EML PAYMENTS LIMITED — Investor Presentation 2021

Aug 16, 2021

17 August 2021

ASX Market Announcements 20 Bridge Street SYDNEY NSW 2000

FY21 Results Investor Presentation and FY22 Guidance

EML PAYMENTS LIMITED (ASX: EML) (“EML”) is pleased to provide investors with the following presentation ahead of its Annual Results and Investor Presentation for the full year ended 30 June 2021.

As previously announced to the market, the investor briefing will take place on Wednesday 18 August 2021 at 9:00am AEST, via teleconference and webcast.

+61 (07) 3557 1100 Level 12 333 Ann Street Brisbane QLD 4000 EML Payments Limited

To access the call, please use the link below to register. Once registered dial in details will be provided.

• • Pre-registration Link: https://s1.c conf.com/diamondpass/10014452 egdtkf.html

Participants can also join the live webcast event using the link below: https://webcast.openbriefing.com/7501/

About EML Payments Limited

EML provides an innovative payment solutions platform, helping businesses all over the world create awesome customer experiences. Wherever money is in motion, our agile technology can power the payment process, so money can be moved quickly, conveniently and securely. We offer market-leading programme management and highly skilled payments expertise to create customisable feature-rich solutions for businesses, brands and their customers.

Come and explore the many opportunities our platform has to offer by visiting us at: EMLPayments.com

This ASX announcement has been authorised for release by the Board of Directors.

For further information, please contact:

Tom Cregan Managing Director and Group CEO

EML Payments Limited (ASX: EML) tcregan@emlpayments.com.au +61 (0)488 041 910

Robert Shore Group CFO

EML Payments Limited (ASX: EML)

rshore@emlpayments.com.au +61 (0) 419 590 128

17 AUGUST 2021

FY2021 Financial Results.

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01 FY21 Financial Results incl. FY22 Guidance

Tom Cregan 02

Managing Director Business Update & Group CEO

03 Strategy Update

Rob Shore Group CFO

04 Q&A

05 Analyst Briefing Data

Important Notice

This investor presentation has been prepared by EML Payments Limited ABN 93 104 757 904 (EML) and is general background information about EML’s activities current as at the date of this presentation. This information is given in summary form and does not purport to be complete.

Information in this presentation should not be considered as advice or a recommendation to investors or potential investors in relation to holding, purchasing or selling securities and does not take into account your particular investment objectives, financial situation or needs. Before acting on any information you should consider the appropriateness of the information having regard to these matters and seek independent financial advice. An investment in EML securities is subject to known and unknown risks, some of which are beyond the control of EML. EML does not guarantee any particular rate of return or the performance of EML.

This presentation may contain forward looking statements including statements regarding our intent, belief or current expectations with respect to EML’s businesses and operations, market conditions, results of operation and financial condition, capital adequacy, specific provisions, contingent liabilities and risk management practices. Readers are cautioned not to place undue reliance on any forward looking statements. Unless otherwise specified all information is for the twelve months ended 30 June 2021 ("FY21"), and is presented in Australian Dollars. Unless otherwise stated, the prior comparative period refers to the twelve months ended 30 June 2020 ("FY20").

Disclaimer

The information contained in this update is provided for general information purposes and is a summary only. The content of the update is provided as at 17 August 2021. Given the uncertain, unpredictable and volatile nature of business and economic conditions across the world as a consequence of the COVID-19 pandemic, and the significant influence of some third parties (such as regulators) on the business, reliance should not be placed on the content of this presentation or opinions contained in it. Further, subject to any legal obligation to do so, EML does not have any obligation to correct or update the content of this presentation.

The update does not and does not purport to contain all information necessary to make an investment decision, is not intended as investment or financial advice (nor tax, accounting or legal advice), and must not be relied upon as such. The update is of a general nature and does not take into consideration the investment objectives, financial situation or particular needs of any particular investor. Any investment decision should be made solely on the basis of your own inquiries, including inquiries beyond the scope and content of this update. Before making any investment in EML, you should consider whether such an investment is appropriate to your particular investment objectives, financial situation, risk appetite and needs. EML is not licensed to provide financial product advice in respect of its shares.

About Us

At EML we develop tailored payment solutions for brands to make their customers lives simpler. Through next-generation technology, our portfolio of payment solutions offers innovative options for disbursement payout’s, gifts, incentives and rewards. We're proud to power many of the world’s top brands and process $20 billion in GDV each year across 27 countries in Australia, EMEA and North America. Our payment solutions are safe and secure, easy and flexible, providing customers with their money in real-time. We know payments are complex, that’s why we've made the process simple, smart and straightforward, for everyone.

For more information on EML Payments Limited, visit: emlpayments.com This ASX announcement has been authorised for release by the Board.

EML Payments FY2021 Financial Results

03

Mission. We create awesome, instant and secure payment solutions that connect our customers to their customers, anytime, anywhere, wherever money is in motion. Vision. Purpose. to offer customers Inspiring a feature rich, fully transformative embedded payment digital change for solution, via a simple, our customers and single touchpoint. communities.

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04

EML Payments FY2021 Financial Results

About Us

eML is an asX listed (asX: eML) payments technology company operating proprietary processing platforms that enable Fintech disruption

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Group GDV 5 Year GDV CAGR 5 Year EBITDA CAGR
82% 60%
$19.7bn
In excess of In excess of
9m 4m
Gift & Inventive Active
Cards issued General Purpose
annually Reloadable
Cards
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We operate across the Globe Operating in 27 Countries

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We operate in a trillion dollar industry

Global:

Global:

e-commerce sales by 2023 - UsD6.5 trillion

payment cards projected worldwide by 2025= 30.6bn (source: nilsson Report october 2020)

(source: “emarketer Global e-Commerce 2019”)

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United Kingdom & Europe Card Based Payment Volumes:

• top 50 card issuers across UK and europe combined transaction value for CY2020 totalled UsD2.95 trillion

• europe GDV for FY2021 aUD7.3bn

(source: nilson Rep ~~o~~ rt July 2021)

UK & Europe Instant Bank Transfer Volumes:

• Forecast transactions expected by 2024:

• UK 4bn

• Germany 2.6bn

• France 2bn

USA Card Based Payment Volumes:

Australian Card Based Payment Volumes:

• transaction value total UsD6.75 trillion in 2020

• — these volumes expected to increase to UsD10.7 trillion in 2024

• total card based retail payments across FY2021 was aUD728bn

• australia GDV for FY2021 aUD2.9bn shows significant growth opportunity

• Us GDV for FY2021 aUD9.6bn represents <1% of total market

(source: RBa Retail payments - July 2020 - June 2021)

Australian Instant Bank Transfer Volumes:

(source: nilson Report February 2021, october 2020)

• Forecast transactions expected to be 2bn by 2024

USA Instant Bank Transfer Volumes:

• Forecast transactions expected to be 4.2bn by 2024

05

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EML Payments FY2021 Financial Results
Record Financial Results
GDV
42%
$19.7bn
UNDERLYING EBITDA [2] Operating Cashflow
65% 121%
$53.5m $48.8m
UNDERLYING
Revenue [1] NPATA [2] Cash At Bank
$194.2m $32.4m $141.2m
60% 54% 19%
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1 Revenue is stated excluding the impacts of aasB3 Business Combinations 2 Underlying EBITDA & Underlying NPATA excludes the impacts of AASB3 Business Combinations and costs associated with the Central Bank of Ireland investigation. A reconciliation is provided in the Analyst briefing data pages appended to this presentation 3 percentage movement has been calculated based on the prior comparative period, FY2020, unless otherwise noted.

