Announcement PDF ASX Release 30 July 2024 Investor Webinar Presentation Findi Limited (ASX: FND) (Findi or the Company) is pleased to announce its participation in the TechKnow Webinar, to be held Wednesday 30th July 2024 from 2:30pm AEST and Thursday 31st July 2024 from 10:15am AEST. Chairman Nicholas Smedley will provide an overview of the Company, which is a digital payments and financial services provider. To register for the investor briefing, please use the following links: Wednesday 30th July 2024 from 2:30pm AEST https://techinvest.online/techinvest-webinars/techknow-invest-roadshow-sydney-session-3?hsLang=en Thursday 31st July 2024 from 10:15am AEST https://techinvest.online/techinvest-webinars/techknow-invest-roadshow-melbourne-session-1?hsLang=en The investor presentation to be presented follows this announcement. Authorised for release by the Board of Findi Limited. Investor Enquires Nicholas Smedley, Chairman +61 447 074 160 nicholas@findi.co Media Enquiries John Hurst, Tribune Partners +61 418 708 663 jhurst@tribunepartners.com.au Techwise conference Findi update July 2024 ASX: FND IMPORTANT NOTICE & DISCLAIMER This presentation (Presentation) has been prepared by Findi Limited (Findi or the Company) and is authorised for release by its Directors. You must read and accept the conditions in this notice before considering the information set out in or referred to in this Presentation. If you do not agree, accept or understand the terms on which this Presentation is supplied, or if you are subject to the laws of any jurisdiction in which it would be unlawful to receive this Presentation or which requires compliance with obligations that have not been complied with in respect of it, you must immediately return or destroy this Presentation and any other confidential information supplied to you by Findi. By accepting this Presentation, you acknowledge and agree to the conditions in this notice and agree that you irrevocably release Findi from any claims you may have (presently or in the future) in connection with the provision or content of this Presentation. SUMMARY INFORMATION This Presentation contains summary information about Findi, its subsidiaries and their activities which is current as at the date of this Presentation. The information in this Presentation is of a general nature and does not purport to be complete nor does it contain all the information which a prospective investor may require in evaluating a possible investment in Findi or that would be required in a prospectus or product disclosure statement prepared in accordance with the requirements of the Corporations Act. While Findi has taken every effort to ensure the accuracy of the material in the Presentation, neither the Company nor its advisers have verified the accuracy or completeness of the information, or any statements and opinions contained in this Presentation. This Presentation should be read in conjunction with the Company’s annual report, market releases and other periodic and continuous disclosure announcements, which are available at www.asx.com.au and findi.co. NOT INVESTMENT ADVICE Each recipient of this Presentation should make its own enquires and investigations regarding all information in this Presentation including but not limited to the assumptions, uncertainties and contingencies which may affect the future operations of Findi and the impact that different future outcomes may have on Findi. This Presentation has been prepared without taking account of any person’s individual investment objectives, financial situation or particular needs. Before making an investment decision, prospective investors should consider the appropriateness of the information having regard to their own investment objectives, financial situation and needs and seek legal, accounting and taxation advice appropriate to their jurisdiction. Findi is not licensed to provide financial product advice in respect of the Company’s shares. INVESTMENT RISK An investment in Findi shares is subject to known and unknown risks, some of which are beyond the control of Findi. Findi does not guarantee any particular rate of return or the performance of Findi nor does it guarantee any particular tax treatment. An