Slide 1: Q1 FY26 Results Presentation
1 Q1 FY26 Results Presentation November 6, 2025
Slide 2: Regulatory Disclosures
2 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
3 US GAAP Income Statement for the Quarter ZAR’000 $’000 % Growth % Growth Q1 - ended 30 September FY26 Q1 FY25 Q1 YoY FY26 Q1 FY25 Q1 YoY Average exchange rate for conversion from ZAR to $ R17,67 R17,72 (0%) R17,67 R17,72 (0%) Revenue 3 023 546 2 756 877 10% 171 448 153 568 12% Expense (3 016 810)
Slide 4: Key Financial Highlights
Lesaka Key Financial Highlights ae s.... o¢ge LL
Slide 5: Group Level Financial Performance
5 Group Level Financial Performance Financial period Q1 FY25 Q1 FY26 Growth Q1 FY26 Guidance Ended Sept 30 Net Revenue¹ R1.06bn R1.53bn ▲ 45% R1.50 billion to R1.65 billion Group Adjusted EBITDA¹ R168m R271m ▲ 61% R260 million to R300 million Adjusted Earnings¹ R35m R87m ▲ 150% Adjusted Earnings per
Slide 6: Divisional Financial Performance
6 Divisional Financial Performance Q1 FY26 Net Revenue 1 45% R1.50bn R1.53bn Growth R1.38bn R1.36bn R1.06bn 43% YoY R812m R783m R854m R782m R547m 43% YoY R510m R539m R378m R411m R446m R186m R190m R222m 19% YoY R130m R145m Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Lesaka Merchant Consumer Enterprise In
Slide 7: Profitability Performance
7 Profitability Performance Group Adjusted EBITDA 1 Adjusted Earnings per Share 1 61% 97% Growth R306m R1.07 R271m R0.99 R212m R237m 20% YoY R187m R168m R162m R150m R0.60 R185m R0.54 R136m 90% YoY R162m R150m R0.28 R77m R117m R79m R22m 241% YoY R7m (R0.5m) R2m R15m (R53m) (R50m) (R33m) (R58m) (R64m)
Slide 8: Cash flow, Capex and Leverage Ratio Performance
8 Cash flow, Capex and Leverage Ratio Performance Cashflow from Capex Net Debt / Group Adjusted EBITDA 1 Business Operations 1,2 Capex % of Group Adjusted EBITDA1 2.9x 43% 57% 35% 34% 33% 2.8x R378m R341m 2.6x 2.5x R120m 2.4x R269m R277m R196m R103m R90m R63m R83m R73m (R28m) R70m (R58m) (R122m) R51
Slide 9: Merchant Division
9 Merchant Division
Slide 10: Merchant Volumes
10 Merchant Volumes Card TPV Cash TPV ADP TPV 21% 117% (4%) R11.9bn R9.2bn R28.7bn R27.6bn R27.5bn R9.9bn R7.1bn R7.2bn R5.2bn 87.9k R4.2bn R2.9bn 4.4k 4.5k 4.6k R3.6bn 97.5k 89.0k 77.1k 53.5k 46.6k R4.9bn R4.7bn R4.3bn Q1 FY24 Q1 FY25 Q1 FY26 Q1 FY24 Q1 FY25 Q1 FY26 Q1 FY24 Q1 FY25 Q1 FY26 Points o
Slide 11: Merchant Lending & Software
11 Merchant Lending & Software Lending Originations 1 Portfolio Outstanding 1 Software 3% 72% 21% R470m 9,772 9,444 8,864 R201m R3,184 R173m R166m 1,102 R3,051 R280m R273m R2,989 533 557 Q1 FY24 Q1 FY25 Q1 FY26 Q1 FY24 Q1 FY25 Q1 FY26 Q1 FY24 Q1 FY25 Q1 FY26 Number of Merchants with a Loan Product N
Slide 12: Consumer Division
12 Consumer Division
Slide 13: Consumer Base & Engagement
13 Consumer Base & Engagement Active Consumers 1 ARPU3 Product Penetration Rate 3 2 Products 3 Products 24% 13% 1.93m 30% 30% R88.6 29% R78.3 1.56m R73.2 1.33m 14.1% 18% 15% 11.4% 12% 9.4% Q1 FY24 Q1 FY25 Q1 FY26 Q1 FY24 Q1 FY25 Q1 FY26 Q1 FY24 Q1 FY25 Q1 FY26 SASSA Market Share2 Notes 1. Active con
