| Borrowings |
Reference rate reform After the transition away from certain interbank offered rates in foreign jurisdictions (“IBOR reform”), the reforms to South Africa’s reference interest rate are now accelerating rapidly. The Johannesburg Interbank Average Rate (“JIBAR”) will be replaced by the new South African Overnight Index Average (“ZARONIA”) following the cessation of JIBAR after its final publication on December 31, 2026. ZARONIA reflects the interest rate at which rand-denominated overnight wholesale funds are obtained by commercial banks. The “No New JIBAR” initiative commenced on May 1, 2026, marking the cut-off date from which market participants should no longer enter into new financial contracts referencing JIBAR, except in clearly defined and limited circumstances. Certain of the Company’s borrowings referenced JIBAR as a base interest rate. In February 2026, the Company amended its borrowing agreement to change the reference rate from JIBAR to ZARONIA from April 1, 2026 in anticipation of the “No New JIBAR” initiative. The reference rate applicable to Facilities A and B uses ZARONIA plus a credit adjustment spread (“CAS”), which is intended to place the parties in substantially the same economic position as if JIBAR had not ceased. South Africa The ZARONIA rate and CAS on June 30, 2026, was 6.73 % and 0.1619 %, respectively. The prime rate, the benchmark rate at which private sector banks lend to the public in South Africa, on June 30, 2026, was 10.50 %. Facilities obtained in February 2025 Lesaka SA has obtained four loan facilities from FirstRand Bank Limited (acting through its Rand Merchant Bank division) (“RMB”), FirstRand Bank Limited (acting through its WesBank division) (“WesBank”), FirstRand Bank Limited being a South African corporate and investment bank, Investec Bank Limited (acting through its Investment Banking division: Corporate Solutions) (“Investec” and together with RMB and WesBank, the “Lenders”). These comprise a term loan of up to ZAR 2.2 121.4 million) (“Facility A”), an amortizing loan of ZAR 1.0 56.3 million) (“Facility B”) and a senior revolving credit facility of 2.2 121.4 million) (“Senior RCF”), and a general banking facility from RMB of up to ZAR 1.1 66.0 million) (the “GBF”, and collectively with Facility A, Facility B and Senior RCF, the “Facilities”), which are described in more detail below. On February 27, 2026, the Company, Lesaka SA and a number of other subsidiaries of Lesaka SA, the Lenders and the Debt Guarantor entered into a Amended and Restated Common Terms Agreement (“CTA”) which replaced the Original Common Terms Agreement (“Original CTA ”), and: ● amended the reference rate from JIBAR to ZARONIA; ● aligned the annual repayment dates for Facility B from February to March, with the final maturity date unchanged as February 28, 2029; and ● updated certain provisions to expressly permit the implementation of interest rate hedging. The CTA was further amended by a letter dated March 27, 2026, due to a change in the working capital facility discussed below. The Company, Lesaka SA and the majority of Lesaka SA’s directly and indirectly wholly-owned subsidiaries have agreed to guarantee the obligations of Lesaka SA and of the other borrowers under the Facilities to the Lenders. Lesaka has pledged its equity interests in Lesaka SA and the Company’s interests in a certain banking account to the Debt Guarantor as collateral securing Lesaka's guarantee obligations. The CTA governing the above contains customary covenants which include a requirement for Lesaka SA to maintain specified Net Debt to EBITDA and Interest Cover Ratios (as defined in the CTA) and restricts the ability of Lesaka SA, and certain of its subsidiaries to make certain distributions with respect to their capital stock, prepay other debt, encumber their assets, incur additional indebtedness, make investments above specified levels, engage in certain business combinations and engage in other corporate activities. Lesaka SA paid non-refundable debt structuring fees of ZAR 10.0 0.5 million) to the Lenders on February 27, 2025. 