investment in Findi should be considered as highly speculative and high risk due to the nature of the Company and its business. FORWARD-LOOKING STATEMENTS This Presentation contains forward looking statements. The words ‘anticipate’, ‘believe’, ‘expect’, ‘project’, ‘forecast’, ‘estimate’, ‘likely’, ‘intend’, ‘should’, ‘could’, ‘may’, ‘target’, ‘plan’ and other similar expressions are intended to identify forward-looking statements. Indications of, and guidance on, future earnings and financial position and performance are also forward-looking statements. Forward-looking statements are subject to risk factors associated with the Company’s business, many of which are beyond the control of the Company. It is believed that the expectations reflected in these statements are reasonable, but they may be affected by a variety of variables and changes in underlying assumptions which could cause actual results or trends to differ materially from those expressed or implied in such statements. There can be no assurance that actual outcomes will not differ materially from these statements. You should not place undue reliance on forward-looking statements and neither Findi nor any of its directors, advisers or agents assume any obligation to update such information. DISCLAIMER None of Findi’s respective advisers or any of their respective affiliates, related bodies corporate, directors, officers, partners, employees and agents, have authorised, permitted or caused the issue, submission, dispatch or provision of this Presentation and, to the extent referred to in this Presentation, none of them makes or purports to make any statement in this Presentation and there is no statement in this Presentation which is based on any statement by any of them. To the maximum extent permitted by law, Findi and its respective advisers, affiliates, related bodies corporate, directors, officers, partners, employees and agents exclude and disclaim all liability, including without limitation for negligence or for any expenses, losses, damages or costs incurred by you as a result of your participation in an investment in Findi and the information in this Presentation being inaccurate or incomplete in any way for any reason, whether by negligence or otherwise. To the maximum extent permitted by law, Findi and its respective advisers, affiliates, related bodies corporate, directors, officers, partners, employees and agents make no representation or warranty, express or implied, as to the currency, accuracy, reliability or completeness of information in this Presentation. Statements made in this presentation are made only as at the date of this Presentation. The information in this Presentation remains subject to change without notice. All currency amounts are in Australian dollars unless stated otherwise. All INR to AUD conversions have been performed at a constant FX rate of 54. 2 The financial year ended 31 March 2024 (FY24) was a transformational period of growth for Findi. The Board and management team successfully delivered a number of key strategic milestones during this period, which has pleasingly resulted in strong share price appreciation. Findi is pleased to report its FY24 audited results, which saw the company achieve record levels of performance. $66.5M REVENUE (substantially in-line with guidance of $67M) $27.4M EBITDA (significantly above guidance of $24M) $4.0M NPAT (in line with guidance of $4M) As one of India’s largest non-bank ATM operators across cash & digital transaction ecosystems, Findi continues to process >1B transactions annually, in what is one of the world's largest developing markets. 