CUSCAL LIMITED — Investor Presentation 2026

Feb 23, 2026

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1H26 Results Moving Payments Forward. Together.

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Craig Kennedy Managing Director

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Jennifer Brice Chief Financial Officer

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Cuscal Limited. ASX: CCL

24 February 2026

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 ( ASX ), 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”. The words “expect”, “anticipate”, “estimate”, “intend”, “believe”, “guidance”, “should”, “could”, “may”, “will”, “predict”, “plan” and other similar expressions are intended to identify forward-looking statements. Indications of, and guidance on, future earnings and financial position and performance and any synergies of the combined businesses following the acquisition of Indue Limited are also forward-looking statements. Forward-looking statements, opinions and estimates provided in this announcement are based on assumptions and contingencies that are subject to change without notice and involve known and unknown risks and uncertainties and other factors that are beyond the control of Cuscal, its directors and management. This includes statements about market and industry trends, which are based on interpretations of current market conditions.

Forward-looking statements are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. Actual results, performance or achievements may differ materially from those expressed or implied in such statements and any projections and assumptions on which these statements are based. These statements may assume the success of Cuscal’s business strategies. The success of any of those strategies will be realised in the period for which the forward looking statement may have been prepared or otherwise. Readers are cautioned not to place undue reliance on forward-looking statements and except as required by law or regulation, none of Cuscal, its representatives or advisers assumes any obligation to update these forward-looking statements. No representation or warranty, express or implied, is made as to the accuracy, likelihood of achievement or reasonableness of any forecasts, prospects, returns or statements in relation to future matters contained in this presentation. The forward-looking statements are based on information available to Cuscal as at the date of this presentation. Except as required by law or regulation (including the ASX Listing Rules), none of Cuscal, its representatives or advisers undertakes any obligation to provide any additional or updated information whether as a result of a change in expectations or assumptions, new information, future events or results or otherwise. Indications of, and guidance or outlook on, future earnings or financial position or performance are also forward-looking statements.

Unless stated otherwise, references to results growing, declining, increasing, decreasing, or remaining flat are in comparison to the corresponding period in the prior fiscal year. References to Underlying results exclude the impact of significant, non-recurring, non-operational items and associated tax implications.

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. This announcement has been prepared for release in Australia. The distribution of this announcement in jurisdictions outside Australia may be restricted by law. Any failure to comply with such restrictions may constitute a violation of applicable securities law. In particular, this announcement may not be distributed or released in the United States.

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Authorised for release by the Board of Cuscal Limited

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ACKNOWLEDGEMENT OF COUNTRY

Cuscal acknowledges the Traditional Custodians of the lands, seas and waters across Australia.

We acknowledge the Gadigal peoples of the Eora Nation, whose ancestral lands and waters are where the Cuscal Limited headquarters stand. Cuscal recognises Aboriginal and Torres Strait Islander peoples’ continuing connection to land, waters and culture.

We honour the wisdom of Aboriginal and Torres Strait Islander Elders past and present and embrace future generations.

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The artwork depicted on this page, “Wugul Mudjin” means one family, one mob, one team in Dharug/Darug language, and was commissioned by Cuscal Limited and created in March 2024 in partnership with artist Jason Douglas of Dalmarri.

Agenda & Presenters

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Page
1 1H26 Highlights 5
2 1H26 Financial Performance 9
3 Strategy & Outlook 14
4 Q&A 16
A Appendix 17
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Craig Kennedy Managing Director

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Jennifer Brice Chief Financial Officer

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4

1H26 Highlights Craig Kennedy, Managing Director

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1H26 Financial Performance

Strategy & Outlook

Q&A

1H26 Highlights

Appendix

1H26 highlights

Robust financial performance and focused strategic execution

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Our key achievements

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Disciplined execution Transaction volume Completed Robust capital of organic and +9% and Underlying acquisition of Indue; position; inorganic growth NPAT +13% with integration now interim dividend of strategy continued strength underway 4.5 cents per share across all core capabilities

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1H26 Financial Performance

Strategy & Outlook

Q&A

1H26 Highlights

Appendix

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Better Together

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Strategically and financially compelling

$15-$20 million post tax annual run rate cost synergies[1 ] | Run rate post synergy EPS Accretion[ 2] 25%+ | ROIC[ 3] 20%+

Strategic alignment

on business strategy and position in the Australian payments landscape, and greater revenue diversification through Indue’s existing Government clients.

