Financial Analysis

3. ACQUISITIONS AND DISPOSITIONS The cash paid, net of cash received related to the Companys acquisition during the years ended June 30, 2026, 2025 and 2024, is summarized in the table below: 2026 2025 2024 Total cash paid $ 13,294 $ 24,161 $ 2,248 Less: cash acquired 2,177 11,215 665 Total cash paid, net of cash received $ 11,117 $ 12,946 $ 1,583 Acquisitions 2027 Proposed acquisitions of Bank Zero On June 26, 2025, Lesaka SA entered into a Transaction Implementation Agreement (the Transaction Implementation Agreement) with Zero Research Proprietary Limited (Zero Research), Bank Zero Mutual Bank (Bank Zero), and other parties identified in Annexure A to the Transaction Implementation Agreement (being all of the shareholders of Bank Zero save for Zero Research and Naught Holdings Ltd, the Bank Zero Sellers), the parties listed in Annexure B to the Transaction Implementation Agreement (being all of the shareholders of Zero Research save for Naught Holdings Ltd, the Zero Research Sellers) and Naught Holdings Ltd. All amounts below translated at the closing rate of $1: ZAR 17.76 as of June 30, 2025. The purchase consideration payable by Lesaka SA in exchange for the relevant shares in Bank Zero and the subscription consideration payable by Lesaka SA in exchange the subscription shares will be settled through a combination of delivery of Lesaka shares of common stock and up to ZAR 91.0 million ($ 5.1 million) in cash. Zero Research will apply the cash and Lesaka shares received b …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

22. COMMITMENTS AND CONTINGENCIES Capital commitments As of June 30, 2026 and 2025, the Company had outstanding capital commitments of approximately $ 0.6 million and $ 0.2 million, respectively. Purchase obligations As of June 30, 2026 and 2025, the Company had purchase obligations totaling $ 5.7 million and $ 2.9 million, respectively. The purchase obligations as of June 30, 2026, primarily relate to POS devices, components for safe assets and inventory that will be delivered to the Company and sold to customers in fiscal 2027. Guarantees The South African Revenue Service and certain of the Companys customers, suppliers and other business partners have asked the Company to provide them with guarantees, including standby letters of credit, issued by South African banks. The Company is required to procure these guarantees for these third parties to operate its business. Nedbank has issued guarantees to these third parties amounting to ZAR 2.1 million ($ 0.1 million, translated at exchange rates applicable as of June 30, 2026) thereby utilizing part of the Companys short-term facilities. The Company pays commission of between 0.47 % per annum to 1.84 % per annum of the face value of these guarantees and does not recover any of the commission from third parties. RMB has issued guarantees to these third parties amounting to ZAR 70.2 million ($ 4.3 million, translated at exchange rates applicable as of June 30, 2026) thereby utilizing part of the Companys short-term facilities. T …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

12. BORROWINGS Reference rate reform After the transition away from certain interbank offered rates in foreign jurisdictions (IBOR reform), the reforms to South Africas reference interest rate are now accelerating rapidly. The Johannesburg Interbank Average Rate (JIBAR) will be replaced by the new South African Overnight Index Average (ZARONIA) following the cessation of JIBAR after its final publication on December 31, 2026. ZARONIA reflects the interest rate at which rand-denominated overnight wholesale funds are obtained by commercial banks. The No New JIBAR initiative commenced on May 1, 2026, marking the cut-off date from which market participants should no longer enter into new financial contracts referencing JIBAR, except in clearly defined and limited circumstances. Certain of the Companys borrowings referenced JIBAR as a base interest rate. In February 2026, the Company amended its borrowing agreement to change the reference rate from JIBAR to ZARONIA from April 1, 2026 in anticipation of the No New JIBAR initiative. The reference rate applicable to Facilities A and B uses ZARONIA plus a credit adjustment spread (CAS), which is intended to place the parties in substantially the same economic position as if JIBAR had not ceased. South Africa The ZARONIA rate and CAS on June 30, 2026, was 6.73 % and 0.1619 %, respectively. The prime rate, the benchmark rate at which private sector banks lend to the public in South Africa, on June 30, 2026, was 10.50 %. Facilities obtai …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

