Question · Q4 2025
Vera Capiso inquired about the main risks to achieving over 100% EPS growth and positive net income in FY2026, especially given the macroeconomic environment. She also asked about current trends in credit quality and loss rates for both consumer and merchant lending books, and if any early warning signs of stress were observed.
Answer
Ali Mazanderani (Executive Chairman, Lesaka technologies) stated that Lesaka is not a proxy for the macro environment, benefiting from digitization tailwinds and serving the underserved, with consistent profitability guidance delivery. Lincoln Mali (CEO, Lesaka technologies) reported no stress in the consumer lending book, maintaining a loan loss ratio below 6% despite product changes. Steven Heilbron (CEO, Connect Group South Africa) noted merchant impairment ratios at about 1.4% of originated debt, consistent with history and showing slight improvement, with origination and scaling being the primary focus.