01 Financial Performance.

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EML Payments FY2021 Financial Results Financial Performance

. A record year

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RECORD RECORD
UNDERLYING
GDV
NPATA [1,2]
$19.7bn $32.4m
42% on prior year 54% on prior year
RECORD RECORD
UNDERLYING
Revenue [1]
EBITDA [1]
$194.2m $53.5m
60% on prior year 65% on prior year
Excludes costs associated
with CBI investigation
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	($’000s) GDV	FY20 RESTATED 13,875,936	FY21 19,678,390	GROWTH 42%
	TOTAL REVENUE1	121,630	194,176	60%
	Revenue conversion bps GROSS PROFIT	88bps 88,746	99bps 130,376	13% 47%
	Gp margin	73%	67%	(6%)
	oVeRHeaD eXpenDItURe (Incl. R&D tax offset)	(56,210)	(76,850)	37%
	Costs in relation to CBI matter provided & incurred EBITDA (Incl. R&D tax effect) Addback: Costs in relation to CBI matter provided & incurred	- 32,536 -	(11,351) 42,175 11,351	(100%) 30% 100%
	UNDERLYING EBITDA (Incl. R&D tax offset)1 UnDeRLYInG eBItDa margin	32,536 27%	53,526 28%	65% 1%
	Depreciation & amortisation Share-based payments	(19,119) (6,146)	(29,836) (4,967)	56% (19%)
	Fair value adjustment (AASB3, contingent consideration and financial assets)	(671)	(18,449)	2649%
	other	(14,462)	(12,204)	(16%)
	Underlying Net Profit / (Loss) before tax	(7,862)	(11,930)	52%
	tax (including Research and Development tax offset)	719	(5,414)	(853%)
	Underlying Net Profit after tax	(7,143)	(17,344)	143%
	Add back: Acquisition related adjustments	27,480	27,846	1%
	Add back: FV on contingent consideration Add back: Tax expense effect on PFS hedge	- -	16,211 3,714	100% 100%
	Add back: Non cash amortisation of AASB3 fair value uplift to bond investments	671	1,958	192%
	UNDERLYING NPATA1, 2	21,008	32,385	54%

• 1 Revenue, eBItDa & npata are stated excluding the impacts of aasB3 Business Combinations.

• NPATA represents the profit generated by the business excluding all acquisition related costs including; amortisation, contingent considerations, share based payments and cash expenses that relate to acquisitions.

• 2

• Within NPATA, share based payment expense is inclusive of a one off $2.0m share based payment in FY20 to buy back a contractual agreement with a salary packaging consultant (announced 22 July 2019).

• 3

• AASB3 Acquisition adjustments include amortisation arising on fair value adjustments to acquired balance sheets, acquisition costs and other costs where directly attributable to acquisitions.

• 4

EML Payments FY2021 Financial Results Segment Performance

08

General Purpose Reloadable (GPR)

Use cases - Banking as a service, software as a service, neo-lending, Multi-currency, Government, non Governmental organisations

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Highlights
—
Revenue GP% Yield
GDV grew $5.5bn, or 131%, versus PCP.
—
PFS consolidated into Group results for a full 12 months, contributing $78.3m of Revenue.
—
EML contributed $35.3m of Revenue, representing growth of 34% versus PCP.
58% 117
$113.5m bps
—
salary packaging continued to grow with the transition of smartgroup and nsW Health
$41.9m (FY20) 60% (FY20) 99bps (FY20) benefit accounts complete and over 320k accounts in market at the start of FY22.
GDV $1.3bn $3.3bn $2.7bn $4.2bn $9.7bn
—
Gaming payout programs grew in all markets, revenue up 87% on pCp.
FY17 FY18 FY19 FY20 FY21
Gift & Incentive (G&I) Use cases - Mall gift cards, employer incentives, cross-sell, consumer incentives
Highlights
—
Revenue GP% Yield experienced slight increase in revenue despite mall closures (including over the Christmas
period) due to Covid impacting GDV. Mall volumes were 56% of the segment, with volumes
down by approximately $100 million on PCP which was also impacted by COVID-19.
—
81% 635 non-mall programs grew approximately 11%, driven by government stimulus and employer
$70.2m bps
incentive programs particularly in europe.
—
GDV $0.7bn $0.7bn $1.1bn $1.2bn $1.1bn $68.2M (FY20) 83% (FY20) 580bps (FY20) North America recognised $11.1m related to higher breakage rates as a result of COVID-19
which partially offset lower volumes in our mall programs.
FY17 FY18 FY19 FY20 FY21 —
Revenue conversion was higher as a result of higher breakage rates connected to CoVID-19.
Virtual Account Numbers (VANS) Use cases - Commercial payments, Buy now pay Later
Highlights
Revenue GP% Yield —
steady state result year on year.
—
74% 12 Changes in customer mix drove improvements in gross profit margins.
$10.3m bps
$2.5bn $2.7bn $5.2bn $8.5bn $8.8bn $10.7M (FY20) 65% (FY20) 13bps (FY20)
GDV
FY17 FY18 FY19 FY20 FY21
Figures specified above are for the twelve months ended 30 June 2021 (‘FY21’), presented in Australian Dollars. Unless otherwise stated, the prior comparative period refers to the twelve months ended 30 June 2020 (‘FY20’).
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EML Payments FY2021 Financial Results

Gross Debit Volume (GDV)

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GDV
42%
$19.7bn
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GDV by Segment (A$m) $19.7bn
$13.9bn
5 Year CAGR
$9.0bn
82%
$6.8bn
$4.4bn
FY20
FY17 FY18 FY19 FY20 FY21
GPR G&I VANs CAGR
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General Purpose
Reloadable (GPR)
$9.7bn
130%
• GDV growth from both acquisition and
organic sources.
• PFS contributed an incremental $5.1bn
or 93% of the segment growth over pCp.
pFs grew 20% over the same period last
year (incl. pre-acquisition periods).
• salary packaging and gaming
disbursement programs grew strongly,
with GDV growth of 24%.
eML pFs
$3.3bn $6.4bn
13% 410%
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Gift & Incentive
(G&I)
$1.1bn
6%
• Challenging trading conditions in malls
in Q1 to Q3 FY21 saw that vertical decline
13% over pCp.
• Q4 FY21 trading conditions improved,
with total volumes in line with FY19 and
ahead of pCp. Key markets of Germany,
UK and Canada remain impacted but
improving as lockdowns ease giving rise
to more optimism for improved trading
conditions in FY22.
• In FY21, the segment was 56% malls
and 44% incentives, with the incentives
vertical growing 11% on pCp despite
a weak retail environment in most
countries.
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Virtual Account
Numbers (VANs)
$8.8bn
4%
• In april 2021, eML announced the
acquisition of Sentenial Limited including
their open banking product nuapay.
• sentenial is a leading european open
Banking and account-to-account
payments provider. The Acquisition
broadens EML's payment offerings
to include alternate (non-card, non-
scheme) payment products processing
in excess of A$90bn annually.
• The acquisition is expected to close in
H1 FY22 and the Vans segment will be
renamed Digital Payments to reflect the
more diverse product offerings.
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EML generates revenues from processing payment volumes of prepaid stored value products on our processing platforms. The gross value of these transactions are defined as Gross Debit Volumes (‘GDV’) and are a key indicator of current & future revenues.

