TYRO PAYMENTS LIMITED — Investor Presentation 2021

Aug 25, 2021

FY21 INVESTOR PRESENTATION 26 AUGUST 2021

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Tyro Payments Limited ABN 49 103 575 042

Our Pur ose p

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Setting businesses free to get on with business

by

simplifying payments + banking solutions

Our Mission

Our Vision

We eliminate friction with To be Australia’s: payments + banking solutions, that: fastest Businesses growing trust most loved Partners + trusted advocate sustainable Employees are proud of payments + business banking partner Our community backs

“We are a tech company providing payments + business banking - taking on the big guys”

2

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Delivering against our Growth Plan
We have a clear strategy that underpins our growth ambitions. FY21 has seen us execute against a number of elements of that plan:
Significant uplift in transaction value to $25.5 billion (IPO: $17.5 billion) P
Significant increase in merchants to 58,186 (IPO: 29,031) P
Sizable addressable market remains - TAM share 3.8% (IPO: 2.7%) P Tyro
Community
Prompted brand awareness spike to 20% (IPO: 10%) P
Transformational Tyro | Bendigo Bank Alliance completed P
PAYMENTS
Acquisition of Medipass to build out our health solution P
Tyro Connect POS integration hub gaining traction P
Tyro Connect
me&u ‘tap, order and pay in app’ solution a major eCommerce opportunity P
Current offering
Planned offering
Launch of Open Banking P
Paypa Plane - innovative platform for recurring payment opportunities P 3
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Addressable Market Opportunity Remains Significant

Annual transaction value of card payments acquired in Australia ($ billion)

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3.8%
3.0%
2.7%
2.2%
1.9%
1.6% $676b
1.4% $660b
$651b
$607b
$566b
$529b
$490b $25.5b
$20.1b
$17.5b
$13.4b
$10.6b
$8.6b
$6.8b
FY15 FY16 FY17 FY18 FY19 FY20 FY21
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Strong track record of growth - above system growth + multiple growth levers to materially increase market share over the medium term CAGR of total card payments in Australia - 5.5% CAGR of Tyro’s annual transaction value - 24.6% Tyro growing at ~ 5x market growth

Source: RBA C1.1 (Credit and Charge Cards – Original Series – Aggregate Data); RBA C2.1 (Debit Cards – Original Series); RBA C2.2 (Prepaid Cards – Original Series), years ended 30 June and Tyro internal estimates.

Tyro transaction value

Tyro market share of total card payments

Card payments in Australia

4

Leveraging Our Scalable Platform to Accelerate Growth

Tyro is well positioned to continue to accelerate growth over the medium term.

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1 2 3 4
Tailored payment solutions for Delivering benefits of scale Strategic partnerships with large Strategic investments to
verticals drive strong merchant base organisations enhance our platform’s
Gross profit
and transaction value growth capability
116.4% 114.2%
110.3%
104.7%
96.1%
Number of merchants Transaction value 89.7% 88.2%1
$119.7m1
$93.5m
CAGR - CAGR -
59% 29% $83.3m
58,186
$25.5b $69.1m
$56.0
$17.5b $46.2m
29,031
$32.8m
Other organisations
FY15 FY16 FY17 FY18 FY19 FY20 FY21
IPO FY21 IPO FY21 1 Normalised results
Operating expenses to gross profit margin
• Add new verticals • Operating leverage as platform • Explore opportunities to partner • ‘Bolt on’ opportunities/
• Increase share in existing verticals continues to scale with other organisations to deliver partnerships/investments to
• Increase share of TAM beyond • Will underpin EBITDA growth and step change in segment share enhance merchant solutions
current 3.8% margin expansion gains remain in appetite
• Demonstrated capability post
IPO
MEDIUM TERM TARGET
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(cont.) Leveraging Our Scalable Platform to Accelerate Growth

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5 6
Expansion in eCommerce and other Cross-sell opportunities represent
payment types upside potential
Launch of eCommerce in March Interest income on loans Merchant deposits
2019
Transaction value up 536% in FY21 $75.5m
Tyro Connect
$50.5m
$4.2m
$2.9m $26.9m
$2.0m
Launch of AliPay in October 2018
FY19 FY20 FY21 FY19 FY20 FY21
Enhance offerings leveraged • Contribution from adjacent banking
to growth in shifting consumer products and growth in lending to
preferences including eCommerce, accelerate as economy normalises
alternative payments, ISVs/in-App
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7
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Cross-sell opportunities represent Continued expansion into new verticals upside potential

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26% 35% 25% 14%
(10,201) (13,952) (9,803) (5,740)
11% 45% 35% 8%
($2.8b) ($11.3b) ($8.7b) ($2.1b)
Health Hospitality Retail Other
The data only relates to Tyro merchants and excludes Bendigo merchants
Merchant Count
Transaction Value
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• Enhance offerings leveraged to growth in shifting consumer preferences including eCommerce, alternative payments, ISVs/in-App

• Leverage platform to expand into new verticals including trades, accommodation and services

• Tyro Go dongle for:

• › trades vertical

• › ‘queue buster’ for high volume retail

• › micro merchants

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up 26%
$25.5 B
Transaction
Value
$20.1 B
up 81%
58,186
Merchant
Numbers
32,176
up 28%
$119.4 M
Gross
Profit
$93.5 M
up 424%
$14.2 M
EBITDA2
($4.4 M)
FY20 FY21
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FY21 Financial Highlights - Record Results Delivered

h 26% in transaction value to record $25.5 billion (FY20: $20.1 billion)

h 81% in merchants choosing Tyro reaching 58,186 (FY20: 32,176)

h 28% gross profit to record $119.4 million (FY20: $93.5 million)

Operational leverage - operating costs[1] controlled - h 7.9% vs. gross profit h 28%

h 424% in EBITDA[2] to a record $14.2 million (FY20: Loss of $4.4 million)

Liquidity position remains strong - $172.8 million in cash + investments[3] ($188.3 million at 30 June 2020)

• 1 Operating costs accounted for on a normalised basis. Refer to page 9 and page 29.

