the Australian payments landscape
A respected player in the Australian payments landscape …with extensive products and capabilities Indue is a respected player in the Australian Payments Industry across the Payments value chain Indue has a 50-year history connecting clients and their customers to the Australian payments ecosystem.
Slide 12: Complementary client base with shared heritage in the mutuals
Complementary client base with shared heritage in the mutuals Complementary Client Base on Combination… …With Similar Capabilities Mutual Banks Card Payments (excl. Pre-Paid) Batch and Real-Time Payments Non-Mutual Banks Fintechs Financial Crimes Regulated Data Corporates Australian Government Pre-P
Slide 13: Creating an efficiently scaled player in the Australian payments market
Creating an efficiently scaled player in the Australian payments market FY25 Pro Forma Net Operating Income 79% 21% $369m Operating Expenses 76% 24% $309m EBITDA 86% 14% $77m NPAT 93% 7% $41m Total Assets 82% 18% $4,236m >25% Pro Forma Adjusted EBITDA margin on a run rate basis(1) EBITDA Margin % 22
Slide 14: $15-$20 million post tax annual run rate cost synergies expected to be fully realised by FY29
$15-$20 million post tax annual run rate cost synergies expected to be fully realised by FY29 $15-$20 million post tax annual run rate cost synergies expected to be fully realised by FY29. Synergies delivered through reduced duplication in run, maintenance, compliance and corporate overhead cost
Slide 15: Key highlights of the Acquisition
Key highlights of the Acquisition Brings together two organisations with shared heritage, values and a complementary client base. Delivers client benefits from enhanced product and service offerings, operational efficiencies and innovation at scale. Strategically and financially compelling for share
Slide 16: FY25 Financial Performance
FY25 Financial Performance Sean O’Donoghue, Chief Financial Officer
Slide 17: Growth Across All Key Metrics
Growth Across All Key Metrics Pro forma Adjusted EBITDA ($m) and Margin Transaction Volumes (m) Pro forma NPAT ($m) and Margin (%) (%) +8% 22.6% 13.2% 12.0% 25% 21.2% +6% 16.9% 20% 8.8% 5% 4,277 65.7 58.0 38.4 32.9 0% 3,952 41.2 3,728 5% 21.1 0% FY23 FY24 FY25 FY23 FY24 FY25 FY23 FY24 FY25 Pro forma
Slide 18: Adjusted NOI growth across all core capabilities
Adjusted NOI growth across all core capabilities FY25 Adjusted NOI ↑ 6% on FY24 $m FY25 FY24 Growth (%) • Adjusted NOI of $290.4m slightly ahead of Issuing 167.3 159.6 5% FY25 Prospectus forecast at $289.7m Acquiring 30.1 27.1 11% Payments 71.3 67.0 6% 8% transaction volume growth, comprising: Finan
Slide 19: Operating expenses underpinning margin expansion
Operating expenses underpinning margin expansion Opex as % Adjusted 87.2% 87.9% 80.9% NOI $240.1m $234.8m Pro forma Total operating expenses ↓ 2% to $234.8m 29.2 o excluding the impact of the June 2024 intangible write down, $212.5m 31.8 total operating expenses increased a modest 4% only 27.6 53.
Slide 20: Strong Balance Sheet
Strong Balance Sheet Summary Balance Sheet $m June 2025 June 2024 $m June 2025 June 2024 Cash & cash equivalents 2,211.2 2,069.1 Common Equity Tier 1 capital 259.8 204.5 Receivables & investment securities 1,008.4 1,202.7 Total Tier 2 capital - 2.5 Other assets 98.4 79.9 Total Capital 259.8 207.0 De
Slide 21: Regulatory Capital & Risk Weighted Assets
Regulatory Capital & Risk Weighted Assets Risk Weighted Assets $m June 2025 June 2024 % mvt $m June 2025 % June 2024 % mvt Common Equity Tier 1 capital 259.8 204.5 27% Credit Risk related RWA 494.6 52% 521.2 (5%) Total Tier 2 capital - 2.5 (100%) Operating Risk related RWA(1) 457.3 48% 405.9 13% Tot
Slide 22: Strategy & Outlook
Strategy & Outlook Craig Kennedy, Managing Director
Slide 23: RBA review into payments industry
RBA review into payments industry Cuscal does not receive or retain any interchange or surcharging revenues. Removal of surcharges may shift consumers using cash towards using cards. Card issuers may review reward schemes, account transaction fees and interest rates to mitigate any impact from
Slide 24: Outlook
Outlook Focus on executing FY26 strategic priorities: Client focused innovation and support across key capabilities. Continued focus on risk and technology uplift. Extend products to new segments and markets, including enhancing fraud prevention and data analytics capabilities. Complete In
Slide 25: Well positioned for growth and operating leverage
Well positioned for growth and operating leverage Revenue model Significant underpinned by Diversified model investment in Well capitalised, long-tenured with multiple operating model regulated balance contracted client revenue drivers completed in recent sheet base years
Slide 26: Q&A
Q&A
Slide 27: Appendix
Appendix
Slide 28: Results Overview – Statutory Results
Results Overview – Statutory Results $m FY25 FY24 Growth (%) Reconciliation of statutory NPAT to pro forma NPAT $m FY25 FY24 Total net operating income 290.4 284.5 2% Consolidated profit attributable to the owners of Cuscal 28.7 31.6 (NPAT) Total Adjusted net operating income(1) 290.4 273.3 6% Offer
Slide 29: Results Overview – Pro Forma Income Statement
Results Overview – Pro Forma Income Statement Prospectus pro $m FY25 FY24 Growth (%) forma forecast FY25 Gross fee & commission revenue 353.1 325.9 8% 347.4 Direct fee & commission expense (93.8) (81.0) 16% (88.0) Transaction volume ↑ 8% Net fee & commission revenue 259.3 244.9 6% 259.4 Net interest
Slide 30: Summary Cash Flow Statement
Summary Cash Flow Statement $m FY25 FY24 NPAT attributable to the owners of Cuscal 28.7 31.6 Financing cashflow includes net proceeds from Depreciation & amortisation expense 14.3 30.4 issue of shares on listing of Cuscal in November Interest on option liability - 1.3 2024. Remeasurement movement
Slide 31: Performance vs. Prospectus forecast
Performance vs. Prospectus forecast FY25E Pro Forma % of prospectus $m FY25 Prospectus forecast FY25 Pro forma NPAT $38.4m exceeding Forecasts Prospectus Forecast of $36.6m. Transaction volume 4,277 4,304 (1%) Transaction volume broadly in line with Gross fee and commission revenue 353.1 347.4 2
Slide 32: Thank you
Cuscal|_ Thank you