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Lesaka’s Q2 FY2026 Results: Achieves mid-point of its profitability guidance and reaffirms its FY2026 guidance
Lesaka Technologies, Inc.
Registered in the state of Florida, USA
(IRS Employer Identification No. 98-0171860)
Nasdaq share code: LSAK
JSE share code: LSK
LEI: 529900J4IZMWV4RDEB07
ISIN: US64107N2062
("Lesaka," or the "Company")
Lesaka's Q2 FY2026 Results: Lesaka achieves mid-point of its profitability guidance and reaffirms its FY2026 full year
guidance
JOHANNESBURG, February 5, 2026 – Lesaka (Nasdaq: LSAK; JSE: LSK) today released results for the second quarter of fiscal
2026 ("Q2 2026").
Q2 2026 performance(1):
All growth rates are year-on-year between Q2 FY2026 and Q2 FY2025.
Group Level USD ZAR
(In thousands, except per (In thousands, except per
share data) share data)
Q2 FY26 Q2 FY25 Q2 FY26 Q2 FY25 YoY%
Revenue 178,734 176,216 3,058,191 3,155,758 (3%)
Net Revenue(2) 93,403 77,060 1,598,138 1,379,926 16%
Operating Income(3) 2,150 547 37,039 10,138 265%
Net Income (Loss)(3) 3,645 (32,456) 60,825 (589,467) nm
Group Adjusted EBITDA(2)(3) 17,777 11,580 304,451 207,685 47%
Basic Earnings (Loss) per Share(3) 0.04 (0.40) 0.68 (7.14) nm
Adjusted Earnings(2)(3) 6,495 921 111,342 16,765 564%
Adjusted Earnings per Share(2)(3) 0.08 0.01 1.34 0.21 538%
Segment Level USD ZAR
(In thousands) (In thousands)
Q2 FY26 Q2 FY25 Q2 FY26 Q2 FY25 YoY%
Merchant
Revenue 131,919 145,209 2,257,003 2,600,561 (13%)
Net Revenue(2) 48,714 47,714 833,315 854,492 (2%)
Segment Adjusted EBITDA(3) 9,940 10,089 170,340 180,999 (6%)
Consumer
Revenue 33,118 22,929 566,735 410,687 38%
Segment Adjusted EBITDA 9,310 4,342 159,442 77,488 106%
Enterprise
Revenue 14,796 8,933 253,227 159,846 58%
Net Revenue(2) 12,670 7,272 216,862 130,083 67%
Segment Adjusted EBITDA 1,423 (31) 24,316 (537) nm
(1) Average exchange rates applicable for the purpose of translating our results of operations: ZAR 16.96 to $1 for Q2 2026, ZAR
17.85 to $1 for Q2 2025.
(2) Non-GAAP measure. Refer to Attachment A of press release for full reconciliation of non-GAAP measures.
(3) Revised to correct the errors discussed in Note 1 of our Form 10-Q for the period ended December 31, 2025.
Commenting on the results, Lesaka Chairman Ali Mazanderani said, "I am delighted that for the first time since the
creation of Lesaka in 2022, we have delivered a positive Net Income and met our guidance for the 14th consecutive
quarter. We also reaffirm our full-year guidance for FY2026, which will represent 49% growth in Group Adjusted EBITDA
at the mid-point, and positive Net Income attributable to Lesaka."
Outlook: Third Quarter 2026 ("Q3 FY2026") and Full Fiscal Year 2026 ("FY 2026") guidance
While we report our financial results in USD, we measure our operating performance in ZAR, and as such we provide our
guidance accordingly.
For Q3 FY2026, the quarter ending March 31, 2026, we expect:
• Net Revenue between ZAR 1.65 billion and ZAR 1.80 billion.
• Group Adjusted EBITDA between ZAR 300 million and ZAR 340 million.
For FY2026, the year ending June 30, 2026, we reaffirm:
• Net Revenue between ZAR 6.4 billion and ZAR 6.9 billion.
