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Lesaka's Final FY2025 Results: Delivers on FY2025 Profitability Guidance, Reaffirms FY2026 Profitability & Net Revenue Outlook, and Sets FY2026 Profitability per Share Guidance, reflecting more than 100% Year-on-Year Growth

1. FY2025 revenue reached $659.7 million, up 14% YoY. 2. Net loss increased to $87.5 million, impacted by non-cash charges. 3. Group Adjusted EBITDA rose to $50.7 million, up 33% YoY. 4. FY2026 guidance predicts revenue growth between ZAR 6.4 billion to ZAR 6.9 billion. 5. Chairman projects over 100% growth in adjusted earnings per share for FY2026.

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FAQ

Why Bullish?

Despite the net loss, growing revenue and EBITDA indicates potential recovery and operational strength.

How important is it?

The results and outlook provided by Lesaka reflect solid performance despite some financial challenges.

Why Long Term?

The company's strategic guidance on earnings growth suggests a strong outlook for future performance.

Related Companies

MobiKwikAdumoBank Zero
JOHANNESBURG, Sept. 29, 2025 (GLOBE NEWSWIRE) -- Lesaka Technologies, Inc. (Nasdaq: LSAK; JSE: LSK) today released results for the fourth quarter (“Q4 2025”) and full year of fiscal 2025 (“FY2025”). FY2025 performance:All growth rates are year-on-year between FY2025 and FY2024. Revenue of $659.7 million (ZAR 12.0 billion) up 14% in ZAR.Net Revenue (a non-GAAP measure) of $328.7 million (ZAR 5.3 billion), up 38% in ZAR.Net Loss of $87.5 million (ZAR 1.6 billion), up 386% in ZAR largely due to inclusion of a tax adjusted $49.3 million (ZAR 897.6 million) non-operating, non-cash charge relating to a change in fair value and sale of MobiKwik (a non-core asset), a tax adjusted non-cash charge from impairment losses of $18.4 million (ZAR 326.2 million) and once-off transaction costs of $17.8 million (ZAR 321.9 million).Group Adjusted EBITDA (a non-GAAP measure) of $50.7 million (ZAR 922.2 million), up 33% in ZAR, achieving guidance provided.Basic loss per share of $1.14 (ZAR 19.49), up 284% in ZAR.Adjusted earnings (a non-GAAP measure) of $10.4 million (ZAR 186.2 million), up 263% in ZAR.Adjusted earnings per share (a non-GAAP measure) of $0.13 (ZAR 2.29), up 187% in ZAR.Merchant Division Revenue of $526.6 million (ZAR 9.6 billion), up 11% in ZAR, Net Revenue of $202.3 million (ZAR 3.0 billion), up 46% in ZAR. Merchant Segment Adjusted EBITDA of $36.2 million (ZAR 657 million), up 20% in ZAR attributable primarily to 9 months contribution from Adumo and organic growth.Consumer Net Revenue of $96.0 million (ZAR 1.7 billion), up 35% in ZAR. Consumer Segment Adjusted EBITDA of $23.9 million (ZAR 435 million), up 83% in ZAR driven by increase in active consumer base and continued cross-sell of lending and insurance products raising ARPU. Q4 2025 performance:All growth rates are calculated on a year-on-year basis between Q4 2025 and Q4 2024. Revenue of $168.5 million (ZAR 3.1 billion) up 14% in ZAR.Net Revenue of $82.0 million (ZAR 1.5 billion), up 47% in ZAR.Net Loss of $28.8 million (ZAR 515 million), up 452% in ZAR, largely due to inclusion of a tax adjusted $5.7 million (ZAR 101.4 million) non-operating, non-cash charge relating to a change in fair value and sale of MobiKwik (a non-core asset), a tax adjusted non-cash charge from impairment losses of $18.4 million (ZAR 326.2 million) and once-off transaction costs of $13.2 million (ZAR 239.0 million).Group Adjusted EBITDA of $16.7 million (ZAR 305.6 million), up 61% in ZAR.Basic loss per share of $0.35 (ZAR 6.33), up 338% in ZAR.Adjusted earnings (a non-GAAP measure) of $4.4 million (ZAR 80.4 million), up 292% in ZAR.Adjusted earnings per share (a non-GAAP measure) of $0.05 (ZAR 0.99), up 211% in ZAR.Merchant Division Revenue of $129.0 million (ZAR 2.4 billion), up 7% in ZAR, Net Revenue of $44.4 million (ZAR 812 million), up 49% in ZAR. Merchant Segment Adjusted EBITDA of $10.2 million (ZAR 186.7 million), up 37% in ZAR.Consumer Net Revenue of $27.9 million (ZAR 509.8 billion), up 44% in ZAR. Consumer Segment Adjusted EBITDA of $8.9 million (ZAR 161.9 million), up 106% in ZAR. (1) Average exchange rates applicable for the purpose of translating our results of operations: ZAR 17.90 to $1 for FY2025, ZAR 18.68 for FY2024, ZAR 17.87 to $1 for Q4 2025, ZAR 18.47 to $1 for Q4 2024. Commenting on the results, Lesaka Chairman Ali Mazanderani said, “FY2025 was a strong year for the