Change Financial delivers on upgraded FY26 guidance with EBITDA up 17x
Change Financial (ASX: CCA) has confirmed it expects to meet its upgraded FY26 revenue and Underlying EBITDA guidance, subject to completion of the FY26 audit.
The global fintech reported unaudited FY26 revenue of US$18.2m (A$26.0m), up 21% on FY25, alongside unaudited FY26 Underlying EBITDA of US$3.3m (A$4.7m), up 17x on the prior year.
The result builds on FY25’s maiden Underlying EBITDA positive outcome, extending the company’s shift towards sustained profitability. The guidance in question was upgraded on 27 January 2026 and subsequently affirmed on 29 April 2026.
The FY26 result extends a trajectory that began with Change’s maiden half-year profit in H1 FY26, when revenue surged 29% to US$9.3m and recurring streams accounted for 70% of the total, signalling the operating leverage now reflected in the full-year numbers.
All AUD figures throughout are converted at an AUD/USD rate of 0.70 for reader representation purposes only.
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FY26 results: strong growth across the board
The fourth quarter contributed meaningfully to the full-year performance. In Q4 FY26, Change delivered revenue of US$4.6m (A$6.6m) and Underlying EBITDA of US$0.8m (A$1.1m).
Beyond the headline growth, the company recorded a 3-year revenue Compound Annual Growth Rate (CAGR) of 28% to FY26.
It is worth noting how Change defines Underlying EBITDA. The measure excludes interest included as revenue and share-based payments included as an expense in the statutory accounts, providing a view of operating performance stripped of these items.
| Metric | FY26 (USD) | FY26 (AUD) | Change on FY25 |
|---|---|---|---|
| Total Revenue | US$18.2m | A$26.0m | +21% |
| Underlying EBITDA | US$3.3m | A$4.7m | +17x |
| Q4 FY26 Revenue | US$4.6m | A$6.6m | — |
| Q4 FY26 EBITDA | US$0.8m | A$1.1m | — |
| 3-Year Revenue CAGR | — | — | 28% |
What PaaS means and why it’s driving Change’s growth
For Change, PaaS centres on its Vertexon platform, which integrates with clients’ core systems to issue physical, digital and virtual cards.
The scale behind the model is substantial. Change’s technology is used by 150+ clients across 40+ countries, and the company currently manages and processes over 45 million credit, debit and prepaid cards worldwide. Its PaySim product is the default testing standard for the eftpos network in Australia.
The company expects continued margin expansion as its PaaS operations scale, and describes PaaS as its key driver of future growth.
FY27 outlook: record momentum, but no numeric guidance yet
Change entered FY27 with strong momentum in its Australian and New Zealand PaaS business. June was a record month for active cards, number of transactions and gross transaction volume (GTV) through the platform, as well as a record month for PaaS revenue.
The company identified several drivers underpinning this momentum:
- PaaS clients already signed and onboarded are growing strongly.
- A pipeline of contracted clients currently onboarding is expected to add to revenue in FY27 and beyond.
- A number of further PaaS deals are in the final contracting stage.
Balancing this, management flagged expected churn among legacy On-Premises clients during FY27 as they migrate away from Change. These clients operate on legacy versions of the Vertexon code base, with the majority of revenue generated from LATAM. The company noted these movements are driving short-term revenue impacts and creating uncertainty in one-off and legacy Vertexon revenue.
Change is in discussions with the remaining two key On-Premises clients in SE Asia to upgrade to the Vertexon PaaS platform, with one client having already partially migrated to Vertexon cloud.
Given the uncertainty around the ramp-up of new PaaS clients and the wind-down of legacy On-Premises clients, the company stated it will not provide FY27 revenue and Underlying EBITDA guidance at this time, and will look to do so once it has sufficient clarity.
The FY26 EBITDA guidance upgrade in January 2026 lifted the forecast range by 15%, reflecting the operating leverage already visible in H1 results and setting the benchmark that the confirmed full-year figures have now met.
On a positive note, the company expects to be net cash flow positive in FY27. This expectation excludes any funds that may be required to be held for security deposits relating to its PaaS business or for future strategic initiatives.
Strategic priorities and the move to AUD reporting
The key focus for FY27 remains on signing new clients and accelerating delivery of the product roadmap. Management highlighted the rapid adoption of agentic AI, which it noted is significantly shortening development and release cycles. The company is also actively exploring M&A opportunities that are strategically aligned and drive shareholder value.
Following the wind-down of its US operations, the Board has determined it is appropriate to transition to AUD reporting effective 1 July 2026, a change it believes will help investors better understand the company’s financial performance.
The reporting transition follows this sequence:
- Final USD reporting: the Q4 FY26 quarterly activities report and Appendix 4C, to be released in July 2026, and the FY26 Annual Report, expected to be released in late August 2026.
- AUD reporting from FY27 onwards.
Investors and analysts are invited to a live webinar and Q&A following the Q4 FY26 results, hosted by CEO Tony Sheehan and Executive Director Tom Russell on Friday 24 July 2026 at 10:30am AEST.
Company Position
Change expects PaaS to be the key driver of future growth, supported by record ANZ momentum and a pipeline of onboarding and contracted clients, while flagging that legacy client churn creates near-term uncertainty in one-off and legacy Vertexon revenue.
With FY26 figures still subject to audit completion, the forthcoming Q4 FY26 quarterly activities report and Appendix 4C stand as the next scheduled releases, ahead of the FY26 Annual Report expected in late August 2026.
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