Findi (FND) H2 2025 earnings summary

Executive summary

• Achieved record FY25 revenue of $75.5M, surpassing guidance and up from $66.5M in FY24, driven by strong ATM business and FindiPay merchant network growth.

• EBITDA reached $31.4M, up 14.4% year-over-year and within guidance.

• Underlying NPBT rose 54.5% year-over-year to $6.0M, excluding a one-off $17.2M finance cost.

• Statutory net loss after tax was $11.2M, impacted by Piramal CCD buyback and one-off finance costs.

• Major acquisitions and contract wins accelerated growth and expanded national presence.

Financial highlights

• FY25 revenue grew 13.5% year-over-year to $75.5M; EBITDA up 14.4% to $31.4M.

• Operating cash flow reached $27.5M, supporting positive free cash flows.

• Net cash reserves at 31 March 2025 were $30.2M, down from $37.6M a year earlier, after major acquisitions.

• Total cash balance at $115.9M; gross corporate debt was $85.6M.

• $45M capital raised and $36.3M Piramal reinvestment strengthened the balance sheet.

Outlook and guidance

• Focus on consolidating recent acquisitions (TCPSL and BankIT), expanding White Label ATM and Payments Bank strategies, and pursuing new tenders.

• Preparing for TSI India IPO by end of CY26, with Rothschild & Co appointed as adviser and potential for accelerated timing.

• Reserve Bank of India’s increased Interchange Fee from May 2025 expected to positively impact NPAT.

• Anticipates future capex to be supported by cash reserves, debt facilities, and earnings.

• Revenue and earnings guidance for FY26 to be issued in July.