Company Reports

EML Payments builds the infrastructure to allow payments via prepaid cards or in real time. The firm makes money primarily via clipping payment transactions. It also earns fees from breakage, inactive accounts, cash establishments, and interest from loaded funds.

We intend to cease coverage of EML Payments on or around Oct. 1, 2026.

EML Payments builds the infrastructure to allow payments via prepaid cards or in real time. The firm makes money primarily via clipping payment transactions. It also earns fees from breakage, inactive accounts, cash establishments, and interest from loaded funds.

EML Payments' fiscal 2026 underlying EBITDA fell 18% from last year to AUD 48 million. Fiscal 2027's EBITDA guidance was set between AUD 50 million and AUD 54 million.

EML Payments builds the infrastructure to allow payments via prepaid cards or in real-time. The firm makes money primarily via clipping payment transactions. It also earns fees from breakage, inactive accounts, cash establishments and interest from loaded funds.

EML Payments has cut its fiscal 2026 underlying EBITDA guidance to AUD 47 million-AUD 50 million from AUD 58 million-AUD 60 million, an 18% reduction at the midpoint. Shares sunk over 35% on the update.

EML Payments saw a 16% decrease in underlying EBITDA to AUD 28 million for the first half of fiscal 2026. Revenue fell 6% while operating expenses held flat, compressing EBITDA margins to 26% from 29% previously.

EML Payments builds the infrastructure to allow payments via prepaid cards or in real-time. The firm makes money primarily via clipping payment transactions. It also earns fees from breakage, inactive accounts, cash establishments and interest from loaded funds.

At its AGM, EML reaffirmed fiscal 2026 underlying EBITDA guidance of AUD 58 million-AUD 63 million, compared with AUD 59 million in fiscal 2025. The firm also expects operating expenses to remain flat from the prior year.

EML Payments builds the infrastructure to allow payments via prepaid cards or in real-time. The firm makes money primarily via clipping payment transactions. It also earns fees from breakage, inactive accounts, cash establishments and interest from loaded funds.

EML Payments builds the infrastructure to allow payments via prepaid cards or in real-time. The firm makes money primarily via clipping payment transactions. It also earns fees from breakage, inactive accounts, cash establishments and interest from loaded funds.

EML Payments' underlying EBITDA, its preferred profitability measure, grew by 13% to AUD 59 million for fiscal 2025. EBITDA guidance for fiscal 2026 is between AUD 58 million and AUD 63 million.

EML Payments builds the infrastructure to allow payments via prepaid cards or in real-time. The firm makes money primarily via clipping payment transactions. It also earns fees from breakage, inactive accounts, cash establishments and interest from loaded funds.

Shares of EML are up by around 15% year to date, outperforming the S&P/ASX 200 index, which is up in the low single digits. Much of the gains were made after April 9, 2025, following US President Donald Trump’s announcement of a 90-day tariff pause, as equity markets regained lost ground.

EML Payments' first-half fiscal 2025 underlying EBITDA—its preferred measure of profitability—increased by 50% from first-half fiscal 2024 to AUD 33 million. This was supported by 7% growth in debit volumes, a 1% increase in gross profit margin to 75%, and 7% increase in EBITDA margin to 29%.

EML Payments builds the infrastructure to allow payments via prepaid cards or in real-time. The firm makes money primarily via clipping payment transactions. It also earns fees from breakage, inactive accounts, cash establishments and interest from loaded funds.

EML builds the infrastructure to allow payments via prepaid cards or in real-time. The firm makes money primarily via clipping payment transactions. It also earns fees from breakage, inactive accounts, cash establishments and interest from loaded funds.

No-moat EML unveiled new growth initiatives at its Annual General Meeting, setting ambitious longer-term growth and margin targets that imply material earnings improvement from fiscal 2024 levels. Among these goals is management's fiscal 2028 EBITDA target of AUD 95 million, which would represent a 94% increase over fiscal 2024 and is much higher than our AUD 60 million forecast.

No-moat EML Payments’ fiscal 2024 results slightly exceeded our forecast, with underlying EBITDA rising to AUD 57 million from AUD 37 million in the prior year, beating our expectations by 3% and landing near the top end of guidance. The AUD 57 million includes the now-liquidated Irish reloadable cards business, PCSIL. Excluding PCSIL, EBITDA is AUD 49 million for the year.

EML builds the infrastructure to allow payments via prepaid cards or in real-time. The firm makes money primarily via clipping payment transactions. It also earns fees from breakage, inactive accounts, cash establishments and interest from loaded funds.