Slide 1: Q3 FY26 Results Presentation
Q3 FY26 Results Presentation
Slide 2: Regulatory Disclosures
Regulatory Disclosures 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 importan
Slide 3: US GAAP Income Statement for the Quarter
US GAAP Income Statement for the Quarter ZAR’000 $’000 % Growth % Growth Q3 - ended 31 March Q3 FY26 Q3 FY25 Q3 FY26 Q3 FY25 YoY YoY Average exchange rate for conversion from ZAR to $ R16.77 R18.40 (9%) R16.77 R18.40 (9%) Revenue 2 994 536 2 987 226 0% 183 051 161 450 13% Expense (2 929 523) (2 980
Slide 4: Group Level Financial Performance
Group Level Financial Performance Financial period Q3 FY25 Q3 FY26 Growth Ended, 31 March Net Revenue¹ R1.36b R1.58b ▲ 16% Group Adjusted EBITDA ¹ R233m R337m ▲ 45% Adjusted Earnings ¹ R43m R148m ▲ 246% Adjusted Earnings per Share ¹ R0.52 R1.80 ▲ 247% Net Debt / Group Adjusted EBITDA 1,2 2.9x 2.1x D
Slide 5: Lesaka's Business Model
Lesaka’s Business Model % of Total Net Revenue Core Drivers Core Products explained by Core Drivers • Merchant Acquiring MERCHANT 132,000+ • Cash x R1,760 p/m • Alternative Digital # of Merchants ARPU Products (ADP) ~93% • Software • Lending Core Drivers Core Products CONSUMER • Transactional Accoun
Slide 6: Key Financial Highlights
Key Financial Highlights
Slide 7: Update on Key Financial Initiatives
Update on Key Financial Initiatives Legacy Future: One Lesaka Non -Core Businesses Marketing Rebrand Exiting both non -core business lines and winding down Launch of One Lesaka brand incurred ZAR 16 million in the international entities: quarter. • ATM division exit: -ZAR 27 million Office Consolida
Slide 8: Divisional Financial Performance
Divisional Financial Performance Q3 FY26 Net Revenue 16% R1 598m R1 576m R1 499m R1 527m Growth R1 357m (4%) YoY R833m R751m R783m R812m R782m 41% YoY R567m R627m R539m R510m R446m 51% YoY R145m R190m R222m R217m R220m Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Merchant Consumer Enterprise Intercompany
Slide 9: Profitability Performance
Profitability Performance Group Adjusted EBITDA 1 Adjusted Earnings per Share 45% 247% R1.80 R337m Growth R302m R1.34 R304m R266m R151m 3% YoY R233m R0.97 R183m R170m R0.90 R158m R146m 81% YoY R0.52 R213m R162m R150m R159m R117m 1370% YoY R15m R22m R24m R35m R2m (R33m) (R58m) (R50m) (R64m) (R62m) Q3
Slide 10: Cash flow, Capex and Leverage Ratio Performance
Cash flow, Capex and Leverage Ratio Performance Cashflow from Business Operations 1,2 Capex Net Debt / Group Adjusted EBITDA R372m R419m R365m 2.8x 2.9x R334m R272m 2.5x 2.5x R103m 2.1x R90m R83m R84m (R10m) R76m (R122m) (R98m) (R217m) (R230m) R 70 m R 51m (R106m) (R385m) R 52 m R 48 m (R52m) R 50 m
Slide 11: Benefits of scaling the platform
Benefits of scaling the platform Operating Margin Capex % of Group Adjusted EBITDA (LTM) Group Adjusted EBITDA / Net Revenue Capex LTM / Group Adjusted EBITDA LTM 46.1% 21.4% 20.2% 41.8% 19.1% 39.3% 17.2% 17.4% 32.5% 29.4% Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY
Slide 12: Merchant Division
Merchant Division
Slide 13: Merchant Transformation Journey
Merchant Transformation Journey Operations Risk & AI Customer Experience Modernizing core systems (CRM, ERP, Centralizing data and security to Driving smarter engagement and billing) into a unified backbone proactively protect the business. targeted product delivery. → Integrated operating model → 3
Slide 14: Merchant Base & Engagement
Merchant Base & Engagement Active Merchants 1 Merchant ARPU 2 Product Penetration Rate 6% (7%) 132k 125k R1,901 46% 46% R1,760 R 5,794 R 5,764 98k 106k R 829 10% R 776 7% 27k 26k Q3 FY25 Q3 FY26 Q3 FY25 Q3 FY26 Q3 FY25 Q3 FY26 Active Community Merchants Corporate Merchant Standalone ARPU 2 or more p
Slide 15: Merchant Base & Engagement
Merchant Base & Engagement Merchant Product Engagement Average ARPU 2 per Product Layered R8,807 132k R1,092 125k 10k 12k R910 52k 45k R5,539 67k 71k R561 Q3FY25 Q3FY26 1 Product 2 Products 3+ Products 1 Product 2 Products 3+ Products Corporate Merchant ARPU Community Merchant ARPU Notes 1. Our defi
