LESAKA TECHNOLOGIES INC
For the period ended Jun 30, 2026. Filed Sep 9, 2026.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2026 · Filed Sep 9, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-K
Period ended 2025-06-30; filed 2025-09-29.
0001562762-25-000245
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-K
Period ended 2026-06-30; filed 2026-09-09.
0001562762-26-000104
Item 7. 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 4085 previous paragraphs and 4287 current paragraphs.
2188 unchanged; 92 reworded; 1977 added; 1793 removed; 12 previous and 30 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 (1977)
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directly
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measures.
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holistic multiproduct
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structured across
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earn revenue
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from merchant
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acquiring on an
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ad valorem basis,
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based on a
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percentage of the
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is generated
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licensing
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(such as POS devices) to merchants.
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We earn revenue on an ad valorem basis,
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based on a percentage of
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the total cash settlements
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processed through our cash
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vaulting network. We
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We also
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offer merchant customers access to
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supplier
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transfers
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supplier
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largely
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with our
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accounts include
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monthly
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and includes premiums paid by policyholders.
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Our payment solutions enable
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payment acceptance for us
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and external enterprises,
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on which we earn
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a fixed fee per
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item
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discusses
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across
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three
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Enterprise.
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Discussions of our
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fiscal 2025 results
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Removed paragraphs (1793)
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holistic
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multiproduct
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We generate revenue
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We earn
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revenue from merchant acquiring
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on an ad valorem basis,
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based on a percentage
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of the total
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(technology
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(such
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providing
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licensing software and technology services to merchants.
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percentage
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settlements
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processed
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through our cash vaulting network. We
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merchant customers who
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are able to
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access short-term business loans.
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payments, International
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Money Transfers
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(“IMT”) and
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supplier enabled payments.
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These fees are
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largely charged
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on an ad
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Transactional
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earn
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a monthly
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on an
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ad valorem
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basis for
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Transactional
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consumer accounts
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include monthly
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paid by the policyholders.
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valorem basis
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through our
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Our payment
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solutions enable
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Reworded paragraphs (92)
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through a diversified portfolio of financial, payment, software, and technology solutions, structured across
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We generate revenue through a diversified portfolio of financial, payment, software, and technology solutions,
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We generate interest revenue from qualifying
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We generate interest revenue from qualifying merchant customers who are able to access short-term business
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We also offer merchant customers access to platforms through which we (a) generate revenue from the sale of prepaid
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platforms through which we (a) generate
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Revenue from our insurance offerings is earned monthly premiums
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Revenue from our insurance offerings is earned monthly
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also an additional contribution to revenue.
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also an additional contribution to revenue which are sold on a fixed price basis.
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The definition of an active consumer reflects the revenue generating engagement of our entire consumer base and more
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of an active merchant reflects the revenue generating
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(2) ARPU is calculated on a revenue
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(1) ARPU is calculated on a revenue per
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Our consumer base includes South African grant beneficiaries and other EasyPay
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Our consumer base includes South African grant beneficiaries and other
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both sub-categories of consumers are revenue generating and hence the combined consumer base metrics shown below
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categories of consumers are revenue generating and hence the combined consumer base metrics shown below are most appropriate
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are most appropriate to measure the performance of the division financially and operationally. Although historically we
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measure the performance of the division financially and operationally.
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in the last 90 days would not be considered an active consumer.
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in the last 90 days would
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accurately tracks our current and future monetization strategy for
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tracks our current and future monetization strategy for
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Approximate number of loans originated during the year
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Number of Loans Originated (thousands)
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Approximate number of insurance policies written in the year
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Number of Insurance Policies Written (thousands)
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Approximate number of active cardholders (number '000)
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Approximate number of active cardholders (thousands)
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Approximate load value for the year (ZAR millions)
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Approximate load value for the period (ZAR millions)
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for permanent grant beneficiaries. ARPU is a monthly figure based on a 3-month rolling average for the quarter ended June 30,
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permanent grant. ARPU is a monthly figure based on a 3-month rolling
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impairment test date. In performing this review, we are required to estimate the fair value of goodwill that is implied from a valuation
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the fair value of goodwill that
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of the reporting unit as of
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reporting unit as of June
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an impairment of $3.8 million, and if the WACC
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million, and if the WACC
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rate was 1% lower, the headroom would
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rate was 2% lower, the headroom would
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weighted-average cost of capital applicable to peer and industry comparables of the reporting units and the forecast period to be used.
