Announcement PDF Q4 FY25 Investor Presentation 29 July 2025 Delivering innovative and scalable payments solutions Payment solutions provider driving innovation in the banking ecosystem Change leverages innovative and scalable technology to provide tailored payment solutions, card issuing and testing to 150+ banks & fintechs across 40+ countries Two core products in the banking & payments ecosystem – Vertexon & PaySim Proprietary payments technology platforms owned and developed in-house Banking as a Service Payment testing Payments as a Service Physical, digital & virtual card issuing 2 Transaction processing for all major card schemes Digital payments (Apple, Google & Samsung Pay), BNPL Full payment simulation ATM & POS emulation 78% 22% of FY25 Revenue of FY25 Revenue Visa, Mastercard, UnionPay, Amex, JCB validation Key Highlights  New Vertexon PaaS client with already established programs signed in Australia and NZ Record revenue driven by increasing PaaS revenues  Signed a number of new projects and licences with existing Vertexon On-Premises and new PaySim clients  FY25 revenue (unaudited) of US$15.1m (A$23.2m), up 42% on pcp US$4.0m (A$6.2m)1 26% US$0.2m 76% (A$0.3m)1 PCP OF REVENUE FROM RECURRING Q4 FY25 REVENUE2 MADIEN POSITIVE FULL YEAR RESULT FY25 UNDERLYING EBITDA2 INCOME STREAMS3 IN FY25 73k+ 133% 4.7m 218% PCP PCP 3 226% US$147m PCP NO. OF CURRENT ACTIVE PaaS CARDS NO. OF PaaS TRANSACTIONS $ VALUE OF PaaS TRANSACTIONS ON PLATFORM PROCESSED IN Q4 FY25 PROCESSED4 IN Q4 FY25 1. AUD/USD = 0.65, all AUD amounts are converted for representation purposes to assist the reader 2. Revenue and Underlying EBITDA are Unaudited. Underlying EBITDA excludes interest included as revenue and share-based payments included as an expense in statutory accounts 3. Includes Support & Maintenance and PaaS transaction fee revenue 4. Transactions are denominated in local currencies and have been converted to USD, Change’s reporting currency, for reporting purposes Vertexon PaaS Metrics Active Cards (thousands) 73k+ cards active in AU & NZ PaaS platform scaling with volume increasing Steady growth in existing client base – particularly from fintech clients as card numbers continue to grow New clients already signed to drive further growth – currently onboarding three clients Focus on growing PaaS platform to drive scale benefits (e.g. margin expansion) Continuing early AU success key given the large opportunity across Oceania 80 70 60 50 40 30 20 10 Q1 Q2 Q3 FY24 Q4 FY25 Transaction Volumes (US$m1) Transactions Processed (millions) 6.0 160 140 5.0 120 4.0 100 3.0 80 60 2.0 40 1.0 20 - Q1 Q2 Q3 FY24 Q4 Q1 FY25 4 1. Transactions are denominated in local currencies and have been converted to USD, Change’s reporting currency, for reporting purposes Q2 Q3 FY24 FY25 Q4 Reducing launch timelines and accelerating PaaS Growth Program launch 3.4 PLATFORM LIVE AUSTRALIA PLATFORM LIVE NEW ZEALAND 3.2 timelines reducing given PaaS platform 3.0 Embedded Finance Fintech (AU & NZ) PLATFORM BUILD PHASE 2.8 (Processing & Issuing) fully live and 2.6 operational NZ Fintech (Processing & Issuing) 2.4 NZ Credit Union 2.0 (Processing & Issuing) Extraordinary 1.8 Global Fintech BIN sponsorship (AU) 1.6 (Issuing only) AU Fintech (Processing & Issuing) 1.4 NZ Fintech BIN sponsorship 1.2 (Issuing only) 1.0 NZ Credit Union 0.8 Extraordinary (Processing & Issuing) 2x NZ Credit Unions 1x NZ Building Society 0.6 NZ Fintech (Processing & Issuing) 0.4 (Processing & Issuing) 0.2 - Q1 5 Q2 Q3 FY23 Q4 Q1 Q2 Q3 FY24 Q4 Q1 Q2 Q3 FY25 Q4 Q1 Q2 Q3 FY26 Q4 Quarterly PaaS Revenue (US$) 2.2 Financial Update – Q4 FY25 Revenue by Quarter (US$m) Q4 FY25 revenue of US$4.0m (A$6.2m¹), up 26% on pcp PaaS now a major Record revenue quarter contributor to revenue 3.7 Growth driven by increasing PaaS revenue 4.0 3.9 3.5 3.2 3.0 Solid base of Support & Maintenance clients 2.3 Continuing to deliver one-off licence sales and professional services projects – in line with expectations 