Cuscal (CCL) H1 2025 earnings summary

Executive summary

• Achieved strong first half FY25 performance post-ASX listing, with transaction volume up 7% year-over-year and earnings growth across all core capabilities, tracking ahead of FY25 pro forma NPAT forecast.

• Revenue from ordinary activities rose 9% year-over-year to $249.0m, supported by a diversified revenue base and long-tenured client contracts.

• Statutory NPAT was $12.2m, down from the prior year due to $9.3m–$13.3m in non-recurring IPO costs.

• Excluding IPO-related costs, pro forma NPAT increased 42% to $21.5m, with strong growth in all key financial metrics.

• Completed ASX listing in November 2024, raising $30m–$336.8m in capital.

Financial highlights

• Pro forma adjusted EBITDA up 21% to $35.6m, with margin up to 24.3%.

• Pro forma NPAT margin improved to 14.7%; pro forma EPS up 42% to 12.1 cents per share.

• Total adjusted net operating income up 6–7% to $146.7m.

• Operating expenses up 2% to $115.9m–$116m, with employee benefit expenses down 6%.

• Dividends per share totaled 9.5 cents (final and special), both fully franked.

Outlook and guidance

• On track to meet or modestly exceed FY25 pro forma NPAT forecast of $36.6m, with mid to high single-digit transaction volume growth expected to drive low double-digit NPAT growth.

• H2 FY25 operating expenses expected to rise due to FTE onboarding; H1 expected to represent about 55% of full-year NPAT.

• Final dividend forecast of 5.5 cents per share remains unchanged.

• Significant investment capacity available for organic and inorganic growth.

• Focus on supporting client aspirations and executing growth strategies in the second half.