#1EMI.. 16 FEBRUARY 2022 Half Year 2022 Interim Results.#2↓ Tom Cregan Managing Director & Group CEO Rob Shore Group CFO 01 Business Update incl. Strategy Update 02 H1 FY2022 Financial Results incl. FY2022 Guidance 03 Q&A 04 Analyst Briefing Data Important Notice This investor presentation has been prepared by EML Payments Limited ABN 93 104 757 904 (EML) and is general background information about EML's activities current as at the date of this presentation. This information is given in summary form and does not purport to be complete. Information in this presentation should not be considered as advice or a recommendation to investors or potential investors in relation to holding, purchasing or selling securities and does not take into account your particular investment objectives, financial situation or needs. Before acting on any information you should consider the appropriateness of the information having regard to these matters and seek independent financial advice. An investment in EML securities is subject to known and unknown risks, some of which are beyond the control of EML. EML does not guarantee any particular rate of return or the performance of EML. This presentation may contain forward looking statements including statements regarding our intent, belief or current expectations with respect to EML's businesses and operations, market conditions, results of operation and financial condition, capital adequacy, specific provisions, contingent liabilities and risk management practices. Readers are cautioned not to place undue reliance on any forward looking statements. Unless otherwise specified all information is for the six months ended 31 December 2022 ("H1 FY22"), and is presented in Australian Dollars. Unless otherwise stated, the prior comparative period refers to the six months ended 31 December 2021 ("H1 FY21"). Disclaimer The information contained in this update is provided for general information purposes and is a summary only. The content of the update is provided as at 16 February 2022. Given the uncertain, unpredictable and volatile nature of business and economic conditions across the world as a consequence of the COVID-19 pandemic, and the significant influence of some third parties (such as regulators) on the business, reliance should not be placed on the content of this presentation or opinions contained in it. Further, subject to any legal obligation to do so, EML does not have any obligation to correct or update the content of this presentation. The update does not and does not purport to contain all information necessary to make an investment decision, is not intended as investment or financial advice (nor tax, accounting or legal advice), and must not be relied upon as such. The update is of a general nature and does not take into consideration the investment objectives, financial situation or particular needs of any particular investor. Any investment decision should be made solely on the basis of your own inquiries, including inquiries beyond the scope and content of this update. Before making any investment in EML, you should consider whether such an investment is appropriate to your particular investment objectives, financial situation, risk appetite and needs. EML is not licensed to provide financial product advice in respect of its shares. About Us At EML we develop tailored payment solutions for brands to make their customers lives simpler. Through next-generation technology, our portfolio of payment solutions offers innovative options for disbursement payout's, gifts, incentives and rewards. We're proud to power many of the world's top brands and processed over $30 billion in GDV in H1 FY2022 across 32 countries in Australia, EMEA and North America. Our payment solutions are safe and secure, easy and flexible, providing customers with their money in real-time. We know payments are complex, that's why we've made the process simple, smart and straightforward, for everyone. For more information on EML Payments Limited, visit: emlpayments.com This ASX announcement has been authorised for release by the Board.#3EML Payments H1 FY2022 Financial Results Mission. We create awesome, instant and secure payment solutions that connect our customers to their customers, anytime, anywhere, wherever money is in motion. Vision. Purpose. To offer customers a feature rich, fully embedded payment solution, via a simple, single touchpoint. Inspiring transformative digital change for our customers and communities. 03#4EML Payments H1 FY2022 Financial Results About Us EML is an ASX listed (ASX: EML) Payments Technology company operating proprietary processing platforms that enable Fintech disruption Group GDV1 $31.6bn We operate across the Globe 5 Year GDV CAGR¹ 75% 5 Year Underlying EBITDA12 CAGR 37% In excess of 9m Gift & Inventive Cards issued annually In excess of 4m Active General Purpose Reloadable Cards Operating in 32 Countries 2 Underlying EBITDA & Underlying NPATA excludes the impacts of AASB3 Business Combinations and costs associated with the Central Bank of Ireland investigation. A reconciliation is provided in the Analyst briefing data pages appended to this presentation 1 Figures for the 6 months ended 31 December 2021 H0 04#501 Business Update EMI.. Money in Motion#6EML Payments H1 FY2022 Financial Results Financial Results GDV $31.6bn UNDERLYING EBITDA² $26.9m Revenue¹ $114.4m 20% 209% 4% 06 Underlying NPATA² $13.1m 6% Cash At Bank $86.2m 39% Key Takeaways Strong GDV growth (+209%) - organically in all segments and acquisitive with the consolidation of Sentenial for 3 months from October 2021 - Strong Revenue growth (+20%) - in all segments GP margins impacted by lower net interest (down $2.7m) and lack of European set up fees (down $2.4m). Net interest impact of $2.7m vs H1 FY2021, or 4% of Gross Profit. Interest revenue will improve in H2 FY2022 as announced Central Bank interest rate increases improve yields Overheads increased, particularly in Europe and includes consolidation of Sentenial and leaves EML well positioned to support future revenue growth 1 Revenue is adjusted for the non-cash amortisation of the AASB3 fair value uplift to bond investments 2 Underlying EBITDA & Underlying NPATA excludes the impacts of the non-cash amortisation of the AASB3 fair value uplift to bond investments and CBI and related costs. A reconciliation is provided in the Analyst briefing data pages appended to this presentation 3 Percentage movement has been calculated based on the prior comparative period, H1 FY2021, unless otherwise noted.