PaySauce FY26 Full Year Result and Annual Report
AUDITED FINANCIAL RESULTS FOR THE YEAR TO 31 MARCH 2026
PaySauce shifts gear with Australian payroll launch
Lower Hutt, New Zealand – 27 May 2026
Software-as-a-Service fintech PaySauce (NZX: PYS) PaySauce Limited (NZX: PYS)
today reports financial and operational results for the year to the end of March
2026 showing continued strong growth in its core New Zealand business and
significant strategic progress towards realising the opportunities it sees in Australia
and further afield.
FINANCIAL HIGHLIGHTS
1
● Operating revenue: $9.2m up 3% from $9.0m.
● Processing fee income: $7.2m up 13% lifted by a 5% increase in customers
to 8,600.
● EBTDA
2
: $1.2m, steady despite a step up in investment
● Net profit before tax: $0.17m down from $0.46m.
Chair Shelley Ruha called FY26 a defining year for PaySauce: “We believe this is a
world leading payroll product and this significant milestone has been made
possible by the strength of our New Zealand business, the commitment of our
people, and the continued support of our shareholders, customers and partners.
“The New Zealand business continued to perform strongly, generating the cash
that has funded both the Global Payroll Platform and the significant milestone of
the Australian launch. Processing fee revenue grew 13% to $7.2 million, and the
business remained stable, profitable and cash-generative throughout the year,
despite what was at times a challenging year for the economy.
Chief Executive Officer and Co-Founder Asantha Wijeyeratne said: “At the start of
this financial year our priorities were clear: continue to grow and strengthen the
New Zealand business, complete the key milestones required to bring our next
generation Global Payroll Platform into live use in Australia, and prepare the
company for its next stage of growth.
“I am proud of the progress we have made across each of those fronts. We built,
tested and launched the platform in Australia, and we are now focused on turning
that readiness into customer acquisition. Australia’s 694,000 micro-businesses
now have access to a payroll platform that is unmatched in the market, delivering
an intuitive easy-to-use mobile interface that also offers the peace of mind that
comes with compliance.”
1
All comparisons are against FY25 unless otherwise stated.
2
Earnings before tax depreciation and amortisation is a non-GAAP measure of financial performance. It is defined
and reconciled to the GAAP measure of net profit on page 22 of the company’s annual report released to the NZX
today and available on the company’s website
FINANCIAL RESULTS
Annualised recurring revenue at the end of the period was 9.0 million, up 6% on
FY25. Operating revenue for the year was $9.2 million, compared with $9.0 million
in FY25.
This reflected solid growth in the core New Zealand business, with processing fee
revenue increasing 13% to around $7.2 million from $6.3 million in FY25. That
growth more than offset the expected reduction in interest income on funds held
on behalf of customers, which declined to around $1.8 million from $2.3 million in
FY25 as wholesale interest rates eased through the year.
Total customer numbers at year end grew to approximately 8,600, up 5% on the
8,200 achieved FY25. This growth was lower than the rate achieved in the previous
year and reflected a strategic decision to discontinue the entry-level Simple plan
during the year, delivering improved and more sustainable economics per
customer.
Additionally, customer growth was limited by our decision to redirect time and
resources toward establishing its position in Australia. This included pilot activity,
launch preparation and the initial commercial rollout.
Processing fee revenue, the key driver of value creation in the business, continued
to grow at a healthy 13% to $7.2 million from $6.3 million in FY25. This shift in
revenue mix is important. It means more of the company’s performance is being
driven by its core payroll product and customer activity, and less by interest
income that is outside management’s control.
EBTDA was $1.2 million despite a step up in investment in product capability, sales
and service readiness, and the broader foundations required to support expansion
offshore. Reflecting similar factors, net profit before tax was $171k compared to the
$460k achieved in FY25.
Further commentary on our results is included in the FY26 annual report released
to the NZX today.
BALANCE SHEET AND CASHFLOW
During the year, we materially strengthened the balance sheet through a
successful $5 million capital raise to support the acceleration of our Australian
strategy. We ended the year with net cash, excluding funds held on behalf of
customers, of $4.5 million.
Together with the strong operating cash flow ($2.0 million in FY26 vs $2.2 million in
FY25) generated by our New Zealand business, this capital provides the resources
to drive growth with investment in sales, marketing, customer support and
product development, and gives us the flexibility to manage broader economic
volatility.
This marks an important shift for the company. Over the past two years, our New
Zealand business has funded the development of the Global Payroll Platform and
the Australian pilot from internally generated cash. With a stronger balance sheet,
we are now better placed to move from proving the Australian opportunity to
delivering on its promise.
OUTLOOK
Wijeyeratne said the focus in the new financial year was on disciplined execution;
building momentum, learning quickly, and investing carefully as the company
scales.
“PaySauce is targeting a large and underserved micro-business market facing
genuine payroll complexity, and during FY26 the company demonstrated that our
platform can solve those problems in a live operating environment. The task now is
to convert our strategic progress into the recruitment of new customers.
“New Zealand remains the foundation of our group, driven by a loyal customer
base, strong product-market fit and a reputation for delivering accessible payroll
solutions for micro-businesses. As we turn our attention back to customer
acquisition and growth our strategy includes unifying our New Zealand uses onto
our Global Payroll Platform. During this transition, we anticipate that some legacy
customers may no longer align with our target profile.
“At the same time, we remain realistic about the environment. Lower wholesale
interest rates are likely to continue weighing on interest income. Meanwhile,
Australian revenue will build through the year rather than arrive all at once,”
Wijeyeratne said.
“For that reason, management’s focus will remain on disciplined execution, careful
allocation of capital, and maintaining the balance between growth and
profitability. We look forward to providing an update in July when we release our
first quarter results.”
Released for and on behalf of PaySauce by PaySauce CFO Jaime Monaghan
ENDS
ABOUT PAYSAUCE
PaySauce is a SaaS fintech platform delivering digital payroll solutions across 14
jurisdictions in Asia-Pacific. The technology enables small employers to digitally
onboard, pay and manage employees from any device. The platform includes
rosters, mobile timesheets, payroll calculations, banking integration, automated
payments, PAYE filing, labour costing, and automated general ledger entries. The
PayNow feature enables customers’ employees to access the pay they’ve earned
before payday, providing a free alternative to payday lenders. www.paysauce.com
CONTACT
Jaime Monaghan
CFO PaySauce
+64 22 5246366
Please direct any investment queries to investor@paysauce.com
---
Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)
Results for announcement to the market
Name of issuer PaySauce Limited
Reporting Period 12 months to 31 March 2026
Previous Reporting Period 6 months to 30 September 2025
Currency New Zealand Dollar
Amount (000s) Percentage change
Revenue from continuing
operations
$9,247 3%
Total Revenue $9,247 3%
Net profit/(loss) from continuing
operations
$290 -57%
Total net profit/(loss) $290 -57%
Interim/Final Dividend
Amount per Quoted Equity
Security
It is not proposed to pay a dividend
Imputed amount per Quoted Equity
Security
Not Applicable
Record Date Not Applicable
Dividend Payment Date Not Applicable
Current period Prior comparable period
Net tangible assets per Quoted
Equity Security (in dollars and
cents per security)
$0.02143277 -$0.00271095
A brief explanation of any of the
figures above necessary to enable
the figures to be understood
Please refer to the attached financial statements and
announcement
A uthority for this announcement
Name of person authorised to
make this announcement
Jaime Monaghan
Contact person for this
announcement
Jaime Monaghan
Contact phone number +64 22 5246366
Contact email address investor@paysauce.com
Date of release through MAP 26 May 2026
Audited financial statements accompany this announcement.
---
2026 Annual Report
PaySauce.
One engine.
Two markets.
Our first Australian customers, Stuart and Belinda Griffin, Griffintine Dairy, Westbury, Gippsland, Victoria, Australia
1
Australia presents a total addressable market of almost 700,000
micro-businesses. These businesses face a significant and growing
compliance burden, particularly concerning the Fair Work Act,
complex award interpretations, and superannuation rules.
Following the successful pilot, the product is now in use in Australia, with dairy farmers and other
small businesses now using our Global Payroll Platform to:
• Calculate their staff’s wages, tax and superannuation deductions in accordance with the
pastoral award;
• Complete filing with the Australian Tax Office (ATO);
• Transfer the money to their staff’s bank accounts in near real-time with PayTo; and
• Do all of that from their mobile phone.
In January 2026, we completed a $5m capital raise, which was 25% over-subscribed. Some of
that capital has been deployed into completing the build of our Global Payroll Platform and some
will support the sales and marketing effort to bring it to market in Australia. That has opened
the door to a micro-business employer market roughly seven times the size of New Zealand.
As signalled in our Interim Report, we’ve executed on a disciplined and targeted go-to-market
strategy. We launched at the Australian Dairy Conference in February, and the initial feedback
from our foundation customers in Australia is exceptional!
Contents
Leadership messages 04
Leadership team 11
New Zealand 12
Australia 18
Performance 22
Financial statements 29
Corporate governance 48
Company directory & investor calendar 58
PaySauce has
crossed the ditch
This report provides a summary review of PaySauce’s operational and financial performance
for the year to 31 March 2026. It should be read in conjunction with the company’s financial
statements on pages 29 to 47 of this report. The information provided in this report has been
compiled in accordance with relevant law, rules, and corporate governance recommendations
for investor reporting. Financial information has been prepared in accordance with appropriate
accounting standards and has been audited by Grant Thornton Limited. Throughout this report
we have focused on what we believe matters most to our stakeholders and our business. We have
endeavoured to ensure all information is accurate through internal verification and other approval
processes.
2
Highlights
8,600
$5.0m
$1.2m
Customers
Capital raised
EBTDA
+ 5% YOY
$57.2m
Total Customer Lifetime Value
+ 3%
$9.0m
Recurring Revenue
+ 4% YOY
Processing fee growth of 13% reflects underlying business strength. Despite higher
customer funds held, interest income declined due to lower wholesale interest rates
All comparisons are against the previous year
Processing fees Interest
- 22 % YOY+ 13% YOY
Earned direct from customers
Net profit $0.3m after tax
Placement + SPP
-$0.1m YOY
$87
ARPU/mo
$6,656
per customer
8.2 yrs
avg lifetime
7:1
LTV:CAC
$7.2m
$1.8m
3
FY26 was a defining year for PaySauce. After two years of focused investment, we
deployed our Global Payroll Platform into Australia, with our first customers running live,
compliant payrolls through the system. Early customer feedback has been exemplary,
and the platform is now ready for commercial rollout in the new financial year.
We believe this is a world leading payroll product and this significant milestone has been
made possible by the strength of our New Zealand business, the commitment of our
people, and the continued support of our shareholders, customers and partners.
The New Zealand business continued to perform strongly, generating the cash that
has funded both the Global Payroll Platform and the Australian launch. Processing fee
revenue grew 13% to $7.2 million, and the business remained stable, profitable and
cash-generative throughout the year, despite what was at times a challenging year for
the economy.
Ready for the
Australian
opportunity
Shelley Ruha
Independent Director, Chair
4
LEADERSHIP MESSAGES
Processing fee revenue grew strongly, our customer base expanded further, and we
continued to find disciplined ways to improve internal efficiency and strengthen the
PaySauce customer proposition. We are also preparing for a staged transition of New
Zealand customers to the Global Payroll Platform over time, so more customers can benefit
from the improved experience as it is rolled out.
We are deliberately focused on strategic moves that build shareholder value over the
medium term. However, we are also determined to retain financial discipline as we go after
this substantial opportunity. This discipline has been shown again this financial year, with us
achieving all of our strategic priorities, whilst still remaining profitable and cash-generative.
We have a robust financial platform, established technical capability and proven product
market fit which positions the company well for the next phase of growth.
Financial results
Annualised recurring revenue
at the end of the period was
approximately $9.0 million, up 6%
on FY25.
Operating revenue for the year
was approximately $9.2 million,
compared with $9.0 million in FY25.
This reflected solid growth in the
core New Zealand business, with
processing fee revenue increasing
13% to around $7.2 million from
$6.3 million in FY25. That growth
more than offset the expected
reduction in interest income on
funds held on behalf of customers,
which declined to around $1.8
million from $2.3 million in FY25
as wholesale interest rates eased
through the year.
Total customer numbers at year
end grew to approximately 8,600,
up 5% on FY25. This growth was
lower than the rate achieved in
the previous year and reflected a
strategic decision to cease offering
our lowest-value product to direct
customers, delivering sustainable
economics per customer. The
growth also reflects a deliberate
redirection of management focus
and resources toward Australia,
where we see a market roughly
seven times larger than New
Zealand. And this redirection
of focus has resulted in quick
succession the pilot activity,
launch preparation and the initial
commercial rollout.
Processing fee revenue, the key
driver of value creation in the
business, continued to grow at a
healthy 13% to $7.2 million from $6.3
million in FY25. This shift in revenue
mix is important. It means more
of the company’s performance
is being driven by its core payroll
product and customer activity,
and less by interest income that is
subject to interest rates which are
outside management’s control.
EBTDA was $1.2 million despite
meaningful step-ups in product
investment, sales readiness and the
foundations for offshore expansion.
Despite similar factors, net profit
before tax was $0.2 million,
compared to the $0.5 million
achieved in FY25.
Balance sheet and
cashflow
Our successful oversubscribed
capital raise was an important
moment for the company.
Shareholders, both existing and
new, backed our strategy of
accelerating into Australia from a
position of operating strength. We
are grateful for that support and
conscious of the responsibility
it carries and we welcome the
increased liquidity for what has
been a particularly tightly held
company.
We ended the year with net cash,
excluding those held on behalf of
customers, of $4.5 million.
Together with the strong operating
cash flow ($2.0 million in FY26 vs
$2.2 million in FY25) this capital
provides the resources to drive
growth with investment in sales,
marketing, customer support and
product development, and gives
us the flexibility to manage broader
economic volatility.
This marks an important shift for
the company. Over the past two
years, our New Zealand business
has funded the development of
the Global Payroll Platform and
the Australian pilot from internally
generated cash. The capital raising
completed during the year now
allows us to accelerate that rollout
from a stronger balance sheet,
while reducing reliance on bank
80%
Revenue from processing fees
of recurring revenue
up from 63% in FY23
+ 13% YOY
FY23
63%
$4.2m
$2.5m
$4.2m
FY24
65%
$5.2m
$2.8m
FY25
73%
$6.3m
$2.3m
FY26
80%
$7. 2 m
$1.8m
Interest
Processing Fees
Mar 23
$6.7M
$8.0M
$8.5M
$9.0M
Mar 24Mar 25Mar 26
$0 M
$2.0 M
$4.0 M
$6.0 M
$10.0 M
NZD ($M)
$8.0 M
Interest
Processing Fees
Mar 23
$6.7M
$8.0M
$8.5M
$9.0M
Mar 24Mar 25Mar 26
$0 M
$2.0 M
$4.0 M
$6.0 M
$10.0 M
NZD ($M)
$8.0 M
5
LEADERSHIP MESSAGES
Belinda and Stuart Griffin, Griffintine Dairy, Westbury, Gippsland, Victoria, Australia
funding as we scale in Australia.
With a stronger balance sheet,
we are now better placed to
move from proving the Australian
opportunity to delivering on its
promise.
Outlook
In the new financial year, the focus
is on disciplined execution; building
momentum, learning quickly, and
investing carefully as we scale.
PaySauce is targeting a large and
underserved micro-business market
facing genuine payroll complexity,
and during FY26 the company
demonstrated that our platform
can solve those problems in a live
operating environment. The task
now is to convert our strategic
progress into the recruitment of
new customers.
New Zealand remains the
foundation of our group, driven
by a loyal customer base, strong
product-market fit, and a reputation
for delivering accessible payroll
solutions to micro-businesses.
As we pivot back to customer
acquisition and growth, our strategy
includes unifying our New Zealand
users onto our Global Payroll
Platform. During this transition,
we anticipate that some legacy
customers may no longer align
with our target profile. To achieve
our long-term strategic goals, we
will responsibly support these
customers in transitioning to
alternative providers.
At the same time, we remain realistic
about the environment. Lower
wholesale interest rates are likely
to continue weighing on interest
income. Meanwhile, Australian
revenue will build through the year
rather than arrive all at once and
some of our initial marketing and
setup spend will be lower efficiency
as we learn the new market. But the
building blocks are in place: a stable,
cash-generative New Zealand
business and a strengthened
balance sheet to fund disciplined
growth.
