Change Financial Ltd · ASX:CCA
Change Financial — Q1 2026 Earnings Presentation
21 slides from Change Financial's earnings presentation, Oct 30, 2025
Slide 1: Q1 FY26 Investor Presentation
For personal use only Q1 FY26 Investor Presentation 30 October 2025
Slide 2: Delivering innovative and scalable payments solutions
Delivering innovative and scalable payments solutions Change leverages innovative and scalable technology to provide tailored payment solutions, card issuing and testing Payment solutions to 150+ banks & fintechs across 40+ countries provider driving Two core products in the banking & payments ecosy
Slide 3: Key Highlights
Key Highlights Record revenue quarter driven by strong Vertexon performance (PaaS & On-premises clients) Record revenue quarter PaaS clients continuing to grow volumes – growth will continue as contracted new programs go-live driven by increasing PaaS revenues Significant pipeline of professional
Slide 4: Vertexon PaaS Metrics & Revenue Model
Vertexon PaaS Metrics & Revenue Model Active Cards (thousands) PaaS platform scaling 89k+ cards active in AU & NZ 100 with volume increasing Growth in existing client base – particularly fintech clients – 80 as card numbers significant new cards added in late September 60 continue to grow New client
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 Fintech (NZ) 2.8 fully live & operational (BIN Sponsorship -
Slide 6: Financial Update – Q1 FY26
Financial Update – Q1 FY26 PaaS now a major Q1 FY26 revenue of US$4.6m (A$7.1m¹), up 25% on pcp Revenue by Quarter (US$m) contributor to revenue Record revenue quarter 4.6 Growth driven by increasing PaaS revenue 3.9 4.0 3.7 3.5 3.2 Solid base of Support & Maintenance clients 3.0 Continuing to deliv
Slide 7: Financial Update – Q1 FY26 (cont.)
Financial Update – Q1 FY26 (cont.) Revenue growth Significant improvement in net cash flows from operating Cash Receipts by Quarter (US$m) coupled with a stable activities in Q1 FY26 primarily due to: 4.3 4.0 fixed cost base is Materially higher cash receipts driven by PaaS clients 3.7 3.8 3.6 3.4 d
Slide 8: Large Market Opportunity
Large Market Opportunity Key focus on new sales Vertexon PaaS – ANZ Opportunity PaySim – Global Opportunity and revenue growth – Banking in ANZ is dominated by the big banks Powerful modular end-to-end payments testing & pivoted towards certification solution with a global client base Leveraging suc
Slide 9: FY26 Outlook
FY26 Outlook Delivering on financial guidance¹ Positive outlook as Change builds Revenue - ON TRACK momentum & continues to scale Expected to be in the range of US$16.5m (A$25.4²m) to US$18.0m (A$27.7m) For personal use only Underpinned by significant portion of ‘recurring’ revenue – PaaS tr
Slide 10: 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 11: Appendix
For personal use only Appendix
Slide 12: 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 13: 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 14: 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 15: 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 16: 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 17: 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 18: 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 19: Building the Commercial Team to Drive Growth
Building the Commercial Team to Drive Growth Change has strengthened its sales team with the appointment of 2 x Strategic BDMs in Oceania (started March 2025) New BDMs are focused on outbound sales ‘hunting’ for Vertexon (Australia) & PaySim (Global) given the significant market opportunity For
Slide 20: 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 21: Thank you.
Thank you. For personal use only Engage directly with us by posting your questions on our latest announcements via our Investor Hub. You can view and comment on this announcement here. Stay Connected Receive ASX announcements and company updates directly to your inbox, access video summaries, join o