Slide 16: Merchant Volumes
Merchant Volumes Card TPV Cash TPV ADP TPV 7% 2% 30% R13.7bn R10.6bn R27.5bn R27.9bn R9.9bn R10.6bn R 7.9 bn R 5.3 bn 73.9 k 4.8 k 4.9 k 67.7 k 96.2k 102.0 k R 5.3 bn R 5.8 bn Q3 FY25 Q3 FY26 Q3 FY25 Q3 FY26 Q3 FY25 Q3 FY26 Active Merchants 1 Active Merchants 1 Active Merchants 1 Prepaid Solutions S
Slide 17: Merchant Lending and Software
Merchant Lending and Software Lending Origination Lending Portfolio Outstanding Software Sites (22%) 4% 3% R291m R412m R427m 9,738 10,044 R227m Q3 FY25 Q3 FY26 Q3 FY25 Q3 FY26 Q3 FY25 Q3 FY26 Notes 1. Our lending solutions are offered to merchants through in - house lending products and a joint vent
Slide 18: Consumer Division
Consumer Division
Slide 19: Consumer Base and Engagement
Consumer Base and Engagement Active Consumers 1 Consumer ARPU 3 Product Penetration Rate 4 19% 19% 2.0m R98.8 1.7m R83.1 50% 1.5m R75.9 47% 14.6% 43% 12.2% 10.6% 20% 17% 14% Q3 FY24 Q3 FY25 Q3 FY26 Q3 FY24 Q3 FY25 Q3 FY26 Q3 FY24 Q3 FY25 Q3 FY26 SASSA Market Share 2 2 or more products 3 products Not
Slide 20: Lending origination driven by channel and product innovation
Lending origination driven by channel and product innovation Lending Origination Lending Portfolio Outstanding Product Mix Top-Up Loans Up to 9 Months Loans 33% 73% Up to 6 Months Loans R1,399m R856m 32% 49% R641m R808m R416m 48% R509m 51% 20% Q3 FY24 Q3 FY25 Q3 FY26 Q3 FY24 Q3 FY25 Q3 FY26 Q3 FY25
Slide 21: Insurance offering continues to scale
Insurance offering continues to scale Gross Written Premium Number of Policies (#k) and Collection Ratio (%) 96% 96% 94% 38% R146m 34% 704k R105m 527k R78m 414k Q3 FY24 Q3 FY25 Q3 FY26 Q3 FY24 Q3 FY25 Q3 FY26 21
Slide 22: Enterprise
Enterprise
Slide 23: Enterprise ADP TPV and Take Rate
Enterprise ADP TPV and Take Rate ADP TPV 1 ADP Take Rate 19% 22% R11.8bn R9.8bn 1.30% R2.8bn R1.8bn 1.07% R9.0bn R8.0bn Q3 FY25 Q3 FY26 Q3 FY25 Q3 FY26 Bill Payments Prepaid Solutions Notes 1. ADP Division includes prepaid solutions and bill payments through channels such as retailer distribution ne
Slide 24: Enterprise Utilities TPV and Active Meters
Enterprise Utilities TPV and Active Meters Utilities TPV 1 Electricity Advance 18% ✓ Short term electricity advance product launching Q4 FY26 R477m R404m ✓ Accessible through digital 368k channels; Dedicated Utilities App, 332k WhatsApp, Website ✓ Interest free facility with short duration exposure
Slide 25: FY26 Strategy & Guidance
FY26 Strategy & Guidance
Slide 26: Examples of Innovation
Examples of Innovation Blockchain: ZARU Stablecoin Enabling Instant Settlement via the ZARU stablecoin for Merchants, providing 24/7 liquidity and 100% uptime for both Merchant and Enterprise divisions. Digital Currency Infrastructure Lending : Util ity Support Facilitating short -term credit advanc
Slide 27: Guidance and Outlook
Guidance and Outlook FY26 Guidance YoY FY25 Previous FY26 Guidance Revised FY26 Guidance Growth Net Revenue R5.3bn R6.4bn – R6.9bn R6.2bn – R6.5bn 17% - 23% Group Adjusted EBITDA R906m R1.25bn – R1.45bn R1.25bn – R1.35bn 38% - 49% Adjusted EPS R2.29 >R4.60 R5.50 – R6.00 140% - 162% Net Income Attrib
Slide 28: Appendix
Appendix 28
Slide 29: Use of Non-GAAP Measures
Satellit Use of Non-GAAP Measures 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
Slide 30: Group Net Revenue Quarterly Performance
Group Net Revenue Quarterly Performance Net Revenue 1 16% R1 598m R1 576m R1 499m R1 527m R1 380m R1 357m R1 056m R751m R1 016m R783m R833m R 969m R 951m R812m R 909m R854m R782m R545m R547m R510m R496m R499m R567m R627m R539m R510m R353m R378m R446m R313m R338m R411m R291m R182m R170m R228m R186m R
Slide 31: Group Adjusted EBITDA Quarterly Performance
