Lesaka Technologies, Inc. · NASDAQ:LSAK
Lesaka Technologies — Q2 2026 Earnings Presentation
43 slides from Lesaka Technologies's earnings presentation, Feb 5, 2026
Slide 1: Q2 FY26 Results Presentation
Q2 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 Q2 - ended 31 December Q2 FY26 Q2 FY25 Q2 FY26 Q2 FY25 YoY YoY Average exchange rate for conversion from ZAR to $ R16.96 R17.85 (5%) R16.96 R17.85 (5%) Revenue 3 058 191 3 155 758 (3%) 178 734 176 216 1% Expense (3 021 152) (3
Slide 4: 4
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Slide 5: Our Values
Our Values Integrity Go barefoot on the straight and narrow Collective wisdom We dance better together Entrepreneurial drive Blaze new trails Ownership Call for the ball Bias to action Walk slow, run fast Resilience Put one foot in front of the other Empathy Walk in someone else’s shoes Customer fir
Slide 6: One Lesaka Office
One Lesaka Office Parks Boulevard, Rosebank Johannesburg Cape Town Durban 6
Slide 7: Our People
VERSION Our People 2 under 60% 40 years of age 28% 22% 17% 15% 13% >50% Female 4% 40% sales and marketing 14% finance and admin <25 25-30 30-35 35-40 40-50 >50 23% ops fulfilment 2% risk & compliance & servicing and legal Employee age distribution 20% technology <1% executive Notes As at Q2 FY26 (De
Slide 8: Progress Towards Simplification
Progress Towards Simplification Simplified Operations Group Adjusted EBITDA 1 Adjusted Earnings per Share 1 R304m 1 R 1.34 Business growth is largely organic year -on -year R208m 47% 2 Closed off non -core items and R 0.21 investments Q2 FY25 Q2 FY26 Q2 FY25 Q2 FY26 Notes 1. Non -GAAP measure. Refer
Slide 9: Lesaka’s Business Model
Lesaka’s Business Model % of Total Revenue explained Core Drivers by Core Drivers CONSUMER 2.0 million R91 p/m ~95% # of Consumers x ARPU Core Drivers MERCHANT 130 000+ R1 835 p/m # of Merchants x ARPU ~88% Core Drivers ENTERPRISE R12.4 billion 1.8% ADP & Utilities TPV x Implied Take Rate % ~95% 9
Slide 10: Key Financial Highlights
Key Financial Highlights
Slide 11: Group Level Financial Performance
Group Level Financial Performance Financial period Q2 FY25 Q2 FY26 Growth Q2 FY26 Guidance Ended Dec 31 Net Revenue¹ R1.38b R1.60b ▲ 16% R1.575 billion to R 1.725 billion Group Adjusted EBITDA ¹ R208m R304m ▲ 47% R280 million to R320 million Adjusted Earnings ¹ R17m R111m ▲ 564% Adjusted Earnings pe
Slide 12: Divisional Financial Performance
Divisional Financial Performance Q2 FY26 Net Revenue 16% R1 598m R1 499m R1 527m Growth R1 380m R1 357m (2%) YoY R833m R 783 m R 812m R 854 m R 782 m 38% YoY 67% YoY R 539 m R567m R 510 m R 411m R 446 m R 145m R 190 m R 222 m R217m R 130 m (R15m) (R16m) (R13m) (R16m) (R19m) Q2 FY25 Q3 FY25 Q4 FY25 Q
Slide 13: Profitability Performance
Profitability Performance Group Adjusted EBITDA 1, Adjusted Earnings per Share 47% 5 38 % R1.34 Growth R302m R304m R266m R0.97 (6%) YoY R0.90 R208m R233m R183m R170m R158m 106% YoY R0.52 R146m R181m R 159m nm R0.21 R 162m R 150m R 117m R 77m (R0.5m) R2m R15m R22m R24m (R64m) (R33m) (R58m) (R50m) (R6
Slide 14: 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 2.8x 2.9x R334m R263m R272m 2.5x 2.5x 2.5x R120m R103m R90m R83m R84m R 63 m (R149m) (R122m) (R217m) (R230m) R 70 m R 51m (R76m) (R106m) (R385m) R 52 m R 48 m (R52
Slide 15: 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 45.9% 46.1% 20.2% 41.8% 19.1% 39.3% 17.2% 17.4% 15.1% 32.5% Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY
Slide 16: Merchant Division
Merchant Division
Slide 17: Merchant Base & Engagement
