# EDGAR Filing Document

**Accession Number:** 0001041514
**File Stem:** 0001062993-25-016495
**Filing Date:** 2025-11
**Character Count:** 44828
**Document Hash:** 43afe9ea586c7b6b42a73815bcc80635
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001062993-25-016495.hdr.sgml**: 20251105

**ACCESSION NUMBER**: 0001062993-25-016495

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20251105

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251105

**DATE AS OF CHANGE**: 20251105

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LESAKA TECHNOLOGIES INC
- **CENTRAL INDEX KEY:** 0001041514
- **STANDARD INDUSTRIAL CLASSIFICATION:** FUNCTIONS RELATED TO DEPOSITORY BANKING, NEC [6099]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 980171860
- **STATE OF INCORPORATION:** FL
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-31203
- **FILM NUMBER:** 251454117

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 4TH FLOOR, PRESIDENT PLACE
- **STREET 2:** CNR. JAN SMUTS & BOLTON
- **CITY:** ROSEBANK, JOHANNESBURG
- **PROVINCE COUNTRY:** T3
- **BUSINESS PHONE:** 27 11 343 2000

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 4TH FLOOR, PRESIDENT PLACE
- **STREET 2:** CNR. JAN SMUTS & BOLTON
- **CITY:** ROSEBANK, JOHANNESBURG
- **PROVINCE COUNTRY:** T3

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NET 1 UEPS TECHNOLOGIES INC
- **DATE OF NAME CHANGE:** 20000724

?xml version='1.0' encoding='ASCII'? Lesaka Technologies, Inc.: Form 8-K - Filed by newsfilecorp.com

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**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

Washington, D.C. 20549

**___________________________**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported):  **<u>November 5, 2025</u>**

**<u>LESAKA TECHNOLOGIES, INC.</u>**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
|  **<u>Florida</u>** |  **<u>000-31203</u>** |  **<u>98-0171860</u>** |
| (State or other jurisdiction | (Commission | (IRS Employer |
| of incorporation) | File Number) | Identification No.) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **President Place, 4th Floor, Cnr. Jan Smuts Avenue and Bolton Road <u>Rosebank, Johannesburg, South Africa</u>** (Address of principal executive offices) (ZIP Code)

Registrant's telephone number, including area code: **<u>011-27-11-343-2000</u>**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbols** | **Name of each exchange on which registered** |
| Common Shares | LSAK | NASDAQ Global Select Market |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b -2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Item 2.02. Results of Operations and Financial Condition.**

The following information is furnished pursuant to Item 2.02, "Results of Operations and Financial Condition".

On November 5, 2025, Lesaka Technologies, Inc., a Florida corporation (the "<u>Company</u>"), issued a press release setting forth its financial results for the first quarter ended September 30, 2025.

**Item 9.01. Financial Statements and Exhibits**

(d) <u>Exhibits</u>

---

| | |
|:---|:---|
| **Exhibits** | &nbsp;&nbsp;**Description** |
| [99.1](exhibit99-1.htm) | [Press Release, dated November 5, 2025, issued by Lesaka Technologies, Inc.](exhibit99-1.htm) |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **LESAKA TECHNOLOGIES, INC.** | **LESAKA TECHNOLOGIES, INC.** |
| Date: November 5, 2025 | By: | /s/ Dan Smith |
|  | Name: | Dan Smith |
|  | Title: | Group Chief Financial Officer |

---

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## Exhibit 99.1

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**Exhibit 99.1**

**Lesaka's Q1 FY2026 Results: Lesaka achieves Q1 FY2026 guidance and reaffirms FY2026 outlook**

JOHANNESBURG, November 5, 2025 - Lesaka Technologies, Inc. (Nasdaq: LSAK; JSE: LSK) today released results for the first quarter of fiscal 2026 ("Q1 2026").

<u>Q1 2026 performance</u><sup><u>1</u></sup><u>:</u>

*All growth rates are year-on-year between Q1 FY2026 and Q1 FY2025.*

* Revenue of $171.5 million (ZAR 3.0 billion) up 10% in ZAR.

