Lesaka Technologies Inc (LSAK) 2026 Q3 法說會逐字稿

Welcome to Lesaka Technologies' results webcast for the third quarter of fiscal 2026. As a reminder, this webcast is being recorded. Management will address any questions you have at the end of the presentation. (Operator Instructions)

歡迎收看 Lesaka Technologies 2026 會計年度第三季業績網路直播。提醒各位，本次網路直播將被錄音。管理層將於簡報結束時回覆各位的提問。（接線員指示）

Our press release and investor presentation are available on our Investor Relations website at ir.lesakatech.com. During this call, we will be making forward-looking statements, and I ask you to look at the cautionary language contained in our press release, presentation and Form 10-Q available on our website.

我們的新聞稿與投資人簡報可於投資人關係網站 ir.lesakatech.com 取得。在本次電話會議中，我們將作出前瞻性陳述，並請各位參閱我們新聞稿、簡報以及可於本公司網站取得之 Form 10-Q 中所載的警示性語言。

As a domestic filer in the United States, we report results in US dollars under US GAAP. However, it is important to note that our operational currency is South African rand, and as such, we analyze our performance in South African rand, which is non-GAAP. This assists investors in understanding the underlying trends in our business.

作為在美國申報的國內申報公司（domestic filer），我們依照美國公認會計原則（US GAAP）以美元報告業績。然而，重要的是，我們的營運貨幣為南非蘭特，因此我們以南非蘭特（非 GAAP）分析營運表現。這有助於投資人理解我們業務的基本趨勢。

I will now turn the webcast over to Ali.

接下來我將把網路直播交給 Ali。

Good morning and good afternoon. Thank you for joining us for Lesaka's Q3 results presentation.

各位早安、午安。感謝各位參加 Lesaka 2026 會計年度第三季（Q3）業績簡報。

I'm pleased to report Lesaka has delivered a strong set of results for Q3 FY 2026. It's also worth noting that this is substantially on a like-for-like basis. Net revenue was up 16% to ZAR1.58 billion, short of our guidance of ZAR1.65 billion due to slightly softer-than-expected performance in Merchant, as the division focused on the integration of the business units and closures of noncore business lines. We remain confident in the profile and trajectory of the Merchant division, as Lincoln will talk you through in more detail shortly.

我很高興報告，Lesaka 在 2026 會計年度第三季交出一組強勁的成績。也值得一提的是，這些成果在很大程度上是以可比基礎（like-for-like）達成。淨營收成長 16% 至 15.8 億南非蘭特（ZAR），略低於我們 16.5 億南非蘭特的指引，原因是 Merchant 部門表現略低於預期，該部門本季聚焦於業務單元整合以及關閉非核心業務線。我們對 Merchant 部門的業務輪廓與發展軌跡仍具信心，Lincoln 稍後將為各位更詳細說明。

From a profitability perspective, group adjusted EBITDA came in at ZAR337 million, at the top end of our guidance and a 45% increase over last year. Adjusted earnings was up 246% from ZAR43 million to ZAR148 million. Similarly, adjusted earnings per share increased from ZAR0.52 to ZAR1.80 for the quarter. Net debt to group adjusted EBITDA of 2.1x is a significant improvement over last year and is close to our target of 2x. Dan will unpack the divisional numbers in more detail shortly.

從獲利角度來看，集團調整後 EBITDA 為 3.37 億南非蘭特，位於指引區間上緣，並較去年成長 45%。調整後盈餘由 4,300 萬南非蘭特增加 246% 至 1.48 億南非蘭特。同樣地，本季調整後每股盈餘由 0.52 南非蘭特提升至 1.80 南非蘭特。淨負債對集團調整後 EBITDA 比率為 2.1 倍，較去年顯著改善，且接近我們 2 倍的目標。Dan 稍後將更詳細拆解各事業部門的數字。

From the last quarter, we have simplified how we present our business, emphasizing its core structural revenue drivers. We present a single total view for active consumers and active merchants and aggregated ARPU for each. Consumer ARPU is a function of our transactional bank account and the penetration of our lending and insurance products within our account base, while Merchant ARPU is a function of our 5 products: acquiring, Alternative Digital Products, ADP, lending, software and cash. Over time, we may continue to further refine our definitions of ARPU to better reflect the business strategy. We have 750 Enterprise clients.

自上季起，我們簡化了業務呈現方式，強調其核心結構性營收驅動因素。我們以單一總覽呈現活躍消費者與活躍商戶，並彙總各自的 ARPU。消費者 ARPU 取決於我們的交易型銀行帳戶，以及在帳戶基礎中放款與保險產品的滲透率；商戶 ARPU 則取決於我們的 5 項產品：收單（acquiring）、替代性數位產品（Alternative Digital Products，ADP）、放款、軟體與現金。隨時間推進，我們可能會持續進一步精煉 ARPU 的定義，以更貼近業務策略。我們擁有 750 家企業客戶（Enterprise clients）。

So rather than representing the drivers in Enterprise on an ARPU basis, we do so on a take rate and total process volume for ADP and utilities. These 6 variables across the group together explain more than 90% of our net revenue. We will use this framework as the key drivers of the net revenue of our businesses each quarter to thread the operational performance of each division, along with the financial results. In full year results, we will provide more granular information on the underlying drivers of each of our core products by division.

因此，我們不以 ARPU 方式呈現 Enterprise 的驅動因素，而是以 ADP 與公用事業（utilities）的抽成率（take rate）與總處理量（total process volume）來呈現。集團層面的這 6 個變數合計可解釋我們超過 90% 的淨營收。我們將以此架構作為每季各業務淨營收的關鍵驅動因素，將各事業部門的營運表現與財務結果串聯起來。在全年業績中，我們將提供更細緻的資訊，說明各事業部門核心產品的底層驅動因素。

For now, I will hand you over to Dan to take you through our financial performance in more detail.

接下來我把時間交給 Dan，請他帶各位更深入了解我們的財務表現。

Thank you, Ali. Good morning and good afternoon to everyone joining us today. Before turning to our operating and financial performance and the components of our business, I would like to focus on the excellent progress we've made this quarter in addressing some of our legacy and noncore activities, as well as creating One Lesaka. These initiatives have resulted in a few nonrecurring items that have had a mixed impact on our results this quarter.

謝謝你，Ali。各位早安、午安，感謝今天加入我們。在談到營運與財務表現以及我們業務的組成之前，我想先聚焦於本季在處理部分歷史遺留與非核心活動，以及打造「One Lesaka」方面所取得的優異進展。這些措施帶來了一些非經常性項目，對本季業績造成了正負參半的影響。

In our Merchant division, we made the decision to exit the ATM business, reflecting our disciplined focus on profitability and capital allocation. The business was structurally loss-making and immaterial in scale. Its wind down removes an ongoing group adjusted EBITDA drag and allows us to redeploy capital towards higher-return, digitally-led growth opportunities as part of our broader portfolio optimization. This resulted in a total impairment charge of approximately ZAR27 million, split between our impairment entries and once-off items. Also within the Merchant division, Switchpay, a legacy buy now, pay later product, has been sunset, resulting in an impairment charge of ZAR6.5 million recognized in the quarter.

在 Merchant 事業部，我們決定退出 ATM 業務，反映我們對獲利能力與資本配置的紀律性聚焦。該業務在結構上為虧損，且規模不具重要性。其退場可消除對集團調整後 EBITDA 的持續拖累，並使我們得以將資本重新配置至更高報酬、以數位為主導的成長機會，作為更廣泛投資組合優化的一部分。此舉導致合計約 2,700 萬南非蘭特的減損費用，分別計入減損分錄與一次性項目。同樣在 Merchant 事業部內，Switchpay（歷史遺留的先買後付產品）已停止服務（sunset），本季認列 650 萬南非蘭特的減損費用。

At a group level, we focused on the collection of monies owed to us from a legacy investment and reversed the receivables allowance of ZAR25 million. Similarly, we also deregistered a legacy offshore entity, being Masterpayment, resulting in a gain of ZAR14 million.

在集團層面，我們聚焦於收回一項歷史投資所欠款項，並回轉了 2,500 萬南非蘭特的應收款備抵。同時，我們也註銷了一家歷史遺留的境外實體 Masterpayment，因而產生 1,400 萬南非蘭特的收益。

As highlighted last quarter, we are progressing with our major rebrand to One Lesaka. The rebrand has been launched with an activation campaign, with the external customer rollout planned over the coming months. Rebrand-related costs of ZAR16 million were incurred during the quarter, and we maintain our guided total rebrand costs in the range of ZAR50 million to ZAR75 million. Given our transformation as One Lesaka and our office consolidation, we also recognized an impairment charge of ZAR26 million on lease premises due to lower utilization rates.

如上季所強調，我們正推進重大品牌重塑，打造「One Lesaka」。本次重塑已透過啟動行銷活動正式推出，對外客戶的全面推廣預計在未來數月內進行。本季發生與重塑相關的成本 1,600 萬南非蘭特，我們維持先前指引的重塑總成本區間為 5,000 萬至 7,500 萬南非蘭特。鑑於我們轉型為 One Lesaka 以及辦公室整併，我們亦因使用率下降，就租賃物業認列 2,600 萬南非蘭特的減損費用。

Finally, the accelerated write-down of our intangible assets relating to our legacy brands has tapered off with the purchase price amortization of intangible assets now at ZAR98 million, which reflects a more normalized run rate.

最後，與歷史品牌相關之無形資產加速攤銷已趨緩，目前無形資產的收購價款攤銷為 9,800 萬南非蘭特，反映較為正常化的運行水準。

Looking at our divisional performance, Lesaka delivered nearly ZAR1.6 billion net revenue, a growth of 16% for the quarter. Merchant net revenue declined 4% to ZAR751 million, as previously explained by Ali. We expect Merchant net revenue to be flat next quarter. However, as you will see on the next slide, segment adjusted EBITDA for Merchant increased this quarter.

就各事業部表現而言，Lesaka 本季淨營收接近 16 億南非蘭特，成長 16%。Merchant 淨營收下滑 4% 至 7.51 億南非蘭特，原因如 Ali 先前所述。我們預期 Merchant 淨營收在下季將持平。不過，如各位在下一張投影片將看到的，Merchant 的分部調整後 EBITDA 本季有所增加。

In contrast, the Consumer division delivered another record performance with net revenue increasing 41% to ZAR627 million, an all-time quarterly high. The Enterprise division also performed strongly, delivering net revenue growth of 51% to ZAR220 million. This growth includes 3 months of contribution from Recharger compared to 1 month in the prior period. However, it also reflects meaningful organic growth, as the division's refreshed strategy and operating structure continue to gain traction in the channels they serve.

