v3.25.4

Borrowings | 6 Months Ended
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Dec. 31, 2025
Borrowings [Abstract] |
Borrowings | Movement in short-term credit facilities Summarized below are the Company’s short-term facilities as of December 31, 2025, and the movement in the Company’s short- term facilities from as of June 30, 2025 to as of December 31, 2025: 9. Borrowings Refer to Note 12 to the Company’s audited consolidated financial statements included in its Annual Report on Form 10-K for the year ended June 30, 2025, for additional information regarding its borrowings. Reference rate reform After the transition away from certain interbank offered rates in foreign jurisdictions (“IBOR reform”), the reforms to South Africa’s reference interest rate are now accelerating rapidly. The Johannesburg Interbank Average Rate (“JIBAR”) will be replaced by the new South African Overnight Index Average (“ZARONIA”). Certain of the Company’s borrowings reference JIBAR as a base interest rate. ZARONIA reflects the interest rate at which rand-denominated overnight wholesale funds are obtained by commercial banks. There is uncertainty surrounding the timing and manner in which the transition would occur and how this would affect our borrowings. The Company is in regular contact with its lenders and will update existing borrowing agreements to the new base rate when ZARONIA is adopted by the financial industry and lenders as the new reference rate. South Africa The JIBAR, an average of 3 month negotiable certificates of deposit (“NCD”) rates, on December 31, 2025, was 6.75 %. The prime rate, the benchmark rate at which private sector banks lend to the public in South Africa, on December 31, 2025, was 10.25 %. (1) Represents the effects of the fluctuations between the ZAR and the U.S. dollar. RMB RMB Nedbank GBF Other Facilities Total Short-term facilities available as of December 31, 2025 $ 42,267 $ 6,073 $ 9,441 $ 57,781 Overdraft 42,267 - - 42,267 Indirect and derivative facilities - 6,073 9,441 15,514 Movement in utilized overdraft facilities: No restrictions as to use 24,469 - - 24,469 Balance as of June 30, 2025 24,469 - - 24,469 Utilized 48,509 - - 48,509 Repaid (53,101) - - (53,101) Foreign currency adjustment (1) 1,456 - - 1,456 Balance as of December 31, 2025 21,333 - - 21,333 No restrictions as to use $ 21,333 $ - $ - $ 21,333 Interest rate as of December 31, 2025 (%) (2) 9.75 N/A N/A Interest rate as of June 30, 2025 (%) (2) 10.25 N/A N/A Movement in utilized indirect and derivative facilities: Balance as of June 30, 2025 $ - $ 1,864 $ 119 $ 1,983 Guarantees cancelled - (1,611) - (1,611) Utilized - 1,536 - 1,536 Foreign currency adjustment (1) - 128 8 136 Balance as of December 31, 2025 $ - $ 1,917 $ 127 $ 2,044 Facilities Lesaka A Lesaka B Asset backed CCC Total Included in current $ - $ 8,448 $ 3,508 $ - $ 11,956 Included in long-term 120,375 47,873 3,671 16,894 188,813 Opening balance as of June 30, 2025 120,375 56,321 7,179 16,894 200,769 Facilities utilized - - 3,057 972 4,029 Facilities repaid - - (2,385) - (2,385) Non-refundable fees paid - - - (33) (33) Non-refundable fees amortized 152 - 5 12 169 Foreign currency adjustment (1) 8,520 3,983 533 1,242 14,278 Closing balance as of December 31, 2025 129,047 60,304 8,389 19,087 216,827 Included in current - 9,046 3,979 - 13,025 Included in long-term 129,047 51,258 4,410 19,087 203,802 Unamortized fees (951) - - (23) (974) Due within 2 years - 12,061 2,518 - 14,579 Due within 3 years - 18,091 1,530 19,110 38,731 Due within 4 years 129,998 21,106 362 - 151,466 Due within 5 years $ - $ - $ - $ - $ - Interest rates as of December 31, 2025 (%): 10.00 9.90 11.00 10.15 Base rate (%) 6.75 6.75 10.25 10.25 Margin (%) 3.25 3.15 0.75 (0.10) (2) (3) (4) (5) Interest rates as of June 30, 2025 (%): 10.54 10.44 11.50 11.70 Base rate (%) 7.29 7.29 10.75 10.75 Margin (%) 3.25 3.15 0.75 0.95 Footnote number (2) (3) (4) (6) (1) Represents the effects of the fluctuations between the ZAR and the U.S. dollar. (2) Interest on Facility A and Facility B is based on the JIBAR in effect from time to time plus an initial margin of 3.25 % per annum until June 30, 2025. From July 1, 2025, the margin on Facility A is determined with reference to the Net Debt to EBITDA Ratio, and the margin will be either (i) 3.25 %, if the Net Debt to EBITDA Ratio is greater than or equal to 2.5 times; or (ii) 2.5 %, if the Net Debt to EBITDA Ratio is less than 2.5 