Large South African fintech company increased operating profit by 804%
JSE-listed South African financial technology company Lesaka Technologies has reported a substantial increase in operating income during the third quarter of its 2026 financial year.
Lesaka Technologies was formerly known as Net 1 UEPS Technologies. Its product ecosystem includes merchant acquiring, lending, insurance, and cash management solutions.
For the quarter ending 31 March 2026, the company’s operating income reached R65.01 million, up 804% from the R7.19 million of the same period last year.
Lesaka’s net income in Q3 2026 was R8.38 million, a substantial swing from a R409.79 million loss in Q3 2025.
The improvement was supported by net revenue growing by 16% from roughly R1.36 billion to R1.58 billion.
Lesaka has three main divisions — Merchant, Consumer, and Enterprise. The largest segment — Merchant — saw a decline in revenue of 13%.
However, this was offset by significant improvements in Enterprise, where revenue grew 78%, while the Consumer division’s revenue also grew 41%.
The group’s adjusted Earnings Before Interest, Tax, Depreciation, and Amortisation (EBITDA) increased 45%.
Lesaka’s adjusted earnings per share was R1.80, an increase of over 200% year-on-year. Basic earnings per share swung from a R5.15 loss in Q3 2025 to a positive R0.17 in Q3 2026.
Lesaka chairman Ali Mazanderani said the company had built a diversified platform with multiple levers of sustainable growth, positioning it exceptionally well for the years to come.
For the 2026 financial year, Lesaka expected its net income to be positive, supported by net revenue between R6.2 billion and R6.5 billion.
Lesaka also anticipated that Group Adjusted EBITDA will be between R1.25 billion and R1.35 billion, while adjusted earnings per share will be between R5.50 and R6.00.
It should be noted that this guidance excluded the impact of the announced acquisition of Bank Zero, which is subject to regulatory approvals and other customary closing conditions.
Lesaka key financial performance metrics — Q3 2025 vs Q3 2026
| Q3 2025 | Q3 2026 | Change | |
|---|---|---|---|
| Revenue | R2.987 billion | R2.994 billion | +0.2% |
| Net revenue | R1.357 billion | R1.576 billion | +16% |
| Operating income | R7.188 million | R65.013 million | +804% |
| Net income or (loss) | (R409.79 million) | R8.383 million | Not measured |
| Group Adjusted EBITDA | R233.026 million | R337.071 million | +45% |
| Basic Earnings or (loss) per share | (R5.15) | R0.17 | Not measured |
| Adjusted Earnings per share | R0.52 | R1.80 | +247% |
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