12. BORROWINGS (continued) South Africa (continued) Facilities obtained in February 2025 (continued) Long-term borrowings – Facility A and Facility B Agreements Lesaka SA may borrow up to an aggregate amount of ZAR 2.2 billion for the sole purpose of refinancing the existing facilities of Lesaka SA and Lesaka Cash Management with RMB, funding transaction costs and for general corporate purposes. Lesaka SA utilized Facility A in full on February 28, 2025, to settle a portion of its existing facilities with RMB and to settle all of Lesaka Cash Management’s existing facilities with RMB, as well as to pay certain transaction costs. Lesaka SA may borrow up to an aggregate of ZAR 1.0 billion for the sole purpose of refinancing the Lesaka SA existing facilities, including its general banking facilities, with RMB, and for general corporate purposes. Lesaka SA utilized Facility B in full on February 28, 2025, to repay a portion of its existing facilities as well as to settle a portion of its existing general banking facility. Facility A is required to be repaid in full on February 28, 2029. Facility A is subject to customary mandatory prepayment terms. Lesaka SA is permitted to make voluntary prepayments of Facility A, and is permitted to subsequently utilize any voluntary prepayments made under Facility A under the RCF Agreement. Amounts utilized under the RCF Agreement are required to be repaid in full on February 28, 2029. No drawdowns has occurred under the RCF. Facility B is required to be repaid in four annual installments, as follows: (i) ZAR 150.0 9.0 million) was paid on March 31, 2026; (ii) ZAR 200.0 12.2 million) on March 31, 2027; (iii) ZAR 300.0 18.3 million) on March 31, 2028; and (iv) ZAR 350.0 21.3 million) on February 28, 2029. Facility B is subject to customary mandatory prepayment terms. Lesaka SA is permitted to make voluntary prepayments of Facility B, however it is unable to subsequently utilize any amounts prepaid. Interest on Facility A and Facility B as well as any interest related to utilization under the RCF Agreement is payable quarterly in arrears at end of March, June, September and December, with the first interest payment commencing on June 30, 2025. Short-term facility - General Banking Facility Lesaka SA and certain of its subsidiaries may borrow up to an aggregate of ZAR 1.1 billion under a general banking facility (“GBF”) from RMB for general corporate expenditure (including capital expenditure) and working capital purposes of the Lesaka SA and certain of its subsidiaries. Lesaka SA utilized a portion of the GBF to refinance its existing general banking facility. As of June 30, 2026, the Company had utilized ZAR 339.2 20.7 million) of this facility. Concurrent with the execution of the CTA, Lesaka SA and RMB entered into a General Banking Facility Agreement (the “Original GBF Agreement”), which was amended by an addendum dated on or about July 16, 2025. On March 27, 2026, Lesaka SA and RMB entered into an Amended and Restated General Banking Facility (“Restated GBF Agreement”) to amend and replace the Original GBF Agreement. Pursuant to the Restated GBF Agreement, Lesaka SA and certain of its subsidiaries have access to direct 1.1 67.7 million), which include a general banking facility (a demand facility); short-term direct and contingent facilities which cover forward exchange contracts and credit cards; an indirect facility of ZAR 90.8 5.5 for bank guarantees; and settlement lines of ZAR 326.0 19.9 million). The direct facilities may be reallocated as indirect facilities, and indirect facilities may be reallocated as direct facilities. As of June 30, 2026, the Company had utilized ZAR 33.1 ($ 1.9 million) of its other facilities to enable the bank to issue guarantees, letters of credit and forward exchange contracts (refer to Note 22). The facilities under the Restated GBF Agreement were available for utilization from March 30, 2026, and are subject to annual review by RMB. Lesaka SA paid and capitalized an upfront fee paid to RMB and legal fees paid to legal advisors totaling ZAR 4.2 million ($ 0.3 million) related to this transaction. Interest on the GBF is payable monthly and is based on the South African prime rate in effect from time to time less 0.50 %. The Company pays a commitment fee of 0.70 % (seventy basis points) per annum (excluding VAT) of the unutilized GBF, where utilization of the GBF is less than 90 % of available GBF. This fee is calculated daily and payable monthly in arrears. Wesbank Facilities The Company, through certain of its South African subsidiaries, has an asset-backed facility of ZAR 214.5 13.1 of which ZAR 147.7 9.0 million) has been utilized. 