Merchant Consumer Enterprise Total ADP $ 367,574 $ 205 $ 52,038 $ 419,817 South Africa 325,696 205 52,038 377,939 Rest of world 41,878 - - 41,878 Transactional fees - 50,443 - 50,443 Acquiring 46,776 - - 46,776 South Africa 46,776 - - 46,776 Rest of world - - - - Cash 41,604 - - 41,604 Software 22,139 - - 22,139 Utilities - - 15,002 15,002 Other 18,350 802 5,878 25,030 South Africa 17,757 802 5,878 24,437 Rest of world 593 - - 593 Total revenue under ASC 606, derived from the following geographic location 496,443 51,450 72,918 620,811 South Africa 453,972 51,450 72,918 578,340 Rest of world 42,471 - - 42,471 Lending 9,750 57,618 - 67,368 South Africa 9,688 57,618 - 67,306 Rest of world 62 - - 62 Insurance - 33,375 - 33,375 Total non-ASC 606 revenue, derived from the following geographic location 9,750 90,993 - 100,743 South Africa 9,688 90,993 - 100,681 Rest of world 62 - - 62 Total revenue, derived from the following geographic locations 506,193 142,443 72,918 721,554 South Africa 463,660 142,443 72,918 679,021 Rest of world $ 42,533 $ - $ - $ 42,533 Merchant Consumer Enterprise Total ADP $ 404,317 $ - $ 30,512 $ 434,829 South Africa 370,009 - 30,512 400,521 Rest of world 34,308 - - 34,308 Transactional fees - 39,506 82 39,588 Cash 43,723 - - 43,723 Acquiring 32,507 - - 32,507 South Africa 32,507 - - 32,507 Rest of world - - - - Software 14,872 - - 14,872 Utilities - - 4,027 4,027 Other 19,663 530 4,820 25,013 South Africa 19,173 530 4,820 24,523 Rest of world 490 - - 490 To …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

17. STOCK-BASED COMPENSATION Amended and Restated Stock Incentive Plan The Companys Amended and Restated 2022 Stock Incentive Plan (2022 Plan) was most recently amended and restated on November 16, 2022. On each of April 11, 2024, and September 2, 2025, respectively, the Companys Board amended the 2022 Plan to increase the number of shares available for issuance by 3,000,000 (for a total increase of 6,000,000 ). On each of June 3, 2024, and December 8, 2025, respectively, the Companys shareholders approved the amendment. No evergreen provisions are included in the 2022 Plan. This means that the maximum number of shares issuable under the 2022 Plan is fixed and cannot be increased without shareholder approval, the 2022 Plan expires by its terms upon a specified date, and no new stock options are awarded automatically upon exercise of an outstanding stock option. Shareholder approval is required for the repricing of awards or the implementation of any award exchange program. The Plan permits Lesaka to grant to its employees, directors and consultants incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock, performance-based awards and other awards based on its common stock. The Remuneration Committee of the Companys Board of Directors (Remuneration Committee) administers the 2022 Plan. The total number of shares of common stock issuable under the 2022 Plan is 19,552,580 . The maximum number of shares for which stock options, stock apprec …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

10. GOODWILL AND INTANGIBLE ASSETS, net Goodwill Summarized below is the movement in the carrying value of goodwill for the years ended June 30, 2026, 2025 and 2024: Gross value Accumulated impairment Carrying value Balance as of July 1, 2023 $ 152,619 $ (18,876) $ 133,743 Foreign currency adjustment (1) 5,280 (472) 4,808 Balance as of June 30, 2024 157,899 (19,348) 138,551 Impairment loss - (17,041) (17,041) Acquisitions (Note 3) (2) 76,114 - 76,114 Foreign currency adjustment (1) 2,096 (325) 1,771 Balance as of June 30, 2025 236,109 (36,714) 199,395 Impairment loss - (388) (388) Acquisition (Note 3) (3) 1,586 - 1,586 Deconsolidation of Humble (Note 3) (1,515) - (1,515) Foreign currency adjustment (1) 18,770 (2,550) 16,220 Balance as of June 30, 2026 $ 254,950 $ (39,652) $ 215,298 (1) The foreign currency adjustment represents the effects of the fluctuations between the South African Rand against the U.S. dollar on the carrying value. (2) Represents goodwill arising from the acquisition of Adumo, Utilities, Lesaka Nam and Lesaka Fuel Software and translated at the foreign exchange rates applicable on the date the transactions became effective. This goodwill has been allocated to the Merchant (a portion Adumo, Lesaka Nam and Lesaka Fuel Software), Consumer (a portion of Adumo) and Enterprise (Utilities) reportable operating segments. (3) Represents goodwill arising from the acquisition of MobileMart and translated at the foreign exchange rates applicable on the date the trans …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