相較之下，Consumer 事業部再創紀錄，淨營收成長 41% 至 6.27 億南非蘭特，為單季歷史新高。Enterprise 事業部同樣表現強勁，淨營收成長 51% 至 2.20 億南非蘭特。此成長包含 Recharger 本期貢獻 3 個月，相較前期僅 1 個月。然而，這也反映了顯著的有機成長，因為該部門更新後的策略與營運架構持續在其服務的通路中取得進展並發揮成效。

At a group level, adjusted EBITDA of ZAR337 million was an all-time quarterly high for Lesaka and represents a 45% year-on-year increase. The Merchant division recorded a 3% increase to ZAR151 million. We are pleased to see evidence of the efficiencies implemented over the past 6 months, translating to an increased margin to above 20%. Our medium-term expectations remain that the Merchant margin will continue to increase to above 30%.

在集團層面，調整後 EBITDA 為 3.37 億南非蘭特，為 Lesaka 單季歷史新高，並代表年增 45%。Merchant 事業部錄得 3% 成長至 1.51 億南非蘭特。我們很高興看到過去 6 個月所推動的效率提升已轉化為利潤率上升至 20% 以上。我們的中期預期仍為 Merchant 利潤率將持續提升至 30% 以上。

Consumer segment adjusted EBITDA increased by 81% to a record ZAR213 million, reflecting strong operating leverage and disciplined execution. Last quarter, we saw over ZAR1 billion of origination volume for our lending products, and we are starting to see the positive impact flow through to our financial performance. The Enterprise division delivered a segment adjusted EBITDA contribution of ZAR35 million as the business scales.

Consumer 分部調整後 EBITDA 成長 81% 至創紀錄的 2.13 億南非蘭特，反映強勁的營運槓桿與紀律性執行。上季我們的放款產品新增放款（origination）量超過 10 億南非蘭特，我們正開始看到其正面影響逐步反映在財務表現上。Enterprise 事業部隨著業務規模擴大，貢獻分部調整後 EBITDA 3,500 萬南非蘭特。

Group costs were ZAR62 million, slightly elevated due to an investment made in improving finance, risk and compliance frameworks and strategic hires at a head office level. This is a more accurate reflection of our group costs run rate going forward.

集團成本為 6,200 萬南非蘭特，略為偏高，主要因為我們投資於改善財務、風險與法遵架構，以及在總部層級進行策略性招募。這更能準確反映我們未來的集團成本常態水準。

Adjusted earnings per share continued its strong upward trajectory, increasing 247% to ZAR1.80 per share, underscoring our ability to effectively integrate and extract synergies from our inorganic growth activity and our ability to scale organically once the integration and transformation phases are complete.

調整後每股盈餘延續強勁上升趨勢，成長 247% 至每股 1.80 南非蘭特，凸顯我們能有效整合並自非有機成長活動中擷取綜效，以及在整合與轉型階段完成後，具備有機擴張規模的能力。

Our strong cash generation continued this quarter with cash generated from business operations of ZAR365 million, closely tracking our group adjusted EBITDA. Given the short duration of our credit cycle and seasonality effects, we only required an additional ZAR10 million of funding for our lending books, reflecting the efficiency and scale of our operations.

本季我們強勁的現金創造能力持續展現，來自營運活動所產生的現金為 ZAR365 百萬，與本集團調整後 EBITDA 緊密一致。鑑於我們的信貸週期較短及季節性因素影響，我們的放款資產組合僅需額外 ZAR10 百萬資金，反映出我們營運的效率與規模。

We paid ZAR98 million in cash interest. And while not presented on the slide but reflected in the annexes to this presentation is a release of ZAR320 million of seasonal working capital compared to the prior quarter. In aggregate, the group generated a pleasing ZAR608 million in operating cash flow.

我們支付了 ZAR98 百萬的現金利息。雖然投影片未呈現，但在本簡報的附錄中可見，相較上一季釋放了 ZAR320 百萬的季節性營運資金。合計而言，本集團產生了令人滿意的 ZAR608 百萬營運現金流。

We continue to manage our CapEx carefully with ZAR76 million of investment this quarter. Our CapEx was relatively evenly split between cash vaults, POS devices, and software and platform development.

我們持續審慎管理資本支出（CapEx），本季投資為 ZAR76 百萬。我們的 CapEx 大致平均分配於現金保管庫、POS 裝置，以及軟體與平台開發。

The strong earnings growth and cash generation, combined with prudent capital allocation, resulted in our net debt to group adjusted EBITDA improving to 2.1x this quarter and bringing us closer to our medium-term target of 2x.

強勁的獲利成長與現金創造能力，加上審慎的資本配置，使本季淨負債對本集團調整後 EBITDA 的比率改善至 2.1 倍，並使我們更接近中期 2 倍的目標。

In recent quarters, the benefits of the platform we are building have become increasingly evident. Continued growth across our distribution footprint, combined with ongoing product innovation, has further improved operating leverage with operating margin rising from 17.2% a year ago to 21.4% this quarter. As the transformation of our Merchant division progresses and following the completion of the Bank Zero acquisition, we continue to expect operating margins to trend towards over 30% over the medium term at a group level.

近幾季，我們正在建置的平台所帶來的效益愈發明顯。隨著我們在通路版圖上的持續成長，並結合持續的產品創新，營運槓桿進一步提升，營業利益率由一年前的 17.2% 上升至本季的 21.4%。隨著我們商戶（Merchant）事業部的轉型推進，以及 Bank Zero 收購完成後，我們仍預期在中期內，集團層級的營業利益率將朝 30% 以上趨勢發展。

A similar positive trajectory is evident in our capital investment profile. Consistent with prior guidance, we expect CapEx to remain below ZAR400 million per annum. On the last 12 months basis, CapEx as a percentage of EBITDA has reduced from approximately 46% a year ago to 29% this quarter. Together, these trends highlight the strengthening fundamentals of the business as we continue to evolve and scale our platform.

我們的資本投資輪廓亦呈現類似的正向軌跡。依先前指引，我們預期 CapEx 將維持在每年 ZAR400 百萬以下。以過去 12 個月為基礎，CapEx 佔 EBITDA 的比重已由一年前約 46% 降至本季的 29%。綜合而言，這些趨勢凸顯在我們持續演進並擴大平台規模的同時，業務基本面正持續強化。

Thank you. I will now hand over to Lincoln to take you through our divisional performance.

謝謝。接下來我將交由 Lincoln，帶各位了解我們各事業部的表現。

Thank you, Dan. Good morning and afternoon, everyone. As Dan has alluded to, we're in the middle of building an integrated merchant business from 5 historical components. We are modernizing our core systems into a unified backbone, enabling our servicing staff to provide a more efficient and effective customer service. We are centralizing data, creating a 360-degree view of each merchant, and implementing AI to strengthen our risk capabilities and reduce customer friction.

謝謝你，Dan。各位早安、午安。如 Dan 所提到的，我們正處於將 5 個歷史組成部分整合為一個整合式商戶業務的建置過程中。我們正在把核心系統現代化並整合為統一的骨幹，使我們的服務團隊能提供更高效率且更有效的客戶服務。我們正在集中化資料，建立每位商戶的 360 度視圖，並導入 AI 以強化風險能力並降低客戶摩擦。

This enables better credit decisions and reduce fraud. Furthermore, we are leveraging these assets to drive smarter customer engagement. For an example, AI-enabled WhatsApp support and targeted cross-sell engines will simultaneously enhance the client experience, and we believe will drive higher ARPU.

這將有助於做出更佳的授信決策並降低詐欺。此外，我們也運用這些資產推動更智慧的客戶互動。例如，AI 驅動的 WhatsApp 支援與精準的交叉銷售引擎，將同時提升客戶體驗，而我們相信也將帶動更高的 ARPU。

At an overall level, active merchants increased by 6% year-on-year. Looking at the mix of our active merchants, our community merchants grew 8% year-on-year. Last year, we restructured our community merchant sales force to allow for a more targeted distribution strategy, and we are pleased to see our community merchant portfolio increase. The number of active corporate merchants fell 4% year-on-year, primarily due to increased competition in monoline products, for an example, merchant acquiring.

整體而言，活躍商戶年增 6%。從活躍商戶的組合來看，我們的社區商戶年增 8%。去年我們重整了社區商戶的銷售團隊，以採取更具針對性的通路策略，我們很高興看到社區商戶組合持續增加。活躍企業商戶年減 4%，主要由於單一產品（monoline products）競爭加劇，例如商戶收單（merchant acquiring）。

At the aggregate, Merchant ARPU was 7% lower than last year and driven primarily by an increase in the number of community merchants as a percentage of the total. Community merchants are growing faster than corporate merchants, and this has a predictable impact on blended economics as they generate materially lower ARPU than corporate merchants, as shown in the slide.

整體來看，商戶 ARPU 較去年下降 7%，主要原因是社區商戶佔總數的比例上升。社區商戶成長速度快於企業商戶，這對混合經濟效益會產生可預期的影響，因為如投影片所示，社區商戶所產生的 ARPU 明顯低於企業商戶。

As the community segment becomes a larger proportion of the overall base, aggregate Merchant ARPU naturally decreases even while engagement levels, transaction volumes and profitability increase. Secondly, as mentioned last quarter, the community ARPU reduction was impacted by a network-driven reduction in airtime commission rates. Since that reset, ARPU has been relatively stable quarter-on-quarter.

隨著社區區隔在整體基礎中的占比提高，即使互動程度、交易量與獲利能力提升，整體商戶 ARPU 也會自然下降。其次，如上季所述，社區 ARPU 的下降亦受到網路端調降儲值（airtime）佣金率的影響。自該次重設後，ARPU 季對季相對穩定。

Within the corporate space, we saw flat performance in ARPU. Our current aggregation of ARPU includes network fees that is interchange and from our corporate segment, but excludes network fees from our community ARPU. We expect to review the definition of corporate ARPU in the new fiscal year to align the treatment of network fees to community ARPU.

在企業端，我們看到 ARPU 表現持平。我們目前的 ARPU 彙總包含企業區隔的網路費用（即 interchange），但不包含社區 ARPU 的網路費用。我們預期在新的會計年度檢視企業 ARPU 的定義，使網路費用的處理方式與社區 ARPU 一致。

Product penetration in Merchant was flat at 46% for 2 or more products. The merchants with 3 or more products reduced to 7%. The primary driver for this decline is due to the increase in our community merchant base who typically engage with ADP and acquiring. The total number of merchants with 3 or more products declined as we refined our lending criteria to the community merchant base.

