Lesaka Released Connect Group Historical Results and Unaudited Pro Forma Financial Statements

About this update from Lesaka Technologies, Inc.

Company to Host Webcast to Discuss Results on July 7, 2022 JOHANNESBURG, South Africa, July 01, 2022 (GLOBE NEWSWIRE) -- Lesaka Technologies, Inc. (“Lesaka” or the “Company”) (NasdaqGS: LSAK; JSE: LSK) today announced that the Company released Connect Group’s audited historical financial statements for the two years ended February 28, 2022 (“Connect Financial Statements”) and unaudited pro forma combined financial statements which can be found on the SEC.gov website at https://www.sec.gov/Archives/edgar/data/1041514/000156276222000288/0001562762-22-000288-index.htm. In addition, the Company announced it will host a webcast on July 7, 2022, at 10:00 a.m. Eastern Time to discuss the results. Selected Highlights from Connect Financial Statements for the Year Ended February 2022: Revenue increased to R5.1 billion, up 22%, underpinned by strong performance across all product lines;Gross Profit grew to R570 million up 37%, supported by strong revenue growth as well as an improvement in margins;Operating Profit for the year reached R241m up by 41% year on year; andEBITDA grew to R382m up 26%, outperforming EBITDA warranted in the Connect Group Transaction agreements (“Warranted EBITDA”). “Following the completion of the acquisition, we are delighted to report that Connect Group has comfortably exceeded the warranted fiscal year 2022 EBITDA of R 375 million ($24.6 million), which was part of the agreed consideration when we announced the acquisition on November 1, 2021,” said Chris Meyer, Group CEO “Our companies have been working closely together now for a few months and we are very excited about the prospects for the combined group and our vision to become the leading Fintech platform in Southern Africa - improving lives by driving financial inclusion.” Summary Financial Metrics Feb, 2022Feb, 2021Change R millionsR millions Gross Revenue5 1524 32522% Gross Profit57041637% Operating Profit24117141% EBITDA (note 1)38230426% Profit after Tax1247565% Note 1 –EBITDA is a non-GAAP measure as described below under “Use of Non-GAAP Measures—EBITDA.” See Attachment 1 for a reconciliation of GAAP operating profit to EBITDA Periods used in preparing Pro Forma Financial Statements: The pro forma accounts have been prepared using the following periods, in accordance with SEC rules: the unaudited pro forma combined balance sheet, which combines the historical balance sheets ...

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