Group, delivering on our profitability guidance and advancing key strategic priorities. We expect to maintain this momentum into FY2026, and are guiding for adjusted EBITDA growth of at least 35%. We have also introduced adjusted earnings per share guidance, expecting this to more than double in FY2026 to at least ZAR 4.60, from ZAR 2.29 per share this year." Outlook: First Quarter 2026 (“Q1 2026”) and Full Fiscal Year 2026 (“FY 2026”) guidance While we report our financial results in USD, we measure our operating performance in ZAR, and as such we provide our guidance accordingly. For Q1 FY2026, the quarter ending September 30, 2025, we expect: Net Revenue between ZAR 1.50 billion and ZAR 1.65 billion.Group Adjusted EBITDA between ZAR 260 million and ZAR 300 million For FY2026, the year ending June 30, 2026, we expect: Net Revenue between ZAR 6.4 billion and ZAR 6.9 billionGroup Adjusted EBITDA between ZAR 1.25 billion and ZAR 1.45 billionNet Income Attributable to Lesaka to be positive.Adjusted earnings per share of at least ZAR 4.60, implying a year-on-year growth of greater than 100%. Our FY2026 guidance excludes the impact of the Bank Zero acquisition announced (subject to regulatory approval by the Prudential Authority and the South African Reserve Bank and other customary closing conditions) and any unannounced mergers and acquisitions that we may conclude. Management has provided its outlook regarding Revenue, Net Revenue, Group Adjusted EBITDA and Adjusted earnings per share, which are non-GAAP financial measures and excludes certain revenue and charges. Management has not reconciled these non-GAAP financial measures to the corresponding GAAP financial measures because guidance for the various reconciling items is not provided. Management is unable to provide guidance for these reconciling items because they cannot determine their probable significance, as certain items are outside of the control of Lesaka and cannot be reasonably predicted since these items could vary significantly from period to period. Accordingly, reconciliations to the corresponding GAAP financial measure are not available without unreasonable effort. Use of Non-GAAP Measures U.S. securities laws require that when we publish any non-GAAP measures, we disclose the reason for using these non-GAAP measures and provide reconciliations to the most directly comparable GAAP measures. The presentation of Group Adjusted EBITDA, Net Revenue, Adjusted earnings, Adjusted earnings per share, and headline (loss) earnings per share are non-GAAP measures. Refer to Attachment A for a reconciliation of these non-GAAP measures. Non-GAAP Measures Group adjusted EBITDA Group Adjusted EBITDA is net loss before interest, taxes, depreciation and amortization, adjusted for non-operational transactions (including loss on disposal of equity-accounted investments), impairment loss, loss from equity-accounted investments, stock-based compensation charges and once-off items. Once-off items represent non-recurring expense items, including costs related to acquisitions and transactions consummated or ultimately not pursued. Net Revenue Net revenue is a non-GAAP financial measure. Revenue is the financial measure calculated in accordance with GAAP that is most directly comparable to net revenue. However, as a result of the restatement, we are unable to provide GAAP revenue on a historical basis and are therefore unable to provide a reconciliation of net revenue to GAAP revenue. The restatement is expected to result in an increase in GAAP revenue, with any increase in GAAP revenue expected to be offset by a corresponding increase in the cost of prepaid airtime vouchers (“Pinned Airtime”) sold by us, resulting in no change to net revenue. We generate revenue from the provision of transaction-processing services through our various platforms and service offerings. We use these platforms to (a) sell Pinned Airtime which was held as inventory, and (b) distribute pre-paid solutions including prepaid airtime vouchers (which we do not hold as inventory) (“Pinless Airtime”), prepaid electricity, gaming vouchers, and other products, to users of our platforms. We act as a principal when we sell Pinned Airtime that were held as inventory and record revenue and cost of sales on a gross basis when sold. We act as an agent in a transaction when we provide pre-paid solutions through our various platforms and services offerings because we do not control the good or service to