Slide 1: 1H26 Results
1H26 Results Moving Payments Forward. Together. Craig Kennedy Jennifer Brice Managing Director Chief Financial Officer 24 February 2026 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: Acknowledgement of Country
ACKNOWLEDGEMENT 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 S
Slide 4: Agenda & Presenters
Agenda & Presenters Page 1 1H26 Highlights 5 2 1H26 Financial Performance 9 Craig Kennedy Managing Director 3 Strategy & Outlook 14 4 Q&A 16 A Appendix 17 Jennifer Brice Chief Financial Officer 4
Slide 5: 1H26 Highlights
1H26 Highlights Craig Kennedy, Managing Director
Slide 6: 1H26 highlights
1H26 Highlights 1H26 Financial Performance Strategy & Outlook Q&A Appendix 1H26 highlights Robust financial performance and focused strategic execution Our key achievements Disciplined execution Transaction volume Completed Robust capital of organic and +9% and Underlying acquisition of Indue; posit
Slide 7: Better Together
1H26 Highlights 1H26 Financial Performance Strategy & Outlook Q&A Appendix Better Together Strategically and financially compelling $15-$20 million post tax annual run rate cost synergies1 | Run rate post synergy EPS Accretion 2 25%+ | ROIC 3 20%+ Strategic alignment Operating efficiencies Improved
Slide 8: Indue integration
1H26 Highlights 1H26 Financial Performance Strategy & Outlook Q&A Appendix Indue integration Good early progress following completion of Indue acquisition on 1 December 2025; reaffirming synergy and integration targets Indue acquisition completed 1 Dec 2025 Peter Wright appointed as Non-Executiv
Slide 9: 1H26 Financial Performance
1H26 Financial Performance Jennifer Brice, Chief Financial Officer
Slide 10: 1H26 Underlying results highlights
1H26 Highlights 1H26 Financial Performance Strategy & Outlook Q&A Appendix 1H26 Underlying results highlights Strong financial performance Transaction volume Net operating income NPAT EPS +9% +13% EPS % growth reflects increased share count +8% ex. Indue +10% +11% ex. Indue following Nov-24 IPO +6%
Slide 11: Net operating income
1H26 Highlights 1H26 Financial Performance Strategy & Outlook Q&A Appendix Net operating income Continued NOI growth across all capabilities Net Operating Income by capability 1H26 NOI 10% on prior year $m 1H26 1H25 Growth (%) • Indue contributed $5.3m Issuing 93.1 85.8 9% • NOI growth ex. Indue
Slide 12: Operating expenses
1H26 Highlights 1H26 Financial Performance Strategy & Outlook Q&A Appendix Operating expenses Continued Underlying operating leverage ex. Indue Underlying Operating expense walk 1H25 to 1H26 $m Total Underlying operating expenses 10% to $127.5m • Operating expenses ex. Indue 6% 3.6 (0.3) Key dri
Slide 13: Balance Sheet
1H26 Highlights 1H26 Financial Performance Strategy & Outlook Q&A Appendix Balance Sheet Capital ratios remain strong and well above prudential minimums; S&P AA-/Stable credit rating maintained Summary balance sheet CAR normalised $m Dec 2025 Jun 2025 Regulatory Capital and Capital Adequacy Ratio fo
Slide 14: Strategy & Outlook
Strategy & Outlook Craig Kennedy, Managing Director
Slide 15: H2 focus areas and outlook
1H26 Highlights 1H26 Financial Performance Strategy & Outlook Q&A Appendix H2 focus areas and outlook Advancing Indue Maintain focus on risk FY26 Underlying profit integration management uplift outlook raised Expect high-single-digit transaction volume growth to translate to mid-teens % full year Un
Slide 16: Q&A
Q&A
Slide 17: Appendix
Appendix
Slide 18: Australia's leading independent B2B payments provider