2.2 2.0 2.4 2.3 2.0 FY25 Underlying EBITDA² (unaudited) of US$0.2m (A$0.3m) FY25 Underlying EBITDA (unaudited) of US$1.3m (A$2.0m) excluding US operations Q1 Q2 Q3 FY23 Revenue Contribution (US$m) PaaS (Recurring) Support & Maintenance (Recurring) Licence & Professional Services Other Total % Recurring Revenue 6 Q4 FY24 0.8 1.2 1.1 0.1 3.2 64% Q1 FY25 1.3 1.3 1.1 0.0 3.7 69% Q2 FY25 1.6 1.3 0.5 0.1 3.5 83% 1. AUD/USD = 0.65 2. Excludes interest included as revenue and share-based payments included as an expense in statutory accounts Q3 FY25 1.5 1.3 1.1 0.0 3.9 70% Q4 FY25 1.9 1.3 0.7 0.1 4.0 80% FY24 Q4 FY25 Q4 FY25 PaaS revenue up 142% on PCP 76% of FY25 revenue from recurring revenue streams Financial Update – Q4 FY25 (cont.) operations is delivering Significant improvement in net cash flows from operating activities in FY25 primarily due to: significant cost savings Materially higher cash receipts driven by PaaS clients and operational Stable fixed cost base Exiting the US efficiencies Cash receipts of US$4.3m (A$6.6m¹), up 21% on pcp Cash Receipts by Quarter (US$m) 4.3 3.4 2.3 2.5 3.8 3.7 2.3 2.3 2.5 3.6 2.6 1.8 Cash payments for operating activities2 of US$3.4m (A$5.2m), broadly in-line (up 1%) with pcp Staff costs (approximately 44% of cash payments for operating activities) down 2% on pcp Q1 Q2 FY23 Team in place to enable significant further scale in PaaS clients and volumes Staff costs expected to grow modestly relative to revenue FY24 Q3 FY25 Net Cash from (used in) Operations (US$m) US wind down now complete US$1.1m used in US operations in FY25 Material reduction in operating costs realised in H2 FY25, particularly in Q4 0.7 Cash holdings of US$3.9m (A$6.0m) Additional US$1.0m (A$1.5m) held in cash-backed security guarantees relating to card issuing activities (0.6) (1.2) FY23 7 1. AUD/USD = 0.65 2. Excluding income tax and interest Q4 FY24 FY25 FY25 (ex. US) 1.8 Large Market Opportunity PaySim – Global Opportunity Vertexon PaaS – ANZ Opportunity Strengthened the Sales team in FY25 with the Banking in ANZ is dominated by the big banks appointment of 2 x Powerful modular end-to-end payments testing and certification solution with a global client base Leveraging success in NZ market to target the sizeable AU market Strategic BDMs focused on outbound sales ‘hunting’ Global payment testing market is estimated to be extensive2 Small to medium sized financial institutions (e.g. credit unions, small banks and digital banks) More than 32,000 potential clients globally Non-bank lenders seeking to add card functionality, nonfinancial institutions and embedded finance opportunities Multi billion-dollar global market opportunity Current 140+ PaySim clients is less than 0.5% of total market Credit cards (but not underwriting or providing credit) Global clients supported from existing office locations White label prepaid card brands / issuers Australian Card Payments1 Value A$ (billions) 1,600 1,400 1. Sourced from RBA Data & The Initiatives Group, Market Sizing for Vertexon – Australia & New Zealand Report. FY25-FY28 Forecasts 1,200 FY20–FY24 CAGR 1,000 Debit Cards 12.8% 800 Credit Cards 6.8% 600 2. Sourced from The Initiatives Group, PaySim Market Review Report 8 FY24–FY28 CAGR(F) 400 200 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27 FY28 Debit Card Credit Cards Debit Cards 11.8% Credit Cards 4.2% New license sales typically in the low six-figure range FY25 Results Update & FY26 Outlook Positive outlook as  Exceeded FY25 revenue guidance & expected to deliver maiden positive Underlying EBITDA Change builds  FY25 revenue (unaudited) of US$15.1m (A$23.2m¹), up 42% on FY24 momentum and  Delivered 3-year revenue Compound Annual Growth Rate (CAGR) of 22% to FY25 continues to scale  Maiden positive Underlying EBITDA² (unaudited) of US$0.2m (A$0.3m) in FY25  FY26 Guidance  Revenue expected to be in the range of US$16.5m (A$25.4m) to US$18.0m (A$27.7m)  Significant increase in Underlying EBITDA, expected to be in the range of US$2.5m (A$3.8m) to US$3.5m (A$5.4m)  Expected to be net cash flow positive³ 9 1. 