"18. INCOME TAXES Income tax expense The table below presents the components of income (loss) before income tax expense (benefit) for the years ended June 30, 2026, 2025 and 2024: 2026 2025 2024 Domestic: South Africa (A) $ 11,233 $ (35,554) $ (5,480) Foreign: (7,507) (71,629) (8,393) United States (11,993) (12,322) (8,705) Other (1) 4,486 (59,307) 312 Income (Loss) before income tax expense (benefit) (A) $ 3,726 $ (107,183) $ (13,873) (A) Income (loss) before income tax expense (benefit) to Net income (loss) attributable to Lesaka for the year ended June 30, 2025 and 2024 decreased by $ 1.2 million and $ 1.1 million, respectively, in order to correct the error discussed in Note 1 to the consolidated statement of operations. (1) Amount for the year ended June 30, 2025, includes the impact of the change in fair value of equity securities discussed in Note 6 related to MobiKwik. Presented below is income tax expense (benefit) by location of the taxing jurisdiction for the years ended June 30, 2026, 2025 and 2024: 2026 2025 2024 Current tax expense $ 10,880 $ 5,757 $ 5,766 Domestic: South Africa 8,412 5,582 5,634 Foreign: 2,468 175 132 Other 2,468 175 132 Deferred tax (benefit) expense (A) (9,451) (21,739) (2,712) Domestic: South Africa (A) (9,483) (11,601) (2,716) Foreign: 32 (10,138) 4 United States - (10,120) - Other 32 (18) 4 Foreign tax credits generated - United States - - 309 Income tax expense (benefit) $ 1,429 $ (15,982) $ 3,363 (A) Deferred tax expense (benefit) and So …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

8. LEASES The Company has entered into leasing arrangements classified as operating leases under accounting guidance. These leasing arrangements relate primarily to the lease of its corporate head office, administration offices, a manufacturing facility, and branch locations through which the Company operates its financial services business in South Africa. The Companys operating leases have a remaining lease term of between one year to ten years . The Company also operates parts of its financial services business from locations which it leases for a period of less than one year . The Companys operating lease expense during the years ended June 30, 2026, 2025 and 2024, was $ 5.9 million, $ 4.8 million, and $ 3.2 million, respectively. The Company does not have any significant leases that have not commenced as of June 30, 2026, except for a new regional office in Cape Town , Western Cape, South Africa (refer below). The Company has entered into short-term leasing arrangements, primarily for the lease of branch locations and other locations to operate its financial services business in South Africa. The Companys short-term lease expense during the years ended June 30, 2026, 2025 and 2024, was $ 1.9 million, $ 4.7 million and $ 3.6 million, respectively. New corporate head office and other leases obtained In December 2025, the Company, through Lesaka SA, entered into a leasing arrangement for a new corporate head office in Dunkeld, Gauteng, South Africa with Oxford Parks Proprie …

LesseeOperatingLeasesTextBlock · excerpt; the full note is in the filing

Recent accounting pronouncements adopted In December 2023, the Financial Accounting Standards Board (FASB) issued guidance regarding Income Taxes (Topic 740) to improve income tax disclosure requirements. The guidance requires entities, on an annual basis, to (1) disclose specific categories in the income tax rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than five percent of the amount computed by multiplying pre-tax income or loss by the applicable statutory income tax rate). This guidance was effective for the Company beginning July 1, 2025 for its year ended June 30, 2026. Refer to Note 18. …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

23. RELATED PARTY TRANSACTIONS Related parties of the Executive Chairman The Company's Executive Chairman also serves as Chairman of a Teya Holdings Ltd. (Teya), a group of privately held entities. Certain entities within the Teya group engage in transactions with the Company in the ordinary course of business. The Company has evaluated these arrangements and determined that the related transactions were immaterial, individually and in the aggregate, to the Company's consolidated financial statements for the periods presented . Related parties of a non-employee director One of the Company's non-employee directors (Mr. Dean Sparrow) also serves as director and chief executive officer of Crossfin Holdings. Crossfin Holdings has an indirect shareholding in VantagePay and Mr. Sparrow is a director of VantagePay. The Company a nd VantagePay have engaged in a transaction in the ordinary course of business, refer to Note 4 for additional information. …

RelatedPartyTransactionsDisclosureTextBlock · excerpt; the full note is in the filing