Management and the Board’s focus
will remain on disciplined execution,
careful allocation of capital, and
maintaining the balance between
growth and profitability.
Australia is the first step in what we
believe is a broader international
opportunity and we expect to
continue to re-invest near term
profits to drive the long-term
success of the business. We are
confident in the company’s strategy
and encouraged by the progress
made over the past year.
FY26 was a transition year. FY27 is
the year in which we begin to test
the scale of the opportunity we have
worked so hard to create.
We thank our shareholders for their
continued support, our customers
and partners for the trust they place
in PaySauce, and our team for their
commitment and hard work.
Yours sincerely,
Shelley Ruha
Independent Director, Chair
6
LEADERSHIP MESSAGES
At the start of this financial year our priorities were clear: continue to grow and
strengthen the New Zealand business, complete the key milestones required to bring
our next generation Global Payroll Platform into live use in Australia, and prepare the
company for its next stage of growth.
I am proud of the progress we have made across each of those fronts.
We built, tested and launched the platform in Australia, and we are now focused on
turning that readiness into customer acquisition. Australia’s 694,000 micro businesses
now have access to a payroll platform that is unmatched in the market, delivering an
intuitive easy-to-use mobile interface that also offers the peace of mind that comes with
compliance. Importantly, the product has already proven it can handle real Australian
payroll complexity in live conditions.
We understand this
problem. Now we’re
solving it at scale
Asantha Wijeyeratne
CEO, Co-Founder
7
LEADERSHIP MESSAGES
Despite our largest growth investment to date, we have remained profitable, and we have
now built the technology stack and the sales and marketing infrastructure to pursue this
opportunity. These outcomes have required a huge effort from across the business. I
want to thank our team for the discipline, focus and energy they have brought to the year,
and our customers, for the trust they continue to place in us.
Australia is live
I am extremely pleased with the
calibre of capability we have
added around our most important
opportunity. Chris Ridd, former Xero
Managing Director Australia, and
Mel Shortland-Power, former Xero
Head of Bookkeeping and Global
Head of Partner Community, have
joined me to lead our Australian
growth efforts. Together, they bring
valuable Trans-Tasman scaling
experience. More broadly, we have
invested in the people, systems and
local capability needed to support
a disciplined launch into a much
larger market. Meanwhile, I have
relocated to Melbourne to embed
the PaySauce culture into our new
team from the outset.
The pilot of our Australian payroll
product, launched in September
2025, validated the platform in a
live environment. Early customer
feedback informed rapid
improvements, including critical
integration needs as we matured
both the product and our go-to-
market approach.
In February we began onboarding
our first commercial customers
confident that our product could
handle real payroll complexity and
deliver peace of mind compliance.
We have now shifted our focus to
early scaling of the opportunity.
Payroll in Australia is demanding
for micro-business owners. They
are expected to manage awards,
penalty rates, tax, superannuation,
time sheets, payments and
compliance reporting across
multiple systems. That is difficult,
time-consuming and error-prone. In
many cases, the owner is handling
these obligations themselves,
without payroll expertise and
without the support of integrated
software built for their needs.
Our product solves those
problems. PaySauce brings payroll,
compliance and payments into
a single, integrated experience
designed to reduce administrative
effort and improve accuracy for
small employers.
Our initial focus on the dairy sector
has been deliberate. It is a sector we
understand well, one that contains
genuine payroll complexity, and one
that allows us to prove the value
of the platform in a highly practical
setting. With the flexibility the Global
Payroll Platform offers, we’ve also
configured the Retail and Hospitality
awards and have successfully
onboarded customers in these
sectors too. Over time, we expect
the platform to support broader
industry use cases as we extend
award coverage and continue
refining the product.
We also expect regulatory changes
to act as a catalyst for growth. New
rules coming into effect on 1 July
2026 require Australian businesses
to make superannuation payments
at the same time as they run their
pays. This represents the immediate
opportunity as it will require
businesses to reassess existing
legacy solutions that do not deliver
that functionality.
Emma Strong, Dairy Famer, Jamberoo, Australia
8
LEADERSHIP MESSAGES
Shelley Steele, Ralphy and Stelphy Landz, Tatuanui, Waikato, New Zealand
We remain excited about the size
of the opportunity, but we are
equally aware of the work required.
Our focus is on delivering for
customers, easy onboarding, and a
disciplined and focused expansion
on core customer segments.
New Zealand delivers
steady growth
Our New Zealand business has
turned in another year of steady
delivery, providing the foundation
that has funded our move into
Australia. Customer numbers
increased to approximately 8,600
by year end, and processing fee
revenue grew 13% to around $7.2
million, despite the challenging
economic environment. That is
a pleasing outcome, particularly
given the level of management and
operational focus that was required
to prepare for and execute the
Australian launch.
As Shelley mentioned, the rate
of growth slowed as we made a
conscious decision to split some
of our customer acquisition
resources between maintaining
momentum in New Zealand and
preparing for entry into Australia.
As expected, that trade-off affected
near-term growth.
At the same time, we have
discontinued the entry-level Simple
Plan during the year, recognising
that most micro-businesses want
the integrated payments and
full functionality available in our
Standard and Premium plans. We
are pleased with the customer
response to this transition.
Processing fee revenue continued
to grow, our customer base
continued to expand, and the
business remained profitable. The
quality of the revenue mix also
continued to improve, with more
of the business being driven by
processing activity and less by
interest income on the float.
Interest income declined during
the year as wholesale rates eased.
That placed downward pressure on
some headline metrics, including
ARPU and total recurring revenue
growth, even though the core
product performance remained
strong. This is an important
distinction.
The business we are building
is ultimately about customer
growth, payroll activity, retention
and product value. Looking
ahead, we are gearing up for a
staged transition of New Zealand
customers to the new platform so
they can benefit from the improved
experience over time, noting that
some customers may choose
alternative solutions if their needs
fall outside our target segment.
Product, service and
operating quality
We continued to strengthen the
quality of the business during the
year.
One of the most encouraging
features of PaySauce over the past
few years has been that growth
has not come at the expense of
operating discipline. We have
continued to improve the customer
experience through better
onboarding, more self-service
support, clearer training pathways,
and internal tooling that helps
our teams serve customers more
efficiently.
These changes improve both
the customer experience and
the economics of the business.
They help customers get value
faster, reduce friction in the payroll
process, and support our ability
to scale while maintaining service
quality.
9
LEADERSHIP MESSAGES
Not just on the shorts: Wellington Rugby runs their payroll on PaySauce
We are also embedding AI into
our own operations to lift internal
efficiency and improve the
customer experience. Payroll
itself remains a mission-critical,
compliance-bound activity that
requires accreditation, payments
licences, and accountability. None
of which generic AI can deliver. We
will use AI where it strengthens our
service, while continuing to invest in
the trust infrastructure that defines
our category. An example over
time will be allowing customers
to use their external AI assistants
to access their payroll data, with
appropriate secure integration
pathways and permissions.
Credit is due to the technology
team for these achievements,
especially when they are
considered alongside the demands
they faced preparing for the
Australian launch.
Looking ahead
Three priorities will shape FY27.
First, executing on the Australian
opportunity, which means
converting our platform readiness
into valuable learnings and
initial customer growth. Second,
sustaining the New Zealand
business that funds everything
we do. Third, continuing to lift the
operating quality of the company
so that we scale with discipline to
create long-term shareholder value.
We will measure progress through
clear, repeatable indicators
of commercial momentum:
growth in referrals and partner-
led introductions (including
bookkeepers and accountants);
a consistent rate of onboarding
and positive customer and
partner feedback. From a financial
perspective, our focus will remain
on the long-term value drivers:
sustainable and profitable
customer growth, strong customer
retention and revenue growth that
outpaces rates of investment in
future years.
We enter the new year with a
proven domestic base, a live
product in Australia, and a team
that has shown it can execute.
No doubt there will be some
challenges ahead, as there always
are when opening up new markets,
but we do have a strong foundation
from which to take this exciting
next step.
FY26 has moved PaySauce from
product company to growth
company. The product is built,
the market is proven, the team
is in place. The work ahead is to
execute.
With my warm regards,
Asantha Wijeyeratne
CEO and Co-founder
10
LEADERSHIP MESSAGES
Leadership
team
Our Board of Directors
provides the governance and
strategic leadership required
to set goals to achieve our
global aspirations. Under
Asantha as CEO, the leadership
team has the talents, mindsets
and skills to achieve those
goals with the first execution
underway in bringing our
Global Payroll Platform across
t h e Ta s m a n .
Shelley Ruha
Independent Director and Chair
Shelley joined the PaySauce board in
February 2022. Shelley is an experienced
director and former senior banking executive
with extensive governance experience
across New Zealand and Australian listed
companies. She is the Independent Chair of
Allied Farmers and PaySauce, and a director
of Heartland Bank and 9 Spokes. Previous
directorships include Smartpay, Partners Life,
Hobson Wealth, The Icehouse and Paymark.
Shelley previously spent nearly 30 years in
banking, including as Chief Customer Officer
for BNZ Partners, where she led large-scale
business banking operations. Prior to that
she led Enterprise Services, which included
Technology and Product for the bank. She
brings deep expertise in strategy, financial
services, technology, and risk management,
and currently chairs or serves on several
boards and audit and risk committees.
Asantha Wijeyeratne
Executive Director, CEO and Co-
Founder
Asantha has over 25 years’ experience
focused exclusively on helping small
businesses with payroll. His background
in accounting, combined with a people-
first approach, has seen him build several
businesses into market leadership positions.
Most notably, he created and grew
SmartPayroll (now Smartly) and SmartBooks
to service close to 10,000 SMEs in New
Zealand before leaving in December 2013.
His focus is the micro-business sector. He
gets a lot out of making tech work to help
business owners support themselves, their
families and their communities. He was
awarded a Queen’s Service Medal (QSM) in
2013 and was a finalist in Ernst & Young’s 2021
Entrepreneur of the Year.
Gavin Thompson
Non-Independent Director
Gavin is a founder and a director of Catalyst
IT, New Zealand’s largest open-source
IT service provider. His background is in
software development and delivery, and he
has over 30 years’ experience in software
systems in the manufacturing, engineering,
financial, and government sectors. Gavin is
also a director on the board of Catalyst Cloud,
a company which grew from an infrastructure
platform for the Catalyst business, into a
provider of cloud services for Aotearoa.
Gavin is passionate about open source and
open standards software and systems
which allow a collaborative and effective
approach to delivering secure, resilient and
innovative solutions.
Mark Samlal
Independent Director
Mark has over 25 years’ experience in growth
leadership roles across Asia-Pacific. He co-
founded PayAsia in 2006 and was appointed
Executive Chairman and Managing Director in
2015. In 2017, he joined the Board of PayGroup
as Managing Director, listing the business
on the ASX in May 2018 and completing five
acquisitions before PayGroup was acquired
by Deel in November 2022.
Mark remains CEO and Founder of PayGroup.
He was previously a Director and General
Manager of PayConnect Solutions, which
was acquired by ADP. Throughout his career,
Mark has been an invested shareholder in the
businesses he has led.
Jim Sybertsma
Independent Non-Executive Director,
Audit and Risk Committee Chair
Jim has over 25 years of experience in
financial leadership positions including CFO
roles for DB Group, NZ Dairy Foods, Fliway
Group, and Hawkesby Management. During
this time, Jim has been involved in audit,
compliance and corporate finance activities
across a range of industries and sizes from
start-up to scale-up.
Jim is currently a Director for Provident
Insurance Corporation Limited, Auto
Drive Holdings and First Glass. He is also
CFO of Hawkesby Management, a family
office investment role, managing multiple
investments in early stage tech companies
and listed equity portfolios.
Jaime Monaghan
Chief Financial Officer
Jaime joined PaySauce in 2020. With an
extensive commercial background, Jaime
brings incisive leadership to our financial
and strategic planning. Jaime’s expertise in
bringing business and finance together was
honed in her previous roles at Trade Me and
Kiwibank. A Scottish Accountant, Jaime
is dedicated to ensuring the best possible
stewardship of shareholders’ funds in the
short, medium and long term.
PaySauce is responsible for managing a high
volume of funds on behalf of customers, with
billions of dollars being transacted every year
through PaySauce systems. Jaime’s financial
acumen and excellent management is key to
overseeing this.
Jessica McLean
Chief Operating Officer
Jess started her career on the front line in
payroll consulting and customer service,
helping businesses work through the
complexity of employing people. She then
moved into people and culture leadership,
so she knows just how challenging payroll
and employment compliance can be. That
combination of service delivery and hands-on
experience gives her a deep empathy for
what small employers are up against.
At PaySauce, she leads our growth, customer
experience, and operations teams, driven by
a passion for making payroll more accessible
for businesses that don’t have the luxury of
experts in their team.
Jacques Labuschagne
Chief Technology Officer
Jacques has spent his career delivering
technology solutions, from bespoke
builds through to core product and
service platforms. He started in software
development, moved into team and project
management, and most recently spent
several years as the CEO of a technology
services business in the UK, then as COO of
the NZ-based business in the same group
before joining the PaySauce team in 2023.
He brings strong technical judgement
alongside disciplined planning and execution,
and is focused on building the technology
team and platform that will support
PaySauce’s growth across both markets.
Chris Ridd
Executive Director, PaySauce Pty Ltd
Chris is a hands-on technology executive with
over 30 years in the industry, grounded in
sales, marketing and product management.
He has spent the last 15 years as CEO
of software companies including Xero,
myprosperity and EventsAir, and held
non-executive director roles with BoardPro,
MedAdvisor and Compass Education.
He has built a strong profile in the Australian
tech industry through both high-growth
leadership and advisory work with founders
across SaaS, fintech, health and education.
His experience covers operational leadership,
governance, capital raising and M&A. In
addition to leading PaySauce’s expansion
in Australia, he holds board positions with
VicRoads, Vocus and InvestorHub.
11
Michael Gray, Buzz Cafe, Lower Hutt, New Zealand
The strategic context shapes
everything that follows. Our
product investment this year was
directed at the new platform and
our Australian market entry, rather
than at the existing platforms which
serve customers in New Zealand
and the Pacific. The new platform
comes to the New Zealand market
later in 2026, and the migration
and modernisation programme
that follows, will be the largest
change PaySauce has taken on.
Our New Zealand business was
focused on performing within
that constraint: growing the
business, retaining customers, and
deepening relationships without
leaning on product improvements,
while building the foundations the
platform transition will need.
New Zealand
This year was one of sharpened focus across both sides
of our customer relationship: how we find and bring in the
right customers, and how we serve them so well that they
stay, grow, and recommend us.
The two sides of the customer
relationship feed each other.
Word of mouth and referrals are a
significant driver of new customer
acquisition, and that pipeline is
fed by how customers experience
PaySauce day to day. With product
investment focused elsewhere,
the quality of the customer
relationship is what carries the
business forward.
This year also marked our tenth
anniversary: a decade of building,
learning, and serving small
employers, and growing from a
start-up idea to a listed company
serving thousands of employers
across New Zealand, Australia, and
the Pacific.
12
We were deliberate about where
we invested and where we did
not. We pushed hard in the white
space available to us: first-time
employers, small employers in
agriculture, business owners who
value service and expertise over
feature volume. We made changes
to our pricing and channel mix that
prioritised revenue quality as well
as customer count. The result is a
New Zealand business with better
unit economics, cleaner data,
stronger systems, and a clearer
view of where the next growth
comes from.
The customer as the
hero
Underneath every initiative this
year is one decision: to be hyper-
focused on our ideal customer,
the small employer doing payroll
themselves. Our product was built
for them, our content speaks to
them, our brand reflects them, and
our growth programme is designed
to find more of them. That clarity
shapes our end to end journey.
Brand awareness in the regions and
channels where small employers
actually pay attention, content that
helps them understand payroll and
employment, improved search
visibility, active engagement at the
moment of interest, and sign-up
onto the right plan with the right
expectations. Then the experience
after signup is what creates a loyal
customer, and that loyal customer
becomes a source of growth.
From customer count to
revenue quality
Customer count matters, but the
value, retention, and economics
of those customers determine the
underlying health of the business. A
customer on our lowest-priced plan
generates significantly less revenue
than a customer on our core plans,
and usually costs more to serve.
This year we made a deliberate
move to focus on revenue quality
alongside customer count.
