Cuscal (CCL) H2 2025 earnings summary

Executive summary

• Achieved strong earnings growth across all core capabilities in FY 2025, modestly exceeding IPO prospectus forecasts, with a final dividend of 5.5cps declared and total FY25 dividends of 10.0c per share.

• Successfully completed IPO in November 2024 and announced the strategic acquisition of Indue for $75 million in cash.

• Indue acquisition expected to deliver $15–$20 million in annual post-tax cost synergies by FY29 and over 25% run-rate EPS accretion.

Financial highlights

• Pro forma NPAT rose 17% year-over-year to $38.4 million, exceeding the $36.6 million forecast; statutory NPAT was $28.7 million, down 9% due to non-recurring IPO costs.

• Adjusted EBITDA increased 13% to $65.7 million, with margin up 140 bps to 22.6%.

• Adjusted net operating income grew 6% to $290.4 million, with NOI growth across all segments.

• Transaction volumes grew 8% to 4,277 million, supporting growth across all key financial metrics.

• Pro forma EPS up 16% to 20.0 cents per share; pro forma ROE up 90 bps to 10.5%.

Outlook and guidance

• Maintains strong outlook for mid- to high single-digit transaction volume growth and low double-digit underlying NPAT growth.

• Focus remains on client innovation, risk and technology uplift, and Indue integration.

• No material impact expected from RBA's proposed changes to interchange or surcharging fees.

• Intends to report both underlying and statutory earnings for comparability.