Merchant Base & Engagement Active Merchants 1 Merchant ARPU 2 Product Penetration Rate 8% (10%) 132k R2,030 123k R1,835 47% 46% 10% 8% Q2 FY25 Q2 FY26 Q2 FY25 Q2 FY26 Q2 FY25 Q2 FY26 1+ Product 2+ Products Notes 1. Our definition of an active merchant is any merchant that has made a voluntary transa
Slide 18: Merchant Volumes
Merchant Volumes Card TPV Cash TPV ADP TPV 7% 5% 27% R14.0bn R12.1bn R31.9bn R11.3bn R30.4bn R11.0bn R9.0bn R 6.1bn 73.5 k 4.9 k 4.9 k 67.8 k 102.3k 94.5 k R 4.9 bn R5.0bn Q2 FY25 Q2 FY26 Q2 FY25 Q2 FY26 Q2 FY25 Q2 FY26 Active Merchants 1 Active Merchants 1 Active Merchants 1 Prepaid Solutions Suppl
Slide 19: Merchant Lending and Software
Merchant Lending and Software Lending Origination Lending Portfolio Outstanding Software Sites 35% 28% 5% R205m R389m 9,689 10,133 R305m R153m 1,184 1,058 Q2 FY25 Q2 FY26 Q2 FY25 Q2 FY26 Q2 FY25 Q2 FY26 Number of Merchants with a Loan Product Active Merchants 2 Notes 1. Our lending solutions are off
Slide 20: Merchant Go-to-Market Channels
Merchant Go-to-Market Channels Impact to ARPU through Cross -Sell Layering acquiring to a typical software merchant R5 000 Corporate X% ~25 000 ~R5 900 p/m ~5% R3 000 # merchants with # of merchants x ARPU 2+ products Layering acquiring to a typical ADP merchant impact R950 Community ~105 000 ~R800
Slide 21: Consumer Division
Consumer Division
Slide 22: Consumer Base and Engagement
Consumer Base and Engagement Active Consumers 1 Consumer ARPU 3 Product Penetration Rate 4 21% 15% 2.0m R90.9 1.6m R79.2 49% R73.5 46% 1.4m 42% 14.1% 11.4% 19% 9.4% 16% 13% Q2 FY24 Q2 FY25 Q2 FY26 Q2 FY24 Q2 FY25 Q2 FY26 Q2 FY24 Q2 FY25 Q2 FY26 SASSA Market Share 2 1+ Products 2+ Products Notes 1. A
Slide 23: 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 Variable Loans 88% 106% Up to 9 Months Loans Up to 6 Months Loans R1,459m R1,156m 22% 64% R617m 40% R709m R447m R503m 14% 39% 21% Q2 FY24 Q2 FY25 Q2 FY26 Q2 FY24 Q2
Slide 24: Insurance offering continues to scale
Insurance offering continues to scale Gross Written Premium Number of Policies and Collection Ratio 96% 96% 96% 38% 29% R134m 641k R97m 496k 384k R71m Q2 FY24 Q2 FY25 Q2 FY26 Q2 FY24 Q2 FY25 Q2 FY26 24
Slide 25: Enterprise
Enterprise
Slide 26: Enterprise ADP & Utilities Volumes
Enterprise ADP & Utilities Volumes ADP TPV 1 Utilities TPV & Active Meters 2 18% 15% R11.9bn R465m R10.0bn R10.1bn R403m 357k 336k Q2 FY24 Q2 FY25 Q2 FY26 Q2 FY25 Q2 FY26 Utilities TPV Number of Active Meters Notes 1. ADP Division includes prepaid solutions and bill payments through channels such as
Slide 27: Enterprise Payment Volumes
Enterprise Payment Volumes Number of Transactions Switched Update on Payment Switch 40% of Merchant • We have launched our proprietary payment switch and Card TPV switched in -house moved from pilot phase (early Q2 FY25) to active migration. 33.9m • Progressed from 1% of merchant acquiring volumes s
Slide 28: Key Channel Wins for ADP
Satellit Key Channel Wins for ADP e 01 02 03 Providing airtime products Enabling all Investec Rolled out bill payments to Shoprite’s consumers clients to purchase airtime functionality to Spar’s across brick -and - through their native app consumers across brick -and - mortar locations and web porta
Slide 29: FY26 Strategy & Guidance
FY26 Strategy & Guidance
Slide 30: Guidance and Outlook
Guidance and Outlook Q3 FY26 Guidance FY26 Guidance YoY YoY Q3 FY25 Q3 FY26 FY25 FY26 Growth Growth Net Revenue R1.36bn R1.65bn – R1.80bn 22% - 33% Net Revenue R5.3bn R6.4bn – R6.9bn 21% - 30% Group Adjusted Group Adjusted EBITDA R233m R300m – R340m 28% - 46% EBITDA R906m R1.25bn – R1.45bn 36% - 57%
Slide 31: Appendix
Appendix 31
Slide 32: 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 33: Group Net Revenue Quarterly Performance
