{"success":true,"data":{"pressRelease":{"id":"24245","rtpr_id":"nGNX57VLYK","ticker":"LSAK","exchange":"NASDAQ","all_tickers":["LSAK"],"title":"Lesaka’s Q3 FY2026 Results: Lesaka achieves the upper end of profitability guidance and raises its FY2026 full year Adjusted Earnings per Share guidance","author":"Globe Newswire","published_at":"2026-05-06T20:15:04.459Z","article_body":"JOHANNESBURG, May 06, 2026 (GLOBE NEWSWIRE) -- Lesaka Technologies, Inc.\n(Nasdaq: LSAK; JSE: LSK) today released results for the third quarter of\nfiscal 2026 (“Q3 2026”).\n\nQ3 2026 performance(1):\nAll growth rates are year-on-year between Q3 FY2026 and Q3 FY2025 in ZAR.\n\n Group Level USD (In thousands, except per share data) ZAR (In thousands, except per share data) \n Q3 FY26 Q3 FY25 Q3 FY26 Q3 FY25 YoY% \n Revenue 183,051 161,450 2,994,536 2,987,226 0.2 % \n Net Revenue ((2)) 96,368 73,367 1,576,015 1,357,159 16 % \n Operating Income ((3)) 4,085 366 65,013 7,188 804 % \n Net Income (Loss) ((3)) 552 (22,353 ) 8,383 (409,790 ) nm \n Group Adjusted EBITDA ((2)(3)) 20,612 12,594 337,071 233,026 45 % \n Basic Earnings (Loss) per Share ((3)) 0.01 (0.28 ) 0.17 (5.15 ) nm \n Adjusted Earnings ((2)(3)) 9,077 2,515 148,349 42,917 246 % \n Adjusted Earnings per Share ((2)(3)) 0.11 0.03 1.80 0.52 247 % \n \n Segment Level USD (In thousands) ZAR (In thousands) \n Q3 FY26 Q3 FY25 Q3 FY26 Q3 FY25 YoY% \n Merchant \n Revenue 127,078 128,781 2,079,232 2,382,982 (13 %) \n Net Revenue ((2)) 45,926 42,279 751,280 782,191 (4 %) \n Segment Adjusted EBITDA ((3)) 9,228 7,900 151,116 146,121 3 % \n Consumer \n Revenue 38,323 24,096 626,514 445,845 41 % \n Segment Adjusted EBITDA 13,015 6,333 212,537 117,144 81 % \n Enterprise \n Revenue 18,978 9,444 310,481 174,565 78 % \n Net Revenue ((2)) 13,447 7,863 219,912 145,289 51 % \n Segment Adjusted EBITDA 2,125 133 35,047 2,384 1,370 % \n\n(1)   Average exchange rates applicable for the purpose of translating our\nresults of operations: ZAR 16.77 to $1 for Q3 2026, ZAR 18.40 to $1 for Q3\n2025.\n(2)   Non-GAAP measure. Refer to Attachment A of press release for full\nreconciliation of non-GAAP measures.\n(3)   Revised Q3 FY2025 amounts to correct the errors discussed in Note 1\nof our Form 10-Q for the period ended March 31, 2026.\n\nCommenting on the results, Lesaka Chairman Ali Mazanderani said, “I am\npleased to report another strong quarter for Lesaka as we continue to improve\nour profitability. We achieved Group Adjusted EBITDA growth of 45% and an\nAdjusted Earnings per Share of ZAR 1.80, up more than 200% year-on-year. We\nhave built a diversified platform, with multiple levers of sustainable growth\nthat positions us exceptionally well for the years to come.”\n\nOutlook: Full Fiscal Year 2026 (“FY 2026”) guidance\n\nWhile we report our financial results in USD, we measure our operating\nperformance in ZAR, and as such we provide our guidance accordingly.\n\nFor FY2026, the year ending June 30, 2026, we expect:\n* Net Revenue between ZAR 6.2 billion and ZAR 6.5 billion.\n* Group Adjusted EBITDA between ZAR 1.25 billion and ZAR 1.35 billion.\n* Net Income Attributable to Lesaka to be positive.\n* Adjusted earnings per share between ZAR 5.50 and ZAR 6.00.\nOur FY2026 guidance excludes the impact of the announced acquisition of Bank\nZero (which is subject to regulatory approvals and other customary closing\nconditions) and any unannounced mergers and acquisitions that we may conclude.\n\nManagement has provided its outlook regarding Net Revenue, Group Adjusted\nEBITDA and Adjusted earnings per share, which are non-GAAP financial measures\nand excludes certain revenue and charges. Management has not reconciled these\nnon-GAAP financial measures to the corresponding GAAP financial measures\nbecause guidance for the various reconciling items is not provided. Management\nis unable to provide guidance for these reconciling items because they cannot\ndetermine their probable significance, as certain items are outside of the\ncontrol of Lesaka and cannot be reasonably predicted since these items could\nvary significantly from period to period. Accordingly, reconciliations to the\ncorresponding GAAP financial measures are not available without unreasonable\neffort.\n\nEarnings Presentation for Q3 FY2026 Results\n\nOur earnings presentation will be posted to the Investor Relations page of our\nwebsite prior to our earnings call.\n\nWebcast Registration\n\nLink to access the results webcast: https://www.corpcam.com/Lesaka07052026\n\nParticipants using the webcast will be able to submit questions during the\nlive Question and Answer session. Link to conference call dial-in registration\nvia Chorus Call:\nhttps://services.choruscall.it/DiamondPassRegistration/register?confirmationNumber=1737086&linkSecurityString=515af47c8\n\nDial in details and individual pin to be provided on registration.\nParticipants using the conference call dial-in will be able to ask their\nquestions during the live Question and Answer session\n\nFollowing the presentation, an archived version of the webcast will be\nprovided on Lesaka’s Investor Relations website.\n\nUse of Non-GAAP Measures\n\nU.S. securities laws require that when we publish any non-GAAP measures, we\ndisclose the reason for using these non-GAAP measures and provide\nreconciliations to the most directly comparable GAAP measures. The\npresentation of Group Adjusted EBITDA, Net Revenue, Adjusted Earnings,\nAdjusted Earnings per Share, and headline (loss) earnings per share are\nnon-GAAP measures. Refer to Attachment A for a reconciliation of these\nnon-GAAP measures.\n\nNon-GAAP Measures\n\nGroup Adjusted EBITDA\n\nGroup Adjusted EBITDA is net income (loss) before interest, taxes,\ndepreciation and amortization, adjusted for non-operational transactions\n(including loss on impairment/disposal of equity-accounted investments),\nimpairment loss, loss from equity-accounted investments, stock-based\ncompensation charges and once-off items. Once-off items represent\nnon-recurring expense items, including costs related to acquisitions and\ntransactions consummated or ultimately not pursued.\n\nNet Revenue\n\nNet revenue is a non-GAAP financial measure. Revenue is the financial measure\ncalculated in accordance with GAAP that is most directly comparable to net\nrevenue. We generate revenue from the provision of transaction-processing\nservices through our various platforms and service offerings. We use these\nplatforms to (a) sell prepaid airtime vouchers (“Pinned Airtime”) which\nwas held as inventory, and (b) distribute pre-paid solutions including prepaid\nairtime vouchers (which we do not hold as inventory) (“Pinless Airtime”),\nprepaid electricity, gaming vouchers, and other products, to users of our\nplatforms. We act as a principal when we sell Pinned Airtime that were held as\ninventory and record revenue and cost of sales on a gross basis when sold. We\nact as an agent in a transaction when we provide pre-paid solutions through\nour various platforms and services offerings because we do not control the\ngood or service to be provided and we recognize revenue based on the amount\nthat we are contractually entitled to receive for performing the distribution\nservice on behalf of our customers using our platform. Our revenue under GAAP\ncan fluctuate materially due to changes in the revenue mix between these\nrevenue categories. Net Revenue is a non-GAAP measure and is calculated as\nrevenue presented under GAAP less (i) the cost of Pinned Airtime sold by us,\nand (ii) commissions paid to third parties selling all other agency-based\npre-paid solutions (including Pinless Airtime, electricity and other products)\nprovided through our distribution channels. We believe that the use of Net\nRevenue is meaningful to users of financial information because it seeks to\neliminate the impact of the change in the revenue mix from the revenue\ncategories over the periods presented.\n\nAdjusted earnings and Adjusted earnings per share\n\nAdjusted earnings and Adjusted earnings per share is GAAP net income (loss)\nand income (loss) per share adjusted for the amortization of\nacquisition-related intangible assets (net of deferred taxes), stock-based\ncompensation charges, and unusual non-recurring items, including costs related\nto acquisitions and transactions consummated or ultimately not pursued.\n\nAdjusted earnings and Adjusted earnings per share for fiscal 2026 also\nincludes adjustments related to the loss on impairment of equity-accounted\ninvestments, impairment loss, ATM exit expenses and impairments, reversal of\nallowance for doubtful loans receivable, Lesaka rebrand refresh expenses (net\nof tax), income recognized related to closure of legacy businesses (net of\ntax), changes in the fair value of equity securities (net of deferred tax),\nloss on disposal of equity securities, other income and intangible asset\namortization, net related to non-controlling interests.\n\nAdjusted earnings and Adjusted earnings per share for fiscal 2025 also\nincludes adjustments related to changes in the fair value of equity securities\n(net of deferred tax), loss on disposal of equity-accounted investments and\nintangible asset amortization, net related to non-controlling interests.\n\nManagement believes that the Group Adjusted EBITDA, Adjusted earnings and\nAdjusted earnings per share metrics enhance its own evaluation, as well as an\ninvestor’s understanding of our financial performance. Attachment A presents\nthe reconciliation between GAAP net income (loss) attributable to Lesaka and\nthese non-GAAP measures and the reconciliation between the basic\nweighted-average common shares outstanding and unvested restricted shares\nexpected to vest under GAAP and the denominator used for Adjusted earnings per\nshare.\n\nHeadline earnings (loss) per share (“HE(L)PS”)\n\nThe inclusion of HE(L)PS in this press release is a requirement of our listing\non the JSE. HE(L)PS basic and diluted is calculated using net income (loss)\nwhich has been determined based on GAAP. Accordingly, this may differ to the\nheadline (loss) earnings per share calculation of other companies listed on\nthe JSE as these companies may report their financial results under a\ndifferent financial reporting framework, including, but not limited to,\nInternational Financial Reporting Standards.