Operating efficiencies

delivered through reduced duplication in run, maintenance, compliance and corporate overhead costs.

Improved resilience

across capital position, capabilities, cybersecurity and fraud monitoring that better positions the combined business to respond to heightened regulatory standards, complexity, and cost.

Client benefits

from enhanced product and service offerings, operational efficiencies, and innovation at scale.

Cash funded

with the combined entity to retain a strong balance sheet and regulatory capital.

Investment capacity

increased that will enable greater innovation and investment in best-ofbreed resources and capabilities.

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1) Synergies expected to be fully realised by FY29, with post tax non-recurring integration costs expected to total $25-30m over 3 years from completion 2) Run rate post synergy EPS accretion of 25%+ is expected once full realisation of synergies are achieved 3) Return on Invested Capital (ROIC) is calculated by Indue’s FY25 NPAT added to FY29 run rate post tax synergies (together Return) divided by the transaction cash consideration post completion adjustments added to non-recurring costs to execute the integration program (together Invested Capital)

7

1H26 Financial Performance

Strategy & Outlook

Q&A

1H26 Highlights

Appendix

Indue integration

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Good early progress following completion of Indue acquisition on 1 December 2025; reaffirming synergy and integration targets

• Indue acquisition completed 1 Dec 2025

• Peter Wright appointed as Non-Executive Director

• Integration Advisory Committee established FY27 FY29  Program workstreams established to ensure • Roll-off of existing supplier contracts leads to successful integration significant transaction cost synergies

• • • Current focus on planning client migrations Migration of clients completes • • Enabling client migration Annual run rate cost synergies of ~$15-20m

• • post tax and completion of integration program Further operational synergies begin to be realised • Full transition to Cuscal target operating model

• FY26 FY28 • Synergies limited by vendor contracts in place until FY28

Cost synergies $15-$20m post tax annual run rate cost synergies expected to be fully realised by FY29 Integration costs Post tax, non-recurring integration costs of $25–$30m over 3 years, mostly in the first 2 years

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8

1H26 Financial Performance Jennifer Brice, Chief Financial Officer

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1H26 Financial Performance

Strategy & Outlook

Q&A

1H26 Highlights

Appendix

1H26 Underlying results highlights

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Strong financial performance

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Transaction volume Net operating income NPAT EPS
+9% EPS % growth reflects
+13%
increased share count
+8% ex. Indue +10% +11% ex. Indue
following Nov-24 IPO
+6% ex. Indue
2,327 24.2
161.5 +4%
+3% ex. Indue
146.7
12.6
2,127 21.5
12.1
m $m $m cps
1H25 1H26 1H25 1H26 1H25 1H26 1H25 1H26
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10

1H26 Financial Performance

Strategy & Outlook

Q&A

1H26 Highlights

Appendix

Net operating income

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Continued NOI growth across all capabilities

Net Operating Income by capability

$m	1H26	1H25	Growth (%)
Issuing	93.1	85.8	9%
Acquiring	16.5	15.0	10%
Payments	40.3	35.0	15%
Financial Crimes	9.5	8.0	19%
Data Services	2.8	2.6	8%
Corporate1	(0.7)	0.3	n/a
Total Net operating income	161.5	146.7	10%
Net operating income ex. Indue	156.2	146.7	6%
Transaction volume (m) (by number)	2,327	2,127	9%
Transaction volume ex. Indue (m)	2,307	2,127	8%