#7EML Payments H1 FY2022 Financial Results Malls Volumes up on Increased Foot Traffic GDV was up 26% on H1 FY21 GDV up 6% on H1 FY20 (pre-COVID-19) despite the impact of Omicron on December results Canada: ― Volumes improved on both H1 FY21 and H1 FY20, up 84% and 11% respectively Some social distancing restrictions were re- introduced in December USA: — Volumes improved on both H1 FY21 and H1 FY20, with GDV up 17% and 57% respectively GDV +26% Nordics — Improved trading conditions across the period saw GDV volumes increase United Kingdom: Effects of Omicron felt through December, with additional restrictions put in place across Scotland, Wales and Northern Ireland +52% +15% Rest of Europe: — Further restrictions introduced in December impacted volumes Germany - Some malls continue to remain closed impacting volumes in January 10 07#8EML Payments H1 FY2022 Financial Results Digital Payments - Sentenial Open Banking Continuing Growth Sentenial Key Highlights H1 FY2022 Open banking volumes have grown 30% for the six months to 31 December 2021 vs PCP Key Wins - FedEx (via Visa Cybersource) ― The Economist — — - (via Visa Cybersource] Fiat Chrysler (via Visa Cybersource] - Crosspay Cocoon partnership for Car Dealerships - Jeeves Integration Plan Update ― Integration Plan well progressed ― Agreed Growth/investment plan Sentenial Contribution H1 FY2022 (consolidation from completion date of 1 October 2021) - GDV Revenue - Overheads ― Underlying EBITDA = $19.5bn = $2.7m = ($2.1m) = $0.2m Total Digital Payments GDV - YTD (Dec21) Open Banking Volumes 80m 70m 20% 60m 50m 1% 40m 30m 79% 20m Open banking Direct debit Digital payments (DP) 10m 30% Growth vs PCP January 2020 - December 2020 January 2021 - December 2021 08#9EML Payments H1 FY2022 Financial Results H1 FY2022 Highlights - - - - - Launched Seamless - our newest payments portal through our partnership with Interchecks Hydrogen platform went live in July 2021 Re-signed PCS, one of our largest European clients with the addition of further product offerings Completed the acquisition of Sentenial Ltd enabling EML to enter the European open banking industry Sentenial signed 34 new contracts during the half - - - - Strong Revenue growth - (+20%) in all segments Signed 33 new contracts Across Europe we launched 22 new programs in December PFS Card Services (Ireland) Ltd (PCSIL) was permitted to sign new customers and onboard new programs Significant investment in our European business particularly compliance to support remediation and ongoing improvements Providing EML with a competitive advantage in the e-Money landscape as regulator compliance requirements continue to increase Number of senior hires in the European region 60 09#10EML Payments H1 FY2022 Financial Results New Contracts and Program Launches EML (excl. Sentenial) GPR 24 DP 33 TOTAL CONTRACTS SIGNED IN H1 FY22 1 ᏀᏋᏞ 8 DP 9 Sentenial During H1 FY22 Sentenial signed 34 new contracts GPR 45 85 NEW PROGRAMS IMPLEMENTED IN H1 FY22 G&I 31 SALES PIPELINE (INCL. SENTENIAL) +$13.6bn Projected year 3-4 GDV 439 deals GPR-212 G&I - 106 DP-121 Historical win rate 40% 10#11EML Payments H1 FY2022 Financial Results Digital Program Launches OF SHOP! card 1:48 COINJAR ****2007 Coin Jar Card Card details Manage card $4,260 Spending Spend account Everyday Bitcoin > Remaining daily limit $5,000.00 Recent activity Apple Store Chadstone $749.99 6 August 2021 Country Road 5 August 2021 Cand $149.95 Crosspay What would you like to do today? cross ay MONEY TRANSFER crosspay giving 11 CF Cadillac Fairview A first for the shopping mall category in Canada, Cadillac Fairview launched a new digital gift card giving shoppers the ability to buy and receive digital gift cards instantly. ● COINJAR Coinjar are pushing the boundaries of innovation with a prepaid card that enables real time spending of crypto anywhere Mastercard is accepted. Launched in Australia & UK. crosspay Crosspay is a British cross border payment platform adopting open banking payments to collect both faster payments and SEPA into Nuapay issued current accounts.#12EML Payments H1 FY2022 Financial Results Earned Wage Access & Employee Wallets 401(PLAY) Z ZayZoon USA Enables companies to offer travel as a benefit. Offers an employee an online vacation planning & budgeting wallet. USA Leading earned wage access business allows employees to instantly access their earned wages on-demand instantly with a prepaid card. Today is the new payday Get your wages as you earn them. Avoid late bill payments, overdraft fees, and payday loans. 15:20 ZayZoon Wages Available $428 New Payout Wages Already Accessed $0.00 No Deductions Scheduled Z ZayZoon Darkboard Payout Wellness Proflie 12#13EML Payments H1 FY2022 Financial Results Fintechs launching digital solutions FLx Prepaid Prepaid flx flx ⓇSabadell Nomo is a BaaS digital tool to control the accounting, finances and of SMEs. Nomo provides customers with an IBAN and mobile prepaid cards to allow customers to receive, make payments, and control expenses. Username Password Forgot? Sign in Sign into my account Don't have an account? Prepaid flx Sflexischools Flexischools, online school platform for parents, schools and suppliers has launched a pocket money product to help children save, spend and learn financial literacy. 13#14EML Payments H1 FY2022 Financial Results Fintechs launching digital solutions moneyme Freestyle virtual Mastercard® The feature-packed low rate card that says goodbye to plastic, forever! SA moneyme Freestyle Apply now GA AUTO PAY MoneyMe developed proprietary tech that allows car loans to be settled within hours by both brokers and auto dealers to create Autopay. MoneyMe will extend the Freestyle line of credit product to their new incredibly fast growing, high value customer base. Society One With the acquisition of Society One, MoneyMe will extend the Freestyle line of credit product to Society One customers. Society One has 25k active loan customers, and 147k engaged in their credit score wellness product. 