CUSCAL LIMITED — Investor Presentation 2025

Mar 25, 2025

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ASX SMIDcaps Conference Moving Payments Forward. Together.

Craig Kennedy Managing Director

Cuscal Limited. ASX: CCL

26 March 2025

IMPORTANT NOTICE

This presentation has been prepared by Cuscal Limited (ACN 087 822 455) ( Cuscal ). This presentation contains summary information about Cuscal and its subsidiaries as at the date of this presentation. The information in this presentation does not purport to be complete and is not intended to be used as the basis for making an investment decision. The information in this presentation should be read in conjunction with Cuscal’s other periodic and continuous disclosure announcements lodged with the Australian Securities Exchange, which are available at www.asx.com.au. This presentation is not and does not form part of any offer, invitation, or recommendation in respect of securities. Any decision to buy or sell Cuscal securities or other products should be made only after seeking appropriate advice. Reliance should not be placed on information or opinions contained in this presentation and, subject only to any legal obligation to do so, Cuscal does not accept any obligation to correct or update them. This presentation does not take into consideration the investment objectives, financial situation or particular needs of any investor.

This presentation contains certain forward-looking statements, which can be identified by the use of forward-looking terminology such as “may”, “will”, “should”, “expect”, “intend”, “anticipate”, “estimate”, “continue”, “assume”, “forecast”, “target” or the negative thereof or comparable terminology. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause Cuscal’s actual results, performance, achievements, and/or industry results to be materially different from any future results, performance, achievements and/or industry results, expressed or implied by such forward-looking statements. Many of these risks, uncertainties and other factors are outside the control of Cuscal. Past performance of Cuscal cannot be relied on as an indicator of, and provides no guidance as to, the future performance of Cuscal.

Certain market and industry data included in this presentation has been obtained from public filings, research, surveys or studies conducted by third parties, including industry and general publications, which has not been independently verified by Cuscal, as well as from Cuscal’s own internal estimates and research. Cuscal cannot warrant or guarantee the adequacy, fairness, accuracy or completeness of such information. Market data and statistics are inherently predictive and subject to uncertainty and not necessarily reflective of actual market conditions. There is no assurance that any of the industry or market forecasts, including management estimates, which are referred to in this presentation will be achieved. Such data involves assumptions and limitations, and there can be no guarantee as to the accuracy or reliability of such assumptions.

To the fullest extent permitted by law, Cuscal and its subsidiaries, affiliates, related bodies corporate and their respective officers, directors, employees, agents and advisors make no representation or warranty (express or implied) as to the currency, accuracy, reliability, reasonableness or completeness of the information in this presentation and accept no responsibility for any information provided in this presentation, including any forward-looking information or statements, and disclaim any liability whatsoever (including, without limitation, for negligence) for any loss howsoever arising from any use of this presentation or reliance on anything contained in or omitted from it or otherwise arising in connection with this presentation.

The release, publication or distribution of this presentation in jurisdictions outside of Australia may be restricted by law and any such restrictions should be observed.

Authorised for release by the Board of Cuscal Limited

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Introducing Cuscal

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Australia’s leading independent B2B payments provider

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Payment Rails Infrastructure and connectivity providers
Schemes Retailers Major Banks
Physical
Digital Digital wallets and gateways
BPAY and BECS Internally focused –
Batch payments
infrastructure for own
customers
NPP and RTGS
Real-Time
RTGS
Consumer Data Data Holder / Accredited Data Major Banks
Right (CDR) Recipient
B2B focus –
payments
infrastructure for
broad institutional
customer base
Card
Non-Card
Data
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Key Themes
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Major banks and retailers have significant market share. Both are internally focused on their own customer experiences.

Outside the Major banks, Cuscal is the only end-to-end B2B payments infrastructure provider delivering core payment offerings for ADIs, non-ADIs and FinTech players.

Cuscal has the all the licences, connectivity and processing capability to support all payment types and regulated data services.