16. REVENUE The Company is a provider of digitized cash management solutions and merchant acquiring services, including an integrated platform for the distribution of ADP (including value-added services such as prepaid airtime, prepaid electricity and bill payment); software solutions, transaction processing services; financial inclusion products and services, and secure payment technology. The Company operates as a payment processor in South Africa. The Company offers debit, credit and prepaid processing and issuing services for all major payment networks. In South Africa, the Company provides innovative low-cost financial inclusion products, including banking, lending and insurance. The Company analyzes its business under a product view, for example, its acquiring activities in Merchant are allocated to an acquiring product view for Merchant. The Company has updated its disaggregation of revenue disclosures to align with this pro duct view. Comparative periods have been recast. Disaggregation of revenue The following table represents our revenue disaggregated by major revenue streams, including reconciliation to operating segments for the year ended June 30, 2026: Merchant Consumer Enterprise Total ADP $ 367,574 $ 205 $ 52,038 $ 419,817 South Africa 325,696 205 52,038 377,939 Rest of world 41,878 - - 41,878 Transactional fees - 50,443 - 50,443 Acquiring 46,776 - - 46,776 South Africa 46,776 - - 46,776 Rest of world - - - - Cash 41,604 - - 41,604 Software 22,139 - - 22,139 U …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

21. OPERATING SEGMENTS Operating segments The Company discloses segment information as reflected in the management information systems reports that its chief operating decision maker (CODM) uses in making decisions and to report certain entity-wide disclosures about products and services, and the countries in which the entity holds material assets or reports material revenues. The Company currently has three reportable segments: Merchant, Consumer and Enterprise. The Companys CODM is the Companys Executive Chairman. The CODM analyzes the Companys operating performance primarily based on these three operational lines, namely, (i) Merchant, which focuses on both formal and informal sector merchants. Formal sector merchants are generally in urban areas, have higher revenues and have access to multiple service providers. Informal sector merchants, which are often sole proprietors and usually have lower revenues compared with formal section merchants, operate in rural areas or in informal urban areas and do not always have access to a full-suite of traditional banking products; (ii) Consumer, which primarily focuses on individuals who have historically been excluded from traditional financial services and to whom we offer transactional accounts (banking), insurance, lending (short-term loans), payments solutions (digital wallet) and various value-added services; and (iii) Enterprise, which comprises large-scale corporate and government organizations, including but not limited to b …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

2. SIGNIFICANT ACCOUNTING POLICIES Principles of consolidation The financial statements of entities which are controlled by Lesaka, referred to as subsidiaries, are consolidated. Inter-company accounts and transactions are eliminated upon consolidation. The Company, if it is the primary beneficiary, consolidates entities which are considered to be variable interest entities (VIE). The primary beneficiary is considered to be the entity that will absorb a majority of the entity's expected losses, receive a majority of the entity's expected residual returns, or both. The Company has an obligation to absorb the financial losses of the Lesaka Employee Share Trust (Lesaka ESOP Trust) and also has the ability to control this trust and therefore it has been consolidated. This trust does not generate significant losses or residual returns. Business combinations The Company accounts for its business acquisitions under the acquisition method of accounting. The total value of the consideration paid for acquisitions is allocated to the underlying net assets acquired, based on their respective estimated fair values. The Company uses a number of valuation methods to determine the fair value of assets and liabilities acquired, including discounted cash flows, external market values, valuations on recent transactions or a combination thereof, and believes that it uses the most appropriate measure or a combination of measures to value each asset or liability. The Company recognizes measurement …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

14. COMMON STOCK Common stock Holders of shares of Lesakas common stock are entitled to receive dividends and other distributions when declared by Lesakas board of directors out of legally available funds. Payment of dividends and distributions is subject to certain restrictions under the Florida Business Corporation Act, including the requirement that after making any distribution Lesaka must be able to meet its debts as they become due in the usual course of its business. Upon voluntary or involuntary liquidation, dissolution or winding up of Lesaka, holders of common stock share ratably in the assets remaining after payments to creditors and provision for the preference of any preferred stock according to its terms. There are no pre-emptive or other subscription rights, conversion rights or redemption or scheduled installment payment provisions relating to shares of common stock. All of the outstanding shares of common stock are fully paid and non-assessable. Each holder of common stock is entitled to one vote per share for the election of directors and for all other matters to be voted on by shareholders. Holders of common stock may not cumulate their votes in the election of directors, and are entitled to share equally and ratably in the dividends that may be declared by the board of directors, but only after payment of dividends required to be paid on outstanding shares of preferred stock according to its terms. The shares of Lesaka common stock are not subject to redem …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