EML Payments FY2021 Financial Results

10

Revenue

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General Purpose Gift & Incentive Virtual Account
Reloadable (GPR) (G&I) Numbers (VANs)
Revenue [1]
$113.5m $70.2m $10.3m
60%
$194.2m
171% 3% 4%
GDV by Segment (A$m)
$194.2m
• PFS contributed $78.3m, up from • Volumes impacted by lockdowns • Yields remained flat at 12bps.
$15.6m in FY20. and social distancing in malls Yields will move down significantly
$121.6m but offset due to lower spending given the core sentenial direct
• organic (non pFs) growth on a like
5 Year CAGR patterns driving up breakage rates. debit business.
for like basis was strong at 34%
• Higher effective breakage rates
53% $97.2m • GpR makes up 58% of Group
contributed $11.1m partially
revenue and is our fastest growing
offsetting the impact of lost
$71.0m segment exposed to positive trends
volumes and increasing revenue
of digitisation of payments and
yields for the year.
embedded payment solutions.
$58.0m
• salary packaging transition
complete with over 320,000 active
accounts.
eML pFs
FY17 FY18 FY19 FY20 FY21
$35.3m $78.3m
GPR G&I VANs CAGR
34% 402%
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1 Revenue & eBItDa are stated excluding the impacts of aasB3 Business Combinations.

EML Payments FY2021 Financial Results Gross Profit

11

Gross Profit 47% $130.4m

Gross Profit Margin by Segment

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$130.4m
$88.7m
5 Year CAGR
48% $73.0m
$53.3m
$44.2m
FY17 FY18 FY19 FY20 FY21
GPR G&I VANs - - - - - CaGR
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General Purpose
Reloadable (GPR)
$65.7m
163%
• Gross Profit margins for the GPR
segment were down 1.9% to 58%
as the segment saw material
growth from consolidation of pFs.
• as noted previously, pFs has lower
Gross Profit margins primarily due
to outsourced processor costs.
• as volumes ramp up on the newly
launched tRaCe processor, the
Group should begin to see benefits
from lower processing costs in
FY22.
• eML's recently approved direct
membership of the UK Faster
payments network should further
improve margins.
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Gift & Incentive
(G&I)
$57.0m
0.5%
• Gross Profit margins for the G&I
segment declined 2% due to higher
volumes from customers operating
in the incentive vertical.
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Virtual Account
Numbers (VANs)
$7.6m
10%
• Gross Profit margins for the VANS
segment increased 9% due to
changes in customer mix.
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12

EML Payments FY2021 Financial Results Overheads

Overheads[1] 37% $76.8m

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3%
5%
11%
11%
70%
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• H1 FY21 Guidance was for overheads to be $76-80m. Overheads (excluding CBI related costs)

finished at the lower end of this range.

• Overheads for the Group increased 37% on PCP. PFS contributed an additional $20.0m (excluding CBI related costs) or 70% of the overhead growth over pCp as pFs was consolidated for the full 12 months.

• Employment related expenses make up 70% of Group cash overheads (on par with PCP) reflective of the nature of the Groups business. approximately 84% of the employment cost increase relates to pFs.

• employment costs as a percentage of revenue have decreased to 28% compared to 32% as the Group continues to grow and leverage scale advantages.

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32%
30%
28%
$29.1m $39.1m $53.8m employee
% of Revenue
FY19 FY20 FY21
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• Capitalised $11.5m of internally developed software, including amounts attributable to Project Accelerator

• During the year the Group saw increased costs for insurance, internal and external audit and It, driven by the increased

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Employee Costs Professional Fees ICT
Other
Offices & Travel Costs
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• size and complexity of the Group. eML expects continued upward pressure on these costs in FY22.

• The Group continues to realise savings in office and travel costs as a result of COVID-19. The Group expects some increase in these costs as intra-regional travel resumes.

1 overheads excluding CBI related costs.

13

EML Payments FY2021 Financial Results Underlying EBITDA

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$53.5m
65%on pCp
$11.4m
$53.5m
$42.4m
$32.5m
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Reported Reported Provision for Underlying
EBITDA FY20 EBITDA FY21 CBI costs EBITDA FY21
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as outlined on slide 26, the Group has been working with the CBI in relation to regulatory concerns it raised in May 2021. eML's response to the CBI on these matters has had a meaningful impact on the Groups results.

In FY21 the Group has incurred or provided for $11.4m of costs in relation to professional advisory, remediation and other potential costs associated with resolving the matter.

these costs are considered to be oneoff in nature and are added back in arriving at Underlying eBItDa.

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5 Year
EBITDA CAGR
60%
$14.5m $20.8m $29.7m $32.5m $53.5m
FY17 FY18 FY19 FY20 FY21
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14

EML Payments FY2021 Financial Results

Underlying EBITDA to Underlying NPATA

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53,526 9,626
UNDERLYING
4,967 325 3,556
2,667
EBITDA
32,385
$53.5m
65%on pCp
eBItDa Depreciation share non Cash Finance other FV on tax Acquisition npata
& Based amortisation Costs Income/ Contingent Costs
amortisation payment on FV Bond expense Consideration
Operating Performance 53,526 (9,626) (4,967) (325) (3,556) (2,667) 32,385
Costs in relation to CBI matter
provided & incurred (11,351)
statutory profit reconciliation 42,175 (29,836) (4,967) (1,958) (1,983) (6,103) (16,211) (6,381) (3,431) (28,695)
Acquisitions related expenses 20,210 1,958 1,658 2,547 16,211 3,714 3,431
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UNDERLYING

NPATA

$32.4m 54%on pCp

Depreciation & Amortisation

Share Based Payments

• 67.6% of D&a relates to the • solely related to executive aasB3 fair value uplift for short term and global acquired intangibles. long term incentive plans. Included in npata.

• Operating D&A of $9.6m replaced by ongoing investment in internally generated software of $11.5m

Finance Costs

• Includes interest on unsecured

• vendor loans falling due in 2023 & 2024.

• Includes costs related to the Group's syndicated debt facility

FV on contingent consideration

• The PFS acquisition included contingent consideration payable upon achievement of eBItDa earn out targets in the FY21, FY22 and FY23 years.

• the pFs Group did not meet the eBItDa target for FY21 and no contingent consideration is payable for this period.

• The contingent consideration on acquisition was restated for the impacts of the regulatory error in prior periods to de-recognise the liability owed to cardholders. this adjustment led to no contingent consideration being included in the acquisition accounting at 31 March 2020 or at 30 June 2020.

• as at 30 June 2021, the reassessment of the forward projections of eBItDa in FY22 and FY23 have resulted in the measurement of a discounted contingent consideration of $14.3m.

• Forward projections will continue to be assessed throughout the remaining earnout period.