3 CURRENT BUSINESS OVERVIEW Findi is an ASX-listed fintech that provides customised, scalable payment services for one of the world’s largest developing markets, driving the digital banking revolution. Customers can transact in a fast and flexible way from any location. Findi aims to increase the breadth of its services and become a leading transaction banking services provider… WHAT WE DO WHERE WE ARE ATM Solutions FindiPay Deployment & Management Dynamic Payments & Digital Banking 49,0006+ locations across all Indian States & Union Territories New Delhi LARGE MARKET OPPORTUNITY Jaipur 1.4+ billion estimated India population at June 20241 Lucknow ~350 million unbanked people in India (23% of the adult population4) Kolkata Surat INR ~36 trillion ~14% cash of currency in circulation ($637bn) as of June 20242 payments as a percentage of GDP in 20204 ~16% CAGR currency in circulation growth from 2017-223 United Nations Reserve Bank of India (RBI) The Economic Times 4) 5) 6) Pune Hyderabad HEADQUARTERS INR518 trillion forecast size of India’s digital payments market ($9.4tn) by FY275 (1) (2) (3) Mumbai The World Bank PwC India Retail merchant network of 28,111 and ATM network of 20,933 (8,000 owned, 12,933 3 rd party managed) MANAGED SERVICES CENTRE (1) Bangalore Chennai SALES OFFICES (1) FINDIPAY & ATM PRESENCE (6) ATM PRESENCE (21) Major cities 4 DIVERSIFIED OPERATIONS Findi specialises in bespoke ATM deployment & managed services, and digital payments & banking solutions. Our comprehensive offering caters for large financial institutions, small businesses, and individuals seeking fast & secure cash access and digital transactions… Findi’s traditional ATM Solutions division has market leading efficiency, catering to Indian’s current preference for cash transactions. This provides substantial cash flow to fund FindiPay’s digital platform development. The WLA strategy aims to leverage the National Mission for Financial Inclusion (NMFI) objective, de-risking the business model and creating valuable cross-selling opportunities for FindiPay. Through its comprehensive offerings, FindiPay is well-placed to play a pivotal role in India's transition into digital banking over the next 5-10 years, further driving financial inclusivity and reshaping the financial landscape. ATM SOLUTIONS (ATMs) Operates in a deep & robust market in India: • population surpassed 1.4 billion in 2023, with 23% of adults currently ‘unbanked’; and • a strong preference for cash transactions. FINDIPAY Fast growing digital payments & banking solutions: • supporting India’s transition towards financial inclusivity; and • capitalising on the growth and shift towards digital payments over the next five years. The business unit offers: • ATM deployment & management to large financial institutions; and We offer a range of innovative technologydriven solutions designed to: • facilitate fast & secure digital transactions; and • back-end services to WLA providers. • re-define the way people in India view the financial services sector. ATMS generates positive cash flows: FindiPay is projected to experience rapid top-line growth as a result of our strategic growth initiatives, merchant acquisition strategy and robust market dynamics. • strategic growth initiatives fully funded; • fuel growth of FindiPay, our digital payments & banking solutions business. INVESTMENT THEMES Findi possesses several compelling investment fundamentals that can be leveraged to drive sustainable & cash flow accretive earnings. Key drivers include growing our ATM portfolio, as well as strategic expansion & innovation within the White Label ATM, digital payments & banking markets… ROBUST MARKET OPPORTUNITIES DIVERSIFIED OPERATIONS CLEARLY DEFINED GROWTH STRATEGY SIGNIFICANT PIPELINE OF OPPORTUNITIES We support payment services for one of the world’s largest developing markets where cash continues to represent a significant proportion of transactions. As the country increases its use of digital banking it still retains a strong preference for cash. Findi specialises in the provision of bespoke ATM deployment & manages services as well as digital payments & banking solutions servicing large financial institutions, small businesses and individuals. A dynamic growth strategy seeks to build our ATM portfolio, expand FindiPay offerings, and leverage our WLA strategy to create valuable crossselling opportunities whilst continuing to assess acquisition opportunities. We currently have a contract pipeline totalling 7.4k ATMs, with ~4k organic deployment of ATMs expected during FY25. SCALE AND LEADING POSITION EXPANDING CUSTOMER BASE EXPERIENCED MANAGEMENT TEAM MEDIUM-TERM RE-RATE OPPORTUNITY Strategically positioned across 30+ States and Union Territories in Pan India and supported by over 500 employees servicing over 49,000 