24. SUBSEQUENT EVENTS New lease obtained In August 2026, the Company, through Lesaka SA, entered into a binding offer to lease for a new regional office in Umhlanga, Durban, KwaZulu-Natal, South Africa with SA Sugar Distributors Proprietary Limited, a subsidiary of ABFS, a private company incorporated in South Africa. The lease commences on November 1, 2026 and is for a period of 5 years, with an option to renew for a further five years . The Company secured beneficial occupation from September 1, 2026, and is expected to record a ROU asset and an operating lease liability related from the date of taking beneficial occupation. The Company was required to provide a cash deposit of two months rent to the lessor. The Company expects to pay an annual basic lease expense of $ 0.3 million (ZAR 5.1 million, translated at exchange rates applicable as of June 30, 2026), which increases by 7.00 % per annum. Guarantee issued to supplier In July and August 2026, RMB issued guarantees of ZAR 22.0 million and ZAR 7.3 million, respectively, ($ 1.3 million and $ 0.4 million, respectively, translated at exchange rates applicable as of June 30, 2026), to third parties thereby utilizing part of the Companys short-term facilities. …

SubsequentEventsTextBlock · excerpt; the full note is in the filing

2. Acquisitions The Company did not make any acquisition during the nine months ended March 31, 2024. The cash paid, net of cash received related to the Companys acquisitions during the nine months ended March 31, 2025, is summarized in the table below: Total Total cash paid $ 24,161 Less: cash acquired 11,207 Total cash paid, net of cash received $ 12,954 2025 Acquisitions October 2024 acquisition of Adumo On May 7, 2024, the Company entered into a Sale and Purchase Agreement (the Purchase Agreement) with Lesaka SA, and Crossfin Apis Transactional Solutions (Pty) Ltd and Adumo ESS (Pty) Ltd (the Sellers). Pursuant to the Purchase Agreement and subject to its terms and conditions, Lesaka, through its subsidiary, Lesaka SA, agreed to acquire, and the Sellers agreed to sell, all of the outstanding equity interests and certain claims in the Adumo (RF) Proprietary Limited (Adumo). The transaction closed on October 1, 2024. Adumo is an independent payments and commerce enablement platform in Southern Africa, and at acquisition, it served approximately 23,000 active merchants with operations across South Africa, Namibia, Botswana and Kenya. For more than two decades, Adumo has facilitated physical and online commerce between retail merchants and end-consumers by offering a unique combination of payment processing and integrated software solutions, which currently include embedded payments, integrated payments, reconciliation services, merchant lending, customer engagement tools, ca …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

20. Commitments and contingencies Guarantees The South African Revenue Service and certain of the Companys customers, suppliers and other business partners have asked the Company to provide them with guarantees, including standby letters of credit, issued by South African banks. The Company is required to procure these guarantees for these third parties to operate its business. RMB has issued guarantees to these third parties amounting to ZAR 33.1 million ($ 1.8 million, translated at exchange rates applicable as of March 31, 2025) thereby utilizing part of the Companys short-term facilities. The Company pays commission of between 3.42 % per annum to 3.44 % per annum of the face value of these guarantees and does not recover any of the commission from third parties. Nedbank has issued guarantees to these third parties amounting to ZAR 2.1 million ($ 0.1 million, translated at exchange rates applicable as of March 31, 2025) thereby utilizing part of the Companys short-term facilities. The Company pays commission of between 0.47 % per annum to 1.84 % per annum of the face value of these guarantees and does not recover any of the commission from third parties. The Company has not recognized any obligation related to these guarantees in its consolidated balance sheet as of March 31, 2025. The maximum potential amount that the Company could pay under these guarantees is ZAR 35.2 million ($ 1.9 million, translated at exchange rates applicable as of March 31, 2025). As discussed in …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Movement in short-term credit facilities Summarized below are the Companys short-term facilities as of March 31, 2025, and the movement in the Companys short- term facilities from as of June 30, 2024 to as of March 31, 2025: 9. Borrowings Refer to Note 12 to the Companys audited consolidated financial statements included in its Annual Report on Form 10-K for the year ended June 30, 2024, for additional information regarding its borrowings. Reference rate reform After the transition away from certain interbank offered rates in foreign jurisdictions (IBOR reform ), the reforms to South Africas reference interest rate are now accelerating rapidly. The Johannesburg Interbank Average Rate (JIBAR) will be replaced by the new South African Overnight Index Average (ZARONIA). Certain of the Companys borrowings reference JIBAR as a base interest rate. ZARONIA reflects the interest rate at which rand-denominated overnight wholesale funds are obtained by commercial banks. There is uncertainty surrounding the timing and manner in which the transition would occur and how this would affect our borrowings. The Company is in regular contact with its lenders and negotiate changes to the existing borrowing agreements once there is greater clarity on the implementation of ZARONIA. South Africa The amounts below have been translated at exchange rates applicable as of the dates specified. On February 27, 2025, the Company, Lesaka SA and a number of other subsidiaries of Lesaka SA entered into a Co …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