1 NPAT: Net Profit after Tax

15

EML PaymentsFY2021 Financial Results	EML PaymentsFY2021 Financial Results
Financial Position
($’000s)	30 June 2020 Restated	30 June 2021	GROWTH	CARDHOLDER ASSETS/ LIABILITIES		CORPORATE BALANCE SHEET
Cash and cash equivalents	118,381	141,228	19%	28,187		113,041
Contract asset	22,344	16,363	(27%)			16,363
segregated funds and Bond investments	833,407	1,409,552	69%	1,406,416		3,136
other current assets TOTAL CURRENT ASSETS Contract assets	34,454 1,008,586 9,485	36,368 1,603,211 10,219	6% 59% 8%	1,434,603		36,368 168,908 10,219
Plant, equipment and right of use assets	14,629	11,245	(23%)			11,245
Intangibles	371,714	350,133	(6%)			350,133
Deferred tax asset	25,044	12,453	(14%)			21,453
segregated funds and Bond investments	443,214	274,024	(38%)	271,354		2,670
other non current assets	8,281	18,193	126%			18,193
TOTAL NON CURRENT ASSETS	872,139	685,267	(21%)	271,354		413,913
TOTAL ASSETS trade and other payables Liabilities to stored value account holders	1,880,725 (47,463) (1,295,035)	2,288,778 (62,868) (1,705,957)	22% 32% 32%	1,705,957 (1,705,957)		582,821 (62,868) -
Contingent consideration Interest bearing borrowings	(4,328) -	(863) (1,385)	(80%) 100%			(863) (1,385)
provisions	(3,585)	(10,801)	(201%)			(10,801)
other current liabilities	(7,423)	(10,918)	97%			(10,918)
TOTAL CURRENT LIABILITIES	(1,357,834)	(1,792,792)	32%	(1,705,957)		(86,835)
Deferred tax liabilities	(18,298)	(14,276)	(22%)			(14,276)
Contingent consideration other non current liabilities TOTAL NON CURRENT LIABILITIES	(11,054) (53,315) (82,667)	(14,280) (52,535) (81,091)	29% (1%) (2%)			(14,280) (52,535) (81,091)
TOTAL LIABILITIES	(1,440,483)	(1,873,883)	30%	(1,705,957)		(167,926)
TOTAL EQUITY	440,242	414,895	(6%)	-		414,895

Cash on hand of $141.2m, with no secured debt drawn down. As a result of identifying the regulatory error prior to EML's acquisition in de-recognising the cardholder liability, EML has paid $28.2m into the UK cardholder float in August 2021. This is expected to expire and return to cash between 2022 and 2028.

Contract asset down $2.7m due to lower GDV and faster conversion to cash under North American bank agreements.

Segregated funds include low risk bond investments and cash held at financial institutions.

EML continued to invest in internally generated software (Intangibles) of $11.5m which offset $9.6m of amortisation in the period. The NBV reduction is due to amortisation of acquired intangibles ($20.2m) and fx movements.

Contingent consideration on EML Money DAC (was PerfectCard DAC) acquired in July 2018 achieved a 91% earnout. The contingent consideration on PFS has been changed to fair value based on estimated achievement.

16

EML Payments FY2021 Financial Results PFS Acquisition UpdateRestatement of Acquisition

• As noted in our 30 July 2021 announcement, the Group became aware of historical deficiencies in connection with the accelerated conversion to cash of dormant funds and expired eMoney.

As a result of the pre-acquisition regulatory error, the liability to cardholders was understated on acquisition date. The Group has restated the acquisition accounting as a result with the following material changes

• Acquisition consideration fell by $63.7m;

• FV of Customer Contracts increased by $15.9m, impacted by the future revenue stream as the dormant funds and expired eMoney convert to cash in a future period;

• Liabilities to stored value account holders increased by $28.2m which the Group has injected into the segregated funds following the FY21 year end. these funds are expected to be released back to eML between FY22 and FY28 impacting cash and revenue in those periods.

EML considers that, as the issues relate wholly to the period prior to its acquisition, any and all financial consequences are the responsibility of the previous owners of the PFS group. EML has the benefit of various warranties and indemnities under the Share Purchase Agreement entered into in March 2020 and we are assessing our position. any claim will not be recognised as a contingent asset until its recovery is virtually certain.

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17

EML Payments FY2021 Financial Results

Financial Performance – Cash Flow

Cash & Cash Equivalents $141.2m

FY21 Underlying Operating Cash Flow Movements

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FY20
Underlying $8.4m
AMF-REC
Cashflow
$2.9m
$38.9m
Tax & Interest Paid
$3.4m
AcquisitionCosts
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FY21
Operating
Cashflow
$48.8m
FY20
EBITDA
$32.5m
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One Off NA Breakage

FY20 EBITDA/ FY20 Op Cash

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FY21 Operating
Cashflow
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Acquisition Costs

Tax & Interest Paid

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FY21
Underlying
EBITDA
$53.5m
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FY21
Underlying
Operating
Cashflow
$46.7m
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FY21 EBITDA/ FY21 Op Cash

$46.7m Underlying Operating Cash Inflows[1]

87%

Underlying EBITDA to Underlying Operating Cashflow conversion

$26.0m

Cash Outflows for Investing Activities

FinLab investments (Hydrogen & Interchecks) Capitalised internally developed software Plant & equipment

$9.7m $11.5m $1.1m $3.5m new syndicated Bank Debt Facility

Contingent consideration

The Group has established a total Senior Secured Facility to support working capital and future growth

1 Underlying Operating Cashflow excludes acquisition costs, tax & interest paid and one-off AMF-REC.

18

EML Payments FY2021 Financial Results

FY2022 - Financial Guidance

the Group expects Underlying eBItDa[1] to be in a range of m – m A$58 $65

for FY22

Assumptions:

01

G&I GDV improves as malls reopen and economies rebound from CoVID-19 with no lockdowns and Christmas trading is not impacted

03

no material change in FX rates (GBp, eUR, UsD) from 30 June 2021

05

provisions booked for remediation and any potential enforcement action of the CBI matter are sufficient to cover actual costs incurred and the timing of completing the remediation plan does not extend beyond March 2022

02

We expect to see increases in our cost base driven by new roles in europe to address CBI matters, higher insurance costs and internal & external audit fees

04

no material change in central bank interest rates (UK, europe, Us or aU)

06

sentenial consolidated in Group results from 1 October 2021. EML will invest $2.5m into incremental sales and marketing in FY22. eML expect Sentenial to deliver EBITDA between $0 - $(3m) in FY22

Gross Debit Volume $93bn – $100bn

(FY21: $19.7b)

Revenue $220m – $255m

(FY21: $194.2m)

Underlying EBITDA[1,2] $58m – $65m

(FY21: $53.5m)

Underlying NPATA[2] $27m – $34m

(FY21: $32.4m)

Operating Cashflow 80% – 90%

(FY21: 87%)

• 1 Underlying EBITDA is equivalent to the net profit/(loss) for the period including R&D tax offset and excluding share based payments, depreciation and amortisation expense, acquisition expenses, non-cash unrealised foreign exchange and any costs related to the CBI matter which are included within the Statement of Profit or Loss and Other Comprehensive Income.

• Underlying NPATA represents the profit generated by the business excluding all acquisition related costs including; amortisation, contingent considerations, share based payments, cash expenses that relate to acquisitions and any costs related to the CBI matter.

02 Business Update

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20

EML Payments FY2021 Financial Results FY21 Highlights

• signed and launched major new customers in all verticals with sales pipeline momentum evident in all markets (refer following pages).

• — As part of Project Accelerator, announced the acquisition of Sentenial Limited in April 2021. Sentenial, through its nuapay brand, is a leading open banking player in europe. the transaction is expected to settle following the final regulatory approval which is expected to be received in Q1 FY22.

• Became a direct member of the faster payments network in the UK.

• Launched open banking proposition in australia in partnership with Frollo.

• Launched our new state of the art processor, tRaCe, in europe.

• established Finlabs, invested UsD7m in Hydrogen and Interchecks.

21

EML Payments FY2021 Financial Results Sentenial Update

• EML Payments Limited (EML) entered into a binding agreement to acquire 100% of Sentenial Group ('Sentenial') for an enterprise value of €70m (aUD110.9m)(Upfront enterprise Value), plus an earn-out component of up to €40m (aUD63.3m) (earn-out Consideration).

• — earn-out Consideration is contingent on nuapay (open banking) achieving a revenue target of €30m in the 12 month period ending on 31 December 2023. Earn-out payable in cash or equity at EML's discretion in 2024.