be provided and we recognize revenue based on the amount that we are contractually entitled to receive for performing the distribution service on behalf of our customers using our platform. Our revenue under GAAP can fluctuate materially due to changes in the revenue mix between these revenue categories. Net Revenue is a non-GAAP measure and is calculated as revenue presented under GAAP less (i) the cost of Pinned Airtime sold by us, and (ii) commissions paid to third parties selling all other agency-based pre-paid solutions (including Pinless Airtime, electricity and other products) provided through our distribution channels. We believe that the use of Net Revenue is meaningful to users of financial information because it seeks to eliminate the impact of the change in the revenue mix from the revenue categories over the periods presented. Adjusted earnings and Adjusted earnings per share Adjusted earnings and Adjusted earnings per share is GAAP net loss and loss per share adjusted for the amortization of acquisition-related intangible assets (net of deferred taxes), stock-based compensation charges, and unusual non-recurring items, including costs related to acquisitions and transactions consummated or ultimately not pursued. Adjusted earnings and Adjusted earnings per share for fiscal 2025 also includes adjustments related to the changes in the fair value of equity securities (net of deferred tax), impairment loss related to goodwill and intangible assets, an adjustment for deferred tax adjustments to the valuation allowance for a subsidiary which released its valuation allowance related to net operating losses in full during Q4 2025, loss on disposal of equity-accounted investments and intangible asset amortization, net related to non-controlling interests. Adjusted earnings and Adjusted earnings per share for fiscal 2024 also includes an impairment loss related to an equity-accounted investment, unrealized currency loss related to our non-core business which we are in the process of winding down and a reversal of allowance for a doubtful loan receivable. Management believes that the Group Adjusted EBITDA, Adjusted earnings and Adjusted earnings per share metrics enhance its own evaluation, as well as an investor’s understanding of our financial performance. Attachment A presents the reconciliation between GAAP net loss attributable to Lesaka and these non-GAAP measures. Headline (loss) earnings per share (“H(L)EPS”) The inclusion of H(L)EPS in this press release is a requirement of our listing on the JSE. H(L)EPS basic and diluted is calculated using net (loss) income which has been determined based on GAAP. Accordingly, this may differ to the headline (loss) earnings per share calculation of other companies listed on the JSE as these companies may report their financial results under a different financial reporting framework, including but not limited to, International Financial Reporting Standards. H(L)EPS basic and diluted is calculated as GAAP net (loss) income adjusted for the impairment losses related to our equity-accounted investments, impairment losses and (profit) loss on sale of property, plant and equipment. Attachment C presents the reconciliation between our net (loss) income used to calculate (loss) earnings per share basic and diluted and H(L)EPS basic and diluted and the calculation of the denominator for headline diluted (loss) earnings per share. About Lesaka Technologies Inc. (www.lesakatech.com) Lesaka operates a South African fintech company driven by a purpose to provide financial services, software and other business services to Southern Africa's underserviced consumers and merchants. We offer an integrated and holistic multiproduct platform that provides transactional accounts, lending, insurance, merchant acquiring, cash management, software and Alternative Digital Products ("ADP"). We provide targeted solutions and integrations to facilitate payments between consumers, merchants, and enterprises. By providing a full-service fintech platform in our connected ecosystem, we facilitate the digitization of commerce in our markets. Lesaka has a primary listing on NASDAQ (NASDAQ:LSAK) and a secondary listing on the Johannesburg Stock Exchange (JSE: LSK). Visit www.lesakatech.com for additional information about Lesaka. Forward-Looking Statements This press release contains certain statements that may be considered forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and