14#15EML Payments H1 FY2022 Financial Results AptPay-partnering with NRT Technlogy EML's first GPR program in Canada. Disbursement program catering to needs of the unbanked, challengers, nontraditional banking market, gig economy and gaming industries. AptPay enables the instant disbursement of funds through its prepaid physical, virtual or digital cards products. AptPay has partnered with NRT Technology to enable casinos and online gaming sites to instantly disburse winnings onto a prepaid card or mobile wallet for guests and players. The service called smartSEND, will be available to all land based and online casinos in North America. a NRT TECHNOLOGY ap AptPay simple.safe.securel EMI.. 15#16EML Payments H1 FY2022 Financial Results Innovative Partnership with PCS, France PCS launches another new product innovation with EML this year, continuing our strategic partnership to digitise cash for French citizens that are underbanked or looking at an alternate non-bank solution. 2017 New Programs FC Nantes DiaCash Oren Cash Campusea Products GPR 2018 New Programs PCS Acterim PCS Optimisy PCS Cash Convertors 2020 New Programs PCS print on demand Products 2021 Contactless Cards New Programs IBANS PAYS PCS Incentives 2022 New Programs PCS X Metal Cards PCS LEE M. CARDHOLDER TЕEW CVBDHOгDEB 16#17EML Payments H1 FY2022 Financial Results Legal Update On 16 December 2021 Shine Lawyers filed group proceedings in the Supreme Court of Victoria. The proceedings allege that EML did not comply with its disclosure obligations and engaged in misleading and deceptive conduct regarding disclosure. The allegations relate to EML's governance arrangements as regards its Irish subsidiary, PFS Card Services Limited (PCSIL), and PCSIL's interaction with the Central Bank of Ireland (CBI). EML does not consider that it has engaged in misleading and deceptive conduct, and considers that it has at all times complied with its disclosure obligations. EML has engaged highly experienced and leading class action defence lawyers and will vigorously defend the proceedings. It is currently premature to determine the impact (if any) of the class action on EML. - As class action proceedings can take an extended period to resolve and EML is resolute in its intention to defend, EML has recognised a $10,500,000 provision for the highly likely legal costs that are expected to be incurred in defence of the claims. EML intends to seek an order for security for such costs from the class action Plaintiffs. Costs provided for are excluded from the underlying results. 4 " A 4 .. . 4 740 9 A 17#18EML Payments H1 FY2022 Financial Results We are making great progress on Accelerator, our 3 year strategy EMI.. Digital Product Strategy Nuapay open banking integration team mobilised and scoping is on track Launched Seamless - our latest fully white label portal solution New universal 3DS product set to go live across all regions in March Global Technology Infrastructure TRACE - proprietary modern cloud based processor Completed first round of migrations - - Originated one of our largest programs to date - 1.4m cards in under 4 weeks A single source of data, globally Global 'follow the sun' tech support pilot underway between Europe & Australia EMI.. FIN LAB Investing in strategic partnerships that help EML to expand our product and distribution Interchecks - 4× return on investment (based on current valuation); following recent Series B US$16m equity raise Purpose Driven Alignment Our people are our most valuable asset when it comes to delivering on this strategy so a focus on communication and new operating rhythms have been critical to the success 18#19EML Payments H1 FY2022 Financial Results Launched our newest product solution, Seamless - a fully white label payments portal Seamless EML's Newest White-Label Payment Portal Solution EML Seamless offers merchants ability to disburse funds to end users through a multitude of digital payment options seamlessly using the user's email address. The solution is seamless for merchants to integrate via APIs or use of our fully white-label payment portal. 19#20EML Payments H1 FY2022 Financial Results Seamless Simple, Powerful API Use our REST API to quickly enhance, scale, and automate your payouts. Our Disbursements Portal's a la carte payment services and 1099 compliance offering allows you to tailor your payouts to accommodate an increasingly diverse set of recipients and use cases. Drop our Disbursements Portal into your UI Quickly and easily add a suite of payment options to your website or mobile app with our Disbursements Portal's drop-in payouts Ul. Our simple, pre- formatted Ul fits seamlessly into your user experience and manages the secure collection of payment data, real-time execution of payments and 1099 compliance. Your Platform Disbursements Portal API ☑ P Virtual Card Plastic Card Direct Deposit eCheck Paypal Express Transfer Paper Check Feature White-labeled Multiple Payout Methods Simple Integration Low Tech Integration Offering multiple payout options Easy Capture [email and amount owed) Cost and value based fee structure Enhanced Pre-paid card revenue options 1099 Reporting Benefit Merchant branded Merchant driven or consumer choice Fast implementation Minimal IT and operational support Positive consumer experience Simplified Data Capture/Remittance Manage costs and drive behavior Earn profits on payouts Meet tax reporting requirements 20#21EML Payments H1 FY2022 Financial Results Interchecks & Hydrogen interchecks A fully customisable non-card payment platform | EML. Money in Motion Enroll Today Our simple enrollment process is the fastest way to accept payments. Email address Access Code E-sign Consert and Percy Contrue Choose a Payment Method Spit your payment between two payment machoa 5412 EXP 12/24 Direct Deposit O MasterCard Virtual Card AMC Vid ted to you and mo Avody have an account? Sign in here Cantlocoto your Access Code? Contact your Porto Admin Instant Deposit ($1.00 Fee) deposit your bon 18 p arranty Oncends Tell us the method of payment you want 凹 Face ID Pa NO 117 B EMI.. A fully customisable non-card payment platform giving businesses the choice of how they pay and get paid Invested USD2M @ USD20M pre money as part of Series