Slide 14: Consumer Lending
14 Consumer Lending Lending Origination 77% R820m R462m R353m Q1 FY24 Q1 FY25 Q1 FY26 Portfolio Outstanding 98% R1,116m • New R4,000 Medium-term loan introduced R564m • Fast and easy application process from their phones R423m • Loans disbursed immediately • Meeting customer needs by providing more
Slide 15: Consumer Insurance
15 Consumer Insurance Gross Written Premium 38% R120.0m R87.0m R63.8m Q1 FY24 Q1 FY25 Q1 FY26 Number of Policies and Collection Ratio 96% 96% 97% 27% 589k • Low premiums from R26 per month 466k • From Q2 FY26 – Agents will be able to activate policies 359k for non-EasyPay Everywhere clients Q1 FY24
Slide 16: Enterprise
16 Enterprise
Slide 17: Enterprise ADP & Utilities Volumes
17 Enterprise ADP & Utilities Volumes ADP TPV1 Utilities TPV & Active Meters 2 13% 21% R11.9bn R396m R10.6bn R326m R9.4bn 270k R256m 234k 205k Q1 FY24 Q1 FY25 Q1 FY26 Q1 FY24 Q1 FY25 Q1 FY26 Utilities TPV Number of Active Meters Notes 1. ADP Division includes prepaid solutions and bill payments thro
Slide 18: FY26 Strategy & Guidance
FY26 Strategy & Guidance ee ..... oge Le
Slide 19: Key Developments
19 Key Developments 1 Brand Refreshed brand to be launched this calendar year 2 Office Office move planned for Q4 FY26 3 Bank Zero Approvals in progress Simplifying 4 Cell-C and other non-core assets Corporate Structure
Slide 20: Key Drivers of Net Revenue
20 Key Drivers of Net Revenue Number of Merchants x ARPU Fuel Spaza Card, Cash, ADP TPV x Take Rate Hospitality Taverns Lending Originations x Net Yield Other Segments Software License + Hardware Sales Number of Consumers x ARPU Permanent Beneficiaries Non-Permanent Beneficiaries Banking Fees x Tran
Slide 21: Q2 FY26 Guidance
21 Q2 FY26 Guidance Quarterly Guidance Full Year Guidance YoY YoY Q2 FY25 Q2 FY26 Growth FY25 FY26 Growth Net Revenue R1.38bn R1.575bn – R1.725bn 14% - 25% Net Revenue R5.3bn R6.4bn – R6.9bn 21% - 30% Group Adjusted EBITDA R212m R280m – R320m 32% - 51% Group Adjusted EBITDA R922m R1.25bn - R1.45bn 3
Slide 22: Appendix
LESQKQA Appendix
Slide 23: Use of non-GAAP measures
23 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 24: Group Net Revenue Quarterly Performance
24 Group Net Revenue Quarterly Performance Net Revenue1 45% YoY R1,499 m R1,527 m R1 380m R1,357 m R1 016m R1 056m R969 m R951 m R812 m R783 m R909 m R854 m R782 m R545m R547 m R510 m R496 m R499m R510 m R539 m R353m R378 m R446 m R313 m R338 m R411m R291 m R139m R182m R170m R228m R186m R130m R145m
Slide 25: Group Adjusted EBITDA Quarterly Performance
25 Group Adjusted EBITDA Quarterly Performance Group Adjusted EBITDA1 61% YoY R306 m R271 m R212 m R237 m R187 m R183 m R190m R168 m R163 m R168 m R150 m R150 m R185 m R140 m R136m R136 m R140 m R129m R162m R150m R71m R117m R48m R79m R79m R77m R40m R15 m R17 m R14 m R9m R7 m (R1m) R2 m R15 m R23 m F