• sentenial, through its regulated subsidiary nuapay, operates in the fast growing european open banking sector and is expected to be accretive in year three FY24, with eML intending to reinvest profits into growth opportunities in FY22 and FY23.

• sentenial has serviced major banks (including Barclays, Lloyds and Citibank), blue chip enterprises, smallmedium businesses (sMes) and payment service providers for over nearly two decades.

• eML committed to spend €5m in sales and marketing over the first three years of ownership.

Transaction Update

• UK Financial Conduct authority ('FCa') approval was received on 18 June 2021.

• French prudential supervision and Resolution authority ('aCpR') approval pending however we expect to complete the deal in Q1 FY22.

• EML has satisifed all requests received from the ACPR and expects the ACPR will conduct a final assessment of the change of

  • control request in early September. If approval is received, the transaction will complete on 30 September 2021.

• Sentenial key customer wins since the acquisition announcement include Nuvei, Ecommpay, Hertz, Games Workshop via Visa Cybersource and touchnet.

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22

EML Payments FY2021 Financial Results

New Contracts and Program Launches

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SALES PIPELINE
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GpR GpR
85 95
10.5bn
+$
Projected
year 3-4 GDV
121
TOTAL CONTRACTS
144
SIGNED
of which NEW PROGRAMS
21 programs implemented IMPLEMENTED
expected GDV IN FY21
Vans G&I Vans G&I
$2.7b at maturity
3 33 3 46
313 deals
GpR – 181 G&I – 127 Vans – 5
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23

EML Payments FY2021 Financial Results Business Development Update

Government & NGO Programs

eML continues to see our solutions being used for the benefit of communities in multiple countries.

During FY21

• eML managed 576 Government and nGo programs across the Us, UK, australia and europe

• eML delivered 21 new programs across the UK and europe

examples:

Home Office

eML launched the aspen card program in May 2021.

Jersey

Jersey Government stimulus program launched to give £100 to every resident of Jersey in Q4 2020. total GDV £10m.

Northern Ireland

northern Ireland Government stimulus program launched to give every resident £100 to spend in local businesses. expected GDV £150m.

United Way

Use of paYs solution to send a funded and instantly available GpR card for purchases of basic necessities by families and individuals in need.

Salvation Army

the programme was set up to provide help and financial support to victims of modern slavery and trafficking.

24

EML Payments FY2021 Financial Results Key Program Launches

AptPay

GPR – Canada

EML's first GPR program in Canada. Disbursement program catering to needs of the unbanked, challengers, nontraditional banking market, gig economy and gaming industries.

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Avios

GPR - UK

Reloadable travel Card which allows avios members to link their loyalty programme to transactional activity on spend.

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VGW

Social Gaming – US

social entertainment platform that combines online social games and sweepstakes promotions in the United states. VGW has partnered with eML to provide players with reloadable cards to access their winnings

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Laybuy

BNPL - AU & UK

Laybuy is a Buy now pay Later platform that allows for rapid access to retailers in-store and online across the United states, United Kingdom and australia

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Zeller

BaaS – AU

Offers an all-in-one payments and financial services solution for small business, with everything included right in the box.

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Humm

BNPL - AU & UK

Humm is a Buy now pay Later platform. the program is a branded Reloadable Digital Mobile card customers can spend at participating retailers as part of

a buy now pay later agreement.

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~~“EML’s expertise~~ and global scale have been instrumental in expediting humm’s transition into digital payments both in Australia and in developing similar implementations in the United Kingdom.”

– Rebecca James, Humm Ceo

25

EML Payments FY2021 Financial Results Key Program Launches (cont.)

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Zenith

Salary Packaging

GPR & G&I - AU

Payroll – AU

transitioning to eML to leverage our digital card capabilities in the GpR and G&I space in australia.

target of 300k salary packaging benefit accounts exceeded in FY21. eML now services over 320k accounts.

Key Program Wins

CherryHub

a startup Fintech providing a digital ecosystem that connects payments and loyalty for customers onto a single card at leisure and hospitality venues in australia.

Raise.com

enables remaining spend on multiple gift cards to be converted to a single reloadable card at select Wal Mart stores across the Us.

M3T

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Paddy Power

Gaming - EUR

Launched payout cards in the european market in December 2020

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Department of Transport NSW BaaS – AU

the opal digital card provides travellers with an easy-to-use prepaid digital wallet that allows them to tap-and-go on all forms of public transport across the state of nsW using their mobile or wearable device.

Gaming GpR program via physical gaming terminals. Enables Consumers to play different types of video type games and load their winnings onto reloadable Mastercard.

Northern Ireland Government

northern Ireland Government stimulus program launched to give every resident £100 to spend in local businesses.

Betmakers

Betmakers have designed a platform to compare on-track bookmakers aggregated odds to help get them online. the Bookie card allows customers the ability to move winnings between bookies.

EML Payments FY2021 Financial Results Regulatory Update

26

CBI Update

• eML operates in highly regulated markets around the world including australia, the United Kingdom, europe, and the United states.

• — EML works hard to meet our evolving regulatory requirements in each market and to maintain collaborative relationships with all of our regulators.

• our businesses subject to regular audits from regulators, as well as from a range of external experts. these activities are carried out in the normal course of operating our businesses and we welcome the opportunity for external perspectives in relation to what we are doing well and, from time to time, where we can strengthen our systems and processes.

• — eML has been working constructively with the Central Bank of Ireland (CBI) in relation to regulatory concerns it raised in its May 2021 correspondence about our pFs Card services Ireland Limited (“pCsIL”) business.

• — CBI has investigated various aspects of the pCsIL business from a governance, resourcing, reporting, risk methodologies, controls and risk frameworks, capital adequacy, safeguarding and transaction monitoring perspective.

• — eML has responded in significant detail to the CBI on all matters and has provided CBI with a detailed remediation plan addressing the concerns raised by the CBI. eML is engaged in regular contact with the CBI in the implementation of this plan. eML expects the remediation plan to be substantively complete by the end of the 2021 calendar year, with remaining items remediated by the end of March 2022.

• eML will not recognise the contingent asset in relation to any claims under the share purchase agreement entered into March 2020, unless recovery is virtually certain.

EML Payments FY2021 Financial Results Regulatory Update

27

CBI Update (cont.)

• Actions undertaken since EML's acquisition of PCSIL include:

• additional Directors now sitting on the pCsIL Board, including an independent non-executive Chairman

• Implementation of “GBG predator”, a sophisticated transaction monitoring and fraud detection tool purchased by pCsIL in December 2020 and implemented in July 2021

• Implementation of Bureau Van Dijk global Know Your Business AML solution purchased in october 2020 and implemented for europe in november 2020

• Implementation of eKYC solution - Jumio in november 2020

• Implementation of eKYC solution - ariad next in october 2020.

• eML is in dialogue with the CBI regarding restriction of material growth in pCsIL's business, with the expectation that such restrictions will only apply during the remediation phase.

• — any such restrictions are likely to affect the number of new programs pCsIL is permitted to launch while restrictions apply.

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03 Strategy Update

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EML Payments FY2021 Financial Results Strategy delivering growth

29

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Digital Product Strategy

Global Technology Infrastructure

Investing in strategic partnerships that help eML to expand our product and distribution

Creating a universal experience & global platform, building out a feature rich and scheme agnostic product platform

Investing in our global technology architecture to ensure parity and future proofing of our business Purpose Driven Alignment our people are our most valuable asset when it comes to delivering on this strategy so a focus on communication and new operating rhythms have been critical to the success

EML Payments FY2021 Financial Results

Our product is our platform.

