Cuscal (CCL) H1 2025 earnings summary

Executive summary

• Achieved 7% transaction volume growth and 42% pro forma NPAT increase year-over-year, with improvements in all key financial metrics and strong performance across all core capabilities.

• Revenue from ordinary activities rose 9% year-over-year to $249.0m, driven by growth in transaction volumes and net operating income.

• Statutory NPAT was $12.2m, impacted by $9–13.3m in non-recurring IPO costs.

• Business model benefits from end-to-end B2B payments infrastructure, long-tenured client contracts, and diversified revenue streams.

• Completed IPO and ASX listing in November 2024, raising $336.8m and supporting future growth.

Financial highlights

• Pro forma NPAT increased 42% year-over-year to $21.5m, with EPS up 42% and ROE at 6.3%.

• Pro forma adjusted EBITDA up 21% to $35.6m, with margin rising to 24.3%.

• Pro forma net operating income rose 7% to $146.7m.

• Dividends per share totaled 9.5 cents (final and special), both fully franked.

• Operating expenses up 2% to $116m, with employee benefit expenses down 6% and D&A down 9%.

Outlook and guidance

• On track to meet or modestly exceed FY25 pro forma NPAT forecast of $36.6m, with H1 representing about 55% of full-year NPAT.

• Expect mid to high single-digit transaction volume growth to drive low double-digit NPAT growth for the full year.

• Second half operating expenses expected to rise due to FTE onboarding; dividend forecast of 5.5 cents per share remains unchanged.

• Significant investment capacity available for organic and inorganic growth.

• Focus on risk and technology uplift, with FTE onboarding expected to normalize.