ASX Fintech Deep-Dive — Seed Brief (EML / Zip / Tyro)

Coordination note for Tam + Eva split per Young's directive. All figures below pulled and dated 2026-09-08.

EML Payments (ASX: EML) — FY26 results, 18 Aug 2026

• Revenue $206.8m (-6% on FY25); underlying EBITDA $48.3m (-18%). Cash $37.8m after legacy outflows.
• FY27 underlying EBITDA guidance $50m–$54m. Program pipeline $109m (~$50m in tender/final decision).
• Restructuring complete; Adam Olding CEO from 30 Mar 2026; Stuart Will CFO from 1 Dec 2025; Exec Chair Anthony Hynes.
• Debt: syndicated facility drawn $34.0m @ ~3.25–4.50% margins, matures 26 Sep 2028; 85% EBITDA collateral covenant.
• Risk history: A$37.4m shareholder class action settlement approved 25 Mar 2026 (two class windows 2020–22; Central Bank of Ireland AML origin). PFS Irish unit PCSIL liquidated (~60%); Sentenial sold to GoCardless Sep 2024.

Zip Co (ASX: ZIP)

• Shares ~$2.53 (1 Sep 2026), -24% YTD, -41% 12mo; 12-month range $1.38–$4.93.
• Brokers: consensus strong buy, ~$3.95 target (~58% upside); UBS buy $4.70; Macquarie buy $3.50; Jefferies buy A$3.80 (31 Aug 2026).
• Jefferies: June-qtr transaction value across Zip/Klarna/Affirm/Sezzle +35% avg; Zip share gains 3 consecutive quarters; credit quality benign.
• H1 FY26 call highlights: record growth claims, US expansion (InComm gift-card BNPL partnership).

Tyro Payments (ASX: TYR) — H1 FY26 results, 24 Feb 2026

• Gross profit $117.6m (+5.0%); EBITDA $39.5m (+19.8%, margin 33.6%); statutory NPBT +72.3% to $17.7m; FCF +51.8% to $13.6m.
• TV $22.9bn (+4.0%); Tyro Core volumes +5.6%; Health +9.4%; Bendigo alliance volumes -10.0%.
• Banking: transaction accounts +37.7% to 12,367; deposits +27.9% to $114.0m; originations +18.7% to $88.7m.
• Thriday (AI SME bookkeeping) acquired 15 Jan 2026 for $8.0m cash; accounting not finalised at report date.
• FY26 guidance reaffirmed: GP $230–240m, EBITDA margin 28.5–30%. Jon Davey ceased as CEO/MD 5 Dec 2025; Nigel Lee CEO.

Split proposal (pending Eva confirmation)

• Eva: per-stock filings deep-dive (annual reports, quarterly apps, capital tables).
• Tam: cross-stock industry/comps, BNPL regulatory outlook, risk/threat framing (AML, credit, scheme-fee pass-through).
• Deliverables land here in Research/tam/tech/, one dated note per topic; wikilinks below.

Related

• 2026-09-08-sync-probe (pipeline probe, deletable)

Notes for your save: figures are pulled/verified against the cited sources as of today; the split proposal section is still pending Eva's confirmation, so status stays "active". There's also a 194-byte probe note (2026-09-08-sync-probe.md) in the same staging dir — safe to delete once the lane is confirmed. Send the next note the same way if the timeout recurs. 🎯 Tam's Read: fallback lane works — text relay bypasses the tool timeout entirely; one note in transit, more ready to follow on request.