A raise Interchecks raised USD16m in a Series B funding round in January 2022 Recognised a gain through Other Comprehensive Income of $6.1m during H1 FY2022 based on the most current valuation adjusted for a non-active market discount. HYDROGEN A true out-of-the-box prepaid consumer card solution powered by EML - HYDROGEN Embedded Finance Simplified HYDROGEN Hydrogen Cards Fintech is Hard. We Make it Easy and Embeddable. CARE YOUR LOUD A banking and finance platform that embeds finance solutions for fintechs and SMBs through no/low code options Went live in July 2021 Hydrogen announced in January that they've reached 200 card programs on their platform since launch date 21#2202 Financial Performance. EMI.. Money in Motion#23EML Payments H1 FY2022 Financial Results Key Financial Messages - - - - GDV growth strong - up 209% driven by Sentenial acquisition and growth in all segments; Revenue growth strong - up 20% on PCP with growth from all segments; Gross Profit of $75.4m', up 12% on PCP, with GP margin of 66% down on PCP by 5%. GP impacted in H1 by a drop of $2.7m in net interest income relative to PCP, or a 4% impact on GP margin; Underlying Overheads growth of $9.3m², up 24% on PCP impacted by additional resources to support the CBI remediation, insurance and audit cost increases and the consolidation of Sentenial for 3 months from October 2021; - The surge in Omicron in late November led to social distancing restrictions being introduced in December in certain key markets for our G&l segment, particularly Canada, Germany and the UK. We saw volumes in these markets impacted in the key seasonal period, impacting G&l volumes in H1. Despite this, G&I recorded record H1 GDV at $0.9bn; Expect 2H improvement - A number of initiatives have been completed or are underway that will deliver benefits to H2 FY2022 performance; We remain in line with our guidance expectations as H2 FY2022 will benefit from improved trading conditions, including: - improved interest revenue with further investments in bonds and the benefit of 40bps improvement in the GBP cash rate (+15bps in Dec 21 and +25bps Feb 22); - improved economics on revised commercial agreements with our schemes; introduction of new inactive account maintenance fees on European GPR programs is expected to result in a recurring revenue stream and a non- recurring catch up for historical programs; commenced launching new European programs in December as CBI licence restrictions eased: - Provided $10.5m for highly likely future legal costs in relation to the Group proceedings brought by Shine Lawyers, which we intend to vigorously defend. We will be seeking a Court order for security over these costs. We have an insurance policy which we expect to cover this event, subject to a deductible element, however this asset cannot be recognised until it is considered virtually certain. 1 Gross Profit is stated excluding the non-cash amortisation of the AASB3 fair value uplift to bond investments. 2 Underlying Overheads excludes CBI and related costs including the provision for the Shine Group Proceedings litigation defence 23#24EML Payments H1 FY2022 Financial Results Financial Performance - Strong GDV and Revenue Growth ($'000s) GDV TOTAL REVENUE¹ Revenue conversion bps H1 FY2021 H1 FY2022 GROWTH 10,212,313 95,329 31,558,151 209% 114,416 20% 93bps 36bps (61%) GROSS PROFIT 67,252 75,407 12% GP margin 71% 66% (5%) OVERHEAD EXPENDITURE (Incl. R&D tax offset) (39,198) (48,544) 24% Costs in relation to CBI matter provided & incurred EBITDA (Incl. R&D tax offset) (12,659) (100%) 28,054 14,204 (49%) GDV $31.6bn UNDERLYING NPATA 1,2 $13.1m Addback: Costs in relation to CBI matter 12,659 100% UNDERLYING EBITDA (Incl. R&D tax offset)¹ 28,054 26,863 (4%) UNDERLYING EBITDA margin 29% 23% (6%) Depreciation & amortisation (14,824) (14,159) 4% 209% on PCP 6% on PCP Share-based payments (2,876) (3,580) (24%) Fair value adjustment (AASB3, contingent consideration and financial assets) Other (57,510) (464) 99% (2,261) (5,725) (153%) Underlying Net Profit / (Loss) before tax (49,417) 2,935 106% Tax (including Research and Development tax offset) Subtract: Tax in relation to CBI matter provided & incurred (1,878) (2,350) (25%) (3,558) (100%) Revenue¹ $114.4m 20% on PCP UNDERLYING EBITDA¹ $26.9m Underlying Net Profit after tax (51,295) (2,973) 94% Add back: Acquisition related adjustments³ 10,841 15,589 (19%) Add back: FV on contingent consideration³ 51,771 (100%) Subtract: Gain on cashflow hedge³ (543) (100%) 4% on PCP Add back: Non cash amortisation of AASB3 fair value uplift to bond. investments³ 1,033 989 (4%) UNDERLYING NPATA 1,2 12,350 13,062 6% 1 Revenue, EBITDA & NPATA are stated excluding the impacts of the non cash amortisation of AASB3 fair value uplift to bond investments and CBI and related costs, including the Shine Group Proceedings. 2 NPATA represents the profit generated by the business excluding all acquisition related costs including; amortisation, contingent considerations, share based payments and cash expenses that relate to acquisitions. 3 AASB3 Acquisition adjustments include amortisation arising on fair value adjustments to acquired balance sheets, acquisition costs and other costs where directly attributable to acquisitions.#25EML Payments H1 FY2022 Financial Results Segment Performance General Purpose Reloadable (GPR) Use cases - Banking as a service, Software as a service, Neo-lending, Multi-currency, Government, Non Governmental Organisations GDV Revenue GP% Yield $69.6m 56% 111bps $1.8bn $1.4bn $1.5bn $4.9bn $6.3bn $53.4m (H1 FY21) 63% (H1 FY21) 112bps (H1 FY21) H1 FY18 H1 FY19 H1 FY20 H1 FY21 H1 FY22 Highlights Strong revenue growth across all verticals, with largest growth coming from digital banking, government and payroll programs Gross margins down on PCP due to impacts of lower net interest and CBI restrictions on new program launches which reduced establishment income Gift & Incentive (G&I) Use cases - Mall gift cards, Employer incentives, cross-sell, consumer incentives GDV Revenue GP% Yield $37.1m 81% 408bps $0.5bn $0.7bn $0.8bn H1 FY18 H1 FY19 H1 FY20 H1 FY21 H1 FY22 $0.8bn $0.9bn $35.0M (H1 FY21) 82% (H1 FY21) 466bps (H1 FY21) Digital Payments (DP) Use cases - Commercial Payments, Buy Now Pay Later Highlights Revenue up 6% on PCP, primarily from improved mall volumes, particularly in Canada through to mid November, prior to Omicron impacts Malls performance improved vs PCP however the impact of Omicron (particularly in Canadian, UK & German malls) led to lower than expected mall traffic and mall volumes in December Sentenial results consolidated from 1 October 2021 Revenue yield drops due to consolidation of Sentenial direct debit business which yields less than 1bp. Sentenial GDV - excl Sentenial Highlights Revenue GP% Yield $19.5bn $7.7m 82% 3bps $1.3bn $2.1bn $4.3bn $4.6bn $4.9bn $5.8M (H1 FY21) 73% (H1 FY21) 13bps (H1 FY21) H1 FY18 H1 FY19 H1 FY20 H1 FY21 H1 FY22 Figures specified above are for the six months ended 31 December 2021 ('H1 FY2022'), presented in Australian Dollars. Unless otherwise stated, the prior comparative period refers to the six months ended 31 December 2020 ('H1 FY21'). 