Our platform is one of the most feature rich payments platforms globally.

Payment Solution Suite

Issuer Processor Program Manager Partnerships eMLConnect – Developer Hub analytics and Insights portals and UX Platform Management Licensing / Regulatory & pCI-Dss advisory account Mgt / Global Micro Cards Mgt KYC & KYB Fraud Mgt Dispute Mgt onboarding treasury Mgt sDKs Bank agreements Compliance Level 1 services support Modules services Digital Wallets Closed Loop Real time spend Multi-account Whitelisting Delegated prepaid Cards tokenisation FX & Multi Currency parent-Child Product & Virtual Cards & open Loop Controls payments & offers & Blacklisting authority Suite open Banking Money Management Instant Instalment Merchant Merchant Loyalty Data & pFM payments payments Offers admin portal TECHNOLOGY SUITE ENABLING PARTNERS API’s sandbox sDKs & portals Data Mngt processors schemes VIsa MasteRCaRD InteRCHeCKs MoneYMe FRoLLo DIsCoVeR CUSTOMER VERTICALS payouts & Disbursements as earned Wage access & Multi-currency neobanks & Fintechs BnpL + Lenders Commercial payments Retail Reward & Incentives Gaming a service payroll & Multi-lingual REGIONS* United Kingdom europe australia north america

account Mgt / Global Micro sDKs support Modules services

Inspiring transformative digital change for our customers and communities

Coming soon Note* the above product platform is an Australian specific example

31

EML Payments FY2021 Financial Results FY2021 Achievements

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Infrastructure
Global Technology
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Invested in global product management talent

Introduced design thinking & lean product management disciplines

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Built eML ConneCt (launching FY22) making customer integration with eML easier via apIs

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tRaCe processor launched in europe. Being used for new program launches, existing customers to be migrated FY22

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established & launched Finlab to expand our product & distribution through investment partnerships

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enhanced & expanded our account based and faster payment options launching - sepa Instant & Faster payments - Direct Debit

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Completed phase 1 global cloud migration

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Invested & partnered with Hydrogen to target sMes with card program solutions in Usa

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Launched open

banking proposition in australia with Frollo.

UK & europe nuapay open banking proposition to launch FY22

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Created our global data architecture and commenced roll out

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Invested & partnered with Interchecks to offer a fully white label alternate payment platform to Usa clients

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enhanced regional

product offerings, moving closer to universal experience for our clients

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Announced acquisition of sentenial Group, including open banking platform nuapay, in april 2021

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on track to launch VIsa globally in FY22

32

EML Payments FY2021 Financial Results A new data-driven digital sales model

NEW WEBSITE & DEVELOPER HUB

EML Developer Hub

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In FY22 the new website & a brand new developer hub will launch, making it easier for new customers to get the most out of our products

INSIGHT DRIVEN LEADS

this year we integrated ZoomInfo, a digital marketing & sales tool to help drive greater insights & personalisation of the sales experience for customers

SUPERIOR PIPELINE MANAGEMENT

Launched Hubspot in FY21 for sales pipeline management & marketing campaign management

DIGITAL ONBOARDING EXPERIENCE

Work is underway on making our onboarding client experience faster, more seamless & global for our clients

33

EML Payments FY2021 Financial Results Interchecks Launched our first customer

• a fully customisable non-card payment platform giving businesses the choice of how they pay and get paid

• — Invested UsD2M @ UsD20M pre money

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A fully customisable non-card payment platform

• Completed integration

• Launched our first program in FY21 offering a fully white label payment choice platform

• a core product for our american disbursements & payouts growth strategy

• Future pipeline includes prospects from payroll & Gaming verticals

• a fair value gain of aUD1.8m was recognised in other comprehensive income in the year, following a third party investment at a higher valuation

tell us the method of payment you want

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EML Payments FY2021 Financial Results

34

Hydrogen Platform went live this year

• a banking and finance platform that embeds finance solutions for fintechs and sMBs through no/low cost options

A true out-of-the-box prepaid consumer card solution powered by EML

• Invested UsD5M @ UsD40M pre money

• Completed integration and productised eML products fit to serve fintechs & sMBs

• no code/low code options

• Went live in July 2021

• no change to investment valuation in FY21

EML Payments FY2021 Financial Results

35

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Open banking will fundamentally change the way we move money over the next decade

the eML nuapay product suite couples open banking data enrichment with instant account payment capability to create a modern friction-free digital user experience.

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36

EML Payments FY2021 Financial Results Open banking is gaining momentum globally, due to disruptive technology, regulatory changes and instant account payments, leading to more innovation & competition in financial services

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prescriptive (regulations in force)
Facilitative (guidelines only)
Market-driven (industry initiatives)
In process of adopting or actively considering
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Source:

Basel Committee (BIS), November 2019 https://www.bis.org/bcbs/publ/d486.pdf; BBVA, May 2020 https://www.bbva.com/en/open-banking-regulation-around-the-world/; updated for subsequent developments in Brazil and Turkey

29.8% CAGR in global real-time payments (2020-25)

Global forecast - A2A payments Forecast Forecast growth transactions (CaGR to 24) (2024) australia 49% 2.0bn Canada 21% 1.4bn France 54% 2.0bn Germany 43% 2.6bn United Kingdom 10% 4.0bn United states 42% 4.2bn Mordor Intelligence, Real-time Payments Market, https://www.mordorintelligence.com/ industry-reports/real-time-payments-market; ACI, Prime Time for Real-time Payments,

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Source:

Mordor Intelligence, Real-time Payments Market, https://www.mordorintelligence.com/ industry-reports/real-time-payments-market; ACI, Prime Time for Real-time Payments, https://go.aciworldwide.com/rs/030-ROK-804/images/ACI_Prime_Time_for_Real-Time_ Report.pdf

EML Payments FY2021 Financial Results

Open banking encompasses two core capabilities

Send & Receive Real-Time Bank Account Payments

Send & Receive Real-Time Transactional Banking Data

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Open Banking Data Enrichment

Non Scheme Payments

Objective: to create a faster, safer and more flexible way to move money beyond the schemes with real time account-to-account payments

Objective: to help increase competition & innovation into the banking industry in pursuit of creating a better experience for consumers through sharing of rich data

Consumer Benefits

Business Benefits

Si erational cost savin s gnificant op g Fraud revention p Better data on customer Instant access to funds Automation of back office processes

Removes friction in check out ex erience p Safer wa to a – no sharin of sensitive info y p y g Consumer has more control More personalised offers Consumers own their data

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38

EML Payments FY2021 Financial Results Nuapay have established themselves as a market leader in open banking

Full suite of account payment products

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—
open banking: aIsp & pIsp
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—
Direct Debits
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—
Credit transfers
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—
Instant account payments
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• Collection accounts

Bank-grade cloud native platform

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—
processes €45 billion annually
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• Connected to 1,750 banks & growing

• Built for rapid growth

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—
pan-european
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Feature rich solutions
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—
Fully configurable white-label
—
Refunds
—
Instalments
—
payouts
—
B2B portal
—
QR codes for omni-channel
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Trusted by global brands

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—
Barclays
—
Citibank
—
Worldpay
—
Lloyds
—
standard Chartered
—
elavon
—
Cybersource
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39

EML Payments FY2021 Financial Results

Customers can top up their gaming account in under 30 seconds & collect winnings or payouts instantly this experience surpasses existing payments which can take up to 2-3 minutes to complete and sometimes 3-5 business days to clear funds, with onerous manual reconciliation processes.