Slide 26: GAAP Income Statement for the Quarter
26 GAAP Income Statement for the Quarter ZAR’000 $’000 % Growth % Growth Q1 - ended 30 September FY26 Q1 FY25 Q1 YoY FY26 Q1 FY25 Q1 YoY Average exchange rate for conversion from ZAR to $ R17,67 R17,72 (0%) R17,67 R17,72 (0%) Revenue 3 023 546 2 756 877 10% 171 448 153 568 12% Expense (3 016 810) (2
Slide 27: Segmental EBITDA Analysis for the Quarter
27 Segmental EBITDA Analysis for the Quarter ZAR’000 $’000 % Growth % Growth Q1 - ended 30 September FY26 Q1 FY25 Q1 YoY FY26 Q1 FY25 Q1 YoY Average exchange rate for conversion from ZAR to $ 17.67 17.72 (0%) 17.69 17.72 (0%) Revenue Merchant 2 239 035 2 220 022 1% 126 950 123 651 3% Consumer 539 00
Slide 28: Reconciliation of non-GAAP measures – Net Revenue
28 Reconciliation of non-GAAP measures – Net Revenue FY26 Q1 FY25 Q1 FY26 Q1 FY25 Q1 Net Revenue - Group ZAR’000 ZAR’000 $’000 $’000 Revenue 3 023 546 2 756 877 171 448 153 568 Cost of prepaid airtime vouchers sold by us & commissions paid to third parties selling all other agency -based products (1
Slide 29: Reconciliation of non-GAAP measures – Group Adjusted EBITDA
29 Reconciliation of non-GAAP measures – Group Adjusted EBITDA FY26 Q1 FY25 Q1 FY26 Q1 FY25 Q1 ZAR’000 ZAR’000 $’000 $’000 Average exchange rate for conversion from ZAR to $ 17,67 17,72 17,67 17,72 Loss attributable to Lesaka – GAAP (75 890) (81 023) (4 297) (4 542) Net income attributable to non-co
Slide 30: Reconciliation of non-GAAP measures – Adjusted Earnings & EPS
Reconciliation of non-GAAP measures – Adjusted Earnings & EPS 30 Q1 FY26 Q1 FY25 Q1 FY26 Q1 FY25 Adjusted Adjusted Adjusted Adjusted Adjusted Adjusted Adjusted Adjusted ZAR’000 Earnings EPS Earnigns EPS Earnings EPS Earnings EPS Average exchange rate for conversion from ZAR to $ 17,67 17,72 17,67 17
Slide 31: Reconciliation of non-GAAP measures – Cash Flow and Leverage Ratio
31 Reconciliation of non-GAAP measures – Cash Flow and Leverage Ratio Summary Group cash flow (ZARm) Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Cash generated from business operations¹ 196 269 277 378 341 Cash (utilized) generated in working capital² (193) (81) 156 (42) 14 Movement in loan book funding
Slide 32: Reconciliation of Once Off Items
32 Reconciliation of Once Off Items ZAR’000 $’000 For the quarter FY26 Q1 FY25 Q1 FY26 Q1 FY25 Q1 Average exchange rate for conversion from ZAR to $ 17,67 17,72 17,67 17,72 Transaction costs 3 056 1 337 173 75 Transaction costs related to Adumo, Recharger, and Bank Zero acquisitions and certain comp
Slide 33: Stock Based Compensation ("SBC") Charges
33 Stock Based Compensation (“SBC”) Charges Expected Annual SBC Charges • 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 35,465 employees and executives. 15,989 • FY24 and FY25 increase
Slide 34: LESQKA
LESQKA