Net Operating Income capability by contribution

% NOI 58% 10% 25% 6% 2% Issuing Acquiring Payments Financial Crimes Data Services Corporate

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1) 1H26 includes $0.5m additional interest expense under AASB 16 relating to new right of use premises assets

1H26 NOI  10% on prior year

• Indue contributed $5.3m

• NOI growth ex. Indue  6%

• December is typically a strong month due to seasonality

9% transaction volume growth, comprising:

• Issuing  7%

• Acquiring  18%

• Payments  9%

• Indue contributed 20m volume across Issuing and Payments

Growth in transaction-based revenue across all core capabilities

• Issuing  7%

• Acquiring  14%

• Payments  14%

11

1H26 Financial Performance

Strategy & Outlook

Q&A

1H26 Highlights

Appendix

Operating expenses

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Continued Underlying operating leverage ex. Indue

Underlying Operating expense walk 1H25 to 1H26

$m

Total Underlying operating expenses  10% to $127.5m

• Operating expenses ex. Indue  6%

3.6 11.9 (0.3) 127.5 (3.6) 115.9 1H25 Opex Employee Non-salary Depreciation Other 1H26 Opex benefits technology & amortisation

1H26 Opex

Key drivers[1] :

Employee benefits expenses  20% to $70.1m

• Addition of Indue and incremental FTE uplift to support uplift in capabilities inc. fraud and scam monitoring, cyber security, risk management

Non-salary technology expenses  10% to $37.9m

• Increased software license volumes, support and fees

D&A  4% to $6.7m

• Move of premises and non-recurring R&D benefits

• Other expenses  22% to $12.8m

• Lower consulting fees and completion of certain projects

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1) Presentation of operating expenses has been adjusted from FY26; restatement of prior year result available in Appendix

12

1H26 Financial Performance

Strategy & Outlook

Q&A

1H26 Highlights

Appendix

Balance Sheet

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Capital ratios remain strong and well above prudential minimums; S&P AA-/Stable credit rating maintained

Summary balance sheet

$m	Dec 2025	Jun 2025
Cash & cash equivalents	3,158.1	2,211.2
Receivables & investment securities	1,788.4	1,008.4
Other assets1	106.2	98.4
Deferred tax assets	12.9	7.2
Property, plant & equipment	35.8	34.6
Intangibles	132.3	105.4
Total Assets	5,233.7	3,465.2
Payables, securities sold, discount securities	612.6	365.1
Client deposits	4,064.1	2,621.2
Other liabilities & provisions2	168.9	102.5
Total Liabilities	4,845.6	3,088.8
Total Equity	388.1	376.4

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CAR normalised
following completion
of Indue acquisition
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Regulatory Capital and Capital Adequacy Ratio

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27.1% 27.3%
19.7%
22.3%
259.8
233.8 238.9
207.0
Jun-24 Dec-24 Jun-25 Dec-25
Regulatory Capital Capital Adequacy Ratio
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Target ratio 18-19%

Underlying Return on Equity (ROE)

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6.3% 6.3%
4.9%
3.5%
1H23 1H24 1H25 1H26
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1) Other assets includes Other financial assets at amortised cost, Other assets, Current tax assets, Derivative financial assets, and Equity investments; 2) Other liabilities & provisions includes Derivative financial liabilities, Other liabilities, and Provisions

13

Strategy & Outlook Craig Kennedy, Managing Director

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1H26 Financial Performance

Strategy & Outlook

Q&A

1H26 Highlights

Appendix

H2 focus areas and outlook

Advancing Indue integration

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Maintain focus on risk management uplift

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FY26 Underlying profit outlook raised

Expect high-single-digit transaction volume growth to translate to mid-teens % full year Underlying NPAT growth

Extend products to new segments and markets; enhancing fraud prevention and data analytics capabilities

1H26 Underlying NPAT ~55% of full year, including higher Net interest income in 1H26 prior to capital deployment