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All details pre-filled: one click confirmation

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Choose to pay with
Open banking
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Biometric secure
log in to bank
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Customer selects
their bank
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Done
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USE CASE
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EML Payments FY2021 Financial Results

Nuapay is transforming recurring bill payments

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USE CASE
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Leading innovative product that digitises the direct debit experience powered by open banking

• ability to verify bank account ownership in real-time

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—
no more paper forms
—
no more data entry
for direct debits
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—
Biometric enabled
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• Reduced fraud risk

• — Instant payment of the first payment

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STEP 1 STEP 2 STEP 3 STEP 4 COMPLETE
Overview Bank Selection Authentication Confirmation Signature
BNPL & Insurance Hire purchase
USE CASES Education Fees Subscriptions
Instalment Plans Premiums agreements
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41

EML Payments FY2021 Financial Results A new modern and effortless payroll & earned-wage-access solution for both employers & employers

USE CASE

an integrated solution that provides a superior customer experience

• Instant & flexible payment options

• — one stop portal to for full visibility & to reduce overheads

• Instant reconciliation

• — optimised low cost refund solution

• — apI enabled for easy integration with payroll software platforms

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Earned wage
USE CASES BNPL Payroll & Salary
access
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42

EML Payments FY2021 Financial Results

A fully white label solution that creates a fast & safe way for your customers to pay you

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SIMPLE
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80% of payers say open
banking is “easier” or
“as easy as” PayPal
MOBILE
NATIVE
No data entry needed
on mobile – just use
your biometrics
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FAST
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Customers pay in as
little as 20 seconds
(half the time a card
takes!)
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SECURE
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Built upon bank grade
security
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USE CASE
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43

EML Payments FY2021 Financial Results

By combining our capabilities we create a world-first platform to offer customers ultimate choice

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NUAPAY CUSTOMERS

EML CUSTOMERS

Banks & Financial software platforms Fintechs services Merchant Acquirers payment Gateways Gaming Bill pay Corporates

Fintechs & neo Banks

BnpL & Lenders

Retail

payroll & payouts & earned-wage-access Disbursements

Gaming Reward & Incentives

EML PLATFORM VIA SINGLE INTEGRATION

EML PRODUCT SUITE Card payments enabled by Mastercard & Visa

NUAPAY PRODUCT SUITE a2a payments and open banking

new products with introduction of nuapay:

Direct Debit

open Banking

Instant account payments Refunds Collection accounts

B2B portal Instalment payments Credit transfers payouts

QR Codes

EML Payments FY2021 Financial Results Our people propel our performance

44

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Build for global
scale & agility
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• Talent acquisition continued throughout FY21 in line with our growth strategy objectives

— enhanced capabilities in product, design, tech engineering, commercial, risk, compliance & finance

— Introducing a focused communications and operating rhythm to empower our teams to bring our strategy to life

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Commitment
to building
a diverse
& inclusive
business
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— Maintained our 50:50 executive Leadership team gender representation

• Conducted interrupting bias workshop for north american employees to openly discuss racism and implicit bias

— named as a finalist in the 2021 Women in Tech for ‘Advocacy’

Strengthened our ethical business practices

• In 2021 we've taken additional

steps to further enable our staff to feel safe to speak up. and ensure we enforce effective systems and controls that safeguard human rights throughout our business and supply chain

• expanded whistleblower policy group wide and introduced external whistleblowing service to ensure staff feel safe speaking up

• our engagement scores for psychological safety and inclusion sit at 82%, 5% higher than industry standard[1]

1 engagement score run through Culture amp

EML Payments FY2021 Financial Results

45

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.
Sustainability
Our Commitment EML is proud
to have
converted 20% of
our plastic card
orders to an
ecofriendly option
Complying with Actively pursuing recyclable
applicable legal and and renewable alternatives (~2.5m cards)
regulatory requirements. to plastic card production
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Complying with Actively pursuing recyclable
applicable legal and and renewable alternatives
regulatory requirements. to plastic card production
Ensuring the environment is Engaging with our customers,
considered in our investment employees and shareholders
and corporate strategies, on environmental issues and
procurement and the products transparently reporting on our
and services we offer. environmental performance.
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Driving a culture of continuous environmental improvement with a focus on the reduction of personal and office waste (no print policy, recycling and no single-use plastics).

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Our metrics 2021 2020	2019
Headcount (permanent employees) 540 444	266
Employee engagement score 66% 70%	68%
Employee participation in engagement survey 76% 96%	98%
Employee turnover 16% 17%	22%
Female representation on Board 29% 29%	33%
Female representation in Executive 50% 50%	26%
Female representation in senior management 36% 36%	36%
Female representation in all employees 49% 48%	43%

04 Q&A

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05 Analyst Briefing Data

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48

EML Payments FY2021 Financial Results Analyst Briefing Data - FY19-FY21

Key Metrics ($’000s) H1 2019 H2 2019 FY2019A 6mnths 6mnths 12 mnths Headcount (closing) 236 275 275 Total Stored Value (including bonds) $636,216 $495,400 $495,400 Interest on stored Value (incl. bonds, exc Group funds) $1,296 $1,029 $2,325 non cash amortisation FV - bond investments - - - total effective Interest Rate (%) 0.41% 0.42% 0.47% Cash opening $39,006 $50,114 $39,006 operating activities $17,008 $12,154 $29,162 Investing activities ($5,864) ($43,954) ($49,818) Financingactivities (incl FX) ($36) $14,771 $14,735	H1 2020 H2 2020 FY2020 6mnths 6mnths 12 mnths 272 450 450 $710,671 $1,471,467 $1,471,467 $872 $2,543 $3,415 - ($671) ($671) 0.25% 0.26% 0.19% $33,085 $256,812 $33,085 $8,121 $13,949 $22,070 ($6,055) ($148,560) ($154,615) $221,663 ($3,822) $217,841	H1 2021 H2 2021 FY 2021
		6mnths 6mnths 12 mnths
		486 540 540
		$1,844,262 $2,103,963 $2,103,963
		$3,346 $3,593 $6,939
		($1,033) ($925) ($1,958)
		0.25% 0.26% 0.24%
		$118,381 $22,847 $141,228
		$34,849 $13,969 $48,818 ($16,655) ($9,337) ($25,992) ($45) $66 $21