Group Adjusted EBITDA Quarterly Performance Group Adjusted EBITDA 1,2 45% R337m R302m R304m R266m R151m R208m R233m R183m R170m R179m R186m R158m R164m R164m R146m R146m R181m R136m R132m R131m R136m R213m R125m R162m R150m R159m R117m R48m R71m R79m R79m R77m R40m R15m R17m R14m R15m R22m R24m R35m
Slide 32: US GAAP Income Statement for the Quarter
US GAAP Income Statement for the Quarter ZAR’000 $’000 % Growth % Growth Q3 - ended 31 March Q3 FY26 Q3 FY25 Q3 FY26 Q3 FY25 YoY YoY Average exchange rate for conversion from ZAR to $ R16.77 R18.40 (9%) R16.77 R18.40 (9%) Revenue 2 994 536 2 987 226 0% 183 051 161 450 13% Expense (2 929 523) (2 980
Slide 33: Segmental EBITDA Analysis for the Quarter
Segmental EBITDA Analysis for the Quarter ZAR’000 $’000 % Growth % Growth Q3 - ended 31 March FY26 Q3 FY25 Q3 YoY FY26 Q3 FY25 Q3 YoY Average exchange rate for conversion from ZAR to $ 16.77 18.40 (9%) 16.77 18.40 (9%) Net Revenue Merchant 751 280 782 191 (4%) 45 926 42 279 9% Consumer 626 514 445 8
Slide 34: Reconciliation of non-GAAP measures – Cash Flow and Leverage Ratio
Reconciliation of non -GAAP measures – Cash Flow and Leverage Ratio ZAR millions Summary Group cash flow Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Cash generated from business operations ¹ 272 372 334 419 365 Cash (utilized) generated in working capital ² 161 (36) 21 (18) 320 Movement in loan book fun
Slide 35: Reconciliation of non-GAAP measures – Group Adjusted EBITDA (ZAR)
Reconciliation of non -GAAP measures – Group Adjusted EBITDA (ZAR) ZAR’000 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 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 (Loss) Income attrib
Slide 36: Reconciliation of non-GAAP measures – Group Adjusted EBITDA (USD)
Reconciliation of non -GAAP measures – Group Adjusted EBITDA (USD) USD’000 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 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 (Loss) Income attrib
Slide 37: Reconciliation of non-GAAP measures – Net Revenue (ZAR)
Reconciliation of non -GAAP measures – Net Revenue (ZAR) ZAR’000 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 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 Cost of prepaid airtim
Slide 38: Reconciliation of non-GAAP measures – Net Revenue (USD)
Reconciliation of non -GAAP measures – Net Revenue (USD) USD’000 Q1 FY24 Q2 FY24 Q3 FY24 Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 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 Cost of prepaid airtime vouchers sold by us
Slide 39: Reconciliation of non-GAAP measures – Adjusted Earnings & EPS (ZAR)
Reconciliation of non -GAAP measures – Adjusted Earnings & EPS (ZAR) ZAR’000 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Average exchange rate for conversion from ZAR to $ 18.40 17.87 17.67 16.96 16.77 Net income (loss) attributable to Lesaka (GAAP) (409,790) (520,382) (82,265) 60,825 8,383 Change in fa
Slide 40: Reconciliation of non-GAAP measures – Adjusted Earnings & EPS (USD)
Reconciliation of non -GAAP measures – Adjusted Earnings & EPS (USD) USD’000 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Average exchange rate for conversion from ZAR to $ 18.40 17.87 17.67 16.96 16.77 Net income (loss) attributable to Lesaka (GAAP) (22,353) (29,082) (4,658) 3,645 552 Change in fair val
Slide 41: Summary of Once Off Items
Summary of Once Off Items ZAR’000 $’000 Q3 FY26 Q3 FY25 Q3 FY26 Q3 FY25 Average exchange rate for conversion from ZAR to $ 16.77 18.40 16.77 18.40 Transaction costs 7 746 19 915 466 200 Transaction costs related to Adumo, Recharger and Bank Zero acquisitions 2 404 22 361 144 47 Exit of ATM business
Slide 42: Stock Based Compensation ("SBC") Charges
Stock Based Compensation (“SBC”) Charges All amounts in ZAR thousands • Current level of SBC is lower as Connect acquisition and executive sign on awards have vested • Mix of awards from FY26e onwards shifts to awarded under LTIP to employees and 51 203 15 989 executives. • FY24 and FY25 increase re