Cuscal (CCL) H2 2025 earnings summary

Executive summary

• Achieved strong earnings growth across all core capabilities in FY 2025, modestly exceeding IPO prospectus forecasts, and declared a fully franked final dividend of $0.055 per share, totaling $0.10 per share for FY 2025.

• Successfully completed IPO in November 2024, raising net proceeds of ~$25 million, and announced the strategic acquisition of Indue for $75 million.

• Exceeded FY25 pro forma NPAT forecast, with pro forma NPAT of $38.4 million, up 17% year-over-year, and pro forma adjusted EBITDA of $65.7 million, up 13% year-over-year.

• Announced the acquisition of Indue, expected to deliver $15–$20 million in annual post-tax cost synergies by FY29 and over 25% run rate EPS accretion.

Financial highlights

• Pro forma NPAT rose 17% year-over-year to $38.4 million, exceeding the $36.6 million forecast.

• Adjusted EBITDA increased 13% to $65.7 million; adjusted EBITDA margin up 140 bps to 22.6%.

• Adjusted net operating income grew 6% to $290.4 million, with NOI growth across all segments.

• Transaction volumes grew 8% to 4,277 million.

• Statutory NPAT was $28.7 million, down 9% year-over-year, impacted by $14.6 million in non-recurring IPO costs.

Outlook and guidance

• Maintains strong outlook for mid to high single-digit transaction volume growth and double-digit underlying NPAT growth, excluding timing impacts of the Indue acquisition.

• No material impact expected from RBA's proposed changes to interchange or surcharging fees.

• Focus remains on client innovation, risk and technology uplift, and Indue integration.