LESAKA TECHNOLOGIES INC
For the period ended Mar 31, 2026. Filed May 6, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed May 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-12-31; filed 2026-02-04.
0001562762-26-000015
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-06.
0001562762-26-000058
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 3224 previous paragraphs and 3440 current paragraphs.
1984 unchanged; 89 reworded; 1358 added; 1119 removed; 32 previous and 9 current paragraphs rearranged.
Tables are not compared: 0 previous and 0 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (1358)
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comparable
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compared to the third quarter of fiscal 2025.
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Lesaka acquired 100%
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shares
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in MobileMart,
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distributor
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prepaid solutions. Leveraging MobileMart’s
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existing direct integrations into multiple mobile network operators and suppliers, aims to
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enhance the unit economics of Merchant and Enterprise’s
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ADP product offering.
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On March 27, 2026,
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Lesaka amended its Working
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Capital Facility agreement,
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increasing the size of
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its general banking facility
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400 million
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to approximately
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billion. The
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amended
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agreement
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also includes
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additional operating
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subsidiaries as
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borrowers, enabling
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those entities
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to access
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the facility
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directly and
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better aligning
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the financing
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structure with
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the Group’s
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current
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operating structure. The increased facility provides additional liquidity
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and financial flexibility to support the Group’s
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operations and
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growth initiatives.
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exited
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ancillary
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Removed paragraphs (1119)
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Item 2. Management’s Discussion and Analysis of
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Non-GAAP
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our Annual
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and other
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to the second quarter of fiscal 2025.
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Lesaka launched its new brand in November 2025 and will take the remainder of the 2026 calendar year to roll out the refreshed
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brand throughout the
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organization. This was
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more than a
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brand refresh, it
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is a necessary step
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in a set of
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strategic initiatives designed
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what Lesaka stands for and the behaviors expected of all Lesaka employees.
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lease
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new
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Johannesburg
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head
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finalized.
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consolidate
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three
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offices
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across
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Johannesburg into
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a single hub,
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fostering faster integration,
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simplification and
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result in positive
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long-term financial
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impact. We
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aim
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A similar exercise is underway for our Durban and Cape Town
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regional hubs.
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We have made
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continued progress in simplifying the business:
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Each
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Lesaka’s
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three
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divisions
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Reworded paragraphs (89)
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This item generally discusses our results for the second quarter of fiscal 2026 compared
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This item generally discusses our results for the third quarter of fiscal 2026
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such as hardware and installation costs as well
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hardware and installation costs as well as revenue from international subsidiaries.
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on TPV processed. Individual product related KPI’s are shown below
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product related KPI’s are shown below.
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to complete the move by the end of this fiscal year.
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the end of this fiscal year.
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condition, results of operations and cash flows.
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results of operations and cash flows.
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for the three months ended December 31, 2024, includes
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to translate this data for the three and nine months ended March 31,
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minor differences. We believe that presentation
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We believe that presentation using the average
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measures which are supplementally presented in ZAR, and our internal management
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are supplementally presented in ZAR, and our internal management
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partially offset by the inclusion of Recharger, higher transaction, insurance and
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higher transaction, insurance and
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Recharger, the impact of an increase in certain issuing fee base prices year-over
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the impact of an increase in
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-year, and transaction activity in our issuing business,
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transaction activity in our
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offset by the positive contribution from our
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which was partially offset by the decrease in the volume of prepaid airtime sold.
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to discussion above at “—Recent Developments”
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Refer to discussion above at “—Recent
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consolidation financial statements for additional information.
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unaudited condensed consolidation financial statements for additional information.
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Interest expense decreased to $4.6 million (ZAR 78.6 million) from $6.3
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Interest expense decreased to $4.5 million (ZAR 73.3 million) from $5.9
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million (ZAR 112.2 million). In ZAR, the decrease was
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million (ZAR 108.6 million). In ZAR, the decrease was
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under our borrowing arrangements related to our Consumer lending book in the first half of fiscal 2026 compared with 2025.
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Consumer lending book in the third quarter of fiscal 2026 compared with 2025.
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On a comparable basis the
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On a comparable basis the equivalent interest expense
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the Consumer lending book for the
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related to the Consumer lending book for the third quarter of fiscal 2025
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(ZAR 11.5 million) compared to income tax benefit of
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to income tax benefit of $(2.9)
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operating losses incurred by these entities.
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net operating losses incurred by these entities.
