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 29, 2025 - 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.

Q4 2025 performance:

All growth rates are calculated on a year-on-year basis between Q4 2025 and Q4 2024.

(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:

For FY2026, the year ending June 30, 2026, we expect:

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 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

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 loss   18,371     -                 326,195     -              
Transaction costs   13,158     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, net   5,676     -                 101,377     -              
Intangible asset amortization, net   5,691     2,670                 103,359     49,563              
Stock-based compensation charge   2,032     2,258                 37,157     39,482              
Intangible asset amortization, net related to non-controlling interest   (117 )   -                 (2,091 )   -              
Other   69     -                 1,233     -              
Adjusted   4,369     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, net   49,294     -                 897,634     -              
Impairment loss   18,371     -                 326,195     -              
Transaction costs   17,953     2,805                 324,175     52,186              
Intangible asset amortization, net   15,610     10,543                 279,522     196,875              
Stock-based compensation charge   9,550     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 investments   161     -                 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 )            
Adjusted   10,361     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 equivalents R 1,358,643   R 1,073,849  
  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     3,412,463  
PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation of - 2025: R863,552; 2024: R904,713   797,644     580,622  
OPERATING LEASE RIGHT-OF-USE   172,068     132,356  
EQUITY-ACCOUNTED INVESTMENTS   3,533     3,745  
GOODWILL   3,540,338     2,518,968  
INTANGIBLE ASSETS, net of accumulated amortization of - 2025: R1,272,068; 2024: R839,953   2,471,818     2,024,487  
DEFERRED INCOME TAXES   222,901     62,651  
OTHER LONG-TERM ASSETS, including equity securities   67,630     1,417,775  
TOTAL 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     2,361,450  
DEFERRED INCOME TAXES   602,281     693,198  
OPERATING LEASE LIABILITY - LONG TERM   108,823     92,486  
LONG-TERM BORROWINGS   3,352,450     2,317,452  
OTHER LONG-TERM LIABILITIES, including insurance policy liabilities   53,106     47,179  
TOTAL LIABILITIES   6,965,923     5,511,765  
             
TOTAL EQUITY AND REDEEMABLE COMMON STOCK R 4,640,959   R 4,641,302  
                       
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 loss   18,863     -  
  Profit on sale of property, plant and equipment   (12 )   (17 )
  Tax effects on above   3     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 loss   18,863     -  
  Profit on sale of property, plant and equipment   13     (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 GAAP   81,186     64,527     76,466     64,179  
    Denominator for headline diluted loss per share   81,186     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.