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Differentiated Role in the Australian Payments Landscape

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End-to-End Independent Fully Licensed Well Capitalised
Capabilities B2B offering
Highly regulated – Required to
Access to core payment rails is Strong balance sheet position
difficult/expensive Cuscal does not compete with settle transactions supports dividend capacity
clients in the B2C space
Support clients across the value Industry-wide connectivity Investment grade rating
chain
Strong Competitive Advantages
Long Tenured
Successful Investment Growth Levers
Client Base
Innovation driving payments
Strong base of clients contracted
$100m+ in technology upgrades and adoption
for 2+ years capability uplift between FY22 to Attractive consolidation
Predictable financial model FY24 - well placed for operating opportunities
leverage
Predictable Financial Model Strategically Positioned
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Significant opportunity for earnings growth and margin expansion underpinned by differentiated market position, efficient operating model and growth opportunities

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…Underpinned by a track record of innovation to evolve, pre-empt and adapt to new market conditions

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1966 2020
Payment solutions for Access to
Voice and aggregator Largest independent provider of solutions
mutuals new clients
for mutual ADIs for payments and regulated data
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First certified NPP PayTo
Payer & Initiator
Launched the Australia’s first Enabled more than 60% of the FIs Sale of 86 400 Developed NPP PayTo Listed on
rediATM scheme Visa debit that launched on day one of the services for Payer banks the ASX
payWave New Payments Platform (NPP) and third-party Initiators
2009 2012 2013 2014 2016-17 2018 2019 2021 2022 2023 2024
Asia Pacific’s
Launched Australia’s CORE First ADI to offer Apple Launched 86 400 and
first ATM switching first HCE Pay, Google PayTM and digital banking
program payment system Samsung Pay(1) credentials Basiq Group
acquisition
Early adopter of Visa SPS acquisition
scheme in Australia
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(1) Google Pay is a trademark of Google LLC. Apple Pay is a trademark of Apple Inc., registered in the US and other countries. Samsung Pay is a trademark or registered trademark of Samsung Electronics Co, Ltd.

Core capabilities

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Issuing Acquiring Payments
Make a card payment Accept a card payment Account to Account payments
• • •
Provides debit, credit, and prepaid Enables businesses to accept Processes real-time payments
card solutions for banks, fintechs, payments via card transactions (in- through the New Payments
store & online).
and businesses Platform (NPP).
•
• Connects to global payment •
Connects clients to major card Supports direct debit, BPAY, and
networks for secure and fast
networks like Visa and Mastercard bulk payment processing for
processing.
businesses.
•
Supports digital wallets (Apple Pay,
•
Google PayTM, Samsung Pay) for Ensures secure, fast, and reliable
seamless transactions. transaction processing across
multiple payment methods.
~60% NOI(1) ~10% NOI (1) ~25% NOI (1)
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(1) H1 FY25.

H1 FY25 Results Highlights

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H1 FY25 Highlights

+7% transaction volume growth.

Earnings growth across all core capabilities.

Improvement in all key metrics.

On track to meet or modestly exceed Prospectus FY25 pro forma NPAT[(1)] forecast.

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(1) Pro forma Consolidated Profit attributable to the owners of Cuscal.

H1 FY25 - Growth across all key metrics

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Pro forma
Transaction Volumes Pro forma NPAT
Adjusted EBITDA
(by number, million) ($m) and Margin (%)
($m) and Margin (%)
+7% 24.3% 14.7%
21.4%
16.8%
10.9%
+5%
9.0%
2,127 35.6 21.5
29.5
15.1
1,984 19.9
10.6
1,884
H1 FY23 H1 FY24 H1 FY25 H1 FY23 H1 FY24 H1 FY25 H1 FY23 H1 FY24 H1 FY25
Pro forma Adjusted Pro forma NPAT ($m)
EBITDA ($m)
Pro forma Adjusted Pro forma NPAT
EBITDA Margin (%) Margin (%)
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Pro forma ROE (%)
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Pro forma EPS (cents per share)

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6.3%
4.9%
3.5%
12.1
8.5
6.0
H1 FY23 H1 FY24 H1 FY25 H1 FY23 H1 FY24 H1 FY25
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Growth drivers

Macro trends

• Continued decline in cash and growth in digital payments.

• Retirement of Batch payments in favour of real-time payments by end of 2030.

• Growth of “subscription based” consumption.

• Growth of embedded payments.

• Consolidation of the banking sector providing opportunities hard to reach organically.

• Innovative new providers bringing new technology that need to connect to payments infrastructure.

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Organic and inorganic

• Continue expansion of core capabilities into new client segments.

• Potential M&A in core business areas.

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Well positioned for growth and operating leverage

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Revenue model Significant investment
underpinned by long- Diversified model with in operating model Well capitalised,
tenured, contracted multiple revenue drivers completed in recent regulated balance sheet
client base years
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Q&A

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Thank you