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Q&A

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Appendix

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1H26 Financial Performance

Strategy & Outlook

Q&A

1H26 Highlights

Appendix

Australia’s leading independent B2B payments provider

End-to-end payments infrastructure provider for broad institutional customer base

Payment infrastructure and data overview

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Payment rails Infrastructure and connectivity Client universe
Schemes ADIs: Mutual Banks
Physical
Digital wallets and gateways Delivering core
Digital
payment offerings for
ADIs, non-ADIs and ADIs: Commercial
BPAY and BECS FinTech players.
Batch
Cuscal has the all the
NPP and RTGS licences, connectivity
Real-Time Non-ADIs: Paytech
RTGS and processing
capability to support all Zeller
payment types, as well
Inc. Consumer Accredited Data Holder / Square
as data services.
Data Right (CDR) Accredited Data Recipient
Non-ADIs: Financial Services / Corporates
Diversified, transaction volume-led Aus.
business model provides natural Govt.
resilience through economic cycles
Card
Non-Card
Data
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1H26 Financial Performance

Strategy & Outlook

Q&A

1H26 Highlights

Appendix

Supporting clients across the value chain

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Three core capabilities deliver improved speed and cost to market for our clients

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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 through the New Payments
and businesses (in-store & online) Platform (NPP)
 Connects clients to major card  Connects to global payment  Supports direct debit, BPAY, and
networks like Visa and Mastercard networks for secure and fast bulk payment processing for
 processing businesses
Supports digital wallets (Apple
Pay, Google Pay, Samsung Pay)  Ensures secure, fast, and reliable
for seamless transactions transaction processing across
multiple payment methods
~58% NOI ~10% NOI ~25% NOI
Reinforcing adjacencies inc. Financial Crimes and Data Services support the client experience
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19

1H26 Financial Performance

Strategy & Outlook

Q&A

1H26 Highlights

Appendix

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Indue acquisition brings complementary client base with shared heritage in the mutuals

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Complementary Client Base on Combination… …With Similar Capabilities
Mutual Banks
Card Payments (excl. Pre-Paid)
Batch and Real-Time Payments
Non-Mutual Banks Fintechs
Financial Crimes
Data
Corporates
Australian Government
Pre-Paid Cards
Shared
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1H26 Financial Performance

Strategy & Outlook

Q&A

1H26 Highlights

Appendix

Shareholder proposition

Strong, defensive earnings growth benefiting from structural tailwinds, delivering consistent returns to shareholders

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1
Strong competitive advantages
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End-to-end capabilities

• Access to core payment rails is difficult/expensive

• Support clients across the value chain

Independent B2B offering

• Do not compete with B2C clients

Fully licensed

• Highly regulated

• Industry-wide connectivity

Well-capitalised

• Strong regulated balance sheet

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2
Predictable
financial model
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Long-tenured client base

• Strong base of clients contracted for 2+ years

• High revenue visibility

Disciplined investment history

• $150m+ in tech upgrades and capability uplift FY22-FY25

• Operating leverage emerging after peak investment period

Transaction volume-based business model

• Provides natural resilience through economic cycles

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3
Multiple growth levers
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Organic growth

• Transaction volume growth

• New client wins and rollouts

• Continued product innovation

Inorganic growth

• Track record of successful M&A

• Access to new capabilities and markets, and improved positioning

New market opportunities

• First mover advantage in Consumer Data Right products

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4
Structural tailwinds
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Favourable macro trends

• Continued decline in cash and growth in digital payments

• Retirement of batch payments in favour of real-time payments

• Growth of “subscription based” consumption

• Growth of embedded payments

• Consolidation of the banking sector providing opportunities

• Investment grade credit rating

Target dividend payout ratio of 40-60% of statutory NPAT fully franked[1]

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1) Discretionary dividend policy.