25#26EML Payments H1 FY2022 Financial Results Gross Debit Volume (GDV) GDV $31.6bn 2099 GDV by Segment (A$m) 5 Year CAGR 75% $19.5m General Purpose Reloadable (GPR) $6.3bn 29% Strong growth in GDV volumes primarily in Europe where key programs PCS, Correos and Home Office grew strongly against PCP. Continued to see growth across gaming and salary packaging verticals. Pipeline for GPR segment remains strong and focussed on larger opportunities. Gift & Incentive [G&I) • • $0.9bn 21% Significant recovery from impacts of COVID in the prior year. GDV was up $0.15bn vs PCP, with GDV exceeding pre-COVID volumes in Europe and North America. The Omicron wave led to social distancing restrictions in some key markets, particularly Germany, UK and Canada which impacted GDV in the key trading month of December. Incentives programs continued growth, up 4% vs PCP. • Digital Payments [DP) $24.4bn 431% Digital Payments now incoporates our VANs vertical together with Sentenial from 1 October. Sentenial Direct Debit and Open Banking volumes contributed $19.5bn ($19.12bn from the direct debit business and $0.33bn from Open Banking) of the $19.8bn uplift seen over PCP. $3.6m $4.2m $6.6m $10.2m $12.1m H1 FY18 H1 FY19 H1 FY20 H1 FY21 H1 FY22 Total (excluding Sentenial) Sentenial CAGR EML generates revenues from processing payment volumes on our processing platforms. The gross value of these transactions are defined as Gross Debit Volumes ('GDV') and are a key indicator of current & future revenues. Malls $0.6bn Incentives $0.3bn EML $4.9bn Sentenial $19.5bn 26#271 EML Payments H1 FY2022 Financial Results Revenue Revenue¹ $114.4m Revenue by Segment (A$m) 5 Year CAGR 33% $33.9m $47.2m $59.2m $95.3m 20% $114.4m General Purpose Reloadable (GPR) $69.6m 28% High levels of demand for our products continued to drive strong growth in Europe and Australia. • The CBI regulatory matter impacted the ability to launch new programs in the period, reducing establishment income. The restrictions were eased in late November and we expect improved levels of establishment income in H2 FY2022. Gift & Incentive [G&I) $37.1m 6% up G&I segment performed well to November, when the impacts of the Omicron variant of COVID-19 resulted in social distancing restrictions being re-introduced into certain key markets. Segment revenue increased $2.1m, or 6%, on PCP. This offset $5m of one off elevated breakage rates in the PCP driven by COVID-19. • We will recognise $4.2m of breakage income in H2 FY2022 on first half GDV under AASB15. (H1 FY2021 $3.8m). Digital Payments (DP) $7.7m 33% Sentenial contributed $2.7m of revenue in the 3 months from acquisition date [30 September 2021). H1 FY18 H1 FY19 H1 FY20 H1 FY21 H1 FY22 G&I GPR DP DP Sentenial Other Revenue is stated excluding the impacts of the non-cash amortisation of the AASB3 fair value uplift to bond investments. EML $5.0m Sentenial $2.7m 27#281 EML Payments H1 FY2022 Financial Results Gross Profit Gross Profit $75.4m Gross Profit Margin by Segment 5 Year CAGR 29% $24.4m $34.4m $44.8m ▲ 12% $75.4m $67.3m • · General Purpose Reloadable (GPR) $39.1m 15% Gross Profit margins for the GPR segment were lower at 56%. During the period the Group launched new programs on the TRACE processor. In H2 FY2022 we will commence moving some of the larger existing programs which should provide benefits from lower processing costs. EML has put in place initiatives to increase our investment in bonds to offset negative interest charged on stored value float balances which has impacted GP margins materially this half. Gift & Incentive [G&I) $30.0m 4% Gross Profit margins for the G&I segment were down 1% to 81%. Improving Central bank interest rates will drive higher interest income in H2 and future periods. Digital Payments (DP) $6.3m 48% Addition of high Gross Profit Margin Sentenial business improved Gross margins in the Digital Payments segment. Excluding Sentenial Gross Profit for the Digital Payments was down 8% from a change in customer mix. H1 FY18 H1 FY19 H1 FY20 G&I GPR DP H1 FY21 H1 FY22 DP Sentenial Gross Profit is stated excluding the impacts of the non-cash amortisation of the AASB3 fair value uplift to bond investments. EML $3.9m Sentenial $2.4m 28#29EML Payments H1 FY2022 Financial Results Overheads Underlying Overheads $48.5m 24% 15% 7% - Underlying overheads for the Group increased 24% on PCP. Increase primarily reflects continued investment in EMLs European operations, to implement the remediation plan in response to the CBI investigation. The PFS business accounted for 63% of the increase. The consolidation of the Sentenial Group from 1 October 2021 accounted for 23% of Group overheads increase. · Employment related expenses fell to 63% of Group cash overheads primarily due to the increase in professional fees, risk and compliance and IT costs. Professional fees increased $0.6m vs PCP primarily as a result of additional internal and external audit fees required as a result of the CBI matter. Other costs increases were driven primarily by increased insurance costs. Capitalised $4.9m of internally developed software. This is in line with prior period however is a lower proportion of our total IT spend due to a focus on maintenance and remediation activities. Underlying overheads exclude CBI related costs of $2.2m and the provision for the Shine class action defence costs of $10.5m. Overheads 15% $50k 63% $40k $30k $20k $39.2m Employee Costs Professional Fees $10k Other ICT $1.5m $2.8m $2.2m $0.6m $2.1m $48.5m H1 FY21 Costs Sentenial Employee Costs Professional Fees ICT Other H1 FY22 Costs 1 Underlying Overheads excludes CBI and related costs including the provision for the Shine Group Proceedings litigation defence. 