• 2 Tyro uses EBITDA as a non-IFRS measure of business performance, which excludes the non-cash impact of share-based payments expense, share of loss from associates, expenses associated with the terminal connectivity issue and the IPO and other significant one-off costs. Refer to the page 29 for a reconciliation of normalised results to statutory results.

• 3 Includes merchant deposits of $75.5 million (FY20: $50.5 million)

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FY21 Operational Call-Outs

Brand awareness:

• Promoted brand awareness 20% (FY20: 14%)

• Unprompted brand awareness 19% (FY20: 9%)

Churn remains low:

• Transaction churn rate of 8.7% (FY20: 8.0%)

• Merchant churn rate of 11.3% (FY20: 11.7%)

NPS 21 at 30 June 2021 (30 June 2020: 43) - impacted by connectivity issue

eCommerce growth - h 536% to $70 million (FY20: $11 million)

• 11,813 new merchant applications - averaging ~1,000 per month h 13% (FY20: 10,457)

Loan originations:

• $25.8 million - down 57% (FY20: $60.1 million)

• ~$20 million originated in the final 3 months of FY21 (pcp: $1.6 million)

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up 6
20%
Prompted Brand points
Awareness
14%
up 10
Unprompted 19% points
Brand Awareness
9%
21 down 22
NPS points
43
FY20 FY21
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8

Results in Overview

Transaction Value h 26.4%

h 28.1% Gross Profit

EBITDA h 424.0%

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Operating Leverage Achieved

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STATUTORY NORMALISED [1] STATUTORY GROWTH -
NORMALISED
FY21 FY21 FY20 FY21 TO FY20
$’000 $’000 $’000 %
Transaction value 25,453,507 25,453,507 20,131,045 p 26.4%
Payments revenue and income 229,221 230,204 202,826 p 13.5%
Lending and investment income 3,222 3,222 1,818 p 77.2%
Other revenue and income 6,079 6,079 6,031 p 0.8%
Revenue 238,522 239,505 210,675 p 13.7%
Less: Direct expenses (119,073) (119,771) (117,200) p 2.2%
Gross profit 119,449 119,734 93,475 p 28.1%
Less: Operating expenses (excl. share-based payments) (122,551) (105,568) (97,847) p 7.9%
EBITDA [2] (3,102) 14,166 (4,372) p 424.0%
Less: Share-based payments expense (9,342) (8,779) (10,896) q 19.4%
IPO costs (331) - (9,730) q 96.6%
Share of loss from associates (1,119) (1,119) - p -
Depreciation & Amortisation (15,364) (15,364) (12,524) p 22.7%
Bendigo Bank partner revenue share - 698 - p -
EBIT (29,258) (10,398) (37,522) p 72.3%
Less: Net interest expense (517) (517) (535) q 3.4%
Loss before tax (29,775) (10,915) (38,057) p 71.3%
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• 1 Normalised results are adjusted for the costs associated with the terminal connectivity issue and M&A activity. Refer to page 29 for a reconciliation of normalised results to statutory results.

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Payments Business FY21 FY20 GROWTH
Performance (normalised [1] ) $’000 $’000 %
Transaction value 25,453,507 20,131,045 p 26.4%
Revenue 230,204 202,826 p 13.5%
Gross profit 110,812 86,142 p 28.6%
Banking Business FY21 FY20 GROWTH
Performance $’000 $’000 %
Revenue 3,222 1,818 p 77.2%
Gross Profit 2,843 1,302 p 118.4%
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Operating expenses (excl. share-based payments) - % of gross profit (normalised[1] )

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116.4%
114.2%
110.3%
104.7%
96.1%
88.2%
FY16 FY17 FY18 FY19 FY20 FY21
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• 2 Tyro uses EBITDA as a non-IFRS measure of business performance, which excludes the non-cash impact of share-based payments expense, share of loss from associates, expenses associated with the terminal connectivity issue and the IPO and other significant one-off costs. Refer to the page 29 for a reconciliation of normalised results to statutory results.

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Tyro | Bendigo Bank Alliance

• Commercial completion - 1 June 2021

• Joint objective of alliance to provide Tyro’s best-in-class payments solution to Bendigo Bank’s business customers

• Full technical + economic separation of Bendigo Bank’s merchant acquiring service to Tyro

• Tyro terminals (and where applicable eCommerce facilities) rolling-out to all Bendigo Bank merchant acquiring customers

• Tyro exclusively provides merchant acquiring services to current and referred Bendigo Bank customers for both:

• P card-present transactions

• P card not-present transactions

• Bendigo Bank to continue to provide all other banking services to its customers under the alliance

• Initial 10-year term with provision for additional 5-year terms by mutual agreement

• Replace Bendigo Bank’s current solution - leverage Tyro’s leading technology + scale

• Maximise opportunity to convert more current and future Bendigo Bank business customers to the merchant acquiring alliance

• Tyro established a customer support presence in Bendigo Bank

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$439.9 million transacted in June 2021 by Tyro | Bendigo Bank Alliance merchants

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18,490 Tyro | Bendigo Bank Alliance merchants now serviced by Tyro

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Number of terminals by banks in Australia[1] (‘000) -

as at 30 June 2020 (updated for Tyro + Bendigo Bank terminals at 30 June 2021)

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244
150
140
132
104
21
CommBank NAB ANZ Westpac Tyro Suncorp
(incl. Tyro |
Bendigo Bank
Alliance
merchants)
June 2021 Transaction June 2021 Merchant # June 2021 Terminal #
Value share share share
17%
43%
32%
57%
83% 68%
Tyro merchants Tyro | Bendigo Bank Alliance merchants
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Source: APRA, Authorised deposit-taking institutions’ point of presence statistics, 30 June 2020

1

Acquisition of Medipass

• 100% acquisition of Medipass Solutions on 31 May 2021 - $22.5 million (~60% cash / ~40% scrip)

• Digital health payments platform - linking funders, healthcare practitioners + patients

