Q3 2026 performance1:All growth rates are year-on-year between Q3 FY2026 and Q3 FY2025 in ZAR.
Group Level
USD(In thousands, except per share data)
ZAR(In thousands, except per share data)
Q3 FY26
Q3 FY25
Q3 FY26
Q3 FY25
YoY%
Revenue
183,051
161,450
2,994,536
2,987,226
0.2
%
Net Revenue(2)
96,368
73,367
1,576,015
1,357,159
16
%
Operating Income(3)
4,085
366
65,013
7,188
804
%
Net Income (Loss)(3)
552
(22,353
)
8,383
(409,790
)
nm
Group Adjusted EBITDA(2)(3)
20,612
12,594
337,071
233,026
45
%
Basic Earnings (Loss) per Share(3)
0.01
(0.28
)
0.17
(5.15
)
nm
Adjusted Earnings(2)(3)
9,077
2,515
148,349
42,917
246
%
Adjusted Earnings per Share(2)(3)
0.11
0.03
1.80
0.52
247
%
Segment Level
USD(In thousands)
ZAR(In thousands)
Q3 FY26
Q3 FY25
Q3 FY26
Q3 FY25
YoY%
Merchant
Revenue
127,078
128,781
2,079,232
2,382,982
(13
%)
Net Revenue(2)
45,926
42,279
751,280
782,191
(4
%)
Segment Adjusted EBITDA(3)
9,228
7,900
151,116
146,121
3
%
Consumer
Revenue
38,323
24,096
626,514
445,845
41
%
Segment Adjusted EBITDA
13,015
6,333
212,537
117,144
81
%
Enterprise
Revenue
18,978
9,444
310,481
174,565
78
%
Net Revenue(2)
13,447
7,863
219,912
145,289
51
%
Segment Adjusted EBITDA
2,125
133
35,047
2,384
1,370
%
(1) Average exchange rates applicable for the purpose of translating our results of operations: ZAR 16.77 to $1 for Q3 2026, ZAR 18.40 to $1 for Q3 2025.(2) Non-GAAP measure. Refer to Attachment A of press release for full reconciliation of non-GAAP measures.(3) Revised Q3 FY2025 amounts to correct the errors discussed in Note 1 of our Form 10-Q for the period ended March 31, 2026.Commenting on the results, Lesaka Chairman Ali Mazanderani said, "I am pleased to report another strong quarter for Lesaka as we continue to improve our profitability. We achieved Group Adjusted EBITDA growth of 45% and an Adjusted Earnings per Share of ZAR 1.80, up more than 200% year-on-year. We have built a diversified platform, with multiple levers of sustainable growth that positions us exceptionally well for the years to come."
Outlook: 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 FY2026, the year ending June 30, 2026, we expect:
Net Revenue between ZAR 6.2 billion and ZAR 6.5 billion.
Group Adjusted EBITDA between ZAR 1.25 billion and ZAR 1.35 billion.
Net Income Attributable to Lesaka to be positive.
Adjusted earnings per share between ZAR 5.50 and ZAR 6.00.
Our FY2026 guidance excludes the impact of the announced acquisition of Bank Zero (which is subject to regulatory approvals and other customary closing conditions) and any unannounced mergers and acquisitions that we may conclude.
Management has provided its outlook regarding 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 measures are not available without unreasonable effort.
Earnings Presentation for Q3 FY2026 Results
Our earnings presentation will be posted to the Investor Relations page of our website prior to our earnings call.
Webcast Registration
Link to access the results webcast: https://www.corpcam.com/Lesaka07052026
Participants using the webcast will be able to submit questions during the live Question and Answer session. Link to conference call dial-in registration via Chorus Call: https://services.choruscall.it/DiamondPassRegistration/register?confirmationNumber=1737086&linkSecurityString=515af47c8
Dial in details and individual pin to be provided on registration. Participants using the conference call dial-in will be able to ask their questions during the live Question and Answer session
Following the presentation, an archived version of the webcast will be provided on Lesaka's Investor Relations website.
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 income (loss) before interest, taxes, depreciation and amortization, adjusted for non-operational transactions (including loss on impairment/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. We generate revenue from the provision of transaction-processing services through our various platforms and service offerings. We use these platforms to (a) sell prepaid airtime vouchers ("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 income (loss) and income (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 2026 also includes adjustments related to the loss on impairment of equity-accounted investments, impairment loss, ATM exit expenses and impairments, reversal of allowance for doubtful loans receivable, Lesaka rebrand refresh expenses (net of tax), income recognized related to closure of legacy businesses (net of tax), changes in the fair value of equity securities (net of deferred tax), loss on disposal of equity securities, other income and intangible asset amortization, net related to non-controlling interests.
Adjusted earnings and Adjusted earnings per share for fiscal 2025 also includes adjustments related to changes in the fair value of equity securities (net of deferred tax), loss on disposal of equity-accounted investments and intangible asset amortization, net related to non-controlling interests.
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 income (loss) attributable to Lesaka and these non-GAAP measures and the reconciliation between the basic weighted-average common shares outstanding and unvested restricted shares expected to vest under GAAP and the denominator used for Adjusted earnings per share.
Headline earnings (loss) per share ("HE(L)PS")
The inclusion of HE(L)PS in this press release is a requirement of our listing on the JSE. HE(L)PS basic and diluted is calculated using net income (loss) 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.