\n\nHE(L)PS basic and diluted is calculated as GAAP net income (loss) adjusted for\nthe loss on sale of equity-accounted investments, impairment losses related to\nour equity-accounted investments, change in fair value of equity securities,\nnet, impairment losses and (profit) loss on sale of property, plant and\nequipment. Attachment C presents the reconciliation between our net income\n(loss) used to calculate earnings (loss) per share basic and diluted and\nHE(L)PS basic and diluted and the calculation of the denominator for headline\ndiluted earnings (loss) per share.\n\nAbout Lesaka Technologies, Inc. (www.lesakatech.com)\n\nLesaka operates a South African fintech company driven by a purpose to\nprovide financial services, software and other business services to Southern\nAfrica's underserviced consumers and merchants. We offer an integrated and\nholistic multiproduct platform that provides transactional accounts, lending,\ninsurance, merchant acquiring, cash management, software and Alternative\nDigital Products (“ADP”). We provide targeted solutions and integrations\nto facilitate payments between consumers, merchants, and enterprises. By\nproviding a full-service fintech platform in our connected ecosystem, we\nfacilitate the digitization of commerce in our markets.\n\nLesaka has a primary listing on NASDAQ (NASDAQ:LSAK\n(https://www.benzinga.com/stock/LSAK#NASDAQ)) and a secondary listing on the\nJohannesburg Stock Exchange (JSE: LSK). Visit www.lesakatech.com for\nadditional information about Lesaka.\n\nForward-Looking Statements\n\nThis press release contains certain statements that may be considered\nforward-looking statements within the meaning of Section 27A of the Securities\nAct of 1933, as amended, and Section 21E of the Securities Exchange Act of\n1934, as amended, and such statements are subject to the safe harbor created\nby those sections and the Private Securities Litigation Reform Act of 1995, as\namended. Such statements may be identified by their use of terms or phrases\nsuch as “expects,” “estimates,” “projects,” “believes,”\n“anticipates,” “plans,” “could,” “would,” “may,”\n“will,” “intends,” “outlook,” “focus,” “seek,”\n“potential,” “mission,” “continue,” “goal,” “target,”\n“objective,” derivations thereof, and similar terms and phrases.\nForward-looking statements are based upon the current beliefs and expectations\nof our management and are inherently subject to risks and uncertainties, some\nof which cannot be predicted or quantified, which could cause future events\nand actual results to differ materially from those set forth in, contemplated\nby, or underlying the forward-looking statements. In this press release,\nstatements relating to future financial results and future financing and\nbusiness opportunities are forward-looking statements. Additional information\nconcerning factors that could cause actual events or results to differ\nmaterially from those in any forward-looking statement is contained in our\nForm 10-K for the fiscal year ended June 30, 2025 and our Form 10-Q for the\nquarter ended March 31, 2026, as filed with the SEC, as well as other\ndocuments we have filed or will file with the SEC. We assume no obligation to\nupdate the information in this press release, to revise any forward-looking\nstatements or to update the reasons actual results could differ materially\nfrom those anticipated in forward-looking statements.\n\nInvestor Relations and Media Relations Contacts:\nIdris Dungarwalla\nEmail: idris.dungarwalla@lesakatech.com\nMobile: +44 786 225 4852\n\nAkash Dowra\nEmail: akash.dowra@lesakatech.com\nMobile: +27 83 235 9750\n\nMedia Relations Contact:\nIan Harrison\nEmail: Ian@thenielsennetwork.com\n\n\nLesaka Technologies, Inc.\n\nAttachment A\n\nReconciliation of GAAP income (loss) attributable to Lesaka to Group Adjusted\nEBITDA:\n\nThree and nine months ended March 31, 2026 and 2025 and three months ended\nDecember 31, 2025\n\n Three months ended Nine months ended \n March 31, Dec 31, March 31, \n 2026 2025 2025 2026 2025 \n Income (Loss) attributable to Lesaka - GAAP ((A)) $ 552 $ (22,353 ) $ 3,645 $ (461 ) $ (59,659 ) \n (Add) Less net (loss) income attributable to non-controlling interest 115 (20 ) 14 246 (48 ) \n Net income (loss) 437 (22,333 ) 3,631 (707 ) (59,611 ) \n Earnings from equity accounted investments (56 ) (12 ) (110 ) (166 ) (89 ) \n Net income (loss) before earnings from equity-accounted investments 381 (22,345 ) 3,521 (873 ) (59,700 ) \n Income tax expense (benefit) 1,503 (2,934 ) 670 2,027 (9,268 ) \n Income (Loss) before income tax expense 1,884 (25,279 ) 4,191 1,154 (68,968 ) \n Loss on disposal of equity securities - - 730 730 - \n Other income - - (3,883 ) (3,883 ) - \n Change in fair value of equity securities 378 20,421 (2,971 ) (2,593 ) 54,152 \n Net loss on impairment/ disposal of equity-accounted investment - - - 584 161 \n Reversal of allowance for doubtful loans receivable (1,500 ) - - (1,500 ) - \n Impairment loss ((1)) 1,916 - - 1,916 - \n Unrealized loss (gain) FV for currency adjustments 181 (114 ) (133 ) (16 ) 102 \n Operating income (loss) after PPA amortization and net interest (non-GAAP) 2,859 (4,972 ) (2,066 ) (3,608 ) (14,553 ) \n PPA amortization (amortization of acquired intangible assets) 6,044 4,974 9,481 24,659 13,588 \n Operating income (loss) before PPA amortization after net interest (non-GAAP) 8,903 2 7,415 21,051 (965 ) \n Interest expense ((A)) 4,477 5,869 4,591 14,081 17,251 \n Interest income (1,154 ) (645 ) (508 ) (2,201 ) (1,952 ) \n Operating income before PPA amortization and net interest (non-GAAP) 12,226 5,226 11,498 32,931 14,334 \n Depreciation and amortization (excluding amortization of intangibles) 4,499 3,455 4,087 12,346 9,340 \n Interest adjustment - (890 ) - - (2,478 ) \n Stock-based compensation charges 1,334 2,497 1,945 5,140 7,518 \n Once-off items (refer below) 2,553 2,306 247 3,067 4,599 \n Group Adjusted EBITDA - Non-GAAP ((A)) $ 20,612 $ 12,594 $ 17,777 $ 53,484 $ 33,313 \n\n(A)   Revised FY2025 amounts to correct the errors discussed in Note 1 of\nour Form 10-Q for the period ended March 31, 2026.\n\n(1) Impairments excludes an amount of $0.7 million which is included in the\ncaption exit of ATM business in the table below.\n\n Three months ended Nine months ended \n March 31, Dec 31, March 31, \n 2026 2025 2025 2026 2025 \n Once-off items comprises: \n Transaction costs $ 466 $ 1,084 $ 200 $ 839 $ 1,621 \n Transaction costs related to Adumo, Recharger and Bank Zero acquisitions 144 1,222 47 285 3,174 \n Lesaka brand refresh 984 - - 984 - \n Exit of ATM business 1,599 - - 1,599 - \n Indirect taxes provision release (61 ) - - (61 ) (196 ) \n Income recognized related to closure of legacy businesses (579 ) - - (579 ) - \n Total once-off items $ 2,553 $ 2,306 $ 247 $ 3,067 $ 4,599 \n\nOnce-off items are non-recurring in nature, however, certain items may be\nreported in multiple quarters. For instance, transaction costs include costs\nincurred related to acquisitions and transactions consummated or ultimately\nnot pursued. The transactions can span multiple quarters, for instance in\nfiscal 2025 we incurred transaction costs related to the acquisition of\nRecharger over a number of quarters, and the transactions are generally\nnon-recurring.\n\nExit of ATM business includes expenses incurred to exit our ATM business and\nthe impairment of ATMs recorded in property, plant and equipment.\n\nRebrand relates to costs incurred related to Lesaka’s new brand launched in\nNovember 2025, we expect that it will take the remainder of the 2026 calendar\nyear to roll out the refreshed brand throughout the organization. These are\nnon-recurring costs incurred as a necessary step in a set of strategic\ninitiatives designed to create a “One Lesaka” identity for our customers\nand our employees.\n\nIndirect tax provision release relates to the reversal of a non-recurring\nindirect tax provision created in fiscal 2023 which was resolved in fiscal\n2025 following settlement of the matter with the tax authority.\n\nIncome recognized related to closure of legacy businesses represents (i) gains\nrecognized related to the release of the foreign currency translation reserve\non deconsolidation of a subsidiary and (ii) costs incurred related to\nsubsidiaries which we are in the process of deregistering/ liquidation and\ntherefore we consider these costs non-operational and ad hoc in nature.\n\nYear ended June 30, 2025 and 2024\n\n Year ended \n June 30, \n 2025 2024 \n (in thousands) \n Net loss attributable to Lesaka ((A)) $ (88,741 ) $ (18,515 ) \n (Less) Add net (loss) income attributable to non-controlling interest (130 ) - \n Loss attributable to Lesaka – GAAP $ (88,871 ) $ (18,515 ) \n (Earnings) Loss from equity accounted investments (114 ) 1,279 \n Net loss before (earnings) loss from equity-accounted investments (88,985 ) (17,236 ) \n Income tax (benefit) expense (18,198 ) 3,363 \n Loss before income tax expense (107,183 ) (13,873 ) \n Reversal of allowance for doubtful EMI loans receivable - (250 ) \n Net (gain) loss on disposal of equity-accounted investment 161 - \n Change in fair value of equity securities 59,828 - \n Impairment loss 18,863 - \n Unrealized (gain) loss FV for currency adjustments 23 (83 ) \n Operating loss after PPA amortization and net interest (non-GAAP) (28,308 ) (14,206 ) \n PPA amortization (amortization of acquired intangible assets) 21,384 14,419 \n Operating (loss) income before PPA amortization after net interest (non-GAAP) (6,924 ) 213 \n Interest expense ((A)) 21,824 19,171 \n Interest income (2,596 ) (2,294 ) \n Operating (loss) income before PPA amortization and net interest (non-GAAP) 12,304 17,090 \n Depreciation (excluding amortization of intangibles) 12,337 9,246 \n Stock-based compensation charges 9,550 7,911 \n Interest adjustment (2,195 ) - \n Once-off items (refer below) 17,826 1,853 \n Group Adjusted EBITDA - Non-GAAP ((A)) $ 49,822 $ 36,100 \n\n(A) Revised to correct the errors discussed in Note 1 of our Form 10-Q for the\nperiod ended March 31, 2026.