One strategic objective was to drive
customers toward our Standard
and Premium plans. The revenue
benefits go well beyond plan fees:
customers on these plans use
our payments processing and
PAYE intermediary services, which
generate processing fee revenue
and interest income on the funds
we hold on their behalf.
The clearest expression of the shift
was the decision to stop selling
Simple, our lowest plan tier, directly
to employers. New direct sign-ups
now go to Standard or Premium.
Simple remains available through
the partner channel only.
The thinking is straightforward. We
do not need to compete on lowest
price. An employer feeling the real
pain of payroll is more than willing
to pay for a product that actually
solves those problems, and we see
better outcomes when customers
take up the full suite: the pay run
completes properly, employees
are paid on time, Inland Revenue
obligations are met, and customers
stay longer because the product is
doing the job they actually wanted
from it.
We also implemented a modest
price increase across the
customer base in April 2025, and
brought charity customers onto a
consistent discount structure by
March 2026.
10 years of PaySauce!
91%
Customer survey
feel confident using PaySauce day to day
“Saves soooooo much
time and hassle. Worth
EVERY cent!”
Customer growth
13
NEW ZEALAND
Brand, content and a
modern website
We continued to invest in regional
brand presence, recognising that
small business owners and rural
employers are often reached
by channels other than digital.
We attended National, Southern
and Northern Districts Fieldays,
extended our radio plan into
provincial areas, and started
TVNZ+ advertising in September
2025, alongside our continuing
rugby sponsorships in Wellington
and Taranaki.
Our content strategy is positioning
for first-time and small employers
searching for help with the things
that come before they may even
need payroll software: employment
obligations, general good practice,
the everyday questions that
come with being a boss. By the
time those people are ready to
choose payroll software, we want
PaySauce to be a name they
already trust.
In July 2025 we replaced the
PaySauce website. The previous
site was a bespoke build that
only our development team could
change. The new site is built
in Webflow, and our customer
acquisition team can update it
directly, publishing content, testing
landing pages and responding to
market changes in hours rather
than weeks, without drawing on
development capacity.
The SEO and SEM programme has
run since the launch, and we end
the year with materially improved
website hygiene and a programme
that compounds into the next year.
We also started the shift from a
passive website experience to an
actively engaged one. Chat flows
and interactive product demos
now let us engage visitors at the
moment of interest, with 24/7
coverage and warm handoffs to
the growth team for high-intent
prospects.
Partnerships and
migration opportunities
We made a deliberate shift in our
partner approach this year, away
from a large number of low-volume
practices and toward deeper
relationships with a smaller number
of influential partners. We are
more aligned to partners who refer
customers to us than to those who
run payroll on their clients’ behalf.
The retirement of legacy payroll
products in the New Zealand
market is creating a once-in-a-
decade opportunity, with tens of
thousands of customers across
the market needing a new home.
We built a proactive, project-
managed migration programme
for accounting practices and
bookkeeping bureaus moving large
client books.
Market timing softened during the
year as several legacy providers
extended their support timelines,
so we adjusted accordingly,
focusing active engagement
on partners ready to move now
while maintaining infrastructure
to capture migrations as broader
timing shifts.
“Absolutely makes payroll super easy! the team
is fantastic to deal with, and super easy website
and app”
3,378
Product demos viewed
120hrs
Demo viewing time
6,686
Blog views
in 9 months since the launch of the redeveloped PaySauce website
162
Web pages published
14
NEW ZEALAND
This year was the most significant
transformation of our customer
experience operations. We
changed the team operating
model, modernised legacy
processes and systems, deepened
our investment in proactive
support, and launched market-
leading capability that none of our
direct New Zealand competitors
currently offer.
Customer experience at PaySauce
is not a cost-to-serve function
alone. It is one of our key value
propositions. Customers who feel
supported tell other employers.
A new operating model
We split our customer experience
function into three specialised
teams.
Support handles day-to-day
reactive work and is measured
on service levels and sentiment:
response times, resolution times,
SLA performance, and customer
satisfaction at point of contact.
Onboarding is a dedicated team
focused on getting new customers
from sign-up to first successful
pay run. We rebuilt the onboarding
experience for direct sign-ups this
year, with improved processes and
technology that streamline data
transformation and import. A first
pay run that goes well is one of the
strongest predictors of long-term
retention and one of the most
common moments customers
choose to recommend us.
Customer success is the most
strategically important addition.
Where support waits for customers
to come to us, customer success
works proactively to make sure
customers are getting value from
PaySauce, on the right plan, and
using the features that benefit
them. It is measured on retention,
plan fit, feature adoption, advocacy,
and the strength of relationships
that drive referrals. In effect, an
extension of the customer growth
function.
Proactive support &
better sentiment data
We have done more proactive,
outbound customer contact this
year than at any previous point
in PaySauce’s history. Every
conversation we have proactively
is a conversation a customer
does not have to start themselves
when something has already gone
wrong. Over time this reduces
inbound volume, lowers cost
to serve, and meaningfully lifts
customer confidence.
Our NPS result currently sits at
44, down from previous years. We
changed our surveying mechanism
this year: NPS is now delivered
in-product, runs continuously, and
is combined with other sentiment
signals. The change has tripled the
number of responses we receive,
bringing our methodology into
line with how NPS is intended to
be measured. The bigger win is
operational, we have an always-
Tania, Customer Experience Team, New Zealand
“It’s so easy to use and
the staff are amazing
when I need help.
Even when I ask silly
questions.”
Customer experience
15
NEW ZEALAND
80%
24/7Dec 2025
Penny AI agent
CoverageLaunched
of chat queries resolved on the spot
on view of customer sentiment
that lets us act on issues as they
emerge rather than waiting for the
next survey cycle.
Intercom and Penny
We integrated Intercom across
our products this year. In-product
support means customers can get
help without leaving PaySauce, and
our team works in a single platform
that brings together conversations,
customer context, product
usage, and self-service content.
What makes Intercom genuinely
transformative is everything
alongside the support inbox:
tooltips, product tours, banners,
in-product checklists, multi-step
campaigns. All of this is targeted to
the right customer segments at the
right moment, all built and released
by our team without developer
input.
Work that previously required a
development ticket and a release
window now happens in minutes.
The benefit beyond improved
experience is scalability. As we
grow, and as we move through
the platform migration ahead,
the ability to handle more
conversations, and guide more
customers with the same team
is essential. Intercom is the
foundation that makes that possible
without losing the personal care
we’re known for.
In December 2025 we launched
Penny, our AI customer support
agent. Penny is configured
conservatively by design, where the
system detects error, frustration,
or anything that suggests a
human is the better answer, it
escalates to our team. Even with
that conservative posture, Penny
is currently resolving nearly 80%
of queries that start in our chat,
providing genuine 24/7 coverage.
Accountant users have been fast
adopters. As we move into platform
migration work, Penny becomes
critical infrastructure: it absorbs
volume during a period when
human capacity will be under the
most pressure, and supports both
legacy and new product queries
side by side.
“What I love most is your helpline! This has been
our first year contract milking and every time I
call the person I talk to is incredibly helpful and
patient. Once you know your way around, using
PaySauce for payroll is very user friendly and easy
to navigate.”
Support as an
acquisition driver
For many businesses, customer
support is treated solely as a cost
line. For PaySauce, it is a deliberate
strategic choice and a core
part of how we win in a market
where small employers compare
providers on more than just price.
Inbound and outbound phone,
email, live chat with a real person,
an AI agent, and a comprehensive
help centre, all backed by in-
product guidance. We outperform
most of our direct New Zealand
competitors on the channels
available, and meaningfully so on
the ones that matter most in the
moment of need.
That investment is what prepares
us for a more complex year ahead.
The platform migration programme
will be the largest piece of
operational change PaySauce has
taken on. The structural choices we
have made this year — specialised
teams, a modern platform, a
proactive posture, an AI agent, in-
product guidance — are exactly the
foundation that work needs.
16
NEW ZEALAND
Craig Turner - Espresso Repairs Specialists, Petone, New Zealand
Where this leaves us
We finish the year with a New Zealand business that is structurally different
to the one we started with. The customers we now bring in are higher value,
better matched to the product, and more likely to stay. The experience we
build for them turns into advocacy, and that advocacy into the next round of
acquisition.
This is what it looks like to perform within the constraints of a mature current
product while the future product is being built. We pushed hard where
we are most competitive and stepped back from where we were not. We
invested in revenue quality, not just customer count. We built the systems,
structures, and disciplines that the next phase of growth will need.
17
NEW ZEALAND
Australia
Chris and Asantha on the road to the
Women in Dairy Ladies Lunch 2025
Australia represents the most significant growth
opportunity in PaySauce’s history. With a small employer
market around seven times the size of New Zealand, a
shared language and business culture, and a regulatory
change creating real urgency for employers to act, the
conditions for market entry are well established. With the
product already proven, FY27 is the year we start to scale
our market entry.
On 20 April 2026, we formally launched our Australian operations. That
followed a six-month soft launch period that began in September 2025,
during which we validated the product in a live operating environment,
gathered direct customer feedback, and refined both the platform and our
go-to-market approach. By 1 May 2026 we had 40 customers signed up.
Our focus through this initial phase is on foundation customers: the right
customers, well served, who give us the depth of feedback and the proof
points to scale from.
40
signed up by 1 May 2026
Customers
18
Why dairy first
We chose the dairy sector
deliberately. We know it well
already and it was not about
market size. It was about proving
the product works where payroll is
genuinely hard.
Australian dairy farms operate
under the Pastoral Award, one
of the most complex Fair Work
instruments in the country.
Overtime rules for waged staff
are complex and employers on
annualised salaries are still
required to reconcile against the
full award every twelve months.
Most micro-business owners
in this sector are working it out
themselves, without a payroll team
and without software that handles
the rules for them.
We have spent years working
with New Zealand farmers and
understand the rhythms, the
seasonal pressures, and what
it takes to build a product they
actually trust. The detail may be
different, but the problems for the
dairy farmer are the same: complex
pay rules, small teams, time-poor
owners, and an expectation that
the software should just get it right.
We have already moved onto new
awards, leveraging the flexibility
of the Global Payroll Platform. The
platform is a rules engine, not a
product with legislation baked in:
each new award is a configuration
rather than a rebuild. The General
Retail Industry Award and the
Hospitality Industry Awards have
already been launched, with more
to follow.
Solve the same problem
in a new market
The Australian payroll market for
small employers is different to
New Zealand.
In New Zealand, employers expect
a single payroll solution that
calculates pay, files with Inland
Revenue, integrates with their
accounting software and transfers
the funds to pay their staff. That
single-platform approach is
standard here. It is not standard in
Australia.
Most Australian micro-employers
still patch together multiple
disconnected tools: one for
timesheets, a spreadsheet for
calculations, accounting software
for records, and online banking
for manual payments. The idea
of a single system that takes you
from timesheet to compliant,
paid pay run in one flow is still
new. There is no product on the
Australian market built for micro-
businesses that does award
interpretation, payment processing,
superannuation filing, and reporting
as a single integrated experience.
This gap is the opportunity. We
have already solved the same
problem in New Zealand, and
we are now bringing that
experience into a market where the
need is larger and the alternatives
are worse.
Award compliance
built in
Fair Work Awards are the
regulatory framework that sits
underneath. They set minimum pay
rates, penalty structures, overtime
rules, and allowance entitlements
by industry and classification. Every
Australian employer must comply
with their applicable award, and the
consequences for getting it wrong
are real.
Most payroll software available
to small employers either ignores
award interpretation or handles
it poorly. PaySauce interprets the
award rules automatically and
applies them to each pay run.
The employer runs their pay; the
compliance is built in.
Payday Super
Starting 1 July 2026, Australian
employers will be required to
pay superannuation at the same
time as each pay run, rather than
quarterly as they do today. This is a
major shift in how payroll works for
every employer in the country.
The change is comparable to the
introduction of payday filing in New
Zealand. When Inland Revenue
moved to per-pay-run filing, it
created a clear, time-bound reason
for employers to move to modern
payroll software, and PaySauce
captured a meaningful wave of new
customers as a result.
Payday Super is that same moment
for Australia. Quarterly super has
allowed employers to batch the
work and manage it outside of
payroll. Paying super on every
payday means the payroll system
has to handle it, automatically, as
part of the pay run. Employers
using manual processes,
disconnected systems, or providers
that do not support Payday Super
The market opportunity
Linda and Ben Jaworski, Cakes on
Carthew, Townsville, Australia
694,000
~7x the NZ market
Australian micro-businesses
19
AUSTRALIA
will have to move. The compliance
requirement is creating a natural
window of demand that favours
products built to handle it from day
one. PaySauce is one of only a few.
Building on ten years
of learning
PaySauce has spent a decade
building and refining a payroll
product for micro-businesses
in New Zealand and across 14
jurisdictions in the Asia-Pacific
region. The patterns we have
learned over that time are directly
transferable to Australia.
We know what first-time employers
struggle with. We know where
people get stuck in a pay run. We
know that the quality of onboarding
determines whether a customer
stays or leaves within the first
month. We know that support
matters more than features when
the employer is mid-pay run at ten
o’clock at night. And we know that
solving a real compliance problem
for an underserved sector is the
fastest way to build a customer
base that trusts the product and
tells others.
How we will scale
growth
Our go-to-market approach has
three channels:
The partner channel is the primary
growth engine. Bookkeepers
and accountants are the most
trusted advisors to Australian
small business owners. And they
are most often the people who
recommend and set up payroll
software. We are building a
network of partners who refer their
clients to PaySauce, following the
model that worked for Xero when it
scaled in Australia.
The direct channel reaches
small employers through search,
content, and digital advertising.
An employer searching for help
with award compliance or looking
for a payroll provider ahead of the
Payday Super deadline, should find
PaySauce.
The strategic channel targets
franchise groups and industry
associations. There are
approximately 85,000 franchise
outlets in Australia with fewer than
20 employees. These businesses
have high compliance requirements
and frequent ownership turnover.
These agreements take longer to
Mel Shortland-Power, Bayley Budin & Meena Berry at Women in Dairy, 2026
negotiate but a single agreement
with a head office can bring
dozens or hundreds of end-users
onto the platform.
Our team
We have strong and experienced
leaders in our business. Chris Ridd,
former Managing Director of Xero
Australia, leads the growth effort
alongside Mel Shortland-Power,
former Head of Bookkeeping and
Global Head of Partner Community
at Xero. Both bring deep networks
and direct experience of what
it takes to scale a SaaS payroll
business in the Australian market.
Around them, we have attracted
people who were part of building
the Xero ecosystem 10 to 15
years ago.
We are deliberately disciplined
about how we scale the team. The
Australian team is built primarily
on contractors at this stage, with a
clear plan to move to permanent
roles as we prove traction. This is a
foundation build, not a sprint, and
the cost base is sized to match.
20
AUSTRALIA
Griffintine Dairy, Westbury, Gippsland, Victoria, Australia
Managing risk
Three risks sit at the top of our
register for the Australian operation.
Partner channel concentration is
the first. Roughly 60 percent of our
growth plan relies on recruiting
and activating partners. We track
active partner counts weekly and
maintain a pipeline to support
continued recruitment through
the year.
Strategic channel timing is the
second. Franchise and industry
body agreements take time to
negotiate, and delays are common.
We maintain pipeline coverage of
four times our target to absorb
slippage without falling behind.
Early-adopter bias is the third. The
customers who sign up first are
not necessarily representative
of the broader market. To guard
against over-optimism, the board
has agreed not to revise targets
upward before the scheduled mid-
year re-forecast on
15 October 2026.
What comes next
FY27 is a foundation year. Revenue
from the Australian operation is
forecast to build through the year,
compounding from Q3 (October
to December 2026) as partners
become productive and the Payday
Super deadline drives employer
decisions. The largest volume of
new customer activity is expected
in Q4 (January to March 2027).
The work ahead is straightforward
to describe and hard to do: recruit
and activate partners, convert
the interest we are seeing into
paying customers, continue
extending award coverage, and
prove that the unit economics of
the Australian business support
long-term investment. We have
the product, the team, and the
market conditions. The task now is
execution.
21
AUSTRALIA
PaySauce SaaS
Performance
The business results and SaaS metrics reported in the following sections
provide an overview of the performance of the business in a format that
we believe is useful for readers to assess the performance of PaySauce as
a SaaS business and should be read alongside the consolidated financial
statements and the related notes in this report.
Non-Generally Accepted Accounting Principles (Non-GAAP) measures
have been included and should not be viewed in isolation, nor considered
as substitutes for measures reported in accordance with New Zealand
Equivalents to International Financial Reporting Standards (NZ IFRS).