* Net Revenue<sup>2</sup> of $86.6 million (ZAR 1.5 billion), up 45% in ZAR.

* Operating Income of $0.4 million (ZAR 6.7 million), improved from a loss of $0.1 million (ZAR 0.3 million).

* Net Loss of $4.3 million (ZAR 75.9 million), improved 6% in ZAR.

* Group Adjusted EBITDA<sup>2</sup> of $15.3 million (ZAR 270.6 million), up 61% in ZAR, achieving guidance provided.

* Basic loss per share of $0.05 (ZAR 0.93), improving 26% in ZAR.

* Adjusted earnings<sup>2</sup> of $5.0 million (ZAR 87.3 million), up 150% in ZAR.

* Adjusted earnings per share<sup>2</sup> of $0.06 (ZAR 1.07), up 97% in ZAR.

* Merchant Segment Revenue of $127.0 million (ZAR 2.2 billion). Merchant Segment Net Revenue<sup>2</sup> of $44.4 million (ZAR 782.8 million), up 43% in ZAR. Merchant Segment Adjusted EBITDA<sup>2</sup> of $9.2 million (ZAR 162.1 million), up 20% in ZAR.

* Consumer Segment Revenue of $30.6 million (ZAR 539.0 million), up 43% in ZAR. Consumer Segment Adjusted EBITDA<sup>2</sup> of $8.5 million (ZAR 149.7 million), up 90% in ZAR.

* Enterprise Segment Revenue of $14.9 million (ZAR 261.9 million). Enterprise Segment Net Revenue<sup>2</sup> of $12.6 million (ZAR 221.6 million), up 19% in ZAR. Enterprise Segment Adjusted EBITDA<sup>2</sup> of $1.3 million (ZAR 22.4 million), up 241% in ZAR.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(1) Average exchange rates applicable for the purpose of translating our results of operations: ZAR 17.67 to $1 for Q1 2026, ZAR 17.72 to $1 for Q1 2025.* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(2) Non-GAAP measure. Refer to Attachment A of press release for full reconciliation of non-GAAP measures.*

**Outlook: Second Quarter 2026 ("Q2 FY2026") and Full Fiscal Year 2026 ("FY 2026") guidance**

While we report our financial results in USD, we measure our operating performance in ZAR, and as such we provide our guidance accordingly.

**For Q2 FY2026, the quarter ending December 31, 2025, we expect:**

* Net Revenue between ZAR 1.575 billion and ZAR 1.725 billion.

* Group Adjusted EBITDA between ZAR 280 million and ZAR 320 million

**For FY2026, the year ending June 30, 2026, we reaffirm:**

* Net Revenue between ZAR 6.4 billion and ZAR 6.9 billion

* Group Adjusted EBITDA between ZAR 1.25 billion and ZAR 1.45 billion

* Net Income Attributable to Lesaka to be positive.

* Adjusted earnings per share of at least ZAR 4.60, implying a year-on-year growth of greater than 100%.

Our FY2026 guidance **excludes** the impact of the 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 measure are not available without unreasonable effort.

**Earnings Presentation for Q1 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: <u>https://www.corpcam.com/Lesaka06112025</u>

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: <u>https://services.choruscall.eu/DiamondPassRegistration/register?confirmationNumber=5108813&linkSecurityString=c4c5181c7</u>

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 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 loss and loss per share adjusted for the amortization of acquisition-related intangible assets (net of deferred taxes), stock-based compensation charges, and unusual non-recurring items, including costs related to acquisitions and transactions consummated or ultimately not pursued.

Adjusted earnings and Adjusted earnings per share for fiscal 2026 also includes adjustments related to the loss on impairment of equity-accounted investments and intangible asset amortization, net related to non-controlling interests.

Adjusted earnings and Adjusted earnings per share for fiscal 2025 also includes an adjustment for deferred tax adjustments to the valuation allowance for a subsidiary which released its valuation allowance related to net operating losses in full during Q4 2025.