21

1H26 Financial Performance

Strategy & Outlook

Q&A

1H26 Highlights

Appendix

Results overview – Statutory Results

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Statutory results highlights

$m	1H26	1H25	Growth (%)
Total net operating income	161.5	146.7	10%
Total operating expenses	(131.5)	(129.2)	2%
Net profit after tax (NPAT)	21.5	12.2	76%
Earnings per share (c/share)	11.2	6.9	62%
Dividends per share (c/share)	4.5	4.5	-
Return on Equity (%)	5.7%	3.6%	210bps
Transaction volume (m)	2,327	2,127	9%

• Statutory results impacted by nonrecurring acquisition and integration costs and prior year tax losses in 1H26 and non-recurring IPO related costs in 1H25

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22

1H26 Financial Performance

Strategy & Outlook

Q&A

1H26 Highlights

Appendix

Results overview – Underlying Income Statement

$m	Underlying 1H26	Pro forma 1H25	Growth (%)
Transaction Volume (m) (by number)	2,327	2,127	9%
Gross fee & commission revenue	197.3	176.3	12%
Direct fee & commission expense	(55.9)	(46.8)	19%
Net fee & commission revenue	141.4	129.5	9%
Net interest income	20.1	16.8	20%
Other operating income	-	0.4
Total net operating income	161.5	146.7	10%
Employee benefits expense	(70.1)	(58.2)	20%
Depreciation and amortisation (D&A)	(6.7)	(7.0)	(4%)
Non-salary technology expenses	(37.9)	(34.3)	10%
Other expenses	(12.8)	(16.4)	(22%)
Total operating expenses	(127.5)	(115.9)	10%
Net profit before tax (NPBT)	34.0	30.8	10%
Income tax expense	(9.8)	(9.3)	5%
Net profit after tax (NPAT)	24.2	21.5	13%
Average FTE	702	632	11%

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Highlights of Underlying result

Transaction volume  9%

Transaction volume ex. Indue  8%

Total NOI  10%

Total NOI ex. Indue  6%

Adjusted EBITDA[1]  8%

Profit before tax  10%

NPAT  13%

Add backs (from NPBT above):
D&A (excluding right-of-use assets under AASB16 and leasehold improvements)	4.5	4.8	(6%)
Adjusted EBITDA1	38.5	35.6	8%
Earnings per share (cps)	12.6	12.1	4%
Dividends per share (cps)	4.5	4.52	-

EPS  4%

EPS ex. Indue  3%

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23

1) Adjusted EBITDA is calculated as net profit before tax, before depreciation and amortisation (but excluding depreciation relating to right-of-use assets under AASB16 and leasehold improvements); 2) Pre-IPO dividend

1H26 Financial Performance

Strategy & Outlook

Q&A

1H26 Highlights

Appendix

Reconciliation of results

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1H26 Statutory reconciliation to Underlying results

$m	1H26 Statutory	Adjustments	Adjustments	Underlying 1H26	Underlying change pcp	Indue	Underlying ex. Indue 1H26	Underlying ex. Indue change
		Indue Integration & Acquisition	Braavos Group tax losses
Net fee and commission revenue	141.4			141.4	9%
Net interest income	20.1			20.1	20%
Total net operating income	161.5			161.5	10%	(5.3)	156.2	6%
Employee benefit expense	(70.2)	0.1		(70.1)	20%
Non-salary technology expenses	(38.1)	0.2		(37.9)	10%
Other expenses	(16.5)	3.7		(12.8)	(22%)
Depreciation and amortisation	(6.7)			(6.7)	(4%)
Total operating expenses	(131.5)	4.0		(127.5)	10%	4.8	122.7	6%
Profit before income tax	30.0	4.0		34.0	10%	(0.5)	33.5	9%
Income tax expense	(8.5)	(0.1)	(1.2)	(9.8)	5.4%
Profit after tax	21.5	3.9	(1.2)	24.2	13%	(0.3)	23.9	11%