• Streamlines claims approval + payment acceptance

• Provides greater claiming + payment options to Tyro merchants

• Acquisition builds scale, capabilities + enhances our segment position

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Unified Multi-Sided Digital Approval + Payments Platform

• Medipass’ digital health payments platform combined with Tyro’s card-present solution provides unified health claiming + payments offering - simplify payments + claiming in an extremely complex sector

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Payment Claim Quote
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Significant Scale to Drive our Health Business

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• Enhanced practice management system (PMS) integration
18 Medipass ~70 PMS
52 Tyro PMS
PMS integrations
integrations [+]
integrations [=] (limited overlap)
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+15% increase in health merchants - limited overlap

Medipass 9,541 Tyro health merchants + 1,700[1] health 11,241 merchants[=] (limited overlap)

• Medipass 20-strong team has joined Tyro’s health team to form a new health business unit

1 Includes 1,040 health businesses that use Medipass for digital claiming but do not have a payments settlement relationship with Tyro.

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Tyro Connect

• Tyro Connect Integration - a hub for apps + POS/PMS systems

Payments Data

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(in-store + online)

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						Customerordering Booking
						Logistics Workforcemanagement
						Loyalty&marketing Reporting& insights
					TyroConnect
	POS/PMSintegrates				2-way API platform	Appintegrates
•	4 POS integrations		•	• 695,000 transactions processed through platform 124 merchants on platform		• 12 Apps signed up • 3 Apps live • Piloting a new
						partnership with a global food delivery platform

Providing individual merchants with:

• A real time feed of all their card transactions

• A daily consolidated data share of all their transactions across all locations

• Insight into new vs repeat card usage

Sales Data

Providing individual merchants with:

• Sales data feeds from their POS/PMS

• Ability to match their sales data to transactions + cards across all locations

Integrations Data

Providing individual merchants with:

• Overview of app activity across their locations

• Ability to match payment data to their loyalty integrations

• Single view of their customer across channels (in-store + online)

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me&u - Leading ‘tap, order + pay’ Solution

• ~16% equity investment in me&u (initial investment - $3.5 million), providing rights to be exclusive in-app payment provider

• me&u is a leading Australian tap, order + pay in venue solution for the hospitality industry

• Established by the founder of Dimmi - Stevan Premutico

• Enables customers to view menus, order and pay for meals via their mobile phone

• Solution improves customer experience, frees up wait staff and increases order value and frequency

• Foundation app on Tyro Connect platform

• In June 2021 me&u commenced migrating their in-App payments to Tyro’s eCommerce platform - will progressively roll-out in H1 FY22

Integrated with 9 leading hospitality POS partners

~30% higher spend per customer using me&u

• Merivale

Key hospitality groups using me&u

• Solotel

• Howard Smith Wharves

• • Rockpool Dining Group

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Payments - Operational Highlights

Transaction Value ($’billion)

Merchants (#)

FY21 FY20 GROWTH $’000 $’000 % Transaction value 25,453,507 20,131,045 p 26.4% Revenue1 230,204 202,826 p 13.7% Grossproft1 110,812 86,142 p 28.6% MAF margin as a % of Transaction value 0.3437% 0.3205% p 2.3bps Step-up in merchant base • 58,186 merchants at 30 June 2021 - up 81% (FY20: 32,176) • 18,490 Bendigo Bank merchants on-boarded on 1 June 2021 • Average run rate of ~1,000 new merchants applications per month • 5thlargest merchant acquiring bank in Australia by terminal numbers - 104,827 terminals • Current NPS of 21 - down from 43 at 30 June 2020 impacted by terminal incident • Prompted brand awareness of 20% - up from 14% at 30 June 2020 Low merchant churn • Stability in churn metrics: › Transaction value churn8.7% (FY20: 8.0%) › Merchant number churn211.3% (FY20: 11.7%) Results in strong transaction value growth		ransaction Value($billion)
	$25.5b $8.6b $10.6b $13.4b $17.5b FY21 FY16 FY17 FY18 FY19 $20.1b FY20 FY16 - FY21 CAGR +24% Transaction Value Churn (%)	$25.5b $8.6b $10.6b $13.4b $17.5b FY21 FY16 FY17 FY18 FY19 $20.1b FY20 FY16 - FY21 CAGR +24%
	8.0% 9.3% 8.7%

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FY16 - FY20 CAGR +30%
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58,186
18,490
39,696
32,176
29,031
23,245
18,329
15,565
FY16 FY17 FY18 FY19 FY20 FY21
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Merchant Number Churn (%)
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13.0%
12.3%
9.3% 11.7% 11.7%
8.7% 11.3%
8.0%
FY19 FY20 FY21 FY17 FY18 FY19 FY20 FY21
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Results in strong transaction value growth

• Transaction value of $25.5 billion h 26% (FY20: $20.1 billion)

• Excluding Bendigo Bank Alliance contribution of $439.9 million for the month of June 2021 - transaction value h 24% - matching 5-year CAGR of 24%

• eCommerce transaction value of $70.0 million h 536% (FY20: $10.6 million)

• 1 Refer to page 29 for a reconciliation of normalised results to statutory results.

• 2 Merchant number churn of 11.3% is based on Merchants confirmed as leaving Tyro, including those merchants that have gone out of business. .