------

Management believes that the Group Adjusted EBITDA, Adjusted earnings and Adjusted earnings per share metrics enhance its own evaluation, as well as an investor's understanding of our financial performance. Attachment A presents the reconciliation between GAAP net loss attributable to Lesaka and these non-GAAP measures.

***Headline (loss) earnings per share ("H(L)EPS")***

The inclusion of H(L)EPS in this press release is a requirement of our listing on the JSE. H(L)EPS basic and diluted is calculated using net (loss) income which has been determined based on GAAP. Accordingly, this may differ to the headline (loss) earnings per share calculation of other companies listed on the JSE as these companies may report their financial results under a different financial reporting framework, including but not limited to, International Financial Reporting Standards.

H(L)EPS basic and diluted is calculated as GAAP net (loss) income adjusted for the loss on sale of equity-accounted investments, impairment losses related to our equity-accounted investments, impairment losses and (profit) loss on sale of property, plant and equipment. Attachment C presents the reconciliation between our net (loss) income used to calculate (loss) earnings per share basic and diluted and H(L)EPS basic and diluted and the calculation of the denominator for headline diluted (loss) earnings per share.

**About Lesaka Technologies Inc.** (<u>www.lesakatech.com</u>)

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:<u>LSAK</u>) and a secondary listing on the Johannesburg Stock Exchange (JSE: LSK). Visit <u>www.lesakatech.com</u> for additional information about Lesaka.

**Forward-Looking Statements**

**Investor Relations and Media Relations Contacts:**

Phillipe Welthagen

Email: <u>phillipe.welthagen@lesakatech.com</u>

Mobile: +27 84 512 5393

Idris Dungarwalla

Email: <u>idris.dungarwalla@lesakatech.com</u>

Mobile: +44 786 225 4852

Akash Dowra

Email: <u>akash.dowra@lesaktech.com</u>

Mobile: +27 83 235 9750

------

**Media Relations Contact:**

Ian Harrison

Email: <u>Ian@thenielsennetwork.com</u>

------

**Lesaka Technologies, Inc.**

**Attachment A**

**Reconciliation of GAAP loss attributable to Lesaka to Group Adjusted EBITDA loss:**

**Three months ended September 30, 2025 and 2024 and June 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **Three months ended** | **Three months ended** | **Three months ended** |
|  | **September 30,** | **September 30,** | **Jun 30,** |
|  | **2025** | **2024** | **2025** |
| **Loss attributable to Lesaka - GAAP** | $**(4297)** | $**(4542)** | $**(28770)** |
| Add net loss attributable to noncontrolling interest | 117 |  | 178 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss | (4414) | (4542) | (28948) |
| &nbsp;&nbsp;&nbsp;&nbsp;(Earnings) Loss from equity accounted investments |  | (27) | (25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss before (earnings) loss from equity-accounted investments | (4414) | (4569) | (28973) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax (benefit) expense | (146) | 78 | (8930) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss before income tax expense | (4560) | (4491) | (37903) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in fair value in equity securities |  |  | 5676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss on impairment of equity-accounted investment | 584 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment loss |  |  | 18863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized gain FV for currency adjustments | (64) | (219) | (79) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating loss after PPA amortization and net interest (non-GAAP) | (4040) | (4710) | (13443) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PPA amortization (amortization of acquired intangible assets) | 9134 | 3747 | 7796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating income before PPA amortization after net interest (non-GAAP) | 5094 | (963) | (5647) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 4898 | 5032 | 4470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | (539) | (586) | (644) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating income before PPA amortization and net interest (non-GAAP) | 9453 | 3483 | (1821) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization (excluding amortization of intangibles) | 3760 | 2529 | 2997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest adjustment |  | (831) | 283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation charges | 1861 | 2377 | 2032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Once-off items (refer below) | 267 | 1805 | 13227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Group Adjusted EBITDA - Non-GAAP** | $**15341** | $**9363** | $**16718** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Three months ended** | **Three months ended** | **Three months ended** |
|  | **September 30,** | **September 30,** | **Jun 30,** |
|  | **2025** | **2024** | **2025** |
| **Once-off items comprises:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Transaction costs | $173 | $75 | $173 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transaction costs related to Adumo, Recharger and Bank Zero acquisitions | 94 | 1730 | 12985 |
| &nbsp;&nbsp;&nbsp;&nbsp;Indirect taxes provision release |  |  | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total once-off items** | $**267** | $**1805** | $**13227** |