such statements are subject to the safe harbor created by those sections and the Private Securities Litigation Reform Act of 1995, as amended. Such statements may be identified by their use of terms or phrases such as “expects,” “estimates,” “projects,” “believes,” “anticipates,” “plans,” “could,” “would,” “may,” “will,” “intends,” “outlook,” “focus,” “seek,” “potential,” “mission,” “continue,” “goal,” “target,” “objective,” derivations thereof, and similar terms and phrases. Forward-looking statements are based upon the current beliefs and expectations of our management and are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, which could cause future events and actual results to differ materially from those set forth in, contemplated by, or underlying the forward-looking statements. In this press release, statements relating to future financial results and future financing and business opportunities are forward-looking statements. Additional information concerning factors that could cause actual events or results to differ materially from those in any forward-looking statement is contained in our Form 10-K for the fiscal year ended June 30, 2025, as filed with the SEC, as well as other documents we have filed or will file with the SEC. We assume no obligation to update the information in this press release, to revise any forward-looking statements or to update the reasons actual results could differ materially from those anticipated in forward-looking statements. Investor Relations and Media Relations Contacts:Phillipe WelthagenEmail: phillipe.welthagen@lesakatech.comMobile: +27 84 512 5393 Idris DungarwallaEmail: idris.dungarwalla@lesakatech.comMobile: +44 786 225 4852 Media Relations Contact:Ian HarrisonEmail: Ian@thenielsennetwork.com Lesaka Technologies, Inc. Attachment A Reconciliation of GAAP loss attributable to Lesaka to Group Adjusted EBITDA: Three months and year ended June 30, 2025 and 2024, and three months ended March 31, 2024           Three months ended Year ended          June 30, Mar 31, June 30,          2025  2024  2025  2025  2024           (in thousands)Net loss attributable to Lesaka$(28,770) $(5,035) $(22,058) $(87,504) $(17,440)(Less) Add net (loss) income attributable to non-controlling interest (178)  -   20   (130)  -  Loss attributable to Lesaka - GAAP$(28,948) $(5,035) $(22,038) $(87,634) $(17,440) (Earnings) Loss from equity accounted investments (25)  (40)  (12)  (114)  1,279   Net loss before (earnings) loss from equity-accounted investments (28,973)  (5,075)  (22,050)  (87,748)  (16,161)  Income tax (benefit) expense (8,930)  1,482   (2,934)  (18,198)  3,363    Loss before income tax expense (37,903)  (3,593)  (24,984)  (105,946)  (12,798)   Reversal of allowance for doubtful EMI loans receivable -   -   -   -   (250)   Net (gain) loss on disposal of equity-accounted investment -   -   -   161   -    Change in fair value of equity securities 5,676   -   20,421   59,828   -    Impairment loss 18,863   -   -   18,863   -    Unrealized (gain) loss FV for currency adjustments (79)  (184)  (114)  23   (83)   Operating loss after PPA amortization and net interest (non-GAAP) (13,443)  (3,777)  (4,677)  (27,071)  (13,131)   PPA amortization (amortization of acquired intangible assets) 7,796   3,657   4,974   21,384   14,419     Operating (loss) income before PPA amortization after net interest (non-GAAP) (5,647)  (120)  297   (5,687)  1,288     Interest expense 4,470   4,620   5,777   21,453   18,932     Interest income (644)  (732)  (645)  (2,596)  (2,294)     Operating (loss) income before PPA amortization and net interest (non-GAAP) (1,821)  3,768   5,429   13,170   17,926      Depreciation (excluding amortization of intangibles) 2,997   2,548   3,455   12,337   9,246      Stock-based compensation charges 2,032   2,258   2,497   9,550   7,911      Interest adjustment 283   -   (890)  (2,195)  -      Once-off items (refer below) 13,227   1,684   2,306   17,826   1,853       Group Adjusted EBITDA - Non-GAAP$16,718  $10,258  $12,797  $50,688  $36,936           Three months ended Year ended         June 30, Mar 31, June 30,         2025 2024 2025 2025  2024          (in thousands)Once-off items comprises:               Transaction costs related to Adumo, Recharger and Bank Zero acquisitions and certain compensation costs$12,985 $1,660 $1,222 $16,159  $2,325  Transaction costs 173  24  1,084  1,794   480  (Income recognized) Expenses incurred related to closure of legacy