15

(cont.) Payments - Operational Highlights

Improvement in margins driving gross profit

• 0.8075% Merchant Service Fee ( MSF ) (FY20: 0.8953%)

• 0.3437% Merchant Acquiring Fee ( MAF ) (FY20: 0.3205%)

• Change in card mix to debit cards driving lower MSF but higher MAF

• 44% of transaction value generated from merchants on a cost+ arrangement & 56% on a Blended/Normalised arrangement (FY20: 45% / 55%)

Performance from core verticals

• Core Health, Hospitality and Retail verticals drive:

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26% 35% 25% 14%
(10,201) (13,952) (9,803) (5,740)
11% 45% 35% 8%
($2.8b) ($11.3b) ($8.7b) ($2.1b)
Health Hospitality Retail Other
Merchant Count
Transaction Value
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The data only relates to Tyro merchants and excludes Bendigo merchants

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• 85% of merchants

• 91% of transaction value

• Hospitality vertical transaction value h 34%

• Retail vertical transaction value h 18%

• Health vertical transaction value h 13%

Geographical transaction value performance

• Strong performance in geographies outside of NSW and Victoria:

• Queensland h 39%

• Western Australia h 38%

• South Australia h 31%

	Geographical transaction value performance NSW	FY21 ($ billion) 9,475	FY20 ($ billion) 7,873	Growth % 20%	Proportion of FY21 transaction value % 37%
	Victoria	5,141	4,731	9%	20%
	Queensland	5,556	4,004	39%	22%
	Western Australia	2,526	1,824	38%	10%
	South Australia	1,037	789	31%	4%
	Other (includingTyro	Bendigo Bank Alliance)	1,719	910	89%

• Victoria impacted by numerous lockdowns through FY21

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Period prior to the impact of COVID-19 COVID-19 impacted period
5.0%
4.2% 4.4% 4.2%
Proportion of 3.9%
International 3.7% 3.7%
Transaction Vaue 3.3% 3.4%
0.8% 0.7% 0.8% 0.7% 0.7% 0.6% 0.6% 0.7% 0.7% 0.8% 0.7% 0.7% 0.8% 0.9% 0.8%
63% 63%
61% 62% 61% 62% 62% 60% 60% 61% 61% 60% 61% 60% 60%
Proportion of 58% 58%
Debit Card 57% 57% 57% 57%
Transaction Vaue 56% 56%
55%
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
2019 2019 2019 2019 2019 2019 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2020 2021 2021 2021 2021 2021 2021
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Impact of Covid on the Business

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Continued impact of Covid on Payments Business

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Continued impact of Covid on Payments Business Monthly transaction value growth - FY21 vs. FY20
• Lockdowns continue to significantly impact transaction value
growth 4
1 5-year CAGR - 24%
› 1 First national lockdown March 2020 to June 2020
Jun 55%
7%
› 2 Second major lockdown in Victoria - July 2020 to October 2020 79%
May
(18%)
› 3 Various States go into snap lockdowns - January 2021 to February 2021
147%
Apr
(38%)
› All States open and no lockdowns - March 2021 to June 2021
4 40%
Mar
3%
10%
Feb
30%
Assistance to our Merchants 3
11%
Jan
• Repayment holidays provided to support borrowers experiencing 27%
19%
hardship during extended lockdowns Dec 27%
• Terminal rental relief to impacted merchants - $1.0 million in rental 13%
relief provided Nov 2 29%
10%
• Outbound contact program provides merchants awareness of Oct 32%
support available and making support team available 24/7 5%
Sep 31%
(4%)
Safety of our Team Aug
31%
• All team members worked from home during mandated lockdowns Jul 11%
30%
• Access to JobKeeper for the first quarter of FY21 enabled us to
keep our entire team employed (30%) 0 30% 60% 90% 120% 150%
• Providing employees paid leave to receive a Covid vaccination
FY21 FY20
should they choose to get vaccinated
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Terminal Connectivity Issue

• Issue identified on 5 January 2021

• 70% of Tyro’s merchants were unaffected by the incident

• 18-year history with no equivalent event

• Event does not sit comfortably with Tyro’s DNA

• Impacted merchants -

• › 11% of merchants partially impacted (multi-terminal outlets with at least one functioning unit)

• › 19% of merchants were fully impacted

• Developing dongle failover solution for every merchant - industry first move

• Make good program in action:

• › all financially impacted merchants invited to register with Tyro to enable remediation claims to be assessed

• › ~85% of merchants that sought remediation already settled - balance being progressed

• › the remediation process remains available for claims - providing a fast + straightforward process without the costs, delay + uncertainty inherent in legal proceedings

• FY21 financial impact of terminal connectivity issue

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FY21
$’000
P&L impact
Discount on merchant service fee and terminal rental waivers 1,323
Staff costs related to the incident 217
Direct logistics costs and other costs related to the incident 2,737
Provision for remediation 9,008
FY21 P&L impact 13,285
Additional capex costs 1,600
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18

|Banking - Operational Highlights
Tyro Business Loan
•
$25.8 million in loan originations (FY20: $60.1 million)
•
Auto approval suspended due to COVID 1 July 2020 to 31 Jan 2021 - $3.2 million in
originations in this period vs. $43.8 million pcp
•
Since January 2021 originations averaging ~$4 million per month
•
Record $8.1 million in originations in May 2021
•
Positive non-cash fair value adjustment $1.2 million - partial reversal of previous adjustment
as risks of COVID on loan balances diminished
•
Average loan size $35,500 (FY20: $32,200) | Average tenure 6.6 months (FY20: 5.7 months)
•
$15.4 million loans on the balance sheet at 30 June 2021 (FY20: $11.9 million)
•
2.7% lending loss to originations - equating to $0.7 million in lending lossi36.4% (FY20:
1.8%, $1.1 million)
Sli Bki dt t ti ht b
FY21
FY20
GROWTH
$’000
$’000
%
Loan Originations
25,843
60,107
q
57.0%
Revenue
3,222
1,818
p
77.2%
Interest income on loans
1,952
4,179
q
53.3%
Fair valuegain/(loss)on loans
1,270
(2,361)
p
153.8%
Gross Proft
2,843
1,302
p
118.4%
Gross Proft margin as % of Revenue
88.2%
71.6%
p 16.6points|Loan originations ($’million)
$25.8m
$11.1m
$25.2m
$52.2m
FY21
FY16
FY17
FY18
FY19
$60.1m
FY20
Impact of Covid on loan originations
Lending loss ($’million)
FY20
FY19
FY21
$1.1m
$0.5m
$0.7m
2.1%
1.6%
1.0%
2.7%
1.8%
FY18
FY17
$0.4m
$0.2m
Lending loss to originations
$5.1m
$8.1m
$6.5m
$6.3m
$5.8m
$5.8m
$7.3m
$5.4m
$6.8m
$6.4m
$7.3m
$7.4m|
|---|---|