\n\nReconciliation of Revenue under GAAP to Net Revenue:\n\nThree and nine months ended March 31, 2026 and 2025, and three months ended\nDecember 31, 2025\n\n Three months ended Nine months ended \n March 31, Dec 31, March 31, \n 2026 2025 2025 2026 2025 \n Revenue – GAAP $ 183,051 $ 161,450 $ 178,734 $ 533,233 $ 491,234 \n Cost of prepaid airtime vouchers sold by us & commissions paid to third parties selling all other agency-based products (86,683 ) (88,083 ) (85,331 ) (256,856 ) (281,998 ) \n Net Revenue (non-GAAP) $ 96,368 $ 73,367 $ 93,403 $ 276,377 $ 209,236 \n Net Revenue / Revenue – GAAP 53 % 45 % 52 % 52 % 43 % \n \n Merchant segment revenue (before eliminations) – GAAP $ 127,078 $ 128,781 $ 131,919 $ 385,947 $ 397,642 \n Cost of prepaid airtime vouchers sold by us & commissions paid to third parties selling all other agency-based products (81,152 ) (86,502 ) (83,205 ) (246,913 ) (277,192 ) \n Merchant Net Revenue (non-GAAP) $ 45,926 $ 42,279 $ 48,714 $ 139,034 $ 120,450 \n \n Enterprise segment revenue (before eliminations) – GAAP $ 18,978 $ 9,444 $ 14,796 $ 48,627 $ 30,259 \n Cost of prepaid airtime vouchers sold by us & commissions paid to third parties selling all other agency-based products (5,531 ) (1,581 ) (2,126 ) (9,943 ) (4,806 ) \n Enterprise Net Revenue (non-GAAP) $ 13,447 $ 7,863 $ 12,670 $ 38,684 $ 25,453 \n\nReconciliation of GAAP net income (loss) and earnings (loss) per share, basic,\nto adjusted earnings and adjusted earnings per share, basic:\n\nThree months ended March 31, 2026 and 2025\n\n Net income (loss) (USD '000) E(L)PS, basic (USD) Net income (loss) (ZAR '000) E(L)PS, basic (ZAR) \n 2026 2025 2026 2025 2026 2025 2026 2025 \n GAAP ((A)) 552 (22,353 ) 0.01 (0.28 ) 8,383 (409,790 ) 0.17 (5.15 ) \n \n Change in fair value of equity securities, net 378 16,971 6,043 310,636 \n Intangible asset amortization, net 4,412 3,631 72,110 63,495 \n Stock-based compensation charge 1,334 2,497 21,798 46,222 \n Transaction costs 610 2,306 10,150 42,276 \n ATM exit expenses and impairments 1,599 - 26,792 - \n Amortization of intangible assets, net of tax - equity accounted investments (94 ) (82 ) (1,574 ) (1,503 ) \n Release of valuation allowance related to deferred tax asset in EasyPay Financial Services - (455 ) - (8,419 ) \n Income recognized related to closure of legacy businesses, net (848 ) - (14,208 ) - \n Reversal of allowance for doubtful loans receivable (1,500 ) - (25,132 ) - \n Lesaka rebrand refresh, net of tax 718 - 11,885 - \n Impairment loss ((1)) 1,916 - 32,102 - \n Adjusted ((A)) 9,077 2,515 0.11 0.03 148,349 42,917 1.80 0.52 \n\n(A)   Revised FY2025 amounts to correct the errors discussed in Note 1 of\nour Form 10-Q for the period ended March 31, 2026.\n\n(1) Impairments excludes an amount of $0.7 million which is included in the\ncaption ATM exit expenses and impairments.\n\nNine months ended March 31, 2026 and 2025\n\n Net (loss) income (USD '000) (L)EPS, basic (USD) Net (loss) income (ZAR '000) (L)EPS, basic (ZAR) \n 2026 2025 2026 2025 2026 2025 2026 2025 \n GAAP ((A)) (461 ) (59,659 ) (0.01 ) (0.82 ) (13,057 ) (1,085,800 ) (0.17 ) (14.79 ) \n \n Change in fair value of equity securities, net (2,593 ) 43,618 (43,957 ) 796,257 \n Stock-based compensation charge 5,140 7,518 87,819 136,313 \n Intangible asset amortization, net 18,001 9,919 308,153 176,163 \n Transaction costs 1,124 4,795 19,194 86,434 \n Other (3,883 ) (196 ) (65,353 ) (3,508 ) \n Net loss on impairment/disposal of equity-accounted investment 584 161 10,342 2,886 \n Intangible asset amortization, net related to non-controlling interest (367 ) (166 ) (6,296 ) (3,006 ) \n Release of valuation allowance related to deferred tax asset in EasyPay Financial Services - (924 ) - (16,682 ) \n ATM exit expenses and impairments 1,599 - 26,792 - \n Income recognized related to closure of legacy businesses, net (848 ) - (14,208 ) - \n Reversal of allowance for doubtful loans receivable (1,500 ) - (25,132 ) - \n Loss on disposal of equity securities 730 - 12,286 - \n Lesaka rebrand refresh, net of tax 718 - 11,885 - \n Impairment loss ((1)) 1,916 - 32,102 - \n Adjusted ((A)) 20,160 5,066 0.25 0.07 340,570 89,057 4.15 1.21 \n\n(A)   Revised FY2025 amounts to correct the errors discussed in Note 1 of\nour Form 10-Q for the period ended March 31, 2026.\n\n(1) Impairments excludes an amount of $0.7 million which is included in the\ncaption ATM exit expenses and impairments.\n\nCalculation of the denominator for Adjusted earnings per share\n\n Three months ended March 31, Nine months ended March 31, \n 2026 2025 2026 2025 \n ('000) ('000) \n Basic weighted-average common shares outstanding and unvested restricted shares expected to vest under GAAP 81,845 81,282 81,464 72,333 \n In the money stock options 643 725 643 725 \n Acquisition related shares - 813 - 813 \n Weighted average number of shares used to calculate Adjusted earnings per share 82,488 82,820 82,107 73,871 \n\nWeighted average number of shares used to calculate Adjusted earnings per\nshare represents basic weighted-average common shares outstanding and unvested\nrestricted shares expected to vest plus the effect of stock options that are\nin the money at the reporting date and shares to be issued related to\nacquisitions.\n\nAttachment B\n\nUnaudited Condensed Consolidated Financial Statements\n\nOur unaudited condensed consolidated Statements of Operations for the three\nand nine months ended March 31, 2026 and 2025 in ZAR are presented below. We\nhave translated the results of operations information for the three and nine\nmonths ended March 31, 2026 and 2025, provided in the tables below using the\nactual average exchange rates per month between the USD and ZAR.\n\n Unaudited Condensed Consolidated Statements of Operations \n Three months ended Nine months ended \n March 31, March 31, \n 2026 2025 2026 2025 \n (In thousands) (In thousands) \n \n REVENUE R 2,994,536 R 2,987,226 R 9,076,273 R 8,899,861 \n \n EXPENSE \n \n Cost of goods sold, IT processing, servicing and support ((A)) 2,027,838 2,167,948 6,219,138 6,649,460 \n Selling, general and administration ((A)) 642,142 602,675 1,913,704 1,661,228 \n Allowance for credit losses 40,953 31,135 158,310 103,669 \n Depreciation and amortization 172,553 155,919 632,092 415,665 \n Impairment loss 43,636 - 43,636 - \n Transaction costs related to Adumo, Recharger and Bank Zero acquisitions and certain compensation costs 2,401 22,361 4,968 56,809 \n \n OPERATING INCOME 65,013 7,188 104,425 13,030 \n CHANGE IN FAIR VALUE OF EQUITY SECURITIES (6,043 ) (373,784 ) 43,957 (988,494 ) \n OTHER INCOME - - 65,353 - \n LOSS ON IMPAIRMENT/DISPOSAL OF EQUITY-ACCOUNTED INVESTMENT - - 10,342 2,886 \n LOSS ON DISPOSAL OF EQUITY SECURITIES - - 12,286 - \n REVERSAL OF ALLOWANCE FOR DOUBTFUL LOAN RECEIVABLE (25,132 ) - (25,132 ) - \n INTEREST INCOME 19,086 11,944 37,278 35,347 \n INTEREST EXPENSE ((A)) 73,288 108,639 240,274 312,720 \n \n INCOME (LOSS) BEFORE INCOME TAX EXPENSE (BENEFIT) 29,900 (463,291 ) 13,243 (1,255,723 ) \n \n INCOME TAX EXPENSE (BENEFIT) 24,310 (53,650 ) 33,244 (169,202 ) \n \n NET INCOME (LOSS) BEFORE EARNINGS FROM EQUITY-ACCOUNTED INVESTMENTS 5,590 (409,641 ) (20,001 ) (1,086,521 ) \n \n EARNINGS FROM EQUITY-ACCOUNTED INVESTMENTS 938 220 2,789 1,586 \n NET INCOME (LOSS) 6,528 (409,421 ) (17,212 ) (1,084,935 ) \n (ADD) LESS NET (LOSS) INCOME ATTRIBUTABLE TO NON-CONTROLLING INTEREST (1,855 ) 369 (4,155 ) 865 \n NET INCOME (LOSS) ATTRIBUTABLE TO LESAKA R 8,383 R (409,790 ) R (13,057 ) R (1,085,800 ) \n \n Net earnings (loss) per share, in South African Rands : \n Basic earnings (loss) attributable to Lesaka shareholders R 0.17 R (5.15 ) R (0.17 ) R (14.79 ) \n Diluted earnings (loss) attributable to Lesaka shareholders R 0.17 R (5.15 ) R (0.17 ) R (14.79 ) \n \n Exchange rate $1: ZAR 16.7685 18.4021 17.1282 18.0393 \n\n(A)   Revised FY2025 amounts to correct the errors discussed in Note 1 of\nour Form 10-Q for the period ended March 31, 2026.\n\nOur unaudited condensed consolidated Statements of Cash Flows for the three\nand nine months ended March 31, 2026 and 2025 in ZAR are presented below. We\nhave translated the cash flow information for the three and nine months ended\nMarch 31, 2026 and 2025, provided in the tables below using the actual average\nexchange rates per month between the USD and ZAR.\n\n Unaudited Condensed Consolidated Statements of Cash Flows \n Three months ended Nine months ended \n March 31, March 31, \n 2026 2025 2026 2025 \n (In thousands) (In thousands) \n Cash flows from operating activities \n Net income (loss) ((A)) R 6,528 R (409,421 ) R (17,212 ) R (1,084,936 ) \n Depreciation and amortization 172,553 155,919 632,092 415,665 \n Impairment loss 43,636 - 43,629 - \n Movement in allowance for doubtful accounts receivable 40,953 31,135 158,310 103,669 \n Fair value adjustment related to financial liabilities (3,275 ) 1,940 (2,784 ) (2,808 ) \n Loss on disposal of equity securities - - 12,286 - \n Loss on impairment/disposal of equity-accounted investments - - 10,342 2,886 \n Earnings from equity-accounted investments (938 ) (220 ) (2,790 ) (1,586 ) \n Reversal of allowance for doubtful loans receivable (25,132 ) - (25,132 ) - \n Gain on deconsolidation of subsidiary (14,208 ) - (14,208 ) - \n Change in fair value of equity securities 6,043 373,784 (43,957 ) 988,494 \n Other income - - (65,353 ) - \n Profit on disposal of property, plant and equipment (3,040 ) (220 ) (4,037 ) (959 ) \n Movement in interest payable (462 ) 53,378 (1,062 ) 117,328 \n Facility fee amortized 1,504 1,533 4,386 3,989 \n Stock-based compensation charge 21,798 46,222 87,819 136,313 \n Dividends received from equity accounted investments 1,681 - 1,681 1,165 \n Decrease (Increase) in accounts receivable 208,571 199,458 (21,723 ) 120,835 \n Increase in finance loans receivable (9,543 ) (219,419 ) (516,570 ) (400,670 ) \n Decrease in inventory 120,658 172,817 143,626 78,066 \n Increase (Decrease) in accounts payable and other payables ((A)) 29,956 (170,871 ) 259,888 (322,498 ) \n Deferred consideration due to seller of Recharger included in accounts payable and other payables - 20,794 - 20,384 \n Increase in taxes payable 20,498 18,712 23,041 29,404 \n Decrease in deferred taxes (9,877 ) (81,336 ) (77,436 ) (251,666 ) \n Net cash provided by (used in) operating activities 607,904 194,205 584,837 (46,924 ) \n Cash flows from investing activities \n Capital expenditures (55,871 ) (52,151 ) (193,225 ) (236,150 ) \n Proceeds from disposal of property, plant and equipment (10,612 ) 7,302 5,214 31,206 \n Acquisition of intangible assets (19,766 ) (30,907 ) (57,159 ) (41,687 ) \n Acquisitions, net of cash acquired (180,233 ) (164,726 ) (186,040 ) (234,156 ) \n Cash disposed on disposal of subsidiary - - (2,777 ) - \n Investment in equity securities - - (4,208 ) - \n Proceeds from disposal of equity securities - - 50,000 - \n Net change in settlement assets 103,944 58,259 115,546 97,813 \n Net cash used in investing activities (162,538 ) (182,223 ) (272,649 ) (382,975 ) \n Cash flows from financing activities \n Proceeds from bank overdraft 743,928 394,300 1,585,486 1,689,434 \n Repayment of bank overdraft (482,320 ) (932,884 ) (1,404,556 ) (1,569,781 ) \n Long-term borrowings utilized 11,480 3,249,662 81,470 3,495,887 \n Repayment of long-term borrowings (170,444 ) (2,485,653 ) (211,872 ) (2,730,300 ) \n Acquisition of non-controlling interests (59,278 ) - (59,278 ) - \n Acquisition of treasury stock (640 ) (499 ) (5,201 ) (221,976 ) \n Proceeds from exercise of stock options - 1,082 - 2,005 \n Guarantee fee - (9,961 ) (575 ) (17,532 ) \n Dividends paid to non-controlling interest - (2,398 ) - (7,744 ) \n Net change in settlement obligations (98,170 ) (59,755 ) (104,952 ) (101,935 ) \n Net cash (used in) provided by financing activities (55,445 ) 153,894 (119,481 ) 538,058 \n Effect of exchange rate changes on cash 2,901 (4,365 ) (6,462 ) (1,438 ) \n Net increase in cash, cash equivalents and restricted cash 392,821 161,511 186,244 106,722 \n Cash, cash equivalents & restricted cash – beginning of period 1,154,179 1,143,653 1,360,756 1,198,442 \n Cash, cash equivalents & restricted cash – end of period R 1,547,001 R 1,305,164 R 1,547,001 R 1,305,164 \n Exchange rate $1: ZAR 16.7685 18.4021 17.1282 18.0393 \n\n      (A)   Revised FY2025 amounts to correct the errors discussed in\nNote 1 of our Form 10-Q for the period ended March 31, 2026.\n\n\nOur unaudited condensed consolidated balance sheets as of March 31, 2026 and\nJune 30, 2025 in ZAR are presented below. Amounts included in these balance\nsheets have been calculated using the $ amounts per our balance sheets\npresented in U.S. dollars and converted to ZAR using the exchange rates noted\nbelow.\n\n Unaudited Condensed Consolidated Balance Sheets \n March 31, June 30, \n 2026 2025 \n (In thousands, except share data) \n ASSETS \n CURRENT ASSETS \n Cash and cash equivalents R 1,544,886 R 1,358,643 \n Restricted cash 2,115 2,113 \n Accounts receivable, net of allowance and other receivables 775,794 755,048 \n Finance loans receivable, net 1,695,634 1,315,853 \n Inventory 298,392 418,157 \n Total current assets before settlement assets 4,316,821 3,849,814 \n Settlement assets 365,578 481,136 \n Total current assets 4,682,399 4,330,950 \n PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation of - March: R1,100,437; June: R978,074 (Note 1) 763,275 797,644 \n OPERATING LEASE RIGHT-OF-USE 143,448 172,068 \n EQUITY-ACCOUNTED INVESTMENTS 4,042 3,533 \n GOODWILL 3,532,856 3,540,338 \n INTANGIBLE ASSETS, including integrated platform of- March: R1,253,095; June: R1,408,767 2,115,555 2,471,818 \n DEFERRED INCOME TAXES 191,139 222,901 \n OTHER LONG-TERM ASSETS 79,843 67,630 \n TOTAL ASSETS 11,512,557 11,606,882 \n \n LIABILITIES \n CURRENT LIABILITIES \n Short-term credit facilities 611,060 434,457 \n Accounts payable 330,254 352,747 \n Other payables ((A)) 1,359,939 1,350,032 \n Operating lease liability – current 74,248 71,146 \n Current portion of long-term borrowings 261,430 212,284 \n Income taxes payable 43,051 24,858 \n Total current liabilities before settlement obligations 2,679,982 2,445,524 \n Settlement obligations 369,041 473,980 \n Total current liabilities 3,049,023 2,919,504 \n DEFERRED INCOME TAXES 497,069 602,281 \n OPERATING LEASE LIABILITY - LONG TERM 100,430 108,823 \n LONG-TERM BORROWINGS 3,176,693 3,352,450 \n OTHER LONG-TERM LIABILITIES, including insurance policy liabilities 61,746 53,106 \n TOTAL LIABILITIES 6,884,961 7,036,164 \n \n TOTAL EQUITY AND REDEEMABLE COMMON STOCK ((A)) R 4,627,596 R 4,570,718 \n \n Exchange rate $1: ZAR 17.0568 17.7554 \n \n\nNote 1: In October 2025, the Company identified that it had understated its\nJune 30, 2025, cost and accumulated depreciation by ZAR 114.5 million. The\ncarrying value of property, plant and equipment reported as of June 30, 2025\nwas not impacted by the misstatement. Accumulated depreciation has been recast\nto increase the amount from ZAR 863,552 to ZAR 978,074.\n\n      (A) Revised FY2025 amounts to correct the errors discussed in Note\n1 of our Form 10-Q for the period ended March 31, 2026.\n\nAttachment C\n\nReconciliation of net income (loss) used to calculate earnings (loss) per\nshare basic and diluted and headline earnings (loss) per share basic and\ndiluted:\n\nThree months ended March 31, 2026 and 2025\n\n 2026 2025 \n \n Net income (loss) (USD’000) ((A)) 552 (22,353 ) \n Adjustments: \n Change in fair value of equity securities, net 378 16,971 \n Income recognized related to closure of legacy businesses (848 ) - \n Impairment loss 2,604 - \n Profit on sale of property, plant and equipment (188 ) (12 ) \n Tax effects on above 51 3 \n \n Net income (loss) used to calculate headline earnings (loss) (USD’000) ((A)) 2,549 (5,391 ) \n \n Weighted average number of shares used to calculate net earnings (loss) per share basic earnings (loss) and headline earnings (loss) per share basic earnings (loss) (‘000) 81,845 81,282 \n \n Weighted average number of shares used to calculate net earnings (loss) per share diluted earnings (loss) and headline earnings (loss) per share diluted earnings (loss) (‘000) 82,024 81,282 \n \n Headline earnings (loss) per share: \n Basic, in USD 0.03 (0.07 ) \n Diluted, in USD 0.03 (0.07 ) \n\n      (A) Revised FY2025 amounts to correct the errors discussed in Note\n1 of our Form 10-Q for the period ended March 31, 2026.\n\nNine months ended March 31, 2026 and 2025\n\n 2026 2025 \n \n Net loss (USD’000) ((A)) (461 ) (59,659 ) \n Adjustments: \n Loss on disposal of equity securities 730 - \n Change in fair value of equity securities, net (2,593 ) 43,618 \n Net loss on impairment/disposal of equity-accounted investment 584 - \n Income recognized related to closure of legacy businesses (848 ) - \n Impairment loss 2,604 - \n Profit on sale of property, plant and equipment (245 ) (53 ) \n Tax effects on above 66 14 \n \n Net loss used to calculate headline loss (USD’000) ((A)) (163 ) (16,080 ) \n \n Weighted average number of shares used to calculate net loss per share basic loss and headline loss per share basic loss (‘000) 81,464 72,333 \n \n Weighted average number of shares used to calculate net loss per share diluted loss and headline loss per share diluted loss (‘000) 81,464 72,333 \n \n Headline loss per share: \n Basic, in USD - (0.22 ) \n Diluted, in USD - (0.22 ) \n\n      (A) Revised FY2025 amounts to correct the errors discussed in Note\n1 of our Form 10-Q for the period ended March 31, 2026.\n\nCalculation of the denominator for headline diluted earnings (loss) per share\n\n Three months ended March 31, Nine months ended March 31, \n 2026 2025 2026 2025 \n ('000) ('000) \n Basic weighted-average common shares outstanding and unvested restricted shares expected to vest under GAAP 81,845 81,282 81,464 72,333 \n Effect of dilutive securities under GAAP 179 - - - \n Denominator for headline diluted earnings (loss) per share 82,024 81,282 81,464 72,333 \n\nWeighted average number of shares used to calculate headline diluted loss per\nshare represents the denominator for basic weighted-average common shares\noutstanding and unvested restricted shares expected to vest plus the effect of\ndilutive securities under GAAP. We use this number of fully diluted shares\noutstanding to calculate headline diluted loss per share because we do not use\nthe two-class method to calculate headline diluted loss per share.\n\n(https://www.globenewswire.com/NewsRoom/AttachmentNg/19a42d20-5786-4ff1-86fd-e98c5d9d2fdb)\n\n\n\nGlobeNewswire, Inc. 2026","article_body_html":"","raw_payload":{"data":{"id":"nGNX57VLYK","title":"Lesaka’s Q3 FY2026 Results: Lesaka achieves the upper end of profitability guidance and raises its FY2026 full year Adjusted Earnings per Share guidance","author":"Globe Newswire","ticker":"LSAK","created":"2026-05-06T20:15:04.459Z","tickers":["LSAK"],"exchange":"NASDAQ","article_body":"JOHANNESBURG, May 06, 2026 (GLOBE NEWSWIRE) -- Lesaka Technologies, Inc.\n(Nasdaq: LSAK; JSE: LSK) today released results for the third quarter of\nfiscal 2026 (“Q3 2026”).\n\nQ3 2026 performance(1):\nAll growth rates are year-on-year between Q3 FY2026 and Q3 FY2025 in ZAR.\n\n Group Level USD (In thousands, except per share data) ZAR (In thousands, except per share data) \n Q3 FY26 Q3 FY25 Q3 FY26 Q3 FY25 YoY% \n Revenue 183,051 161,450 2,994,536 2,987,226 0.2 % \n Net Revenue ((2)) 96,368 73,367 1,576,015 1,357,159 16 % \n Operating Income ((3)) 4,085 366 65,013 7,188 804 % \n Net Income (Loss) ((3)) 552 (22,353 ) 8,383 (409,790 ) nm \n Group Adjusted EBITDA ((2)(3)) 20,612 12,594 337,071 233,026 45 % \n Basic Earnings (Loss) per Share ((3)) 0.01 (0.28 ) 0.17 (5.15 ) nm \n Adjusted Earnings ((2)(3)) 9,077 2,515 148,349 42,917 246 % \n Adjusted Earnings per Share ((2)(3)) 0.11 0.03 1.80 0.52 247 % \n \n Segment Level USD (In thousands) ZAR (In thousands) \n Q3 FY26 Q3 FY25 Q3 FY26 Q3 FY25 YoY% \n Merchant \n Revenue 127,078 128,781 2,079,232 2,382,982 (13 %) \n Net Revenue ((2)) 45,926 42,279 751,280 782,191 (4 %) \n Segment Adjusted EBITDA ((3)) 9,228 7,900 151,116 146,121 3 % \n Consumer \n Revenue 38,323 24,096 626,514 445,845 41 % \n Segment Adjusted EBITDA 13,015 6,333 212,537 117,144 81 % \n Enterprise \n Revenue 18,978 9,444 310,481 174,565 78 % \n Net Revenue ((2)) 13,447 7,863 219,912 145,289 51 % \n Segment Adjusted EBITDA 2,125 133 35,047 2,384 1,370 % \n\n(1)   Average exchange rates applicable for the purpose of translating our\nresults of operations: ZAR 16.77 to $1 for Q3 2026, ZAR 18.40 to $1 for Q3\n2025.\n(2)   Non-GAAP measure. Refer to Attachment A of press release for full\nreconciliation of non-GAAP measures.\n(3)   Revised Q3 FY2025 amounts to correct the errors discussed in Note 1\nof our Form 10-Q for the period ended March 31, 2026.