March 2026March 2025
$000s$000s
Processing Fees7,1626,322
Interest Income1,8132,329
Recurring Revenue8,9758,651
Cost to Serve(1,968)(1,938)
Gross Margin7,0076,713
Gross Margin %78%78%
Other Interest Income319
Other Revenue242336
Total Other Revenue273345
Customer Acquisition(1,342) (1,025)
Research & Development(1,204) (1,168)
General & Administration(3,498)(3,461)
Interest Expense(18) (52)
Earnings Before Tax, Depreciation and
Amortisation
1,2181,352
Earnings Before Tax, Depreciation and
Amortisation Margin %
14%16%
Depreciation & Amortisation(1,026)(817)
Asset Impairment(21)(75)
Net Profit before Tax171460
Income Tax Benefit119221
Net Profit after Tax290681
Earnings Before Tax, Depreciation and Amortisation (EBTDA) is calculated by adding back depreciation, amortisation and
income tax expense to the amounts reported in the NZ IFRS-based financial statements. PaySauce believes that this measure
provides useful insights to measure the performance of PaySauce as a SaaS business.
EBTDA Margin % is EBTDA as a percentage of recurring revenue and is calculated by dividing EBTDA by recurring revenue.
22
PERFORMANCE
Recurring Revenue
How and why do we monitor recurring revenue?
PaySauce monitors the revenue received from customers as a growth metric. Looking at it from a customer
journey angle, this is the Average Revenue per User (ARPU) and is derived by dividing the total recurring
revenue by the number of customers in a period. PaySauce measures this metric on a monthly basis - the
higher the ARPU, the more value received from each customer.
Definitions
Recurring revenue is revenue that is expected to repeat into the future. Recurring revenue for PaySauce
consists of:
• Processing Fees - the monthly or annual subscription customers pay for PaySauce payroll products.
• Interest Income - interest earned from funds held on behalf of PaySauce customers. As interest earned on
these funds grows directly in relation to the number of customers, this is considered an additional recurring
revenue stream.
Annualised recurring revenue (ARR) multiplies the recurring revenue generated in the last month of the period
by 12 to annualise the current recurring revenue.
Recurring revenue grew 4% year on year to $9.0m. This was primarily driven by the increase in
processing fee revenue as interest revenue declined 22% in FY26.
Processing fee revenue increased to $7.2m, up 13%, or $0.84m year on year. The increase in
volume of customers accounted for 60% of the increase, while the increase in average revenue
per customer from processing fees accounted for the remainder.
Interest revenue decreased to $1.8m, down 22% or $0.52m year on year, with the declining
interest rate environment experienced during the year more than offsetting the impact of
increasing balance of funds held on behalf of customers over the course of the year.
Annualised recurring revenue
Interest
Processing Fees
Mar 23
$6.7M
$8.0M
$8.5M
$9.0M
Mar 24Mar 25Mar 26
$0 M
$2.0 M
$4.0 M
$6.0 M
$10.0 M
NZD ($M)
$8.0 M
Annualised recurring revenue (ARR) grew 6% year on year to $9m as at 31 March 2026.
March 2026March 2025YOY Change
ARR at end of period ($000s)8,9578,4626%
Recurring revenue for the period
- Total ($000s)
8,9758,6514%
ARPU (monthly) at end of period ($)87861%
FTEs4848flat
Revenue per FTE ($000s)1931873%
23
PERFORMANCE
Cost to Serve
How and why do we monitor cost to serve?
PaySauce monitors the cost of servicing customers as an efficiency metric. The cost to serve per customer
(CTS) divides the total cost of serving our customers by the total number of customers for the period. The
lower the CTS, the more efficient PaySauce is at servicing customers.
Definitions
Cost to serve consists of customer support costs and expenses such as cloud hosting, maintenance of our
software products, and bank fees charged per customer transaction.
Gross margin is the difference between the recurring revenue earned from our customers and the amount it
costs PaySauce to service those customers (cost to serve). Gross margin is often expressed as a percentage
of recurring revenue.
Cost to serve increased to $2.0m (up 2% on last year). PaySauce continued to increase the
efficiency of the customer function with investment into systems and processes, including the
adoption of Intercom, and the launch of its new AI agent, Penny - which now resolves nearly 80%
of chat based queries. This has enabled the same headcount of support staff to support a greater
number of customers. Furthermore, a rebuilt onboarding flow and improved in-product guidance
have streamlined the customer journey, reducing manual effort and reactive support volumes.
The increase in cost to serve was largely inflationary as a result with increases to salaries, and
increases in data hosting fees and bank charges in line with customer growth. The increase
in cost to serve was outpaced by a 4% increase in recurring revenue as customer numbers
grew 5% year on year. This led to a 4% increase of PaySauce’s gross margin to $7.0m or 78% in
percentage terms. The gross margin percentage remained in line with the prior year despite the
22% year on year decline in interest income.
Gross margin %
73%
77%
78%
78%
Mar 23Mar 24Mar 25Mar 26
80%
75%
70%
65%
60%
Gross margin held steady at 78% in FY26, with processing fee growth offsetting declining
interest income.
March 2026March 2025YOY Change
Recurring revenue ($000s)8,9758,6514%
Less cost to serve ($000s)(1,968)(1,938)2%
Gross margin ($000s)7,0076,7134%
Gross margin %78%78%flat
CTS per customer (monthly) at end of period ($)1919flat
24
PERFORMANCE
Customer Acquisition
How and why do we monitor customer acquisition?
PaySauce monitors the cost of acquiring new customers as a growth efficiency metric. The customer
acquisition cost (CAC) divides the total cost of attracting and onboarding new customers by the number of
new customers onboarded in the period. In an established business or market, a lower CAC demonstrates a
more efficient customer acquisition process.
Definitions
Customer acquisition costs relate to attracting and onboarding new customers. These consist of sales and
marketing people costs and expenses such as digital marketing, events and sponsorship. These costs are
expensed as incurred as they do not relate to any specific customer or contract for services
PaySauce added more than 1,400 new customers, growing the customer base to 8,600 as at
31 March 2026. Whilst still growing our customer base overall, the number of new customers
onboarded in the year was down 19% year on year as the team prepared for launch in Australia.
The increase in customer acquisition costs outpaced customer growth, primarily due to the
increased spend relating to the market entry into Australia - the return on which will be seen in
FY27. This led to an increase in CAC per addition of 62% year on year to 944 per customer
in FY26.
Customer growth and acquisition cost
6,875
7,368
8,204
8,600
Mar 23Mar 24Mar 25Mar 26
15%
20%
10%
5%
0%
9k
12k
6k
3k
0k
12%
10%
12%
15%
Customer base grew 5% to 8,600, while acquisition costs rose to 15% of recurring revenue,
reflecting investment in the Australian market entry.
March 2026March 2025YOY Change
CAC per addition94458462%
New customers1,4221,755(19%)
Customer acquisition costs ($000s)1,3421,02531%
Percentage of Recurring Revenue15%12%3pp
25
PERFORMANCE
Research and Development
Research and development (R&D) costs relate to building new products and features as well as enhancing the
current products and infrastructure. These costs predominantly consist of the software development team
salaries, and are either expensed or capitalised according to NZ IFRS requirements. R&D costs are expensed
if they are primarily related to researching new products or maintaining existing products. R&D costs are
capitalised if they relate to developing new features or products for our customers. Development costs are
discussed in aggregate below - to demonstrate the total spend on R&D for the business in the period before
capitalisation under NZ IFRS requirements.
PaySauce increased investment into research and development by 16% year on year - up to
$3.3m for FY26.
This increase was primarily people cost, with new roles across the board in design, product and
testing to support the development and release of the Australian payroll product.
The improvements made to the structure of the team, infrastructure and security over the past
two years continue to deliver results. Not just in the speed of delivery of new products, but also
limiting the increase in maintenance required on the existing products, with expensed research
& development limited to an increase of 3% year on year. This, combined with the new team
members being focused almost entirely on the development of the Australian payroll product,
has led to an increase in the capitalisation rate of 5 percentage points year on year to 66% (a
measure of how much time is spent developing and improving products compared to the time
spent maintaining them).
R&D investment
Expensed
Capitalised
Mar 23
$1.5M
$2.0M
$2.9M
$3.3M
Mar 24Mar 25Mar 26
$0 M
$1.0 M
$2.0 M
$3.0 M
NZD ($M)
$4.0M
Total R&D investment increased 16% to $3.3m, with the capitalisation rate rising to 66% as
the team focused on developing the Australian payroll product.
March 2026March 2025YOY Change
Research & development expensed ($000s)1,2041,1683%
Research & development impairment ($000s)2174(71%)
Research & development capitalised ($000s)2,1191,62930%
Total research and development costs ($000s)3,3442,87116%
Percentage of Recurring Revenue37%33%4pp
Capitalisation rate (salaries)66%61%5pp
26
PERFORMANCE
Customer Lifetime Value
How and why do we monitor customer lifetime value?
The longer a customer remains with PaySauce, the more value they generate. PaySauce monitors how
long a customer is expected to remain a customer, by looking at customer retention. Customers who stop
using PaySauce in any given month are deemed to have churned. Churn is measured as the percentage of
customers that stop using PaySauce products each month as a proportion of the customers at the start of
that month. The lower the churn rate, the higher the derived lifetime of each customer and the more value
generated from them. The customer lifetime value is assessed relative to the customer acquisition cost (CAC)
to determine the return on investment of acquiring new customers.
Definitions
Monthly average churn rate is the 12 month average of the net reduction of customers in a calendar month. It
is expressed as the percentage of the total customers at the start of that month. The net reduction allows for
returning customers who may have paused processing temporarily, for example, due to seasonal fluctuations.
The estimated customer lifetime (in months) is derived using the inverse of monthly average churn rate (being
1 divided by the monthly average churn rate).
Customer lifetime value (CLTV) is a measure of the gross margin each customer brings in over the time they
use PaySauce. CLTV is calculated by multiplying the gross margin per customer by the estimated customer
lifetime.
Total customer lifetime value (LTV) is a measure of the estimated value of the current customer base,
assuming that churn, revenue and cost to serve remain constant. This measure is calculated by multiplying
CLTV by the total number of customers.
LTV : CAC is a measure of the return on investment of acquiring a new PaySauce customer. This measure is
calculated by dividing the CLTV by the CAC per additions.
PaySauce saw total customer LTV grow 3% year on year, totalling $57.2m as at 31 March 2026.
This was driven entirely by the increase in customer numbers (up 5% year on year), which offset
the slight decrease in LTV per customer (down 1% year on year).
The decrease in LTV was driven by the increase in the average monthly churn rate to 1.02% from
0.99% last year (an increase of 3% year on year), despite a stable gross margin and an increase in
ARPU of 1 % year on year.
March 2026March 2025YOY Change
Customers at end of period8,6008,2045%
Average monthly churn rate for the period (%)1.020.993%
Churned customers1,02691912%
LTV per customer at end of period ($)6,6566,747(1%)
Total customer LTV at end of period ($m)$57.2m$55.3m3%
LTV:CAC ratio at end of period7:112 : 1(39%)
27
PERFORMANCE
Customer Lifetime Journey
ARPU / month
$87
CTS / month
flat YOY
$19
Lifetime
8.2 yrs
CLTV
$6,656
CAC
$944
Each customer generates $87 per month in revenue.
After $19 per month in servicing costs, that leaves a gross margin of $68 per customer per month.
Over an average customer lifetime of 8.2 years, each customer is worth $6,656.
-3% YOY-1% YOY+62% YOY+ 1% YOY
$57.2m
Total customer lifetime value
+ 3% YOY
$6,656
Value per customer
7 : 1
LTV : CAC ratioCustomers
8,600
+ 5% YOY
28
PERFORMANCE
Financial Statements
For the year ended 31 March 2026
Directors’ Report 30
Independent Auditor’s Report 31
Consolidated Financial Statements
Consolidated Statement of Comprehensive Income 33
Consolidated Statement of Financial Position 33
Consolidated Statement of Movements in Equity 35
Consolidated Statement of Cash Flows 36
Notes to the Consolidated Financial Statements 36
29
Directors’ Report
The Board of Directors have pleasure in presenting the annual report of PaySauce Limited,
incorporating the consolidated financial statements and the independent auditor’s report, for the
year ended 31 March 2026.
In the opinion of the directors of PaySauce Limited, the consolidated financial statements and
notes on pages 33 to 47:
• comply with New Zealand Generally Accepted Accounting Practice (“NZ GAAP”) and present
fairly the consolidated financial position of the Group as at 31 March 2026 and the results of
their operations and cash flows for the year ended on that date; and
• have been prepared using appropriate accounting policies, which have been consistently
applied and supported by reasonable judgements and estimates.
The directors consider that they have taken adequate steps to safeguard the assets of the Group
and to prevent and detect fraud and other irregularities. Internal control procedures are also
considered to be sufficient to provide reasonable assurance as to the integrity and reliability of
the consolidated financial statements.
For and on behalf of the Board of Directors:
Shelley Ruha
Chair
26 May 2026
Jim Sybertsma
Audit & Risk Committee Chair
26 May 2026
30
FINANCIAL STATEMENTS
To the Shareholders of PaySauce Limited
Report on the Audit of the
Consolidated Financial
Statements
Opinion
We have audited the consolidated financial
statements of PaySauce Limited on pages 33 to
47 which comprise the consolidated statement
of financial position as at 31 March 2026, and the
consolidated statement of comprehensive income,
consolidated statement of movements in equity and
consolidated statement of cash flows for the year
then ended, and notes to the consolidated financial
statements, including material accounting policy
information.
In our opinion, the accompanying financial statements
present fairly, in all material respects, the financial
position of PaySauce Limited as at 31 March 2026
and its financial performance and cash flows for the
year then ended in accordance with New Zealand
Equivalents to International Financial Reporting
Standards (NZ IFRS) issued by the New Zealand
Accounting Standards Board and IFRS Accounting
Standards issued by the International Accounting
Standards Board.
Basis for Opinion
We conducted our audit in accordance with
International Standards on Auditing (New Zealand)
(ISAs (NZ)) issued by the New Zealand Auditing and
Assurance Standards Board. Our responsibilities
under those standards are further described in
the Auditor’s Responsibilities for the Audit of the
Consolidated Financial Statements section of
our report. We are independent of the Group in
accordance with Professional and Ethical Standard
1 International Code of Ethics for Assurance
Practitioners
(including International Independence Standards)
(New Zealand) issued by the New Zealand Auditing
and Assurance Standards Board and the International
Ethics Standards Board for Accountants’ International
Code of Ethics for Professional Accountants (including
International Independence Standards) (IESBA Code),
and we have fulfilled our other ethical responsibilities
in accordance with these requirements and the IESBA
Code. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a
basis for our opinion.
Other than in our capacity as auditor we have no
relationship with, or interests in, the Company/Group.
Key Audit Matters
Key audit matters are those matters that, in our
professional judgement, were of most significance in
our audit of the Consolidated financial statements of
the current period. These matters were addressed in
the context of our audit of the Consolidated financial
statements as a whole, and in forming our opinion
thereon, and we do not provide a separate opinion on
these matters.
Grant Thornton New Zealand Audit Limited
L4, Grant Thornton House
152 Fanshawe Street
Auckland 1140
T +64 (0)9 308 2570
www.grantthornton.co.nz
Independent Auditor’s Report
Why the audit matter is significant
Intangible assets – Capitalisation of
internally developed software, amortisation
and impairment testing of intangible assets
not yet ready for use
Intangible assets carrying value of $4,615,000 at
31 March 2026 ($3,359,000 at 31 March 2025) is
comprised of computer software, development in
progress and customer relationships.
The Group is a Software as a Service (“SaaS”)
provider and incurs significant expenditure in
developing and maintaining its software assets.
NZ IAS 38 Intangible Assets outlines the criteria for
capitalisation of costs associated with developing
the software including assessing whether the
software will generate future economic benefits.
As disclosed in Note 8, capitalised software
costs are recognised at cost and subsequently
amortised over their estimated useful lives. Costs
that do not meet the criteria for capitalisation are
expensed as incurred.
In addition to the above, the software asset
includes development in progress of $758,000 at
31 March 2026 ($1,487,000 at 31 March 2025).
NZ IAS 36 Impairment of Assets requires intangible
assets that are not yet available for use to be
tested annually for impairment.