---

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.

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**June 30, 2025 and 2024**

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| | | |
|:---|:---|:---|
|  | **Year ended** | **Year ended** |
|  | **June 30,** | **June 30,** |
|  | **2025** | **2024** |
|  | (in thousands) | (in thousands) |
| **Net loss attributable to Lesaka** | $**(87504)** | $**(17440)** |
| (Less) Add net (loss) income attributable to non-controlling interest | (130) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss attributable to Lesaka - GAAP | $**(87634)** | $**(17440)** |
| &nbsp;&nbsp;&nbsp;&nbsp;(Earnings) Loss from equity accounted investments | (114) | 1279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss before (earnings) loss from equity-accounted investments | (87748) | (16161) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax (benefit) expense | (18198) | 3363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss before income tax expense | (105946) | (12798) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reversal of allowance for doubtful EMI loans receivable |  | (250) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net (gain) loss on disposal of equity-accounted investment | 161 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in fair value of equity securities | 59828 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment loss | 18863 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized (gain) loss FV for currency adjustments | 23 | (83) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating loss after PPA amortization and net interest (non-GAAP) | (27071) | (13131) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PPA amortization (amortization of acquired intangible assets) | 21384 | 14419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating (loss) income before PPA amortization after net interest (non-GAAP) | (5687) | 1288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 21453 | 18932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | (2596) | (2294) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating (loss) income before PPA amortization and net interest (non-GAAP) | 13170 | 17926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation (excluding amortization of intangibles) | 12337 | 9246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation charges | 9550 | 7911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest adjustment | (2195) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Once-off items (refer below) | 17826 | 1853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Group Adjusted EBITDA - Non-GAAP** | $**50688** | $**36936** |

---

**Reconciliation of Revenue under GAAP to Net Revenue: Three months ended September 30, 2025 and 2024, and three months ended June 30, 2025**

---

| | | | |
|:---|:---|:---|:---|
|  | **Three months ended** | **Three months ended** | **Three months ended** |
|  | **September 30,** | **September 30,** | **Jun 30,** |
|  | **2025** | **2024** | **2025** |
| **Revenue - GAAP** | $**171448** | $**153568** | $**168467** |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of prepaid airtime vouchers sold by us & commissions paid to third parties selling all other agency-based products | (84842) | (94759) | (86462) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Revenue (non-GAAP) | $**86606** | $**58809** | $**82005** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Revenue / revenue | 51% | 38% | 49% |
| **Merchant segment revenue (before eliminations) - GAAP** | $**126950** | $**123651** | $**128957** |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of prepaid airtime vouchers sold by us & commissions paid to third parties selling all other agency-based products | (82556) | (93195) | (84562) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merchant Net Revenue (non-GAAP) | $**44394** | $**30456** | $**44395** |
| **Enterprise segment revenue (before eliminations) - GAAP** | $**14853** | $**11883** | $**12296** |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of prepaid airtime vouchers sold by us & commissions paid to third parties selling all other agency-based products | (2286) | (1564) | (1900) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Merchant Net Revenue (non-GAAP) | $**12567** | $**10319** | $**10396** |

---

------

**Reconciliation of GAAP net loss and loss per share, basic, to fundamental net earnings (loss) and earnings (loss) per share, basic:**