\n\nCommenting on the results, Lesaka Chairman Ali Mazanderani said, “I am\npleased to report another strong quarter for Lesaka as we continue to improve\nour profitability. We achieved Group Adjusted EBITDA growth of 45% and an\nAdjusted Earnings per Share of ZAR 1.80, up more than 200% year-on-year. We\nhave built a diversified platform, with multiple levers of sustainable growth\nthat positions us exceptionally well for the years to come.”\n\nOutlook: Full Fiscal Year 2026 (“FY 2026”) guidance\n\nWhile we report our financial results in USD, we measure our operating\nperformance in ZAR, and as such we provide our guidance accordingly.\n\nFor FY2026, the year ending June 30, 2026, we expect:\n* Net Revenue between ZAR 6.2 billion and ZAR 6.5 billion.\n* Group Adjusted EBITDA between ZAR 1.25 billion and ZAR 1.35 billion.\n* Net Income Attributable to Lesaka to be positive.\n* Adjusted earnings per share between ZAR 5.50 and ZAR 6.00.\nOur FY2026 guidance excludes the impact of the announced acquisition of Bank\nZero (which is subject to regulatory approvals and other customary closing\nconditions) and any unannounced mergers and acquisitions that we may conclude.\n\nManagement has provided its outlook regarding Net Revenue, Group Adjusted\nEBITDA and Adjusted earnings per share, which are non-GAAP financial measures\nand excludes certain revenue and charges. Management has not reconciled these\nnon-GAAP financial measures to the corresponding GAAP financial measures\nbecause guidance for the various reconciling items is not provided. Management\nis unable to provide guidance for these reconciling items because they cannot\ndetermine their probable significance, as certain items are outside of the\ncontrol of Lesaka and cannot be reasonably predicted since these items could\nvary significantly from period to period. Accordingly, reconciliations to the\ncorresponding GAAP financial measures are not available without unreasonable\neffort.\n\nEarnings Presentation for Q3 FY2026 Results\n\nOur earnings presentation will be posted to the Investor Relations page of our\nwebsite prior to our earnings call.\n\nWebcast Registration\n\nLink to access the results webcast: https://www.corpcam.com/Lesaka07052026\n\nParticipants using the webcast will be able to submit questions during the\nlive Question and Answer session. Link to conference call dial-in registration\nvia Chorus Call:\nhttps://services.choruscall.it/DiamondPassRegistration/register?confirmationNumber=1737086&linkSecurityString=515af47c8\n\nDial in details and individual pin to be provided on registration.\nParticipants using the conference call dial-in will be able to ask their\nquestions during the live Question and Answer session\n\nFollowing the presentation, an archived version of the webcast will be\nprovided on Lesaka’s Investor Relations website.\n\nUse of Non-GAAP Measures\n\nU.S. securities laws require that when we publish any non-GAAP measures, we\ndisclose the reason for using these non-GAAP measures and provide\nreconciliations to the most directly comparable GAAP measures. The\npresentation of Group Adjusted EBITDA, Net Revenue, Adjusted Earnings,\nAdjusted Earnings per Share, and headline (loss) earnings per share are\nnon-GAAP measures. Refer to Attachment A for a reconciliation of these\nnon-GAAP measures.\n\nNon-GAAP Measures\n\nGroup Adjusted EBITDA\n\nGroup Adjusted EBITDA is net income (loss) before interest, taxes,\ndepreciation and amortization, adjusted for non-operational transactions\n(including loss on impairment/disposal of equity-accounted investments),\nimpairment loss, loss from equity-accounted investments, stock-based\ncompensation charges and once-off items. Once-off items represent\nnon-recurring expense items, including costs related to acquisitions and\ntransactions consummated or ultimately not pursued.\n\nNet Revenue\n\nNet revenue is a non-GAAP financial measure. Revenue is the financial measure\ncalculated in accordance with GAAP that is most directly comparable to net\nrevenue. We generate revenue from the provision of transaction-processing\nservices through our various platforms and service offerings. We use these\nplatforms to (a) sell prepaid airtime vouchers (“Pinned Airtime”) which\nwas held as inventory, and (b) distribute pre-paid solutions including prepaid\nairtime vouchers (which we do not hold as inventory) (“Pinless Airtime”),\nprepaid electricity, gaming vouchers, and other products, to users of our\nplatforms. We act as a principal when we sell Pinned Airtime that were held as\ninventory and record revenue and cost of sales on a gross basis when sold. We\nact as an agent in a transaction when we provide pre-paid solutions through\nour various platforms and services offerings because we do not control the\ngood or service to be provided and we recognize revenue based on the amount\nthat we are contractually entitled to receive for performing the distribution\nservice on behalf of our customers using our platform. Our revenue under GAAP\ncan fluctuate materially due to changes in the revenue mix between these\nrevenue categories. Net Revenue is a non-GAAP measure and is calculated as\nrevenue presented under GAAP less (i) the cost of Pinned Airtime sold by us,\nand (ii) commissions paid to third parties selling all other agency-based\npre-paid solutions (including Pinless Airtime, electricity and other products)\nprovided through our distribution channels. We believe that the use of Net\nRevenue is meaningful to users of financial information because it seeks to\neliminate the impact of the change in the revenue mix from the revenue\ncategories over the periods presented.\n\nAdjusted earnings and Adjusted earnings per share\n\nAdjusted earnings and Adjusted earnings per share is GAAP net income (loss)\nand income (loss) per share adjusted for the amortization of\nacquisition-related intangible assets (net of deferred taxes), stock-based\ncompensation charges, and unusual non-recurring items, including costs related\nto acquisitions and transactions consummated or ultimately not pursued.\n\nAdjusted earnings and Adjusted earnings per share for fiscal 2026 also\nincludes adjustments related to the loss on impairment of equity-accounted\ninvestments, impairment loss, ATM exit expenses and impairments, reversal of\nallowance for doubtful loans receivable, Lesaka rebrand refresh expenses (net\nof tax), income recognized related to closure of legacy businesses (net of\ntax), changes in the fair value of equity securities (net of deferred tax),\nloss on disposal of equity securities, other income and intangible asset\namortization, net related to non-controlling interests.\n\nAdjusted earnings and Adjusted earnings per share for fiscal 2025 also\nincludes adjustments related to changes in the fair value of equity securities\n(net of deferred tax), loss on disposal of equity-accounted investments and\nintangible asset amortization, net related to non-controlling interests.\n\nManagement believes that the Group Adjusted EBITDA, Adjusted earnings and\nAdjusted earnings per share metrics enhance its own evaluation, as well as an\ninvestor’s understanding of our financial performance. Attachment A presents\nthe reconciliation between GAAP net income (loss) attributable to Lesaka and\nthese non-GAAP measures and the reconciliation between the basic\nweighted-average common shares outstanding and unvested restricted shares\nexpected to vest under GAAP and the denominator used for Adjusted earnings per\nshare.\n\nHeadline earnings (loss) per share (“HE(L)PS”)\n\nThe inclusion of HE(L)PS in this press release is a requirement of our listing\non the JSE. HE(L)PS basic and diluted is calculated using net income (loss)\nwhich has been determined based on GAAP. Accordingly, this may differ to the\nheadline (loss) earnings per share calculation of other companies listed on\nthe JSE as these companies may report their financial results under a\ndifferent financial reporting framework, including, but not limited to,\nInternational Financial Reporting Standards.\n\nHE(L)PS basic and diluted is calculated as GAAP net income (loss) adjusted for\nthe loss on sale of equity-accounted investments, impairment losses related to\nour equity-accounted investments, change in fair value of equity securities,\nnet, impairment losses and (profit) loss on sale of property, plant and\nequipment. Attachment C presents the reconciliation between our net income\n(loss) used to calculate earnings (loss) per share basic and diluted and\nHE(L)PS basic and diluted and the calculation of the denominator for headline\ndiluted earnings (loss) per share.\n\nAbout Lesaka Technologies, Inc. (www.lesakatech.com)\n\nLesaka operates a South African fintech company driven by a purpose to\nprovide financial services, software and other business services to Southern\nAfrica's underserviced consumers and merchants. We offer an integrated and\nholistic multiproduct platform that provides transactional accounts, lending,\ninsurance, merchant acquiring, cash management, software and Alternative\nDigital Products (“ADP”). We provide targeted solutions and integrations\nto facilitate payments between consumers, merchants, and enterprises. By\nproviding a full-service fintech platform in our connected ecosystem, we\nfacilitate the digitization of commerce in our markets.\n\nLesaka has a primary listing on NASDAQ (NASDAQ:LSAK\n(https://www.benzinga.com/stock/LSAK#NASDAQ)) and a secondary listing on the\nJohannesburg Stock Exchange (JSE: LSK). Visit www.lesakatech.com for\nadditional information about Lesaka.\n\nForward-Looking Statements\n\nThis press release contains certain statements that may be considered\nforward-looking statements within the meaning of Section 27A of the Securities\nAct of 1933, as amended, and Section 21E of the Securities Exchange Act of\n1934, as amended, and such statements are subject to the safe harbor created\nby those sections and the Private Securities Litigation Reform Act of 1995, as\namended. Such statements may be identified by their use of terms or phrases\nsuch as “expects,” “estimates,” “projects,” “believes,”\n“anticipates,” “plans,” “could,” “would,” “may,”\n“will,” “intends,” “outlook,” “focus,” “seek,”\n“potential,” “mission,” “continue,” “goal,” “target,”\n“objective,” derivations thereof, and similar terms and phrases.