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unit revenue growth rates, the weighted-average cost of capital applicable to peer and industry comparables of the reporting units and
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indicated that the fair value of our reporting units exceeded their carrying values and so
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that the fair value of our reporting units exceeded their carrying values and so did not
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the replacement cost approach to value
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and the cost approach to value other
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expenses to develop the
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revenues and expenses to develop the
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lifetime loss rate as of each
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loss rate with the month-end outstanding lending book. The expected loss rate as of June 30,
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not in arrears), under-performing component (that is,
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in arrears), under-performing component (that
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losses related to Consumer finance
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The allowance for credit losses related to Consumer finance loans receivables is calculated by multiplying the expected loss rate
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lifetime of loans generated thus far in order to calculate a lifetime loss rate for the
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order to calculate a expected loss
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order to calculate a lifetime loss rate for the lending book. We analyze this lending book as a single portfolio because the loans within
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rate for the lending book. We analyze this lending book
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book. The allowance for credit losses related to these microlending finance loans receivables is calculated
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related to these microlending finance loans receivables
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as the reconciliation between our segment performance measure and net loss before tax (benefits) expense, is presented in our audited
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as the reconciliation between our segment performance measure
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are both excluded from the calculation of Segment Adjusted EBITDA and
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from the calculation of Segment Adjusted EBITDA
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In fiscal 2025 we closed the acquisitions of Adumo
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In fiscal 2026 we closed the acquisitions of Atom and
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and Recharger and have integrated their businesses into our
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MobileMart and have integrated their businesses into ours from December
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our financial results for fiscal 2024 and 2023.
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included in our financial results for fiscal 2024.
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The U.S. dollar was 4.1% stronger against the ZAR during fiscal
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The U.S. dollar was 6.9% weaker against the ZAR during fiscal
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Loss before income tax expense (benefit)
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tax expense (benefit)
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ZAR, 4.2%). In ZAR, the increase was due to an increase in depreciation expense
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The increase was primarily due to the inclusion
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Developments” for a description of key trends impacting our revenue this
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Developments during Fiscal 2026” for a description of key trends impacting our
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Rearranged current paragraphs (30)
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revenue from the sale of prepaid
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charged on an ad valorem basis.
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active merchant basis based on a 3-month rolling average for the
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not be considered an active consumer.
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average for the quarter ended June 30, 2026.
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is implied from a valuation of
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the forecast period to be used. In determining the fair value of reporting
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unit revenue growth rates and the weighted-average cost of capital applicable to peer and industry comparables of the reporting units.
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discussed in Note 10 to our audited consolidated financial statements. The results of our impairment tests during fiscal 2024
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as a single portfolio because the
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book. The allowance for credit losses
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is calculated by multiplying the expected
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increase was primarily due to the
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inclusion of acquisition-related intangible asset amortization related to intangible assets
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operations, a deferred tax benefit related to acquisition-related intangible asset amortization,
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retrenchment costs for Merchant of $0.8 million, Enterprise of $0.8 million, and
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year impact of inflationary increases on certain expenses.
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This discussion is based on the amounts prepared in accordance with U.S. GAAP.
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Loss on disposal of equity-accounted investment
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0.6 billion), or 9.9% (in ZAR, 6.7%),
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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 Segment Adjusted EBITDA margin for fiscal 2025
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Income (Loss) attributable to Lesaka - GAAP
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(Earnings) loss from equity accounted investments
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translated at exchange rates as of June 30, 2026.
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of ZAR 400.0 million which is utilized to fund a portion
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due to the acquisition of vaults and POS devices.
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purchase Lesaka Hospitality non-controlling interests. We also paid $0.3 million to repurchase shares from employees in order for the
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employees to settle taxes due related to the vesting of shares of restricted
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Note 6 to our audited consolidated financial statements
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unknown at the date of this Annual
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higher transaction, insurance and lending revenues in Consumer,
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in depreciation expense related to additional POS devices deployed.
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Fiscal 2024 Compared to Fiscal 2023
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Loss before income tax expense (benefit)
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for Merchant of ZAR 4.9 million
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insurance policies) compared with fiscal 2023.
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fees; and directors’ and officers’ insurance premiums.
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which were settled in the following week, which was partially offset
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other tax jurisdictions, primarily in the Botswana.
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also received $16.4 million related to the sale of our