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Our Segment Adjusted EBITDA margin (calculated as Segment Adjusted EBITDA divided
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Our Segment Adjusted EBITDA margin (calculated as Segment Adjusted EBITDA divided by revenue) for the third quarter of
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2026 and 2024 was 7.3% and 6.5%, respectively.
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and 2025 was 7.3% and 6.1%, respectively.
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higher insurance-related claims, interest expense (of approximately ZAR 22.1 million; Q2 2025: ZAR 13.1 million ) incurred
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higher insurance-related claims, interest expense (of approximately ZAR 24.1 million; Q3 2025: ZAR 16.5 million ) incurred
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Our Segment Adjusted (loss) EBITDA margin for
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Our Segment Adjusted (loss) EBITDA margin for the
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a significant impact on
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a significant impact on our results
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the same period in the prior year:
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same period in the prior year:
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insurance and lending revenues in Consumer,
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transaction, insurance and lending revenues in Consumer,
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a non-cash fair value loss of $33.7
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a non-cash fair value loss of $54.2
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under our borrowing arrangements related to our Consumer lending book in the second quarter of fiscal 2026 compared with
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incurred under our borrowing arrangements related to our Consumer lending book in year to date fiscal 2026 compared with
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fiscal 2025 was included in interest expense ; and
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2025 was included in interest expense;
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Consumer of $0.1 million and for Enterprise of $0.01 million.
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by $0.1 million, and the subtotal
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unaudited condensed consolidated statement of operations as
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of operations as
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result of the correction to amounts reported for the three months ended September 30, 2025.
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the correction to
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amounts reported for the three months ended September 30, 2025.
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amounts reported for
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the subtotal captions from Income (Loss) before income
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ZAR 4.9 million, and the subtotal captions from
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Income (Loss) before income tax expense (benefit)
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Income (Loss) before income
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increase in the volume of value-added services provided (primarily Pinless Airtime), an increase in certain issuing fee base prices and
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and Mobilemart, an increase in the volume of value-added services provided
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loan originations, which was partially offset by fewer Pinned
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offset by fewer Pinned Airtime sales.
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Cost of goods sold, IT processing, servicing and support increased by $0.18 million, Selling, general
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Cost of goods sold, IT processing, servicing
Showing the first 40 of 89 pairs. Open the source sections for the rest.
Rearranged current paragraphs (9)
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basis based on a 3-month
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offset by lower prepaid airtime revenue;
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over-year impact of inflationary increases on certain expenses,
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On a comparable basis the equivalent interest expense related to the
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Adjusted EBITDA and Group Adjusted EBITDA
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the increase in Segment Adjusted EBITDA is primarily due
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date fiscal 2026 and 2025 was 7.3% and 6.4%, respectively.
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during year to date fiscal 2026 and 2025 were as follows:
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devices. We also incurred expenditures of
Rearranged previous paragraphs (32)
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intangible assets related to change of useful lives of certain brand intangibles assets and a lower contribution from
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Income (Loss) before income tax expense (benefit)
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increase in depreciation expense related to additional POS devices deployed
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by revenue) for the second quarter
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were moderately lower compared with the prior period due to
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Loss before income tax expense (benefit)
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Loss before income tax expense (benefit)
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and the subtotal captions from Income (Loss) before income
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Net income (loss) attributable to Lesaka
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discussed in Note 1 to the unaudited condensed consolidated
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sales, which was partially offset by the inclusion of Adumo,
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insurance-related claims and third-party transaction fees.
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and the year-over-year impact
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of CPS is at an advanced
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of deconsolidation of $3.9 million (ZAR 65.4 million) to Other income.
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intangible asset amortization, non-deductible expenses (in
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transaction-related expenses), the on-going losses incurred by
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error discussed in Note 1 to the unaudited
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ended December 31, 2024, to correct the error discussed in Note 1 to the
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result of the correction to amounts reported for the three months ended September
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(1) Segment Adjusted EBITDA for the six months ended December 31, 2025, includes retrenchment costs for Merchant of ZAR
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Our Segment Adjusted EBITDA margin (calculated as
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Segment Adjusted EBITDA divided by revenue) for
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Our group costs for fiscal 2026
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for the three months ended September 30, 2025.
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acquisition of POS devices and vaults.
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significant net growth in our Consumer finance
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offset by the positive contribution from our
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that have not yet aligned their tax
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$0.1 million in other tax jurisdictions, primarily in Botswana during
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repurchase shares of our common stock, fund the acquisition of certain capital expenditures and for working capital requirements. We
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Cash flows from investing activities.” Our capital expenditures