\nForward-looking statements are based upon the current beliefs and expectations\nof our management and are inherently subject to risks and uncertainties, some\nof which cannot be predicted or quantified, which could cause future events\nand actual results to differ materially from those set forth in, contemplated\nby, or underlying the forward-looking statements. In this press release,\nstatements relating to future financial results and future financing and\nbusiness opportunities are forward-looking statements. Additional information\nconcerning factors that could cause actual events or results to differ\nmaterially from those in any forward-looking statement is contained in our\nForm 10-K for the fiscal year ended June 30, 2025 and our Form 10-Q for the\nquarter ended March 31, 2026, as filed with the SEC, as well as other\ndocuments we have filed or will file with the SEC. We assume no obligation to\nupdate the information in this press release, to revise any forward-looking\nstatements or to update the reasons actual results could differ materially\nfrom those anticipated in forward-looking statements.\n\nInvestor Relations and Media Relations Contacts:\nIdris Dungarwalla\nEmail: idris.dungarwalla@lesakatech.com\nMobile: +44 786 225 4852\n\nAkash Dowra\nEmail: akash.dowra@lesakatech.com\nMobile: +27 83 235 9750\n\nMedia Relations Contact:\nIan Harrison\nEmail: Ian@thenielsennetwork.com\n\n\nLesaka Technologies, Inc.\n\nAttachment A\n\nReconciliation of GAAP income (loss) attributable to Lesaka to Group Adjusted\nEBITDA:\n\nThree and nine months ended March 31, 2026 and 2025 and three months ended\nDecember 31, 2025\n\n Three months ended Nine months ended \n March 31, Dec 31, March 31, \n 2026 2025 2025 2026 2025 \n Income (Loss) attributable to Lesaka - GAAP ((A)) $ 552 $ (22,353 ) $ 3,645 $ (461 ) $ (59,659 ) \n (Add) Less net (loss) income attributable to non-controlling interest 115 (20 ) 14 246 (48 ) \n Net income (loss) 437 (22,333 ) 3,631 (707 ) (59,611 ) \n Earnings from equity accounted investments (56 ) (12 ) (110 ) (166 ) (89 ) \n Net income (loss) before earnings from equity-accounted investments 381 (22,345 ) 3,521 (873 ) (59,700 ) \n Income tax expense (benefit) 1,503 (2,934 ) 670 2,027 (9,268 ) \n Income (Loss) before income tax expense 1,884 (25,279 ) 4,191 1,154 (68,968 ) \n Loss on disposal of equity securities - - 730 730 - \n Other income - - (3,883 ) (3,883 ) - \n Change in fair value of equity securities 378 20,421 (2,971 ) (2,593 ) 54,152 \n Net loss on impairment/ disposal of equity-accounted investment - - - 584 161 \n Reversal of allowance for doubtful loans receivable (1,500 ) - - (1,500 ) - \n Impairment loss ((1)) 1,916 - - 1,916 - \n Unrealized loss (gain) FV for currency adjustments 181 (114 ) (133 ) (16 ) 102 \n Operating income (loss) after PPA amortization and net interest (non-GAAP) 2,859 (4,972 ) (2,066 ) (3,608 ) (14,553 ) \n PPA amortization (amortization of acquired intangible assets) 6,044 4,974 9,481 24,659 13,588 \n Operating income (loss) before PPA amortization after net interest (non-GAAP) 8,903 2 7,415 21,051 (965 ) \n Interest expense ((A)) 4,477 5,869 4,591 14,081 17,251 \n Interest income (1,154 ) (645 ) (508 ) (2,201 ) (1,952 ) \n Operating income before PPA amortization and net interest (non-GAAP) 12,226 5,226 11,498 32,931 14,334 \n Depreciation and amortization (excluding amortization of intangibles) 4,499 3,455 4,087 12,346 9,340 \n Interest adjustment - (890 ) - - (2,478 ) \n Stock-based compensation charges 1,334 2,497 1,945 5,140 7,518 \n Once-off items (refer below) 2,553 2,306 247 3,067 4,599 \n Group Adjusted EBITDA - Non-GAAP ((A)) $ 20,612 $ 12,594 $ 17,777 $ 53,484 $ 33,313 \n\n(A)   Revised FY2025 amounts to correct the errors discussed in Note 1 of\nour Form 10-Q for the period ended March 31, 2026.\n\n(1) Impairments excludes an amount of $0.7 million which is included in the\ncaption exit of ATM business in the table below.\n\n Three months ended Nine months ended \n March 31, Dec 31, March 31, \n 2026 2025 2025 2026 2025 \n Once-off items comprises: \n Transaction costs $ 466 $ 1,084 $ 200 $ 839 $ 1,621 \n Transaction costs related to Adumo, Recharger and Bank Zero acquisitions 144 1,222 47 285 3,174 \n Lesaka brand refresh 984 - - 984 - \n Exit of ATM business 1,599 - - 1,599 - \n Indirect taxes provision release (61 ) - - (61 ) (196 ) \n Income recognized related to closure of legacy businesses (579 ) - - (579 ) - \n Total once-off items $ 2,553 $ 2,306 $ 247 $ 3,067 $ 4,599 \n\nOnce-off items are non-recurring in nature, however, certain items may be\nreported in multiple quarters. For instance, transaction costs include costs\nincurred related to acquisitions and transactions consummated or ultimately\nnot pursued. The transactions can span multiple quarters, for instance in\nfiscal 2025 we incurred transaction costs related to the acquisition of\nRecharger over a number of quarters, and the transactions are generally\nnon-recurring.\n\nExit of ATM business includes expenses incurred to exit our ATM business and\nthe impairment of ATMs recorded in property, plant and equipment.\n\nRebrand relates to costs incurred related to Lesaka’s new brand launched in\nNovember 2025, we expect that it will take the remainder of the 2026 calendar\nyear to roll out the refreshed brand throughout the organization. These are\nnon-recurring costs incurred as a necessary step in a set of strategic\ninitiatives designed to create a “One Lesaka” identity for our customers\nand our employees.\n\nIndirect tax provision release relates to the reversal of a non-recurring\nindirect tax provision created in fiscal 2023 which was resolved in fiscal\n2025 following settlement of the matter with the tax authority.\n\nIncome recognized related to closure of legacy businesses represents (i) gains\nrecognized related to the release of the foreign currency translation reserve\non deconsolidation of a subsidiary and (ii) costs incurred related to\nsubsidiaries which we are in the process of deregistering/ liquidation and\ntherefore we consider these costs non-operational and ad hoc in nature.\n\nYear ended June 30, 2025 and 2024\n\n Year ended \n June 30, \n 2025 2024 \n (in thousands) \n Net loss attributable to Lesaka ((A)) $ (88,741 ) $ (18,515 ) \n (Less) Add net (loss) income attributable to non-controlling interest (130 ) - \n Loss attributable to Lesaka – GAAP $ (88,871 ) $ (18,515 ) \n (Earnings) Loss from equity accounted investments (114 ) 1,279 \n Net loss before (earnings) loss from equity-accounted investments (88,985 ) (17,236 ) \n Income tax (benefit) expense (18,198 ) 3,363 \n Loss before income tax expense (107,183 ) (13,873 ) \n Reversal of allowance for doubtful EMI loans receivable - (250 ) \n Net (gain) loss on disposal of equity-accounted investment 161 - \n Change in fair value of equity securities 59,828 - \n Impairment loss 18,863 - \n Unrealized (gain) loss FV for currency adjustments 23 (83 ) \n Operating loss after PPA amortization and net interest (non-GAAP) (28,308 ) (14,206 ) \n PPA amortization (amortization of acquired intangible assets) 21,384 14,419 \n Operating (loss) income before PPA amortization after net interest (non-GAAP) (6,924 ) 213 \n Interest expense ((A)) 21,824 19,171 \n Interest income (2,596 ) (2,294 ) \n Operating (loss) income before PPA amortization and net interest (non-GAAP) 12,304 17,090 \n Depreciation (excluding amortization of intangibles) 12,337 9,246 \n Stock-based compensation charges 9,550 7,911 \n Interest adjustment (2,195 ) - \n Once-off items (refer below) 17,826 1,853 \n Group Adjusted EBITDA - Non-GAAP ((A)) $ 49,822 $ 36,100 \n\n(A) Revised to correct the errors discussed in Note 1 of our Form 10-Q for the\nperiod ended March 31, 2026.\n\nReconciliation of Revenue under GAAP to Net Revenue:\n\nThree and nine months ended March 31, 2026 and 2025, and three months ended\nDecember 31, 2025\n\n Three months ended Nine months ended \n March 31, Dec 31, March 31, \n 2026 2025 2025 2026 2025 \n Revenue – GAAP $ 183,051 $ 161,450 $ 178,734 $ 533,233 $ 491,234 \n Cost of prepaid airtime vouchers sold by us & commissions paid to third parties selling all other agency-based products (86,683 ) (88,083 ) (85,331 ) (256,856 ) (281,998 ) \n Net Revenue (non-GAAP) $ 96,368 $ 73,367 $ 93,403 $ 276,377 $ 209,236 \n Net Revenue / Revenue – GAAP 53 % 45 % 52 % 52 % 43 % \n \n Merchant segment revenue (before eliminations) – GAAP $ 127,078 $ 128,781 $ 131,919 $ 385,947 $ 397,642 \n Cost of prepaid airtime vouchers sold by us & commissions paid to third parties selling all other agency-based products (81,152 ) (86,502 ) (83,205 ) (246,913 ) (277,192 ) \n Merchant Net Revenue (non-GAAP) $ 45,926 $ 42,279 $ 48,714 $ 139,034 $ 120,450 \n \n Enterprise segment revenue (before eliminations) – GAAP $ 18,978 $ 9,444 $ 14,796 $ 48,627 $ 30,259 \n Cost of prepaid airtime vouchers sold by us & commissions paid to third parties selling all other agency-based products (5,531 ) (1,581 ) (2,126 ) (9,943 ) (4,806 ) \n Enterprise Net Revenue (non-GAAP) $ 13,447 $ 7,863 $ 12,670 $ 38,684 $ 25,453 \n\nReconciliation of GAAP net income (loss) and earnings (loss) per share, basic,\nto adjusted earnings and adjusted earnings per share, basic:\n\nThree months ended March 31, 2026 and 2025\n\n Net income (loss) (USD '000) E(L)PS, basic (USD) Net income (loss) (ZAR '000) E(L)PS, basic (ZAR) \n 2026 2025 2026 2025 2026 2025 2026 2025 \n GAAP ((A)) 552 (22,353 ) 0.01 (0.28 ) 8,383 (409,790 ) 0.17 (5.15 ) \n \n Change in fair value of equity securities, net 378 16,971 6,043 310,636 \n Intangible asset amortization, net 4,412 3,631 72,110 63,495 \n Stock-based compensation charge 1,334 2,497 21,798 46,222 \n Transaction costs 610 2,306 10,150 42,276 \n ATM exit expenses and impairments 1,599 - 26,792 - \n Amortization of intangible assets, net of tax - equity accounted investments (94 ) (82 ) (1,574 ) (1,503 ) \n Release of valuation allowance related to deferred tax asset in EasyPay Financial Services - (455 ) - (8,419 ) \n Income recognized related to closure of legacy businesses, net (848 ) - (14,208 ) - \n Reversal of allowance for doubtful loans receivable (1,500 ) - (25,132 ) - \n Lesaka rebrand refresh, net of tax 718 - 11,885 - \n Impairment loss ((1)) 1,916 - 32,102 - \n Adjusted ((A)) 9,077 2,515 0.11 0.03 148,349 42,917 1.80 0.52 \n\n(A)   Revised FY2025 amounts to correct the errors discussed in Note 1 of\nour Form 10-Q for the period ended March 31, 2026.