Slide 1: Q4 and FY25 Results Presentation
1 Q4 and FY25 Results Presentation September 29, 2025
Slide 2: Safe harbor statement
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 ca
Slide 3: US GAAP Income Statement for the year
3 US GAAP Income Statement for the year ZAR’000 USD’000 FY25 FY24 % Growth FY25 FY24 % Growth Average exchange rate for conversion from ZAR to $ 17.90 18.68 (4%) 17.90 18.68 (4%) Revenue 11 980 399 10 553 233 14% 659 701 564 222 17% Expense (12 461 304) (10 485 978) 19% (686 801) (560 632) 23% Cost
Slide 4: US GAAP Income Statement the quarter
4 US GAAP Income Statement the quarter ZAR’000 USD’000 FY25 Q4 FY24 Q4 % Growth FY25 Q4 FY24 Q4 % Growth Average exchange rate for conversion from ZAR to $ R17.87 R18.47 (3%) R17.87 R18.47 (3%) Revenue 3 080 538 2 711 155 14% 168 467 146 046 15% Expense (3 586 330) (2 705 529) 33% (196 868) (145 751
Slide 5: Agenda
5 Agenda Opening Remarks on FY25 Ali Mazanderani Key Financial Highlights Dan Smith Merchant Division Steven Heilbron Consumer Division Lincoln Mali Enterprise Division Naeem Kola Bank Zero Transaction, Operational Update Ali Mazanderani & FY26 Guidance
Slide 6: FY25 demonstrated strong financial performance
6 FY25 demonstrated strong financial performance Financial period FY24 FY25 Growth FY25 Guidance Ended June 30 Revenue R10.6 billion R12.0 billion ▲ 14% Net Revenue¹ R3.8 billion R5.3 billion ▲ 38% R5.2 billion to R5.6 billion Group Adjusted EBITDA¹ R691 million R922 million ▲ 33% R900 million to R1
Slide 7: FY25 has been a transformative year
7 FY25 has been a transformative year FY24 • Acquired Adumo (R1.7bn), scaling Merchant division into a multiproduct fintech platform across Southern Africa • Acquired Recharger (R507m), opening a critical new utilities vertical in Enterprise division • Announced acquisition of Bank Zero (R1.1bn), ad
Slide 8: FY25 Net Revenue and Group Adjusted EBITDA
8 FY25 Net Revenue and Group Adjusted EBITDA FY25 Net Revenue FY25 Group Adjusted EBITDA YoY growth YoY growth R922 m 33% YoY R5,291 m 38% YoY R3,845 m R691 m R2,995 m 46% YoY R657 m 20% YoY R2,049 m R545 m R1,295 m R1,744 m 35% YoY R435 m 83% YoY R237 m R719 m R651 m (9%) YoY R55 m R24 m (57%) YoY
Slide 9: Key Financial Highlights
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Slide 10: Key developments for FY25 Q4
10 Key developments for FY25 Q4 1 Strong financial performance Positive earnings contributions across all three divisions 2 Standout Consumer performance Continued strong top-line and bottom-line growth in Consumer division 3 Unifying our Merchant division Consolidating our brands under a single Les
Slide 11: FY25 Q4 demonstrated strong growth in financial performance
11 FY25 Q4 demonstrated strong growth in financial performance Financial period FY24 Q4 FY25 Q4 Growth Ended June 30 Revenue R2.7 billion R3.1 billion ▲ 14% Net Revenue¹ R1.0 billion R1.5 billion ▲ 47% Group Adjusted EBITDA R190 million R306 million ▲ 61% Adjusted earnings R21 million R80 million ▲
Slide 12: FY25 Q4 Net Revenue and Group Adjusted EBITDA
12 FY25 Q4 Net Revenue and Group Adjusted EBITDA FY25 Q4 Group Adjusted EBITDA includes ZAR11.1 m FY25 Q4 Net Revenue FY25 Q4 Group Adjusted EBITDA of reorganization costs YoY growth YoY growth R306 m 61% YoY R1,499 m 47% YoY R1,016 m R187 m 37% YoY R812 m 49% YoY R190 m R545 m R136 m R353 m R510 m
Slide 13: Financial impact of a transformative year