12. BORROWINGS (continued) South Africa (continued) Refinanced Lesaka Capital Loan Document, comprising long-term borrowings On September 5, 2025, the Company, through its indirect South African subsidiaries Lesaka Capital Proprietary Limited (“Lesaka Capital”) and Lesaka Fuel, entered into a ZAR 400 million Revolving Credit Facility Agreement (“Lesaka Capital Loan Document”) of which ZAR 316.8 million has been utilized as of June 30, 2026. The Lesaka Capital Loan Document contain customary covenants that require Lesaka Capital and Lesaka Fuel to collectively maintain a specified capital adequacy ratio, restrict the ability of the entities to make certain distributions with respect to their capital stock, encumber their assets, incur additional indebtedness, make investments, engage in certain business combinations and engage in other corporate activities. Pursuant to the Lesaka Capital Loan Document, Lesaka Capital and Lesaka Fuel collectively may borrow up to an aggregate of ZAR 400.0 million for the sole purposes of funding Lesaka Capital’s and Lesaka Fuel’s lending business, settling up to ZAR 20.0 million related to an intercompany loan to Lesaka Capital’s direct parent, and paying structuring and execution fee and legal costs. Interest is payable on the last business day of each calendar month. The Company paid a non-refundable structuring and execution fee of ZAR 0.5 million, excluding value added taxation, to the RMB on closing of the Lesaka Capital Loan Document in September 2025. Certain merchant finance loans receivable have been pledged as security for the revolving credit facility obtained from RMB. Nedbank facility, comprising short-term facilities As of June 30, 2026 and June 30, 2025, the Company had utilized ZAR 2.1 0.1 2.1 0.1 million), respectively, of its indirect and derivative facilities of ZAR 156.6 million (June 30, 2025: ZAR 156.6 bank to issue guarantees, letters of credit and forward exchange contracts (refer to Note 22). In terms of a commitment provided to the lender under the CTA, the Company has undertaken not to utilize more than ZAR 5.0 million ($ 0.3 million) of the Nedbank Facility. The Company has entered into cession and pledge agreements with Nedbank related to certain of its Nedbank credit facilities (the general banking facility and a portion of the indirect facility) and the Company has ceded and pledged certain bank accounts to Nedbank and also provided a cession of Lesaka SA’s shareholding in Cell C. The funds included in these bank accounts are restricted as they may not be withdrawn without the express permission of Nedbank. RMB Bridge Facilities, comprising a short-term facility obtained in September 2024 and amended in December 2024 (all repaid) On September 30, 2024, Lesaka SA entered into a Facility Letter (the “F2024 Facility Letter”) with RMB to provide Lesaka SA a ZAR 665.0 million funding facility (the “Bridge Facility”). The Bridge Facility was used by Lesaka SA to (i) settle an amount of ZAR 232.2 due under the Adumo transaction (refer to Note 3); (ii) pay Crossfin Holdings (RF) Proprietary Limited (“Crossfin Holdings”) ZAR 207.2 million under a share purchase agreement concluded between Lesaka SA and Crossfin Holdings (refer to Note 14); (iii) pay an amount of ZAR 147.5 million, which includes interest, notified by Investec to Adumo and Lesaka SA as a result of the transaction described in Note 3, and (iv) pay an origination fee of ZAR 7.6 million to RMB. The Facility also provided Lesaka SA with ZAR 70.0 million for transaction-related expenses. On December 10, 2024, Lesaka SA and RMB entered into a First Addendum to the Facility Letter (the “F2024 Addendum Letter”). The F2024 Addendum Letter provided Lesaka SA with an additional ZAR 250.0 million general banking facility (“2024 GBF Facility”) which could be used for general corporate purposes. The Bridge Facility and 2024 GBF Facility were repaid in full on February 28, 2025, utilizing funding obtained under the CTA and the agreements were cancelled. Interest on the Bridge Facility and the 2024 GBF Facility was calculated at the prime rate plus 1.80 %. The Bridge Facility and the 2024 GBF Facility were unsecured and were repaid in full on February 28, 2025, the maturity date, pursuant to the refinancing process. 12. BORROWINGS (continued) South Africa (continued) Cancelled RMB Facilities, as amended, comprising a short-term facility (Facility E) and long-term borrowings (all repaid) On July 21, 2017, Lesaka SA entered into a Common Terms Agreement, Subordination Agreement, Security Cession & Pledge and certain ancillary loan documents (collectively, the “Original Loan Documents”) with RMB, a South African corporate and investment bank, and Nedbank Limited (acting through its Corporate and Investment Banking division), an African corporate and investment bank (collectively, the “Lenders”). Since 2017, these agreements have been amended to add additional facilities, including Facilities G and H, which were obtained to finance the