Announcement • May 29
Cuscal Limited (ASX:CCL) completed the acquisition of Paymark Limited from Retail International Holding S.A.S. Cuscal Limited (ASX:CCL) entered into an exclusive arrangement to acquire Paymark Limited from Retail International Holding S.A.S. for AUD 27 million on April 14, 2026. A cash consideration of AUD 27 million will be paid by Cuscal Limited. As part of consideration, AUD 27 million is paid towards common equity of Paymark Limited. The transaction will be financed through equity investment of AUD 33 million. Cash consideration will be funded via an equity raise, comprising a fully underwritten Institutional Placement (Placement) of AUD 30 million. Cuscal will also undertake a non-underwritten Share Purchase Plan (SPP) for up to AUD 3 million, which is expected to cover all transaction costs. Paymark will continue to operate as a standalone business.
The Acquisition will be subject to a mandatory French Works Council consultation process customary for a transaction of this nature. Subject to the completion of the French Works Council process and Worldline exercising the put option under the Put Option Agreement. No Cuscal shareholder approvals are required in respect of the Acquisition and equity raising and all requisite Paymark shareholder approvals have already been obtained. Completion of the Acquisition is expected to occur by June 30, 2026. The Acquisition is expected to be mid-single digit EPS accretive in FY27E and deliver mid-teens Return on Invested Capital (ROIC) in FY27E. Ad of April 24, 2026, Cuscal is pleased to advise that the French Works Council consultation process has successfully completed. Worldline has irrevocably and unconditionally exercised the put option and the Acquisition is expected to complete on 29 May 2026.
Russell McVeagh acted as legal advisor for Worldline IGSA Group S.A. Citigroup Global Markets Europe AG acted as financial advisor for Worldline IGSA Group S.A. Bofa Securities acted as financial advisor for Cuscal Limited. Bell Gully acted as legal advisor for Cuscal Limited.
Cuscal Limited (ASX:CCL) completed the acquisition of Paymark Limited from Retail International Holding S.A.S. on May 29, 2026. Cuscal Limited continues to expect the acquisition to be mid-single digit EPS accretive in FY27 Buy Or Sell Opportunity • May 22
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 18% to AU$4.74. The fair value is estimated to be AU$3.92, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 3.9% over the last year. Earnings per share has grown by 17%. For the next 3 years, revenue is forecast to grow by 1.9% per annum. Earnings are also forecast to grow by 20% per annum over the same time period. Buy Or Sell Opportunity • May 07
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 20% to AU$4.71. The fair value is estimated to be AU$3.88, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 3.9% over the last year. Earnings per share has grown by 17%. For the next 3 years, revenue is forecast to grow by 1.9% per annum. Earnings are also forecast to grow by 20% per annum over the same time period. Recent Insider Transactions • Apr 23
Independent Chairman recently bought AU$148k worth of stock On the 21st of April, Elizabeth Proust bought around 30k shares on-market at roughly AU$4.94 per share. This transaction amounted to 20% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Elizabeth has been a buyer over the last 12 months, purchasing a net total of AU$328k worth in shares. Valuation Update With 7 Day Price Move • Apr 20
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to AU$4.87, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 12x in the Diversified Financial industry in Australia. Total returns to shareholders of 96% over the past year. Simply Wall St's valuation model estimates the intrinsic value at AU$2.26 per share. Announcement • Apr 16
Cuscal Limited has filed a Follow-on Equity Offering in the amount of AUD 30 million. Cuscal Limited has filed a Follow-on Equity Offering in the amount of AUD 30 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 7,500,000
Price\Range: AUD 4
Discount Per Security: AUD 0.12
Transaction Features: Subsequent Direct Listing Price Target Changed • Apr 16
Price target increased by 8.2% to AU$5.78 Up from AU$5.34, the current price target is an average from 3 analysts. New target price is 27% above last closing price of AU$4.55. Stock is up 78% over the past year. The company is forecast to post earnings per share of AU$0.22 for next year compared to AU$0.16 last year. Announcement • Apr 14
Cuscal Limited has filed a Follow-on Equity Offering. Cuscal Limited has filed a Follow-on Equity Offering.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 750,000 Board Change • Mar 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 5 experienced directors. 1 highly experienced director. Independent Non-Executive Director Peter Wright was the last director to join the board, commencing their role in 2025. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Feb 25
Cuscal Limited Announces Fully Franked Ordinary Dividend for the Six Months Ended December 31, 2025, Payable on March 26, 2026 Cuscal Limited announced fully franked ordinary dividend of AUD 0.04500000 for the six months ended December 31, 2025, payable on March 26, 2026. Record date is March 4, 2026 and Ex date is March 3, 2026. Reported Earnings • Feb 25
First half 2026 earnings released: EPS: AU$0.11 (vs AU$0.068 in 1H 2025) First half 2026 results: EPS: AU$0.11 (up from AU$0.068 in 1H 2025). Revenue: AU$273.0m (up 9.5% from 1H 2025). Net income: AU$21.5m (up 76% from 1H 2025). Profit margin: 7.9% (up from 4.9% in 1H 2025). The increase in margin was driven by higher revenue. Revenue is expected to fall by 6.3% p.a. on average during the next 3 years compared to a 2.4% decline forecast for the Diversified Financial industry in Australia. Announcement • Feb 02
Cuscal Limited to Report First Half, 2026 Results on Feb 24, 2026 Cuscal Limited announced that they will report first half, 2026 results on Feb 24, 2026 Announcement • Jan 01
Cuscal Limited Announces Resignation of Non-Executive Director Ling Hai, Effective December 31, 2025 Cuscal Limited announced that Mr. Ling Hai has resigned as a Non-Executive Director of Cuscal, effective December 31, 2025. Price Target Changed • Dec 10