locations, including ~21,000 ATMs. With 350m unbanked adults and 1bn+ transactions processed in FY23, our objective is to attract >7m daily customers and deliver substantial growth in transaction volume by FY25, as we support customers’ transition into the banking system. Findi is led by a seasoned executive team in India supported by an active Board of Directors who together have delivered strong growth since the transaction settlement in January 2022. Listed comparable companies on the ASX, BSE & NSEI trade at an average EBITDA multiple of 33.4x. We expect our pipeline to expand amidst the ongoing consolidation within the ATM market. A medium-term re-rate opportunity is evident as Findi currently trades at an EBITDA multiple of 5.4x. 6 DELIVERY OF KEY MILESTONES, UNLOCKING VALUE Findi has delivered on several strategic milestones during FY24 resulting in substantial value appreciation. Findi remains undervalued compared to its peers, with a well-defined strategic growth plan in place to unlock significant additional value… VALUE APPRECIATION BEING DELIVERED, STRATEGIC PLAN TO UNLOCK SIGNIFICANT VALUE UPSIDE CY24 SHARE PRICE EV / EBITDA1 x $4.0 35.0x $3.5 +3.6x $3.0 increase $2.5 $2.0 3.79 $1.5 $1.0 1.04 $0.5 $0.0 2-Jan-24 2-Jan-24 • Share price appreciation of 264% during CY24. 30.0x • Outstripped ASX Small Ordinaries Financials index, which posted a 16.1% return in the same period. 20.0x 23.4x – 33.4x 15.0x 5.0x Implied EV: Implied MC: Implied MC @ 80.6% 4: 13.5x 5.4x FND ASX Small Ordinaries Financials 2 Indian ATM Solutions & Digital Banking 3 $147M $185M $149M $368M $406M $327M $641M – $914M $678M – $952M $547M – $767M Obtained in-principle WLA authorisation Continue to deliver strategic growth plan to unlock value Mar-24 Apr-24 May-24 Appointed new CFO to support planned TSI India IPO Reached 49,000+ Indian service locations across all products Raised $10.7M through the conversion of listed options Oct-23 Nov-23 Dec-23 Secured new 10-year ATM outsourcing agreement with SBI Extended existing SBI contract to align with new 10-year contract Reached 18,000+ FindiPay merchants EV/EBITDA multiples are historic, utilising the most recently reported annual results of each company S&P/ASX Small Ordinaries Financials Ex-A-REIT Jan-24 (3) (4) • A well-defined strategic plan and global markets supports significant further re-rate potential. • Findi still to align with its global listed peers. 10.0x 0.0x Raised $37.6M via a private placement ahead of TSI India IPO (1) (2) 25.0x 26-Jul-24 Today KEY MILESTONES ACHIEVED FND trading at a significant discount relative to listed comparables Refer Appendix 1: Comparable Companies Represents FND’s 80.6% share in TSI India 7 KEY MILESTONES DELIVERED Findi has outperformed its previous market guidance for FY24 EBITDA, through a range of key milestones being delivered. The full year impact of these initiatives is expected to drive further significant increases to revenue, EBITDA and NPAT in FY25... SECURED NEW SBI AGREEMENT FY24 EXPANSION OBJECTIVES (AS STATED IN OCTOBER PRESENTATION) FY24 Guidance: FY24 Actual: Revenue: $67.3M $66.5M EBITDA: $23.6M $27.4M NPAT: $4.0M $4.0M • Complete rollout of CBI ATMs • Retain & extend the SBI contract • Execute WLA strategy • Expand FindiPay merchant footprint • Establish physical FindiPay stores • Further develop & commercialise FindiPay product capabilities • Progress inorganic strategic, earnings accretive acquisitions • Set up an expanded ESG framework – ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ ✓ Secured a new 10-year agreement with the State Bank of India (SBI) commencing in mid-FY25 – expected to generate up to $620M in revenue and $280M in EBITDA over the term. RAISED $48.3M1 TO DRIVE GROWTH Raised $48.3M through Piramal funding of Indian subsidiary ($37.6M) and conversion of options ($10.7M) to fund additional working capital requirements and capital expenditure associated with implementing stated expansion objectives. SECURED PROVISIONAL WHITE LABEL ATM (WLA) LICENCE Obtained approval to operate WLAs in India, facilitating the execution of the FindiPay & WLA strategy through deploying branded ATMs in semi-urban and rural India. Initially ~3,912 retired SBI ATMs will be redeployed, expected to yield incremental revenue of $25M+ and EBITDA of $7M+ per annum. EXTENDED CURRENT SBI CONTRACT Prior to the commencement of the new agreement, SBI extended its existing contract to September 2024 aligning both contracts. This contract is projected to deliver $27M+ of revenue and $9M+ of EBITDA, for the nine months ending September 2024. 