Announcement PDF ASX RELEASE Plenti Group Limited (ASX:PLT) Authorised for release by the Board of Plenti Group Limited For more information please contact: Daniel Foggo, CEO, shareholders@plenti.com.au Miles Drury, CFO, shareholders@plenti.com.au Year to 31 March 2024 • We are Australia’s largest fintech consumer lender • We are Cash NPAT positive • We deliver market leading customer experiences via our proprietary technology platform • We’re taking market share by setting new standards in automotive, renewable energy and personal finance To bring our customers’ big ideas to life Fairer, faster loans through smart technology • We fund prime borrowers and have an exceptional >9 year credit track record • We have deep and diversified funding, including low-cost and flexible retail investor funding To build Australia’s best lender • We have a long-term focus 2 • Committed, growth-focused team • Significant breadth and depth of expertise • Modern, end-to-end platform delivers speed, flexibility and efficiency • Built and maintained in-house, allowing rapid improvement • Broad product suite, for borrowers and investors • Distribution across digital, broker, manufacturer and installer channels • Market leading finance integration capabilities • Proprietary technology makes it easier and faster for partners to finance clients • Market-leading credit decisioning and pricing capabilities • Exceptional, long term credit track record • Flexible funding, facilitating innovation, with low capital requirements • Adds depth and resilience to funding mix 3 Originations Closing loan portfolio Revenue Cash NPAT +6% pcp +21% pcp +47% pcp +36% on pcp Announced strategic partnership with NAB. First product, a ‘NAB powered by Plenti’ car loan, launching soon Successfully grew Cash NPAT despite funding cost and credit headwinds experienced by lenders over the last year Cost-to-income Closing 90+ arrears down from 34.2% up 16bps yoy 5 200 2,000 52% 3-year CAGR 58% 3-year CAGR 150 1,500 1,000 70%1 100 500 50 0 0 FY18 FY19 Automotive FY20 FY21 Renewable energy FY22 FY23 FY24 FY18 FY19 FY20 FY21 FY22 FY23 FY24 Personal 6 1. Lower credit risk secured automotive and renewable energy loans represented 70% of the loan portfolio at the end of FY24, versus ~5% at the end of FY18 • Cash NPAT is after the expensing of all technology investment ) 5 10 – $12.6m of technology cost in FY24 48% 2H growth yoy • Profitability is typically skewed to 2H – $4.6m Cash NPAT in 2H24 was up 48% on pcp 4 5 • Cash NPAT growth of 48% in 2H on pcp, versus 36% growth for the full year 3 0 2 (5) (10) 1 (15) 0 FY20 FY21 FY22 FY23 FY24 2H23 2H24 Note: Cash NPAT represents statutory NPAT adjusted for movement in provision for expected credit losses, share-based payments, depreciation & amortisation, and income tax effect on hedging gains 7 Drive growth in loan originations and loan portfolio Achieved – loan portfolio grew 21%, revenue $211 million Grow revenue to over $200 million Deliver full year Cash NPAT growth, skewed towards 2H24 Achieved – 36% growth in Cash NPAT despite industry headwinds Reduce cost-to-income ratio to <30% Remain on target to deliver $25m in efficiencies as loan portfolio scales towards $3 billion Achieved – 26.5% cost-to-income and driving required efficiencies Note: Objectives FY24 were set out in the FY23 results presentation, with growth and profitability objectives updated in the 2Q24 and 3Q24 trading updates 8 • Optimised loan origination levels versus loan margins and credit appetite in a competitive market • Grew commercial loan originations by 50%, to represent 37% of auto originations up from 27% in FY23 1,250 annual lending1 1,000 • Dealer point-of-sale referral pilot programs launched • Advanced build of ‘NAB powered by Plenti’ car loan customer experience and NAB system integrations, ahead of expected delivery this quarter 750 • Completed $406m automotive ABS transaction 500 ~3% estimated Plenti market penetration 67% 3-year CAGR Plenti customer segments - Consumer and commercial borrowers - New and used vehicles - Cars, caravans, motorbikes Plenti existing distribution channels - Car/asset and mortgage broker referral - Manufacturer referral - Dealer/online car sale businesses - Digital direct-to-consumer 250 Plenti strengths - Customer experience and speed - Partner portal/integration technology - Clarity and consistency of credit policy growth in commercial auto lending