Price target increased by 14% to AU$5.07 Up from AU$4.44, the current price target is an average from 3 analysts. New target price is 32% above last closing price of AU$3.85. Stock is up 55% over the past year. The company is forecast to post earnings per share of AU$0.22 for next year compared to AU$0.16 last year. Announcement • Dec 01
Cuscal Limited Announces Board and Committee Changes Cuscal Limited announced the appointment of Peter Wright as an Independent Non-Executive Director on the Cuscal Board, effective December 1, 2025. Mr. Wright will also be a member of the Board Risk Committee and a member of the Integration Advisory Committee. Mr. Wright has over 30 years’ experience in the payments and technology sectors, and brings a deep understanding of the unique commercial, technology, and regulatory landscape in which Cuscal operates. He is currently the Managing Director of PHW Consulting and most recently was the President – Asia Pacific of OmniPay Limited, an Irish domiciled global payments processing company. He holds a Post Graduate Diploma in Corporate Management and an MBA, and is a Member of the Australian Institute of Company Directors. Mr. Wright will seek election at Cuscal’s 2026 Annual General Meeting. Ling Hai has provided the Board with notice of his intention to resign from the Cuscal Board, effective December 31, 2025. Ling Hai is the President for Asia Pacific, Europe, the Middle East, and Africa at Mastercard Inc., where he serves on both its Executive Leadership Team and global Management Committee. Ling Hai will be appointed to the Board of Manulife Financial Corporation effective January 1, 2026. He will accordingly resign from the Cuscal Board to allow him to hold one external board role in addition to his Executive responsibilities. Ling Hai has served on the Cuscal Board and Board Risk Committee for over six years. Valuation Update With 7 Day Price Move • Aug 28
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to AU$3.62, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 18x in the Diversified Financial industry in Australia. Simply Wall St's valuation model estimates the intrinsic value at AU$1.85 per share. Recent Insider Transactions • Aug 28
Independent Chairman recently bought AU$179k worth of stock On the 26th of August, Elizabeth Proust bought around 50k shares on-market at roughly AU$3.59 per share. This transaction amounted to 50% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Elizabeth's only on-market trade for the last 12 months. Reported Earnings • Aug 22
Full year 2025 earnings: EPS misses analyst expectations Full year 2025 results: EPS: AU$0.15 (down from AU$0.18 in FY 2024). Revenue: AU$492.5m (up 3.4% from FY 2024). Net income: AU$28.7m (down 9.2% from FY 2024). Profit margin: 5.8% (down from 6.6% in FY 2024). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 25%. Revenue is expected to fall by 13% p.a. on average during the next 3 years compared to a 6.9% decline forecast for the Diversified Financial industry in Australia. Announcement • Aug 22
Cuscal Limited Announces Ordinary Dividend for A Period of Six Months Ended June 30, 2025, Payable September 25, 2025 Cuscal Limited announced ordinary dividend of AUD 0.0550 per security for a period of six months ended June 30, 2025. Record Date: August 29, 2025, Ex Date: August 28, 2025 and Payment Date: September 25, 2025. Buy Or Sell Opportunity • Aug 14
Now 25% overvalued after recent price rise Over the last 90 days, the stock has risen 6.8% to AU$3.00. The fair value is estimated to be AU$2.40, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last year. Earnings per share has grown by 3.4%. For the next 3 years, revenue is forecast to decline by 8.7% per annum. Earnings are forecast to grow by 16% per annum over the same time period. Announcement • Jul 30
Cuscal Limited to Report Fiscal Year 2025 Results on Aug 22, 2025 Cuscal Limited announced that they will report fiscal year 2025 results on Aug 22, 2025 Buy Or Sell Opportunity • Jun 19
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 5.5% to AU$2.86. The fair value is estimated to be AU$2.38, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last year. Earnings per share has grown by 3.4%. For the next 3 years, revenue is forecast to decline by 8.7% per annum. Earnings are forecast to grow by 16% per annum over the same time period. Buy Or Sell Opportunity • May 27
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 4.8% to AU$2.83. The fair value is estimated to be AU$2.35, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last year. Earnings per share has grown by 3.4%. For the next 3 years, revenue is forecast to decline by 8.7% per annum. Earnings are forecast to grow by 16% per annum over the same time period. Reported Earnings • Feb 27
First half 2025 earnings released First half 2025 results: EPS: AU$0.007. Net income: AU$12.2m (up AU$12.2m from 1H 2024). Revenue is expected to fall by 16% p.a. on average during the next 3 years compared to a 5.1% decline forecast for the Diversified Financial industry in Australia. Announcement • Feb 12
Cuscal Limited to Report First Half, 2025 Results on Feb 26, 2025 Cuscal Limited announced that they will report first half, 2025 results on Feb 26, 2025 Announcement • Nov 26
Cuscal Limited Announces Final Dividend for the Financial Year Ended 30 June 2024 Cuscal Limited announced that in respect of the financial year ended 30 June 2024, the Directors have determined that a final dividend of 5.0 cents per ordinary share shall be paid to all shareholders registered at 20 September 2024. The final dividend will total AUD 8.8 million. The dividend will be franked to 100% at the 30% corporate income tax rate. Board Change • Nov 25
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 5 experienced directors. 1 highly experienced director. Independent Non-Executive Director Claudine L. Ogilvie was the last director to join the board, commencing their role in 2023. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Nov 22
Cuscal Limited has completed an IPO in the amount of AUD 336.796678 million. Cuscal Limited has completed an IPO in the amount of AUD 336.796678 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 134,718,671
Price\Range: AUD 2.5
Discount Per Security: AUD 0.075
Transaction Features: Reserved Share Offering 
