Lesaka reported second-quarter revenue of $178.7 million, a 1.4% increase on a constant-currency basis year-on-year. Net revenue rose 21% to $93.4 million, driven by higher transaction volumes across its platforms. Operating income jumped to $2.2 million from $0.5 million in Q2 FY2025, while net income swung to a $3.6 million profit from a $32.5 million loss a year ago. Adjusted EBITDA climbed 53% to $17.8 million, and adjusted earnings per share improved to $0.08 versus $0.01 in Q2 FY2025, marking the 14th consecutive quarter of positive adjusted earnings.

Merchant segment net revenue was $48.7 million, up 2% year-on-year, although merchant revenue declined 9% to $131.9 million as promotional volumes normalized post–new merchant rollout. Consumer segment revenue surged 44% to $33.1 million, delivering an adjusted EBITDA of $9.3 million, a 114% increase driven by digital airtime and voucher distribution. Enterprise revenue grew 66% to $14.8 million, with net revenue up 74% to $12.7 million, producing positive segment EBITDA of $1.4 million versus a loss last year, reflecting strong uptake of corporate prepaid solutions.

Management reaffirmed full-year guidance, forecasting net revenue of ZAR 6.4–6.9 billion and group adjusted EBITDA of ZAR 1.25–1.45 billion, implying 49% EBITDA growth at the midpoint. Q3 revenue is expected between ZAR 1.65 billion and ZAR 1.80 billion, with EBITDA of ZAR 300–340 million. The company also anticipates positive net income attributable to Lesaka and adjusted earnings per share of at least ZAR 4.60, over 100% year-on-year growth. Guidance excludes the pending Bank Zero acquisition and any other M&A activity not yet announced.