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$8.1m
$7.3m $7.3m $7.4m
$6.8m
$6.3m
$5.8m $6.4m $6.5m
$5.8m
$5.4m
$5.1m
$1.8m
$1.0m
$0.2m $0.4m $0.3m $0.4m $0.7m $0.6m $0.6m $0.4m $0.4m
$0.8m
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
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Scaling our Banking products to our entire merchant base

• All 39,696 of Tyro’s merchants (excluding Bendigo Bank Alliance merchants) can now check their eligibility for a loan through the Tyro app (compared to ~7,500 merchants in prior periods)

• A manual credit team review can be conducted if eligibility is not met through the automated process to determine eligibility

• First loan amounts increased from a maximum eligible loan amount of $50k to $100k

FY20

FY21

19

(cont.) Banking - Operational Highlights

Tyro Bank Account

• $72.5 million in deposits on the balance sheet at 30 June 2021 (FY20: $49.7 million)

• 4,603 active accounts

• Average account balance of $15,750 (FY20: $13,800)

• Average interest rate 0.43% (FY20: 1.3%)

Tyro Term Deposit Account

• $3.0 million in term deposits on the balance sheet at 30 June 2021 (FY20: $0.8 million)

• Product launched to active banking customers in July 2020

• 60 active accounts

Delivering on banking innovation

Implemented Mambu’s cloud-native banking platform in FY21 P

Tyro becomes one of the first non-major banks to become an active data holder under the Consumer P Data Right

Awarded the Most Innovative Digital Solution Award recognising Tyro’s Business Term Deposit - Australian Banking Innovation Awards

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Recurring payments to launch in FY22

Coming soon

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• Average interest rate 1.01%

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Merchant deposits - including term
deposits ($’million)
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Merchant deposits - including term Number of active bank accounts at
deposits ($’million) 30 June 2021
1.3x
$75.5m
4,663
$50.5m
3,713
$26.9m
$11.6m
$3.9m
$0.5m
FY16 FY17 FY18 FY19 FY20 FY21 FY20 FY21
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20

OVERVIEW OF FY21 FINANCIAL PERFORMANCE

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Financial Performance - P&L

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STATUTORY NORMALISED [1] STATUTORY CHANGE FY21 Revenue and income
NORMALISED
TO FY20
• $4.5 million - JobKeeper ensured no team retrenchments + assisted support to merchants (FY20: $3.9
($’000)FY21 ($’000)FY21 ($’000)FY20 STATUTORY% million)
Transaction value 25,453,507 25,453,507 20,131,045 p 26.4% Operating leverage continuing to build
Payments revenue and income 229,221 230,204 202,826 p 13.5%
• Total operating expenses h 7.9% vs gross profit h 28.1%
Banking income 3,222 3,222 1,818 p 77.2% • Employee benefits expense h 11.4% reflecting:
Other revenue and income 6,079 6,079 6,031 p 0.8% › net increase in headcount and full-year impact of prior year increases (FY21: 533 vs FY20: 476)
Total revenue 238,522 239,505 210,675 p 13.7% › 4.4% annualised average salary increase from January 2021
Payments direct expenses (118,694) (119,392) (116,684) p 2.3% • Administrative expenses i 3.1% reflecting:
Interest expenses on deposits (379) (379) (516) q 26.6% › reduced travel, training and office expenses
Total direct expenses (119,073) (119,771) (117,200) p 2.2% › offset by increased licencing costs, recruitment costs and growth related expenses
• Contractor and consulting expenses h 21.6% reflect fluid use of contractors to maintain delivery
Gross profit 119,449 119,734 93,475 p 28.1%
capacity
Operating expenses: • Marketing expenses i 5.2%:
Employee benefits expense (excl. share-based payments) (76,174) (75,365) (67,662) p 11.4% › targeted marketing activity providing increased brand awareness
Administrative expenses (22,903) (16,077) (16,598) q 3.1% › growth in merchant acquisition of 11.1%
Contractor and consulting expenses (7,192) (7,192) (5,913) p 21.6% • Lending and non-lending losses i 22.6% to $1.5 million reflecting:
Marketing expenses (5,419) (5,419) (5,716) q 5.2% › $0.7 million in lending losses (FY20: $1.1 million) - 2.1% loss to loan origination ratio
Lending and non-lending losses (10,863) (1,515) (1,958) q 22.6% › $0.8 million in non-lending losses (FY20: $0.9 million)
Total operating expenses (122,551) (105,568) (97,847) p 7.9% EBITDA
EBITDA [1] (3,102) 14,166 (4,372) p 424.0% • Operating leverage significantly increased in FY21 despite COVID-19 and terminal incident
Share based payments expense (9,342) (8,779) (10,896) q 19.4% • Improvement in EBITDA:
IPO costs (331) - (9,730) q - › positive FY21 - $14.2 million at an EBITDA margin to gross profit of 11.8%
Share of loss from associates (1,119) (1,119) - p - › loss FY20 - $4.4 million
Net interest expense (517) (517) (535) q 3.4% • Positive operating expense to gross profit margin outcome - 88.2% (FY20: 104.7%)
Depreciation and Amortisation (15,364) (15,364) (12,524) p 22.7% • Driven predominantly by growth in transaction value of $5.4 billion
Bendigo Bank partner share - 698 - p - Share-based payments expense
Loss before tax (29,775) (10,915) (38,057) p 71.3% • i 19.4% includes $0.6 million in one-time grant of LEPRs partially expensed in FY21 (FY20: $2.4 million)
Net loss before tax
1 Refer to page 29 for a reconciliation of normalised results to statutory results. Tyro uses EBITDA as a non-IFRS measure of business
performance, which excludes the non-cash impact of share-based payments expense, share of loss from associates, expenses • Normalised net loss before tax $10.9 million (FY20: $25.9 million) - Refer to Attachment 1 on page 29
associated with the terminal connectivity issue and the IPO and other significant one-off costs. • Statutory net loss before tax $29.8 million (FY20: $38.1 million) 22
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Operating Metrics