businesses -  -  -  -   (952) Indirect taxes provision release (recorded) 69  -  -  (127)  -   $13,227 $1,684 $2,306 $17,826  $1,853    Once-off items are non-recurring in nature, however, certain items may be reported in multiple quarters. For instance, transaction costs include costs incurred related to acquisitions and transactions consummated or ultimately not pursued. The transactions can span multiple quarters, for instance in fiscal 2025 we incurred significant transaction costs related to the acquisitions of Adumo and Recharger over a number of quarters, and the transactions are generally non-recurring. Indirect tax provision (release) recorded relates to the (reversal) recordal of a non-recurring indirect tax provision created in fiscal 2023 which was resolved in fiscal 2025 following settlement of the matter with the tax authority. Income recognized related to closure of legacy businesses represents (i) gains recognized related to the release of the foreign currency translation reserve on deconsolidation of a subsidiaries and (ii) costs incurred related to subsidiaries which we are in the process of deregistering/ liquidating and therefore we consider these costs non-operational and ad hoc in nature. Reconciliation of Revenue under GAAP to Net Revenue: Three and twelve months ended June 30, 2025 and 2024, and three months ended March 31, 2025          Three months ended Year ended         June 30, Mar 31, June 30,         2025  2024  2025  2025  2024          (in thousands)Revenue - GAAP$168,467  $146,046  $161,450  $659,701  $564,222 Cost of prepaid airtime vouchers sold by us & commissions paid to third parties selling all other agency-based products (86,462)  (91,274)  (88,083)  (331,040)  (358,624) Net Revenue (non-GAAP)$82,005  $54,772  $73,367  $328,661  $205,598   Net Revenue / revenue 49%  38%  45%  50%  36%                 Merchant revenue - GAAP$128,957  $118,746  $128,781  $526,598  $459,790 Cost of prepaid airtime vouchers sold by us & commissions paid to third parties selling all other agency-based products (84,562)  (89,370)  (86,502)  (324,334)  (350,183) Merchant Net Revenue (non-GAAP)$44,395  $29,376  $42,279  $202,264  $109,607   Reconciliation of GAAP net loss and loss per share, basic, to Adjusted earnings and earnings per share, basic: Three months ended June 30, 2025 and 2024  Net (loss) income (USD '000) (L) EPS, basic (USD) Net (loss) income (ZAR '000) (L)EPS, basic (ZAR) 2025  2024  2025  2024  2025  2024  2025  2024 GAAP(28,770) (5,035) (0.35) (0.08) (514,693) (93,201) (6.33) (1.44)                Impairment loss18,371  -      326,195  -     Transaction costs13,158  1,684      237,741  31,047     Deferred tax asset valuation allowance released(11,741) (342)     (209,894) (6,362)    Change in fair value of equity securities, net5,676  -      101,377  -     Intangible asset amortization, net5,691  2,670      103,359  49,563     Stock-based compensation charge2,032  2,258      37,157  39,482     Intangible asset amortization, net related to non-controlling interest(117) -      (2,091) -     Other69  -      1,233  -     Adjusted4,369  1,235  0.05  0.02  80,384  20,529  0.99  0.32   Year ended June 30, 2025 and 2024  Net (loss) income (USD '000) (L) EPS, basic (USD) Net (loss) income (ZAR '000) (L)EPS, basic (ZAR) 2025  2024  2025  2024  2025  2024  2025  2024 GAAP(87,504) (17,440) (1.14) (0.28) (1,583,747) (326,070) (19.49) (5.07)                Change in fair value of equity securities, net49,294  -      897,634  -     Impairment loss18,371  -      326,195  -     Transaction costs17,953  2,805      324,175  52,186     Intangible asset amortization, net15,610  10,543      279,522  196,875     Stock-based compensation charge9,550  7,911      173,470  145,571     Deferred tax asset valuation allowance released(12,665) (906)     (226,576) (17,000)    Intangible asset amortization, net related to non-controlling interest(282) -      (5,097) -     Net loss on disposal of equity-accounted investments161  -      2,886  -     Other(127) -      (2,275) -     Impairment of equity method investments-  1,167      -  22,084     Non core international - unrealized currency (gain) loss-  (952)     -  (17,648)    Allowance for doubtful EMI loans receivable-  (250)     -  (4,741)    Adjusted10,361  2,878  0.13  0.04  186,187  51,257  2.29  0.80   Attachment B Unaudited Condensed Consolidated Financial Statements LESAKA TECHNOLOGIES, INC.Unaudited Condensed Consolidated Statements of