8 (1) Includes $37.6M capital raise and $10.7M from conversion of listed options SIGNIFICANT MARKET EXPANSION OPPORTUNITY Findi is on a pathway to offering a full-service finance hub that leverages its impressive ATM footprint, to scale its digital payments. FindiPay and the ATM business create an ecosystem of complementary financial solutions… WHAT WE DO NOW WHERE ARE WE GOING WHERE WE ARE • Findi aims to deliver to the underbanked of India a full-service finance hub, creating an ecosystem between the ATM and merchant services space, and offering a wide array of financial products. ATM Solutions Deployment & Management 20,933 1 49,000 + locations across all Indian States & Union Territories FULL-SERVICE FINANCE HUB Bank accounts Bill payments Lending services Wealth management Money transfer Pension products FX services Insurance products Government services Loan applications FindiPay Dynamic Payments & Digital Banking 28,111 • As Findi transitions to a B2C provider, it seeks to leverage its WLA licence to deploy ATMs, capture market data and bring the full-stack of basic financial services solutions to India’s under/unbanked. HEADQUARTERS MANAGED SERVICES CENTRE SALES OFFICES FINDIPAY & ATM PRESENCE • This consumer-focused shift will enhance financial inclusion in India and enable Findi to maintain end-to-end customer relationships. ATM PRESENCE 9 (1) Retail merchant network of 28,111 and ATM network of 20,933 (8,000 owned, 12,933 3 rd party managed) FY24 AT A GLANCE Revenue, EBITDA, NPAT and Operating Cash Flows (OCFs) of $66.5M, $27.4M, $4.0M and $26.7M respectively, materially up on FY23. This success is largely attributable to the sustained growth of the ATM solutions business through delivery of key milestones combined with operational efficiencies… TOTAL REVENUE EBITDA2 NPAT3 OPERATING CASH FLOWS Strong FY24 revenue growth driven by the roll-out of the Central Bank of India (CBI) contract1 Increases in the ATM portfolio has driven economies of scale which are delivering improved EBITDA margins Net profit of $4.0M aligns with prior guidance, following continued investment into the expansion of FindiPay Increased cash conversion capabilities, assisted by a close working relationship, and an agreed reconciliation and approval processes with CBI +63.0% +22.0% +471.7% $54.5M $66.5M $16.8M $27.4M $2.4M $4.0M $4.7M $26.7M FY23 FY24 FY23 FY24 FY23 FY24 FY23 FY24 FY24E Revenue target variance – $66.5M v on $67.3M est. due to FY24E guidance slippage in CBI rollout -1.2% (1) (2) (3) +65.6% Findi exceeded FY24E EBITDA target of $23.6M 5-year agreement for the rollout of 2,550 ATMs EBITDA represents Earnings Before Interest Tax Depreciation & Amortisation NPAT represents Net Profit After Tax +16.0% on FY24E guidance Findi achieved its FY24E NPAT target of $4.0M +1.2% on FY24E guidance Findi exceeded FY24E OCF target of $20.6M +29.6% on FY24E guidance 10 FREE CASH FLOW BRIDGE Findi delivered EBITDA to Free Cash Flow (FCF) conversion of 51.9% ($14.2M) in FY24. This resulted in Free Cash Flow to Equity (FCFE) of $22.2M, positioning the company to pursue its strategic objectives. Cash on balance sheet is now $106.6M with $37.6M net cash1… FREE CASH FLOW to EQUITY $35M $30M (1.5) $25M 3.7 (3.2) 2 0.3 +80.9% FCFE conversion 3 (6.6) $20M $15M (5.8) 27.4 +51.9% FCF conversion 7.9 26.7 22.2 $10M 14.2 $5M $0M FY24 EBITDA Change in current assets Change in current liabilities Investing activites Other FY24 OCFs Capex ROU lease payments FY24 FCF Net repayment of borrowings FY24 FCFE FREE CASH FLOW HIGHLIGHTS • Findi achieved FCFE of $22.2M in FY24, following $6.6M of capital expenditure to complete the CBI ATM roll-out. • Findi’s strong financial position will enable the company to pursue its key FY25 strategic group initiatives, including acquisitions, WLA rollout and expansion of its FindiPay footprint. • Findi is well positioned to