商戶端的產品滲透率持平，使用 2 項或以上產品的比例為 46%。使用 3 項或以上產品的商戶比例降至 7%。此下降的主要原因在於社區商戶基礎增加，而社區商戶通常使用 ADP 與收單。隨著我們針對社區商戶基礎精進放款標準，使用 3 項或以上產品的商戶總數亦有所下降。

While penetration rates for multiproduct accounts have shifted over the period, we are in the early stages of our ecosystem journey. Our current performance is intentionally driven by a land and expand strategy. As seen on the left-hand chart, we have a broad base of merchants through hero products and a set of highly valued ancillary products that tie merchants into the Lesaka ecosystem.

雖然多產品帳戶的滲透率在期間內有所變動，但我們仍處於生態系旅程的早期階段。我們目前的表現是刻意採取「先進入、再擴張」（land and expand）策略所驅動。如左側圖表所示，我們透過主力產品（hero products）建立廣泛的商戶基礎，並以一系列高價值的輔助產品將商戶更緊密地連結至 Lesaka 生態系。

The core of our thesis remains unchanged. As product density increases, so does the value of the merchant. Within our community merchants, we can see that moving from a stand-alone solution to a C+ product proposition drives a 94% uplift in ARPU. Increasing our product penetration in community relies on Merchant's strategy to expand lending and cash to our existing community base.

我們的核心論點維持不變：產品密度越高，商戶價值也越高。在社區商戶中，我們可看到從單一解決方案轉為 C+ 產品主張，可帶動 ARPU 提升 94%。提升社區端的產品滲透率，仰賴商戶事業部的策略：在既有社區基礎上擴大放款與現金服務。

In the corporate segment, Lesaka experienced a 60% uplift in ARPU when our customers shift from 1 product to 2 product. We currently have no corporate clients with 3 or more products. Our industry-specific strategy in Merchant is focused on increasing our product penetration in Merchant. For example, in the restaurant and hospitality segment, we're adapting our product and sales force to be able to serve our clients with a combination of software, acquiring, lending and cash. In the fuel industry, we're developing our acquiring and software capabilities to augment our current cash and lending offerings.

在企業區隔，當客戶由 1 項產品轉為 2 項產品時，Lesaka 的 ARPU 提升了 60%。目前我們沒有使用 3 項或以上產品的企業客戶。我們在商戶端的產業別策略，聚焦於提升商戶端的產品滲透率。例如在餐飲與旅宿區隔，我們正調整產品與銷售團隊，以便以軟體、收單、放款與現金的組合服務客戶。在燃油產業，我們正發展收單與軟體能力，以強化我們現有的現金與放款產品。

We believe this ecosystem product approach, coupled by a single distribution and servicing capability, will grow percentage of corporate merchants with 3 or more products in the medium term. Looking at our Merchant volumes for the quarter. Card TPV increased by 7% to ZAR10.6 billion, with active acquiring merchants up 9% to 74,000. On the cash side, volume grew 2% with a slight increase in wallet for the quarter of 4,900. Within the base, as with previous quarters, we have seen net reduction in the corporate merchant base and good growth in the community base.

我們相信，這種生態系產品方法，加上單一的通路與服務能力，將在中期提高使用 3 項或以上產品的企業商戶占比。就本季商戶交易量而言，刷卡 TPV 成長 7% 至 ZAR10.6 十億，活躍收單商戶增加 9% 至 74,000 家。在現金端，交易量成長 2%，本季錢包（wallet）數小幅增加 4,900。就基礎而言，與前幾季相同，我們看到企業商戶基礎淨減少，而社區基礎有良好成長。

The growth of our cash offering in the community merchant space has supported the strong growth in the TPV of our Alternative Digital Products, or ADP for short.

我們在社區商戶領域的現金產品成長，支撐了我們替代數位產品（Alternative Digital Products，簡稱 ADP）TPV 的強勁成長。

As community merchants immediately digitize their cash taking in their own wallets or in the nearby merchants, they have more value in their wallets to use for airtime, electricity and voucher purchases for resale and supplier payments. ADP TPV is up 30%, reflecting traction for our offering. Following the margin compression seen within our prepaid solutions in financial year 2025, particularly airtime, we are pleased to see a normalization and return to growth in these volumes with 11% increase in prepaid solution products and a 47% increase in supplier-enabled payments.

當社區商戶將其收取的現金立即數位化至自己的錢包，或數位化至附近商戶的錢包時，他們錢包中可用於購買儲值（airtime）、電力與代金券以供轉售，以及用於供應商付款的價值就會增加。ADP TPV 成長 30%，反映我們產品的市場動能。繼 2025 財年預付解決方案（尤其是儲值）出現毛利率壓縮後，我們很高興看到這些交易量恢復正常並重回成長：預付解決方案產品成長 11%，供應商啟用付款成長 47%。

Turning to Merchant lending. Originations in quarter 3 were 22% lower year-on-year at ZAR227 million. The comparative period in quarter 3 of financial year 2025 included unusually high spike in originations from our corporate channel, driven by fuel-related lending push and the rollout of preapproved lending offers late in the year 2024, which then originated in the quarter 3 financial year 2025. While January and February were muted, we did experience a very strong March, much of which was driven by demand in the fuel sector ahead of anticipated price increases.

接著談商戶放款。第三季的放款發放額（originations）年減 22% 至 ZAR227 百萬。2025 財年第三季的比較期間，企業通路的放款發放額出現異常高峰，係由燃油相關放款推動，以及 2024 年底推出的預先核准放款方案所帶動，並於 2025 財年第三季實際發放。雖然 1 月與 2 月較為平淡，但 3 月表現非常強勁，其中多數由燃油產業在預期價格上調前的需求所驅動。

Our lending portfolio closed 4% up at ZAR427 million. We are comfortable with this lending activity, and it reflects a deliberate decision to be conservative in merchant credit, whilst we refine our Merchant lending offering as part of our broader Merchant ecosystem. This is not about a lack of opportunity. It's about exercising capital discipline and protecting the long-term quality of the book. Software, particularly through our Unity platform in the hospitality space, is central to our long-term Merchant strategy.

我們的放款投資組合期末增加4%，達到4.27億南非蘭特（ZAR）。我們對此放款活動感到安心，這反映出我們在商戶信貸方面刻意採取保守策略，同時我們正將商戶放款產品作為更廣泛商戶生態系的一部分加以精進。這並非因為缺乏機會，而是為了落實資本紀律並保護資產組合的長期品質。軟體，特別是透過我們在餐旅領域的Unity平台，是我們長期商戶策略的核心。

Unity is not about site growth alone. It is a cloud-native platform that enables the Merchant ecosystem and sets the platform for multiproduct penetration at scale. Approximately 50% of all Unity clients are fully integrated into our acquiring proposition with 80% of all new software clients on board utilizing Unity.

Unity不僅僅著眼於據點成長。它是一個雲原生平台，能夠賦能商戶生態系，並為多產品的大規模滲透奠定平台基礎。約有50%的Unity客戶已完整整合至我們的收單方案中，而所有新上線的軟體客戶中有80%正在使用Unity。

In conclusion, we are laying the foundation for a stronger, scalable business through platform consolidation, data and AI investment, and integrated product strategy. Consumer had another excellent quarter with an 81% increase in segment adjusted EBITDA. As expected, our KPIs have all shown impressive increases with active consumers up 19%, ARPU also up 19% and cross-sell success continuing its upward trend. Active consumers now stand at over 2 million with a permanent grant recipients of 1.7 million, representing a 14.6% market share. Looking forward, our medium- to long-term expectation is that we could reach a 25% market share, based on our current growth trajectory and distribution plan.

總結而言，我們正透過平台整併、數據與AI投資，以及整合式產品策略，為更強健且可擴展的業務奠定基礎。Consumer（消費者）業務再度交出亮眼的一季，分部調整後EBITDA成長81%。如預期，我們的KPI皆呈現令人印象深刻的提升：活躍消費者增加19%，ARPU亦增加19%，交叉銷售的成功率持續上升。活躍消費者目前已超過200萬人，其中永久補助金受領者為170萬人，代表14.6%的市占率。展望未來，我們對中長期的預期是，依據目前的成長軌跡與通路佈局計畫，市占率有機會達到25%。

Encouragingly, in quarter 3, only 3 players showed growth during the quarter, of which Lesaka grew the largest. Net additions in quarter 3 were almost 26,000, more than double our nearest competitor, demonstrating the strong brand and product fit we have developed in this segment. Importantly, growth is not dependent on competitor dislocation alone. There are approximately 150,000 new grant entrants every month, and our expanding distribution footprint positions us strongly to capture a disproportionate share of these new customers. By June, we expect to have increased our footprint to a further 30 community sites and a further 15 new branches.

令人鼓舞的是，在第3季，僅有3家業者在當季呈現成長，其中Lesaka的成長幅度最大。第3季淨新增客戶接近26,000人，超過我們最接近競爭對手的兩倍，展現我們在此分部所建立的強大品牌力與產品契合度。重要的是，成長並不僅依賴競爭對手的失位。每月約有150,000名新的補助金申請者加入，而我們持續擴張的通路版圖，使我們具備強勢條件以取得這些新客戶中不成比例的份額。預計到6月，我們將再新增30個社區據點以及15家新分行。

This expansion materially strengthens our access to both urban and rural grant recipients and support sustainable organic growth.

此一擴張將實質強化我們對城市與鄉村補助金受領者的觸達能力，並支持可持續的有機成長。

Our ARPU has increased by 19% year-on-year to ZAR99 per month, driven by continued engagement and cross-sell success. At the end of quarter 3, 20% of our active consumer base was utilizing our full product suite, up from 17% last year, with 50% of our base having 2 or more products. This consistent increase in our product penetration rate is a clear demonstration of the power of our value proposition and superior distribution capabilities within the segment and is a clear indication of our ability to continue to grow.

我們的ARPU年增19%，達到每月99南非蘭特（ZAR），主要受持續互動與交叉銷售成功所帶動。截至第3季末，我們活躍消費者中有20%使用我們完整的產品組合，高於去年的17%，且有50%的客群持有2項或以上產品。產品滲透率的持續提升，清楚展現我們價值主張的力量，以及在該分部的優越通路能力，也明確顯示我們具備持續成長的能力。

Our lending product has been the key driver of our Consumer division's financial performance. In the third quarter, we originated approximately ZAR856 million, representing a 33% year-on-year increase, with the outstanding book growing 73% to around ZAR1.4 billion. This momentum reflects the successful rollout of our 9 months loan product, which now represents nearly 50% of all new lending originations. We expect this to continue increasing, supporting growth in both book size and average tenure. We are also evaluating a modest increase in maximum loan values and repayment terms to meet customer demand, while maintaining our disciplined risk framework.