1H26 Highlights 1H26 Financial Performance Strategy & Outlook Q&A Appendix Australia’s leading independent B2B payments provider End-to-end payments infrastructure provider for broad institutional customer base Payment infrastructure and data overview Payment rails Infrastructure and connectivity Cl
Slide 19: Supporting clients across the value chain
1H26 Highlights 1H26 Financial Performance Strategy & Outlook Q&A Appendix Supporting clients across the value chain Three core capabilities deliver improved speed and cost to market for our clients Issuing Acquiring Payments Make a card payment Accept a card payment Account to Account payments Pr
Slide 20: Indue acquisition brings complementary client base
1H26 Highlights 1H26 Financial Performance Strategy & Outlook Q&A Appendix Indue acquisition brings complementary client base with shared heritage in the mutuals Complementary Client Base on Combination… …With Similar Capabilities Mutual Banks Card Payments (excl. Pre-Paid) Batch and Real-Time Payme
Slide 21: Shareholder proposition
1H26 Highlights 1H26 Financial Performance Strategy & Outlook Q&A Appendix Shareholder proposition Strong, defensive earnings growth benefiting from structural tailwinds, delivering consistent returns to shareholders 1 2 3 4 Predictable Strong competitive advantages Multiple growth levers Structural
Slide 22: Results overview – Statutory Results
1H26 Highlights 1H26 Financial Performance Strategy & Outlook Q&A Appendix Results overview – Statutory Results Statutory results highlights $m 1H26 1H25 Growth (%) Total net operating income 161.5 146.7 10% • Statutory results impacted by non- Total operating expenses (131.5) (129.2) 2% recurring a
Slide 23: Results overview – Underlying Income Statement
1H26 Highlights 1H26 Financial Performance Strategy & Outlook Q&A Appendix Results overview – Underlying Income Statement $m Underlying 1H26 Pro forma 1H25 Growth (%) Transaction Volume (m) (by number) 2,327 2,127 9% Gross fee & commission revenue 197.3 176.3 12% Highlights of Underlying result Dire
Slide 24: Reconciliation of results
1H26 Highlights 1H26 Financial Performance Strategy & Outlook Q&A Appendix Reconciliation of results 1H26 Statutory reconciliation to Underlying results Underlying Underlying Underlying ex. Underlying ex. $m 1H26 Statutory Adjustments Indue 1H26 change pcp Indue 1H26 Indue change Indue Braavos Group
Slide 25: Cash Flow Statement
1H26 Highlights 1H26 Financial Performance Strategy & Outlook Q&A Appendix Cash Flow Statement Cash flow statement for half year ended 31 December 2025 $m 31 December 2025 31 December 2024 Fees, commissions and other income received 212.2 181.7 Fees & commissions paid (51.0) (49.2) • $946.9m increas
Slide 26: Regulatory capital & Risk weighted assets
1H26 Highlights 1H26 Financial Performance Strategy & Outlook Q&A Appendix Regulatory capital & Risk weighted assets Regulatory capital build and ratios $m – Level 2 Group Dec 2025 June 2025 % mvt • The 8% decrease in capital is primarily due to the Total equity 388.1 376.4 3% acquisition of Indue o
Slide 27: Operating expenses presentation change FY25 reconciliation
1H26 Highlights 1H26 Financial Performance Strategy & Outlook Q&A Appendix Operating expenses presentation change FY25 reconciliation 1H25 and 2H25 Statutory operating expense Restated Restated Statutory Statutory $m Restatements Statutory Restatements Statutory 1H25 2H25 1H25 2H25 Employee benefit
Slide 28: Glossary
1H26 Highlights 1H26 Financial Performance Strategy & Outlook Q&A Appendix Glossary Acronym Definition Acronym Definition APRA Australian Prudential Regulation Authority DPS Dividends per share AUD Australian Dollar EBITDA Earnings Before Interest, Tax, Depreciation and Amortisation BAU Business as
Slide 29: Thank you
Cuscal|_ Thank you