further contemplate earnings-accretive acquisition opportunities as a consolidator in the ATM space and to ramp its FindiPay business. (1) (2) (3) Net cash is calculated as cash reserves less gross corporate debt (excluding lease liabilities). Convertible debentures have not been included in the calculation of net debt. Refer slide 9 for breakdown Relates to interest income on bank deposits Relates to non-cash items, income tax paid and interest received 11 NET DEBT / CASH As of 31 March 2024, Findi had $106.6M cash reserves, $37.6M cash net of debt, marking a significant increase of ~$58M attributable to FY24 FCF and the Piramal placement of Compulsory Convertible Debentures (CCDs). Management intends to leverage the Company’s strong financial position in FY25, to pay-down corporate debt and accelerate growth initiatives… NET DEBT / CASH1 $120M $m $100M $80M ~$58M net $60M cash increase $40M $20M 106.6 37.6 33.7 $0M ($20M) (20.8) (54.5) (69.0) ($40M) ($60M) 31-Mar-23 31-Mar-24 Cash & cash equivalents 18.3 46.1 Term deposits 7.6 24.2 Other financial assets2 7.8 36.3 Total cash reserves 33.7 106.6 Less Borrowings (Current) (19.3) (38.6) Less Borrowings (Non-current) (35.2) (30.4) Gross corporate debt (54.5) (69.0) Net cash reserves (20.8) 37.6 ($80M) FY23 Cash reserves FY24 Gross corporate debt Net debt / cash $58.4M movement in net cash NET DEBT HIGHLIGHTS • As of 31 March 2024, Findi had net cash of $37.6M, comprised of $106.6M in cash reserves (including cash, term-deposits and the capital raise of the Piramal placement), and $69.0M in gross corporate debt. • Findi anticipates future capital expenditure requirements will be supported by robust existing cash reserves and earnings. (1) (2) Net cash is calculated as cash reserves less gross corporate debt (excluding lease liabilities). Convertible debentures have not been included in the calculation of net debt Relates to security deposits and deposits with a maturity of greater than 12 months 12 TRADITIONAL ATM BUSINESS Findi offers bank branded Brown Label ATM services to major banks and back-end services to leading financial institutions, leveraging the country’s cash transaction preference. The newly secured WLA licence establishes a financial ecosystem connecting Findi’s merchant and ATM networks, creating a ‘circular’, cash and digital ecosystem across its markets… 20,933 ATMs1, as of ATM SOLUTIONS May-2024 4,000+ ATM organic growth expected in FY25 TSI India WLA licence granted2 10-year SBI contract ending Oct-2034, at a 35% IRR Projected interchange rate increase, offering further upside (1) (2) Findi’s WLA strategy aims to create valuable cross-selling opportunities by packaging and co-locating its ATM solution and FindiPay services BROWN LABEL ATM (BLA) OPERATIONS WHITE LABEL ATM (WLA) OPERATIONS • 10-year agreement with SBI to generate up to $620M revenue, through the deployment +4,200 ATMs. • TSI India granted in principle authorisation to establish, own and operate WLA’s by the Reserve Bank of India (RBI). • 5-year agreement with CBI to rollout 2,550 ATMs to December 2027, with an option to add a further 625 under contract. • India is predominantly a cash-based economy with an unbanked population of +350M (~25% of total population). • BLA’s remain a large and enduring market opportunity for growth and acquisitions, due to Findi’s comparative low cost base, making it a natural consolidator. ATM network of 20,933 (8,000 owned, 12,933 3rd party managed) License granted subject to successful SAR governance audit within six months from date of authorisation • The WLA licence allows Findi to franchise ATMs to merchants, enhancing their value proposition by bundling ATMs and FindiPay services. • ~4,000 more WLA’s will join the network via redeployed Findi-branded ATMs from the SBI contract, requiring minimal additional capital expenditure. • Findi is well advanced in further earnings-accretive inorganic growth opportunities, driving continued consolidation in ATM solutions. INDIAN INTERCHANGE RATE • Anticipated Indian interchange rate increase in FY25 from 17 Rupees, expected to directly positively impact bottom line. 13 DIGITAL GROWTH SEGMENT FindiPay’s merchant acquisition strategy is progressing