**Three months ended September 30, 2025 and 2024**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net (loss) income**<br>**(USD '000)** | **Net (loss) income**<br>**(USD '000)** | **(L)PS, basic** <br>**(USD)** | **(L)PS, basic** <br>**(USD)** | **Net (loss) income**<br>**(ZAR '000)** | **Net (loss) income**<br>**(ZAR '000)** | **(L)PS, basic** <br>**(ZAR)** | **(L)PS, basic** <br>**(ZAR)** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| **GAAP** | **(4297)** | **(4542)** | **(0.05)** | **(0.07)** | **(75890)** | **(81023)** | **(0.93)** | **(1.26)** |
| Intangible asset amortization, net | 6668 | 2735 |  |  | 117584 | 49173 |  |  |
| Stock-based compensation charge | 1861 | 2377 |  |  | 32762 | 42691 |  |  |
| Transaction costs | 267 | 1805 |  |  | 4817 | 31828 |  |  |
| Net loss on impairment of equity-accounted investment | 584 |  |  |  | 10342 |  |  |  |
| Amortization, net related to non-controlling interest | (134) |  |  |  | (2361) |  |  |  |
| Deferred tax asset recognized |  | (437) |  |  |  | (7774) |  |  |
| **Adjusted** | **4949** | **1938** | **0.06** | **0.03** | **87254** | **34895** | **1.07** | **0.54** |

---

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**Attachment B**

**Unaudited Condensed Consolidated Financial Statements** 

**LESAKA TECHNOLOGIES, INC.**

**Unaudited Condensed Consolidated Statements of Operations** <br>

---

| | | |
|:---|:---|:---|
|  | **Unaudited** | **Unaudited** |
|  | **Three months ended** | **Three months ended** |
|  | **September 30,** | **September 30,** |
|  | **2025** | **2024** |
|  | (In thousands) | (In thousands) |
| **REVENUE** | $**171448** | $**153568** |
| **EXPENSE** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of goods sold, IT processing, servicing and support | 118440 | 118909 |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administration | 39637 | 26698 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 12894 | 6276 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transaction costs related to Adumo, Recharger and Bank Zero acquisitions | 94 | 1730 |
| **OPERATING INCOME** | **383** | **(45)** |
| LOSS ON IMPAIRMENT OF EQUITY-ACCOUNTED INVESTMENT | 584 |  |
| INTEREST INCOME | 539 | 586 |
| INTEREST EXPENSE | 4898 | 5032 |
| **LOSS BEFORE INCOME TAX (BENEFIT) EXPENSE** | **(4560)** | **(4491)** |
| INCOME TAX (BENEFIT) EXPENSE | (146) | 78 |
| **NET LOSS BEFORE EARNINGS FROM EQUITY-ACCOUNTED INVESTMENTS** | **(4414)** | **(4569)** |
| EARNINGS FROM EQUITY-ACCOUNTED INVESTMENTS |  | 27 |
| **NET LOSS** | **(4414)** | **(4542)** |
| ADD NET LOSS ATTRIBUTABLE TO NON-CONTROLLING INTEREST | 117 |  |
| **NET LOSS ATTRIBUTABLE TO LESAKA** | $**(4297)** | $**(4542)** |
| **Net loss per share, in United States dollars**: |  |  |
| Basic loss attributable to Lesaka shareholders | $(0.05) | $(0.07) |
| Diluted loss attributable to Lesaka shareholders | $(0.05) | $(0.07) |