Operations   Unaudited (A)   Three months ended Year ended   June 30, June 30,   2025  2024 2025  2024   (In thousands, except per share data)              Revenue $168,467  $146,046  $659,701  $564,222 Expense             Cost of goods sold, IT processing, servicing and support  119,928   113,063   486,546   442,673  Selling, general and administration(A)  34,299   24,823   131,512   91,969  Depreciation and amortization  10,793   6,205   33,721   23,665  Impairment loss  18,863   -   18,863   -  Transaction costs related to Adumo, Recharger and Bank Zero acquisitions and certain compensation costs (A)  12,985   1,660   16,159   2,325               Operating (loss) income  (28,401)  295   (27,100)  3,590               Change in fair value of equity securities  (5,676)  -   (59,828)  -               Reversal of allowance for doubtful EMI loan receivable  -   -   -   250               Loss on disposal of equity-accounted investment  -   -   161   -               Interest income  644   732   2,596   2,294               Interest expense  4,470   4,620   21,453   18,932               Loss before income tax (benefit) expense  (37,903)  (3,593)  (105,946)  (12,798)              Income tax (benefit) expense  (8,930)  1,482   (18,198)  3,363               Net loss before earnings (loss) from equity-accounted investments  (28,973)  (5,075)  (87,748)  (16,161)              Earnings (loss) from equity-accounted investments  25   40   114   (1,279)Net loss from continuing operations  (28,948)  (5,035)  (87,634)  (17,440)              Add net loss attributable to non-controlling interest  (178)  -   (130)  -               Net loss attributable to Lesaka $(28,770) $(5,035) $(87,504) $(17,440)              Net loss per share, in United States dollars:            Basic loss attributable to Lesaka shareholders $(0.35) $(0.08) $(1.14) $(0.27)Diluted loss attributable to Lesaka shareholders $(0.35) $(0.08) $(1.14) $(0.27)(A) Derived from audited consolidated financial statements.                  LESAKA TECHNOLOGIES, INC.Unaudited Condensed Consolidated Statements of Cash Flows   Unaudited (A)   Three months ended Year ended   June 30, June 30,   2025 2024 2025  2024   (In thousands)              Cash flows from operating activities            Net loss$(28,948) $(5,035) $(87,634) $(17,440) Depreciation and amortization 10,793   6,205   33,721   23,665  Impairment loss 18,863   -   18,863   -  Movement in allowance for doubtful accounts receivable and finance loans receivable 2,312   1,626   8,011   5,158  Movement in interest payable (1,720)  (126)  4,723   1,119  Fair value adjustment related to financial liabilities 39   66   (120)  (853) Gain on disposal of equity-accounted investments -   -   161   -  (Earnings) Loss from equity-accounted investments (25)  (40)  (114)  1,279  Reversal of allowance for doubtful loans receivable -   -   -   (250) Change in fair value of equity securities 5,676   -   59,828   -  Loss (Profit) on disposal of property, plant and equipment 66   (17)  13   (305) Facility fee amortized 209   62   429   443  Stock-based compensation charge 2,032   2,258   9,550   7,911  Dividends received from equity accounted investments 31   -   96   95  (Increase) Decrease in accounts receivable and other receivables (5,444)  (1,058)  1,081   (10,873) Increase in finance loans receivable (12,880)  (2,932)  (34,614)  (10,029) (Increase) Decrease in inventory (3,797)  4,334   169   9,840  Increase (Decrease) in accounts payable and other payables 5,144   1,575   (13,401)  22,141  Deferred consideration due to seller of Recharger included in accounts payable and other payables 12,456   -   13,586   -  (Decrease) Increase in taxes payable (1,139)  (958)  485   (400) Decrease in deferred taxes (10,151)  (308)  (23,955)  (2,712)  Net cash (used in) provided by in operating activities (6,483)  5,652   (9,122)  28,789               Cash flows from investing activities            Capital expenditures (4,099)  (4,715)  (17,199)  (12,665) Proceeds from disposal of property, plant and equipment 218   450   1,938   1,565  Expenditures related to intangible assets (1,626)  (58)  (3,900)  (294) Proceeds from disposal of equity securities 16,441   -   16,441   -  Acquisitions, net of cash acquired 8   (1,583)  (12,946)  (1,583) Proceeds from disposal of equity-accounted investment -   -   -   3,508  Repayment of loans by equity-accounted investments -   -   -   250  Net change in settlement assets (1,065)  7,172   4,324   (7,196)  Net cash provided by (used in) investing activities 9,877   1,266   (11,342)  (16,415)              Cash flows from financing activities            Utilization of bank overdraft 4,428   29,511   98,616   182,990  Repayment of bank overdraft (4,311)  (27,421)  (90,309)  (199,642) Long-term borrowings utilized 565   9,302   190,061   23,728  Repayment of long-term borrowings (1,214)  (7,022)  (149,511)  (20,073) Acquisition of treasury stock (1,047)  (1,288)  (13,660)  (1,495) Proceeds from issue of shares 6   94   116   165  Guarantee fee -   -   (970)  -  Dividends paid to non-controlling interest -   -   (432)  -  Net change in settlement obligations 1,412   (6,148)  (4,179)  7,214   Net cash (used in) provided by financing activities (161)  (2,972)  29,732   (7,113)              Effect of exchange rate changes on cash 2,283   2,366   1,453   2,025 Net increase in cash, cash equivalents and restricted cash 5,516   6,312   10,721   7,286 Cash, cash equivalents and restricted cash – beginning of period 71,123   59,606   65,918   58,632 Cash, cash equivalents and restricted cash – end of period$76,639  $65,918  $76,639  $65,918  (A) Derived from audited consolidated financial statements.  LESAKA TECHNOLOGIES, INC.Unaudited Condensed Consolidated Balance Sheets      (A) (A)(B)      June 30, June 30,      2025  2024      (In thousands, except share data)     ASSETS     CURRENT ASSETS      Cash and cash equivalents$76,520  $59,065  Restricted cash 119   6,853  Accounts receivable, net of allowance of - 2025: $1,753; 2024: $1,241 and other receivables 42,525   36,667  Finance loans receivable, net of allowance of - 2025: $5,244; 2025: $4,644 74,110   44,058  Inventory 23,551   18,226   Total current assets before settlement assets 216,825   164,869    Settlement assets 27,098   22,827     Total current assets 243,923   187,696 PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation of - 2025: $48,636; 2024: $49,762 44,924   31,936 OPERATING LEASE RIGHT-OF-USE 9,691   7,280 EQUITY-ACCOUNTED INVESTMENTS 199   206 GOODWILL 199,395   138,551 INTANGIBLE ASSETS, net of accumulated amortization of - 2025: $71,644; 2024: $46,200 139,215   111,353 DEFERRED INCOME TAXES 12,554   3,446 OTHER LONG-TERM ASSETS, including equity securities 3,809   77,982 TOTAL ASSETS 653,710   558,450                 LIABILITIES     CURRENT LIABILITIES      Short-term credit facilities for ATM funding -   6,737  Short-term credit facilities 24,469   9,351  Accounts payable 19,867   16,674  Other payables 72,079   56,051  Operating lease liability - current 4,007   2,343  Current portion of long-term borrowings 11,956   15,719  Income taxes payable 1,400   654   Total current liabilities before settlement obligations 133,778   107,529    Settlement obligations 26,695   22,358     Total current liabilities 160,473   129,887 DEFERRED INCOME TAXES 33,921   38,128 OPERATING LEASE LIABILITY - LONG TERM 6,129   5,087 LONG-TERM BORROWINGS 188,813   127,467 OTHER LONG-TERM LIABILITIES, including insurance policy liabilities 2,991   2,595 TOTAL LIABILITIES 392,327   303,164 REDEEMABLE COMMON STOCK 88,957   79,429                 EQUITY     LESAKA EQUITY:     COMMON STOCK      Authorized: 200,000,000 with $0.001 par value;      Issued and outstanding shares, net of treasury: 2025: 81,249,097; 2024: 64,272,243 103   83 PREFERRED STOCK      Authorized shares: 50,000,000 with $0.001 par value;      Issued and outstanding shares, net of treasury: 2025: -; 2024: - -   - ADDITIONAL PAID-IN-CAPITAL 426,950   343,639 TREASURY SHARES, AT COST: 2025: 29,934,044; 2024: 25,563,808 (298,523)  (289,733)ACCUMULATED OTHER COMPREHENSIVE LOSS (185,664)  (188,355)RETAINED EARNINGS 222,719   310,223 TOTAL LESAKA EQUITY 165,585   175,857 NON-CONTROLLING INTEREST 6,841   - TOTAL EQUITY 172,426   175,857            TOTAL LIABILITIES, REDEEMABLE COMMON STOCK AND SHAREHOLDERS’ EQUITY$653,710  $558,450  (A) Derived from audited consolidated financial statements.(B) We have reclassified an amount of $11,841 from long-term borrowings to current portion of long-term borrowings.  