我們的放款產品一直是Consumer事業部財務表現的關鍵驅動因素。第3季我們發放（originated）約8.56億南非蘭特（ZAR），年增33%，未償放款餘額（outstanding book）成長73%至約14億南非蘭特（ZAR）。此一動能反映我們9個月期貸款產品的成功推廣，目前其占所有新放款發放量近50%。我們預期該占比將持續提升，進而支持資產組合規模與平均期限的成長。我們也正在評估適度提高最高貸款額度與還款期限，以滿足客戶需求，同時維持我們嚴謹的風險框架。

We have a deep understanding of our lending base with a high proportion of originations to repeat and long tenured customers. This supports effective credit scoring, provisioning and product development. The portfolio continues to perform within normal parameters, and our 6.5% provision level remains above the observed risk experience with any refinement to be communicated transparently at the end of the year.

我們對放款客群有深刻理解，新發放中相當高比例來自回流客戶與長期客戶。這有助於有效的信用評分、提存（provisioning）與產品開發。該投資組合持續在正常參數內表現，而我們6.5%的提存水準仍高於實際觀察到的風險經驗；任何調整將於年底以透明方式對外說明。

Turning to our funeral and pension plan insurance business. We delivered another very strong quarter. Gross premiums written grew by 38% to ZAR146 million, while in-force policies increased by 34% to 704,000. We have recently started rolling out insurance policy sales to non-Lesaka consumers within Lesaka ecosystem. This represents a significant opportunity with an estimated 3 million grant recipients currently uninsured.

接著談我們的殯葬與退休金計畫保險業務。我們再度交出非常強勁的一季。簽單毛保費（gross premiums written）成長38%至1.46億南非蘭特（ZAR），而有效保單（in-force policies）增加34%至704,000張。我們近期已開始在Lesaka生態系內，向非Lesaka的消費者推廣保單銷售。這代表一個重大機會，因目前估計約有300萬名補助金受領者尚未投保。

We are leveraging our existing distribution network and sales force to access this market efficiently. While the initiative is not yet financially material, it is strategically important and directly aligned with our purpose of extending affordable financial protection to underserved communities.

我們正運用既有的通路網絡與銷售團隊，以高效率切入此市場。雖然該計畫目前在財務上尚不具重大性，但在策略上非常重要，並且與我們「為服務不足的社區提供可負擔的金融保障」之使命直接一致。

Our insurance product is a key driver for compounding our product penetration in the short to medium term. As we increase our attachment rates of insurance at the time of client onboarding and we increase our stand-alone insurance sales, we do expect the collection rate to moderate to circa 90% over time. Importantly, we believe this will still result in a net positive gross written premiums for Lesaka. We believe the overall quality of our insurance book will continue to remain high and compare favorably against the wider insurance market.

在短中期內，我們的保險產品是推動產品滲透率複利成長的關鍵動能。隨著我們在客戶導入（onboarding）時提高保險附掛率（attachment rates），並增加獨立（stand-alone）保險銷售，我們預期收款率將隨時間推移放緩至約90%。重要的是，我們相信這仍將為Lesaka帶來淨額為正的簽單毛保費。我們也相信整體保險資產組合的品質將持續維持在高水準，並可與更廣泛的保險市場相比仍具優勢。

The Consumer division continues to demonstrate strong momentum with resilient growth drivers, effective last-mile distribution and clear product relevance. By leveraging our technology and distribution network in tandem, we are confident that Consumer will remain a core engine of value creation for Lesaka, delivering both financial performance and meaningful impact for the communities we serve.

Consumer事業部持續展現強勁動能，具備韌性的成長驅動因素、有效的最後一哩通路，以及清晰的產品相關性。透過同步運用我們的科技與通路網絡，我們有信心Consumer將持續作為Lesaka價值創造的核心引擎，兼顧財務表現與對我們所服務社區的實質影響。

I will now move on to the performance of our Enterprise division. The Enterprise division continued to make solid progress this quarter, contributing ZAR35 million or about 10% to group adjusted EBITDA. Strategic progress is evident in ADP TPV for the quarter, which increased 19% year-on-year. Bill payments were up 12.5% to ZAR9 billion. And prepaid solutions grew by more than 50% to ZAR2.8 billion as we continue to expand our collector and receiver ecosystem.

接下來我將說明Enterprise（企業）事業部的表現。Enterprise事業部本季持續取得穩健進展，貢獻3,500萬南非蘭特（ZAR），約占集團調整後EBITDA的10%。策略進展可從本季ADP TPV看出，其年增19%。帳單支付金額成長12.5%至90億南非蘭特（ZAR）。而預付解決方案（prepaid solutions）隨著我們持續擴大收款方與收款接收方（collector and receiver）生態系，成長超過50%至28億南非蘭特（ZAR）。

As highlighted in previous quarters, we've also partnered with several key players, increasing our distribution and collection footprint. We are now seeing the growth from our channel partners, driven by targeted marketing campaigns.

如前幾季所強調，我們也與多家關鍵夥伴合作，擴大我們的分銷與收款版圖。我們目前已開始看到通路夥伴帶來的成長，主要由精準的行銷活動所驅動。

Our ADP take rate improved by 22% to 1.3%. As a reminder, we earn a fixed fee per bill payment transaction. However, we earn a commission on TPV for facilitating buying and selling of prepaid solutions. As the business scales the prepaid solution offering, we will see a product blend leaning towards an ad valorem revenue model.

我們的ADP take rate提升22%至1.3%。提醒一下：我們對每筆帳單支付交易收取固定費用；但在促成預付解決方案的買賣時，我們則按TPV收取佣金。隨著業務擴大預付解決方案的供給，我們將看到產品組合更偏向從價（ad valorem）的營收模式。

In Utilities, TPV increased 18% to ZAR477 million on a like-for-like basis with active meters rising to 368,000. Excitingly, in quarter 4, we will launch an electricity advance product to our utilities customers. This product will allow Lesaka utilities customers with active meters to load electricity when they are short of funds by an interest-free facility. The business model is simple as we will charge a flat fee for the service and recover the advance from future purchases. We look forward to sharing more information as the product rolls out through the base.

在公用事業（Utilities）方面，TPV在同口徑（like-for-like）基礎上成長18%至4.77億南非蘭特（ZAR），活躍電表數增至368,000。令人振奮的是，在第4季，我們將向公用事業客戶推出「電力預支」產品。該產品將允許擁有活躍電表的Lesaka公用事業客戶在資金短缺時，透過一項免息額度先行儲值電力。商業模式很簡單：我們將就此服務收取固定費用，並從未來的購買中回收預支款。我們期待在產品於客群中逐步推廣時，分享更多資訊。

Thank you. That concludes our operational review. I will hand back to Ali now for the outlook.

謝謝。以上為我們的營運回顧。我現在把時間交回給Ali，請他說明展望。

Thank you, Lincoln. Innovation is at the heart of who we are. We don't just want to win the game. We want to change the game. So we thought to provide examples of 3 strategic initiatives that demonstrate that across our businesses and which set the foundation for our continued competitive advantage.

謝謝你，Lincoln。創新是我們的核心。我們不只是想贏得比賽，我們想改變比賽規則。因此我們想提供3項策略性倡議的例子，展示這一點如何貫穿我們各項業務，並為我們持續的競爭優勢奠定基礎。

Firstly, we believe payment rails globally will increasingly move to blockchain as a superior underpin from a resilience, availability and cost of settlement perspective. We also believe that in the South African context, a ZAR-denominated stablecoin will form the foundation of this. As a founding partner of ZARU, we intend to pioneer use cases across our ecosystem to allow consumers and merchants to settle securely and at low cost, eliminating the friction of traditional banking hours and fees. We will provide more updates on what we are doing and what this should mean at our end-of-year investor presentation. Secondly, the scarcity of credit, provided in a frictionless, fair and sustainable manner across the continent is a major opportunity for us.

首先，我們相信全球的支付軌道（payment rails）將日益轉向區塊鏈，因其在韌性、可用性與結算成本方面具備更優越的底層支撐。我們也相信在南非的情境下，以南非蘭特（ZAR）計價的穩定幣將成為其基礎。作為ZARU的創始合作夥伴之一，我們計畫在生態系內率先開拓各種使用情境，讓消費者與商戶能以安全且低成本的方式完成結算，消除傳統銀行營業時間與費用所帶來的摩擦。我們將在年底的投資人簡報中，提供更多我們正在進行的工作以及其意涵的更新。其次，在整個非洲大陸，以無摩擦、公平且可持續的方式提供稀缺的信貸，是我們的一項重大機會。

We choose to focus on making that credit available to underserviced consumers and merchants where traditional banks don't have the capability, competency or desire to compete. One focus for us in this respect is in short-term credit advances against utility products like airtime, data and electricity. You will see increased activity from us in this space, leveraging either touch points to our existing banking customers through an app or USSD channels or utility customers in homes where we provide the electricity meter. In both instances, we would expect to have an advantage in repayments vis-a-vis others.

我們選擇專注於讓信貸能夠提供給服務不足的消費者與商戶，因為傳統銀行在這些領域缺乏能力、專業或意願去競爭。我們在這方面的一個重點，是針對如話費、數據與電力等公用事業產品，提供短期信貸預支。你們將會看到我們在此領域的活動增加，透過應用程式或 USSD 渠道觸達我們既有的銀行客戶，或觸達我們在住家提供電表的公用事業客戶。在這兩種情況下，相較於其他業者，我們預期在還款方面會具備優勢。

Thirdly, the explosion in AI tools offers a wonderful opportunity for a pioneering technology company with digital enablement and efficiency of operations at the heart of our values and competitive advantage to further this advantage relative to traditional incumbents with legacy platforms. We are actively embedding AI tools across our group from engineering teams' code development to new product launches, to fraud management and operational efficiencies that allow us to better provide services more securely and more sustainably, complementing our human engagements. Again, we will be providing in due course more details on some specific initiatives and the impact thereof.

第三，AI 工具的爆發為一家先驅科技公司帶來了絕佳機會；我們的價值觀與競爭優勢核心在於數位賦能與營運效率，這使我們能相對於擁有舊有平台的傳統既有業者進一步擴大優勢。我們正積極在集團各處嵌入 AI 工具，從工程團隊的程式碼開發、新產品上市，到詐欺管理與營運效率提升，讓我們能以更安全、更永續的方式提供服務，並與我們的人員互動相互補充。同樣地，我們將在適當時候提供更多關於特定計畫及其影響的細節。

Turning to guidance. We are tightening our guidance forecasts for the rest of this financial year. We are updating our net revenue guidance to ZAR6.2 billion to ZAR6.5 billion for FY '26, the midpoint of which implies 20% year-on-year growth. We are on track to deliver our group adjusted EBITDA guidance for the year as we did for this quarter, but also tightening the guidance range to ZAR1.25 billion to ZAR1.35 billion, implying we expect to come in at the bottom end of the previous range. The midpoint of our updated group adjusted EBITDA guidance implies 43% year-on-year growth for FY '26.