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Operating Metrics as a % of Transaction Value

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1.0000%
0.9531%
0.9403%
0.9500% 0.9292% 0.9269%
0.8953%
0.9000%
0.8500%
0.8075%
0.8000%
0.7500%
0.7000%
0.6500% 0.6151% EBITDA Margin expansion to 11.8%
(negative 4.7% in FY20)
0.5905%
0.6000%
0.5559%
0.5377% 0.5436% 0.5379% 0.5365%
0.5500%
0.5170%
0.5283% 0.5251% 0.4861%
0.5000%
0.5170% 0.4704%
0.5065%
0.4500% 0.4759% 0.4643%
0.4244%
0.4147%
0.4000%
FY16 FY17 FY18 FY19 FY20 FY21
MSF as a % of Transaction Value Operating expenses as a % of Transaction Value
Interchange + Scheme Fees as a % of Transaction Value Gross Profit as a % of Transaction Value
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: Merchant Service Fee (MSF) reflects

• Full year impact of lower MSF, higher margin debit cards

• Full-year run rate of reduced usage of higher MSF (but higher cost) international credit card usage - lockdown of international borders

• Excludes terminal rental & other payments revenue

Interchange Fees + Scheme Fees

Decrease due to:

• › decreased direct costs of debit cards due to competition

• › full year run rate of lower cost debit cards being 61% of total transaction value (FY20: 58%)

• › lower usage of international credit cards

Operating leverage highlighted as gross profit grows

Scalability demonstrated despite COVID-19 and terminal incident

• Operating leverage is highlighted as revenue grows

23

Financial Position

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30 JUNE 2021 30 JUNE 2020
$’000 $’000
ASSETS
Cash [1] 103,712 122,190
Loans to merchants 15,387 11,921
Other current assets 20,560 18,278
Financial investments 69,068 69,761
Property, plant and equipment 26,027 17,266
Intangible assets and goodwill 140,867 5,367
Other non-current assets 20,508 19,056
TOTAL ASSETS 396,129 263,839
LIABILITIES
Customer deposits 75,481 50,542
Other current liabilities 35,614 19,351
-
Commissions payable to Bendigo Bank 102,273
Non-current liabilities 2,097 4,227
TOTAL LIABILITIES 215,465 74,120
NET ASSETS 180,664 189,719
Contributed equity 274,436 265,763
Accumulated losses and reserves (93,772) (76,044)
TOTAL EQUITY 180,664 189,719
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• 1 Cash includes all cash and cash equivalents and amounts due from other financial institutions

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Strong balance sheet underwrites continued growth

Cash + Financial Investments

• Decrease in cash due to

• › Capex on terminals of $18.3 million

• › $13.5 million cash consideration for 100% acquisition of Medipass - represents 60% of total consideration of $22.5 million

• › $9 million upfront consideration for Bendigo Bank Alliance

• › $1.9 million cash consideration for the acquisition of 20% in Paypa Plane

• Positive cash generated from operations $0.3 million (before terminal purchases and Banking)

Capital Expenditure - PP&E

• FY21 full-year capex on terminals of $18.3 million (FY20: $6.9 million)

• $10.6 million total depreciation (FY20: $9.5 million) - increase due to investment in terminals

• FY22 forecast capex of ~$34 million

Intangible Asset Recognised on Bendigo Bank Alliance

• Recognised $111.8 million intangible asset relating to Bendigo Bank customer contracts for the 10-year Bendigo Bank Alliance - corresponding $102.3 million liability recognised for future commission payments to Bendigo Bank

• Provisionally recognised $13.7 million goodwill, $5.5 million software and $2.9 million in customer relationships on acquisition of Medipass - Purchase price allocation to be finalised in FY22

• $1.8 million total amortisation (FY20: $0.2 million).

Other current liabilities

• $9.0 million provision for future remediation of merchants for terminal incident

• $5.5 million timing difference for the settlement of scheme fees, commissions and other accruals

24

TRADING UPDATE

Trading Update[1]

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PAYMENTS BUSINESS:

• Transaction value to 20 August $3.64 billion, up 24% on pcp

• › Victoria h 48%

Weekly Transaction Value Growth - FY22

• › NSW i 30%

• › Queensland h 12%

• › WA h 14%

• › SA h 6%

• › Other (includes Bendigo Bank Alliance) h 437%

• Record eCommerce transaction value achieved for July 2021 - $35.1 million

• Tyro | Bendigo Bank Alliance transaction value for July 2021 - $420.2 million

• Payments gross profit for July 2021 up 34% to $10.2 million (pcp: $7.6 million)

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40%
35%
32%
30% 28% 28%
26%
25% 24% 22% 24% 24%
20% 19%
15%
11%
10%
5%
0
FY21 1 - 2 Jul 3 - 9Jul 10 - 16 Jul 17 - 23 Jul 24 - 30 Jul 31 Jul - 6 Aug 7 - 13 Aug 7 - 13 Aug YTD
2021 2021 2021 2021 2021 2021 2021 2021 Aug 2021
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BANKING BUSINESS:

• Loan originations to 20 August $8.8 million, h 1,656% ($0.5 million in pcp)

• Deposit balances of $84.2 million at 31 July 2021, h 34% ($62.8 million in pcp)

1 These numbers are based on unaudited management accounts that have not been independently reviewed or verified.

26

Looking Ahead

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• Continued benefit from Bendigo Bank Alliance on transaction values

• Challenges of COVID-19 continue in the immediate term

• Expectation of rapid rebound from Covid-19 volatility - vaccinations are key

• Continued focus on assisting our merchants in their recovery journeys

• Significant TAM exists - focus on increasing share of TAM beyond current 3.8%

• Appetite to continue investing to capture segment share growth opportunities - step-up in operational and capex investment in key projects areas:

• Tyro Go dongle

• eCommerce platform

“…our experience has been that businesses rebound rapidly as normality returns and we remain optimistic as vaccination rates increase...”

