Lesaka posts first full-year profit in fintech turnaround
Lincoln Mali, CEO of Southern Africa Lesaka Technologies
The Johannesburg- and Nasdaq-listed fintech group reported net income attributable to Lesaka of R39.8m for the year ended June 2026, a sharp reversal from the R1.65bn loss recorded in the previous financial year.
The result marks a significant shift for Lesaka, which has spent recent years expanding its payments and financial-services platform through acquisitions while working to improve the profitability of its operations.
Revenue increased 1.7% to R12.18bn, but the stronger indicator of the group's underlying performance was net revenue, which climbed 20% to R6.33bn. Adjusted EBITDA rose 41% to R1.27bn.
Lesaka's consumer business was a major contributor to the improvement. Consumer revenue increased 38% to R2.4bn, while segment adjusted EBITDA jumped 78% to R775m.
The enterprise division also delivered substantial growth, with revenue rising 62% to R1.26bn and adjusted EBITDA increasing more than fivefold to R136m.
The merchant business remained considerably larger by revenue, although its performance was more subdued. Merchant revenue declined 10% to R8.61bn, while segment adjusted EBITDA fell 6% to R602m.
Lesaka's fourth-quarter numbers provided further evidence of the turnaround. Net income attributable to the group reached R52.9m, compared with a loss of R559.7m in the corresponding period a year earlier.
Adjusted EBITDA for the quarter rose 22% to R367m, while net revenue increased 8% to R1.62bn.
The company also enters its new financial year with an expansion agenda. Lesaka expects FY2027 net revenue of between R7bn and R7.7bn, with adjusted EBITDA forecast at between R1.45bn and R1.6bn.
That outlook includes the potential impact of its proposed acquisition of Bank Zero, subject to the necessary regulatory and closing conditions.
The profitability milestone comes as Lesaka increasingly positions itself as a technology-led financial-services platform spanning payments, consumer finance and merchant services.
For investors, the challenge now shifts from proving that the business can reach profitability to demonstrating that it can sustain those margins while continuing to invest in growth.
After years of expansion and restructuring, Lesaka's latest results suggest its fintech strategy is beginning to translate scale into earnings.