29#30EML Payments H1 FY2022 Financial Results Underlying EBITDA Underlying EBITDA $26.9m 4% ON PCP 5 Year Underlying EBITDA CAGR 37% $28.1m $14.2m $12.7m $26.9m Reported EBITDA H1 FY21 Reported EBITDA H1 FY22 CBI Costs and Class Action defence provision Underlying EBITDA H1 FY22 In H1 FY2022 the Group has incurred or provided for $2.2m of costs in relation to professional advisory, remediation and other potential costs associated with resolving the CBI matter. Additionally a further provision of $10.5m has been raised for the likely legal costs involved in defending the action brought by Shine Lawyers. $9.1m $13.7m $19.7m $28.1m $26.9m These costs are considered to be one-off in nature and are added back in arriving at Underlying EBITDA. H1 FY18 H1 FY19 H1 FY20 H1 FY21 H1 FY22 1 Underlying EBITDA excluding the non-cash amortisation of the AASB3 fair value uplift to bond investments, CBI and related costs (including the provision for the Shine Group Proceedings litigation defence). 30#31EML Payments H1 FY2022 Financial Results Underlying EBITDA to Underlying NPATA UNDERLYING EBITDA $26.9m 4%ONPCP 26,863 (5,603) (3,580) (329) 235 (202) (4,322) 13,130 EBITDA Underlying Depreciation & Share Based Amortisation Payment Non Cash Amortisation on FV Bond Finance Costs Borrowing Costs Other Income /Expense Gain on Cashflow Hedge FV on Financial Assets /Liabilities Ταχ Acquisition Underlying Costs NPATA Underlying EBITDA Depreciation & Share Based Amortisation Payment Non Cash Amortisation on FV Bond Finance Costs Borrowing Costs Other Income /Expense Gain on Cashflow Hedge Operating Performance 26,863 (5,603) (3,580) (329) 235 (202) FV on Financial Assets /Liabilities Ταχ (4,322) Acquisition Costs Underlying NPATA 13,062 Costs in relation to CBI matter provided & incurred (12,659) 3,558 Statutory profit reconciliation 14,204 Acquisitions related expenses (14,159) 8,555 (3,580) (989) 989 (3,015) 2,686 (202) 543 (19) (2,350) 235 (543) 19 1,585 (2,508) 2,508 3,961 UNDERLYING NPATA $13.1m 6% ON PCP 31 က Depreciation & Amortisation 60.4% of D&A relates to the AASB3 fair value uplift for acquired intangibles. - Operating D&A of $5.6m replaced by ongoing investment in internally generated software of $4.9m Share Based Payments Solely related to executive short term and global long term incentive plans. Included in NPATA. Finance Costs Mostly relates to unwinding the discount on contingent consideration owing on acquisitions. - Includes interest on unsecured vendor loans falling due in 2023 & 2024. - Includes costs related to the Group's syndicated debt facility. 1 NPAT: Net Profit after Tax#32EML Payments H1 FY2022 Financial Results Financial Position ($'000s) 30 June 31 December 2021 2021 CARDHOLDER GROWTH ASSETS/ LIABILITIES Cash and cash equivalents 141,228 86,175 (39%) Contract asset 16,363 19,061 16% Segregated funds and Bond investments. 1,409,552 1,918,573 36% 1,918,353 Other current assets 36,368 55,477 53% TOTAL CURRENT ASSETS 1,603,511 2,079,286 30% 1,918,353 Contract assets 10,219 10,962 7% Plant, equipment and right of use assets 11,245 10,015 (11%) 55,477 160,933 10,962 10,015 Intangibles 350,133 471,044 35% 471,044 Deferred tax asset 21,453 22,621 5% 22,621 Segregated funds and Bond investments 274,024 147,777 (46%) 144.665 Other non current assets 18,193 25,105 38% 3,112 24,747 TOTAL NON CURRENT ASSETS 685,267 687,524 0% 144,665 542,859 TOTAL ASSETS 2,288,778 2,766,810 21% 2,063,018 703,792 Trade and other payables (62,868) (64,339) 2% (64,339) Liabilities to stored value account holders (1,705,957) (2,063,018) 21% (2,063,018) Contingent consideration [863] (15,233) 1665% (15,233) Interest bearing borrowings (1,385) (1,305) (6%) (1,305) Provisions (10,801) (19,669) 82% (19,669) Other current liabilities (10,918) (12,506) 15% (12,506) TOTAL CURRENT LIABILITIES (1,792,792) (2,176,070) 21% (2,063,018) (113,052) Deferred tax liabilities (14,276) (19,924) 40% (19,924) Contingent consideration (14,280) (26,119) 83% (26,119) Interest bearing borrowings (36,860) (84,675) 130% (84,675) Other non current liabilities (15,675) (17,452) 11% (17,452) TOTAL NON CURRENT LIABILITIES (81,091) (148,170) 83% (148,170) TOTAL LIABILITIES (1,873,883) (2,324,240) 24% (2,063,018) (261,222) TOTAL EQUITY 414,895 442,570 7% 442,570 32 CORPORATE BALANCE SHEET 86,175 19,061 220 Cash on hand of $86.2m. Cash reduced during the period as EML paid $27.8m into the UK cardholder float in August 2021. This is expected to expire and return to cash between 2022 and 2028. The Sentenial acquisiton was also partly funded by EML cash reserves of $16.3m. Trade Receivables balances were higher in H1 FY2022 as the delayed receipt of two customer receivable balances totalling $8.6m which will be collected in H2 FY2022. Contract asset increased $3.3m in the period as the G&l segment volumes rebounded from COVID impacts on prior years. Segregated funds include low risk bond investments and cash held at financial institutions. The reduction in the non-current asset balance represents the reduction in the maturity profile of the Group's bond portfolio. EML continued to invest in internally generated software (Intangibles) of $4.9m which offset $5.7m of amortisation in the period. Contingent consideration increased during the period following the acquisition of the Sentenial Group.#33EML Payments H1 FY2022 Financial Results Financial Performance - Cash Flow Cash & Cash Equivalents $86.2m H1 FY2022 Underlying Operating Cash Flow Movements $35.1m $[39.2m) $27.8m $11.0m $15.1m $14.7m H1 FY21 Underlying Cash Flow H1 FY22 Operating Cash Flow One Off Payments to Segregated Funds One Off Acquisition Adjustments One Off First Half Payments H1 FY22 Underlying Cash Flow 1 Underlying Operating Cashflow excludes payments to UK cardholder float, acquisition related costs, CBI and related costs, tax payments and short term incentive payments for employees. 