\n\n(1) Impairments excludes an amount of $0.7 million which is included in the\ncaption ATM exit expenses and impairments.\n\nNine months ended March 31, 2026 and 2025\n\n Net (loss) income (USD '000) (L)EPS, basic (USD) Net (loss) income (ZAR '000) (L)EPS, basic (ZAR) \n 2026 2025 2026 2025 2026 2025 2026 2025 \n GAAP ((A)) (461 ) (59,659 ) (0.01 ) (0.82 ) (13,057 ) (1,085,800 ) (0.17 ) (14.79 ) \n \n Change in fair value of equity securities, net (2,593 ) 43,618 (43,957 ) 796,257 \n Stock-based compensation charge 5,140 7,518 87,819 136,313 \n Intangible asset amortization, net 18,001 9,919 308,153 176,163 \n Transaction costs 1,124 4,795 19,194 86,434 \n Other (3,883 ) (196 ) (65,353 ) (3,508 ) \n Net loss on impairment/disposal of equity-accounted investment 584 161 10,342 2,886 \n Intangible asset amortization, net related to non-controlling interest (367 ) (166 ) (6,296 ) (3,006 ) \n Release of valuation allowance related to deferred tax asset in EasyPay Financial Services - (924 ) - (16,682 ) \n ATM exit expenses and impairments 1,599 - 26,792 - \n Income recognized related to closure of legacy businesses, net (848 ) - (14,208 ) - \n Reversal of allowance for doubtful loans receivable (1,500 ) - (25,132 ) - \n Loss on disposal of equity securities 730 - 12,286 - \n Lesaka rebrand refresh, net of tax 718 - 11,885 - \n Impairment loss ((1)) 1,916 - 32,102 - \n Adjusted ((A)) 20,160 5,066 0.25 0.07 340,570 89,057 4.15 1.21 \n\n(A)   Revised FY2025 amounts to correct the errors discussed in Note 1 of\nour Form 10-Q for the period ended March 31, 2026.\n\n(1) Impairments excludes an amount of $0.7 million which is included in the\ncaption ATM exit expenses and impairments.\n\nCalculation of the denominator for Adjusted earnings per share\n\n Three months ended March 31, Nine months ended March 31, \n 2026 2025 2026 2025 \n ('000) ('000) \n Basic weighted-average common shares outstanding and unvested restricted shares expected to vest under GAAP 81,845 81,282 81,464 72,333 \n In the money stock options 643 725 643 725 \n Acquisition related shares - 813 - 813 \n Weighted average number of shares used to calculate Adjusted earnings per share 82,488 82,820 82,107 73,871 \n\nWeighted average number of shares used to calculate Adjusted earnings per\nshare represents basic weighted-average common shares outstanding and unvested\nrestricted shares expected to vest plus the effect of stock options that are\nin the money at the reporting date and shares to be issued related to\nacquisitions.\n\nAttachment B\n\nUnaudited Condensed Consolidated Financial Statements\n\nOur unaudited condensed consolidated Statements of Operations for the three\nand nine months ended March 31, 2026 and 2025 in ZAR are presented below. We\nhave translated the results of operations information for the three and nine\nmonths ended March 31, 2026 and 2025, provided in the tables below using the\nactual average exchange rates per month between the USD and ZAR.\n\n Unaudited Condensed Consolidated Statements of Operations \n Three months ended Nine months ended \n March 31, March 31, \n 2026 2025 2026 2025 \n (In thousands) (In thousands) \n \n REVENUE R 2,994,536 R 2,987,226 R 9,076,273 R 8,899,861 \n \n EXPENSE \n \n Cost of goods sold, IT processing, servicing and support ((A)) 2,027,838 2,167,948 6,219,138 6,649,460 \n Selling, general and administration ((A)) 642,142 602,675 1,913,704 1,661,228 \n Allowance for credit losses 40,953 31,135 158,310 103,669 \n Depreciation and amortization 172,553 155,919 632,092 415,665 \n Impairment loss 43,636 - 43,636 - \n Transaction costs related to Adumo, Recharger and Bank Zero acquisitions and certain compensation costs 2,401 22,361 4,968 56,809 \n \n OPERATING INCOME 65,013 7,188 104,425 13,030 \n CHANGE IN FAIR VALUE OF EQUITY SECURITIES (6,043 ) (373,784 ) 43,957 (988,494 ) \n OTHER INCOME - - 65,353 - \n LOSS ON IMPAIRMENT/DISPOSAL OF EQUITY-ACCOUNTED INVESTMENT - - 10,342 2,886 \n LOSS ON DISPOSAL OF EQUITY SECURITIES - - 12,286 - \n REVERSAL OF ALLOWANCE FOR DOUBTFUL LOAN RECEIVABLE (25,132 ) - (25,132 ) - \n INTEREST INCOME 19,086 11,944 37,278 35,347 \n INTEREST EXPENSE ((A)) 73,288 108,639 240,274 312,720 \n \n INCOME (LOSS) BEFORE INCOME TAX EXPENSE (BENEFIT) 29,900 (463,291 ) 13,243 (1,255,723 ) \n \n INCOME TAX EXPENSE (BENEFIT) 24,310 (53,650 ) 33,244 (169,202 ) \n \n NET INCOME (LOSS) BEFORE EARNINGS FROM EQUITY-ACCOUNTED INVESTMENTS 5,590 (409,641 ) (20,001 ) (1,086,521 ) \n \n EARNINGS FROM EQUITY-ACCOUNTED INVESTMENTS 938 220 2,789 1,586 \n NET INCOME (LOSS) 6,528 (409,421 ) (17,212 ) (1,084,935 ) \n (ADD) LESS NET (LOSS) INCOME ATTRIBUTABLE TO NON-CONTROLLING INTEREST (1,855 ) 369 (4,155 ) 865 \n NET INCOME (LOSS) ATTRIBUTABLE TO LESAKA R 8,383 R (409,790 ) R (13,057 ) R (1,085,800 ) \n \n Net earnings (loss) per share, in South African Rands : \n Basic earnings (loss) attributable to Lesaka shareholders R 0.17 R (5.15 ) R (0.17 ) R (14.79 ) \n Diluted earnings (loss) attributable to Lesaka shareholders R 0.17 R (5.15 ) R (0.17 ) R (14.79 ) \n \n Exchange rate $1: ZAR 16.7685 18.4021 17.1282 18.0393 \n\n(A)   Revised FY2025 amounts to correct the errors discussed in Note 1 of\nour Form 10-Q for the period ended March 31, 2026.\n\nOur unaudited condensed consolidated Statements of Cash Flows for the three\nand nine months ended March 31, 2026 and 2025 in ZAR are presented below. We\nhave translated the cash flow information for the three and nine months ended\nMarch 31, 2026 and 2025, provided in the tables below using the actual average\nexchange rates per month between the USD and ZAR.\n\n Unaudited Condensed Consolidated Statements of Cash Flows \n Three months ended Nine months ended \n March 31, March 31, \n 2026 2025 2026 2025 \n (In thousands) (In thousands) \n Cash flows from operating activities \n Net income (loss) ((A)) R 6,528 R (409,421 ) R (17,212 ) R (1,084,936 ) \n Depreciation and amortization 172,553 155,919 632,092 415,665 \n Impairment loss 43,636 - 43,629 - \n Movement in allowance for doubtful accounts receivable 40,953 31,135 158,310 103,669 \n Fair value adjustment related to financial liabilities (3,275 ) 1,940 (2,784 ) (2,808 ) \n Loss on disposal of equity securities - - 12,286 - \n Loss on impairment/disposal of equity-accounted investments - - 10,342 2,886 \n Earnings from equity-accounted investments (938 ) (220 ) (2,790 ) (1,586 ) \n Reversal of allowance for doubtful loans receivable (25,132 ) - (25,132 ) - \n Gain on deconsolidation of subsidiary (14,208 ) - (14,208 ) - \n Change in fair value of equity securities 6,043 373,784 (43,957 ) 988,494 \n Other income - - (65,353 ) - \n Profit on disposal of property, plant and equipment (3,040 ) (220 ) (4,037 ) (959 ) \n Movement in interest payable (462 ) 53,378 (1,062 ) 117,328 \n Facility fee amortized 1,504 1,533 4,386 3,989 \n Stock-based compensation charge 21,798 46,222 87,819 136,313 \n Dividends received from equity accounted investments 1,681 - 1,681 1,165 \n Decrease (Increase) in accounts receivable 208,571 199,458 (21,723 ) 120,835 \n Increase in finance loans receivable (9,543 ) (219,419 ) (516,570 ) (400,670 ) \n Decrease in inventory 120,658 172,817 143,626 78,066 \n Increase (Decrease) in accounts payable and other payables ((A)) 29,956 (170,871 ) 259,888 (322,498 ) \n Deferred consideration due to seller of Recharger included in accounts payable and other payables - 20,794 - 20,384 \n Increase in taxes payable 20,498 18,712 23,041 29,404 \n Decrease in deferred taxes (9,877 ) (81,336 ) (77,436 ) (251,666 ) \n Net cash provided by (used in) operating activities 607,904 194,205 584,837 (46,924 ) \n Cash flows from investing activities \n Capital expenditures (55,871 ) (52,151 ) (193,225 ) (236,150 ) \n Proceeds from disposal of property, plant and equipment (10,612 ) 7,302 5,214 31,206 \n Acquisition of intangible assets (19,766 ) (30,907 ) (57,159 ) (41,687 ) \n Acquisitions, net of cash acquired (180,233 ) (164,726 ) (186,040 ) (234,156 ) \n Cash disposed on disposal of subsidiary - - (2,777 ) - \n Investment in equity securities - - (4,208 ) - \n Proceeds from disposal of equity securities - - 50,000 - \n Net change in settlement assets 103,944 58,259 115,546 97,813 \n Net cash used in investing activities (162,538 ) (182,223 ) (272,649 ) (382,975 ) \n Cash flows from financing activities \n Proceeds from bank overdraft 743,928 394,300 1,585,486 1,689,434 \n Repayment of bank overdraft (482,320 ) (932,884 ) (1,404,556 ) (1,569,781 ) \n Long-term borrowings utilized 11,480 3,249,662 81,470 3,495,887 \n Repayment of long-term borrowings (170,444 ) (2,485,653 ) (211,872 ) (2,730,300 ) \n Acquisition of non-controlling interests (59,278 ) - (59,278 ) - \n Acquisition of treasury stock (640 ) (499 ) (5,201 ) (221,976 ) \n Proceeds from exercise of stock options - 1,082 - 2,005 \n Guarantee fee - (9,961 ) (575 ) (17,532 ) \n Dividends paid to non-controlling interest - (2,398 ) - (7,744 ) \n Net change in settlement obligations (98,170 ) (59,755 ) (104,952 ) (101,935 ) \n Net cash (used in) provided by financing activities (55,445 ) 153,894 (119,481 ) 538,058 \n Effect of exchange rate changes on cash 2,901 (4,365 ) (6,462 ) (1,438 ) \n Net increase in cash, cash equivalents and restricted cash 392,821 161,511 186,244 106,722 \n Cash, cash equivalents & restricted cash – beginning of period 1,154,179 1,143,653 1,360,756 1,198,442 \n Cash, cash equivalents & restricted cash – end of period R 1,547,001 R 1,305,164 R 1,547,001 R 1,305,164 \n Exchange rate $1: ZAR 16.7685 18.4021 17.1282 18.0393 \n\n      (A)   Revised FY2025 amounts to correct the errors discussed in\nNote 1 of our Form 10-Q for the period ended March 31, 2026.\n\n\nOur unaudited condensed consolidated balance sheets as of March 31, 2026 and\nJune 30, 2025 in ZAR are presented below. Amounts included in these balance\nsheets have been calculated using the $ amounts per our balance sheets\npresented in U.S. dollars and converted to ZAR using the exchange rates noted\nbelow.