• Group Adjusted EBITDA between ZAR 1.25 billion and ZAR 1.45 billion.
• Net Income Attributable to Lesaka to be positive.
• Adjusted earnings per share of at least ZAR 4.60, implying a year-on-year growth of greater than 100%.
Our FY2026 guidance excludes the impact of the announced acquisition of Bank Zero (which is subject to regulatory approvals
and other customary closing conditions) and any unannounced mergers and acquisitions that we may conclude.
Management has provided its outlook regarding Net Revenue, Group Adjusted EBITDA and Adjusted earnings per share, which
are non-GAAP financial measures and excludes certain revenue and charges. Management has not reconciled these non-GAAP
financial measures to the corresponding GAAP financial measures because guidance for the various reconciling items is not
provided. Management is unable to provide guidance for these reconciling items because they cannot determine their probable
significance, as certain items are outside of the control of Lesaka and cannot be reasonably predicted since these items could
vary significantly from period to period. Accordingly, reconciliations to the corresponding GAAP financial measure are not
available without unreasonable effort.
Earnings Presentation for Q2 FY2026 Results
Our earnings presentation will be posted to the Investor Relations page of our website prior to our earnings call.
Webcast and Conference Call
Lesaka will host a presentation webcast and conference call on February 5, 2026, at 8:00am EDT (3:00pm SAST), followed by a
live question and answer session for analysts and investors.
Webcast Registration
Link to access the results webcast: https://www.corpcam.com/Lesaka05022026
Participants using the webcast will be able to submit questions during the live Question and Answer session.
Conference call dial-in via Chorus Call:
Link to register:
https://services.choruscall.eu/DiamondPassRegistration/register?confirmationNumber=4467642&linkSecurityString=add27
e838
Dial in details and individual pin to be provided on registration.
Participants using the conference call dial-in will be able to ask their questions during the live Question and Answer session.
Following the presentation, an archived version of the webcast will be provided on Lesaka's Investor Relations website.
Our Form 10-Q for the quarter ended December 31, 2025, as filed with the SEC, is available on our company website at
www.lesakatech.com.
Immaterial revision of prior period information
Subsequent to the issuance of our Quarterly Report on Form 10-Q for the three months ended September 30, 2025, we
determined that certain indirect taxes had not been accounted for correctly in our previously filed Annual Reports on Form 10-
K and Quarterly Reports on Form 10-Q ("Form 10-Q") since June 30, 2022, and these filings were incorrect. In these previous
filings, the amount of certain indirect taxes were incorrectly claimed in monthly indirect tax submissions to the taxing authority
and were incorrectly excluded from our reported cost of goods sold, IT processing, servicing and support in the consolidated
statements of operations and other payables and retained earnings in the consolidated balance sheet. We have also
determined that we may also be liable for penalties and interest related to the indirect taxes not paid in a timely manner and
have recorded the penalties in the selling, general and administration expense and the interest in interest expense in the revised
consolidated statements of operations. The cumulative sum of the penalties and interest are included in other payables and
retained earnings in the revised consolidated balance sheet.
We assessed the materiality of this error and change in presentation on prior period consolidated financial statements in
accordance with SEC Staff Accounting Bulletin ("SAB") No. 99"Materiality" and SAB No. 108, "Considering the Effects of Prior
Year Misstatements when Quantifying Misstatements in the Current Year Financial Statements". Based on this assessment,
we concluded that previously issued financial statements were not materially misstated based upon overall considerations of
both quantitative and qualitative factors.
For additional information refer to Note 1 to our Form 10-Q for the period ended December 31, 2025, as filed with the SEC.
Headline earnings (loss) per share ("HE(L)PS")
The inclusion of HE(L)PS in this results announcement is a requirement of our listing on the JSE. HE(L)PS basic and diluted is
calculated using net (loss) income which has been determined based on GAAP. Accordingly, this may differ to the headline
earnings (loss) per share calculation of other companies listed on the JSE as these companies may report their financial results
under a different financial reporting framework, including but not limited to, International Financial Reporting Standards.
