Change Financial Ltd · ASX:CCA
Change Financial — Q2 FY26 Earnings Presentation
20 slides from Change Financial's earnings presentation, Jan 29, 2026
Slide 1: Q2 FY26 Investor Presentation
For personal use only Q2 FY26 Investor Presentation 29 January 2026
Slide 2: Delivering Innovative & Scalable Payments Solutions
Delivering Innovative & Scalable Payments Solutions Change provides tailored payment solutions, card issuing & testing to 150+ banks & fintechs across 40+ countries Payment solutions Two core proprietary technology platforms owned & developed in-house provider driving innovation in the banking ecosy
Slide 3: Key Highlights
Key Highlights Another record revenue quarter driven by strong Vertexon performance (PaaS & On-premises clients) Record revenue quarter Growth driven by increasing PaaS revenue and delivery of one-off licence sales and professional services revenue – 3 year revenue CAGR of 25% PaaS volumes will co
Slide 4: Vertexon PaaS Metrics & Revenue Model
Vertexon PaaS Metrics & Revenue Model Active Cards (thousands) PaaS platform scaling 110k+ cards active in AU & NZ 120 with volume increasing Growth in existing client base – particularly fintech clients – 100 as card numbers significant new cards added September to December 80 60 continue to grow P
Slide 5: Accelerating PaaS Growth
Accelerating PaaS Growth 3.4 Change is powering the payments of leading financial institutions & fintechs across Australia & NZ Program launch 3.2 timelines reducing PLATFORM LIVE PLATFORM LIVE 3.0 NEW ZEALAND AUSTRALIA given PaaS platform 2.8 Fintech (NZ) fully live & operational (BIN Sponsorship -
Slide 6: Financial Update – Q2 FY26
Financial Update – Q2 FY26 PaaS now a major Q2 FY26 revenue of US$4.7m (A$7.0m¹), up 34% on pcp Revenue by Quarter (US$m) contributor to revenue Record revenue quarter 4.6 4.7 Growth driven by increasing PaaS revenue 3.9 4.0 3.7 Solid base of Support & Maintenance clients 3.5 3.2 3.0 New licence sal
Slide 7: Financial Update – Q2 FY26 (cont.)
Financial Update – Q2 FY26 (cont.) Revenue growth Significant improvement in net cash flows from operating Cash Receipts by Quarter (US$m) coupled with a stable activities in H1 primarily due to: 4.3 4.0 fixed cost base is Materially higher cash receipts 3.7 3.9 3.8 3.6 3.4 delivering significantly
Slide 8: FY26 Outlook
FY26 Outlook Strong start to FY26 with H1 revenue and EBITDA ahead of target¹ Positive outlook as Change builds H1 FY26 revenue (unaudited) of US$9.3m (A$13.9m2), up 29% on H1 FY25 momentum & Rolling 3-year revenue Compound Annual Growth Rate (CAGR) increased to 25% for the period ended H1 FY2
Slide 9: Investment Highlights
Investment Highlights With strong Building Blocks In Place Growth & Scale Focus Marquee Customers foundations in place, Change is focussed on delivering profitable Platform live in AU & NZ PaaS revenue scaling Strong validation of PaaS platform with growth All regulatory & licensing requirements Eng
Slide 10: Appendix
For personal use only Appendix
Slide 11: Vertexon in the Payments Process
Vertexon in the Payments Process Change’s role in the Processing: An Issuer (Change’s client) using the Vertexon Processing: Customer pays with card (all card networks payments process Platform (technology only) to manage their cards – client is supported) & purchases goods/services from merchant
Slide 12: Vertexon Product Offering
Vertexon Product Offering Vertexon offering can Processing Processing & Issuing be tailored by client to • Provide core technology to enable card issuing & • Provide Processing capability + the following key card offer services that best management including: Issuing capabilities: suit client & end
Slide 13: Market Overview – New Zealand
Market Overview – New Zealand Banking in New Zealand is dominated by the Big 4 banks 27 registered banks plus several credit unions & building societies No payment aggregation services providers for smaller players & historically limited innovation outside the Big 4 Banks Estimated that smal
Slide 14: Market Overview – Australia
Market Overview – Australia Australian Annual Transaction Volume by Type of Retail Payment 1 Card based payments now dominate 12 Scheme & EFTPOS Debit Cards Total Number of Transactions transaction volume in 10 Australia 8 (billions) 6 For personal use only 4-Party & 3-Party Credit & Charge Cards 4
Slide 15: Market Overview – Australia (cont.)
Market Overview – Australia (cont.) Whilst the Big 4 banks have a significant position in the Australian card issuing market, there is a materially larger opportunity than in New Zealand Change is seeking to leverage the recent success in the NZ market to target the sizeable AU market Small to
Slide 16: PaySim – Critical Payments Infrastructure Testing Tool
PaySim – Critical Payments Infrastructure Testing Tool PaySim enhances Simulates the full transaction lifecycle, enabling banks & fintechs to complete speed to market for end-to-end testing of their payment platforms, processes & scheme rule PaySim is an all-in-one modular clients by delivering co
Slide 17: PaySim Market Overview – Global
PaySim Market Overview – Global Extremely powerful modular end-to-end payments testing & certification solution embedded into tier 1 banking & payments institutions globally Core based on global messaging standard ISO 8583 & ISO 20022 Default standard & benchmark for EFTPOS testing in Australi
Slide 18: Building the Commercial Team to Drive Growth
Building the Commercial Team to Drive Growth Change continues to strengthen and evolve its sales team to be focused on outbound sales ‘hunting’ for Vertexon (Australia) & PaySim (Global) given the significant market opportunity For personal use only VP Bus. Dev. (Vertexon & PaySim) LATAM VP Bus. D
Slide 19: Disclaimer
Disclaimer Change Financial Important Notice This presentation has been prepared by Change Financial Limited (Change Financial) in good faith. No express or implied warranty is given as to the accuracy or completeness Limited of the information in this document or the accompanying presentation. All
Slide 20: Thank you.
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