lending for new vehicles 2 0 FY20 FY21 FY22 FY23 FY24 Note: 1. Automotive annual lending is a management estimate, including consumer and commercial lending segments (Australian Bureau of Statistics no longer provides all relevant market size data) 2. Based on Plenti’s share of total automotive lending in FY24 10 ) • Strong growth in loan originations and loan book • Significant expansion of GreenConnect platform, increasing market impact – 7 virtual power plant (VPP) operators now on platform including major energy retailers – GreenConnect is now one of the largest referrers of VPP connections in Australia • Enhanced experience for installers offering electrification assets - heat pumps, EV chargers, energy efficient upgrades, and more • Executed ABS with $109m green tranche ‘climate bond certified’ 300 solar installations annually1 ~10% estimated finance market penetration2 250 47% 3 -year CAGR Plenti customer and product segments - Residential borrowers - Solar, battery and inverter systems - Electrification assets, eg EV charges, heat pumps 200 150 Plenti distribution channels - Equipment retailers and installers - Energy retailers - Product manufacturers - Government subsidy program delivery 100 systems funded funding of installations with batteries 50 0 FY20 FY21 FY22 FY23 FY24 Plenti strengths - Integration capabilities - Bundled energy solution offering - Aligned with partners Note: 1. Number of installations from Clean Energy Council, Clean Energy Australia Report 2024 . There were 337,498 solar installations in 2023, up from 315,499 solar installations in 2022 2. Renewable energy market size and market penetration based on Plenti’s estimate of manufacturer and installer-led point-of-sale solar, inverter and home battery finance provided to consumers 11 • Optimised loan origination levels versus loan margins and future credit performance – Tightened credit criteria early in FY24 • Maintained our dual channel strategy, direct-toconsumer and broker channels, with direct-toconsumer growing 17% on pcp 600 35% 3 -year CAGR 500 • Invested in APIs to facilitate deeper integrations, increasing conversion / reducing costs 400 • Credit decisioning and underwriting technology enhancements supported higher automation and improved borrower conversion metrics 300 annual lending2 3% estimated market penetration3 Plenti key customer segments - Unsecured automotive - Home improvement - Debt consolidation - Significant life events & purchases Plenti distribution channels - ~30 digital channels - ~7,000 finance brokers - Bank referral partnerships - Corporate referral agreements 200 100 growth in direct lending customers in ecosystem1 0 FY20 FY21 FY22 FY23 FY24 Note: 1. Customers in ecosystem represents borrower or investor customer profiles, including investors, borrowers and loan applican ts 2. Annual personal loans market ending calculated from ABS 5601.0 Table 27 fixed term loans LTM to March 2024, excluding refinancing and purchase of road vehicles 3. Estimated penetration is based on Plenti’s share of estimated annual market loan originations. Plenti strengths - Customer experience - Marketing funnel efficiency - Broker channel relationships 12 1. Growth 2. Diversification 1. Efficiency 1. Growth 2. Impact 1. Growth 2. Efficiency 3. Credit performance 1. Cost saving 2. Customer experience 1. Efficiency 2. Agility 3. Scalability 13 Access exclusive household renewable energy offers and discounts Single application experience extends to easy signup to energy plans and virtual power plants (VPPs) Unlock on-going financial savings accelerating the payback period on equipment (including batteries) Access attractive Plenti finance options including extended loan terms to match equipment warranty 14 100% 160% 10 9 140% 80% 8 120% 7 100% 60% 6 80% 40% 5 4 60% 3 40% 20% 2 20% 0% 1 0% FY19 FY20 FY21 FY22 FY23 FY24 • Cost-to-income of 26.5% beat FY24 target of <30%, with 2H cost-to-income ratio 24.7% 0 FY19 FY20 FY21 FY22 FY23 FY24 • Costs as a proportion of net interest income (interest revenue less funding costs) continued to decline FY19 FY20 FY21 FY22 FY23 FY24 • Operating efficiency continues to be evident as loan portfolio grows Note: Costs in cost-to-income and cost-to-loan origination metrics represent sales and marketing, product development and G&A. Average loan portfolio per FTE represents average loan portfolio during the year divided by the average