接著談指引。我們正在收緊本財年剩餘期間的指引預測。我們將 FY '26 的淨營收指引更新為 62 億至 65 億南非蘭特（ZAR），其中位數意味著年增 20%。我們如同本季一樣，正按計畫達成全年集團調整後 EBITDA 指引，但也將指引區間收緊至 12.5 億至 13.5 億南非蘭特，意味著我們預期將落在先前區間的下緣。我們更新後的集團調整後 EBITDA 指引其中位數，意味著 FY '26 年增 43%。

We are also updating our adjusted earnings per share guidance for the year. We previously provided guidance of at least ZAR4.60 per share, and we are now raising this to a range of ZAR5.50 to ZAR6.00 per share, the midpoint of which implies a growth greater than 150% on a year-on-year basis. We will increasingly reference our adjusted EPS as the primary measure of our profitability. We are also reaffirming from a net income perspective, without exclusions, we expect to be profitable for FY '26, the first year this will be the case since the creation of Lesaka 4 years ago in May 2022.

我們也更新了本年度的調整後每股盈餘（EPS）指引。我們先前提供的指引為每股至少 4.60 南非蘭特，現在上調至每股 5.50 至 6.00 南非蘭特的區間，其中位數意味著年增超過 150%。我們將愈來愈多地以調整後 EPS 作為衡量獲利能力的主要指標。我們也再次確認，從淨利角度（不作排除調整）來看，我們預期 FY '26 將實現獲利；這將是自 2022 年 5 月 Lesaka 於 4 年前成立以來，首次出現此情況。

In our end-of-year presentation in September, we will be providing our guidance for FY '27 and also our medium-term outlook for the next 3 years. Given that we expect the Bank Zero acquisition to be completed in the coming months, that being so, we will be providing guidance for FY '27 and the medium-term outlook inclusive of Bank Zero.

在 9 月的年終簡報中，我們將提供 FY '27 的指引，以及未來 3 年的中期展望。鑑於我們預期 Bank Zero 的收購將在未來數月內完成，因此我們將提供包含 Bank Zero 在內的 FY '27 指引與中期展望。

Thank you for attending our earnings presentation. We will now address any questions you have for the team.

感謝各位參加我們的財報簡報。接下來我們將回答各位對團隊的任何提問。

Chorus Call, please, can you open the line for Ross Krige from Investec?

Chorus Call，麻煩請為 Investec 的 Ross Krige 開線。

Three questions for me. Just firstly, on the Consumer, just with regard to the very strong margin accretion that we're seeing consistently over time and the jump up in Q3, if I look ahead at some of the opportunities there, so you're talking about the volume growth prospects, the size of the market that you're addressing there, and you've talked about the cross-selling prospects and you've executed on that. And then, you've alluded to that comment on risk performance being better than what your provisioning suggests, which you'll give more detail on. But if I put all of that together and think about operating leverage ahead, am I correct in saying that, that points to significantly higher EBITDA margins even off this base? That's the first question.

我有三個問題。第一個是關於消費者業務：就我們長期持續看到非常強勁的利潤率提升，以及第三季的跳升而言，如果我往前看一些機會，你們談到量的成長前景、你們所切入市場的規模，也談到交叉銷售的前景且已經執行；另外，你們也提到風險表現優於你們提列備抵所暗示的情況，之後會提供更多細節。把這些放在一起並思考未來的營運槓桿，我是否可以正確地說，這意味著即使在目前基礎上，EBITDA 利潤率也有望顯著更高？這是第一個問題。

I can carry on, if you like.

如果你們願意，我可以繼續問下去。

We can address that one, if it's helpful, Ross, first. I mean, the short answer is, we do see the ability to continue to expand those margins. I mean, year-on-year, those margins have gone from 26% to 34% in the Consumer business. And yes, we do believe there's more room for growth as we scale that platform.

如果有幫助的話，Ross，我們可以先回答這一題。我的意思是，簡短的答案是：我們確實看到有能力持續擴大利潤率。就年對年而言，消費者業務的利潤率已從 26% 提升到 34%。是的，我們相信隨著平台規模擴大，仍有進一步成長的空間。

Great. Okay. Moving on to Merchants. So just 2 parts to this question. One on the ARPU dynamics.

很好。好，那接著談商戶業務。這個問題分兩部分，其中一部分是關於 ARPU 的動態。

So Lincoln explained a lot of this. But maybe just in terms of the outlook, if I look at active merchants by type, so across corporate and community, should we expect to see stable ARPU going forward or some pressure as the mix changes within each of those segments? Or -- yes, just any comment on the next 6 to 12 months?

Lincoln 已經解釋了很多。不過也許就展望而言，如果我看按類型劃分的活躍商戶（涵蓋企業與社區），我們是否應預期未來 ARPU 會保持穩定，或是隨著各細分市場內部組合變化而承受一些壓力？或者——是的，請就未來 6 到 12 個月做任何評論？

And then, on profitability, clearly, the margin improved there as well, as you talked about. I'm just trying to understand what the sort of runway if we look at the next, I guess, 6 months, 12 months, whether or not some of the, I guess, cost-saving activities that you've embarked on will still come through and how long that runway is.

然後在獲利能力方面，正如你們所說，利潤率也明顯改善。我只是想了解，如果看未來大概 6 個月、12 個月，某些你們已啟動的成本節省措施是否仍會持續反映出來，以及這個「跑道」大概有多長。

So the -- I mean, I think I'm not sure, Ross, it was you at the last call or somebody else who asked the question around how we see the evolution of the margin. And our perspective is that we see a continuation of the evolution in the next quarter. However, from FY '27, we do expect to see a different trajectory there. And giving you a little bit more granularity around that. Obviously, we have a smaller ARPU in the community space than in the corporate space, but the community space is growing faster.

所以——我的意思是，Ross，我不確定上次電話會議是你或其他人問過關於我們如何看待利潤率演進的問題。我們的看法是：我們預期下一季會延續這樣的演進。不過，從 FY '27 開始，我們確實預期會看到不同的走勢。再給你更細一點的說明：很明顯地，社區端的 ARPU 小於企業端，但社區端成長更快。

However, within community ARPU, we expect in the coming year to see an increase, both because of the scale and quality of customers that we onboard, as well as because we expect to have an increase in the product penetration within that base in a similar way as we experienced that in the Consumer business.

然而，在社區端 ARPU 之內，我們預期在未來一年會看到提升，原因一方面是我們導入（onboard）的客戶規模與品質提升，另一方面是我們預期在該客群基礎內的產品滲透率會提高，方式類似於我們在消費者業務中所經歷的情況。

What I would also say is that the ARPU, while the number of merchants and the ARPU is a good representation of the net revenue, and that's why we're focusing the net revenue drivers on that, it doesn't obviously speak to margin, and that margin is both the gross margin and the EBITDA margin. And we believe that we have room in both capacities.

我還想說的是，ARPU——雖然商戶數量與 ARPU 能很好地代表淨營收，這也是我們聚焦於以此作為淨營收驅動因素的原因——但它顯然無法反映利潤率，而利潤率同時包括毛利率與 EBITDA 利潤率。我們相信這兩者都有提升空間。

From an EBITDA margin perspective in the Merchant business, this quarter last year, we had an 18.7% margin. And obviously, in this quarter, it's north of 20%, and that's despite the fact that, obviously, the revenue performance was not where we expect it to be going forward. We do see that margin having substantive room for growth. I think we have previously communicated that we think the Merchant business should be targeting EBITDA margins of closer to 30% and execution will define how quickly we get there. But like the Consumer business is evolving EBITDA margin, the Merchant business should follow a similar trajectory.

就商戶業務的 EBITDA 利潤率而言，去年同一季度我們的利潤率為 18.7%。而顯然在本季度，已超過 20%，這還是在營收表現未達到我們對未來預期的情況下。我們確實看到該利潤率仍有實質成長空間。我想我們先前也溝通過，我們認為商戶業務應以接近 30% 的 EBITDA 利潤率為目標，而執行力將決定我們達成的速度。就像消費者業務的 EBITDA 利潤率在演進一樣，商戶業務也應該走出類似的軌跡。

I just -- from a Lesaka perspective as a whole, I think it's probably also worth observing that we see operational leverage there as well. While we have made some investments in group costs, we don't expect that to be growing at the same rate as our EBITDA margin. So group EBITDA margins, which have gone from 17% to 21%, we expect to also be increasing substantively.

我只是——從 Lesaka 整體角度來看，我想也值得注意的是，我們也看到營運槓桿。雖然我們在集團成本上做了一些投資，但我們不預期其成長速度會與我們的 EBITDA 利潤率相同。因此，集團 EBITDA 利潤率已從 17% 提升到 21%，我們也預期將會大幅提高。

The question on the sort of the margins within the businesses, you always have to look at a few different components on the ARPU -- from the ARPU perspective. So the first one is the mix between corporate and community, where there are differential components. The second one is the cross-sell, how effective we are in basically layering the product because obviously, you make much more ARPU around them. The third is, there is, because ARPU is just a revenue number, some aspects of seasonality associated with it. So if you were to have looked, say, for example, back to last quarter because it was during the festive season, you would expect that to be larger volumes or throughput.

關於各業務內利潤率的問題，從 ARPU 的角度，你總是必須看幾個不同的組成。第一是企業與社區之間的組合，兩者的構成不同。第二是交叉銷售，也就是我們在產品疊加上的有效性，因為顯然在那方面你能取得更高的 ARPU。第三是，由於 ARPU 只是營收數字，其中也有一些與季節性相關的因素。因此，如果你回看例如上一季，因為是在節慶期間，你會預期量或交易吞吐量會更大。

So you'd expect that to be larger ARPU as well.

所以你也會預期 ARPU 會更高。

And the final thing to consider in that respect is, obviously, the margins per product. And you will get, going forward, better understanding of those underlying drivers because we will be providing, at the end-of-year presentation, some of the second derivatives of that. But in essence, the focus in the Merchant business over this year has been about trying to improve the quality, trying to improve the unit economics as we signposted because we want to be scaling into something that has an excellent return profile around it. And we are still in the process of doing that. I think that the strategic intent is ahead of the operational reality there, whereas in the Consumer business, I think we are fully in the slipstream of where we wanted to be.

而在這方面最後一個需要考量的，顯然是各產品的利潤率。往後你們會更清楚理解這些底層驅動因素，因為我們會在年終簡報時提供其中一些「二階導數」的資訊。但本質上，今年我們在商戶業務的重點，是如我們先前所指引的，努力提升品質、改善單位經濟效益，因為我們希望擴張到一個具備優異報酬特性的規模化業務。我們仍在進行這個過程。我認為在那裡，策略意圖走在營運現實之前；而在消費者業務方面，我認為我們已完全處於我們想達到的位置所帶來的順風之中。

One thing I would just emphasize within that Consumer business is, there remains, within our core product offering for the SASSA grant recipients, material room, but that is not where we are circumscribing our aspiration. Clearly, we have an aspiration, obviously, to extend that as well. So there's sort of the existing market share within the existing segment. And then, there's the opportunity to move into adjacent segments.