Capitalisation of internally generated intangible
assets, the determination of their estimated lives,
and impairment testing of intangible assets under
development involves significant estimate and
judgement and therefore is also a key audit matter.
How our audit addressed the key
audit matter
We evaluated the appropriateness of intangible
asset capitalisation and assessed impairment
testing of intangible assets.
In respect to capitalised intangible assets, our
procedures, amongst others, included the following:
• We obtained an understanding of the controls
and processes implemented by management
to ensure that capitalisation assessments are
appropriate and that costs are appropriately
determined;
• We obtained managements paper analysing
asset additions during the period, and the basis of
determination of costs for capitalised assets;
• We selected a sample of projects capitalised
during the year and ensured the capitalisation
criteria within NZ IAS 38 – Intangible Assets
were appropriately satisfied. We also reviewed
supporting documentation for amounts
capitalised.
In respect to the amortisation of intangible assets,
our procedures, amongst others, included the
following:
• We obtained an understanding of the controls
and processes implemented by management
to ensure that useful life assessments are
appropriate;
• We obtained managements paper supporting the
basis for their assessments of useful lives applied
to capitalised assets;
• We assessed the basis of managements
useful lives for reasonableness and ensured
amortisation periods applied to intangible assets
were consistent with those assessments.
31
FINANCIAL STATEMENTS
In respect to impairment assessments, our
procedures, amongst others, included the following:
• We performed procedures to evaluate the Group’s
determination of CGUs. This included reviewing
internal management reporting to assess the
level at which the Group monitors performance,
comparing CGU’s to our knowledge of the Group’s
operations and reporting systems, and reconciling
assets allocated to CGUs to accounting records;We
obtained management’s impairment assessments
and tested the completeness and mathematical
accuracy of the value in use calculations;
• We obtained management’s impairment
assessments and tested the completeness
and mathematical accuracy of the value in use
calculations;
• We considered and challenged key assumptions
within the impairment assessments and assessed
the models’ compliance with NZ IAS 36;
• We compared the forecast cash flows used for
FY26 to the Board approved business plan; and
• We reviewed management’s assessment of
redundant or superseded development activities
and assessed this against our knowledge of the
Group’s operations.
Other procedures of note included the following:
• We reviewed disclosures in the consolidated
financial statements for reasonableness and
appropriateness.
Information Other than the
Consolidated Financial Statements
and Auditor’s Report thereon
The Directors are responsible for the other
information. The other information comprises the
Annual Report and the corporate governance
disclosures, but does not include the consolidated
financial statements and our auditor’s report thereon.
Our opinion on the consolidated financial statements
does not cover the other information and we do
not express any form of audit opinion or assurance
conclusion thereon.
In connection with our audit of the consolidated
financial statements, our responsibility is to read the
other information and, in doing so, consider whether
the other information is materially inconsistent
with the consolidated financial statements or our
knowledge obtained in the audit or otherwise appears
to be materially misstated. If, based on the work we
have performed, we conclude that there is a material
misstatement of this information, we are required
to report that fact. We have nothing to report in this
regard.
Directors’ responsibilities for the
Consolidated Financial Statements
The Directors are responsible on behalf of the Group
for the preparation and fair presentation of the
Consolidated financial statements in accordance with
New Zealand equivalents to International Financial
Reporting Standards issued by the New Zealand
Accounting Standards Board and IFRS Accounting
Standards, and for such internal control as the
Directors determine is necessary to enable the
preparation of Consolidated financial statements that
are free from material misstatement, whether due to
fraud or error.
In preparing the consolidated financial statements,
the Directors are responsible on behalf of the Group
for assessing the Group’s ability to continue as a
going concern, disclosing, as applicable, matters
related to going concern and using the going concern
basis of accounting unless the Directors either intend
to liquidate the Group or to cease operations, or have
no realistic alternative but to do so.
Auditor’s responsibilities for the
Audit of the Consolidated Financial
Statements
Our objectives are to obtain reasonable assurance
about whether the financial statements as a whole
are free from material misstatement, whether due to
fraud or error, and to issue an auditor’s report that
includes our opinion. Reasonable assurance
is a high level of assurance but is not a guarantee that
an audit conducted in accordance with ISAs (NZ) will
always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate,
they could reasonably be expected to influence the
economic decisions of users taken on the basis of
these Consolidated financial statements.
A further description of the auditor’s responsibilities
for the audit of the financial statements is located on
the External
Reporting Board’s website at: https://www.xrb.
govt.nz/standards/assurance-standards/auditors-
responsibilities/audit-report-1
Restriction on use of our report
This report is made solely to the Company’s
shareholders, as a body. Our audit work has been
undertaken so that we might state to the Company’s
shareholders, as a body those matters which we are
required to state to them in an auditor’s report and
for no other purpose. To the fullest extent permitted
by law, we do not accept or assume responsibility to
anyone other than the Company and its shareholders,
as a body, for our audit work, for this report or for the
opinion we have formed.
Grant Thornton New Zealand Audit Limited
B Smith
Partner
Wellington
26 May 2026
Grant Thornton New Zealand Audit Limited
L4, Grant Thornton House
152 Fanshawe Street
Auckland 1140
T +64 (0)9 308 2570
www.grantthornton.co.nz
32
FINANCIAL STATEMENTS
Consolidated Statement of
Comprehensive Income
For the year ended 31 March 2026
2026
2025
Notes$000s$000s
Operating revenue
49,2478,995
Expenses
Employee expenses5(5,133)(5,076)
Other expenses6(2,878)(2,516)
Depreciation and amortisation7,8(1,026)(817)
Asset impairment8(21)(74)
Finance costs9(18)(52)
Total expenses (9,076)(8,535)
Net profit before income tax 171460
Income Tax benefit10119221
Net profit for the period 290681
Other comprehensive income
––
Total comprehensive profit for the period290681
Earnings per share
CentsCents
Basic earnings per share110.190.48
Diluted earnings per share110.190.48
The above statement should be read in conjunction with the accompanying notes.
Consolidated Statement of Financial
Position
As at 31 March 2026
20262025
Notes$000s$000s
Assets
Current assets
Cash and cash equivalents214,521309
Cash and cash equivalents - customer funds2118,20512,034
Term deposits - customer funds2117,00024,200
Trade receivables 190181
Other assets 291343
Total current assets 40,20737,067
Non-current assets
Deferred tax assets101,3191,200
Term deposits - customer funds219,9501,700
Property, plant and equipment7243352
Intangible assets84,6153,359
Total non-current assets
16,1276,611
Total assets
56,33443,678
33
FINANCIAL STATEMENTS
For and on behalf of the Board of Directors, who authorised the issue of these Consolidated
Financial Statements on 26 May 2026:
Shelley Ruha
Chair
26 May 2026
Jim Sybertsma
Audit & Risk Committee Chair
26 May 2026
Consolidated Statement of Financial
Position (continued)
As at 31 March 2026
20262025
Notes$000s$000s
Liabilities
Current liabilities
Trade and other payables594522
Funds due to customers and IRD2145,15537,935
Employee benefits535364
Other liabilities484435
Lease liabilities75140
Total current liabilities46,84339,396
Non-current liabilities
Lease liabilities37111
Total non-current liabilities 37111
Total liabilities 46,88039,507
Net assets 9,4544,171
Equity
Share capital1219,12214,159
Reserves18188158
Accumulated losses (9,856)(10,146)
Equity attributable to the owners of the Company
9,4544,171
The above statement should be read in conjunction with the accompanying notes.
34
FINANCIAL STATEMENTS
Share-based
payment reserve
Share
Capital
Accumulated
losses
To t a l
Notes$000s$000s$000s$000s
Balance as at 1 April 2024 21213,659(10,827)3,044
Comprehensive profit
Net profit for the period––681681
Other comprehensive income––––
Total comprehensive profit––681681
Transactions with owners
Share-based payments, net of
tax
18446––446
Share-based payments paid up12(500)500––
Total transactions with owners(54)500–446
Balance as at 31 March 202515814,159(10,146) 4,171
The above statement should be read in conjunction with the accompanying notes.
Consolidated Statement of Movements
in Equity
For the year ended 31 March 2026
Share-based
payment reserve
Share
Capital
Accumulated
losses
To t a l
Notes$000s$000s$000s$000s
Balance as at 1 April 2025 15814,159(10,146)4,171
Comprehensive profit
Net profit for the period
––290290
Other comprehensive income
––––
Total comprehensive profit––290290
Transactions with owners
Share-based payments, net of
tax
18430––430
Share-based payments paid up12(400)400––
Issue of ordinary shares–4,563–4,563
Total transactions with owners304,963–4,993
Balance as at 31 March 202618819,122(9,856)9,454
35
FINANCIAL STATEMENTS
Notes to the Consolidated Financial Statements
For the year ended 31 March 2026
1. General information
PaySauce Limited (the “Company” or “PaySauce”), is a for-profit limited liability company,
domiciled and incorporated in New Zealand and registered under the Companies Act 1993. The
company is an FMC Reporting Entity for the purpose of the Financial Markets Conduct Act 2013.
PaySauce is listed on the New Zealand Stock Exchange (“NZX”) that trades under the ticker PYS.
PaySauce is a SaaS fintech platform delivering digital payroll solutions across 14 jurisdictions
in Asia-Pacific. The technology enables small employers to digitally onboard, pay and manage
employees from any device. The platform includes rosters, mobile timesheets, payroll
calculations, banking integration, automated payments, PAYE filing, labour costing, and
automated general ledger entries. The PayNow feature enables customers’ employees to access
the pay they’ve earned before payday, providing a free alternative to payday lenders.
The consolidated financial statements for the Company and its subsidiaries (the “Group”) for the
year ended 31 March 2026 were authorised in accordance with a resolution of the directors for
issue on 26 May 2026 and are audited.
2. Summary of material accounting policies
a. Basis of preparation
These consolidated financial statements have been prepared:
• in accordance with New Zealand Generally Accepted Accounting Practice (“NZ GAAP”)
• in accordance with New Zealand equivalents to International Financial Reporting Standards
(“NZ IFRS”) and other applicable Financial Reporting Standards, as appropriate for profit
oriented entities
• in accordance with International Financial Reporting Standards (“IFRS”)
• in accordance with the requirements of the Financial Markets Conduct Act 2013;
• on the basis of historical cost;
• in New Zealand dollars (NZD), which is the functional currency of the Group, with all values
rounded to the nearest one thousand dollars ($1,000) unless otherwise stated;
• on the assumption that the Group is a going concern.
Consolidated Statement of Cash Flows
For the year ended 31 March 2026
20262025
Notes$000s$000s
Cash flows from operating activities
Receipts from customers6,8546,136
Interest received1,9032,514
Payments to suppliers and employees(6,780)(6,436)
Taxes (paid) / refunded16(16)
Interest paid on operating leases(18)(32)
Net cash from operating activities before increase
in funds due to customers and IRD
211,9752,166
Increase in funds due to customers and IRD217,2214,326
Net cash from operating activities179,1966,492
Cash flows used in investing activities
Funds on term deposit(1,050)(1,200)
Investment in intangible assets(2,120)(1,629)
Purchases of property, plant and equipment
(90)(35)
Net cash used in investing activities (3,260)(2,864)
Cash used from / (used in) financing activities
Loan repayments
–(650)
Net proceeds from issue of shares4,564–
Repayments of principal portion of lease liability
(117)(127)
Interest paid on borrowings
–(20)
Net cash from / (used in) financing activities 4,447(797)
Net increase in cash and cash equivalents 10,3832,831
Cash and cash equivalents at beginning of the period
12,3439,512
Cash and cash equivalents at end of the period22,72612,343
The above statement should be read in conjunction with the accompanying notes.
36
FINANCIAL STATEMENTS
b. Accounting standards that are issued but not yet effective
NZ IFRS 18 Presentation and Disclosure in Financial Statements
In May 2024, the New Zealand External Reporting Board (XRB) issued NZ IFRS 18 Presentation
and Disclosure in Financial Statements (effective for annual reporting periods beginning on or
after 1 January 2027). This standard replaces NZ IAS 1 Presentation of Financial Statements
and primarily introduces a defined structure for the statement of comprehensive income and
disclosure of management-defined performance measures (a subset of non-GAAP measures) in
a single note together with reconciliation requirements. It also includes enhanced principles on
aggregation and disaggregation which apply to the primary financial statements and notes in
general. The Company is yet to adopt this standard and is in the process of assessing its impacts
particularly with respect to the structure of the Company’s statement of profit or loss, and the
additional disclosures required for management performance measures. However, there will be
no impact on the Company’s net profit.
c. Basis of consolidation
The Group financial statements incorporate the financial statements of the Company and
its subsidiaries as at 31 March 2026. All subsidiaries are wholly owned and controlled by the
Company as at 31 March 2026 and have a reporting date of 31 March 2026 (note 20).
All transactions and balances between the Group are eliminated on consolidation. Amounts
reported in the financial statements of subsidiaries have been adjusted where necessary to
ensure consistency with the accounting policies adopted by the Group.
d. Foreign currency translation
Functional and presentation currency
Items included in the consolidated financial statements of the Group’s entities are measured
using the currency of the primary economic environment in which the entity operates (New
Zealand). The consolidated financial statements are presented in New Zealand dollars ($), which
is the Group’s functional and presentation currency.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange
rates prevailing at the dates of the transactions or valuation where items are re-measured.
Foreign exchange gains and losses resulting from the settlement of such transactions and from
the translation at year-end exchange rates of monetary assets and liabilities denominated in
foreign currencies are generally recognised in profit or loss.
e. Goods and Services Tax (GST)
All revenue and expense transactions are recorded exclusive of GST. Assets and liabilities are
similarly stated exclusive of GST, with the exception of receivables and payables, which are stated
inclusive of GST..
f. Leases
Lease liabilities are initially measured at the present value of the remaining lease payments,
discounted at the Group’s incremental borrowing rate. Subsequently, the carrying value of the
liability is adjusted to reflect interest and lease payments made.
PaySauce recognised a right-of-use asset and corresponding lease liability for the property lease
entered into during the period at 85 The Esplanade, Petone.
3. Use of critical accounting estimates and judgements
The preparation of the consolidated financial statements requires PaySauce to make a number
of judgements, estimates and assumptions. Estimates and underlying assumptions are reviewed
on an on-going basis.
Information about critical estimates and judgements used in applying accounting policies
that have the most significant effect on the amounts recognised in the consolidated financial
statements are included below and in the following notes:
• Intangible Assets (Note 8)
• Tax Expense (Note 10)
Going concern
The consolidated financial statements have been prepared on a going concern basis.
The Group made a net profit before tax of $0.171 million for the year ended 31 March 2026 (2025:
$0.460 million), had equity at 31 March 2026 of $9.454 million (2025: $4.171 million) and net current
liabilities of $6.637 million (2025: $2.327 million). The Group has net current liabilities due to the
non-current asset classification of $9.950 million of term deposits placed using funds held on
behalf of customers and IRD (see note 21). These deposits would be accessible at short notice in
the event they were required.
The Group had positive operating cash flows before increase in funds due to customers and IRD
of $1.975m (2025: $2.166m).
37
FINANCIAL STATEMENTS
The Directors consider after making due enquiry and having regard to the circumstances which
they consider reasonably likely to affect the Group for the foreseeable future, which is not less
than 12 months from the date these financial statements are approved for issue, that the going
concern assumption is valid.
4. Operating revenue
20262025
$000s$000s
Revenue from contracts with customers
Processing fees7,1626,322
Other services revenue–71
Revenue from other sources
Interest income1,8502,343
Other revenue235259
Total operating revenue9,2478,995
There are no significant estimates or judgements surrounding recognition of revenue.
Revenue from contracts with customers
Processing fees
Revenue from processing fees includes both fixed and incremental components based on the
number of employees and pays processed for the customer. Revenue is recognised at the point
in time the service is provided, which is when the customer’s payroll has been paid to customers’
employees.
Other services revenue
Revenue from sales of digital contracts are recognised when the customer has used the service.
Revenue is recognised at the point in time the service is provided, which is when the customer
uses the contract builder application.
Revenue from other sources
Interest income
Interest income is earned on all funds held on behalf of customers, including net wages payable
to customers’ employees and PAYE and other deductions payable to the IRD (see note 21). The
interest earned on these customers’ funds is determined to be operating revenue by the Group.
Interest income is accrued using the effective interest rate method.
Other revenue
Other revenue is recognised upon completion of services at a point in time.