Group Net Revenue Quarterly Performance Net Revenue 16% R1 598m R1 499m R1 527m R1 380m R1 357m R1 016m R1 056m R 833 m R 969m R 783 m R 951m R 812m R 854 m R 782 m R 545 m R 547 m R 510 m R 496 m R 539 m R 567 m R 353 m R 510 m R 313m R 338 m R 378 m R 411m R 446 m R 182m R 170m R 228 m R 186 m R 1
Slide 34: Group Adjusted EBITDA Quarterly Performance
Group Adjusted EBITDA Quarterly Performance Group Adjusted EBITDA 47% R302m R304m R266m R208m R233m R 183 m R170m R 158m R179m R186m R164m R164m R146m R 146 m R 181m R 136 m R 132m R 131m R 136 m R 125m R 162m R 150 m R159m R 117m R 71m R 79 m R 79 m R 40 m R 48 m R 77 m R 15m R 17m R 14m R 9m R 15m
Slide 35: US GAAP Income Statement for the Quarter
US GAAP Income Statement for the Quarter ZAR’000 $’000 % Growth % Growth Q2 - ended 31 December Q2 FY26 Q2 FY25 Q2 FY26 Q2 FY25 YoY YoY Average exchange rate for conversion from ZAR to $ R16.96 R17.85 (5%) R16.96 R17.85 (5%) Revenue 3 058 191 3 155 758 (3%) 178 734 176 216 1% Expense (3 021 152) (3
Slide 36: Segmental EBITDA Analysis for the Quarter
Segmental EBITDA Analysis for the Quarter ZAR’000 $’000 % Growth % Growth Q2 - ended 31 December FY26 Q2 FY25 Q2 YoY FY26 Q2 FY25 Q2 YoY Average exchange rate for conversion from ZAR to $ 16.96 17.85 (5%) 16.96 17.85 (5%) Net Revenue Merchant 833 315 854 492 (2%) 48 714 47 714 2% Consumer 566 735 41
Slide 37: Reconciliation of non-GAAP measures – Net Revenue
Reconciliation of non -GAAP measures – Net Revenue Net Revenue – Group ZAR’000 $’000 Q2 FY26 Q2 FY25 Q2 FY26 Q2 FY25 Revenue 3 058 191 3 155 758 178 734 176 216 Cost of prepaid airtime vouchers sold by us & commissions paid to third parties selling all other agency - based (1 460 053) (1 775 832) (8
Slide 38: Reconciliation of non-GAAP measures – Group Adjusted EBITDA
Reconciliation of non -GAAP measures – Group Adjusted EBITDA ZAR’000 $’000 Q2 FY26 Q2 FY25 Q2 FY26 Q2 FY25 Average exchange rate for conversion from ZAR to $ 16.96 17.85 16.96 17.85 Income (Loss) attributable to Lesaka - GAAP 60 825 (589 467) 3 645 (32 456) Less (add) net loss (income) attributable
Slide 39: Reconciliation of non-GAAP measures – Group Adjusted EBITDA (LTM)
Reconciliation of non -GAAP measures – Group Adjusted EBITDA (LTM) ZAR’000 $’000 Q2 FY26 Q2 FY26 Average exchange rate for conversion from ZAR to $ 17.72 17.72 Income (Loss) attributable to Lesaka - GAAP (951 612) (52 448) Less (add) net loss (income) attributable to non -controlling interest (5 103
Slide 40: Reconciliation of non-GAAP measures – Adjusted Earnings & EPS
Reconciliation of non -GAAP measures – Adjusted Earnings & EPS ZAR’000 $’000 Q2 FY26 Q2 FY25 Q2 FY26 Q2 FY25 Adjusted Adjusted Adjusted Adjusted Adjusted Adjusted Adjusted Adjusted Earnings EPS Earnings EPS Earnings EPS Earnings EPS Average exchange rate for conversion from ZAR to $ 16.96 17.85 16.9
Slide 41: Reconciliation of non-GAAP measures – Cash Flow and Leverage Ratio
Reconciliation of non -GAAP measures – Cash Flow and Leverage Ratio ZAR’000 Summary Group cash flow Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Cash generated from business operations ¹ 263 272 372 334 419 Cash (utilized) generated in working capital ² (75) 161 (36) 21 (18) Movement in loan book funding
Slide 42: Reconciliation of Once Off Items
Reconciliation of Once Off Items ZAR’000 $’000 Q2 FY26 Q2 FY25 Q2 FY26 Q2 FY25 Average exchange rate for conversion from ZAR to $ 16.96 17.85 16.96 17.85 Transaction costs 3 424 8 373 200 462 Transaction costs related to Adumo acquisition 803 3 957 47 222 Indirect taxes expense - (3 508) - (196) Tot
Slide 43: Stock Based Compensation Charges
Stock Based Compensation (“SBC”) Charges All amounts in R 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 rela