我想在消費者業務中強調一點：在我們針對 SASSA 補助金受領者的核心產品供給內，仍有相當大的成長空間，但那並不是我們界定抱負的範圍。很明顯地，我們也有抱負要進一步延伸。因此，一方面是既有區隔內的既有市占；另一方面則是進入相鄰區隔的機會。

On Enterprise and utilities, just wondering if -- on Enterprise and utilities, just wondering if you could guide on what the net financial impact could be from migrating the other (inaudible) of ADP volumes to Merchant?

關於企業與公用事業，我想請教——在企業與公用事業方面，想請問你是否可以就把 ADP 交易量的其他（聽不清）部分遷移到商戶端，可能帶來的淨財務影響提供一些指引？

Sorry, Ross, I don't think I heard that properly.

抱歉，Ross，我想我沒有聽清楚。

Sorry, I'll repeat. So, on Enterprise, specifically within utilities, I think there was a comment on migrating some of the subproducts of ADP volumes, the prepaid volume to Merchant, I think specifically. And then, on the -- I think there was a comment that they'll be migrating the rest of those products, the rest of the subproducts of ADP volume from (inaudible) to Enterprise.

抱歉，我再重複一次。關於企業端，特別是在公用事業裡，我記得有提到會把 ADP 交易量的一些子產品——我想是預付（prepaid）交易量——遷移到商戶端，應該是特別指這個。然後在——我想也有提到，他們會把其餘那些產品、ADP 交易量其餘的子產品，從（聽不清）遷移到企業端。

I understand. I understand. So basically, think of the Enterprise division in addition to having external customers, 750 corporate clients, it's also servicing ourselves. And there is operational efficiencies that can be released as a consequence of that, which should speak again to margin improvement across the group, part of which would be represented in the segment that it services. Both consumer and merchant would ultimately be consumers of Enterprise services, but would also then be represented in the Enterprise business' margin.

我明白。我明白。基本上，可以把企業事業部想成：除了有外部客戶（750 家企業客戶）之外，它也在服務我們自己。由此可以釋放營運效率，進而再次反映為整個集團的利潤率改善，其中一部分會體現在它所服務的分部。消費者與商戶最終都會是企業服務的使用者，但同時也會反映在企業業務本身的利潤率中。

So it would be distributed. Exactly the quantity of it, it's, I'd say, probably less about the scale of the operational cost saving and more about the control and the quality that we can provide as a consequence of bringing it in-house and not having third-party dependencies on our ecosystem that affects our product delivery. And that ultimately will speak to our promise to our customers.

所以會被分攤。至於確切的量，我會說，可能與其說是營運成本節省的規模，不如說是把它內部化、而不是依賴第三方在我們生態系中的依存關係後，我們能提供的控制力與品質；而那些依存關係會影響我們的產品交付。這最終會回到我們對客戶的承諾。

There is also -- there is some economies of scale, however, in being able to aggregate our purchasing capacity, right? We will clearly be a very material player as a consequence of that aggregation. So we do expect to see margin improvement on what we can buy as a consequence.

另外——也確實存在一些規模經濟，因為我們能夠整合我們的採購能力，對吧？透過這種整合，我們顯然會成為非常重要的參與者。因此，我們確實預期在採購成本上會看到利潤率改善。

Frank Geng, Briarwood Capital.

Frank Geng，Briarwood Capital。

Just had 2 quick ones on Consumer. One is, I guess, what's driving the greater ARPU numbers year-over-year and sequentially? Is that mostly kind of the loan and the insurance book or any other initiatives? And then, secondly, on the margin, yes, it seemed a bit higher versus the past and especially kind of on an incremental basis. So curious what's driving that.

我有兩個關於消費者業務的快速問題。第一個是，我想問年對年以及季對季 ARPU 增加的主要驅動因素是什麼？主要是貸款與保險組合，還是有其他措施？第二個是關於利潤率，是的，看起來比過去高一些，尤其是在增量的角度。想了解是什麼在驅動。

Is that mostly kind of lending, or there's a provisioning kind of step-down? Just any color on that?

主要是放貸帶動，還是備抵提列（provisioning）有所下調？能否提供一些說明？

Lincoln, do you want to have a go?

Lincoln，你要不要先回答？

Yes. So thanks, Frank. I think, as we've highlighted before, our ability to cross-sell is a key, key part of our success. The distribution model that we have enables us to be where the customer is and cross-sell the loan and cross-sell the insurance. And I think that you're starting to see that growth, and that momentum will continue.

好的。謝謝你，Frank。我想，正如我們之前強調的，我們的交叉銷售能力是我們成功非常、非常關鍵的一部分。我們的分銷模式讓我們能在客戶所在之處提供服務，並交叉銷售貸款與保險。我認為你開始看到這樣的成長，而這股動能會持續。

The other things that Ali is mentioning will be adding to that. But for now, there's still room within that consumer base to be able to cross-sell the loans and be able to cross-sell the insurance.

Ali 提到的其他事項也會對此有所加成。但就目前而言，在那個消費者客群內，我們仍有空間去交叉銷售貸款，也仍有空間去交叉銷售保險。

Already when you look at some of the numbers, you're starting to see that over 50% of our clients have got 2 or more products with us and that more than 20% of our clients have got 2 products with us. So you're starting to see that we've got that ability to cross-sell even more into that base, and that will improve the business substantially.

其實當你看一些數據時，你會開始看到超過 50% 的客戶在我們這裡擁有 2 個或以上的產品，而超過 20% 的客戶在我們這裡擁有 2 個產品。所以你開始看到，我們有能力在這個客群基礎上進一步提升交叉銷售，而這將大幅改善業務表現。

Yes. I think the overall outlook on our provision has been very conservative. We have tried to remain in line with the risk that we see, but we have signaled that there are opportunities to make some changes. And when we do make those changes, we'll be transparent about what those changes are looking like. But for now, even all the new changes that we've made in the loan product, both in terms of the duration of the loan and the size of the loan, has not seen any material change in the quality of the book.

是的。我認為我們對備抵的整體展望一直非常保守。我們努力讓提列與我們所看到的風險保持一致，但我們也已表明有機會做一些調整。當我們做出那些調整時，我們會透明地說明調整內容。但目前，即便我們在貸款產品上做了所有新的變更——包括貸款期限與貸款金額——也沒有看到資產品質出現任何重大變化。

The quality of the book remains very, very good.

資產品質仍然非常、非常好。

We are going to move to questions from the webcast now. And we have a few questions from James Labbert from SBG Securities. Question one, since the start of the Middle East conflict, are there any particular developments you have observed in Consumer and Merchant? Talk about collectability of premiums and loan repayments, but also credit quality. Any commentary on the resilience of clients would be appreciated.

我們現在轉到網路直播的提問。我們收到 SBG Securities 的 James Labbert 的幾個問題。第一個問題：自中東衝突開始以來，你們在消費者與商戶業務中是否觀察到任何特別的發展？包括保費與貸款還款的可收回性，以及信用品質。也希望你們能評論客戶的韌性。

I mean, I think the -- in substantial terms, the answer is, not really in terms of issues relating to credit quality or -- there's obviously a consequence of the Middle Eastern events in terms of the cost of fuel, and so disposable income from the market as a whole. But I would just emphasize that we are really not a proxy on the market. Our opportunity is in effectively growing substantively our share in the market by having a superior proposition. And so, our expected growth rates are more around our capacity to either take market share or alternatively by growing a market that is currently not digitized.

我的意思是，我認為——就實質層面而言，答案是沒有，至少在信用品質相關的問題上並沒有——當然，中東事件的影響會反映在燃料成本上，進而影響整體市場的可支配所得。但我想強調的是，我們其實並不是市場的代理指標。我們的機會在於，透過更優越的產品主張，有效地大幅提升我們在市場中的份額。因此，我們預期的成長率更多取決於我們搶占市占的能力，或是透過推動目前尚未數位化的市場成長。

I don't know, Lincoln, if you have anything specific you want to add to that?

我不知道，Lincoln，你是否有任何具體補充？

Yes, I would say the same thing to -- that Ali said. In the actual core business, we have not seen any material changes that are there. Of course, there are long-term impacts that are there in the broader society. But in our business, there is no material impact that we see, either in our ability to collect or in the credit quality or in any of the performances of the underlying business.

是的，我會同意 Ali 所說的。在核心業務上，我們沒有看到任何重大的變化。當然，在更廣泛的社會層面會有長期影響。但在我們的業務中，無論是在收款能力、信用品質，或底層業務的任何表現上，我們都沒有看到重大的影響。

And then, Dan, if you have anything?

那 Dan，你有要補充的嗎？

The only thing I'd add to that is, when there's dislocation in the market, it creates an opportunity for us to respond to our customers' and our clients' needs as well. We successfully did that in our Merchant business in March, which was, let's call it, the starting point in the Middle East conflict with fuel prices increasing, gave us an opportunity to support our fuel merchants. And in our Consumer business, should this lead to elevated inflation, it might create an opportunity there for us to support our clients, of course, within appropriate credit measures.

我唯一想補充的是，當市場出現錯位時，也會為我們創造機會去回應客戶與商戶的需求。我們在 3 月的商戶業務中成功做到了這點；可以說，那是中東衝突的起點，燃料價格上升，讓我們有機會支持我們的燃料商戶。而在消費者業務方面，如果這導致通膨上升，也可能為我們創造機會去支持我們的客戶——當然是在適當的授信措施之內。

I think, in general, as a business, we do have pretty good resilience, but there will always be specific areas or specific things. I think what we're trying to message is, it's not anything that is very material in terms of the P&L performance. But I could also point out that clearly, as a business, we also roll out point of sales. Those point of sales, overwhelmingly they are -- they come from Asia. And so, you do have to be cognizant of not just the availability, but also the exchange rate.

我想整體而言，作為一家公司，我們確實具備相當不錯的韌性，但總會有特定領域或特定事項。我認為我們想傳達的是，就損益表（P&L）表現而言，這並不是非常重大的影響。不過我也可以指出，很明顯地，作為一家公司，我們也會推出銷售點（POS）設備。這些 POS 設備絕大多數——都來自亞洲。因此，你必須留意的不只是供應可得性，還有匯率。

And if the exchange rate improves vis-a-vis, then we will have a benefit. And if it declines, it will have a cost.