HE(L)PS basic and diluted is calculated as GAAP net income (loss) adjusted for the loss on sale of equity-accounted investments, impairment losses related to our equity-accounted investments, change in fair value of equity securities, net, impairment losses and (profit) loss on sale of property, plant and equipment. Attachment C presents the reconciliation between our net income (loss) used to calculate earnings (loss) per share basic and diluted and HE(L)PS basic and diluted and the calculation of the denominator for headline diluted earnings (loss) 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 and our Form 10-Q for the quarter ended March 31, 2026, 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:Idris DungarwallaEmail: [email protected]Mobile: +44 786 225 4852
Akash DowraEmail: [email protected]Mobile: +27 83 235 9750
Media Relations Contact:Ian HarrisonEmail: [email protected]Lesaka Technologies, Inc.
Attachment A
Reconciliation of GAAP income (loss) attributable to Lesaka to Group Adjusted EBITDA:
Three and nine months ended March 31, 2026 and 2025 and three months ended December 31, 2025
Three months ended
Nine months ended
March 31,
Dec 31,
March 31,
2026
2025
2025
2026
2025
Income (Loss) attributable to Lesaka - GAAP(A)
$
552
$
(22,353
)
$
3,645
$
(461
)
$
(59,659
)
(Add) Less net (loss) income attributable to non-controlling interest
115
(20
)
14
246
(48
)
Net income (loss)
437
(22,333
)
3,631
(707
)
(59,611
)
Earnings from equity accounted investments
(56
)
(12
)
(110
)
(166
)
(89
)
Net income (loss) before earnings from equity-accounted investments
381
(22,345
)
3,521
(873
)
(59,700
)
Income tax expense (benefit)
1,503
(2,934
)
670
2,027
(9,268
)
Income (Loss) before income tax expense
1,884
(25,279
)
4,191
1,154
(68,968
)
Loss on disposal of equity securities
-
-
730
730
-
Other income
-
-
(3,883
)
(3,883
)
-
Change in fair value of equity securities
378
20,421
(2,971
)
(2,593
)
54,152
Net loss on impairment/ disposal of equity-accounted investment
-
-
-
584
161
Reversal of allowance for doubtful loans receivable
(1,500
)
-
-
(1,500
)
-
Impairment loss(1)
1,916
-
-
1,916
-
Unrealized loss (gain) FV for currency adjustments
181
(114
)
(133
)
(16
)
102
Operating income (loss) after PPA amortization and net interest (non-GAAP)
2,859
(4,972
)
(2,066
)
(3,608
)
(14,553
)
PPA amortization (amortization of acquired intangible assets)
6,044
4,974
9,481
24,659
13,588
Operating income (loss) before PPA amortization after net interest (non-GAAP)
8,903
2
7,415
21,051
(965
)
Interest expense(A)
4,477
5,869
4,591
14,081
17,251
Interest income
(1,154
)
(645
)
(508
)
(2,201
)
(1,952
)
Operating income before PPA amortization and net interest (non-GAAP)
12,226
5,226
11,498
32,931
14,334
Depreciation and amortization (excluding amortization of intangibles)
4,499
3,455
4,087
12,346
9,340
Interest adjustment
-
(890
)
-
-
(2,478
)
Stock-based compensation charges
1,334
2,497
1,945
5,140
7,518
Once-off items (refer below)
2,553
2,306
247
3,067
4,599
Group Adjusted EBITDA - Non-GAAP(A)
$
20,612
$
12,594
$
17,777
$
53,484
$
33,313
(A) Revised FY2025 amounts to correct the errors discussed in Note 1 of our Form 10-Q for the period ended March 31, 2026.(1) Impairments excludes an amount of $0.7 million which is included in the caption exit of ATM business in the table below.
Three months ended
Nine months ended
March 31,
Dec 31,
March 31,
2026
2025
2025
2026
2025
Once-off items comprises:
Transaction costs
$
466
$
1,084
$
200
$
839
$
1,621
Transaction costs related to Adumo, Recharger and Bank Zero acquisitions
144
1,222
47
285
3,174
Lesaka brand refresh
984
-
-
984
-
Exit of ATM business
1,599
-
-
1,599
-
Indirect taxes provision release
(61
)
-
-
(61
)
(196
)
Income recognized related to closure of legacy businesses
(579
)
-
-
(579
)
-
Total once-off items
$
2,553
$
2,306
$
247
$
3,067
$
4,599
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 transaction costs related to the acquisition of Recharger over a number of quarters, and the transactions are generally non-recurring.
Exit of ATM business includes expenses incurred to exit our ATM business and the impairment of ATMs recorded in property, plant and equipment.
Rebrand relates to costs incurred related to Lesaka's new brand launched in November 2025, we expect that it will take the remainder of the 2026 calendar year to roll out the refreshed brand throughout the organization. These are non-recurring costs incurred as a necessary step in a set of strategic initiatives designed to create a "One Lesaka" identity for our customers and our employees.
Indirect tax provision release relates to the reversal 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 subsidiary and (ii) costs incurred related to subsidiaries which we are in the process of deregistering/ liquidation and therefore we consider these costs non-operational and ad hoc in nature.
Year ended June 30, 2025 and 2024
Year ended
June 30,
2025
2024
(in thousands)
Net loss attributable to Lesaka(A)
$
(88,741
)
$
(18,515
)
(Less) Add net (loss) income attributable to non-controlling interest
(130
)
-
Loss attributable to Lesaka, GAAP
$
(88,871
)
$
(18,515
)
(Earnings) Loss from equity accounted investments
(114
)
1,279
Net loss before (earnings) loss from equity-accounted investments
(88,985
)
(17,236
)
Income tax (benefit) expense
(18,198
)
3,363
