Lesaka Technologies has started its 2026 financial year on a strong note, meeting its guidance as the group reported increases in all three of its main divisions.
CEO of Lesaka Lincoln Mali said, “These results mark a strong start to our financial year, demonstrating consistent and resilient growth momentum.”
The fintech group reported revenue of $171.5m (R3bn), up 10%, for the quarter ended September, while achieving a 45% growth in net revenue.
Group adjusted earnings before interest, tax, depreciation and amortisation (ebitda) was up 61% at R270.6m, achieving the guidance provided.
Adjusted earnings per share increased 97% to R1.07.
The JSE- and Nasdaq-listed company has until recently consisted of two divisions — a merchant unit and a consumer segment.
The consumer unit focuses on products such as unsecured credit, transactional banking, microinsurance and value-added services through the EasyPay platform.
Following the recent acquisition of prepaid electricity submetering and payments business Recharger, the group now has a third division.
“Our consumer business again delivered a standout performance,” said Mali. He said the merchant business “is focused on unifying our brand and product offering to clients, while capturing synergies.”
The merchant unit, the group’s largest business, reported revenue of R2.2bn and segment adjusted ebitda of R162.1m, up 20%.
The consumer segment’s adjusted ebitda grew by 90% to R149.7m, while the enterprise division’s ebitda rose 241% to R22.4m.
“The enterprise business segment adjusted ebitda increased threefold to R22m for the quarter, becoming a more significant contributor to the group,” Mali said.
The group reaffirmed its guidance, expecting to report net revenue of between R6.4bn and R6.9bn and group adjusted ebitda of between R1.25bn and R1.45bn.
Adjusted earnings per share are expected to be at least R4.60, which would imply a year-on-year growth greater than 100%.
“We have reaffirmed our full-year group adjusted ebitda guidance... representing a 46% increase at the midpoint,” said Mali.
The 2026 full-year guidance excludes the effects of the Bank Zero acquisition, which is subject to regulatory approval by the Prudential Authority and the SA Reserve Bank, and other customary closing conditions.
Lesaka, valued at R6.13bn, announced the acquisition of Bank Zero for R1.1bn in June and expects opportunities to flow from the integration.
The group has also made a number of changes to its executive ranks, appointing former Uber and Starlink executive Kagiso Khaole as CEO of the merchant division, together with Roland Naidoo, who left MultiChoice to become COO of the unit.
At the group level, Akash Dowra has been appointed chief strategy officer, joining from Deloitte, where he was managing partner of Deloitte Africa’s strategy and transactions advisory practice.
Lesaka shares were marginally down 0.013% at R75.92. So far in 2025, the share is down 21%.
Correction: November 9 2025
The headline now reflects ebitda of 61%, from 241% earlier. Business Day regrets the error.
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