而如果匯率相對改善，那麼我們將會受益；如果匯率走弱，則會產生成本。

Question number two. The revenue increasing at a group level -- with revenue increasing at a group level, how do we square the decrease in cost of sales? Is there some favorable pricing from suppliers or any other dynamic at play that has allowed you to manage cost of sales as well?

第二個問題。在集團層面營收增加——在集團層面營收增加的情況下，我們如何解釋銷售成本的下降？是否有供應商較有利的定價或其他動態因素，使你們也能管理好銷售成本？

There is a lot of dynamics in that. So the first one is, we are consciously exiting business lines that are not core, that have lower margin, and so you have a mix effect around that. We are growing, in revenue terms, higher-margin businesses faster. And we are also benefiting from scale and operational efficiencies across the business. So it's not one single thing.

這裡面有很多動態因素。第一，我們正有意識地退出非核心、毛利較低的業務線，因此在組合上會有影響。我們在營收層面更快地成長的是毛利較高的業務。同時，我們也受益於規模效應以及全業務的營運效率提升。所以並不是單一因素。

It's a number of things coming together. And the rather pleasing thing is, I don't think we are nearly through that journey. We have quite a lot of operational efficiencies that we can extract in the business over time to continue to improve that. And there are tools that are also being made available to us increasingly as a consequence of AI innovation that will allow us to do more -- even more than we might have thought was possible before.

是多項因素共同作用。而令人相當欣慰的是，我不認為我們在這段旅程上已接近尾聲。隨著時間推移，我們仍有相當多的營運效率可以從業務中釋放出來，以持續改善。此外，因 AI 創新而日益可用的工具，也將讓我們能做得更多——甚至比我們先前認為可能的還要更多。

Question number three. How should we think about our working capital cycle in terms of collecting receivables, extending debtors and selling inventory? Are there periods in the year that are typically more favorable than others?

第三個問題。我們應如何看待營運資金週期，包括應收款回收、延長應收帳款（debtors）以及出售存貨？一年當中是否有某些期間通常比其他期間更有利？

Dan?

Dan？

There is a cyclicality in our working capital cycle. So quarter 2, let's call it, the December period, is peak volumes for us. So therefore, our inventory naturally spikes in that period of time. Quarter 3 compared to quarter 2 is a -- results in a de-gearing in our inventory. And you would have seen in this period, inventory clawed back about ZAR120 million quarter-on-quarter.

我們的營運資金週期具有週期性。第二季（我們稱之為 12 月期間）是我們的高峰量，因此存貨在那段期間自然會攀升。第三季相較第二季，會使我們的存貨去槓桿（de-gearing）。你們也會看到在本期，存貨較上一季回收了約 1.2 億南非蘭特（ZAR120 million）。

So, that drove a large portion of the cash inflow, working capital cash inflow.

因此，這推動了相當大一部分的現金流入，也就是營運資金的現金流入。

Similarly, our receivables also has a similar cyclicality. Our payables are roughly flat, so that unwinds a little bit less. So comparing things quarter-on-quarter, quarter 3 sees an unwind, quarter 4 normalization and slight increase, and in quarter 1 of the next financial year similarly.

同樣地，我們的應收款也有類似的週期性。我們的應付款大致持平，因此回轉幅度較小。以季對季比較，第三季會出現回轉，第四季正常化並略有增加，而下一個財政年度的第一季也類似。

And the last question from James. To what extent does Bank Zero integration enable you to up those 3-plus cross-sell metrics in Merchants, particularly in the corporate space?

James 的最後一個問題。Bank Zero 的整合在多大程度上能讓你們在 Merchants 的 3 項以上交叉銷售指標提升，特別是在企業端（corporate space）？

So I think that Bank Zero transaction has multiple benefits for the business. But specifically, in the merchant space, clearly, Bank Zero has had a historical focus on SMEs as being a digital bank provider for them. The consequence of the transaction should allow us to effectively be able to offer a banking product through our existing sales force, our existing relationships, which should be accretive -- augmentative in terms of the ARPU that we would be able to generate, especially because we should be able to also generate benefit from float, as well as from other sources.

我認為 Bank Zero 這筆交易對業務有多重好處。但就商戶端而言，Bank Zero 過去明顯聚焦於中小企業（SMEs），作為其數位銀行服務提供者。這筆交易的結果應能讓我們透過既有的銷售團隊與既有關係，有效提供銀行產品，這將具增益性——在我們可產生的 ARPU（每用戶平均收入）方面具有加成效果，尤其是因為我們也應能從浮存金（float）以及其他來源取得收益。

The next question is from Jamie Friedman from Susquehanna International Group. CapEx as a percentage of revenue seems to be declining and helping free cash flow, in Page 11. Is that a function of mix? How should we think about it?

下一個問題來自 Susquehanna International Group 的 Jamie Friedman。第 11 頁顯示，資本支出（CapEx）占營收比率似乎在下降，並有助於自由現金流。這是產品組合的因素嗎？我們應如何看待？

Dan, go ahead.

Dan，你來。

On an aggregate basis, we have guided the market, on an annual basis, roughly ZAR400 million of CapEx is the right quantum of CapEx to support the group, both from the maintenance and from our growth ambitions. There's a little bit of seasonality around that in terms of timing of delivery of POS devices, for example, similarly, timing of when we bring on board capitalized software development costs at the appropriate stage. So quarter-on-quarter, some variability. But I'd look at it in the whole, on an annual basis, our CapEx shouldn't exceed ZAR400 million. So, of course, therefore, as our EBITDA is growing, we get the benefit of that capital efficiency in our group.

在整體層面，我們已向市場指引：以年度來看，約 4 億南非蘭特（ZAR400 million）的資本支出是支持集團所需的適當規模，涵蓋維護性支出以及我們的成長企圖。就時點而言會有一些季節性，例如 POS 設備的交付時間，以及我們在適當階段將資本化軟體開發成本納入的時間。因此季對季會有些波動。但我會以全年角度來看：我們的 CapEx 不應超過 4 億南非蘭特。所以，當然，隨著 EBITDA 成長，我們就能享受到集團資本效率提升的好處。

There is -- I mean, just to augment, Dan, there is obviously an element of mix effect associated with that in that the product lines that are growing faster are typically ones that have lower CapEx requirements. And I think that, that general trend, as you move towards greater digitization, should continue because if you think about where, as Dan said, the CapEx is spent, a nontrivial part will be on cash vaults and on point of sale. And even in the context of that being on point of sale, there are -- there is evolution in customer uses of feature form that we would expect going forward. So I'm quite confident around the long-run resilience of the cash conversion of the business and expect to see a continued expansion of that capability, albeit there will be -- it's not necessarily going to be a straight line every quarter. There's going to be instances in which investments will be needed to be made, but substantively, expect a declining percentage.

另外——我是說，補充一下 Dan——顯然也有一部分與產品組合效應相關，因為成長較快的產品線通常是 CapEx 需求較低的。我認為，隨著你朝向更高程度的數位化，這個大趨勢應會延續，因為如果你想想 CapEx 花在哪裡，如 Dan 所說，其中相當一部分會用在現金金庫（cash vaults）以及銷售點（point of sale）。即便是在銷售點的情境下，我們也預期未來客戶對功能形態（feature form）的使用會持續演進。因此，我對公司長期現金轉換能力的韌性相當有信心，並預期這項能力會持續擴張，儘管——它不一定每一季都會是一條直線。某些時候仍需要進行投資，但整體而言，預期占比會下降。

The next question is from Charles Boles from Titanium Capital. Buy now, pay later seems to very much be involved in SA. You have exited Switchpay. Does this suggest you have a negative view of the BNPL market? Or was the exit due to factors specific to Switchpay?

下一個問題來自 Titanium Capital 的 Charles Boles。「先買後付」（BNPL）在南非（SA）似乎非常活躍。你們已退出 Switchpay。這是否表示你們對 BNPL 市場持負面看法？還是退出是因 Switchpay 特有的因素？

I think it was more specific. I don't have a specifically negative view of the buy now, pay later market. I think that as a business in the merchant space, I think we are at a build moment within our credit proposition, as Lincoln was alluding to within the conversation. And it doesn't represent our lack of willingness to participate in that market. It was a legacy product that was not fit for purpose in terms of the scalability that we needed to achieve and the unit economics and hygiene we wanted.

我認為更偏向是特定因素。我對「先買後付」市場並沒有特別負面的看法。就商戶端業務而言，我認為我們的信貸產品主張正處於建置階段，正如 Lincoln 在對話中所提到的。這並不代表我們不願意參與該市場。那是一個既有的舊產品，在我們需要達成的可擴展性、單位經濟效益以及我們希望具備的風控與合規健全度（hygiene）方面，都不符合需求。

The next question is from Tim Olls from Laurium Capital. Within the Merchant segment, please, could you share some color on the competitive dynamics resulting in the decline in the corporate merchant numbers? And what more can be done to defend this? And are you able to share current 2 and 3 product penetration rates for community and corporate customers separately?

下一個問題來自 Laurium Capital 的 Tim Olls。在 Merchant 分部中，能否請你們就企業商戶數量下降所反映的競爭動態提供一些說明？還能做些什麼來防守？另外，你們是否能分別分享社區（community）與企業（corporate）客戶目前的 2 產品與 3 產品滲透率？

On the product penetration rates, do we not -- I mean, I think we can share. I think that, as I said before, going forward, in the next investor presentation, we are going to provide greater granularity. So you can expect that clarity there.

關於產品滲透率，我們是不是——我是說，我想我們可以分享。我想如我先前所說，接下來在下一次投資人簡報中，我們會提供更高的細緻度。因此你可以期待在那裡看到更清楚的資訊。

In terms of what's going on in that -- in the corporate space, so there are -- where we have a strong resilience of our offering is where we have multiple products and specifically 2 products in the corporate space. So if you have a point of sale software with attached acquiring like in the hospitality space with Unity, you will have lower churn. If you have stand-alone point of sale single product, you should expect there to be less defensibility. And I think the reduction in the customer base is a combination of some legacy that we inherited that we didn't feel was sort of core to where we were going. But I don't have an expectation that, that trajectory is going to continue.

至於企業端發生了什麼——在企業端，如果我們有多產品、特別是 2 項產品的組合，我們的方案就具有很強的韌性。因此，如果你在餐旅業等場景中，像 Unity 那樣提供 POS 軟體並搭配收單（acquiring），流失率（churn）就會較低。若是單一產品、獨立的 POS，你就應預期防禦性較弱。我認為客戶基礎的縮減，一部分是我們承接的一些歷史遺留業務，我們覺得那並非我們前進方向的核心。但我不預期那樣的趨勢會持續。

I do have an expectation that we will be -- in the coming year, be investing in growth in our merchant count, as well as -- in the corporate space as well as in the community space, albeit the growth within the corporate space, I expect to be lower than the community space. But it's not representative to us of the medium-term growth path.