“It is an exhilarating time to be a Tyro, we have achieved a lot in the last year, but it is the opportunity in front of us that remains large and exciting...”

“We have a mix of features and products in train that will continue to build out our payments centric ecosystem…”

“With the digital claiming capabilities...available via Medipass, we have an opportunity in combination with our existing health solution, to create the leading unified claiming and payments platform for Australian healthcare practitioners...”

“We have created IP in our model for Bendigo Bank...with potential applicability to other market opportunities. We continue to have appetite for ‘bolt on’ acquisitions...to gain scale, leverage our platform or capabilities, enhance our market position or supplement our ecosystem.”

• Next generation terminal

• Deploy IP in Alliance model to other market opportunities

Extracted from Tyro Payments Limited FY21 Media Release 26 August 2021. Quotes from CEO | Managing Director

• Continuing appetite for ‘bolt on’ acquisitions - gain scale, leverage platform or capability add

27

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28

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Attachment 1 - Reconciliation of Statutory P&L to Normalised P&L

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ADJUSTMENTS
FY21 TERMINAL BENDIGO BANK IPO RELATED SHARE FY21
STATUTORY CONNECTIVITY PARTNER REVENUE SIGNIFICANT BASED PAYMENTS NORMALISED
ISSUE SHARE ONE-OFF COSTS EXPENSE
($’000) ($’000) ($’000) ($’000) ($’000) ($’000)
Transaction value 25,453,507 - - - - 25,453,507
Payments revenue and income 229,221 983 [1] - - - 230,204
- - - -
Banking income 3,222 3,222
Other revenue and income 6,079 - - - - 6,079
Total revenue 238,522 983 - - - 239,505
- - -
Payments direct expenses (118,694) (698) (119,392)
- - - -
Interest expenses on deposits (379) (379)
- - -
Total direct expenses (119,073) (698) (119,771)
Gross profit 119,449 983 (698) - - 119,734
Operating expenses:
Employee benefits expense (excl. share-based payments) (76,174) 217 [2] - 592 [4] - (75,365)
- -
Administrative expenses (22,903) 2,737 [2] 4,089 [4] (16,077)
- - - -
Contractor and consulting expenses (7,192) (7,192)
- - - -
Marketing expenses (5,419) (5,419)
- - -
Lending and non-lending losses (10,863) 9,348 [3] (1,515)
- -
Total operating expenses (122,551) 12,302 4,681 (105,568)
EBITDA (3,102) 13,285 (698) 4,681 - 14,166
Share-based payments (9,342) - - - 563 (8,779)
IPO costs (331) - - 331 - -
Share of loss from associates (1,119) - - - - (1,119)
- - - -
Depreciation and Amortisation (15,364) (15,364)
Bendigo Bank partner share - - 698 - - 698
EBIT (29,258) 13,285 - 5,012 563 (10,398)
- - - -
Net interest expense (517) (517)
Net loss before tax (29,775) 13,285 - 5,012 563 (10,915)
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Summary of adjustments

1. MSF discount and terminal rental waiver provided to merchants impacted by the terminal connectivity issue

2. Additional employee costs and logistics costs incurred dealing with terminal incident in January 2021

3. Remediation

4. Legal and consulting costs incurred for the Bendigo Bank Alliance and the Medipass acquisition

5. IPO expense run-off

29

Attachment 2 - Cash Flow Analysis

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FY21 FY20
$’000 $’000
Net payments income 110,120 86,513
Net interest income 2,603 5,548
Other income 6,069 4,264
Employee expenses paid (75,125) (70,263)
Terminals purchased (16,360) (7,176)
Other operating expenses and IPO costs paid (30,635) (43,477)
Movement in net schemes and other receivables (7,650) 8,867
Operating cash flows (excluding banking) (10,978) (15,724)
Net movement in customer loans (2,918) 294
Net increase in deposits 24,939 23,624
Cash flows from operating activities 11,043 8,194
Net investment in term deposits, financial and equity investments (395) (42,775)
Net capital expenditure (excluding terminals) (1,205) (1,663)
Payments for recognised intangible assets (28,076) (3,082)
Other investing activities 376 405
Cash flows from investing activities (29,300) (47,115)
Payments for lease liabilities (5,069) (4,815)
Proceeds from exercise of share options 4,059 3,913
Proceeds from issue of shares (net of transaction costs) - 119,994
Cash flows from financing activities (1,010) 119,092
Net movement in cash and cash equivalents (19,267) 80,171
Effect of foreign exchange rates on cash and cash equivalents 27 (310)
Cash and cash equivalents at beginning of year 103,761 23,900
Cash and cash equivalents at end of year 84,521 103,761
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Positive cash generation from operations

Operating Cash Flows:

• $5.0 million positive cash generation from the business before terminal purchases + contribution from Banking deposits and loans

• Payments for terminals of $16.4 million

• Net increase in Banking products of $22.0 million reflecting growth in deposits + net repayment of loans

Investing + Financing Cash Flows:

• Cash from merchant deposits to be used to fund merchant cash advance

• Payments for intangible assets reflects the investment in the Bendigo Bank Alliance + Medipass + investment in technology + building customer relationships

• Payment for investment in Paypa Plane of $1.9 million

30

Attachment 3 - Capturing Card-Present Terminal Market Share

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Number of terminals by banks and other providers in Australia (‘000) - as at 30 June 2020 (updated for Tyro terminals at 30 June 2021)

CAGR (30 June 2015 — 30 June 2020)

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----- Start of picture text -----

(3%) (6%) 2% 0% 30% (8%) n/m 11%
244
150
140
132
115
104
21
n/m
Commonwealth National Australia Westpac Tyro Suncorp- Other Other non-
Bank of Australia and New Banking (incl. Bendigo) Metway banks [1] bank
Australia Bank Zealand Corporation AusPayNet
Banking members [2]
Group
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• 104,827 terminals at 30 June 2021 - up 67% from FY20

• Tyro has 73,151 terminals at 30 June 2021

• Tyro | Bendigo Bank Alliance has 31,676 terminals at 30 June 2021

Source: APRA, Authorised deposit-taking institutions points of presence statistics, 30 June 2020; AusPayNet, Device Statistics EFTPOS Statistics, 30 June 2020.

