Cuscal (CCL) ASX SMIDcaps Conference Presentation summary

Market position and business model

• Leading independent B2B payments provider in Australia, serving ADIs, non-ADIs, and fintechs with end-to-end infrastructure and regulated data services.

• Does not compete with clients in B2C, focusing on supporting a broad institutional customer base.

• Holds all necessary licenses and connectivity for all payment types, with a strong, long-tenured client base.

• Well-capitalised with an investment grade rating and a predictable financial model.

• Revenue model supported by contracted clients and diversified revenue streams.

Core capabilities and innovation

• Provides issuing and acquiring services for debit, credit, and prepaid cards, supporting major card networks and digital wallets.

• Processes real-time payments via NPP, supports direct debit, BPAY, and bulk payments.

• Track record of innovation, including firsts in ATM, Visa debit, payWave, and digital wallet adoption.

• Significant technology investment ($100m+ FY22–FY24) to enhance capabilities and operating leverage.

• Acquisitions and new service launches, such as Basiq Group and NPP PayTo, drive growth.

Financial performance and growth

• H1 FY25 saw 7% transaction volume growth and earnings growth across all core capabilities.

• Improvement in all key financial metrics, including EBITDA, NPAT, EPS, and ROE.

• On track to meet or exceed FY25 pro forma NPAT forecast.

• Well positioned for further growth and margin expansion due to recent investments and market position.