Merchant Consumer Enterprise Total (As restated) (A) (As restated) (A) Processing fees (A) $ 32,553 $ 7,583 $ 6,581 $ 46,717 South Africa (A) 30,795 7,583 6,581 44,959 Rest of Africa 1,758 - - 1,758 Technology products 5,863 29 971 6,863 South Africa 5,790 29 971 6,790 Rest of Africa 73 - - 73 Prepaid airtime sold (A) 87,010 26 1,556 88,592 South Africa (A) 80,340 26 1,556 81,922 Rest of Africa 6,670 - - 6,670 Lending revenue - 8,143 - 8,143 Interest from customers 1,793 504 - 2,297 Insurance revenue - 5,170 - 5,170 Account holder fees - 1,791 - 1,791 Other 998 850 29 1,877 South Africa 944 850 29 1,823 Rest of Africa 54 - - 54 Total revenue, derived from the following geographic locations (A) 128,217 24,096 9,137 161,450 South Africa (A) 119,662 24,096 9,137 152,895 Rest of Africa $ 8,555 $ - $ - $ 8,555 Merchant Consumer Enterprise Total Processing fees $ 21,944 $ 6,353 $ 6,738 $ 35,035 South Africa 20,417 6,353 6,738 33,508 Rest of Africa 1,527 - - 1,527 Technology products 562 8 1,233 1,803 South Africa 518 8 1,233 1,759 Rest of Africa 44 - - 44 Prepaid airtime sold 86,184 83 1,401 87,668 South Africa 81,083 83 1,401 82,567 Rest of Africa 5,101 - - 5,101 Lending revenue - 6,229 - 6,229 Interest from customers 1,553 - - 1,553 Insurance revenue - 3,178 - 3,178 Account holder fees - 1,560 - 1,560 Other 604 493 71 1,168 South Africa 551 493 71 1,115 Rest of Africa 53 - - 53 Total revenue, derived from the following geographic locations 110,847 17,904 9,443 138,194 South Afric …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

13. Stock-based compensation The Companys Amended and Restated 2022 Stock Incentive Plan (20 22 Plan) and the vesting terms of certain stock-based awards granted are described in Note 17 to the Companys audited consolidated financial statements included in its Annual Report on Form 10-K for the year ended June 30, 2024. Stock option and restricted stock activity Options The following table summarizes stock option activity for the nine months ended March 31, 2025 and 2024: Number of shares Weighted average exercise price ($) Weighted average remaining contractual term (in years) Aggregate intrinsic value ($'000) Weighted average grant date fair value ($) Outstanding - June 30, 2024 4,918,248 8.70 4.51 889 1.77 Granted - December 2024 350,000 6.00 2.00 433 1.24 Granted - December 2024 250,000 8.00 2.00 177 0.71 Granted - January 2025 100,000 8.00 2.00 71 0.71 Granted - January 2025 150,000 11.00 2.00 107 0.71 Granted - January 2025 150,000 14.00 2.00 123 0.82 Exercised (36,345) 3.02 - 70 - Forfeited (13,333) 11.23 - - 8.83 Outstanding - March 31, 2025 5,868,570 8.71 3.79 886 1.20 Outstanding - June 30, 2023 673,274 4.37 5.14 239 1.67 Granted December 2023 500,000 3.50 5.17 880 1.76 Exercised (23,217) 1.20 - 14 - Forfeited (195,739) 3.93 - - 1.39 Outstanding - March 31, 2024 954,318 4.03 5.24 45 1.78 The Company awarded 400,000 stock options to an executive officer during the three months ended March 31, 2025 with strike prices ranging from $ 8 to $ 14 , and an aggregate of 1,00 …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