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24

1H26 Financial Performance

Strategy & Outlook

Q&A

1H26 Highlights

Appendix

Cash Flow Statement

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Cash flow statement for half year ended 31 December 2025

$m	31 December 2025	31 December 2024
Fees, commissions and other income received	212.2	181.7
Fees & commissionspaid	(51.0)	(49.2)
Payments to other suppliers and employees	(131.0)	(99.1)
Interest received	71.6	72.5
Interestpaid	(55.3)	(56.1)
Net income taxpaid, net of research and development incentives	(14.0)	(16.0)
Netproceeds from other financial assets at amortised cost	0.3	-
Netproceeds from settlement marketparticipants	17.0	207.1
Netpayments for investment securities	(290.1)	(9.6)
Netproceeds /(repayments)of repurchase agreements	150.0	(301.1)
Net(repayments)/proceeds of discount securities issued	(0.5)	2.5
Netproceeds of client deposits	764.1	308.6
Netproceeds from /(payments to) prepaid cardholders	5.2	(0.1)
IPO Offer costspaid	-	(12.4)
Net cashprovided by operating activities	678.5	228.8
Payment for intangible assets	(2.1)	(3.4)
Payment for acquisition of subsidiary	(75.2)	(4.8)
Cash acquired from subsidiaryacquired	358.8	-
Payment forproperty,plant & equipment	(0.6)	-
Net cashprovided by /(used in) investing activities	280.9	(8.2)
Proceeds from issue of shares, net of transaction costs	-	38.3
Dividendspaid	(10.5)	(16.7)
Settlement of employee share options	-	(0.6)
Leasehold incentives received	0.2	-
Cashpayments for funding principalportion of lease liability	(2.2)	(2.6)
Net cash(used in) /provided by financing activities	(12.5)	18.4
Net increase in cash	946.9	239.0
Cash at the beginning of the halfyear	2,211.2	2,069.1
Cash at the end of the halfyear	3,158.1	2,308.1

• $946.9m increase in cash reflects increased client deposits, strong operational performance, and cash acquired from Indue

• Operating activities include Group Treasury activities and working capital requirements

• Investing activities benefitted from $358.8m cash acquired from Indue acquisition

• Financing activities include IPO capital raise in prior year

• Final FY25 dividend of 5.5 cents per share was paid on 25 September 2025

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25

1H26 Financial Performance

Strategy & Outlook

Q&A

1H26 Highlights

Appendix

Regulatory capital & Risk weighted assets

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Regulatory capital build and ratios

$m – Level 2 Group	Dec 2025	June 2025	% mvt
Total equity	388.1	376.4	3%
Less: Deductions	(149.2)	(116.6)	(28%)
Common Equity Tier 1 capital	238.9	259.8	(8%)
Total Tier 2 capital	-	-	-
Total Regulatory capital	238.9	259.8	(8%)
Credit risk related RWA	583.0	494.6	18%
Operational risk related RWA	626.8	457.3	37%
Total risk-weighted assets (RWA)	1,209.8	951.9	27%
Total capital adequacy ratio	19.7%	27.3%	(760 bps)

Risk weighted assets

Proportion of Credit RWA by weighting $m – Level 2 Group	Dec 2025	June 2025	% mvt
at 0%	67%	58%	16%
at 20%	5%	9%	(45%)
at 30%	24%	26%	(8%)
at 50%	2%	4%	(50%)
at 100%	2%	3%	(33%)
Credit RWA	100%	100%	-

• The 8% decrease in capital is primarily due to the acquisition of Indue on 1 December 2025, which utilised the excess capital provided by the net cash proceeds of Cuscal’s listing in November 2024

• The 27% increase in risk weighted assets includes the impact of Indue Limited’s Balance Sheet, aggregated into the Group on acquisition

• The capital adequacy ratio remains well above the minimum prudential capital requirements as determined by APRA

• Risk weighted assets driven by both Credit Risk & Operating Risk charge; greater proportion attributed to Operating Risk charge than a traditional retail bank

