Slide 1: H1 FY25 Results
H1 FY25 Results Moving Payments Forward. Together. Craig Kennedy Sean O’Donoghue Managing Director Chief Financial Officer 26 February 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 Introducing Cuscal 5 2 H1 FY25 Results Highlights 9 Craig Kennedy Managing Director 3 H1 FY25 Financial Performance 11 4 Outlook 16 A Appendix 20 Sean O’Donoghue Chief Financial Officer
Slide 5: Introducing Cuscal
Introducing Cuscal Craig Kennedy, Managing Director
Slide 6: Differentiated Role in the Australian Payments Landscape
Differentiated Role in the Australian Payments Landscape End-to-End Independent Fully Licensed Well Capitalised Capabilities B2B offering Access to core payment rails is Highly regulated – Required to Strong balance sheet position difficult/expensive Cuscal does not compete with settle transactions
Slide 7: Multiple Growth Levers
Multiple Growth Levers 1 2 3 4 Expand Into Grow Existing Capabilities Expand Market Share Inorganic Growth Logical Adjacencies CDR: Regulated Data Services Organic Growth Major Bank Focus Track Record of Successful M&A Opportunity Strong forecast structural market Focus on capturing more of total In
Slide 8: Opportunities and Investment For Growth
Opportunities and Investment For Growth Issuing Acquiring Payments Make a card payment Accept a card payment Account to Account payments • Modernising card management • Technological advancements and • Transition from batch to real-time platforms to offer multiple card innovation driving changing pa
Slide 9: H1 FY25 Results Highlights
H1 FY25 Results Highlights Craig Kennedy, Managing Director
Slide 10: H1 FY25 Highlights
H1 FY25 Highlights +7% transaction volume growth. Earnings growth across all core capabilities. Improvement in all key metrics. On track to meet or modestly exceed Prospectus FY25 pro forma NPAT(1) forecast. (1) Pro forma Consolidated Profit attributable to the owners of Cuscal.
Slide 11: H1 FY25 Financial Performance
H1 FY25 Financial Performance Sean O’Donoghue, Chief Financial Officer
Slide 12: Growth Across All Key Metrics
Growth Across All Key Metrics Transaction Volumes (by number, million) Pro forma Adjusted EBITDA ($m) and Margin (%) Pro forma NPAT ($m) and Margin (%) 24.3% 14.7% 21.4% 16.8% 10.9% +7% 9.0% 35.6 21.5 +5% 2,127 29.5 15.1 19.9 1,984 10.6 1,884 H1 FY23 H1 FY24 H1 FY25 H1 FY23 H1 FY24 H1 FY25 H1 FY23 H
Slide 13: Adjusted NOI Growth Across All Core Capabilities
Adjusted NOI Growth Across All Core Capabilities Transaction volume growth: A$m 1H FY25 1H FY24 Growth (%) 1H FY25 Contribution to Total NOI • Issuing +6% Issuing 85.8 80.4 7% 58% • Acquiring +6% Acquiring 15.0 14.4 4% 10% • Payments +11% Payments 35.0 33.8 4% 24% Financial Crimes 8.0 7.4 8% 5% Cont
Slide 14: Operating Expenses Underpinning Margin Expansion
Operating Expenses Underpinning Margin Expansion ▪ Pro forma Total operating expenses ↑ 2% to $115.9m $113.9m $115.9m o slower ramp up of expenses positively skewing H1 FY25 NPAT $102.6m result 16.3 19.6 10.3 ▪ Employee benefits expenses ↓ 6% to $58.2m 34.3 o slower than planned on-boarding of forec
Slide 15: Strong Balance Sheet
Strong Balance Sheet Summary balance sheet A$m Dec 2024 Jun 2024 A$m Dec 2024 Jun 2024 Cash & cash equivalents 2,308.1 2,069.1 Common Equity Tier 1 capital 233.8 204.5 Receivables & investment securities 1,118.1 1,202.7 Total Tier 2 capital - 2.5 Other assets 68.6 79.9 Total capital 233.8 207.0 Defe
Slide 16: Outlook
Outlook Craig Kennedy, Managing Director
Slide 17: Outlook
Outlook ▪ On track to meet or modestly exceed Prospectus FY25 pro forma NPAT forecast: o Mid-to-high single digit transaction volume growth expected to translate to low double-digit NPAT growth. o H2 FY25 operating expenditure expected to be ahead of H1 due to timing of FTE onboarding. o Pro forma F
Slide 18: Well Positioned for Growth and Operating Leverage
Well Positioned for Growth and Operating Leverage Revenue model Significant investment underpinned by long- Diversified model with in operating model Well capitalised, tenured contracted multiple revenue drivers completed in recent regulated balance sheet client base years
Slide 19: Q&A
Q&A
Slide 20: Appendix
Appendix
Slide 21: Results Overview – Statutory Results
Results Overview – Statutory Results A$m 1H FY25 1H FY24 Growth (%) ▪ Statutory results impact by non-recurring IPO related costs Total net operating income 146.7 137.4 7% of $13.3m in 1H FY25 and $2.0m in 1H FY24(1) Total Adjusted net operating income 146.7 138.1 6% ▪ Transaction volume on track to
Slide 22: Results Overview – Pro Forma Income Statement
Results Overview – Pro Forma Income Statement Prospectus pro A$m 1H FY25 1H FY24 Growth (%) forma forecast FY25 Gross fee & commission revenue 176.3 166.2 6% 347.4 Direct fee & commission expense (46.8) (41.4) 13% (88.0) Transaction volume ↑ 7% Net fee & commission revenue 129.5 124.8 4% 259.4 Net i
Slide 23: Summary Cash Flow Statement
Summary Cash Flow Statement A$m 1H FY25 1H FY24 ▪ Financing cashflow includes net proceeds from NPAT attributable to the owners of Cuscal 12.2 13.3 issue of shares on listing of Cuscal in November Depreciation & amortisation expense 7.0 7.5 2024. Interest on option liability - 0.7 Share based paymen
Slide 24: Tracking to IPO Pro Forma Forecast
Tracking to IPO Pro Forma Forecast FY25E Pro Forma % of prospectus A$m 1H FY25 Results Prospectus forecast Forecasts Transaction volume 2,127 4,304 49% Gross fee and commission revenue 176.3 347.4 51% Direct fee and commission expense (46.8) (88.0) 53% Net fee and commission revenue 129.5 259.4 50%
Slide 25: Thank you
Cuscal_ Thank you