Findi (FND) Investor Presentation summary

Financial performance and growth

• Achieved record FY24 results: $66.5M revenue, $27.4M EBITDA, and $4.0M NPAT, all in line or above guidance, with strong share price appreciation and significant operational milestones delivered.

• Revenue grew 22%, EBITDA 63%, NPAT 65.6%, and operating cash flows 471.7% year-on-year, driven by ATM business expansion and operational efficiencies.

• Free cash flow conversion reached 51.9% ($14.2M), with free cash flow to equity at $22.2M, supporting strategic initiatives and acquisitions.

• Net cash position of $37.6M as of March 2024, with $106.6M in cash reserves, enabling further growth and debt reduction.

• Raised $48.3M in FY24 to fund expansion, including $37.6M from Piramal and $10.7M from option conversions.

Business model and operations

• Operates over 20,900 ATMs and a retail merchant network of 28,111, serving 49,000+ locations across India, with a focus on both cash and digital payment solutions.

• ATM Solutions division generates strong cash flow, funding the rapid growth of FindiPay, the digital payments and banking platform.

• Secured a new 10-year outsourcing agreement with State Bank of India (SBI), expected to generate up to $620M revenue and $280M EBITDA over the contract term.

• Obtained a White Label ATM (WLA) licence, enabling deployment of branded ATMs in semi-urban and rural areas, with 4,000+ organic ATM growth expected in FY25.

• FindiPay targets 60,000 merchants by FY25, aiming to create a full-service finance hub for underbanked populations.

Strategic initiatives and market opportunity

• India’s large unbanked population (350M adults) and strong cash preference present significant growth opportunities for both ATM and digital services.

• WLA strategy leverages financial inclusion goals, enabling cross-selling between ATM and digital services, and supporting Findi’s transition to a B2C finance hub.

• Anticipated Indian interchange rate increase in FY25 expected to boost profitability.

• Proposed IPO of TSI India on the Bombay Stock Exchange by end of CY26 offers a liquidity event and potential re-rating, with Findi currently trading at a significant discount to peers (4.0x vs. 28.1x EV/EBITDA).

• Management team brings deep expertise in Indian fintech, banking, and capital markets, supporting execution of growth strategy.