Lesaka Technologies, Inc. · NASDAQ:LSAK
Lesaka Technologies — Q4 2025 Earnings Presentation
54 slides from Lesaka Technologies's earnings presentation, Sep 11, 2025
Slide 1: Q4 and FY25 Results Presentation
1 Q4 and FY25 Results Presentation September 11, 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: Safe harbor statement continued
3 Safe harbor statement continued Restatement of Interim Fiscal 2025 Financial Results As previously disclosed, the Audit Committee of the Board of Directors (the “Audit Committee”) of, following consultation with the Company’s management and KPMG, Inc., the Company’s independent registered public a
Slide 4: Abridged Income Statement for the year
4 Abridged Income Statement for the year ZAR’000 USD’000 For the year 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 Operating income/(loss) (480 905) 67 255 (815%) (275 324) (27 100) 3 59
Slide 5: Abridged Income Statement the quarter
5 Abridged Income Statement the quarter ZAR’000 USD’000 For the quarter 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 Operating income/(loss) (505 792) 5 626 (9 090%) (1
Slide 6: Agenda
6 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 7: FY25 demonstrated strong financial performance
7 FY25 demonstrated strong financial performance Financial period FY24 FY25 Growth FY25 Guidance Ended June 30 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 billion Adjusted earnings1 R51 million R1
Slide 8: FY25 has been a transformative year
8 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 9: FY25 Net Revenue and Group Adjusted EBITDA
9 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 10: Key Financial Highlights
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Slide 11: Key developments for FY25 Q4
11 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 12: FY25 Q4 demonstrated strong growth in financial performance
12 FY25 Q4 demonstrated strong growth in financial performance Financial period FY24 Q4 FY25 Q4 Growth Ended June 30 Net Revenue¹ R1.0 billion R1.5 billion ▲ 47% Group Adjusted EBITDA R190 million R306 million ▲ 61% Adjusted earnings R21 million R80 million ▲ 292% Adjusted earnings per share R0.32 R
Slide 13: FY25 Q4 Net Revenue and Group Adjusted EBITDA
13 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 14: Financial impact of a transformative year
14 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 15: Adjusted earnings per share
15 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 16: Continued momentum in growing our operating cash flows
Continued momentum in growing our operating cash flows | Group Leverage Ratio 16 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 17: Capital expenditures – investing for growth
17 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 18: Merchant Division
18 Merchant Division
Slide 19: Key developments for FY25 Q4
19 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 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 Points of presence¹ Throughput R 10.0bn R 35.5bn Merchant acquiring1 84 541 R 15.6bn R 4
Slide 21: Merchant Division - FY25 Q4 KPI's
21 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 22: Merchant Division - FY25 Q4 KPI's
22 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 23: Consumer Division
23 Consumer Division
Slide 24: Key developments for FY25 Q4
24 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 25: South Africa remains underpenetrated with huge addressable opportunities
25 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 26: Consistent ARPU evolution driven by strong customer acquisition
26 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 27: Consumer Division - FY25 Q4 KPI's
27 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 28: Enterprise
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Slide 29: Key developments for FY25 Q4
29 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 30: Alternative Digital Products (ADP) overview
30 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 31: Utilities overview
31 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 32: Enterprise Division – FY25 Q4 KPI's
32 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 33: Bank Zero Transaction
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Slide 34: Introducing Bank Zero to the Lesaka platform
34 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 35: Management team with extensive banking experience
35 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 36: Strategic rationale to the Bank Zero transaction
36 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 37: Operational Update
37 Operational Update
Slide 38: Evolving our business into FY26
38 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 39: FY26 Guidance
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Slide 40: FY26 Guidance
40 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 41: Questions
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Slide 42: Appendix
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Slide 43: Segmental EBITDA analysis for the quarter
43 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 44: Segmental EBITDA analysis for the year
44 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% 2 039 415 202 264 109 60
Slide 45: Net Revenue | Quarterly
45 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 46: Group Adjusted EBITDA (loss) Quarterly
46 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 R3m
Slide 47: Use of non-GAAP measures
47 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 48: Reconciliation of non-GAAP measures | Quarterly
48 Reconciliation of non-GAAP measures | Quarterly FY25 Q4 FY24 Q4 FY23 Q4 FY25 Q4 FY24 Q4 FY23 Q4 ZAR’000 ZAR’000 ZAR’000 $’000 $’000 $’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) (28 770)
Slide 49: Reconciliation of non-GAAP measures | Yearly
49 Reconciliation of non-GAAP measures | Yearly FY25 FY24 FY23 FY25 FY24 FY23 ZAR’000 ZAR’000 ZAR’000 $’000 $’000 $’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) (35 074)
Slide 50: Reconciliation of non-GAAP measures Adjusted Earnings & EPS (ZAR)
Reconciliation of non-GAAP measures Adjusted Earnings & EPS (ZAR) 50 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 51: Reconciliation of non-GAAP measures Adjusted Earnings & EPS (USD)
Reconciliation of non-GAAP measures Adjusted Earnings & EPS (USD) 51 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 52: Once-off items | Quarterly and for the year
52 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 53: Outlook on stock-based compensation charges
53 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 54: Lesaka
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