---

------

**LESAKA TECHNOLOGIES, INC.**

**Unaudited Condensed Consolidated Statements of Cash Flows** <br>

---

| | | |
|:---|:---|:---|
|  | **Unaudited** | **Unaudited** |
|  | **Three months ended** | **Three months ended** |
|  | **September 30,** | **September 30,** |
|  | **2025** | **2024** |
|  | (In thousands) | (In thousands) |
| **Cash flows from operating activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss | $(4414) | $(4542) |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 12894 | 6276 |
| &nbsp;&nbsp;&nbsp;&nbsp;Movement in allowance for doubtful accounts receivable and finance loans receivable | 2606 | 1499 |
| &nbsp;&nbsp;&nbsp;&nbsp;Movement in interest payable | (107) | 1693 |
| &nbsp;&nbsp;&nbsp;&nbsp;Fair value adjustment related to financial liabilities | (1) | 190 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on impairment of equity-accounted investments | 584 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Earnings from equity-accounted investments |  | (27) |
| &nbsp;&nbsp;&nbsp;&nbsp;Profit on disposal of property, plant and equipment | (30) | (27) |
| &nbsp;&nbsp;&nbsp;&nbsp;Facility fee amortized | 78 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation charge | 1861 | 2377 |
| &nbsp;&nbsp;&nbsp;&nbsp;(Increase) Decrease in accounts receivable and other receivables | (1230) | 7692 |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in finance loans receivable | (6903) | (1590) |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease (Increase) in inventory | 5148 | (889) |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease in accounts payable and other payables | (594) | (17177) |
| &nbsp;&nbsp;&nbsp;&nbsp;Increase in taxes payable | 512 | 765 |
| &nbsp;&nbsp;&nbsp;&nbsp;Decrease in deferred taxes | (1481) | (446) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash provided by (used in) operating activities** | 8923 | (4137) |
| **Cash flows from investing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital expenditures | (3980) | (3965) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from disposal of property, plant and equipment | 452 | 850 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition of intangible assets | (1139) | (173) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in settlement assets | 4206 | 3570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash (used in) provided by investing activities** | (461) | 282 |
| **Cash flows from financing activities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from bank overdraft | 27974 | 23893 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayment of bank overdraft | (40661) | (31028) |
| &nbsp;&nbsp;&nbsp;&nbsp;Long-term borrowings utilized | 2763 | 774 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayment of long-term borrowings | (1148) | (5472) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-refundable deal origination fees | (33) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net change in settlement obligations | (3633) | (3648) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net cash used in financing activities** | (14738) | (15481) |
| Effect of exchange rate changes on cash | 1921 | 3226 |
| **Net decrease in cash, cash equivalents and restricted cash** | (4355) | (16110) |
| **Cash, cash equivalents and restricted cash - beginning of period** | 76639 | 65919 |
| **Cash, cash equivalents and restricted cash - end of period** | $72284 | $49809 |

