Optasia (OPA) H2 2025 earnings summary

Executive summary

• Achieved record revenue of $265.4 million in 2025, up 76% year-over-year, with normalized net income of $58 million growing nearly 60% year-over-year.

• IPO completed in 2025 with a $75 million JSE listing, exceeding IPO guidance and market expectations.

• Microfinance services (MFS) now account for 63% of revenue, growing 149% year-over-year.

• Expanded operations to 38 countries, adding two new countries and eight new deployments in 2025.

• Welcomed FirstRand as a 20% strategic shareholder, supporting expansion and platform validation.

Financial highlights

• Adjusted EBITDA reached $115 million with a 43.2% margin; normalized net profit grew 57% to $58 million.

• Cash flow conversion strong, with 39% of EBITDA converted to cash flow; adjusted free cash flow reached $45 million.

• CapEx maintained below 5% of revenue in 2025; operating costs as a percentage of revenue declined to 13.6%.

• Total assets grew to $302.1 million, and total equity increased to $124.6 million.

• Normalised EPS rose to 4.64 cents.

Outlook and guidance

• Upgraded 2026 guidance: revenue and EBITDA expected to grow above 30% year-over-year, net income above 40%, CapEx at 6% of revenue.

• Confident in exceeding IPO guidance, with strong tailwinds from demographics, mobile money adoption, and favorable regulation.

• Expansion planned in Kenya, Egypt, Ethiopia, Malaysia, and Philippines; M-PESA deployments expected in Kenya and Mozambique in 2026.

• Ongoing investment in AI, machine learning, and product innovation to drive scalability and efficiency.

• Medium-term ambitions target low to mid-twenties growth in revenue, adjusted EBITDA, and net income.