Note: Other providers (labelled ‘Other non-bank AusPayNet members’) include terminals of other providers who are members of the Australian Payments Network (for example, Adyen and First Data), a self-regulated body set up by industry participants, with rules that cover cards, cheques, direct entry, and high value payments. Does not include non-bank payment providers who are not members of the Australian Payments Network (for example, Square). Discrepancies between totals and the sum of components shown in the figure above are due to rounding. 1) Not material. No other bank reported by APRA had terminal numbers exceeding 191 terminals (being the Regional Australia Bank) at 30 June 2020; 2) Calculated by taking the total number of terminals reported in market by AusPayNet (Device Statistics – EFTPOS Statistics, 30 June 2020 and subtracting the sum of terminals provided by all domestic banks as reported by APRA in the above source.

31

Attachment 4 - Capturing Market Share in Growing Total Addressable Market

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Annual transaction value of card payments acquired in Australia[1] ($ billion) - as at 30 June 2021

Tyro’s estimated market share of total card payments acquired in Australia - as at 30 June 2021

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~3.8%
market share
$677b
5.1% CAGR (30 June
2016 — 30 June 2021)
~14% ~$180b
market share Health, Hospitality
and Retail SMEs
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----- Start of picture text -----

4.0%
3.8%
3.5%
3.0%
3.0%
2.7%
2.5%
2.2%
2.0%
1.9%
1.6%
1.5%
1.4%
1.0%
0.5%
FY15 FY16 FY17 FY18 FY19 FY20 FY21
----- End of picture text -----

Source: RBA C1.1 (Credit and Charge Cards – Original Series – Aggregate Data); RBA C2.1 (Debit Cards – Original Series); RBA C2.2 (Prepaid Cards – Original Series); internal company data.

Source: Internal management estimates based on available RBA statistical data available at time of results

• 1 Includes the total value of transactions acquired in Australia for credit and charge cards, and debit cards and the total value of transactions for prepaid cards. While our payments product can be used by businesses across different verticals and size of merchants, we provide our assessment of annual transaction value for small and medium-sized enterprises in our core verticals of Health, Hospitality and Retail. This has been estimated by multiplying the count of SMEs in these core verticals at 30 June 2020 by the estimated proportion of these merchants that accept card payments and average transaction values by vertical per merchant across ‘card-present’ and ‘card-not-present’ by reference in particular to our aggregated merchant data, and applying a growth rate (based on CAGR of total industry transaction value acquired from 30 June 2015 to 30 June 2020) to determine a figure as at 30 June 2021. Market sizes and subsets of those amounts are provided to illustrate their sizes relative to our relevant performance metrics and do not imply that we could achieve 100% penetration of them. Market share is based on our FY21 transaction value.

32

1. Software-led approach to payments, based on a core proprietary technology platform

Attachment 5 -

Our Competitive Strengths

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6. A values-led and talented team

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----- Start of picture text -----

2. Seamless direct integration
with a significant number of
POS systems
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5. Focus on providing bestin-class service to tens of 3. A focus on core verticals thousands of Australian businesses

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4. Broad and direct access to the Australian financial system through licences and memberships

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33

Attachment 6 -Liquidity & Capital Adequacy

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162%
$166m
73%
$115m
$102m
$84m
FY20 FY21
Total Regulatory Capital
Total Risk Weighted Assets
Total Capital Ratio
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Total Capital Ratio decreased to 73% as a result of:

• ~$40 million Bendigo Bank Commission Guarantee under the Bendigo Bank Alliance and $9 million upfront consideration paid

• ~$22.5 million Medipass intangible recognised on acquisition offset by $7.3 million in shares issued in consideration

• $9.0 million provision for future merchant remediations

• Total Capital Ratio remains multiples above APRA’s Prudential Capital Requirement

Total risk weighted assets increased by $13 million

• Net investment in terminals

• Offset by:

• › Unwinding of lease for head office space

• › Reduction in cash

34

Disclaimer

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The material in this presentation is general background information about Tyro Payments Limited (Tyro) and is current at the date of the presentation, 26 August 2021. The information in the presentation is given for informational purposes only, is in summary form and does not purport to be complete. It is intended to be read by a professional analyst audience in conjunction with Tyro’s other announcements to ASX, including the FY21 Media Release, Appendix 4E and Annual Report. It is not intended to be relied upon as advice to current shareholders, investors or potential investors and does not take into account the investment objectives, financial situation or needs of any particular shareholder or investor. No representation is made as to the accuracy, completeness or reliability of the presentation. Tyro is not obliged to, and does not represent that it will, update the presentation for future developments.

All currency figures are in Australian dollars unless otherwise stated. Totals may not add up precisely due to rounding.

This presentation contains statements that are, or may be deemed to be, forward looking statements. These forward-looking statements may be identified by the use of forward-looking terminology, including the terms “believe”, “estimate”, “plan”, “target”, “project”, “anticipate”, “expect”, “intend”, “likely”, “may”, “will”, “could” or “should” or similar expressions, or by discussions of strategy, plans, objectives, targets, goals, future events or intentions. Indications of, and guidance on, future earnings and financial position and performance are also forward-looking statements. You are cautioned not to place undue reliance on such forward-looking statements. Such forward looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of Tyro which may cause actual results to differ materially from those expressed or implied in such statements. There can be no assurance that actual outcomes will not differ materially from these statements.

Past performance information given in this presentation is given for illustrative purposes only and should not be relied upon as (and is not) an indication of future performance.

35

Investor Relations contact details:

Giovanni Rizzo Phone: +61 (0) 439 775 030 Email: grizzo@tyro.com Address: 1/155 Clarence St, Sydney NSW 2000 Company website: tyro.com

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