7. Goodwill and intangible assets, net Goodwill Summarized below is the movement in the carrying value of goodwill for the nine months ended March 31, 2025: Gross value Accumulated impairment Carrying value Balance as of June 30, 2024 $ 157,899 $ (19,348) $ 138,551 Acquisitions (Note 2) (1) 76,590 - 76,590 Foreign currency adjustment (2) (5,430) 125 (5,305) Balance as of March 31, 2025 $ 229,059 $ (19,223) $ 209,836 (1) Represents goodwill arising from the acquisition of Adumo, Recharger, IVAS Namibia and Master Fuel and translated at the foreign exchange rates applicable on the date the transactions became effective. This goodwill has been allocated to the Merchant (a portion Adumo, IVAS Namibia and Master Fuel), Consumer (a portion of Adumo) and Enterprise (Recharger) reportable operating segments. (2) The foreign currency adjustment represents the effects of the fluctuations of the South African rand against the U.S. dollar on the carrying value. Goodwill associated with the acquisitions represents the excess of cost over the fair value of acquired net assets. Goodwill arising from these acquisitions is not deductible for tax purposes. See Note 2 for the allocation of the purchase price to the fair value of acquired net assets. Goodwill has been allocated to the Companys reportable segments as follows: Merchant Consumer Enterprise Carrying value Balance as of June 30, 2024 $ 123,396 $ - $ 15,155 $ 138,551 Acquisitions (Note 2) 64,795 8,703 3,092 76,590 Foreign currency adj …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

19. Income tax Income tax in interim periods For the purposes of interim financial reporting, the Company determines the appropriate income tax provision by first applying the effective tax rate expected to be applicable for the full fiscal year to ordinary income. This amount is then adjusted for the tax effect of significant unusual items, for instance, changes in tax law, valuation allowances and non-deductible transaction-related expenses that are reported separately, and have an impact on the tax charge. The cumulative effect of any change in the enacted tax rate, if and when applicable, on the opening balance of deferred tax assets and liabilities is also included in the tax charge as a discrete event in the interim period in which the enactment date occurs. For the three and nine months ended March 31, 2025, the Companys effective tax rate was impacted by the tax expense recorded by the Companys profitable South African operations, non-deductible expenses (including transaction-related expenditures) , the on- going losses incurred by certain of the Companys South African businesses, a valuation allowance created related to the fair value adjustment to MobiKwik, and the associated valuation allowances created related to the deferred tax assets recognized regarding net operating losses incurred by these entities. For the three and nine months ended March 31, 2024, the Companys effective tax rate was impacted by the tax expense recorded by the Companys profitable South Af …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

17. Leases The Company has entered into leasing arrangements classified as operating leases under accounting guidance. These leasing arrangements relate primarily to the lease of its corporate head office, administration offices and branch locations through which the Company operates its consumer business in South Africa. The Companys operating leases have remaining lease terms of between one and five years . The Company also operates parts of its consumer business from locations which it leases for a period of less than one year . The Companys operating lease expense during the three months ended March 31, 2025 and 2024 was $ 1.3 million and $ 0.9 million, respectively. The Companys operating lease expense during the nine months ended March 31, 2025 and 2024 was $ 3.5 million and $ 2.2 million, respectively. The Company has also entered into short-term leasing arrangements, primarily for the lease of branch locations and other locations, to operate its consumer business in South Africa. The Companys short-term lease expense during the three months ended March 31, 2025 and 2024, was $ 1.1 million and $ 0.9 million, respectively. The Companys short-term lease expense during the nine months ended March 31, 2025 and 2024, was $ 3.4 million and $ 2.8 million, respectively. The following table presents supplemental balance sheet disclosure related to the Companys right-of-use assets and its operating lease liabilities as of March 31, 2025 and June 30, 2024: March 31, June 30, 2025 …

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Recent accounting pronouncements adopted In November 2023, the Financial Accounting Standards Board (FASB) issued guidance regarding Segment Reporting (Topic 280) to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. In addition, the guidance enhances interim disclosure requirements, clarifies circumstances in which an entity can disclose multiple segment measures of profit or loss, provides new segment disclosure requirements for entities with a single reportable segment, and contains other disclosure requirements. This guidance is effective for the Company beginning July 1, 2024 for its year ended June 30, 2025, and for interim periods commencing from July 1, 2025 (i.e. for the quarter ended September 30, 2025). …

