• Robust financial performance and focused strategic execution
• Completed acquisition of Indue; integration now underway
• Disciplined execution of organic and inorganic growth strategy

Cuscal Limited reported a robust financial performance in 1H FY26, with 9% growth in transaction volume and 13% growth in Underlying NPAT. The company completed the acquisition of Indue on 1 December 2025, and the integration is now underway, with the company reaffirming its synergy and integration targets. Cuscal continued to execute on its disciplined organic and inorganic growth strategy, leveraging its end-to-end payments capabilities, independent B2B offering, and strong competitive advantages to drive consistent returns for shareholders. The company maintained a strong capital position, with a capital adequacy ratio of 19.7% as at 31 December 2025. Cuscal's Underlying operating expenses increased by 10%, with a 6% increase excluding the impact of the Indue acquisition, reflecting the company's continued investment in capabilities to support growth.

Cuscal expects high-single-digit transaction volume growth to translate to mid-teens % full year Underlying NPAT growth in FY26. 1H26 Underlying NPAT is expected to represent approximately 55% of the full year result, including higher Net interest income in 1H26 prior to capital deployment.

Cuscal's focus areas for H2 FY26 include extending products to new segments and markets, enhancing fraud prevention and data analytics capabilities, maintaining a focus on risk management uplift, and advancing the Indue integration.