• Profit before tax up 71% to $30.0m
• Profit after tax up 76% to $21.5m
• Completed $75.2m acquisition of Indue Limited on 1 December 2025

Cuscal Limited (ASX:CCL) has reported strong financial results for the first half of FY26, with profit before tax up 71% to $30.0m and profit after tax up 76% to $21.5m. The company also completed the $75.2m acquisition of Indue Limited on 1 December 2025, which is expected to provide material synergy benefits including $15-$20 million in annual post-tax run rate cost synergies and drive EPS accretion of over 25%. Total net operating income increased 10% to $161.5m, while total operating expenses increased 2% to $131.5m, impacted by $4.0m of costs associated with the Indue acquisition and integration. Cuscal's statutory profit was also affected by the recognition of $1.2m of tax losses associated with the Braavos Group. Excluding these one-time impacts, Cuscal's underlying NPAT grew 13% year-on-year. The company continues to maintain a well-capitalised balance sheet and investment grade credit rating. An interim dividend of 4.5 cents per share, fully franked, will be paid on 26 March 2026.