5. Employee expenses
20262025
$000s$000s
Employee benefits/entitlements4,3414,315
Employee benefits/entitlements - share-based payments554663
Fringe benefit tax3826
Other employee expenses20072
Total employee expenses
5,1335,076
Short term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is
provided.
Employee expenses above contain research and development expenditure of $1.032 million for the year ended 31 March
2026 (2025: $0.976 million).
6. Other expenses
20262025
$000s$000s
Advertising, PR and marketing479311
Audit fees8582
Communications and subscriptions361331
Customer and transactional667691
Other overheads803678
Infrastructure and security348343
Trave l13580
Total other expenses2,8782,516
Other expenses above contain research and development expenditure of $0.172 million for the year ended 31 March 2026
(2025: $0.192 million).
38
FINANCIAL STATEMENTS
7. Property, plant and equipment
Right-of-
use Asset
(Property)
Office
Equipment
Leasehold
Improvements
Computer
Equipment
To t a l
Year ended 31 March
2026
$000s$000s$000s$000s$000s
Opening net book value22970–53352
Additions–26402793
Disposals(12)(4)–(3)(19)
Depreciation(120)(20)(1)(42)(183)
Closing net book value97723935243
As at 31 March 2026
Cost
16615644227593
Accumulated depreciation
(69)(84)(5)(192)(350)
Net book value97723935243
Right-of-
use Asset
(Property)
Office
Equipment
Leasehold
Improvements
Computer
Equipment
To t a l
Year ended 31 March
2025
$000s$000s$000s$000s$000s
Opening net book
value
20386280371
Additions1677–33207
Disposals–(2)–(2)(4)
Depreciation(141)(21)(2)(58)(222)
Closing net book value22970–53352
As at 31 March 2025
Cost4931444236877
Accumulated
depreciation
(264)(74)(4)(183)(525)
Net book value22970–53352
Items of computer, office equipment, leasehold improvements are measured at cost less accumulated depreciation and
accumulated impairment losses.
Cost includes expenditure that is directly attributable to the acquisition of the asset. Purchased software that is integral to the
functionality of the related equipment is capitalised as part of that equipment.
Any gain or loss on disposal of an item of property, plant and equipment is recognised in profit or loss within the Statement of
Comprehensive Income.
Depreciation is recognised in profit or loss on a straight line basis over the estimated useful lives of each item of equipment.
Depreciation methods, useful lives and residual values are reviewed at each reporting period and adjusted if appropriate. The
depreciation rates for the current and comparative years of significant items of property, plant and equipment are as follows:
Right-of-use asset 20–50%
Office equipment 8.5–67%
Leasehold improvements 12.5–50%
Computer equipment 40%
The carrying values of property, plant and equipment are reviewed annually for impairment when events or changes in
circumstances indicate the carrying value may not be recoverable.
8. Intangible assets
Development
in progress
Computer
Software
Customer
Relationships
To t a l
Year ended 31 March 2026
$000s$000s$000s$000s
Opening net book value1,4871,790823,359
Additions13238–170
Development costs recognised as
an asset
1,950––1,950
Development in progress
recognised as Software
(2,790)2,790––
Asset impairment(21)––(21)
Amortisation–(807)(36)(843)
Closing net book value7583,811464,615
As at 31 March 2026
Cost7586,3673547,479
Accumulated amortisation–(2,556)(308)(2,864)
Net book value7583,811464,615
39
FINANCIAL STATEMENTS
Development
in progress
Computer
Software
Customer
Relationships
To t a l
Year ended 31 March 2025
$000s$000s$000s$000s
Opening net book value9721274
1532,399
Additions85––85
Development costs recognised as an
asset
1,544––1,544
Development in progress recognised
as Software
(1,061)1,061––
Asset impairment(53)(21)–(74)
Amortisation–(524)(71)(595)
Closing net book value1,4871,790823,359
As at 31 March 2025
Cost1,4873,5393545,380
Accumulated amortisation–(1,749)(272)(2,021)
Net book value1,4871,790823,359
Finite life intangible assets
Acquired computer software licences and costs associated with developing computer software
are capitalised on the basis of the costs incurred to acquire and bring the specific software into
use. All intangible assets of PaySauce are finite life intangible assets.
Development expenditure initially recognised as an expense is not recognised as an asset
in subsequent periods. Costs associated with maintaining computer software programs are
recognised as an expense as incurred. Where development activities result in the replacement
of previously capitalised functionality, the associated development costs are classified as
maintenance activity and accordingly expensed, unless the previously capitalised functionality
has been fully amortised.
Developed and acquired software is measured at cost less accumulated amortisation and
impairment losses, if any. Amortisation is recognised in the Statement of Comprehensive Income
on a straight-line basis over no more than 5 years. The remaining useful life of each asset is
reviewed at least annually and the period of amortisation amended accordingly.
Key estimates and judgements
Capitalisation of intangible assets
Management considers the time and associated salary cost of development staff to fall under
the classification of development expenditure for assessment purposes in accordance with the
principles outlined below. No indirect people costs, nor weighting of overheads is applied in these
calculations.
Development expenditure is capitalised if, and only if the Group can demonstrate all of the
following:
• its ability to measure reliably the expenditure attributable to the asset under development;
• the product or process is technically and commercially feasible;
• its future economic benefits are probable;
• its ability to use or sell the developed asset; and
• the availability of adequate technical, financial and other resources to complete the asset under
development.
Accounting for finite life intangible assets
At each reporting date, the useful lives and residual values of finite life intangible assets are
reviewed for indicators of impairment. As at 31 March 2026, the assets were assessed for
indicators of impairment, taking into account the condition of the assets, expected period of use
of the assets by the Group, and expected disposal proceeds from any future sale of the assets.
Indicators of impairment were identified for five of the assets. Upon assessment of the
recoverable amount of the asset, it was determined that no impairment loss be recognised for
intangible assets (2025: $0.021 million).
Accounting for development work in progress
Development in progress has been tested for impairment by reviewing the nature of the events
that originally gave rise to the recognition of the asset, the estimation of future generation of cash
flows and any anticipated changes to the business or product circumstances.
Indicators of impairment were identified for development in progress assets during the year,
with some assets in this category no longer expected to be completed. Upon assessment
of the recoverable amount of the development in progress assets, it was determined that an
impairment of $0.021 million be recognised (2025: $0.053 million).
40
FINANCIAL STATEMENTS
9. Finance Costs
20262025
$000s$000s
Interest paid–20
Finance cost - Interest on lease1832
Total finance costs1852
10. Tax expense & deferred tax
20262025
a. Income tax$000s$000s
Net profit before tax for the period171460
At the New Zealand statutory income tax rate of 28%48129
Non-deductible expenditure (permanent differences)101(53)
Prior period adjustments (temporary differences)(125)(25)
Utilisation of tax losses(24)(50)
Deferred tax adjustments
– Reversal of temporary differences143(102)
– Recognition of tax losses carried forward as deferred tax asset(24)322
Income tax benefit119221
Tax expense comprises current and deferred tax. Current tax and deferred tax is recognised in profit or loss except to the
extent that it relates to a business combination, or items recognised directly in equity or in other comprehensive income.
20262025
(b) Deferred tax assets & liabilities
$000s$000s
Opening deferred tax assets1,5111,022
Recognised in profit or loss
– Lease liabilities(40)71
– Provisions and accruals3396
– Share-based payments77–
– Unused tax losses(24) 323
Closing deferred tax assets1,5571,512
Opening deferred tax liabilities
31243
Recognised in profit or loss
– Intangible assets(20)(20)
– Right of use asset(37)64
– Share-based payments(65)65
– Software assets48160
Closing deferred tax liabilities238312
Net deferred tax asset1,3191,200
Deferred tax is recognised in respect of temporary differences between the carrying amounts of
assets and liabilities for financial reporting purposes and the amounts used for taxation purposes.
Deferred tax is not recognised for:
• temporary differences on the initial recognition of assets or liabilities in a transaction that is not
a business combination and that affects neither accounting nor taxable profit or loss;
• temporary differences related to investments in subsidiaries and jointly controlled entities to
the extent that it is probable that they will not reverse in the foreseeable future; and
• taxable temporary differences arising on the initial recognition of goodwill.
The Group has recognised deferred tax assets in accordance with the key estimates and
judgements below.
41
FINANCIAL STATEMENTS
Key estimates and judgements
The Group holds tax losses of $8.258 million as at 31 March 2026 (2025: $8.346 million) available
to carry forward, subject to shareholder and business continuity being maintained. Deferred
tax assets are only recognised to the extent that it is probable that future taxable profits will be
available to use against the asset. These are reviewed at each reporting period and adjusted if
appropriate. Management has recognised a deferred tax asset as at 31 March 2026 of $1.319
million, representing tax losses of $4.715 million converted at the company tax rate of 28%. Tax
losses carried forward but not yet recognised as deferred tax assets therefore total $3.543 million
as at 31 March 2026.
11. Earnings per share
20262025
Basic earnings per share
Net profit used in calculating earnings per share ($000s)290681
Weighted average number of ordinary shares for basic
earnings per share
149,553,307141,956,883
Basic earnings per share (cents)0.190.48
There are no financial instruments on issue that will dilute the basic earnings per share amounts for the year ended 31 March
2026.
Basic earnings per share is calculated by dividing the profit attributable to equity holders of the Company by the weighted
average number of fully paid up ordinary shares on issue during the period.
12. Share capital
DateDetailsWeighted
Average price
(cents per share)
Number of
Shares
$000s
1 April 2025Opening Balance143,168,826
14,159
Issue of shares relating to
employee share schemes
0.21111,585,452
335
Other share-based
payments
0.2260289,321
65
Capital raise0.260013,514,767
3,514
Share purchase plan0.26005,862,087
1,524
Shareholder buyback0.2458(174,459)
(43)
Cost of issuance–
–
(432)
31 March 2026Closing Balance164,245,99419,122
DateDetailsWeighted
Average price
(cents per share)
Number of
Shares
$000s
1 April 2024Opening Balance
140,982,146
13,659
Issue of shares relating to
employee share schemes
0.22702,003,161460
Other share-based
payments
0.2180183,51940
31 March 2025Closing Balance
143,168,826
14,159
Fully paid up, ordinary shares are classified as equity. Incremental costs directly attributable to
the issue of ordinary shares are recognised as a deduction from equity, net of any tax effects.
Dividends
No dividends were declared or paid during the reporting period (2025: None).
Capital Risk Management
The Group considers its capital to comprise its fully paid up, ordinary share capital and
accumulated retained earnings.
42
FINANCIAL STATEMENTS
When managing capital, management’s objective is to achieve optimal long term capital returns
to shareholders and benefits for other stakeholders. Management also aims to maintain a capital
structure that ensures the lowest cost of capital available to the Group.
13. Key management personnel and related parties
Key management personnel compensation
Key management personnel are defined as those persons having authority and responsibility for
planning, directing and controlling the activities of the Group, directly or indirectly and include the
Directors, the Chief Executive Officer and the Executive Leadership Team.
The table below summarises remuneration paid to key management personnel.
20262025
$000s$000s
Directors’ fees215230
Short term employee benefits1,1661,434
Share-based payments151387
Total key management personnel compensation
1,5322,051
Director fees pool
The maximum aggregate amount of remuneration payable in respect of all Directors’ fees, based
on the current number of Directors is $275k per annum. Each non-executive director receives
fees of $45k per annum, with a further $27k and $6.5k per annum added for the Chair of the
Board and the Chair of the Audit & Risk Committee respectively. Directors are not included in
the company share schemes and they are not entitled to earn additional payments. There is no
requirement for Directors to own shares, though they may elect to receive PaySauce Ordinary
Shares in lieu of Directors fees.
Other remuneration disclosures
Outside of director fees, executive salaries and the employee share scheme - there are no
contractual agreements in relation to other types of remuneration.
Related party transactions and balances
A number of key management personnel, or their related parties, hold positions in other entities
that result in them having control or significant influence over the financial or operating policies
of those entities. A number of those entities subscribe to services provided by the Group. None
of the related party transactions are significant to either party. Outside of these transactions,
and the Directors’ fees and short term employee benefits noted above, all other related party
transactions are outlined below:
20262025
Related party transactions during the period
$000s$000s
Cloud hosting services supplied by entities controlled
by related parties
Catalyst.Net Limited
–20
Catalyst Cloud Limited
–3
Related party balances payable at period end
$000s$000s
Directors’ Fees
2135
14. Financial instruments
The Group’s financial assets mainly comprise of Cash and Cash Equivalents and Term Deposits.
Cash and Cash Equivalents is comprised of cash on hand. Term Deposits are measured at
amortised cost. Cash and Cash Equivalents and Term Deposits includes funds collected from
customers as a PAYE intermediary (note 21).
Classification and measurement of financial liabilities
The Group’s financial liabilities include trade and other payables, funds due to customers and IRD,
other liabilities (including an overdraft facility used to operate our BNZ PayNow feature).
Financial liabilities are initially measured at fair value, and, where applicable, adjusted for
transaction costs. Subsequently, financial liabilities are measured at amortised cost using the
effective interest method.
Categories of Financial Assets & Liabilities
The carrying amounts presented in the statement of financial position relate to the following
categories of assets and liabilities.
43
FINANCIAL STATEMENTS
20262025
Financial assets
$000s$000s
Financial assets at amortised cost
Cash and cash equivalents4,521309
Cash and cash equivalents - customer funds18,20512,034
Term deposits26,95025,900
Trade and other receivables190181
Total financial assets49,86638,424
20262025
Financial liabilities
$000s$000s
Financial liabilities at amortised cost
Funds due to customers and IRD45,15537,935
Trade and other payables535427
Other liabilities484434
Total financial liabilities46,17438,796
The Group is exposed to a variety of financial risks. The financial risks arise from the business
activities of the Group. The specific financial risks that the Group is exposed to are discussed
below.
a. Credit risk
As a SaaS business with minimal credit exposure, credit risk is relatively low relating to revenue
received from customers and any associated trade receivables. For other financial assets
(including cash and bank balances), the Group minimises credit risk by dealing exclusively with
high credit rating counterparties.
i. Credit risk concentration profile
The Group manages credit risk by placing its cash and short term investments with high quality
financial institutions. The majority of the Cash and Cash Equivalents are held with ANZ Bank NZ,
ASB Bank, BNZ, Kiwibank and Westpac NZ, which hold the following credit ratings:
Credit Ratings
Standard & Poors
Rating
Fitch
Rating
Moody's
Rating
ANZ Bank NZ
AA-A+A1
ASB Bank
AA-A+Aa3
BNZ
AA-A+A1
Kiwibank
Not ratedAAA1
Westpac NZAA-A+A1
ii. Exposure to credit risk
As the Group does not hold any collateral, the maximum exposure to credit risk is represented by
the carrying amount of the financial assets as at the end of the reporting period.
b. Liquidity risk
Liquidity risk arises mainly from business activities. The Group manages liquidity risk by ensuring
cash flow is planned ahead of time, and funding is planned and organised when required,
to ensure the Group will be able to meet its financial obligations. The following table sets out
the maturity profile of the financial liabilities as at the end of the reporting period based on
contractual undiscounted cash flows (including interest payment computed using contractual
rates or, if floating, based on the rate at the end of the reporting period):
Carrying
amount
To t a l0–6
months
7–12
months
1–2
years
2–5
years
Year ended 31 March 2026
$000s$000s$000s$000s$000s$000s
Funds due to customers and IRD45,15545,15545,155–––
Trade and other payables535535535–––
Other liabilities484484484–––
Lease liabilities112112433237–
To t a l46,28646,28646,2173237–
44
FINANCIAL STATEMENTS
Carrying
amount
To t a l0–6
months
7–12
months
1–2
years
2–5
years
Year ended 31 March 2025
$000s$000s$000s$000s$000s$000s
Funds due to customers and IRD37,93537,93537,935–––
Trade and other payables427427427–––
Other liabilities434434434–––
Lease liabilities252252687210012
To t a l39,04839,04838,8647210012
c. Interest rate risk
PaySauce’s interest rate risk arises from the interest that it earns from its cash and cash
equivalents. These funds are subject to variable interest rates that expose PaySauce to cash flow
interest risk rate. PaySauce does not currently use any derivative products to manage interest
rate risk.
As at balance date, $9.950 million of funds held in term deposits were subject to interest periods
of greater than 12 months.
