• Cuscal acquires 100% of Indue Limited
• Anticipates $15-$20 million in annual cost synergies
• Appointment of Indue's Director Peter Wright to Cuscal Board

Cuscal Limited (ASX: CCL) has announced the completion of its acquisition of 100% of the shares in Indue Limited. This follows the company's announcement on 22 August 2025 that it had entered a conditional, binding Share Sale and Purchase Agreement with the shareholders of Indue. Cuscal anticipates material synergy benefits from the acquisition, comprising $15-$20 million (post tax) in annual run rate cost synergies to be fully realised by financial year ending 30 June 2029, driving EPS accretion of over 25% and a Return on Invested Capital above 20% once integration is complete. Post-tax, non-recurring integration costs are projected to be $25-$30 million over three years, largely recognised in the first two years post-completion. Cuscal will report both statutory and underlying pro forma results at its upcoming half-year 2026 results. As part of the acquisition, Cuscal has appointed Peter Wright, one of Indue's Independent Non-Executive Directors, to the Cuscal Board. Mr. Wright has over 30 years' experience in the payments and technology sectors and will also be a member of the Board Risk Committee and a member of the Integration Advisory Committee. In other board changes, Ling Hai, who has served on the Cuscal Board and Board Risk Committee with distinction for over six years, has provided notice of his intention to resign from the Cuscal Board, effective 31 December 2025, to allow him to hold one external board role in addition to his Executive responsibilities at Mastercard Inc.

Cuscal anticipates $15-$20 million (post tax) in annual run rate cost synergies to be fully realised by financial year ending 30 June 2029, driving EPS accretion of over 25% and a Return on Invested Capital above 20% once integration is complete.