The table below presents our HE(L)PS for Q2 2026 and Q2 2025:
Q2 Q2
2026 2025
Net income (loss) used to calculate headline earnings (loss) (USD'000) (A) ................ 4,355 (32,305)
Headline earnings (loss) per share: ........................................................................
Basic, in USD ................................................................................................... 0.05 (0.41)
Diluted, in USD................................................................................................. 0.05 (0.41)
(A) Revised to correct the errors discussed in Note 1 of our Form 10-Q for the period ended December 31, 2025.
The table below presents our HE(L)PS for F2026 and F2025:
F2026 F2025
Net income (loss) used to calculate headline earnings (loss) (USD'000) (A) ................ 259 (37,175)
Headline earnings (loss) per share: ........................................................................
Basic, in USD ................................................................................................... - (0.52)
Diluted, in USD................................................................................................. - (0.52)
(A) Revised to correct the errors discussed in Note 1 of our Form 10-Q for the period ended December 31, 2025.
Results announcement released in the US and unaudited condensed consolidated financial statements
The full results announcement released in the U.S. and our unaudited condensed consolidated financial statements are
available at https://senspdf.jse.co.za/documents/2026/JSE/ISSE/LSKE/Q2Res2026.pdf and have been published on Lesaka's
website at www.lesakatech.com. Any investment decision by investors and/or shareholders should be based on consideration
of the U.S. results announcement and its recently published unaudited condensed consolidated financial statements.
About Lesaka Technologies Inc. (www.lesakatech.com)
Lesaka operates a South African fintech company driven by a purpose to provide financial services, software and other business
services to Southern Africa's underserviced consumers and merchants. We offer an integrated and holistic multiproduct
platform that provides transactional accounts, lending, insurance, merchant acquiring, cash management, software and
Alternative Digital Products ("ADP"). We provide targeted solutions and integrations to facilitate payments between consumers,
merchants, and enterprises. By providing a full-service fintech platform in our connected ecosystem, we facilitate the
digitization of commerce in our markets.
Lesaka has a primary listing on NASDAQ (NASDAQ:LSAK) and a secondary listing on the Johannesburg Stock Exchange (JSE:
LSK). Visit www.lesakatech.com for additional information about Lesaka.
Forward-Looking Statements
This press release contains certain statements that may be considered forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended,
and such statements are subject to the safe harbor created by those sections and the Private Securities Litigation Reform Act
of 1995, as amended. Such statements may be identified by their use of terms or phrases such as "expects," "estimates,"
"projects," "believes," "anticipates," "plans," "could," "would," "may," "will," "intends," "outlook," "focus," "seek,"
"potential," "mission," "continue," "goal," "target," "objective," derivations thereof, and similar terms and phrases. Forward-
looking statements are based upon the current beliefs and expectations of our management and are inherently subject to risks
and uncertainties, some of which cannot be predicted or quantified, which could cause future events and actual results to differ
materially from those set forth in, contemplated by, or underlying the forward-looking statements. In this press release,
statements relating to future financial results and future financing and business opportunities are forward-looking statements.
Additional information concerning factors that could cause actual events or results to differ materially from those in any
forward-looking statement is contained in our Form 10-K for the fiscal year ended June 30, 2025, as filed with the SEC, as well
as other documents we have filed or will file with the SEC. We assume no obligation to update the information in this press
release, to revise any forward-looking statements or to update the reasons actual results could differ materially from those
anticipated in forward-looking statements.
Investor Relations and Media Relations Contacts:
Idris Dungarwalla
Email: idris.dungarwalla@lesakatech.com
Mobile: +44 786 225 4852
Akash Dowra
Email: akash.dowra@lesakatech.com
Mobile: +27 83 235 9750
Media Relations Contact:
Ian Harrison
Email: Ian@thenielsennetwork.com
Johannesburg
February 5, 2026
Sponsor:
Rand Merchant Bank, a division of FirstRand Bank Limited
Date: 05-02-2026 07:05:00
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