• Earnings growth across all core capabilities
• Improvement in all key metrics
• On track to meet or modestly exceed Prospectus FY25 pro forma NPAT forecast
• +7% transaction volume growth

Cuscal Limited, an ASX-listed company, has reported its H1 FY25 results, showcasing earnings growth across all core capabilities, including Issuing, Acquiring, Payments, Financial Crimes, and Regulated Data Services. The company saw improvement in all key metrics, such as pro forma Adjusted EBITDA, pro forma NPAT, pro forma ROE, and pro forma EPS, with transaction volumes increasing by 7%. Cuscal is on track to meet or modestly exceed its Prospectus FY25 pro forma NPAT forecast, driven by mid-to-high single digit transaction volume growth translating to low double-digit NPAT growth. The company's H1 FY25 pro forma NPAT is expected to be around 55% of the expected full-year result, with H2 FY25 operating expenditure expected to be ahead of H1 due to the timing of FTE onboarding. Cuscal's revenue model is underpinned by a long-tenured contracted client base, a diversified model with multiple revenue drivers, and significant investments in its operating model in recent years. The company remains well-capitalized, with a strong regulated balance sheet, and is well-positioned for growth and operating leverage.

Cuscal expects mid-to-high single digit transaction volume growth in FY25, which is expected to translate to low double-digit NPAT growth. The company's FY25 final dividend forecast of 5.5 cents per share remains unchanged.

Cuscal is on track to meet or modestly exceed its Prospectus FY25 pro forma NPAT forecast. The company continues to evaluate opportunities to deploy excess capital towards selected inorganic growth opportunities.