49

EML Payments FY2021 Financial Results Analyst Briefing Data - FY19-FY21

Key Financials ($’000s) H1 2019 H2 2019 FY2019 6mnths 6mnths 12 mnths General purpose Reloadable $1,392,659 $1,346,678 $2,739,337 Gift & Incentive $664,133 $395,850 $1,059,983 Virtual account numbers $2,091,314 $3,140,277 $5,231,591 Gross debit volume (GDV) $4,148,106 $4,882,805 $9,030,911 General purpose Reloadable $12,251 $11,685 $23,936 Gift & Incentive $32,380 $33,985 $66,365 Virtual account numbers $2,319 $4,096 $6,415 Group interest & adjustments $244 $235 $479 Revenue (includes interest income) $47,194 $50,001 $97,195 General purpose Reloadable 88 bps 87 bps 87 bps Gift & Incentive 488 bps 859 bps 626 bps Virtual account numbers 11 bps 13 bps 12 bps Revenue Yield 114 bps 102 bps 108 bps General purpose Reloadable $8,092 $7,705 $15,797 Gift & Incentive $24,529 $27,844 $52,373 Virtual account numbers $1,561 $2,805 $4,366 Group interest & adjustments $244 $235 $479 Gross profit $34,426 $38,589 $73,015	H1 2020 H2 2020 FY2020 6mnths 6mnths 12 mnths $1,465,909 $2,768,260 $4,234,169 $838,729 $336,240 $1,174,979 $4,311,602 $4,155,186 $8,466,788 $6,616,240 $7,259,696 $13,875,936 $13,160 $28,706 $41,866 $40,137 $28,034 $68,171 $5,525 $5,137 $10,662 $334 $597 $931 $59,156 $62,474 $121,630 90 bps 104 bps 99 bps 479 bps 834 bps 580 bps 13 bps 12 bps 13 bps 89 bps 86 bps 88 bps $8,738 $16,269 $25,007 $32,284 $24,540 $56,824 $3,447 $3,468 $6,915 $334 ($334) - $44,803 $43,943 $88,746	H1 2021 H2 2021 FY2021
		6mnths 6mnths 12 mnths
		$4,874,500 $4,868,096 $9,742,596 $750,177 $356,126 $1,106,303 $4,587,636 $4,241,851 $8,829,487
		$10,212,313 $9,466,077 $19,678,390
		$54,435 $59,112 $113,547 $34,982 $35,267 $70,249 $5,789 $4,495 $10,284 $123 ($27) $96
		$95,329 $98,847 $194,176
		112 bps 118 bps 117 bps 466 bps 990 bps 635 bps 13 bps 11 bps 12 bps
		93 bps 103 bps 99 bps
		$34,096 $31,630 $65,726 $28,793 $28,221 $57,014 $4,241 $3,395 $7,636 $123 ($123) -
		$67,252 $63,124 $130,376

50

Ke Financials ’000s y ($ )

EML Payments FY2021 Financial Results Analyst Briefing Data - FY19-FY21

Key Financials($’000s) H1 2019 H2 2019 FY2019 6mnths 6mnths 12 mnths Revenue (includes interest income) $47,194 $50,001 $97,195 Grossprofit $34,450 $38,565 $73,015 employee benefits expense ($13,382) ($15,697) ($29,079) professional fees ($1,498) ($1,360) ($2,857) other operating expenses ($6,129) ($7,096) ($13,226) Research and development credit $300 $981 $1,281 Costs in relation to CBI matter provided & incurred - - - other income - - - EBITDA $13,741 $15,393 $29,134 addback: Costs in relation to CBI matterprovided & incurred - - - UNDERLYING EBITDA $13,741 $15,393 $29,134 UNDERLYING EBITDA margin 29% 31% 30% Acquisition costs ($122) ($445) ($567) Depreciation and amortisation ($5,012) ($5,255) ($10,267) share-based payments ($2,028) ($2,186) ($4,214) Research and development credit ($300) ($981) ($1,281) Finance costs ($871) ($994) ($1,865) other non-operating expenses ($1,755) ($166) ($1,921) Deduct: non cash amortisation FV - bond investments - - - Fair value lost on contingent consideration - - - tax(expense)/benefit ($995) $426 ($569) Underlying Netprofit/(loss) after tax $2,658 $5,792 $8,450 Addback: Amortisation on acquisition intangibles $5,882 $1,577 $7,459 Addback: Acquistion related costs - financing liability $860 $3,265 $4,125 Deduct: Gain on cashflow hedge for acquisition - - - add back: tax expense effect on pFs hedge - - - addback: non cash amortisation FV - bond investments - - - addback: Fair value lost on contingent consideration - - - Adjustments for: Acquisition costs - - - UNDERLYING NPATA $9,400 $10,634 $20,034	H1 2020 H2 2020 FY2020 6mnths 6mnths 12 mnths $59,156 $62,474 $121,630 $44,803 $43,943 $88,746 ($16,794) ($22,279) ($39,073) ($1,689) ($1,310) ($2,999) ($7,098) ($8,383) ($15,481) $500 $843 $1,343 - - - - - - $19,722 $12,814 $32,536 - - - $19,722 $12,814 $32,536 33% 21% 27% ($3,373) ($12,421) ($15,794) ($6,768) ($12,351) ($19,119) ($4,706) ($1,440) ($6,146) ($500) ($843) ($1,343) ($1,333) ($1,202) ($2,535) $1,390 $3,820 $5,210 - ($671) ($671) - - - ($127) $846 $719 $4,305 ($11,448) ($7,143) $1,477 $9,608 $11,085 $990 $2,637 $3,627 - ($3,026) ($3,026) - - - - $671 $671 - - - $3,373 $12,421 $15,794 $10,145 $10,863 $21,008	H1 2021 H2 2021 FY2021
		6mnths 6mnths 12 mnths
		$95,329 $98,847 $194,176
		$67,252 $63,124 $130,376
		($27,076) ($26,758) ($53,834) ($2,084) ($1,880) ($3,964) ($10,944) ($9,253) ($20,197) $906 $61 $967 - ($11,351) ($11,351) - $178 $178
		$28,054 $14,121 $42,175
		- $11,351 $11,351
		$28,054 $25,472 $53,526
		29% 26% 28% ($125) ($3,306) ($3,431) ($13,895) ($15,941) ($29,836) ($2,876) ($2,091) ($4,967) ($906) ($61) ($967) ($4,398) $2,415 ($1,983) ($3,821) ($2,282) ($6,103) ($1,033) ($925) ($1,958) ($24,859) $8,648 ($16,211) ($1,878) ($3,536) ($5,414)
		($25,737) $8,393 ($17,344)
		$9,257 $10,953 $20,210 $3,697 $508 $4,205 - - - - $3,714 $3,714 $1,033 $925 $1,958 $24,859 ($8,648) $16,211 $125 $3,306 $3,431
		$13,234 $19,151 $32,385

51

EML Payments FY2021 Financial Results Analyst Briefing Data - Guidance FY22

			EML GROUP
Key Financials ($’000s)		FY2021	GUIDANCE RANGE FY2022
General purpose Reloadable		$9,742,596
Gift & Incentive		$1,106,303
Virtual account numbers		$8,829,487
GDV		$ 19,678,390	$93bn - $100bn
Revenue		$ 194,176	$220m - $255m
General purpose Reloadable		117 bps
Gift & Incentive		635 bps
Virtual account numbers		12 bps
Revenue Yield		99 bps
Gross profit		$ 130,376	~69%
overheads		($76,850)	($97m - $106m)
provision for CBI costs		($11,352)
EBITDA		$ 42,175
UNDERLYING EBITDA		$ 53,526	$58m - $65m
Depreciation and amortisation		($29,836)	Approx. ($30m)'
share-based payments		($4,967)	Approx. ($10m)
Fair value adjustment (aasB3, contingent consideration and financial assets)		($18,449)	Approx. ($2m)
other		($17,618)	Approx. ($11m)"
Underlying Net profit/(loss) after tax		($17,344)	$5m - $12m
Add back: Acquisition related adjustments		$27,846	Approx. $20m'
add back: tax expense effect on pFs hedge		$3,714
add back: Fair value adjustments (aasB3 and contingent consideration)		$18,169	Approx. $2m
UNDERLYING NPATA		$32,385	$27m - $34m

Sentenial Group Guidance Range FY2022

(consolidation from expected completion date of 1 october 2021)

• = $69 - $74bn = $10 - $15m = ($12 - $14m)

• GDV • Revenue • Overheads

• Underlying EBITDA = $0 - ($3m)

1 This will be updated following the provisional AASB3 Sentenial FV analysis

11 Assumes no material change in FX rates from 30 June 2021

Thank you

Level 12, 333 Ann Street Brisbane QLD 4000 Telephone: +61 7 3557 1100 emlpayments.com

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