13 Financial impact of a transformative year ZAR’000 FY25 Q4 FY24 Q4 Once-off items Average exchange rate for conversion from ZAR to $ 17,87 18,47 • ZAR 225m post combination compensation charges related to Group Adjusted EBITDA 305 579 190 357 Recharger acquisition Once-off items (238 974) (31 047)
Slide 14: Adjusted earnings per share
14 Adjusted earnings per share Continued growth momentum Adjusted earnings per share for the quarter Adjusted earnings per share for the year 211% YoY 187% YoY R 0.99 R 2.29 R 0.32 R 0.80 (R0.74) (R2.51) FY23 Q4 FY24 Q4 FY25 Q4 FY23 FY24 FY25
Slide 15: Continued momentum in growing our operating cash flows
Continued momentum in growing our operating cash flows | Group Leverage Ratio 15 Investing in growth - with a path to reduced gearing • Cash generated from business operations of ZAR Summary Group cash flow (ZARm) FY25 Q1 FY25 Q2 FY25 Q3 FY25 Q4 378m reflects underlying business growth in FY25 Q4 Ca
Slide 16: Capital expenditures – investing for growth
16 Capital expenditures – investing for growth ZAR m FY24 FY25 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Capex (242) (73) (120) (83) (103) (378) Growth capex primarily driven by: • ZAR 34 m | Cash vaults Group Adjusted EBITDA 691 168 212 237 306 922 - Continued expansion of Smart Safe product Capex % of • ZAR
Slide 17: Merchant Division
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Slide 18: Key developments for FY25 Q4
18 Key developments for FY25 Q4 The Adumo acquisition enhances our bundled fintech offering & reinforces Lesaka’s 1 Scale and product augmentation strategic position as the leading consolidator in Southern Africa Integration, optimization, Unifying our brands under Lesaka to optimize solutions, stre
Slide 19: Merchant Division - FY25 Q4 KPI's
19 Merchant Division - FY25 Q4 KPI’s Merchant Net Revenue Merchant EBITDA FY25 Q4: R811 million ▲ 49% YoY FY25 Q4: R187 million ▲ 37% YoY FY25: R2,995 million ▲ 46% YoY FY25: R657 million ▲ 20% YoY Core products Points of presence¹ Throughput R 10.0bn R 35.5bn Merchant acquiring1 84,541 R 15.6bn R 4
Slide 20: Merchant Division - FY25 Q4 KPI's
20 Merchant Division - FY25 Q4 KPI’s Merchant Net Revenue Merchant EBITDA FY25 Q4: R811 million ▲ 49% YoY FY25 Q4: R187 million ▲ 37% YoY FY25: R2,995 million ▲ 46% YoY FY25: R657 million ▲ 20% YoY Core products Devices Throughput 3% YoY 2% YoY 0.5% YoY R110.1bn R112.6bn R114.8bn R26.9bn R28.1bn R28
Slide 21: Merchant Division - FY25 Q4 KPI's
21 Merchant Division - FY25 Q4 KPI’s Merchant Net Revenue Merchant EBITDA ADP ARPU¹ FY25 Q4: R811 million ▲ 49% YoY FY25 Q4: R187 million ▲ 37% YoY FY25 Q4: R906, ▲ 5% YoY FY25: R2,995 million ▲ 46% YoY FY25: R657million ▲ 20% YoY FY25: R938, ▲ 4% YoY Core products Devices Throughput – Prepaid Solut
Slide 22: Consumer Division
22 Consumer Division
Slide 23: Key developments for FY25 Q4
23 Key developments for FY25 Q4 Launch of Bonngwe, our internal onboarding and digital CRM which allows for a 360-degree 1 Onboarding and Cross-Sell Engine view of a consumer and all their product offerings. Substantially improving cross-sell Our improved lending proposition has been very well recei
Slide 24: South Africa remains underpenetrated with huge addressable opportunities
24 South Africa remains underpenetrated with huge addressable opportunities Consumer market Account capture Continued acceleration of account capture in the grant recipient market Big 4 Banks Account Growth: 5.3% Post Bank Account Growth • Our unique distribution model and deep presence in rural 16.