\n\n Unaudited Condensed Consolidated Balance Sheets \n March 31, June 30, \n 2026 2025 \n (In thousands, except share data) \n ASSETS \n CURRENT ASSETS \n Cash and cash equivalents R 1,544,886 R 1,358,643 \n Restricted cash 2,115 2,113 \n Accounts receivable, net of allowance and other receivables 775,794 755,048 \n Finance loans receivable, net 1,695,634 1,315,853 \n Inventory 298,392 418,157 \n Total current assets before settlement assets 4,316,821 3,849,814 \n Settlement assets 365,578 481,136 \n Total current assets 4,682,399 4,330,950 \n PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation of - March: R1,100,437; June: R978,074 (Note 1) 763,275 797,644 \n OPERATING LEASE RIGHT-OF-USE 143,448 172,068 \n EQUITY-ACCOUNTED INVESTMENTS 4,042 3,533 \n GOODWILL 3,532,856 3,540,338 \n INTANGIBLE ASSETS, including integrated platform of- March: R1,253,095; June: R1,408,767 2,115,555 2,471,818 \n DEFERRED INCOME TAXES 191,139 222,901 \n OTHER LONG-TERM ASSETS 79,843 67,630 \n TOTAL ASSETS 11,512,557 11,606,882 \n \n LIABILITIES \n CURRENT LIABILITIES \n Short-term credit facilities 611,060 434,457 \n Accounts payable 330,254 352,747 \n Other payables ((A)) 1,359,939 1,350,032 \n Operating lease liability – current 74,248 71,146 \n Current portion of long-term borrowings 261,430 212,284 \n Income taxes payable 43,051 24,858 \n Total current liabilities before settlement obligations 2,679,982 2,445,524 \n Settlement obligations 369,041 473,980 \n Total current liabilities 3,049,023 2,919,504 \n DEFERRED INCOME TAXES 497,069 602,281 \n OPERATING LEASE LIABILITY - LONG TERM 100,430 108,823 \n LONG-TERM BORROWINGS 3,176,693 3,352,450 \n OTHER LONG-TERM LIABILITIES, including insurance policy liabilities 61,746 53,106 \n TOTAL LIABILITIES 6,884,961 7,036,164 \n \n TOTAL EQUITY AND REDEEMABLE COMMON STOCK ((A)) R 4,627,596 R 4,570,718 \n \n Exchange rate $1: ZAR 17.0568 17.7554 \n \n\nNote 1: In October 2025, the Company identified that it had understated its\nJune 30, 2025, cost and accumulated depreciation by ZAR 114.5 million. The\ncarrying value of property, plant and equipment reported as of June 30, 2025\nwas not impacted by the misstatement. Accumulated depreciation has been recast\nto increase the amount from ZAR 863,552 to ZAR 978,074.\n\n      (A) Revised FY2025 amounts to correct the errors discussed in Note\n1 of our Form 10-Q for the period ended March 31, 2026.\n\nAttachment C\n\nReconciliation of net income (loss) used to calculate earnings (loss) per\nshare basic and diluted and headline earnings (loss) per share basic and\ndiluted:\n\nThree months ended March 31, 2026 and 2025\n\n 2026 2025 \n \n Net income (loss) (USD’000) ((A)) 552 (22,353 ) \n Adjustments: \n Change in fair value of equity securities, net 378 16,971 \n Income recognized related to closure of legacy businesses (848 ) - \n Impairment loss 2,604 - \n Profit on sale of property, plant and equipment (188 ) (12 ) \n Tax effects on above 51 3 \n \n Net income (loss) used to calculate headline earnings (loss) (USD’000) ((A)) 2,549 (5,391 ) \n \n Weighted average number of shares used to calculate net earnings (loss) per share basic earnings (loss) and headline earnings (loss) per share basic earnings (loss) (‘000) 81,845 81,282 \n \n Weighted average number of shares used to calculate net earnings (loss) per share diluted earnings (loss) and headline earnings (loss) per share diluted earnings (loss) (‘000) 82,024 81,282 \n \n Headline earnings (loss) per share: \n Basic, in USD 0.03 (0.07 ) \n Diluted, in USD 0.03 (0.07 ) \n\n      (A) Revised FY2025 amounts to correct the errors discussed in Note\n1 of our Form 10-Q for the period ended March 31, 2026.\n\nNine months ended March 31, 2026 and 2025\n\n 2026 2025 \n \n Net loss (USD’000) ((A)) (461 ) (59,659 ) \n Adjustments: \n Loss on disposal of equity securities 730 - \n Change in fair value of equity securities, net (2,593 ) 43,618 \n Net loss on impairment/disposal of equity-accounted investment 584 - \n Income recognized related to closure of legacy businesses (848 ) - \n Impairment loss 2,604 - \n Profit on sale of property, plant and equipment (245 ) (53 ) \n Tax effects on above 66 14 \n \n Net loss used to calculate headline loss (USD’000) ((A)) (163 ) (16,080 ) \n \n Weighted average number of shares used to calculate net loss per share basic loss and headline loss per share basic loss (‘000) 81,464 72,333 \n \n Weighted average number of shares used to calculate net loss per share diluted loss and headline loss per share diluted loss (‘000) 81,464 72,333 \n \n Headline loss per share: \n Basic, in USD - (0.22 ) \n Diluted, in USD - (0.22 ) \n\n      (A) Revised FY2025 amounts to correct the errors discussed in Note\n1 of our Form 10-Q for the period ended March 31, 2026.\n\nCalculation of the denominator for headline diluted earnings (loss) per share\n\n Three months ended March 31, Nine months ended March 31, \n 2026 2025 2026 2025 \n ('000) ('000) \n Basic weighted-average common shares outstanding and unvested restricted shares expected to vest under GAAP 81,845 81,282 81,464 72,333 \n Effect of dilutive securities under GAAP 179 - - - \n Denominator for headline diluted earnings (loss) per share 82,024 81,282 81,464 72,333 \n\nWeighted average number of shares used to calculate headline diluted loss per\nshare represents the denominator for basic weighted-average common shares\noutstanding and unvested restricted shares expected to vest plus the effect of\ndilutive securities under GAAP. We use this number of fully diluted shares\noutstanding to calculate headline diluted loss per share because we do not use\nthe two-class method to calculate headline diluted loss per share.\n\n(https://www.globenewswire.com/NewsRoom/AttachmentNg/19a42d20-5786-4ff1-86fd-e98c5d9d2fdb)\n\n\n\nGlobeNewswire, Inc. 2026"},"type":"article","timestamp":"2026-05-06T20:15:04.576280204Z","server_sent_at_ms":1778098504576},"received_at":"2026-05-06T20:15:04.640Z","source_url":null},"analysis":{"id":"18964","press_release_id":"24245","analysis_json":{"industry":{"label":"Software & Services","sector":"Information Technology"},"redFlags":["Q3 FY2025 amounts were revised to correct errors identified in prior reporting","Company reports heavily on non-GAAP metrics such as Net Revenue and Adjusted EBITDA"],"eventType":"earnings","narrative":"Lesaka reported Q3 revenue of $183.1 million, essentially flat year-over-year, while Net Revenue increased 16% to $96.4 million driven by growth in its Consumer and Enterprise segments.\n\nProfitability expanded significantly with Adjusted EBITDA rising 45% to $20.6 million, resulting in net income of $0.6 million compared to a loss in the prior year.\n\nThe company raised its full-year FY2026 guidance for Adjusted EPS to between ZAR 5.50 and ZAR 6.00, excluding the impact of the pending Bank Zero acquisition.","sentiment":"bullish","agentHooks":{"shouldPost":true,"suggestedAngle":"Profitability surge and guidance raise drive positive outlook despite flat GAAP revenue."},"keyFigures":{"eps":0.11,"revenue":183051000,"guidance":"FY2026 Adjusted EPS between ZAR 5.50 and 6.00 (raised); Net Revenue ZAR 6.2B-6.5B; Group Adjusted EBITDA ZAR 1.25B-1.35B","revenueYoy":"0.2%","customDimensions":{"adj_ebitda":20612000,"net_income":552000,"net_revenue":96368000}},"quotedText":"I am pleased to report another strong quarter for Lesaka as we continue to improve our profitability.","namedEntities":{"people":[{"name":"Ali Mazanderani","role":"Chairman"}],"products":["Pinned Airtime","Pinless Airtime","Alternative Digital Products"],"companies":[{"name":"Lesaka Technologies, Inc.","ticker":"LSAK"},{"name":"Bank Zero","relationship":"target"}],"dollarAmounts":[{"amount":"$183,051","context":"Q3 FY2026 Revenue (USD, in thousands)"},{"amount":"$96,368","context":"Q3 FY2026 Net Revenue (USD, in thousands)"},{"amount":"$20,612","context":"Q3 FY2026 Adjusted EBITDA (USD, in thousands)"},{"amount":"$552","context":"Q3 FY2026 Net Income (USD, in thousands)"}]},"materialImpact":{"score":4,"reasoning":"Lesaka delivered a strong profitability beat with Adjusted EBITDA growing 45% year-over-year and net income swinging to a profit of $552k from a prior year loss. Management raised full-year FY2026 Adjusted EPS guidance, signaling continued momentum."},"tickerRelevance":{"others":[],"primary":"LSAK"},"globalImportance":30,"audienceRelevance":25,"eventTypeSecondary":["guidance_update"],"importanceComponents":{"tickerTier":"small-cap","eventGravity":"beat-and-raise","sectorWeight":"fintech"}},"event_type":"earnings","event_type_secondary":["guidance_update"],"sentiment":"bullish","material_impact_score":4,"narrative":"Lesaka reported Q3 revenue of $183.1 million, essentially flat year-over-year, while Net Revenue increased 16% to $96.4 million driven by growth in its Consumer and Enterprise segments.\n\nProfitability expanded significantly with Adjusted EBITDA rising 45% to $20.6 million, resulting in net income of $0.6 million compared to a loss in the prior year.\n\nThe company raised its full-year FY2026 guidance for Adjusted EPS to between ZAR 5.50 and ZAR 6.00, excluding the impact of the pending Bank Zero acquisition.","key_figures":{"eps":0.11,"revenue":183051000,"guidance":"FY2026 Adjusted EPS between ZAR 5.50 and 6.00 (raised); Net Revenue ZAR 6.2B-6.5B; Group Adjusted EBITDA ZAR 1.25B-1.35B","revenueYoy":"0.2%","customDimensions":{"adj_ebitda":20612000,"net_income":552000,"net_revenue":96368000}},"named_entities":{"people":[{"name":"Ali Mazanderani","role":"Chairman"}],"products":["Pinned Airtime","Pinless Airtime","Alternative Digital Products"],"companies":[{"name":"Lesaka Technologies, Inc.","ticker":"LSAK"},{"name":"Bank Zero","relationship":"target"}],"dollarAmounts":[{"amount":"$183,051","context":"Q3 FY2026 Revenue (USD, in thousands)"},{"amount":"$96,368","context":"Q3 FY2026 Net Revenue (USD, in thousands)"},{"amount":"$20,612","context":"Q3 FY2026 Adjusted EBITDA (USD, in thousands)"},{"amount":"$552","context":"Q3 FY2026 Net Income (USD, in thousands)"}]},"model_name":"glm-4.7","prompt_hash":"sha256:6c7fa2f5e3b62e83","schema_hash":"sha256:ee8f711bc9bfba0d","created_at":"2026-05-07T15:14:15.670Z","global_importance":30,"audience_relevance":25,"importance_components":{"tickerTier":"small-cap","eventGravity":"beat-and-raise","sectorWeight":"fintech"}},"durationMs":null,"modelName":"glm-4.7"}}