Findi (FND) H1 2025 earnings summary

Executive summary

• ASX-listed fintech expanding in India through ATM deployment, managed services, and digital payments, targeting both cash and digital banking markets.

• Acquisition of Tata Communications Payment Solutions Ltd (TCPSL) will make it the 2nd largest White Label ATM operator in India and provide a white label licence.

• Strategic focus includes scaling FindiPay, leveraging a franchise model, and progressing towards a full-service finance hub for underbanked populations.

• FindiPay expanded to 45,000 merchants, with a new contract to deploy 638 ATMs and pilot 25 co-branded branches with Central Bank of India.

• $1.6 million expensed for growth initiatives, mainly in human resources and integration planning for the TCPSL acquisition.

Financial highlights

• 1H FY25 revenue was $33.9M, up 7% year-over-year, with EBITDA of $12.9M, $0.6M ahead of internal budgets.

• Operating loss after tax was $3.9M, compared to a profit of $1.1M in the prior period, reflecting growth investment and higher finance costs.

• Net tangible assets per security: 61.7 cents, up from 59.0 cents year-over-year.

• No interim dividends declared or paid during the period.

• Transaction volumes temporarily softened during the Indian general elections but have since returned to trend.

Outlook and guidance

• On track to meet FY25 revenue guidance of $80–90M and EBITDA of $30–35M, contingent on timely TCPSL acquisition completion.

• 2H FY25 expected to benefit from SBI contract ramp-up, WLA revenue commencement, and 638 new ATMs with Central Bank of India.

• Merchant acquisition targets: 60,000 by March 2025 and 120,000 by March 2026.

• ATM network forecast to expand to ~21,000 by March 2026, with a mix of brown and white label ATMs.

• Continued investment in growth initiatives and integration of new business lines anticipated.