Change Financial Ltd · ASX:CCA
Change Financial — FY2025 Earnings Presentation
29 slides from Change Financial's earnings presentation, Aug 29, 2025
Slide 1: Investor Presentation FY25 Full Year Results
For personal use only Investor Presentation FY25 Full Year Results 29 August 2025
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 New Vertexon PaaS clients signed in Australia & NZ Record revenue driven Signed new projects & licences with existing Vertexon On-Premises & new PaySim clients by increasing PaaS revenues US$15.1m US$0.2m MAIDEN 76% POSITIVE For personal use only 42% FULL YEAR (A$23.2m)1 PCP (A$0.3m)
Slide 4: FY25 Financial Results
For personal use only FY25 Financial Results
Slide 5: Delivering Strong Revenue Growth
Delivering Strong Revenue Growth Revenue result Revenue (US$m) – H1 vs H2 Revenue by Service Offering (%) significantly 15.1 FY25 Support & Maintenance outperformed market 42% Record revenue year 1% Processing & Issuing (PaaS) + Professional Services guidance1 10.6 7.9 driven by increasing Licences
Slide 6: Strong & Growing Base of Recurring Revenue
Strong & Growing Base of Recurring Revenue FY25 Revenue (US$m) Recurring revenue 1.0 3.3 15.1 providing a solid base US$11.6m (A$17.8m) 2.3 Recurring Revenue for future growth in FY25 – 76% of Revenue 2.4 11.7 For personal use only 3.0 6.3 PaaS Support & One-Off Total Support & One-Off Total Total M
Slide 7: Vertexon PaaS Metrics & Revenue Model
Vertexon PaaS Metrics & Revenue Model Active Cards (thousands) PaaS platform scaling 73k+ cards active in AU & NZ 80 with volume increasing Steady growth in existing client base – particularly from fintech clients 60 as card numbers New clients already signed to drive further growth – currently 40 c
Slide 8: Vertexon On-Premises & PaySim Revenue Model
Vertexon On-Premises & PaySim Revenue Model Vertexon On-Premises Vertexon & PaySim are Client hosts the Vertexon platform in their own environment trusted by leading financial institutions & Current Change clients manage & process more than 45 million credit, debit, & prepaid cards worldwide fintech
Slide 9: Profit & Loss
Profit & Loss Profit & Loss Summary FY25 revenue of US$15.1m (A$23.2m), up 42% on pcp Material EBITDA FY25 (US $000's) FY25 FY24 improvement driven by (ex. US) Record revenue year – growth driven by PaaS revenue Revenue 15,089 10,639 15,020 revenue growth & Key roles for PaaS operations in place – a
Slide 10: Balance Sheet
Balance Sheet Balance Sheet Focus on delivering Cash balance of US$3.9m (A$6.0m) (US $000's) FY25 FY24 profitable growth to Cash & equivalents 3,908 2,591 Additional US$1.0m (A$1.5m) held in cash-backed security continue strengthening Client settlement funds 2,753 - guarantees required by Change’s s
Slide 11: Cashflow
Cashflow Cashflow Positive operating cash (US $000's) FY25 FY24 Revenue growth driving increase in customer receipts flow marks a key Receipts from customers 15,264 10,485 Significant improvement in net cash flows from operating activities achievement for Payments to suppliers / employees (14,530) (
Slide 12: FY25 Operational Results
For personal use only FY25 Operational Results
Slide 13: Key Operational Achievements – FY25
Key Operational Achievements – FY25 Commercial Clear & focussed Completed detailed market assessments for Vertexon & PaySim – have refined sales & marketing strategies operational roadmap to deliver shareholder Strengthened commercial team with the appointment of 2 new strategic sales executives – p
Slide 14: 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 Currently onboarding 2.8 fully live & operational three new
Slide 15: Outlook
For personal use only Outlook
Slide 16: Large Market Opportunity
Large Market Opportunity Strengthened the Sales Vertexon PaaS – ANZ Opportunity PaySim – Global Opportunity team in FY25 with the Banking in ANZ is dominated by the big banks Powerful modular end-to-end payments testing & appointment of 2 x certification solution with a global client base Leveraging
Slide 17: FY26 Outlook
FY26 Outlook u Continued momentum in the growth of the sales pipeline & the speed at which clients are moving through the sales funnel Positive outlook as Change builds u Change is scaling up – not yet at scale momentum & u Expect to see continued Underlying EBITDA margin improvement through increme
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 FY25 revenue of US$15.1m (A$23.2m), Strong validation of PaaS platform with growth All regulatory & licensing r
Slide 19: Appendix
For personal use only Appendix
Slide 20: Vertexon in the Payments Process
Vertexon in the Payments Process Change’s role in the u 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 u Banking in New Zealand is dominated by the Big 4 banks u 27 registered banks plus several credit unions & building societies u No payment aggregation services providers for smaller players & historically limited innovation outside the Big 4 Banks u Estimated that smal
Slide 23: Market Overview – Australia
Market Overview – Australia Australian Annual Transaction Volume by Type of Retail Payment1 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 For personal use only Credit & Charge Cards 4 2
Slide 24: Market Overview – Australia (cont.)
Market Overview – Australia (cont.) u 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 u Change is seeking to leverage the recent success in the NZ market to target the sizeable AU market u Small to
Slide 25: PaySim – Critical Payments Infrastructure Testing Tool
PaySim – Critical Payments Infrastructure Testing Tool PaySim enhances u 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 u Extremely powerful modular end-to-end payments testing & certification solution embedded into tier 1 banking & payments institutions globally u Core based on global messaging standard ISO 8583 & ISO 20022 u Default standard & benchmark for EFTPOS testing in Australi
Slide 27: Building the Commercial Team to Drive Growth
Building the Commercial Team to Drive Growth u Change has strengthened its sales team with the appointment of 2 x Strategic BDMs in Oceania (started March 2025) u New BDMs are focused on outbound sales ‘hunting’ for Vertexon (Australia) & PaySim (Global) given the significant market opportunity For
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.
Thank you. For personal use only Get in touch investors@changefinancial.com