An analysis of the sensitivity of the Group’s earnings due to movements in interest rates is shown
below:
20262025
Effect on net profit before tax
$000s$000s
Cash and cash equivalents and term deposits
Each 100 basis point increase in interest rate440362
Each 100 basis point decrease in interest rate(440)(362)
The above information is calculated by applying the effective movement to the average balance
of cash and cash equivalents and term deposits. Cash and cash equivalents and Term Deposits
totalled $49.68 million as at 31 March 2026 (2025: $38.24 million).
15. Interest bearing liabilities
The group entered into an agreement on 14 June 2024 for an overdraft facility of $0.35m and
cancelled the facility on 9 March 2026. A General Security Arrangement held over all present and
acquired property of the group was retained.
While the overdraft was in place, the Group was required to maintain an interest coverage ratio of
3 or more, and was tested at the end of each financial quarter. The funding was also provided on
the basis that no dividend be paid out during the term of the facility.
16. Fair values of financial assets and liabilities
The carrying values of short term financial assets and liabilities approximate their fair values.
Short term financial assets include cash, trade and other receivables and related party
receivables.
17. Reconciliation of net profit after tax to net cash flows from operations
20262025
$000s$000s
Net profit after taxation290681
Add back non-cash & non-operating items
Depreciation & amortisation1,026817
Asset impairments & loss on disposal of fixed assets2174
Share-based payment expense30445
Other non-cash & non-operating items39220
Total non-cash & non-operating items:1,7592,037
Movement in working capital
Increase in Trade and other receivables(9)(8)
Increase in Other assets(67)(63)
Increase in Funds due to customers and IRD7,2214,326
Increase in Trade and other payables72124
Increase in Employee benefits 17132
Increase in Other liabilities4944
Total movements in working capital7,4374,455
Net cash inflow from operating activities9,1966,492
45
FINANCIAL STATEMENTS
18. Employee Share Scheme
The Group entered into an employee share scheme (ESS) for the year ended 31 March 2026.
The structure of the FY26 scheme is the same as the FY25 scheme outlined in the financial
statements for the year ended 31 March 2025, as follows:
An ESS agreement is entered into between each eligible employee and the Company stipulating
the value of fully paid up ordinary shares granted. Shares are issued quarterly, at the end of each
quarter, and the number of shares granted is determined by the volume weighted average share
price on each issue date.
New employees may enter the scheme on a quarterly basis as they become eligible, with the
benefit pro-rated accordingly. Equally, employees who leave or become ineligible for the scheme
forfeit their right to be issued shares as part of the ESS agreement.
This equity settled remuneration attracts income tax on the employees. The income tax and other
deductibles are deducted and the net amount of ordinary shares are issued to employees.
Employee share scheme expenses for the year ended 31 March 2026 are as follows:
To t a l
For the year ended 31 March 2026
$000s
ESS expenses
553
Legacy ESS expense & other share-based payments
151
Total share-based payment expense704
To t a l
For the year ended 31 March 2025
$000s
ESS expenses582
Legacy ESS expenses & other share-based payments121
Total share-based payment expense703
Share-based payment reserve
The share-based payment reserve is used to record the accumulated value of shares that have
been expensed to the profit and loss, but not yet issued. Movements in the share-based payment
reserve for the year ended 31 March 2026 are as follows:
DateDetails$000s
1 April 2025Opening Balance158
ESS - expensed341
ESS - shares issued(335)
Legacy ESS & other share-based payments - expensed89
Legacy ESS & other share-based payments - shares issued(65)
31 March 2026Closing Balance188
DateDetails$000s
1 April 2024Opening Balance212
ESS - expensed
375
ESS - shares issued(318)
Legacy ESS & other share-based payments - expensed70
Legacy ESS & other share-based payments - shares issued(181)
31 March 2025Closing Balance158
Share-based payment liabilities
Liabilities associated with share-based payments are accrued based on the estimated value of
the future income tax and other deductibles for the individuals that will be paid by PaySauce on
behalf of each employee when shares are issued. The accrued liability at balance date was as
follows:
20262025
Share-based payment liabilities
$000s$000s
Current8582
Total share-based payment liabilities
8582
The employee liabilities in the consolidated statement of financial position also include other
employee entitlements such as accrued leave.
46
FINANCIAL STATEMENTS
19. Segment reporting
The Group is organised into one reportable operating segment only, being SaaS based
employment and payment solutions for people at work in 14 jurisdictions across the Asia-Pacific
region, primarily within New Zealand. Providing employers the technology to digitally onboard,
pay and manage employees from any device. The PaySauce platform includes rosters, mobile
timesheets, payroll calculations, banking integration, automated payments, PAYE filing, labour
costing, automated general ledger entries and digital employment contracts. The chief operating
decision maker has been identified as the Board of Directors, as it makes all key strategic
resource allocation decisions (such as those concerning acquisition, divestment and significant
capital expenditure).
Overseas revenue earned is not material and no separate geographical segment has been
reported.
Investments in subsidiary
The Company had the following subsidiaries at 31 March 2026:
Entity NameDate of
incorporation
Nature of
business
Equity
held
(%)
Value
held ($)
Country of
incorporation
Balance
date
PaySauce
Operations
Limited
07/01/2015SaaS
Employment
Solutions
100309,278New Zealand31 March
Right
Remuneration
Limited
22/01/2015PAYE
Intermediary
100–New Zealand31 March
Payroll.Kiwi
Limited
01/08/2017Employee Share
Scheme Bare
Trustee
100–New Zealand31 March
PaySauce Pty
Limited
08/02/2023SaaS
Employment
Solutions
100–Australia31 March
Only PaySauce Operations Limited, Right Remuneration Limited and PaySauce Pty Limited are
consolidated in these consolidated financial statements, as Payroll.Kiwi Limited is a non-trading
company.
20. Funds due to customers and IRD
As a PAYE intermediary, PaySauce collects funds from clients which are payable to both clients’
employees (as the employees’ net wages and salaries) and the IRD (as the applicable PAYE,
student loan and other IRD liabilities). These funds are included in PaySauce’s cash and term
deposit balances and in accordance with section RP6 of the Income Tax Act 2007, PaySauce can
earn interest on these funds, but the funds must only be used as follows:
• Payment of net salary or wages to employees of PaySauce’s clients.
• Payment of IRD obligations resulting from pays run on PaySauce software to the IRD, including
PAYE deductions, student loan deductions, superannuation contributions and any other
amount of tax withheld from a payment of salary or wages to IRD.
Under the financial reporting standards movements in these funds do not meet the definition of
either investing or financing activities and so must be classified as operating cash flows. However,
as stated above the use of these funds is restricted and they cannot be used to cover other
PaySauce expenses, the company has therefore presented operating cash flows in the Cash
Flow Statement as both before and after this movement in funds. The value of restricted funds at
reporting date is represented by funds due to customers and IRD as disclosed in the Statement
of Financial Position.
21. Contingencies
As at 31 March 2026 the Group had no contingent liabilities or assets (2025: $nil)
22. Events occurring after the reporting period
No adjusting or significant non-adjusting events have occurred between the reporting date and
the date of authorisation.
47
FINANCIAL STATEMENTS
Corporate Governance
Strong corporate governance protects the Company and as a result our
shareholders, customers, staff, and stakeholders. Our approach to the
recommendations outlined in the NZX Corporate Governance Code (the
Code) are set out below.
This section is structured around the principles detailed in the Code, and explains how PaySauce
is applying the Code’s recommendations. PaySauce documents referred to in this section are
also available online at paysauce.com/investor
The Board considers that, as at 26 May 2026, the Company complied with the recommendations
set by the NZX Corporate Governance Code dated 31 March 2026, unless stated in the sections
outlined below, or in PaySauce’s Corporate Governance Code.
Principle 1 – Code of ethical behaviour
“Directors should set high standards of ethical behaviour, model this
behaviour and hold management accountable for these standards being
followed throughout the organisation.”
Code of ethics
Our code of ethics exists to help our directors, senior management, and employees with not just
doing well, but doing good.
This sets the standard of conduct for all our people. It’s intended to support decision-making
that aligns with PaySauce’s values, business goals, and legal and policy obligations. The board
approves the code of ethics, which covers:
• conflicts of interest
• accepting gifts or benefits
• protecting company assets
• complying with laws and policies
• maintaining confidentiality
• valuing personnel
• transparency
All new directors and employees receive a copy of the code of ethics.
Securities trading policy
PaySauce respects the integrity of New Zealand’s financial markets and insider trading laws. Our
securities trading policy outlines how those laws apply, and the rules we’ve put in place to help
ensure our people follow the law.
Directors, certain employees, and related parties need approval from PaySauce to trade in the
company’s shares. Trading is limited to defined “trading windows”.
All directors’ and senior managers’ shareholdings and shares traded during the year by the
directors and senior managers are published under Directors’ and senior managers’ disclosures.
A director or senior manager must advise the NZX promptly if they trade in the company’s
shares.
Principle 2 – Board composition and performance
“To ensure an effective board, there should be a balance of independence,
skills, knowledge, experience”
The board of directors
The directors are responsible for the corporate governance practices of the company. The
board’s practices are detailed in the Company’s corporate governance code, which lays out
protocols for board operations.
This code complies with the relevant recommendations in the NZX Corporate Governance Code,
and is reviewed annually.
The board’s primary role is to represent and promote the interests of shareholders, ultimately
adding long-term value to the company’s shares.
48
CORPORATE GOVERNANCE
The board carries out its responsibilities according to the following mandate.
• the Board shall have a minimum number of three directors and a maximum of 10;
• the Board shall have at least two directors ordinarily resident in New Zealand;
• the Board shall maintain at least two Independent Directors (as defined in the NZX Main Board
Listing Rules). Where there are eight or more directors, the board will maintain three or one-
third (rounded down to the nearest whole number) of the total number of directors, whichever
is the greater;
• a majority of the directors should not be executives of the Company;
• a director should not have any significant conflict of interest that is potentially detrimental to
the Company, other than and to the extent dealt with in the Corporate Governance Code of the
Company;
• the Board seeks diversity in the skills, attributes and experience of its members across a broad
range of criteria, to represent the diversity of shareholders, business types and regions in
which the Company operates;
• the Board elects a Chair, and can replace them at any time.
• Management must provide the board with accurate information within the timeframe required
for the board to effectively discharge its duties; and
• The effectiveness and performance of the board and its individual members should be re-
evaluated annually.
As at 31 March 2026 the Board comprised of five Directors:
• Asantha Wijeyeratne – Executive Director and CEO
• Gavin Thompson – Non-Independent Director
• Shelley Ruha – Independent Director (Chair)
• Mark Samlal – Independent Director
• Jim Sybertsma – Independent Director (Audit & Risk Committee Chair)
Independence of directors is determined by assessing the directors against the following factors:
• Not currently, or historically (within 3 years) employed in an executive role with PaySauce;
• Not currently holding a senior role in a provider of material professional services to PaySauce;
• No current material business relationship (i.e. as a supplier or customer) to PaySauce;
• Not currently a substantial product holder of PaySauce or a senior manager of a product holder
of PaySauce;
• No current material contractual relationship with PaySauce, other than as a director;
• No close family ties with anyone who would fall into the above categories;
• Has not been a director of PaySauce for a length of time that may compromise independence.
More information on the directors, including their relevant interests, and shareholdings, is
provided in the Directors’ disclosures section of this report and is on the company’s website.
Day-to-day management of PaySauce is delegated to the Chief Executive and the Executive
team.
The board’s responsibilities
The primary responsibilities of the board are to:
• provide overall governance and strategic leadership;
• oversee management’s implementation of the Company’s strategic objectives and
performance;
• oversee the development, adoption and communication of a clear strategy for the Company;
• oversee accounting and reporting systems and ensure the quality and independence of the
Company’s external audit process;
• adopt and regularly review the risk management framework;
• appoint a Chair of the Board and the CEO;
• review and approve the Company’s operating budgets and major capital expenditure;
• adopt and review the Company’s remuneration policy and other corporate governance
documents;
• ensure compliance with the Company’s constitution, continuous disclosure obligations, and the
relevant laws, listing rules and regulations and auditing and accounting principles;
• implement and periodically review the Company’s Code of Ethics, foster high standards of
ethical conduct and personal behaviour and hold accountable those who engage in unethical
behaviours;
49
CORPORATE GOVERNANCE
• periodically assess its own effectiveness in carrying out these functions and the other
responsibilities of the Board.
On appointment to the board by the shareholders, new directors sign a written agreement that
covers the terms of their appointment.
Every year, the board and sub-committees critically evaluate their own performance and
processes. This will identify any training opportunities for individual directors to maintain relevant
and up-to-date skills for their role.
Independent professional advice
With the prior approval of the Chair, each director may seek independent legal and professional
advice, at the company’s expense, about any aspect of PaySauce’s operations to assist in fulfilling
their duties as a director.
Diversity
The PaySauce board and management are determined that all staff and all eligible candidates for
vacant positions should have equal opportunity to demonstrate their skills and experience. This
forms the basis of our diversity policy.
PaySauce embraces uniqueness in our people and welcomes diversity. We believe that difference
builds resilience and innovation. We encourage our employees to be curious and open-minded,
embracing wide-ranging perspectives and working to meet the needs of individuals.
Our approach to diversity is to continually develop a work environment that supports equality,
exchange and inclusion. We believe in accommodating, rather than minimising, the different
needs of our people.
The Board has considered the need for measurable objectives for diversity and determined that
it is not yet appropriate to set measurable objectives due to market conditions and the stage of
the company’s development. That decision will be reconsidered annually. When appropriate
the Board, or a committee appointed by the Board, will set measurable objectives for achieving
diversity (which, at a minimum, will address gender diversity). The Board will annually review
those objectives and the Company’s progress in achieving them. Despite being a small team,
there is diversity across age, gender identity, ethnicity, first language, religion and mobility.
We held the following gender diversity as at 31 March 2026:
As at 31 March 2026
DirectorsExecutive TeamEmployees
Male
4225
Female
1223
To t a l
5448
As at 31 March 2025
DirectorsExecutive TeamEmployees
Male
5220
Female
1225
To t a l
6445
Principle 3 – Board committees
“The board should use committees where this will enhance its
effectiveness in key areas, while still retaining board responsibility.”
Audit and Risk Committee
The Audit and Risk Committee (ARC) assists the board in financial reporting, and risk and
financial/secretarial compliance.
The ARC makes recommendations to the board on appointing external auditors to ensure their
independence. The ARC also monitors 5-yearly rotation of the lead audit partner.
The ARC facilitates communication between the board and external auditors. The committee’s
responsibilities include:
• reviewing the appointment of the external auditor, the annual audit plan, and addressing
auditor recommendations
• reviewing publicly released dividend proposals and financial information
• ensuring that appropriate financial systems and internal controls are in place.
50
CORPORATE GOVERNANCE
The ARC must include at least three directors, and consist of only non-executive directors
and have a majority of independent directors. At least one member must be a director with an
accounting or financial background.
The Chair of the Board cannot also be the Chair of the ARC. The current members are
Jim Sybertsma (Chair), Shelley Ruha, and Gavin Thompson, of which Jim, and Shelley are
independent directors.
The committee usually invites the Executive Team, and at least twice a year invites the external
auditors to attend ARC meetings.
Principle 4 – Reporting and disclosure
“The board should demand integrity in financial and non-financial
reporting, and in the timeliness and balance of corporate disclosures.”
Reporting and disclosure
The board is committed to providing accurate, thorough, and timely information to existing
shareholders and to the market. This means all investors can make informed decisions about
PaySauce.
As an NZX listed company, PaySauce must comply with disclosure requirements under the
NZX Main Board Listing Rules. PaySauce recognises the importance of these requirements in
providing equal access for all investors, or potential investors, to price-sensitive information.
The disclosure and communications policy outlines PaySauce's obligations to meet disclosure
requirements. It also covers related issues, including external communications.
PaySauce has not provided detailed reporting on environmental, economic and social
sustainability risks. Whilst PaySauce is not yet captured by the mandatory climate risk disclosure
reporting regime, management does not consider the business has material exposure to climate
risk given the nature of our business and the increasing diversification of our customer base.
PaySauce publishes key governance and other relevant documents in the investor centre of our
website: paysauce.com/investor
Announcements made to the NZX and reports are also posted on the company’s website.
Principle 5 – Remuneration
“The remuneration of directors and executives should be transparent, fair
and reasonable.”
The board is responsible for setting individual directors’ fees, and monitoring the remuneration of
the Chief Executive and Executive Team.
