Wrap Text
REVIEWED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2026
Optasia Limited
(previously Channel VAS Investments Limited)
(Incorporated under the laws of the British Virgin Islands)
(Company number: 1750790)
JSE share code: OPA
ISIN code: VGG2072E1016
(“Optasia” or “the Company” or “the Group”)
REVIEWED INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 JUNE 2026
Optasia, a global leader in financial intelligence and technology-enabled credit solutions across
emerging markets, is pleased to publish its interim results for the six-month period ended 30 June
2026.
Financial highlights
• Distributed Value increased 46% to $3.5 billion (H1 2025: $2.4 billion)
• Revenue increased 58% to $185.3 million (H1 2025: $117.2 million)
• Adjusted EBITDA increased 45% to $77.9 million (H1 2025: $53.8 million), with an Adjusted
EBITDA Margin of 42.0% (H1 2025: 45.9%)
• Normalised Net Income increased 40% to $39.3 million (H1 2025: $28.1 million)
• Basic and Headline EPS increased 50% to 2.79 US cents (H1 2025: 1.85 US cents)
• Adjusted Free Cash Flow increased 150% to $32.7 million (H1 2025: $13.1 million), with cash
conversion improving to 41.9% (H1 2025: 24.3%)
• MFS revenue increased 84% and represented 72% of Group revenue (H1 2025: 62%)
• Take Rate increased to 5.3% (H1 2025: 4.9%), while Default Rate remained resilient at 1.3%
(H1 2025: 1.1%)
• Net Debt to annualised Adjusted EBITDA remained low at 0.20x (H1 2025: 0.81x)
Operating & strategic highlights
• Three new deployments went live during H1 2026, including a new deployment in Gabon and
the Group’s first MFS proposition in South Sudan
• Strong growth continued across established markets, including Ghana, Pakistan, Indonesia
and Congo-Brazzaville
• The Group launched its first merchant-lending proposition, extending the Group’s credit
portfolio into merchant financing
• The acquisition of Finergi was completed, adding utility credit as a new growth vertical for
Optasia
• Continued progress in the Group’s collaboration with FNB (part of FirstRand), alongside
FirstRand increasing its shareholding to 26.1% in the period
• Airtime credit services in Nigeria resumed across all operator partners by 24 June 2026, with
services restored under a multi-provider structure
CEO statement
The first half of 2026 delivered strong growth across the Group. Revenue increased 58% versus H1
2025 to $185.3 million, adjusted EBITDA increased 45% to $77.9 million and normalised net income
increased 40% to $39.3 million. Adjusted free cash flow increased to $32.7 million, with cash
conversion improving to 41.9%, while net debt remained low at 0.20x annualised adjusted EBITDA.
MFS continued to be the primary growth driver, with revenue increasing 84% and representing 72%
of Group revenue. Performance was broad based across service lines, with Ghana continuing to
scale strongly and Pakistan, Indonesia and Congo-Brazzaville also delivering strong results. Asia
remains an important part of our strategy, with the performance of Pakistan and Indonesia
reinforcing the opportunity across the region. Across established markets, growth is increasingly
being supported by deeper penetration, broader eligibility, higher usage and the introduction of
additional products and limits where customer behaviour and portfolio performance support them.
Ghana demonstrates the opportunity to scale multiple propositions successfully within a single
market, a model we are increasingly applying elsewhere.
Three new deployments went live during H1, including Gabon and South Sudan, and we have a
substantially larger group of deployments under development, including 12 in the delivery phase
with more than eight targeted for launch during the second half of 2026. We are progressing
opportunities across several markets, including further deployments in South Africa, DRC, Ghana
and Iraq, while continuing the work required to build positions in large markets such as Kenya,
Ethiopia and Mozambique.
Product development is also moving into deployment. The Group launched its first merchant-
lending proposition during H1 and continues to develop additional embedded-credit propositions,
supported by greater product configurability and increasingly sophisticated decisioning
capabilities. This broadens the opportunity within both existing and new partner ecosystems.
Optasia continued to broaden its distribution model during the period, adding banking and utility
ecosystems as additional routes to customers alongside its established telecom and mobile-money
channels.
The acquisition of Finergi extends the Group into utility credit, creating a new growth vertical and
broadening the ecosystems in which Optasia can deploy its decisioning, technology and operating
capabilities.
In parallel, the strategic partnership with FirstRand continued to deepen. FirstRand increased its
shareholding in Optasia to 26.1%, while the Group’s collaboration with FNB also progressed into
product development and implementation, including the integration of Optasia’s decisioning
capabilities behind FNB Connect’s airtime-advance proposition and the development of a cash-
advance proposition within the FNB wallet ecosystem.
In Nigeria, all operator partners were live again by 24 June 2026. Services are now live under a multi-
provider structure, with customer allocation based on performance. FY2026 targets assume the
current run-rate under this structure; further recovery represents upside.
H1’s performance underscores confidence in our full-year targets, which the Group has updated to
30–40% growth across revenue, Adjusted EBITDA and Normalised Net Income. H1 represents strong
progress against these objectives, with further growth expected from the scaling of existing markets,
new deployments and the next wave of products and partnerships.
The Group continues to manage geopolitical, foreign-exchange and regulatory developments across
its markets through its diversified geographic footprint, local operating and regulatory capabilities,
settlement structures and treasury arrangements.
Interim results webcast
A webcast of the interim results presentation followed by a Q&A session with management is
expected to be broadcast today, 14 September, at 10.00am SAST (09:00am BST).
The link to register for and join the live webcast and Q&A is:
https://meetings.lumiconnect.com/100-436-589-459
A copy of the presentation will also be made available on the Group’s website on the morning of
results: https://optasia.com/investor-relations/
Basis of preparation and short-form announcement statement
The reviewed condensed consolidated interim financial statements for the six months ended 30 June
2026 have been prepared in accordance with IAS 34 Interim Financial Reporting and the JSE Listings
Requirements, and have been reviewed by the Group's auditors, Ernst & Young, Abu Dhabi branch.
This short-form announcement is the responsibility of the directors of Optasia and is only a summary
of the information contained in the full announcement. It does not contain full or complete details
of the Group's results.
Any investment decision should be based on the full announcement, which was released on 14
September 2026 and is available on the Group's website at
https://optasia.com/ir_docs/H1_2026_Results_Booklet.pdf and at the JSE cloudlink at
https://senspdf.jse.co.za/documents/2026/jse/isse/opae/HY26.pdf
Copies of the full announcement may be requested at no charge from the Company Secretary at
legal@optasia.com during business hours.
This announcement contains forward-looking statements that are subject to risks and uncertainties.
Forward-looking statements have not been reviewed or reported on by the Group's auditors.
Johannesburg
14 September 2026
Sponsor
The Standard Bank of South Africa Limited
About Optasia
Optasia is a publicly listed, AI-led financial intelligence platform. It works with distribution partners,
including banks, mobile network operators and digital wallets, as well as funding partners, providing
the intelligence layer that helps them make more precise credit decisions and deliver financial
products responsibly at scale.
Founded in 2012, Optasia combines real-time data, proprietary AI and advanced decisioning to
identify financial opportunity that conventional approaches can miss. Its platform processes more
than 30 million transactions every day, helping partners reach more eligible customers, manage risk
effectively, and grow sustainable portfolios.
Responsible data use, data protection, model governance, and consumer safeguards are built into
the way the platform operates. Optasia turns potential into financial progress.
Optasia is listed on the Johannesburg Stock Exchange (JSE) under the ticker OPA.
www.optasia.com
Date: 14/09/2026 07:05:00
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