33 $14.7m Underlying Operating Cash Inflows¹ $8.6m Delayed receipt of two customer receivables resulted in a cash outflow in H1 which will be collected in H2 FY2022. $55.8m Cash Outflows across Investing Activities repre- senting the Sentenial acquisition. $48.1m To support the Sentenial acquistion the Group drew down €30m ($48.1m) under its Syndicated Bank Debt Facility. $4.9m Capitalised internally developed software.#34EML Payments H1 FY2022 Financial Results FY2022 - Financial Guidance - No change to Full Year Gross Debit Volume $81bn - $88bn (No Change) (FY21: $19.7b) Overheads $103m - $112m (No Change) (FY21: $76.8m) $60k ~$27m $50k Prepaid $22bn - $24bn Sentenial $59bn - $64bn Prepaid $91m - $98m Sentenial $40k $10m - $14m $30k Underlying EBITDA $20k $26.9m Revenue $230m-$250m (No Change) (FY21: $194.2m) Sentenial Prepaid $220m - $240m $8m - $12m Gross Profit Margin -69% [No Change] (FY21: 67%) Underlying EBITDA1,2 $58m - $65m (No Change) (FY21: $53.5m) Prepaid $58m - $65m Underlying NPATA² $27m - $34m (FY21: $32.4m) Sentenial $0m - ($3m) [No Change] $10k S 1 Underlying EBITDA is equivalent to the net profit/(loss) for the period including R&D tax offset and excluding share based payments, depreciation and amortisation expense, acquisition expenses, non-cash unrealised foreign exchange and any costs related to the CBI matter which are included within the Statement of Profit or Loss and Other Comprehensive Income. 2 Underlying NPATA represents the profit generated by the business excluding all acquisition related costs including; amortisation, contingent considerations, share based payments, cash expenses that relate to acquisitions and any costs related to the CBI matter. H1 FY22 Underlying EBITDA Guidance Range $58m-$65m H2 Run Rate Revenue Initiatives H2 Overheads FY22 Underlying EBITDA Operating Cashflow 80% - 90% (No Change) (FY21: 87%) 34#35EML Payments H1 FY2022 Financial Results FY2022 - Financial Guidance Assumptions: 01 Uncertainty regarding G&I segment volumes is largely resolved and we continue to assume that G&I will perform in line with seasonally adjusted trends, with no material new impact from Covid-19. 04 We have seen strong volumes in global GPR programs and a better program mix improving revenue yields. We expect to be able to launch new European programs under our CBI licence and do not expect a material impact from the growth directions which have been imposed. 07 Overheads are tracking in line with expectations announced at our AGM in November with higher overheads driven by new roles in Europe to address CBI matters, higher insurance costs and higher internal and external audit fees. 02 We are implementing opportunities to reduce dormant state balances including through reactivation programs to drive interchange revenue or dormancy fees. Subject to finalisation of this initiative, we expect a new recurring revenue stream and a non-recurring "catch-up". 03 We expect continued growth in the Digital Payments segment, particularly open banking. The pace of this growth is expected to accelerate in FY23 as our sales initiatives deliver results. 05 FX rates (GBP & USD) have been net positive through to 31 December and we assume December fx rates do not materially change through to 30 June 2022. 06 Central Bank interest rates forecasted based on announcements as at February 2022 and are expected to remain stable through FY22. Subject to regulatory approval, more active treasury management on the Euro float and improved yields is expected to largely offset lower net interest in H2 FY2022 (H1 FY2022: $2.7m reduction on PCP). 08 Provisions booked for remediation and any potential enforcement action of the CBI matter are sufficient to cover actual costs incurred. 09 Provisions booked in relation to legal defence costs for the Group Proceedings are sufficient to cover the actual costs incurred. The contingent asset for the insurance claim is not expected to be virtually certain until FY2023. 35#36EML Payments H1 FY2022 Financial Results FY2022 Financial Guidance Interest Rates & Stored Float Overview - EML benefits as interest rates rise due to our large Stored Value Float As at 31 December 2021, EML held an AUD equivalent of $2.7b in its stored float, $2.3b of which was held in cash and a further $400m in highly rated, low-risk bonds Current Central Bank Positions - The US Federal Reserve kept rates unchanged at its January 2022 meeting but noted "with inflation well above 2% and a strong labor market," it expects to soon raise the target fed funds rate The Bank of England raised interest rates at its February 2022 meeting by 25bps following a 15bps increase in December 2021 The Reserve Bank of NZ increased the target cash rate by 25bps in both October and November 2021 Key members of the European Central Bank have also indicated there may be a need to raise EUR rates toward the end of calendar year 2022 depending on the medium term inflation outlook EML Stored Float & Rising Interest Rates — - Based on our current banking arrangements, if rates across all jurisdictions were to rise 1% from the current historic lows, this would add $14-15m to annual EBITDA EML previously announced it is looking to increase the size of its low risk bond portfolio to offset negative interest rates being experienced on EURO balances which will help to improve returns in H2 FY2022 ~$3-4m ~$7-8m ~$10-11m 36 ~$14-15m +25bps +50bps +75bps +100bps CAD Float Cash GBP Float Cash AUD Float Cash EUR Float Cash EML Stored Float Summary [AUD Equivalent $millions) AUS CAD EUR GBP USD Other Total Stored Float Cash 255 138 677 723 389 101 2,282 Stored Float Bonds 43 343 14 399 2,682#3703 Q&A EMI.. Money in Motion#3804 Analyst Briefing Data EMI.. Money in Motion#39EML Payments H1 FY2022 Financial Results Analyst Briefing Data - FY2020-FY2022 Key Metrics ($'000s) Headcount (closing) Total Stored Value (including bonds) - AUD Net Interest on Stored Value (incl. bonds, exc Group funds) H1 2020 H2 2020 FY 2020 H1 2021 H2 2021 FY 2021 H1 2022 6mnths 272 6mnths 450 12 mnths 450 6mnths 6mnths 12 mnths 6 mnths 486 540 540 584 $710,671 $872 0.25% $1,471,467 $2,543 0.34% $1,471,467 $3,415 0.23% $1,844,262 $3,346 0.36% $2,103,963 $1,998 0.19% $2,103,963 $5,344 0.25% $2,681,974 $609 0.05% Effective Interest Rate (%) Cash opening Operating activities $33,085 $8,121 $256,812 Investing activities ($6,055) Financing activities (incl FX) $221,663 $13,949 ($148,560) ($3,822) Cash closing $256,812 $118,381 $33,085 $22,070 ($154,615) $217,841 $118,381 $118,381 $34,849 ($16,655) $136,530 $118,381 $141,228 $13,969 ($9,337) $48,818 ($25,992) (39,219) (62,290) ($45) $136,530 $66 $21 46,714 $141,228 $141,228 $86,175 Stored Value by Currency (AUD equivalent) ($'000s) H1 2022 Total Stored Value (including bonds) - AUD Stored Value - GBP Stored Value - EUR Stored Value - USD Stored Value - AUD Stored Value - CAD Stored Value - Other 6 mnths $2,681,974 $1,066,246 $719,167 $402,850 $255,120 $137,500 $101,089 39#40EML Payments H1 FY2022 Financial Results Analyst Briefing Data - FY2020-FY2022 Key Financials ($'000s) General Purpose Reloadable Gift & Incentive Digital Payments Digital Payments - Sentenial Gross debit volume (GDV) General Purpose Reloadable Gift & Incentive Digital Payments H1 2020 H2 2020 6mnths $1,465,909 $838,729 $4,311,602 6mnths $2,768,260 $336,240 $4,155,186 FY 2020 12 mnths $4,234,169 $1,174,979 $8,466,788 H1 2021 H2 2021 FY 2021 6mnths $4,874,500 $750,177 $4,587,636 6mnths $4,868,096 $356,126 $4,241,851 12 mnths $9,742,596 H1 2022 6 mnths $6,264,905 $1,106,303 $8,829,487 $911,099 $6,616,240 $7,259,696 $13,875,936 $10,212,313 $9,466,077 $4,925,509 $19,456,637 $19,678,386 $31,558,151 $13,160 $40,137 $28,706 $28,034 $41,866 $54,435 $59,112 $113,547 $69,578 $68,171 $34,982 $35,267 $70,249 $37,130 $5,525 $5,137 $10,662 $5,789 $4,495 $10,284 $5,017 $2,680 $334 $59,156 $597 $62,474 $931 $121,630 $123 $95,329 ($27) $98,847 $96 $194,176 $11 $114,416 Digital Payments - Sentenial Group interest & adjustments Revenue (includes interest income) 112 bps 118 bps 104 bps 99 bps 90 bps 466 bps 990 bps General Purpose Reloadable Gift & Incentive 479 bps 834 bps 580 bps 11 bps 117 bps 635 bps 12 bps 111 bps 408 bps 10 bps 13 bps 13 bps 12 bps 13 bps 1 bps Digital Payments 103 bps 99 bps 36 bps 93 bps Digital Payments - Sentenial Revenue Yield 89 bps 86 bps 88 bps General Purpose Reloadable $8,738 $16,269 $25,007 $34,096 $31,630 $65,726 $39,071 Gift & Incentive $32,284 $24,540 $56,824 $28,793 $28,221 $57,014 $30,062 Digital Payments $3,447 $3,468 $6,915 $4,241 $3,395 $7,636 $3,914 Digital Payments - Sentenial $2,360 Group interest & adjustments $334 ($334) $123 ($123) Gross profit $44,803 $43,943 $88,746 $67,253 $63,123 $130,376 $75,407 40#41EML Payments H1 FY2022 Financial Results Analyst Briefing Data - FY2020-FY2022 Key Financials ($'000s) Revenue (includes interest income) Gross profit Employee benefits expense Professional fees Other operating expenses Research and development credit H1 2020 H2 2020 FY 2020 6mnths 6mnths 12 mnths H12021 6mnths H2 2021 6mnths FY 2021 12 mnths H1 2022 6 mnths $59,156 $62,474 $121,630 $95,329 $98,847 $194,176 $114,416 $44,803 $43,943 $88,746 $67,253 $63,123 $130,376 $75,407 ($16,794) ($22,279) ($39,073) ($27,076) ($26,758) ($53,834) ($30,664) ($1,689) ($1,310) ($2,999) ($2,084) ($1,880) ($3,964) ($3,240) ($7,098) ($8,383) ($15,481) ($10,944) ($9,253) ($20,197) ($15,514) $500 $843 $1,343 $906 $61 $967 Costs in relation to CBI matter provided & incurred Other income EBITDA $19,722 $12,814 $32,536 $28,055 Addback: Costs in relation to CBI matter provided & incurred UNDERLYING EBITDA $19,722 $12,814 $32,536 $28,055 ($11,351) $178 $14,120 $11,351 $25,471 ($11,351) ($12,659) $178 $874 $42,175 $14,204 $11,351 $12,659 $53,526 $26,863 UNDERLYING EBITDA margin 33% 21% 27% 29% 26% 28% 23% Acquisition costs ($3,373) ($12,421) ($15,794) ($125) ($3,306) ($3,431) ($2,508) Depreciation and amortisation ($6,768) ($12,351) ($19,119) ($14,824) ($15,012) ($29,836) ($14,159) Share-based payments Research and development credit Finance costs Other non-operating income / (expenses) ($4,706) ($1,440) ($6,146) ($2,876) ($2,091) ($4,967) ($3,580) ($500) ($843) ($1,343) ($906) ($61) ($967) ($1,333) ($1,202) ($2,535) ($1,230) ($753) ($1,983) ($3,015) $1,390 $3,820 $5,210 ($5,372) ($731) ($6,103) $323 Deduct: Non cash amortisation FV - bond investments ($671) ($671) ($1,033) ($925) ($1,958) ($989) Fair value lost on contingent consideration ($51,771) $35,560 ($16,211) Tax [expense]/benefit ($127) $846 $719 ($1,878) ($3,536) ($5,414) ($2,350) Addback: Tax in relation to CBI matter provided & incurred ($3,558) Underlying Net profit/(loss) after tax $4,305 ($11,448) ($7,143) ($51,295) $33,951 ($17,344) $(2,973) Addback: Amortisation on acquisition intangibles $1,477 $9,608 $11,085 $10,186 $10,024 $20,210 $8,555 Addback: Acquistion related costs $990 $2,637 $3,627 $530 $3,675 $4,205 $4,255 Deduct: Gain on cashflow hedge for acquisition ($3,026) ($3,026) ($543) Add back: Tax expense effect on hedge $3,714 $3,714 $271 Addback: Non cash amortisation FV - bond investments $671 $671 $1,033 $925 $1,958 $989 Addback: Fair value lost on contingent consideration Adjustments for: Acquisition costs $3,373 UNDERLYING NPATA $10,145 $12,421 $10,863 $15,794 $21,008 $51,771 $125 $12,350 ($35,560) $16,211 $3,306 $20,035 $3,431 $2,508 $32,385 $13,062 41#42EML Payments H1 FY2022 Financial Results Analyst Briefing Data - Guidance FY2022 Key Financials ($'000s) FY 2021 EML GROUP GUIDANCE RANGE FY2022 General Purpose Reloadable Gift & Incentive Virtual Account Numbers GDV Revenue General Purpose Reloadable Gift & Incentive Virtual Account Numbers Revenue Yield Gross profit Overheads Provision for CBI costs EBITDA $9,742,596 $1,106,303 $8,829,487 $19,678,386 $194,176 $81bn - $88bn $230m - $250m 117 bps 635 bps 12 bps 99 bps $ 130,376 -69% ($76,850) ($11,352) ($103m - $112m) $ 42,175 UNDERLYING EBITDA $53,526 $58m - $65m Depreciation and amortisation ($29,836) Approx. ($30m) Share-based payments ($4,967) Approx. ($10m) Fair value adjustment (AASB3, contingent consideration and financial assets) Other ($18,449) Approx. [$2m) ($17,618) Approx. ($11m) Underlying Net profit/(loss) after tax ($17,344) $5m - $12m Add back: Acquisition related adjustments $27,846 Approx. $20m Add back: Tax expense effect on PFS hedge $3,714 Add back: Fair value adjustments (AASB3 and contingent consideration) $18,169 Approx. $2m UNDERLYING NPATA $32,385 $27m - $34m 42#43Thank you EMI.. Level 12, 333 Ann Street Brisbane QLD 4000 Telephone: +61 7 3557 1100 emlpayments.com Money in Motion