我確實預期在接下來一年，我們將投資於商戶數量的成長——無論是在企業端或社區端，儘管我預期企業端的成長會低於社區端。但這並不代表我們的中期成長路徑。

The next question is from Jarred from All Weather. Please provide more color on the level of provisions for the loan book and how that changes under the current macro environment.

下一個問題來自 All Weather 的 Jarred。請就貸款組合的備抵（provisions）水準，以及在目前宏觀環境下如何變化，提供更多說明。

I don't know if you want to go at that, Dan.

Dan，你要回答這題嗎？

Jarred, I'd split it between different types of provisioning in the Merchant loan book and in the Consumer loan book. So in the Consumer loan book, we provided 6.5% at the moment. We run obviously a variety of different models. Our experience indicates something more favorable than 6.5%. And as I signaled in the previous quarter results, we are revisiting the appropriate levels of provisioning.

Jarred，我會把它拆成商戶貸款組合與消費者貸款組合中不同類型的提列。就消費者貸款組合而言，我們目前提列 6.5%。我們當然運行多種不同模型。我們的經驗顯示結果可能比 6.5% 更有利。正如我在上一季業績中所提到的，我們正在重新檢視適當的備抵水準。

We think that at year-end would be the right time to either confirm our current levels of provisioning or change them, based on obviously what the models and our experience is at that point in time. But they are well within our overall risk appetite. And as I said, our experience there is better than 6.5%.

我們認為在年末會是適當的時點，根據當時模型的結果以及我們的實際經驗，來確認目前的提存水準或加以調整。但這些都完全在我們整體風險承受度之內。而且如我所說，我們在那方面的經驗表現優於 6.5%。

On our Merchant loan book, which is far smaller, but obviously, the average value of loans is significantly higher, there we provide according to the typical expected credit loss models. Our experience there, previous quarter, you would have noted, we did have some specific impairments, which affected our overall level of Merchant earnings, specifically on the lending side. That has normalized, those handful of specific instances, and there was nothing unusual or out of the ordinary course in terms of our credit experience in this quarter.

至於我們的商戶貸款組合，規模小得多，但顯然單筆貸款的平均金額顯著更高；在那裡我們是依照典型的預期信用損失模型來提存。你們應該注意到，在上一季我們確實有一些特定減損，影響了商戶端的整體獲利水準，特別是在放貸方面。那幾個特定個案已經回歸正常，本季就我們的信用經驗而言，沒有任何異常或偏離常態的情況。

The next question is from Christos from Avior. Will the ZARU settlement on the merchant side be in ZARor ZARU?

下一個問題來自 Avior 的 Christos。商戶端的 ZARU 結算會以 ZAR 還是 ZARU 進行？

I'm not sure I understand the question, to be honest. So ultimately, there's a difference between whether the settlement is in fiat currency, ZARor ZARU versus what is the infrastructure through which that is converted. So the question as to whether a merchant wishes to accept a stablecoin as opposed to ZARwould ultimately, I think, be the prerogative of that merchant. The thing that I think is more relevant is what rails is that settlement occurring through. And just to reiterate, the fundamental difference is blockchain is 24/7.

老實說，我不太確定我理解這個問題。最終，結算是否以法幣（ZAR）或以 ZARU 進行，與透過何種基礎設施來完成轉換，是兩件不同的事。商戶是否希望接受穩定幣而不是 ZAR，我認為最終取決於該商戶的意願。我認為更相關的是，該結算是透過哪些支付軌道（rails）來進行。再重申一次，根本差異在於：區塊鏈是 24/7 運作。

You don't have to wait for banking hours. Speed of settlement is a core differentiator, and the cost associated with utilizing that blockchain ecosystem should be far favorable than legacy banking rails. So it's not a -- the utilization of blockchain as plumbing for merchant accounts is separate to whether the merchant has actually been settled in the fiat currency or in a stablecoin.

你不必等到銀行營業時間。結算速度是核心差異化因素，而使用該區塊鏈生態系所產生的成本，應該會比傳統銀行支付軌道更有利。因此，將區塊鏈作為商戶帳戶的「管線」使用，與商戶實際收到的是法幣或穩定幣，是分開的兩件事。

Theodore O'Neill, Litchfield Hills Research.

Theodore O'Neill，Litchfield Hills Research。

Congratulations for beating the estimates in the quarter. My first question is, are you seeing any impact from the conflict in the Middle East?

恭喜本季業績優於市場預估。我的第一個問題是，你們是否看到中東衝突帶來任何影響？

So there, I mean, not really and not especially, as we mentioned earlier, some residual impact. There's a consequence in terms of, obviously, the cost of fuel, but that's not really translating into negative impact. In some ways, we've had a beneficial consequence in that it created an opportunity for us to do advances to fuel companies ahead of price changes. There is obviously some other consequences in terms of consumer disposable income and things. But fundamentally, we're not really an index on the economy, and we don't view it as being a critical factor in our performance, at least for the moment.

就這點而言，我的意思是，並沒有，至少沒有特別明顯；如我們先前提到的，只有一些殘餘影響。當然在燃料成本方面會有影響，但並沒有真正轉化為負面衝擊。某種程度上，反而帶來了有利的結果，因為它為我們提供了在價格變動前向燃料公司提供預支款的機會。當然也會對消費者可支配所得等產生一些其他影響。但從根本上說，我們並不是與整體經濟高度連動的業務，我們也不認為這會成為影響我們表現的關鍵因素，至少目前如此。

Okay. And exiting the exiting the ATM network, was there a buyer for that? And by exiting it, was part of that -- thought behind that, that it would align better with Bank Zero?

好的。那麼，退出 ATM 網路時，有買家嗎？以及退出的背後是否有一部分考量，是為了與 Bank Zero 更一致？

So, I mean, there wasn't -- we didn't feel that there would be a benefit in selling it. It was going to be more costly, I think, than potentially winding it down. Otherwise, that would have been what we would have done. In terms of strategically, it was purely based on the fact that we want to be a business that delivers exceptional results. It was not a core part of the offering.

所以，我的意思是，並沒有——我們不覺得出售它會有好處。我認為那會比逐步收掉更昂貴。否則我們就會那樣做了。就策略而言，這純粹是基於我們希望成為一家能交出卓越成果的企業；那並不是我們產品/服務的核心部分。

It was not a business line that is indexed to digitization or one that we consider to be necessary to support the ecosystem, and it was providing a negative drag on earnings. And we would rather spend our time on things like the digitization of the society and blockchain enablement and AI enablement than on a legacy piece of infrastructure.

那不是一條與數位化趨勢連動的業務線，也不是我們認為支撐生態系所必需的部分，而且它對獲利造成負向拖累。我們寧可把時間花在社會數位化、區塊鏈賦能以及 AI 賦能等事情上，而不是花在一段傳統的基礎設施上。

Right. Finally, can you give us an update on the status of the move-in to the new headquarters?

明白。最後，你能否更新一下搬入新總部的進度？

Yes. I think the time that we are doing this investor presentation in the next quarter, we should be doing so from our new headquarters, and we are very excited. And it's not just about having a nice refreshed office environment. It's also -- I think it will have a profound impact on the way we work and then the efficiency of the business because currently, as we are trying to coordinate across different aspects, sitting in the same office with all the components, I think, will be hugely beneficial. So we are expecting to see good positive ways of work develop as a consequence of that.

可以。我想在下一季我們進行這場投資人簡報時，應該就會在新總部進行，我們非常期待。而且這不只是擁有一個更漂亮、更新的辦公環境。我認為它也會對我們的工作方式以及業務效率產生深遠影響，因為目前我們在協調不同面向時，如果所有組成單位都在同一個辦公室，我認為會非常有幫助。因此，我們預期這將促成良好、正向的工作方式發展。

And it also will dovetail nicely with the more visible launch of our brand. So it's actually a very exciting season coming up for us in that respect.

同時，這也會與我們品牌更具可見度的推出相互呼應。因此，就這方面而言，接下來對我們會是一段非常令人振奮的時期。

Yes. I mean, if I could just add that what it also coincides with is us launching our values and bringing our teams together across all the different provinces, getting people to really fully understand what One Lesaka means because there's going to now be one brand, and both consumers and merchants and enterprise customers will relate to one brand, so getting our staff across the country to understand what this is about. So it's not only the new offices. It's also those offices that will start to build in the months to come in the different provinces, but also people starting to work across the divisions and across the functional areas in head office, as Ali was saying, is the way we want the new culture to emerge from this. And that, again, drives this thinking about cross-selling, doing more for our customers and giving them more solutions.

是的。我的意思是，如果我可以補充一下，這也正好與我們推出公司價值觀、並把各省的團隊凝聚在一起同步進行，讓大家真正充分理解 One Lesaka 的意義相吻合，因為接下來會只有一個品牌，無論是消費者、商戶或企業客戶都會對應到同一個品牌；因此要讓全國員工理解這件事的內涵。所以不只是新辦公室而已。未來幾個月我們也會在不同省份開始建立那些辦公室；同時，如 Ali 所說，讓大家開始跨事業部、跨職能在總部協作，這就是我們希望新文化由此孕育而出的方式。而這也再次推動我們對交叉銷售的思考：為客戶做得更多，提供更多解決方案。

The more people get to know about those solutions, the better it will be for them to be able to sell those solutions to customers, be they merchants or consumers or enterprise clients.

越多人了解這些解決方案，就越能更好地把這些解決方案銷售給客戶，無論是商戶、消費者或企業客戶。

Also Theo, just to add, it's not just Johannesburg. We're moving into one office in Cape Town as well in a few months. Subsequently, we expect to be doing the same in Durban. And across our footprint in the provinces, there is a rationalization process associated with that. So our office footprint will shrink across the country. And it is a very powerful thing for the business.

另外 Theo，我再補充一下，不只是約翰尼斯堡。我們也會在幾個月內搬進開普敦的一個辦公室。之後，我們預期也會在德班做同樣的事。而在各省的據點方面，也會伴隨一個整併精簡的流程。因此，我們在全國的辦公室占用面積將會縮小。這對公司而言是非常有力的一件事。

Thank you, Ali, Dan and Lincoln, and thank you, everyone, for joining the Chorus Call and through the chat and for engaging today. We are going to wrap it up here. As a reminder, there will be a replay of the webcast on the Lesaka investor website. Thank you, everyone, for your participation.

謝謝 Ali、Dan 和 Lincoln，也謝謝各位今天透過 Chorus Call 與聊天室加入並參與互動。我們就到這裡結束。提醒一下，Lesaka 投資人網站上會提供網路直播的重播。謝謝各位的參與。