Cuscal (CCL.AX): Key topics from investor discussions post initiation

Research evidence excerpt

Cuscal (CCL.AX): Key topics from investor discussions post initiation

Equity Research

6 July 2026 | 5:15PM AEST

Cuscal (CCL.AX): Key topics from investor discussions post initiation;

Buy

Following on from our recent initiation on Cuscal (here), we highlight key topics Elijah Mayr

+61(2)9321-8995 | elijah.mayr@gs.com

discussed with investors and provide further context on our views. Key topics include: Goldman Sachs Australia Pty Ltd

technology risk, Indue synergies, impact of regulatory changes, capex outlook, payment Elise Bailey

volume versus value, key man risk, shareholder overhang. +61(3)9679-1344Goldman Sachs Australia| elise.bailey@gs.comPty Ltd

For context, from our initiation: We initiate on Cuscal with a Buy rating and 12m

target price of A$6. Listed in November 2024, Cuscal is Australia’s largest independent

end-to-end payments provider for B2B outside the major banks. With revenue generated

primarily per transaction, rather than value, and limited direct exposure to changes in

payment infrastructure costs and end-consumers, Cuscal’s client proposition centres on

neutrality, end-to-end capability, and access to the NPP (New Payments

Platform)/direct-payments. Further, recent acquisitions broaden Cuscal’s customer base,

strengthen scale advantages, and provide significant synergies.

Key topics discussed with investors.

n Risk of new technology impact long-dated. In our view, key technological risk is

likely to be a new settlement asset (e.g., tokenized assets, stable coins) enabling

programmable settlement and shifting value away from rails to rules,

interoperability, identity and orchestration. As with the NPP development, Cuscal

is actively involved in the early stage development within the RBAs Project Acacia