times. (3) Interest on Facility B is calculated based on JIBAR from time to time plus an initial margin of 3.15 % per annum until June 30, 2025. From July 1, 2025, the margin on Facility B is determined with reference to the Net Debt to EBITDA Ratio, and the margin will be either (i) 3.15 %, if the Net Debt to EBITDA Ratio is greater than or equal to 2.5 times; or (ii) 2.4 %, if the Net Debt to EBITDA Ratio is less than 2.5 times. (4) Interest is charged at prime plus 0.75 % per annum on the utilized balance. (5) Interest is charged at prime less 0.10% per annum on the utilized balance. (6) Interest is charged at prime plus 0.95 % per annum on the utilized balance. Interest expense incurred under the Company’s South African long-term borrowings and included in the caption interest expense on the condensed consolidated statement of operations during the three months ended December 31, 2025 and 2024, was $ 3.7 million and $ 4.2 million, respectively. Prepaid facility fees amortized included in interest expense during the three months ended December 31, 2025 and 2024, respectively, were $ 0.1 million and $ 0.1 million, respectively. Interest expense incurred under the Company’s South African long-term borrowings and included in the caption interest expense on the condensed consolidated statement of operations during the six months ended December 31, 2025 and 2024, was $ 7.5 million and $ 4.2 million, respectively. Prepaid facility fees amortized included in interest expense during the six months ended December 31, 2025 and 2024, respectively, were $ 0.2 million and $ 0.1 million, respectively. 9. Borrowings (continued) Movement in long-term borrowings (continued) Interest expense incurred under the Company’s South African long-term borrowings to fund its Consumer lending book (for the three months ended December 31, 2025) and interest incurred under the Company’s CCC and K2020 facilities relates to borrowings utilized to fund a portion of the Company’s merchant finance loans receivable were $ 1.8 million and $ 0.4 million, respectively, and is included in the caption cost of goods sold, IT processing, servicing and support on the condensed consolidated statement of operations for the three months ended December 31, 2025 and 2024. (2) RMB GBF interest is set at prime less 0.50 %. Interest expense incurred under the Company’s South African short-term borrowings and included in the caption interest expense on the condensed consolidated statement of operations during the three months ended December 31, 2025 and 2024, was $ 0.8 million and $ 0.6 million, respectively. Interest expense incurred under the Company’s South African short-term borrowings and included in the caption interest expense on the condensed consolidated statement of operations during the six months ended December 31, 2025 and 2024, was $ 1.3 million and $ 2.4 million, respectively. The Company cancelled Adumo’s overdraft arrangements on October 1, 2024, and settled Adumo’s outstanding overdraft balance of ZAR 20.0 million ($ 1.1 million) on the same day. The repayment is included in the caption repayment of bank overdraft included on the Company’s unaudited condensed consolidated statements of cash flows for the three and six months ended December 3 1, 2024. 9. Borrowings (continued) Movement in long-term borrowings Summarized below is the movement in the Company’s long-term borrowing from as of June 30, 2025 to as of December 31, 2025: Interest expense incurred under the Company’s South African long-term borrowings to fund its Consumer lending book (for the six months ended December 31, 2025) and interest incurred under the Company’s CCC and K2020 facilities relates to borrowings utilized to fund a portion of the Company’s merchant finance loans receivable were $ 3.3 million and $ 0.4 million, respectively, and is included in the caption cost of goods sold, IT processing, servicing and support on the condensed consolidated statement of operations for the six months ended December 31, 2025 and 2024. The Company cancelled Adumo’s long-term borrowings arrangements on October 1, 2024, and settled Adumo’s outstanding balances of ZAR 126.7 million ($ 7.2 million) on the same day. The repayment is included in the caption repayment of long-term borrowings included on the Company’s unaudited condensed consolidated statements of cash flows for the three and six months ended December 31, 2024.

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