Lesaka Technologies reported a USD 146.8 million net revenue in Q2 2025, underscoring continued top-line momentum after the Adumo acquisition. Net income of -USD 32.1 million and EBITDA of -USD 24.2 million reflected the quarter’s substantial non-cash and one-off costs, including a material fair-value adjustment on MobiKwik and elevated integration-related expenditures. Management highlighted a strategic inflection point driven by inorganic expansion (Adumo, upcoming Recharger) and a renewed focus on a three-pillared platform (Merchant, Consumer, Enterprise), with the group guiding 2025 annual EBITDA of roughly USD 0.9–1.0 billion Rand-equivalent (by management USD proxy around mid-year translation) and a long-term objective to reach a ~2x net debt to EBITDA target. The quarter also emphasized a deliberate restructuring of the enterprise division and a near-term refinancing plan to optimize cost of debt, extend tenure, and reduce interest expenses. The earnings call conveyed management confidence in sustainable consumer growth, upside from cross-selling (loans, insurance, payout solutions via Adumo Payouts), and the scalable economics of a digitizing SA, while acknowledging currency volatility and integration risk as the primary near-term macro-structural headwinds. Investors should weigh the upside from continued platform synergies, versus near-term profitability pressure from front-loaded investments and higher interest costs as the group de-leverages through debt refinancing and asset monetization (e.g., MobiKwik).