Slide 25: Consistent ARPU evolution driven by strong customer acquisition
25 Consistent ARPU evolution driven by strong customer acquisition Momentum in driving customer acquisition Consumer ARPU¹ R 83 R 85 Active Consumer: R 78 R 79 R 76 R 76 Focuses on all revenue generating engagement R 71 R 73 R 74 R 69 R 70 of consumers over a 90-day period, which more R 68 accuratel
Slide 26: Consumer Division - FY25 Q4 KPI's
26 Consumer Division - FY25 Q4 KPI’s Consumer Revenue Consumer EBITDA FY25 Q4: R510 million ▲ 44% YoY FY25 Q4: R162million ▲ 106% YoY FY25: R1,744 million ▲ 35% YoY FY25: R435 million ▲ 83% YoY Core products Consumer Base 23% YoY 0.2m 40% 34% Transactional of Permanent Grant Beneficiaries are of Per
Slide 27: Enterprise
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Slide 28: Key developments for FY25 Q4
28 Key developments for FY25 Q4 Went live with Standard Bank, Nedbank and Shoprite to provide ADP solutions 1 Channel expansion (ADP) to gain further market share Completed the acquisition of Recharger and progressed migration of meter hosting 2 Inorganic strategy (Utilities) infrastructure into Ent
Slide 29: Alternative Digital Products ("ADP") overview
29 Alternative Digital Products (“ADP”) overview Upstream Enterprise Downstream The products we sell… …the Enterprises we sell into Banking channels Prepaid Solutions (includes Airtime, Gaming and Electricity) Revenue model: % of volume processed ~150 Prepaid Content Providers Retail channels Bill p
Slide 30: Utilities overview
30 Utilities overview Enterprise Distributors Customers The products we sell… Electricity voucher generation The enterprises we sell into… The customers who use our products Revenue model: % of volume processed Retail Channels Private landlords Property managers Electricity Prepaid utility hardware
Slide 31: Enterprise Division – FY25 Q4 KPI's
31 Enterprise Division – FY25 Q4 KPI’s Enterprise Net Revenue Enterprise EBITDA FY25 Q4 Group Adjusted EBITDA FY25 Q4: R190 million (17%) YoY FY25 Q4: R15 million ▲ 66% YoY includes R8 m of reorganization costs FY25: R651 million (9%) YoY FY25: R24 million (57%) YoY Core products Throughput - ADP 6%
Slide 32: Bank Zero Transaction
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Slide 33: Introducing Bank Zero to the Lesaka platform
33 Introducing Bank Zero to the Lesaka platform Bank Zero Our combined opportunities • Launched in 2021 as South Africa’s first app-only • Augment the Lesaka platform with banking bank serving consumers and merchants at zero cost products • Founding team, including Michael Jordaan, former • Accelera
Slide 34: Management team with extensive banking experience
34 Management team with extensive banking experience Michael Jordaan Yatin Narsai Liné Wiid Lézanne Human Chairman of CEO of CFO of Head of Compliance at Bank Zero Bank Zero Bank Zero Bank Zero • Chairman and co-founder • CEO and co-founder of Bank Zero • CFO and co-founder of Bank Zero • Head of Co
Slide 35: Strategic rationale to the Bank Zero transaction
35 Strategic rationale to the Bank Zero transaction Accelerating our core, expanding new revenue opportunities and strengthening the balance sheet • Consolidate to a modern and proprietary core banking platform for consumers Improve existing • Reduce third party dependencies 1 value proposition • Re
Slide 36: Operational Update
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Slide 37: Evolving our business into FY26
37 Evolving our business into FY26 People Brand Offices Kagiso Khaole CEO – Merchant JOHANNESBURG 1 200+ Employees DURBAN Roland Naidoo 450+ Employees COO – Merchant CAPE TOWN 420+ Employees Akash Dowra Group Chief Strategy Officer
Slide 38: FY26 Guidance
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Slide 39: FY26 Guidance
39 FY26 Guidance FY26 Guidance1 YoY YoY FY25 Q1 FY26 Q1 FY25 FY26 Growth Growth Net Revenue² R1.1 bn R1.50 bn – R1.65 bn 42% - 56% Net Revenue² R5.3 bn R6.4 bn – R6.9 bn 21% - 30% Group Adjusted R168 m R260 m – R300 m 55% - 78% Group Adjusted EBITDA R922 m R1.25 bn - R1.45 bn 36% - 57% EBITDA Adjust
Slide 40: Questions
40 Questions
Slide 41: Appendix
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Slide 42: Segmental EBITDA analysis for the quarter
42 Segmental EBITDA analysis for the quarter ZAR USD For the three months ended June 30 FY25 Q4 FY24 Q4 Growth % FY23 Q4 FY25 Q4 FY24 Q4 Growth % FY23 Q4 Average exchange rate for conversion from ZAR to $ 17.87 18.47 (3%) 18.74 17.87 18.47 (3%) 18.74 Net Revenue Merchant 811 626 545 131 49% 528 968