2. 3. AUD/USD = 0.65 Excludes interest included as revenue and share-based payments included as an expense in statutory accounts Excludes any of the Company’s funds that may be required to be held for security deposits relating to its PaaS business or for any future strategic initiatives the Company may decide to undertake Investment Highlights With strong foundations in place, Building Blocks In Place Growth & Scale Focus Marquee Customers Platform live in AU & NZ All regulatory and licensing requirements for card issuing via Vertexon in AU & NZ in place Australian Financial Services Licence in AU & Financial Service Provider in NZ Strong relationship with Mastercard FY25 revenue (unaudited) of US$15.1m (A$23.2m), +42% on PY PaaS revenue scaling Increasing PaySim sales momentum Positive FY26 outlook – strong revenue growth and stable fixed cost base driving material Underlying EBITDA improvement Strong validation of PaaS platform with financial institution and fintech clients in Oceania Long-term relationship with two of the largest banks in the Philippines 5 of the top 10 digital payment companies globally use PaySim for payments testing¹ Product Offering Long-term Contracts Market Opportunity Proprietary payments technology platforms Vertexon: leading card management system for processing & issuing PaySim: default standard for eftpos testing in Australia. All participants must use PaySim to validate their technology and systems Longer term client relationships with initial contract terms typically 3-5 years Given critical nature of service provided, challenging to switch from Vertexon Continued move towards digital payments as cash usage declines Vertexon: significant card issuing market opportunity in AU & NZ PaySim: <0.5% share of an estimated multi billion-dollar global market opportunity Change is focussed on delivering profitable growth 10 1. https://www.emergenresearch.com/blog/top-10-leading-digital-payment-companies-in-the-world Appendix Vertexon in the payments process Change’s role in the payments process depends on the region, client type and services provided  Processing: An Issuer (Change’s client) using the Vertexon Platform (technology only) to manage their cards – client is the Issuer and cards can be issued on any card network supported by Vertexon  Processing & Issuing (P&I): A client using the Vertexon Platform (technology) to manage their cards with Change as Issuer (regulatory & licence) – Change is the Issuer and cards are issued on the Mastercard Network 2 3 1 2 3 Transaction submitted – merchant acquirer asks card network to get authorisation from the issuer (i.e. customer’s bank) Change (as Issuer) 1 5 Acquiring Bank (Acquirer) Merchant 5 5 P&I: Authorisation requested – card network submits transaction to Change (as Issuer) for authorisation Processing: Authorisation response – using Vertexon Platform issuer authorises the transaction and routes the response back via the card network and acquirer Processing: Settlement – card network debits the issuer and pays the acquirer who in turn makes payment to the merchant 5 6 6 Processing: Authorisation requested – card network submits transaction to issuer for authorisation P&I: Authorisation response - using the Vertexon Platform Change (as Issuer) authorises the transaction and routes the response back via the card network and acquirer Issuing Bank (Issuer) Card Networks P&I: Customer pays with a Change issued Mastercard & purchases goods/services from a merchant Payment authenticated – the merchant point-of-sale system captures the customer’s account information & securely sends it to the acquirer (i.e. merchant’s bank) 4 4 Processing: Customer pays with card (all card networks supported) & purchases goods/services from merchant P&I: Settlement – card network (Mastercard) debits the issuer (Change) and pays the acquirer who in turn makes payment