Appendix 4E

• Revenue up 6% to $492.5 million
• Profit before tax down 2% to $41.7 million
• Profit after tax down 5% to $28.7 million
• Acquisition of Indue for $75 million expected to generate $15-$20 million in annual cost synergies

Cuscal Limited has released its Appendix 4E for the financial year ended 30 June 2025. Revenue from ordinary activities increased by 6% to $492.5 million, up from $464.0 million in the prior year. However, profit before tax declined by 2% to $41.7 million, down from $42.6 million, and profit from ordinary activities after tax decreased by 5% to $28.7 million, down from $30.1 million. The company declared a final dividend of 5.5 cents per share, fully franked, to be paid on 25 September 2025. Cuscal also announced the acquisition of Indue for $75 million in cash, which is expected to generate $15 million to $20 million in post-tax annual run rate cost synergies by FY29. The acquisition is anticipated to be EPS accretive by over 25% and achieve a return on invested capital of over 20%. Non-recurring integration costs of $25 million to $30 million are expected to be incurred over the first three years following completion. The acquisition will be cash-funded, and the combined entity is expected to maintain a strong balance sheet and regulatory capital position. Additionally, Cuscal's Chief Financial Officer, Sean O'Donoghue, will be retiring in November 2025, and Jennifer Brice has been appointed as the new CFO effective 27 October 2025.

The acquisition of Indue is expected to generate $15 million - $20 million in post-tax annual run rate cost synergies to be fully realised by FY29.

The acquisition of Indue is expected to be EPS accretive by over 25% and achieve a return on invested capital of over 20%. Non-recurring integration costs of $25 million - $30 million are expected to be incurred over the first three years following completion.