PaySauce has in place a remuneration policy, outlining the key principles that influence
remuneration practices. This can be found in the Company’s Corporate Governance Code,
located on the Company’s website (at the date of this report, located in section 15 of the
Company’s Corporate Governance Code at paysauce.com/investor).
Further details and disclosures are outlined in the disclosures section of this document.
Principle 6 – Risk management
“Directors should have a sound understanding of the material risks faced
by the issuer and how to manage them. The board should regularly verify
that the Company has appropriate processes that identify and manage
potential and material risks.”
The board is responsible for overseeing internal controls to manage key risks, and has overall
responsibility for managing risk.
The company maintains a risk register to identify and manage risk. The Executive Team is
responsible for maintaining this register, and reporting to the board on a regular basis.
Through the ARC, the board considers the recommendations of external auditors. The board
sees that those recommendations are investigated and appropriate action is taken, where
necessary.
Principle 7 – Auditors
“The board should ensure the quality and independence of the external
audit process.”
The Audit and Risk Committee (ARC) makes recommendations to the board to appoint an
external auditor. The committee also monitors the independence and effectiveness of the
external auditor, and reviews and approves any non-audit services they perform.
51
CORPORATE GOVERNANCE
The committee meets with the external auditor at least twice a year to approve the terms of
engagement, audit partner rotation (at least every 5 years) and audit fee, and to review and
provide feedback on the annual audit plan.
The committee routinely meets with PaySauce’s external auditor, Grant Thornton, without
management present. Grant Thornton also attends PaySauce's ASM.
The company continually monitors its internal control environment.
Principle 8 – Shareholder rights and relations
“The board should respect the rights of shareholders and foster
constructive relationships with shareholders that encourage them to
engage with the issuer.”
Information for shareholders
The company seeks to help investors understand its activities, by communicating effectively
and providing clear and balanced information. In addition to interim and annual reporting, the
company also chooses to release quarterly trading updates to the market.
The company website (www.paysauce.com) provides an overview of the business and
information about its activities. This includes details of the company’s services, latest news,
investor information, key corporate governance information, and copies of significant NZX
announcements. The website also provides profiles of the directors and the Executive Team.
Shareholders have the right to vote on PaySauce's major decisions, in line with the requirements
of the Companies Act 1993 and the NZX Main Board Listing Rules.
Communicating with shareholders
PaySauce works to keep investors well informed, and regularly provides information about
current operations and future plans. This is achieved through our NZX market announcements
and presentations to retail investors.
PaySauce sends notice of the ASM to shareholders, and publishes it on the company website at
least 28 days before the meeting each year.
Disclosures
Employee remuneration
The table below sets out the number of PaySauce Group employees and former employees
who received remuneration and other benefits, including non-cash benefits and share-based
remuneration in excess of $100,000 per annum. Director remuneration is not included in the table
below, and instead set out in a separate section below.
Remuneration rangeEmployees - 2026Employees - 2025
$100,000 - $109,999
52
$110,000 - $119,999
24
$120,000 - $129,999
23
$130,000 - $139,999
12
$140,000 - $149,999–2
$150,000 - $159,99921
$160,000 - $169,999
33
$180,000 - $189,999
1–
$190,000 - $199,999
1–
$210,000 - $219,99911
$220,000 - $229,999
–1
$240,000 - $249,999
–1
$250,000 - $259,999
–1
$310,000 - $319,999–1
$320,000 - $329,9991–
$330,000 - $339,999–1
$450,000 - $459,999–1
$500,000 - $509,9991–
52
CORPORATE GOVERNANCE
Donations
No cash donations were made by the Group during the year ended 31 March 2026 (2025: $Nil).
Board meeting attendance
Board meetings are held in person and/or by teleconference. The Directors attended the
following board meetings during the year ended 31 March 2026:
DirectorBoard Meetings
Attended
ARC Meetings Attended
Shelley Ruha *11 of 112 of 2
Asantha Wijeyeratne10 of 11-
Gavin Thompson11 of 113 of 3
Mark Samlal11 of 11-
Jim Sybertsma11 of 113 of 3
Michael O'Donnell **3 of 31 of 1
Note - If a director was not a member of a particular committee at the time of the relevant meetings ‘-‘ has been recorded.
* Shelley Ruha was elected a member of the Audit & Risk Committee upon Michael’s departure.
** Michael O’Donnell resigned as an Independent Director and member of the Audit & Risk Committee, effective 08 August
2025.
Directors’ share transactions
Directors disclosed, pursuant to section 148 of the Companies Act 1993 and Part 5 of the
Financial Markets Conduct Act 2013, the following acquisitions and disposals of relevant interest
in PaySauce ordinary shares during the year ended 31 March 2026:
DirectorRegistered
holder /
associated
entity
Number
of shares
acquired /
(disposed)
Consider-
ation
Date Note
Jim
Sybertsma
James
Sybertsma
76,923$20,000Feb-26Participation in the Share
Purchase Plan (SPP) as part
of the Offer announced to the
market on 15 December 2025
Mark SamlalMark Samlal115,385$30,000Feb-26Off Market purchase of shares
Asantha
Wijeyeratne
Asantha Peter
Wijeyeratne
(1,634,617)$425,000Jan-26Off Market sales of shares
Asantha
Wijeyeratne
Asantha Peter
Wijeyeratne
(384,615)$0Jan-26Gift of shares
Asantha
Wijeyeratne
Payroll.Kiwi
Limited
28,629$7,733Jan-26Shares issued as part of the
Employee Share Scheme
Mark SamlalMark Samlal41,651$11,250Jan-26Issued shares in lieu of director
remuneration
Gavin
Thompson
Gavin
Thompson
192,000$49,920Dec-25Participation in Placement
Asantha
Wijeyeratne
Wijeyeratne &
Co Ltd
27,750,433$nilDec-25Transfer to Asantha Peter
Wijeyeratne
Asantha
Wijeyeratne
Cloud
Investments
Ltd
8,508,501$nilDec-25Transfer to Asantha Peter
Wijeyeratne
Asantha
Wijeyeratne
Payroll.Kiwi
Limited
33,102$7,733Oct-25Shares issued as part of the
Employee Share Scheme
Mark SamlalMark Samlal42,808$10,000Oct-25Issued shares in lieu of director
remuneration
Asantha
Wijeyeratne
Payroll.Kiwi
Limited
40,698$7,733Jul-25Shares issued as part of the
Employee Share Scheme
Mark SamlalMark Samlal52,632$10,000Jul-25Issued shares in lieu of director
remuneration
Asantha
Wijeyeratne
Payroll.Kiwi
Limited
45,220$7,733Apr-25Shares issued as part of the
Employee Share Scheme
Mark SamlalMark Samlal58,480$10,000Apr-25Issued shares in lieu of director
remuneration
53
CORPORATE GOVERNANCE
Directors’ remuneration
The total Directors’ fees and other remuneration received by the Directors for the period ended 31
March 2026 is outlined below:
31-Mar-2631-Mar-25
DirectorDirector
fees
Other
remuneration
To t a lDirector
fees
Other
remuneration
To t a l
Asantha
Wijeyeratne
Nil$509,069$509,069Nil$451,431$451,431
Gavin
Thompson
$42,083Nil$42,083$40,000Nil$40,000
Michael
O'Donnell*
$17,543Nil$17,543$40,000Nil$40,000
Shelley Ruha$67,917Nil$67,917$65,000Nil$65,000
Mark Samlal$41,250Nil$41,250$40,000Nil$40,000
Jim
Sybertsma
$46,625Nil$46,625$45,000Nil$45,000
*Michael O’Donnell resigned as an Independent Director and member of the Audit & Risk Committee, effective 08 August
2025.
Executive Director remuneration
Asantha Wijeyeratne is the Chief Executive Officer, and held this position as at 31 March 2026.
He did not receive any remuneration in his capacity as a Director, but was remunerated as Chief
Executive Officer as follows:
31-Mar-2631-Mar-25
CEO Remuneration
Asantha WijeyeratneAsantha Wijeyeratne
Salary$342,492 $336,963
Bonuses $33,804 $58,688
Employee Share Scheme$50,706$55,780
Relocation Expenses$82,067–
To t a l
$509,069$451,431
Insurance of Directors and Officers
PaySauce has a Directors’ and officers’ liability insurance policy in place. This provides insurance
for the liabilities of the Directors and officers for acts or omissions in their capacity as Directors or
employees. The insurance policies do not cover dishonest, fraudulent, malicious, or wilful acts or
omissions.
General Disclosures of Interest
Director/ExecCompanyNature of Interest
Asantha WijeyeratneCatalyst IT LimitedShareholder
Cloud Investments LimitedDirector & Shareholder
Payroll.Kiwi LimitedDirector
PaySauce LimitedDirector & Shareholder
PaySauce Operations LimitedDirector
Right Remuneration LimitedDirector
Wijeyeratne & Co LimitedDirector & Shareholder
Gavin ThompsonCatalyst Cloud LimitedDirector
Catalyst IT LimitedDirector & Shareholder
Catalyst.Net LimitedDirector
Catalyst IT Australia Pty LtdDirector
Catalyst IT Europe LtdDirector
PaySauce LimitedDirector & Shareholder
PaySauce Operations LimitedDirector
Truenet LimitedDirector
54
CORPORATE GOVERNANCE
Michael O’Donnell
(resigned 2025)
PaySauce LimitedShareholder, Independent
Director
Realestate.co.nz LimitedDirector
Radio New Zealand LimitedDirector
NZ Trade + Enterprise / G2GChair
Serato Audio Research LimitedDeputy Chair
Stuff MediaNational Columnist
High Tech New ZealandTrustee
Sandfield SoftwareDirector
Tech Startup CouncilMember
Shelley RuhaAnaley Holdings LimitedDirector and Shareholder
IT & Business Consulting LimitedDirector
Analey Investments LimitedDirector and Shareholder
Heartland Bank LimitedIndependent Director
Partners Group Holdings LimitedIndependent Director
Partners Life LimitedDirector
PaySauce LimitedIndependent Chair & Shareholder
New Zealand Rural Land Management GP
Limited
Director
Allied Farmers LimitedIndependent Chair
Allied Farmers Rural LimitedDirector
LONZ 2008 Holdings LimitedDirector
Allied Farmers Property Holdings LimitedDirector
Rural Funding Solutionz LimitedDirector
QWF Holdings LimitedDirector
Allied Farmers (New Zealand) LimitedDirector
Clearwater Hotel 2004 LimitedDirector
LONZ 2008 LimitedDirector
UFL Lakeview LimitedDirector
Lifestyles of New Zealand Queenstown
Limited
Director
5M No.2 LimitedDirector
ALF Nominees LimitedDirector
New Farmers Livestock Finance LimitedDirector
9 Spokes International LimitedIndependent Director
9 Spokes Trustee LimitedDirector
9 Spokes Knowledge LimitedDirector
9 Spokes US Holdings LimitedDirector
9 Spokes UK LimitedDirector
9 Spokes Australia LimitedDirector
9 Spokes US LimitedDirector
Mark SamlalPaySauce LimitedShareholder, Independent
Director
MS&MS Pty LtdFamily Trust
Pay AsiaManaging Director
Astute Corporation Pty LtdDirector
Managed Payroll Services Pty LtdDirector
Integrated Workforce Solutions PTY LtdDirector
IWS BOOKKEEPING AUSTRALIA PTY. LTD.Director
55
CORPORATE GOVERNANCE
Payroll HQ Pty LtdDirector
Pay Asia Australia Pty LtdDirector
Pay Asia Pty LtdDirector
PayMY Outsourcing Sdn BhdDirector
Pay Asia LimitedDirector
Pay Asia HR Services Limited IncDirector
CONG TY TNH H PAY ASIA VIETNAMDirector
Pay Asia (Thailand) LimitedDirector
PT Payasia Konsultansi IndonesiaDirector
Payasia Company LimitedDirector
Pay Asia Management Private LimitedDirector
Payasia BPO Payroll India Private LimitedDirector
PAYGROUP NZ LIMITEDDirector
PayGroup (Shanghai) Human Resource Co.,
Ltd.
Director
PayGroup Pty LtdEmployee - Founder & CEO
PYG NXT 1 IncDirector & Shareholder
DPAYMENTS (SINGAPORE) PTE. LTD
Director
Okratin Solutions Pte. Ltd
Director
Jim SybertsmaPaySauce LimitedDirector, ARC Chair &
Shareholder
Provident Insurance Corporation LimitedDirector
Autodrive Holdings LimitedDirector
RIMANUI FARMS LIMITEDAdvisory Board Member
Hawkesby Management LimitedChief Financial Officer
Note - In some cases, shareholding indicated above may not be held directly. Furthermore, there may be subsidiaries of the above
entities in which the Directors are also interested, without necessarily being a Director, Shareholder, or Officer of that entity.
Director interests in shares
Directors held the following relevant interests in PaySauce ordinary shares at 31 March 2026:
Director
Securities held by Director or associated entity*
Asantha Wijeyeratne34,020,023
Gavin Thompson2,276,978
Michael O’Donnell (resigned 2025)97,835
Shelley Ruha275,877
Mark Samlal525,344
Jim Sybertsma74,650
*Whilst directors are not required to own shares as part of their directorships, all have chosen to own shares
Substantial product holders
The substantial product holders in PaySauce ordinary shares as at 31 March 2026 were as follows:
Substantial product holder
Shares held% of issued shares
Asantha Peter Wijeyeratne34,020,02320.69%
Perpetual Trust Limited21,466,66713.07%
Gondolin Trust14,431,7498.79%
New Zealand Central Securities8,211,2085.00%
56
CORPORATE GOVERNANCE
Twenty largest equity security holders
The 20 largest holders of PaySauce ordinary shares as at 31 March 2026 were as follows:
Rank
Shareholders/InvestorsShares held% of issued shares
1Asantha Peter Wijeyeratne33,774,35020.56%
2Perpetual Trust Limited21,466,66713.07%
3Gondolin Trust14,431,7498.79%
4New Zealand Central Securities8,211,2085.00%
5Masfen Securities Limited7,692,3074.68%
6Adminis Custodial Nominees7,058,7524.30%
7New Zealand Depository Nominee4,551,8822.77%
8David Russell Stewart & Adrienne Ruth
Stewart
4,472,0002.72%
9Charlotte Anne Lockhart3,211,1831.96%
10Ian Stewart Frame & Pamela Anne Frame2,652,7651.62%
11Gavin Thompson2,468,9781.50%
12Robert John Woodward2,312,3071.41%
13Krishnakumar Guda2,062,3071.26%
14Bhagwanji Bhula Rama1,715,0001.04%
15Malcolm William Campbell1,515,0000.92%
16Hugh Anthony Pradeep Fernando1,471,1020.90%
17Lim Family1,458,7950.89%
18Cloud Investments Two Limited1,457,5570.89%
19Geoffrey Wiliam Bennett1,344,9540.82%
20Victoria Ann Taylor1,269,1130.77%
Spread of security holders
The spread of holders of PaySauce ordinary shares as at 31 March 2026 are listed below:
ShareholdersShares
Size of holding (shares)Number%Number%
1 - 10,00027342.13%1,344,1370.82%
10,001 - 50,00020832.10%5,292,4973.22%
50,001 - 100,000649.88%4,730,6022.88%
100,001 - 500,0006510.03%13,714,2508.35%
500,001 - 1,000,000142.16%10,249,0706.24%
1,000,001 and over243.70%128,915,43878.49%
Totals648100.00%164,245,994100.00%
NZX waivers from listing rules
No waivers were granted to PaySauce by NZX during the year ended 31 March 2026, and there
were no waivers that PaySauce relied upon during this period.
57
CORPORATE GOVERNANCE
Company Directory
Directors
Asantha Wijeyeratne
Gavin Thompson
Jim Sybertsma
Mark Samlal
Shelley Ruha
Registered Office
85 The Esplanade
Petone, 5012
New Zealand
Website
PaySauce.com
Auditor
Grant Thornton New Zealand Audit
Limited
Stock Exchange
NZX
Share Registrar
MUFG Corporate Markets
Level 30, PwC Tower
15 Customs St West
Auckland CBD,
New Zealand
NZ Company Number
1719868
NZBN
9429034458099
Investor Calendar
Annual Shareholders MeetingSeptember 2026
FY27 Half year30 September 2026
FY27 Interim result announcementNovember 2026
FY27 Year end31 March 2027
58
CORPORATE GOVERNANCE
Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.