Slide 43: Segmental EBITDA analysis for the year
43 Segmental EBITDA analysis for the year ZAR USD For the twelve months ended June 30 FY25 FY24 Growth % FY23 FY25 FY24 Growth % FY23 Average exchange rate for conversion from ZAR to $ 17.90 18.68 (4%) 17.94 17.90 18.68 (4%) 17.94 Net Revenue Merchant 2 995 106 2 049 294 46% 2 039 415 164 844 109 60
Slide 44: Net Revenue | Quarterly
44 Net Revenue | Quarterly Consistent execution | Continue to deliver on both growth and profitability Group Net Revenue 47% yoy R1 499m R1 380m R1 357m R1 056m R1 016m R812m R969m R951m R854m R782m R909m R547m R545m R510m R496m R499m R190m R130m R145m R186m R170m R228m R139m R182m R446m R510m R378m
Slide 45: Group Adjusted EBITDA (loss) Quarterly
45 Group Adjusted EBITDA (loss) Quarterly Consistent execution | Continue to deliver on both growth and profitability Group Adjusted EBITDA (loss) 3 61% YoY R306m R212m R237m R183m R 190m R187m R168m R168m R146m R150m R117m R125m R150m R59m R185m R15m R40m R58m R140m R136m R136m R140m R149m R129m R3
Slide 46: Use of non-GAAP measures
46 Use of non-GAAP measures U.S. securities laws require that when we publish any non-GAAP measures. we disclose the reason for using these non-GAAP measures and provide reconciliations to the most directly comparable GAAP measures. We have received requests from investors and analysts to provide ad
Slide 47: Reconciliation of non-GAAP measures | Net Revenue | Year
47 Reconciliation of non-GAAP measures | Net Revenue | Year ZAR’000 USD’000 Net Revenue - Group FY25 FY24 FY23 FY25 FY24 FY23 Revenue 11 980 399 10 553 233 9 471 800 659 701 564 222 527 971 Cost of prepaid airtime vouchers sold by us & commissions paid to third parties selling all other (6 689 046)
Slide 48: Reconciliation of non-GAAP measures | Net Revenue | Quarterly
48 Reconciliation of non-GAAP measures | Net Revenue | Quarterly ZAR’000 USD’000 Net Revenue - Group FY25 Q4 FY24 Q4 FY23 Q4 FY25 Q4 FY24 Q4 FY23 Q4 Revenue 3 080 538 2 711 155 2 495 398 168 467 146 046 133 149 Cost of prepaid airtime vouchers sold by us & commissions paid to third parties selling a
Slide 49: Reconciliation of non-GAAP measures | Quarterly
49 Reconciliation of non-GAAP measures | Quarterly FY25 Q4 FY24 Q4 FY23 Q4 FY25 Q4 FY24 Q4 FY23 Q4 ZAR’000 ZAR’000 ZAR’000 USD’000 USD’000 USD’000 Average exchange rate for conversion from ZAR to $ 17.87 18.47 18.74 17.87 18.47 18.74 Loss attributable to Lesaka – GAAP (514 693) (93 201) (223 192) (2
Slide 50: Reconciliation of non-GAAP measures | Yearly
50 Reconciliation of non-GAAP measures | Yearly FY25 FY24 FY23 FY25 FY24 FY23 ZAR’000 ZAR’000 ZAR’000 USD’000 USD’000 USD’000 Average exchange rate for conversion from ZAR to $ 17.90 18.68 17.94 17.90 18.68 17.94 Loss attributable to Lesaka – GAAP (1 583 747) (326 070) (629 227) (87 504) (17 440) (3
Slide 51: Reconciliation of non-GAAP measures Adjusted Earnings & EPS (ZAR)
Reconciliation of non-GAAP measures Adjusted Earnings & EPS (ZAR) 51 Adjusted Earnings ZAR FY25 Adj. FY24 Adj. FY23 Adj. Adj. Adj. Adj. Q4 EPS Q4 EPS Q4 EPS FY25 EPS FY24 EPS FY23 EPS Net loss attributable to Lesaka (GAAP) (514 693) (6.33) (93 201) (1.44) (223 192) (3.50) (1 583 747) (19.49) (326 07
Slide 52: Reconciliation of non-GAAP measures Adjusted Earnings & EPS (USD)
Reconciliation of non-GAAP measures Adjusted Earnings & EPS (USD) 52 Adjusted Earnings USD FY25 Adj. FY24 Adj. FY23 Adj. Adj. Adj. Adj. Q4 EPS Q4 EPS Q4 EPS FY25 EPS FY24 EPS FY23 EPS Net loss attributable to Lesaka (GAAP) (28 770) (0.35) (5 035) (0.08) (11 909) (0.19) (87 504) (1.14) (17 440) (0.27
Slide 53: Once-off items | Quarterly and for the year
53 Once-off items | Quarterly and for the year The table below presents the components of once-off items for the periods presented: ZAR’000 $’000 For the quarter FY25 Q4 FY24 Q4 FY23 Q4 FY25 Q4 FY24 Q4 FY23 Q4 Average exchange rate for conversion from ZAR to $ 17.87 18.47 18.74 17.87 18.47 18.74 Tra
Slide 54: Outlook on stock-based compensation charges
54 Outlook on stock-based compensation charges Stock-based compensation charges (in ZAR m) • Current level of SBC reflects higher amounts due to senior executive sign-on that will vest over the next year (by the end of FY26) linked to performance 35,465 • FY24 and FY25 increase relates to appointmen
Slide 55: Lesaka
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