acquisition of Connect. Facilities E, G and H have been repaid and cancelled in February 2025 and there is no balance outstanding as of June 30, 2025. Short-term facility - Facility E The Company cancelled its Facility E facility agreement in November 2024. The overdraft facility could only be used to fund ATMs and therefore the overdraft utilized and converted to cash to fund the Company’s ATMs was considered restricted cash. Interest on the overdraft facility was payable on the first day of the month following utilization of the facility and on the final maturity date based on the South African prime rate. The overdraft facility amount utilized was required to be repaid in full within one month of utilization and at least 90 % of the amount utilized was to be repaid within 25 days . The overdraft facility was secured by a pledge by Lesaka SA of, among other things, cash and certain bank accounts utilized in the Company’s ATM funding process, the cession of Lesaka SA’s shareholding in Cell C, the cession of an insurance policy with Senate Transit Underwriters Managers Proprietary Limited, and any rights and claims Lesaka SA had against Grindrod Bank Limited. Long-term borrowings - Facility G and Facility H On March 16, 2023, the Company, through Lesaka SA, entered into a Fifth Amendment and Restatement Agreement, which included, among other agreements, an Amended and Restated Common Terms Agreement (“Expired CTA”), an Amended and Restated Senior Facility G Agreement (“Facility G Agreement”) and an Amended and Restated Senior Facility H Agreement (“Facility H Agreement”) (collectively, the “Loan Documents”) with RMB. Main Street 1692 (RF) Proprietary Limited (“Debt Guarantor”), a South African company incorporated for the sole purpose of holding collateral for the benefit of the Lenders and acting as debt guarantor is also a party to the Loan Documents. Pursuant to the Facility G Agreement, Lesaka SA was entitled to borrow up to an aggregate of approximately ZAR 708.6 million. Facility G included a term loan of ZAR 508.6 million and a revolving credit facility 200 million. Pursuant to the Facility H Agreement, Lesaka SA was entitled to borrow up to an aggregate of approximately ZAR 357.4 On February 28, 2025, the Company used its new borrowings to settle Facility G and Facility H in full, including accumulated interest of ZAR 201.7 10.9 million). These facilities, excluding accrued interest, included (i) Facility G of ZAR 492.1 ($ 26.6 million); (ii) Facility H of ZAR 350.0 18.9 million); and (iii) a Facility G revolver of ZAR 200.0 10.8 199 10.8 million) had been utilized at February 28, 2025). These facilities were repaid in full on February 28, 2025, utilizing funding obtained under the Expired CTA and the Facility G and Facility H agreements were cancelled. Amounts translated at rates prevailing on the repayment date. The interest rate on these facilities was JIBAR plus a margin of 4.75 %. Lesaka SA paid a quarterly commitment fee computed at a rate of 35 % of the Applicable Margin (as defined in the Expired CTA) on the amount of the revolving credit facility outstanding and such commitment fee was capitalized, subject to the cap discussed above. The Company used cash proceeds of ZAR 64.2 3.5 million) received from the sale of Finbond shares (refer to Note 9) during the year ended June 30, 2024, to repay capitalized interest under Facility G and Facility H. Cancelled Connect Facilities, comprising long-term borrowings and a short-term facility (all repaid) On March 22, 2023, the Company, through CCMS, entered into a First Amendment and Restatement Agreement, which included, among other agreements, an Amended and Restated Facilities Agreement (“CCMS Facilities Agreement”) with RMB. The CCMS Facilities Agreement was amended to increase the Facility B available under the CCMS Facilities Agreement by ZAR 200.0 to ZAR 550.0 million. The final maturity date was extended to December 31, 2027, and scheduled principal repayments were amended, with the first scheduled repayment commencing from March 31, 2026. These facilities were repaid in full on February 28, 2025, utilizing funding obtained under the CTA and the agreements cancelled. Prior to settlement and cancellation, the Connect Facilities included (i) an overdraft facility (general banking facility) of ZAR 170.0 9.2 million); (ii) CCMS Facility A of ZAR 700.0 million ($ 37.9 million); (iii) CCMS Facility B of ZAR 550.0 29.8 million) (both were fully utilized). Amounts translated at rates prevailing on the repayment date. 12. BORROWINGS (continued) South Africa (continued) Cancelled