Our unaudited condensed consolidated balance sheets as of June 30, 2025 and 2024 in ZAR are presented below. Amounts included in these balance sheets have been calculated using the $ amounts per our balance sheets presented in U.S. dollars and converted to ZAR using the exchange rates noted below  LESAKA TECHNOLOGIES, INC.Unaudited Consolidated Balance Sheets        (A)      June 30, June 30,      2025 2024      (In thousands)     ASSETS     CURRENT ASSETS      Cash and cash equivalentsR1,358,643 R1,073,849 Restricted cash 2,113  124,593 Accounts receivable, net of allowance of - 2025: R31,125; 2024: R22,562 and other receivables 755,048  666,635 Finance loans receivable, net of allowance of - 2025: R93,109; 2025: R84,432 1,315,853  801,010 Inventory 418,157  331,363  Total current assets before settlement assets 3,849,814  2,997,450   Settlement assets 481,136  415,013    Total current assets 4,330,950  3,412,463PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation of - 2025: R863,552; 2024: R904,713 797,644  580,622OPERATING LEASE RIGHT-OF-USE 172,068  132,356EQUITY-ACCOUNTED INVESTMENTS 3,533  3,745GOODWILL 3,540,338  2,518,968INTANGIBLE ASSETS, net of accumulated amortization of - 2025: R1,272,068; 2024: R839,953 2,471,818  2,024,487DEFERRED INCOME TAXES 222,901  62,651OTHER LONG-TERM ASSETS, including equity securities 67,630  1,417,775TOTAL ASSETS 11,606,882  10,153,067                LIABILITIES     CURRENT LIABILITIES      Short-term credit facilities for ATM funding -  122,484 Short-term credit facilities 434,457  170,009 Accounts payable 352,747  303,147 Other payables 1,279,791  1,019,052 Operating lease liability - current 71,146  42,598 Current portion of long-term borrowings 212,284  285,784 Income taxes payable 24,858  11,890  Total current liabilities before settlement obligations 2,375,283  1,954,964   Settlement obligations 473,980  406,486    Total current liabilities 2,849,263  2,361,450DEFERRED INCOME TAXES 602,281  693,198OPERATING LEASE LIABILITY - LONG TERM 108,823  92,486LONG-TERM BORROWINGS 3,352,450  2,317,452OTHER LONG-TERM LIABILITIES, including insurance policy liabilities 53,106  47,179TOTAL LIABILITIES 6,965,923  5,511,765      TOTAL EQUITY AND REDEEMABLE COMMON STOCKR4,640,959 R4,641,302           Exchange rate $1: ZAR 17.7554  18.1808(A) We have reclassified an amount of ZAR 215,269 from long-term borrowings to current portion of long-term borrowings.  Lesaka Technologies, Inc. Attachment C Reconciliation of net loss used to calculate loss per share basic and diluted and headline loss per share basic and diluted: Three months ended June 30, 2025 and 2024   2025  2024      Net loss (USD’000)(22,058) (5,035)Adjustments:    Impairment loss18,863  -  Profit on sale of property, plant and equipment(12) (17) Tax effects on above3  5      Net loss used to calculate headline loss (USD’000)(3,204) (5,047)     Weighted average number of shares used to calculate net loss per share basic loss and headline loss per share basic loss (‘000)81,186  64,527      Weighted average number of shares used to calculate net loss per share diluted loss and headline loss per share diluted loss (‘000)81,186  64,527      Headline loss per share:    Basic, in USD(0.04) (0.08) Diluted, in USD(0.04) (0.08)        Year ended June 30, 2025 and 2024   2025  2024      Net loss (USD’000)(87,504) (17,440)Adjustments:    Impairment of equity method investments-  1,167  Impairment loss18,863  -  Profit on sale of property, plant and equipment13  (305) Tax effects on above(4) 82      Net loss used to calculate headline loss (USD’000)(68,632) (16,496)     Weighted average number of shares used to calculate net loss per share basic loss and headline loss per share basic loss (‘000)76,466  64,179      Weighted average number of shares used to calculate net loss per share diluted loss and headline loss per share diluted loss (‘000)76,466  64,179      Headline loss per share:    Basic, in USD(0.90) (0.26) Diluted, in USD(0.90) (0.26)        Calculation of the denominator for headline diluted loss per share    Three months ended June 30, Year ended June 30,   2025 2024 2025 2024          Basic weighted-average common shares outstanding and unvested restricted shares expected to vest under GAAP81,186 64,527 76,466 64,179  Denominator for headline diluted loss per share81,186 64,527 76,466 64,179  Weighted average number of shares used to calculate headline diluted loss per share represents the denominator for basic weighted-average common shares outstanding and unvested restricted shares expected to vest plus the effect of dilutive securities under GAAP. We use this number of fully diluted shares outstanding to calculate headline diluted loss per share because we do not use the two-class method to calculate headline diluted loss per share.

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