to the merchant 12 Cards can be physical and virtual cards (inc. Apple Pay, Google Pay, etc.) available via Vertexon Vertexon product offering Vertexon offering can Processing Processing & Issuing be tailored by client to Overview • Provide core technology to enable card issuing and management including: o Transaction processing o Card management o Fraud monitoring o Digital and virtual cards o BNPL functionality • Platform offers innovative processing capabilities to rival the major banks in a capital efficient manager (Change responsible for PCI DSS compliance, hosting etc) • Client responsible for card issuing – client holds the necessary scheme and regulatory licences • Provide Processing capability + the following key card Issuing capabilities: o Card design and production o Card issuing o AML / CTF o Settlement and reconciliation o KYC & Onboarding • Change responsible for card issuing – Change holds the necessary scheme (Mastercard) and regulatory licences (i.e. AFSL in Australia, FSP in NZ) Cards Supported • Prepaid, Debit and Credit • Prepaid and Debit Target Clients • Banks & financial institutions • Large entities with direct issuing capability • Migration of key existing Vertexon On-Premises clients • Mid / Small banks & financial institutions incl. credit unions • Fintechs and corporates • BIN sponsorship Regions • Global - processing does not require scheme or regulatory licences • Australia and New Zealand offer services that best suit client and end customer needs Supported Schemes 13 Market Overview – New Zealand  Banking in New Zealand is dominated by the Big 4 banks  27 registered banks plus several credit unions & building societies  No payment aggregation services providers for smaller players & historically limited innovation outside the Big 4 Banks  Estimated that small financial institutions make up just less than 10% of the market¹  In addition to continuing to target the financial institution market segment, there are further opportunities in:  Prepaid cards – current clients include employee benefits provider & a prepaid gift card client signed in Q1 FY25  Further opportunities in insurance, gaming, government & healthcare sectors  Debit card – current client includes personal wealth management client with >500k members signed in Q2 FY25  Further opportunities include non-bank corporate lenders, embedded finance and other non-financial institutions New Zealand Card Payments1 Volume (millions) Value NZ$ (billions) 897 52 1,137 1. Sourced from The Initiatives Group, Market Sizing for Vertexon – Australia & New Zealand Report 2. Excludes ATM transactions processed by Change 14 57 Debit Annualised Run Rate Market Share Transaction Volume c.19.4m <1% Transaction Value c.NZ$1.0b <1% Credit Total Card Payment Transactions 2 billion+ Total Card Payment Spend NZ$109 billion  Change estimated debit market share2 of small financial institutions is approx.15% Market Overview – Australia Australian Annual Transaction Volume by Type of Retail Payment 1 Card based payments now dominate Australia Total Number of Transactions (billions) transaction volume in Scheme & EFTPOS Debit Cards 12 10 8 6 4-Party & 3-Party Credit & Charge Cards 4 2 0 2003 2004 2005 2006 Debit Cards 2007 2008 2009 2010 Credit & Charge Cards 2011 2012 Direct Debit 2013 2014 2015 Direct Credit 2016 2017 2018 ATM Cash Withdrawals 2019 2020 Cheques 2021 2022 2023 2024 NPP Australian Card Payments1 Volume (billions) Value A$ (billions) 25.0 1,600 1,400 20.0 15.0 FY20–FY24 CAGR 1,200 FY20–FY24 CAGR Debit Cards 10.5% 1,000 Debit Cards 12.8% Credit Cards 5.8% 800 Credit Cards 6.8% 10.0 FY24–FY28 CAGR(F) 1. Sourced from RBA Data & The Initiatives Group, Market Sizing for Vertexon – Australia & New Zealand Report. FY25-FY28 Forecasts 15 5.0 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27 FY28 Debit Card Credit Cards Debit Cards 12.9% Credit Cards 3.5% 600 FY24–FY28 CAGR(F) 400 200 FY20 FY21 FY22 FY23 FY24 FY25 FY26 FY27 FY28 Debit Card Credit Cards Debit Cards 11.8% Credit Cards 4.2% Market Overview – Australia (cont.)  