Connect Facilities, comprising long-term borrowings and a short-term facility (all repaid) (continued) On October 29, 2024, the Company, through CCMS, entered into an addendum to a facility letter with RMB, to obtain a ZAR 100.0 million temporary increase in its overdraft facility for a period of approximately four months to specifically fund the purchase of prepaid airtime vouchers. This temporary increase was repayable in equal daily instalments which commenced at the end of October 2024 with the final repayment made on February 15, 2025. In February 2023, the Company, through CCMS, obtained a ZAR 175.0 million temporary increase in its overdraft facility for a period of four months to specifically fund the purchase of prepaid airtime vouchers. This temporary increase was repayable in four equal monthly instalments of ZAR 43.8 million and which commenced in March 2023. In May 2023, the Company, through CCMS, obtained a ZAR 155.0 million temporary increase in its overdraft facility for a period of one month to specifically fund the purchase of prepaid airtime vouchers. This temporary increase was repaid in full in June 2023. Interest at the South Africa prime rate less 0.1 % was payable on a monthly basis on both of these temporary facilities. Interest on CCMS Facility A and CCMS Facility B was payable quarterly in arrears based on JIBAR in effect from time to time 12. BORROWINGS (continued) Movement in short-term credit facilities Summarized below are the Company’s short-term facilities as of June 30, 2026, and the movement in the Company’s short-term facilities from as of June 30, 2025 to as of June 30, 2026:
RMB RMB Nedbank RMB RMB RMB GBF Other Facilities Connect Bridge Facility E Total Short-term facilities available as of June 30, 2026 $ 67,702 $ 5,534 $ 9,542 $ - $ - $ - $ 82,778 67,702 - - - - - 67,702 Indirect and derivative - 5,534 9,542 - - - 15,076 Movement in utilized overdraft Balance as of June 30, 2024 - - - 9,351 - 6,737 16,088 27,917 - - 5,655 41,150 23,894 98,616 Repaid (4,311) - - (14,627) (39,205) (31,028) (89,171) Foreign currency adjustment (1) 863 - - (379) (1,945) 397 (1,064) Balance as of June 30, 2025 24,469 - - - - - 24,469 No restrictions as to use 24,469 - - - - - 24,469 123,712 - - - - - 123,712 Repaid (129,417) - - - - - (129,417) Facility fees paid (252) - - - - - (252) Facility fees amortized 64 - - - - - 64 Foreign currency adjustment (1) 2,095 - - - - - 2,095 Balance as of June 30, 2026 20,671 - - - - - 20,671 No restrictions as to use 20,671 - - - - - 20,671 Interest rate as of June 30, 2026 (%) (2) 10.00 Interest rate as of June 30, 2025 (%) (2) 10.25 Movement in utilized indirect and derivative facilities: Balance as of June 30, 2024 - 1,821 116 - - - 1,937 Foreign currency adjustment (1) - 43 3 - - - 46 Balance as of June 30, 2025 - 1,864 119 - - - 1,983 Guarantees cancelled - (1,543) - - - - (1,543) - 3,588 - - - - 3,588 Foreign currency adjustment (1) - 370 10 - - - 380 Balance as of June 30, 2026 $ - $ 4,279 $ 129 $ - $ - $ - $ 4,408 (1) Represents the effects of the fluctuations between the ZAR and the U.S. dollar. (2) RMB GBF interest is set at prime less 0.50 %. Interest expense incurred under the Company’s South African long-term borrowings and included in the caption interest expense on the consolidated statement of operations during the years ended June 30, 2026 and 2025, was $ 2.5 4.2 respectively. The Company cancelled Adumo’s overdraft arrangements on October 1, 2024, and settled Adumo’s outstanding overdraft balance of ZAR 20.0 1.1 million) on the same day. The repayment is included in the caption repayment of bank overdraft included on the Company’s consolidated statements of cash flows for the year ended June 30, 2025. 12. BORROWINGS (continued) Movement in long-term borrowings Summarized below is the movement in the Company’s long-term borrowing from as of June 30, 2025, to as of June 30, 2026:
