Cuscal (CCL) H1 2026 earnings summary

Executive summary

• NPAT for the half year ended 31 December 2025 rose 76% to $21.5m, with underlying NPAT up 13% to $24.2m, reflecting strong operational growth and the impact of the Indue acquisition.

• Transaction volume increased 9% year-over-year, supported by robust segment performance and Indue integration.

• Completed the acquisition of Indue on 1 December 2025, contributing $5.3m to Net Operating Income and expected to deliver significant cost synergies and EPS accretion.

• Interim dividend of 4.5 cents per share declared, fully franked, consistent with the prior year.

• Maintained a strong capital position and AA- credit rating.

Financial highlights

• Net operating income grew 10% year-over-year to $161.5m, including a $5.3m contribution from Indue.

• Underlying NPAT increased 13% to $24.2m; statutory NPAT rose 76% to $21.5m.

• EPS increased 4% to 12.6 cents, reflecting a higher share count post-IPO.

• Operating expenses rose 10% to $127.5m, mainly due to higher employee costs and technology investment.

• Underlying NPAT margin improved to 15% for 1H FY26.

Outlook and guidance

• Full-year outlook raised: high single-digit transaction volume growth expected to drive mid-teens underlying NPAT growth for FY26.

• First half earnings projected to represent about 55% of full-year underlying NPAT due to seasonally strong H1.

• Indue integration expected to deliver over 20% return on invested capital and $15–20m annual post-tax cost synergies by FY29.

• Statutory EPS expected to be dilutive for the first two years post-acquisition due to integration timing.

• Focus remains on product expansion, risk management, and Indue integration.