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16. Revenue recognition Disaggregation of revenue The following table presents the Companys revenue disaggregated by major revenue streams, including a reconciliation to reportable segments for the three months ended March 31, 2025: Merchant Consumer Enterprise Total (As restated) (A) (As restated) (A) Processing fees (A) $ 32,553 $ 7,583 $ 6,581 $ 46,717 South Africa (A) 30,795 7,583 6,581 44,959 Rest of Africa 1,758 - - 1,758 Technology products 5,863 29 971 6,863 South Africa 5,790 29 971 6,790 Rest of Africa 73 - - 73 Prepaid airtime sold (A) 87,010 26 1,556 88,592 South Africa (A) 80,340 26 1,556 81,922 Rest of Africa 6,670 - - 6,670 Lending revenue - 8,143 - 8,143 Interest from customers 1,793 504 - 2,297 Insurance revenue - 5,170 - 5,170 Account holder fees - 1,791 - 1,791 Other 998 850 29 1,877 South Africa 944 850 29 1,823 Rest of Africa 54 - - 54 Total revenue, derived from the following geographic locations (A) 128,217 24,096 9,137 161,450 South Africa (A) 119,662 24,096 9,137 152,895 Rest of Africa $ 8,555 $ - $ - $ 8,555 16. Revenue recognition (continued) Disaggregation of revenue (continued) (A) Processing fees (and South Africa) have reduced by $ 1.9 million and Prepaid airtime sold (South Africa) have increased by $ 27.7 million as a result of the correction discussed in Note 1. The net correction to revenue was $ 25.8 million. The following table presents the Companys revenue disaggregated by major revenue streams, including a reconciliation to reportable se …

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18. Operating segments Operating segments The Company discloses segment information as reflected in the management information systems reports that its chief operating decision maker uses in making decisions and to report certain entity-wide disclosures about products and services, and the countries in which the entity holds material assets or reports material revenues. Change to internal reporting structure and re cast of previously reported information The Companys chief operating decision maker is the Companys Executive Chairman. During the second quarter of fiscal 2025, he changed the Companys operating and internal reporting structures to present a new segment, Enterprise, separately. The chief operating decision maker has decided to analyze the Companys operating performance primarily based on three operational lines, namely, (i) Merchant, which focuses on both formal and informal sector merchants. Formal sector merchants are generally in urban areas, have higher revenues and have access to multiple service providers. Informal sector merchants, which are often sole proprietors and usually have lower revenues compared with formal section merchants, operate in rural areas or in informal urban areas and do not always have access to a full-suite of traditional banking products; (ii) Consumer, which primarily focuses on individuals who have historically been excluded from traditional financial services and to whom we offer transactional accounts (banking), insurance, lending …

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11. Capital structure Issue of shares to Connect sellers pursuant to April 2022 transaction The total purchase consideration pursuant to the Connect acquisition in April 2022 includes 3,185,079 shares of the Companys common stock. These shares of common stock will be issued in three equal tranches on each of the first, second and third anniversaries of the April 14, 2022 closing. The Company legally issued 1,061,693 shares of its common stock, representing the third tranche, to the Connect sellers in April 2025, and this had no impact on the number of shares, net of treasury, presented in the unaudited condensed consolidated statement of changes in equity during the nine months ended March 31, 2025 because the 3,185,079 shares are included in the number of shares, net of treasury, as of June 30, 2024, and March 31, 2025. October 2024 repurchase of common stock and issue of shares in Recharger transaction On October 1, 2024, the Company, through Lesaka SA, and Crossfin Holdings entered into a share purchase agreement under which Lesaka SA purchased 2,601,410 of the 3,587,332 Consideration Shares for ZAR 207.2 million ($ 12.0 million). The transaction was settled in early October 2024, and the shares of the Companys common stock repurchased have been included in the Companys treasury shares included in its unaudited condensed consolidated statement of changes in equity for the three and nine months ended March 31, 2025, respectively. The repurchase was made outside of the Compa …

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21. Subsequent events Lesaka ESOP Trust On November 14, 2024, the Company announced that its shareholders voted on and approved the funding and issuance of shares to the Lesaka ESOP Trust at its annual general meeting. The Lesaka Employee Share Ownership Plan (ESOP) is designed to create alignment with the Company's long-term growth objectives. The Lesaka ESOP Trust is also expected to advance the Companys transformation initiatives and plays an important role in improving the companys Broad-Based Black Economic Empowerment (BBBEE) rating. As of November 2024, when shareholders approved the plan, the Companys employee base is comprised of approximately 87 % designated groups for BBBEE purposes. Through the creation of a broader base of employee ownership, the Company is helping to promote economic inclusion and contribute to transformation in the broader South African economy. The Lesaka ESOP Trust is structured as an evergreen trust, ensuring the permanence of the plan and allowing for the inclusion of future employees as the Company continues to grow. The Lesaka ESOP Trust was required to have an effective holding of 3 % of the Companys issued shares at the date of implementation, and in February 2025, the Company issued 2,490,000 shares of its common stock to the Lesaka ESOP Trust. The subscription price payable by the Lesaka ESOP Trust for the shares was vendor funded by the Company through a notional vendor funding (NVF) structure whereby the Company provided a notional …

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