Whilst the Big 4 banks have a significant position in the Australian card issuing market, there is a materially larger opportunity than in New Zealand  Change is seeking to leverage the recent success in the NZ market to target the sizeable AU market  Small to medium sized financial institutions (e.g. credit unions, small banks and digital banks)  Non-bank lenders seeking to add card functionality, non-financial institutions and embedded finance opportunities  Credit cards (but not underwriting or providing credit)  White label prepaid card brands / issuers Australian Card Payments Value1 Debit Cards Personal Credit Cards 61 146 Prepaid Cards 2 38 13 10 437 221 1. Sourced from RBA Data & The Initiatives Group, Market Sizing for Vertexon – Australia & New Zealand Report. FY25-FY28 Forecasts 16 Total A$583 billion Total A$320 billion Addressable Market Big 4 Banks Major Card Providers & Closed Networks Total A$25 billion PaySim Market Overview – Global  Extremely powerful modular end-to-end payments testing and certification solution embedded into tier 1 banking and payments institutions globally  Core based on global messaging standard ISO8583  Default standard and benchmark for EFTPOS testing in Australia  Global payment testing market is estimated to be extensive¹  More than 32,000 potential clients (inc. card issuers, acquirers, ATM deployers, financial institutions & fintechs)  New license sales are typically in the low six-figure range  Multi billion-dollar global market opportunity  Key focus & opportunities for growth:  Partner / reseller network – leverage existing partner network to drive sales and secure new partners / resellers  Direct sales – outbound direct client sales supported by marketing activities  Cross sell / upsell – upgrade existing clients to adopt more Number of Market Share PaySim Clients 140+ <0.5% modules and deepen integration into client’s systems 1. Sourced from The Initiatives Group, PaySim Market Review Report 17  Product development – new products and features to meet additional payments testing requirements  PaySim is a powerful payments testing tool, ensuring seamless transactions before they go live, can be sold globally and supported from Change's existing office locations PaySim: critical payments infrastructure testing tool Software facilitates remote testing without the need for physical devices such as ATMs & POS  Simulates the full transaction lifecycle, enabling banks & fintechs to complete end-to-end testing of their payment platforms, processes & scheme rule compliance  Enables financial institutions to test their payment systems to meet the reliability & performance expectations of their customers terminals Licence Model Growth Strategy Description Licences Additional Modules SaaS Model Maintenance New licence sales to New licence sales for c.20% p.a. of licence new clients additional features & module sales Monthly Subscription Key benefits of SaaS solution for client All in monthly subscription fee  Reduced capex  Access to new Revenue type One-off upfront One-off upfront Recurring Recurring features & updates as they are 18 Target clients New banks, financial institutions & fintechs Primary sales channels Partnerships (e.g. EFTPOS mandate), resellers & direct Existing clients Direct & retargeted marketing - New banks, financial institutions & fintechs - Partnerships (e.g. EFTPOS mandate), resellers & direct released  API & cloud focused solution (improves scalability) Disclaimer Change Financial Limited ASX: CCA Important Notice This presentation has been prepared by Change Financial Limited (Change Financial) in good faith. 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Such forwardlooking statements only speak as at the date of this announcement and Change Financial assumes no obligation to update such information. 19 Thank you. Get in touch investors@changefinancial.com