Sven's questions to LESAKA TECHNOLOGIES (LSAK) leadership • Q3 2025
Question
Asked about the company's CapEx outlook and how to think about the cash vaults business in terms of strategy and capital intensity.
Answer
CapEx is expected to remain stable at approximately ZAR 360 million annually. This stable investment, combined with over 40% expected earnings growth, will demonstrate significant operating leverage. The cash vaults are not a stand-alone product but a strategic tool within a holistic merchant offering. Their purpose is to digitize cash, which then enables the cross-selling of higher-margin, asset-light services like card acquiring, ADP, and credit, thereby improving overall unit economics and cash conversion.