---

------

**LESAKA TECHNOLOGIES, INC.**

**Unaudited Condensed Consolidated Balance Sheets** <br>

---

| | | |
|:---|:---|:---|
|  | **Unaudited** | **(A)** |
|  | **September 30,** | **June 30,** |
|  | **2025** | **2025** |
|  | (In thousands, except share data) | (In thousands, except share data) |
| **ASSETS** |  |  |
| **CURRENT ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $72162 | $76520 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 122 | 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net of allowance of - September: $1,816; June: $1,753 and other receivables | 44790 | 42525 |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance loans receivable, net of allowance of - September: $6,114; June: $5,244 | 80860 | 74110 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventory | 18957 | 23551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets before settlement assets | 216891 | 216825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Settlement assets | 23653 | 27098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total current assets** | **240544** | **243923** |
| PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation of - September: $55,748; June: $55,086 (Note 1) | 46277 | 44924 |
| OPERATING LEASE RIGHT-OF-USE | 9876 | 9691 |
| EQUITY-ACCOUNTED INVESTMENTS | 170 | 199 |
| GOODWILL | 204979 | 199395 |
| INTANGIBLE ASSETS, net of accumulated amortization of - September: $83,286; June: $71,644 | 134664 | 139215 |
| DEFERRED INCOME TAXES | 12325 | 12554 |
| OTHER LONG-TERM ASSETS, including equity securities | 4020 | 3809 |
| **TOTAL ASSETS** | **652855** | **653710** |
| **LIABILITIES** |  |  |
| **CURRENT LIABILITIES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term credit facilities | 12488 | 24469 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 19138 | 19867 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other payables | 75026 | 72079 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease liability - current | 4258 | 4007 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of long-term borrowings | 12581 | 11956 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income taxes payable | 1961 | 1400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities before settlement obligations | 125452 | 133778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Settlement obligations | 23822 | 26695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total current liabilities** | **149274** | **160473** |
| DEFERRED INCOME TAXES | 32773 | 33921 |
| OPERATING LEASE LIABILITY - LONG TERM | 6041 | 6129 |
| LONG-TERM BORROWINGS | 195516 | 188813 |
| OTHER LONG-TERM LIABILITIES, including insurance policy liabilities | 3029 | 2991 |
| **TOTAL LIABILITIES** | **386633** | **392327** |
| REDEEMABLE COMMON STOCK | 88957 | 88957 |
| **EQUITY** |  |  |
| LESAKA EQUITY: |  |  |
| COMMON STOCK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Authorized: 200,000,000 with $0.001 par value; |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issued and outstanding shares, net of treasury: September: 81,463,899; June: 81,249,097 | 103 | 103 |
| PREFERRED STOCK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Authorized shares: 50,000,000 with $0.001 par value; |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issued and outstanding shares, net of treasury: September: -; June: - |  |  |
| ADDITIONAL PAID-IN-CAPITAL | 428811 | 426950 |
| TREASURY SHARES, AT COST: September: 29,934,044; June: 29,934,044 | (298523) | (298523) |
| ACCUMULATED OTHER COMPREHENSIVE LOSS | (178462) | (185664) |
| RETAINED EARNINGS | 218422 | 222719 |
| **TOTAL LESAKA EQUITY** | **170351** | **165585** |
| NON-CONTROLLING INTEREST | 6914 | 6841 |
| **TOTAL EQUITY** | **177265** | **172426** |
| **TOTAL LIABILITIES, REDEEMABLE COMMON STOCK AND SHAREHOLDERS' EQUITY** | $**652855** | $**653710** |

---

(A) Derived from audited consolidated financial statements.

Note 1: In October 2025, the Company identified that it had understated its June 30, 2025, cost and accumulated depreciation by $6.5 million. The carrying value of property, plant and equipment reported as of June 30, 2025, was not impacted by the misstatement. Accumulated depreciation has been recast to increase the amount from $48,636 to $55,086.

------

**Our unaudited condensed consolidated balance sheets as of September 30, 2025 and June 30, 2025 in ZAR are presented below. Amounts included in these balance sheets have been calculated using the $ amounts per our balance sheets presented in U.S. dollars and converted to ZAR using the exchange rates noted below**