• Credit Risk weighted assets predominantly in cash / liquid securities

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26

1H26 Financial Performance

Strategy & Outlook

Q&A

1H26 Highlights

Appendix

Operating expenses presentation change FY25 reconciliation

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1H25 and 2H25 Statutory operating expense

$m	Statutory 1H25	Restatements	Restated Statutory 1H25	Statutory 2H25	Restatements	Restated Statutory 2H25
Employee benefit expense	(58.8)	-	(58.8)	(64.7)	-	(64.7)
Non-salary technology expenses	(34.3)	-	(34.3)	(31.5)	-	(31.5)
Occupancy expenses	(2.3)	2.3	-	(2.4)	2.4	-
Other expenses	(29.0)	(0.1)	(29.1)	(15.6)	(0.4)	(16.0)
Depreciation and amortisation	(4.8)	(2.2)	(7.0)	(5.3)	(2.0)	(7.3)
Total operating expenses	(129.2)	-	(129.2)	(119.5)	-	(119.5)

1H25 and 2H25 Pro forma operating expense

$m	Pro forma 1H25	Restatements	Restated Pro forma 1H25	Statutory 2H25	Restatements	Restated Statutory 2H25
Employee benefit expense	(58.2)	-	(58.2)	(64.2)	-	(64.2)
Non-salary technology expenses	(34.3)	-	(34.3)	(31.5)	-	(31.5)
Occupancy expenses	(2.3)	2.3	-	(2.4)	2.4	-
Other expenses	(16.3)	(0.1)	(16.4)	(15.5)	(0.4)	(15.9)
Depreciation and amortisation	(4.8)	(2.2)	(7.0)	(5.3)	(2.0)	(7.3)
Total operating expenses	(115.9)	-	(115.9)	(118.9)	-	(118.9)

• From FY26, immaterial Occupancy expenses which are largely Depreciation and amortisation are recognised in the Depreciation and amortisation and Other expenses categories

• • For comparability, FY25 results are restated consistent with the FY26 presentation

27

1H26 Financial Performance

Strategy & Outlook

Q&A

1H26 Highlights

Appendix

Glossary

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Acronym	Definition Acronym Definition
APRA	Australian Prudential Regulation Authority DPS Dividends per share
AUD	Australian Dollar EBITDA Earnings Before Interest, Tax, Depreciation and Amortisation
BAU	Business as usual EPS Earnings per share, basic
B2B	Business to Business NOI Net Operating Income
B2C	Business to Consumer NPAT Net Profit After Tax
CAR	Capital Adequacy Ratio PCP Prior corresponding period
CDR	Consumer Data Right ROIC Return on Invested Capital
CPS	Cents per share (AUD)
Term	Definition
Adjusted EBITDA	Adjusted Earnings Before Interest Tax Depreciation and Amortisation, calculated as net profit before tax, before depreciation and amortisation (but excluding depreciation relating to right-of-use assets under AASB16 and leasehold improvements).
Capital adequacy ratio	APRA requires that each reporting entity maintain a minimum ratio of capital to risk-weighted assets determined based on an assessment of whether a licensee has enough regulatory capital relative to the risks in its business activities, calculated as eligible capital divided by risk-weighted assets.
Regulatory Capital	APRA regulatory capital is the financial buffer that authorised deposit-taking institutions (ADIs) must hold to absorb unexpected losses and ensure solvency as determined by APRA Prudential Standard APS 110 – Capital Adequacy.
Risk Weighted Assets	The exposures of an ADI, adjusted to reflect their respective level of risk of loss to the bank, as required in capital adequacy calculations under APRA’s prudential standards. For Cuscal, this includes credit risk and operational risk.
Underlying results	Underlying results are Non-IFRS, non-audited measures, derived by adjusting for significant, non-recurring, non-operational items and associated tax implications. See ‘Reconciliation of results’ slide to identify the relevant adjustments for 1H26.

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28

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Thank you