strongly, surpassing 28,111 merchants in FY24, and targeting 60,000 by the end of FY25. The issuance of the new WLA licence will further expand FindiPay’s reach, by offering co-located ATMs as part of a financial services hub to the underbanked of India… 28,111 retail merchants as of May-2024 Targeting 60,000 merchants by FY25 (113% increase) ‘Circular’ ecosystem between cash & digital economies B2C market offering will transform Findi into a full-service finance hub FINDIPAY FindiPay provides merchants with a retail financial hub and digital pipeline integrating payment services DIGITAL BANKING SOLUTIONS B2C SOLUTIONS • FindiPay integrates retail outlets into its network, incorporating their merchant offering into its digital payments platform to facilitate transactions. • Findi aims to transform into a full-service finance hub – a full-stack financial services company, integrating the facilitation of physical cash movements via ATMs and digital payments via FindiPay. Offerings include: • Merchants partnering with Findi’s WLA’s will foster a financial ecosystem by: o money transfers, account openings, bill payments, wealth management, pensions, insurance, lending, loan applications, government and FX services. • As Findi’s ecosystem grows, it will become a complete B2C financial services provider, prioritising faster and more efficient payment solutions. o creating a ‘circular’ ecosystem, connecting the cash economy (via ATMs) and digital economy (via FindiPay) across India; and DIGITAL PAYMENTS GROWTH o developing Findi’s B2C market strategy, by capturing WLA customers. • The growing adoption of digital payments by India’s digitally literate youth, paired with the large number of under/unbanked Indian population, creates significant opportunities for digital service providers. • This transition to consumer-oriented technology diverges from a solely merchantcentric approach. • Government / RBI policies promoting digital payments and fintech innovations are driving demand for faster payment methods. 14 STRATEGIC HORIZON Findi is positioned to bolster the evolving digital banking, payments and financial services landscape in India through its WLA strategy and flagship platform, FindiPay. This digitalisation drive aims to capture a greater proportion of the financial services ecosystem, supporting sustained and sustainable growth while unlocking shareholder value through the proposed TSI India IPO… Findi’s mediumterm strategic outlook aims to expand its footprint in conventional and digital markets, maximising synergies and cross-selling opportunities, whilst unlocking shareholder value through the proposed IPO of TSI India INITIAL PUBLIC OFFERING (TSI INDIA) Value to Findi’s Shareholders FND IS HERE TRADITIONAL ATM BUSINESS Stage 1 – Portfolio Diversification & Expansion • Foster organic expansion via deployment of WLAs at physical FindiPay stores. • Execute further earningsaccretive inorganic growth. • Implement new interchange rates. DIGITAL GROWTH SEGMENT (FINDIPAY) Stage 2 – Digital Transformation • Accelerate FindiPay merchants' expansion to surpass 60,000 in FY25. • Enhance solution capabilities to capture B2C market, following obtainment of WLA licence. Stage 3 – Unlock Shareholder Value (liquidity event) • Intended IPO of TSI India, by the conclusion of CY26 on Bombay Stock Exchange (BSE) providing a liquidity event for Findi’s shareholders. • Expand operations into other geographic regions, including Asia Pacific, leveraging Findi’s intellectual property and expertise. • Capture synergies & crossselling between WLA and FindiPay stores. • Transform into a full-service finance hub – a full-stack financial services company. Growth stages 15 UNLOCKING VALUE AND LIQUIDITY VIA POTENTIAL IPO The proposed listing of Findi subsidiary, TSI India on Bombay Stock Exchange (BSE) will provide a liquidity event for Findi’s shareholders through a compulsory sell-down as part of the IPO process… IMPLIED MARKET CAPITALISATION & UPSIDE POTENTIAL TSI INDIA IPO / LIQUIDITY EVENT EV/EBITDA re-rate potential 2 • TSI India’s intended IPO on the BSE provides liquidity for Findi shareholders. 23.4x – 33.4x • Indian IPOs must allocate a minimum 35% of the issue for RRIs4, requiring a sell-down.