• Cuscal to acquire 100% of Paymark Limited for A$27 million
• Acquisition expected to be mid-single digit EPS accretive in FY27E and deliver mid-teens Return on Invested Capital
• Equity raise of A$30 million via fully underwritten institutional placement and up to A$3 million non-underwritten share purchase plan

Cuscal Limited (Cuscal) has entered into an exclusive arrangement with Retail International Holding S.A.S. (Worldline) to acquire 100% of the issued share capital and associated equity interests in Paymark Limited (trading as Worldline New Zealand), (Paymark), for A$27 million. The acquisition represents an attractive opportunity for Cuscal to materially expand its position in New Zealand via a market leading payments infrastructure provider with similar operations to Cuscal's Australian acquiring and switching businesses. The acquisition is expected to be mid-single digit EPS accretive in FY27E and deliver mid-teens Return on Invested Capital in FY27E after Paymark's expenditure required for the investment program to upgrade its Switch technology. The total cash consideration represents an attractive ~5x FY27E Paymark Net Profit After Tax multiple. Cuscal expects to operate Paymark as a standalone business and retain key management to continue delivering Paymark's strategy and product roadmap. The acquisition is subject to exercise by Worldline of its put option and is expected to complete by 30 June 2026. The acquisition will be funded via an equity raise, including a fully underwritten Institutional Placement of A$30 million and a non-underwritten Share Purchase Plan for up to A$3 million.

The acquisition is expected to be mid-single digit EPS accretive in FY27E and deliver mid-teens Return on Invested Capital in FY27E after Paymark's expenditure required for the investment program to upgrade its Switch technology which will cost approximately A$21 million over the life of the program, commencing in FY26E and expected to complete by FY30E.