Change Financial Ltd · ASX:CCA
Change Financial — Q1 FY27 Earnings Presentation
24 slides from Change Financial's earnings presentation, Oct 30, 2026
Slide 1: Q1 FY27 Investor Presentation
All figures now in Australian dollars For personal use only Q1 FY27 Investor Presentation 30 October 2026
Slide 2: Delivering Innovative & Scalable Payments Solutions
Delivering Innovative & Scalable Payments Solutions For personal use only Change provides tailored payment solutions, card issuing & testing to 150+ banks & fintechs across 40+ countries Payment solutions Two core proprietary technology platforms owned & developed in-house provider driving innovatio
Slide 3: Change in Currency
Change in Currency All figures in AUD For personal use only Change now reporting in Australian dollars from 1 July 2026 FY26 comparatives restated at prevailing FY26 FX rates in AUD (unaudited) Increasing Focus on ANZ US Operations Exited Cash Holdings Continued growth in ANZ client base Exi
Slide 4: Key Highlights
Key Highlights All figures in AUD For personal use only Continued strong momentum and growth in core PaaS business Achieved a 3-year Record quarter – PaaS revenue, active cards, number of transactions and GTV revenue Compound Annual Growth Rate Two new PaaS clients signed, four PaaS clients in fin
Slide 5: Vertexon PaaS Metrics & Revenue Model
Vertexon PaaS Metrics & Revenue Model All figures in AUD For personal use only Active Cards (thousands) PaaS platform scaling 172k+ cards active in AU & NZ 200 with volume increasing Up 15% quarter on quarter (QoQ) and 92% on prior corresponding 150 period (pcp) as card numbers 100 continue to grow
Slide 6: Accelerating PaaS Growth
Accelerating PaaS Growth All figures in AUD For personal use only ► Q1 FY27 PaaS revenue up 26% on pcp (ccy) Quarterly PaaS Revenue1 (A$m) PaaS Client Pipeline 3.5 Contracting 3.0 4 Final contracting stage +2 added in Q1 FY27 2.5 Onboarding 2.0 6 In implementation +2 signed in Q1 FY27 1.5 Processing
Slide 7: Financial Update – Q1 FY27
Financial Update – Q1 FY27 All figures in AUD For personal use only Q1 FY27 revenue of A$6.3m, down 3% on pcp (ccy) Revenue1 by Quarter (A$m) Increasing PaaS revenue, up 26% on pcp (ccy) & 7.0 7.1 expanding gross profit margin 6.6 6.3 6.2 6.1 6.2 Licence & Professional Services revenue of A$1.2m, 5.
Slide 8: Financial Update – Q1 FY27 (cont.)
Financial Update – Q1 FY27 (cont.) All figures in AUD For personal use only Improving operating leverage – recurring revenue growing, GP Q1 FY27 Underlying EBITDA2 of A$0.7m, down 38% on pcp (ccy) margin improving, fixed cost base stable Impacts from FX movements, reduced software capitalisation Paa
Slide 9: Financial Update – Q1 FY27 (cont.)
Financial Update – Q1 FY27 (cont.) All figures in AUD For personal use only ► Underlying EBITDA down A$0.8m on pcp, driven by higher than typical one-off Licence & Professional Services revenue in Q1 FY26, lower capitalised development costs and a stronger AUD in current quarter Underlying EBITDA Br
Slide 10: Increasing Sales Momentum
Increasing Sales Momentum All figures in AUD For personal use only Current pipeline of fully scoped professional services work totalling A$3.9m under consideration by clients Expanding pipeline Once signed, will deliver significant revenue in future quarters depth across both product lines while bui
Slide 11: New Paysim Now Available
New Paysim Now Available For personal use only Modernisation project progress Legacy Paysim New Paysim Upgraded Paysim makes a feature-rich ATM simulation product easier to use Phase 1 & 2 for a broader buyer New UI/UX and unified testing capabilities Released to existing clients in Q1 base October
Slide 12: Key Growth Focus & Outlook
Key Growth Focus & Outlook For personal use only Business focus on 1 Client Acquisition & Retention securing client wins in Refreshed sales enablement to increase lead generation core target markets New website in progress PaaS: new clients in ANZ with a primary focus on penetrating large AU market
Slide 13: Investment Highlights
Investment Highlights For personal use only Strong Foundations Growth & Scale Focus Marquee Customers All regulatory & licensing requirements 70%+ of revenue from recurring Strong validation of PaaS platform with for card issuing in AU & NZ in place revenue streams financial institution & fintech cl
Slide 14: Appendix
For personal use only Appendix
Slide 15: Notes – Constant Currency & FX
Notes – Constant Currency & FX For personal use only Constant currency removes the impact of exchange rate movements so operating performance can be compared between periods Constant currency figures are calculated by converting current period results denominated in US dollars and New Zealand dollar
Slide 16: Vertexon in the Payments Process
Vertexon in the Payments Process For personal use only Change’s role in the Processing: An Issuer (Change’s client) using the Vertexon Processing: Customer pays with card (all card networks payments process Platform (technology only) to manage their cards – client is supported) & purchases goods/s
Slide 17: Vertexon Product Offering
Vertexon Product Offering For personal use only Vertexon offering can Processing Processing & Issuing be tailored by client to • Provide core technology to enable card issuing & • Provide Processing capability + the following key card offer services that best management including: Issuing capabiliti
Slide 18: Market Overview – New Zealand
Market Overview – New Zealand For personal use only Banking in New Zealand is dominated by the Big 4 banks 27 registered banks plus several credit unions & building societies No payment aggregation services providers for smaller players & historically limited innovation outside the Big 4 Banks
Slide 19: Market Overview – Australia
Market Overview – Australia For personal use only Australian Annual Transaction Volume by Type of Retail Payment 1 Card based payments now dominate 12 Scheme & EFTPOS Debit Cards Total Number of Transactions transaction volume in 10 Australia 8 (billions) 6 4-Party & 3-Party Credit & Charge Cards 4
Slide 20: Market Overview – Australia (cont.)
Market Overview – Australia (cont.) For personal use only Whilst the Big 4 banks have a significant position in the Australian card issuing market, there is a materially larger opportunity than in New Zealand Change is seeking to leverage the recent success in the NZ market to target the sizeabl
Slide 21: Paysim – Critical Payments Infrastructure Testing Tool
Paysim – Critical Payments Infrastructure Testing Tool For personal use only Paysim enhances Simulates the full transaction lifecycle, enabling banks & fintechs to complete speed to market for end-to-end testing of their payment platforms, processes & scheme rule Paysim is an all-in-one modular cl
Slide 22: Paysim Market Overview – Global
Paysim Market Overview – Global For personal use only Extremely powerful modular end-to-end payments testing & certification solution embedded into tier 1 banking & payments institutions globally Core based on global messaging standard ISO 8583 & ISO 20022 Default standard & benchmark for EFTP
Slide 23: Disclaimer
Disclaimer For personal use only Change Financial Important Notice This presentation has been prepared by Change Financial Limited (Change Financial) in good faith. No express or implied warranty is given as to the accuracy or completeness Limited of the information in this document or the accompany
Slide 24: Thank you.
For personal use only Thank you. Engage directly with us by posting your questions on our latest announcements via our Investor Hub. You can view and comment on this announcement here. Stay Connected Receive ASX announcements and company updates directly to your inbox, access video summaries, join o