Change Financial Ltd · ASX:CCA
Change Financial — Investor Presentation (February 2026)
29 slides from Change Financial's investor presentation, Feb 26, 2026
Slide 1: H1 FY26 Investor Presentation
H1 FY26 Investor Presentation 26 February 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 Record revenue half driven by strong Vertexon performance (PaaS & On-premises clients) Record revenue half – Growth driven by increasing PaaS revenue & delivery of one-off licence sales & professional services revenue 3-year revenue CAGR of 25% Operating leverage inflection point
Slide 4: H1 FY26 Financial Results
change. H1 FY26 Financial Results
Slide 5: 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 6: 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 7: Vertexon On-Premises & PaySim Revenue Model
Vertexon On-Premises & PaySim Revenue Model Vertexon On-Premises Vertexon & PaySim are trusted by leading Client hosts the Vertexon platform in their own environment financial institutions & Current Change clients manage & process more than 45 million credit, debit, & prepaid cards worldwide fintech
Slide 8: Scaling Revenue with Discipline & Focus
Scaling Revenue with Discipline & Focus PaaS now the largest Revenue (US$m) – H1 vs H2 Revenue by Service Offering (%) contributor of revenue 15.1 H1 FY26 Support & Maintenance Record revenue half Processing & Issuing (PaaS) 10.6 New client wins Professional Services 7.9 Licenses 8.3 8.7 20% Establi
Slide 9: Resilient & Expanding Recurring Revenue Base
Resilient & Expanding Recurring Revenue Base H1 FY26 Revenue (US$m) Recurring revenue providing a solid base US$6.5m (A$9.3m) 0.2 1.4 9.3 1.2 Recurring Revenue for future growth in H1 FY26 – 70% of Revenue 2.5 7.8 1.6 3.7 PaaS Support & One-Off Total Support & One-Off Total Total¹ Maintenance Mainte
Slide 10: Profit & Loss
Profit & Loss H1 FY26 revenue of US$9.3m (A$13.3m), up 29% on pcp Material EBITDA improvement driven by Record revenue half – growth driven by PaaS revenue & professional services projects with established client base revenue growth & Key roles for PaaS operations in place – ability to add significa
Slide 11: Balance Sheet
Balance Sheet Cash holdings of US$2.6m (A$3.7m) Additional US$1.4m (A$2.1m) held in cash-backed security guarantees relating to card issuing activities Other non-current assets are security guarantee requirements of Change’s scheme & processing partners to enable PaaS offering Intangibles represent
Slide 12: Cashflow
Cashflow Cash receipts of US$7.8m (A$11.2m), up 10% on pcp Growth in PaaS business driving increase & smoothing of cash receipts (clients invoiced monthly in arrears) Cash payments to suppliers / employees of US$7.8m (A$11.2m) Increase primarily driven by transaction costs (COGS) relating to PaaS ra
Slide 13: Operational Highlights & Outlook
Operational Highlights & Outlook
Slide 14: Large Market Opportunity
Large Market Opportunity Sales team now focused Vertexon PaaS – ANZ Opportunity PaySim – Global Opportunity on outbound sales Banking in ANZ is dominated by the big banks Powerful modular end-to-end payments testing & ‘hunting’ certification solution with a global client base Leveraging success in N
Slide 15: Key Operational Achievements – H1 FY26
Key Operational Achievements – H1 FY26 Commercial Clear & focussed operational roadmap to Integrated marketing campaign automation tool & commenced marketing nurtures for Vertexon and PaySim deliver shareholder Expanded partnership ecosystem – signed 3 new PaySim partners and new BIN sponsorship par
Slide 16: Strengthening Change's Moat & Accelerating Growth
Strengthening Change’s Moat & Accelerating Growth Current & Previous State – already utilise AI in products (e.g. fraud monitoring) & over the last 24 months deployed AI to assist Rapid AI evolution now development & other business units creating significant Now & Future State – embedding agentic AI
Slide 17: FY26 Outlook
FY26 Outlook Strong start to FY26 with H1 revenue & EBITDA ahead of target¹ Positive outlook as Change builds H1 FY26 revenue of US$9.3m (A$13.3m2), up 29% on H1 FY25 momentum & Rolling 3-year revenue Compound Annual Growth Rate (CAGR) increased to 25% for the period ended H1 FY26 continues to
Slide 18: 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 19: Appendix
change. Appendix
Slide 20: 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 21: 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 22: 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 23: 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 4-Party & 3-Party Credit & Charge Cards 4 2 0 2003 2004 2005 200
Slide 24: 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 25: 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 26: 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 27: Building the Commercial Team to Drive Growth
Building the Commercial Team to Drive Growth Change continues to strengthen & evolve its sales team to be focused on outbound sales ‘hunting’ for Vertexon (Australia) & PaySim (Global) given the significant market opportunity VP Bus. Dev. (Vertexon & PaySim) LATAM VP Bus. Dev. (Vertexon & PaySim)
Slide 28: Important Information
Important Information 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 present
Slide 29: Thank you.
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