Facilities Lesaka A Lesaka B Asset backed CCC Lesaka G & H Connect A&B Total Opening balance as of June 30, 2024 $ - $ - $ 8,379 $ 11,841 $ 56,151 $ 66,815 $ 143,186 Facilities utilized 116,652 54,112 3,184 5,091 11,022 - 190,061 Facilities repaid - - (4,513) (554) (60,245) (65,910) (131,222) Non-refundable fees paid 970 - - - - - 970 Non-refundable fees amortized 248 - - 21 116 32 417 Capitalized interest - - - - 5,033 - 5,033 Capitalized interest repaid - - - - (11,077) - (11,077) Foreign currency adjustment (1) 2,505 2,209 129 495 (1,000) (937) 3,401 Included in current - 8,448 3,508 - - - 11,956 Included in long-term 120,375 47,873 3,671 16,894 - - 188,813 Opening balance as of June 30, 2025 120,375 56,321 7,179 16,894 - - 200,769 Facilities utilized - - 5,977 972 - - 6,949 Facilities repaid - (8,953) (4,788) - - - (13,741) Non-refundable fees paid - - - (33) - - (33) Non-refundable fees amortized 314 - 5 29 - - 348 Capitalized interest - - - - - - - Capitalized interest repaid - - - - - - - Foreign currency adjustment (1) 9,902 4,439 632 1,446 - - 16,419 Closing balance as of June 30, 2026 130,591 51,807 9,005 19,308 - - 210,711 Included in current - 12,190 3,924 - - - 16,114 Included in long-term 130,591 39,617 5,081 19,308 - - 194,597 Unamortized fees (799) - - (6) - - (805) Due within 2 years - 18,285 3,085 19,314 - - 40,684 Due within 3 years 131,390 21,332 1,694 - - - 154,416 Due within 4 years - - 302 - - - 302 Due within 5 years $ - $ - $ - $ - $ - $ - $ - Interest rates as of June 30, 2026 (%): 10.14 10.04 10.75 10.40 - - Base rate (%) 6.73 6.73 10.50 10.50 - - Credit adjustment spread (%) 0.16 0.16 - - - - Margin (%) 3.25 3.15 0.25 (0.10) - - Footnote number (2)(3) (4)(5) (6) (7) Interest rates as of June 30, 2025 (%): 10.54 10.44 11.50 11.70 - - Base rate (%) 7.29 7.29 10.75 10.75 - - Margin (%) 3.25 3.15 0.75 0.95 - - Footnote number (3) (5) (6) (8) (1) Represents the effects of the fluctuations between the ZAR and the U.S. dollar. (2) From April 1, 2026, interest on Facility A is based on ZARONIA in effect from time to time plus a margin. The margin on Facility A is determined with reference to the Net Debt to EBITDA Ratio, and the margin will be either (i) 3.25 %, if the Net Debt to EBITDA Ratio is greater than or equal to 2.5 times; or (ii) 2.50 %, if the Net Debt to EBITDA Ratio is less than 2.5 times. (3) Interest on Facility A was based on the JIBAR in effect from time to time plus an initial margin of 3.25 June 30, 2025. From July 1, 2025, to March 31, 2026, the margin on Facility A was determined with reference to the Net Debt to EBITDA Ratio, and the margin would be either (i) 3.25 %, if the Net Debt to EBITDA Ratio was greater than or equal to 2.5 times; or ( ii) 2.50 %, if the Net Debt to EBITDA Ratio was less than 2.5 times. 12. BORROWINGS (continued) Movement in long-term borrowings (continued) (4) From April 1, 2026, interest on Facility B is calculated based on ZARONIA from time to time plus a margin. The margin on Facility B is determined with reference to the Net Debt to EBITDA Ratio, and the margin will be either (i) 3.15 %, if the Net Debt to EBITDA Ratio is greater than or equal to 2.5 times; or (ii) 2.40 %, if the Net Debt to EBITDA Ratio is less than 2.5 times. (5) Interest on Facility B was calculated based on JIBAR from time to time plus an initial margin of 3.15 % per annum until June 30, 2025. From July 1, 2025, to March 31, 2026, the margin on Facility B was determined with reference to the Net Debt to EBITDA Ratio, and the margin would be either (i) 3.15 %, if the Net Debt to EBITDA Ratio was greater than or equal to 2.5 times; or (ii) 2.40 %, if the Net Debt to EBITDA Ratio was less than 2.5 times. (6) Interest is charged at prime plus 0.75 % per annum on the utilized balance. (7) Interest is charged at prime less 0.10 % per annum on the utilized balance. (8) Interest was charged at prime plus 0.95 % per annum on the utilized balance. Interest expense incurred under the Company’s South African long-term borrowings and included in the caption interest expense on the consolidated statement of operations during the years ended June 30, 2026, 2025 and 2024, was $ 14.4 16.9 and $ 16.1 million, respectively. Prepaid facility fees amortized included in interest expense during the years ended June 30, 2026, 2025 and 2024, was $ 0.3 0.4 0.4 Interest expense incurred under the Company’s South African long-term borrowings to fund its Consumer lending book and Lesaka Capital’s merchant finance loans receivable are included in the caption cost of goods sold, IT processing, servicing and support on the consolidated statement of operations. Total interest expense incurred related to the Consumer lending book (for the year ended June 30, 2026 and the four months ended June 30, 2025) and interest incurred under the Lesaka Capital’s merchant finance loans receivable was $ 7.2 2.9 1.4 , for the years ended June 30, 2026, 2025 and 2024, respectively. The Company cancelled Adumo’s long-term borrowings arrangements on October 1, 2024, and settled Adumo’s outstanding 126.7 7.2 million) on the same day. The repayment is included in the caption repayment of long-term borrowings included on the Company’s consolidated statements of cash flows for the year ended June 30, 2025. |