**LESAKA TECHNOLOGIES, INC.**

**Unaudited Condensed Consolidated Balance Sheets**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Unaudited** | **Unaudited** | **Unaudited** | **Unaudited** |
|  | **September 30,** | **September 30,** | **June 30,** | **June 30,** |
|  | **2025** | **2025** | **2025** | **2025** |
|  | (In thousands, except share data) | (In thousands, except share data) | (In thousands, except share data) | (In thousands, except share data) |
| **ASSETS** |  |  |  |  |
| CURRENT ASSETS |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | R | 1246252 | R | 1358643 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restricted cash |  | 2107 |  | 2113 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net of allowance of - September: R31,363; June: R31,125 and other receivables |  | 773532 |  | 755048 |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance loans receivable, net of allowance of - September: R105,590; June: R93,109 |  | 1396468 |  | 1315853 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventory |  | 327391 |  | 418157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets before settlement assets |  | 3745750 |  | 3849814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Settlement assets |  | 408492 |  | 481136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets |  | 4154242 |  | 4330950 |
| PROPERTY, PLANT AND EQUIPMENT, net of accumulated depreciation of - September: R962,779; June: R978,074 (Note 1) |  | 799213 |  | 797644 |
| OPERATING LEASE RIGHT-OF-USE |  | 170560 |  | 172068 |
| EQUITY-ACCOUNTED INVESTMENTS |  | 2936 |  | 3533 |
| GOODWILL |  | 3540028 |  | 3540338 |
| INTANGIBLE ASSETS, net of accumulated amortization of - September: R1,438,366; June: R1,272,068 |  | 2325674 |  | 2471818 |
| DEFERRED INCOME TAXES |  | 212855 |  | 222901 |
| OTHER LONG-TERM ASSETS, including equity securities |  | 69426 |  | 67630 |
| **TOTAL ASSETS** |  | **11274934** |  | **11606882** |
| **LIABILITIES** |  |  |  |  |
| CURRENT LIABILITIES |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term credit facilities |  | 215670 |  | 434457 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable |  | 330517 |  | 352747 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other payables |  | 1295714 |  | 1279791 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease liability - current |  | 73537 |  | 71146 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of long-term borrowings |  | 217276 |  | 212284 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income taxes payable |  | 33867 |  | 24858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities before settlement obligations |  | 2166581 |  | 2375283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Settlement obligations |  | 411411 |  | 473980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities |  | 2577992 |  | 2849263 |
| DEFERRED INCOME TAXES |  | 565996 |  | 602281 |
| OPERATING LEASE LIABILITY - LONG TERM |  | 104329 |  | 108823 |
| LONG-TERM BORROWINGS |  | 3376600 |  | 3352450 |
| OTHER LONG-TERM LIABILITIES, including insurance policy liabilities |  | 52311 |  | 53106 |
| **TOTAL LIABILITIES** |  | **6677228** |  | **6965923** |
| **TOTAL EQUITY AND REDEEMABLE COMMON STOCK** | **R** | **4597706** | **R** | **4640959** |
| **Exchange rate $1: ZAR** |  | **17.2702** |  | **17.7554** |

---

Note 1: In October 2025, the Company identified that it had understated its June 30, 2025, cost and accumulated depreciation by ZAR 114.5 million. The carrying value of property, plant and equipment reported as of June 30, 2025, was not impacted by the misstatement. Accumulated depreciation has been recast to increase the amount from ZAR 863,552 to ZAR 978,074.

------

**Attachment C**

**Reconciliation of net loss used to calculate loss per share basic and diluted and headline loss per share basic and diluted:**

**Three months ended September 30, 2025 and 2024**

---

| | | |
|:---|:---|:---|
|  | **2025** | **2024** |
| Net loss (USD'000) | (4297) | (4542) |
| Adjustments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss on impairment of equity-accounted investment | 584 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Profit on sale of property, plant and equipment | (30) | (27) |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax effects on above | 8 | 7 |
| Net loss used to calculate headline loss (USD'000) | (3735) | (4562) |
| Weighted average number of shares used to calculate net loss per share basic loss and headline loss per share basic loss ('000) | 81327 | 64293 |
| Weighted average number of shares used to calculate net loss per share diluted loss and headline loss per share diluted loss ('000) | 81327 | 64293 |
| Headline loss per share: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic, in USD | (0.05) | (0.07) |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted, in USD | (0.05) | (0.07) |

---

**Calculation of the denominator for headline diluted loss per share**

---

| | | |
|:---|:---|:---|
|  | **Three months ended** <br>**September 30,** | **Three months ended** <br>**September 30,** |
|  | **2025** | **2024** |
| Basic weighted-average common shares outstanding and unvested restricted shares expected to vest under GAAP | 81327 | 64293 |
| &nbsp;&nbsp;&nbsp;&nbsp;Denominator for headline diluted loss per share | 81,327 | 64,293 |

---

Weighted average number of shares used to calculate headline diluted loss per share represents the denominator for basic weighted-average common shares outstanding and unvested restricted shares expected to vest plus the effect of dilutive securities under GAAP. We use this number of fully diluted shares outstanding to calculate headline diluted loss per share because we do not use the two-class method to calculate headline diluted loss per share.

------