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Lesaka Release Final Fourth Quarter and Full Year 2025 Results
Lesaka Technologies, Inc.
Registered in the state of Florida, USA
(IRS Employer Identification No. 98-0171860)
Nasdaq share code: LSAK
JSE share code: LSK
LEI: 529900J4IZMWV4RDEB07
ISIN: US64107N2062
("Lesaka," or the "Company")
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
JOHANNESBURG, September 30, 2025 – Lesaka (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 billion
• Group Adjusted EBITDA between ZAR 1.25 billion and ZAR 1.45 billion
• Net 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.
Headline (loss) earnings per share ("H(L)EPS")
The inclusion of H(L)EPS in this results announcement 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.
The table below presents our HEPS for Q4 2025 and 2024:
Q4 Q4
2025 2024
Net loss used to calculate headline earnings (USD'000) .......................................... (3,204) (5,047)
Headline loss per share: ........................................................................
Basic, in USD ................................................................................. (0.04) (0.08)
Diluted, in USD................................................................................ (0.04) (0.08)
The table below presents our HEPS for F2025 and F2024:
F2025 F2024
Net loss used to calculate headline earnings (USD'000) .......................................... (68,631) (16,496)
Headline loss per share: ........................................................................
Basic, in USD ................................................................................. (0.90) (0.26)
Diluted, in USD................................................................................ (0.90) (0.26)
Results announcement released in the US and unaudited condensed consolidated financial statements
The full results announcement released in the U.S. and our unaudited condensed consolidated financial statements together
with our audited consolidated financial statements are available at
https://senspdf.jse.co.za/documents/2025/JSE/ISSE/LSKE/FQ4Res2025.pdf and have been published on Lesaka's website at
www.lesakatech.com. Any investment decision by investors and/or shareholders should be based on consideration of the
U.S. results announcement.
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.
Audit opinion
KPMG, Inc. in South Africa, have audited our consolidated financial statements for the year ended June 30, 2025, and have issued an
unmodified opinion.
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 Welthagen
Email: phillipe.welthagen@lesakatech.com
Mobile: +27 84 512 5393
Idris Dungarwalla
Email: idris.dungarwalla@lesakatech.com
Mobile: +44 786 225 4852
Media Relations Contact:
Ian Harrison
Email: Ian@thenielsennetwork.com
Johannesburg
September 30, 2025
Sponsor:
Rand Merchant Bank, a division of FirstRand Bank Limited
Date: 30-09-2025 07:05:00
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