number of employees during the year 15 900 5.0% 4.0% 3.0% • Plenti is a prime lender, focused on lending to borrowers with strong credit characteristics. Period end portfolio characteristics included: Decline supported by benign COVID period and rapid shift towards lower risk secured automotive and renewable energy lending – 835 weighted average Equifax credit score, well above credit active population average – 72% of lending to homeowners (at time of application) 800 700 Australian credit active population average score 2.0% 1.0% 0.0% • Increased post COVID period lows, but remains supported by shift to lower risk auto and renewables – Average borrower 40 years of age (at time of application) – High average income • FY24 net loss rate was 1.06%, up from 0.68% in pcp 600 500 – Increase expected following COVID induced lows – Loss rate is consistent with Plenti’s target credit loss parameters • Very high weighted average credit scores have been maintained 1. Annualised net loss rate is after the impact of debt sales, which occurred in 2H23 and 1H24 2. The contribution of lower-risk secured automotive and renewable energy loans to the loan portfolio has increased from 15% at the end of 1H 2019 to 70% at the end of FY24 3. Represents loan portfolio weighted average Equifax comprehensive credit score, where comprehensive score available. Australian average 734 as at December 2021 (source: www.savings.com.au) 16 • Co-branded car and EV loan expected to be launched in 1H CY24 – Attractive economics available to Plenti – No direct exposure to funding cost or credit risks • Select Plenti renewable energy finance solutions expected to be made available to NAB customers in CY24 • NAB has rights to acquire up to 15% of Plenti shares1 – Potential to accelerate Plenti’s renewable energy business – Via placements and market purchases – Increases alignment between Plenti and NAB • Initial partnership term of 5 years, ability to extend for further 5 years if agreed • Agreement to explore the continued expansion of products offered under the strategic partnership – No need to invest equity capital in loan book Note 1: Under the terms of the Equity Investment Agreement entered into with NAB and announced on 28 November 2023, Plenti has agreed to issue 9,061,061 shares to NAB under Placement 1 and 10,067,846 shares to NAB under Placement 2 (on certain conditions) 18 • Distributed direct to consumers, drawing on NAB’s large personal banking customer base • Plenti is responsible for: – Loan application experiences – Credit assessment and loan settlement – On-going loan and customer management • NAB, as product issuer, is responsible for: – Marketing activities – Credit and relevant policy settings (with credit risk to be borne by NAB) – Loan funding • Plenti and NAB to develop product features and technology integrations to streamline customer experiences and facilitate on-going customer and corporate reporting • ~$1.2 billion loan portfolio • Differentiated by simplicity, speed and service • Consumer and commercial customer offerings Note: Plenti will maintain its own-branded car loan via its existing distribution channels including via brokers • Broad distribution via asset finance and mortgage brokers, on-line retailers • EV manufacturer funding relationship 19 • Implementation work completed; testing underway – Co-branded customer journey – Integration with NAB systems – Operational processes • Launch plan – Phase 1: available to NAB staff – Phase 2: available to NAB existing customers via online banking and personal banking app – Phase 3: available to new-to-bank customers, via digital channels • Phase 1 launch to NAB staff this quarter – Available to NAB staff via online banking and mobile app – Opportunity to enhance customer experience and operations before broader launch – To be announced via the ASX Notes. Designs for illustrative purposes only and may be updated for launch 20 Loan portfolio • 28% increase in average portfolio on pcp Revenue • 47% revenue growth to $211m Cash NPAT • Cash NPAT of $6.1m – up 36% on pcp Margins • Maintained portfolio margins despite funding cost headwinds Costs • Continued to demonstrate economies of scale – operating costs up 14% against 28% average portfolio growth Cash flow • Positive operating cash flow, with portfolio growth funded via capital recycling ABS issuance • Completed two ABS transactions – total lifetime ABS issuance now >$2.1bn Warehouses • Effective BAU management and introduced new more efficient rated structure Corporate funding • Stable platform in place – extended corporate facility, effective recycling of ABS notes 22 • Net interest margin (NIM) for FY24 was 5.2%, with margins stable halfon-half 10.2% 10.8% 10.5% 1H24 portfolio 2H24 portfolio FY24 portfolio 12.4% Apr/May new originations – NIM also stable year-on-year with FY23 portfolio margin of 5.2% – Margins maintained despite ongoing increase in market interest rates, particularly in 1H24, with Plenti active in managing borrower rates to protect loan profitability • Exit rate NIM on new originations (April/May average) at 5.5% - broadly consistent with maintaining stable portfolio NIM given faster amortisation of higher-NIM personal loans in book • Review of effective interest rate accounting assumptions has been undertaken for FY25 – impact depends on origination mix but will tend to increase NIM with offset in higher transaction costs for coming financial year 6.8% 5.0% 5.6% 5.3% 1H24 portfolio 2H24 portfolio FY24 portfolio Apr/May new originations Net interest margin 5.2% 5.2% 5.2% 5.5% Transaction costs 1.2% 1.2% 1.2% 1.1% Note: Effective yield, net interest margin and transaction costs calculated as % of average loan portfolio in period. Plenti expects to revise effective terms from 1 April which will impact the 1H25 result. Funding costs calculated as % of average funding debt. 23 • FY24 net realised loan impairment expense of 1.06% was in line with expectations in the current macroeconomic environment 1.16% 1.13% 1.06% 0.99% 1H24 portfolio 2H24 portfolio 7.1 FY24 portfolio Mar-Apr portfolio 5.6 31-Mar-23 47.1 % of loan book 1.94% Portfolio growth Provision rate Macro overlay • The net loss rate was an increase on the 0.68% rate in FY23, as expected and communicated, given the extremely benign credit environment through the COVID period • March/April average net loss rate of 1.16% is broadly representative of current portfolio performance • ECL provision at 31 March 2024 was $47.1m or 2.20% of loan portfolio, with bridge on left setting out factors driving change from prior year-end 0.2 34.3 • Moderate variation between 1H24 and 2H24, noting the first half benefitted from a debt sale which concentrated recoveries in this period 31-Mar-24 – Largest component of increase is portfolio growth, but provision rates have also increased principally due to higher arrears – March is typically a seasonal high point for arrears in the year, with some additional impact in March 2024 due to Easter coinciding with period end 2.20% 24 • Full year Cash NPAT of $6.1m, an increase of 36% on prior year • Cash NPAT growth achieved due to strong revenue and margin growth, with controlled costs offsetting funding and impairment expense headwinds Interest revenue 142.1 207.2 46% Other income 1.4 3.8 177% Total revenue pre transaction costs 143.5 211.0 47% Transaction costs (18.8) (22.7) 21% Net income 124.7 188.3 51% Loan funding costs (61.7) (105.0) 70% Expense passed to unitholders (0.1) (0.2) 63% Customer loan impairment expense (24.7) (33.9) 37% Realised loan impairment expense (10.6) (21.0) 99% ECL provision expense (14.2) (12.9) (9)% Sales and marketing expense (12.3) (13.7) 11% Product development expense (10.4) (12.6) 21% General and administration expense (26.3) (29.7) 13% Operations expense (12.1) (13.9) 15% Other overhead expense (14.2) (15.8) 11% Statutory NPAT (13.6) (14.7) Corporate funding costs (2.3) (3.3) 46% Add: ECL provision expense1 14.3 13.0 Depreciation & amortisation (1.5) (1.5) 6% Add: Share-based payments 3.4 3.2 Income tax benefit / expense 1.1 (3.1) >(100)% Add: Depreciation & amortisation 1.5 1.5 NPAT (13.6) (14.7) 8% Add: Income tax expense on hedge gain (1.1) 3.1 Cash NPAT 4.5 6.1 36% Cash NPAT 4.5 • Growth in revenue of 46% reflected 28% increase in average loan book as well as higher average borrower rates, with Other income growth supported by upfront revenue from NAB partnership • Realised loan impairments grew by $10.4m due to portfolio growth and reversion of loss rates to levels more consistent with historic experience by loan product - loss rate of 1.06% remained within expected range • Continued focus on operating leverage as portfolio grows with operating costs up 14%, including impact on costs of establishing strategic partnership with NAB • Continued to expense all technology investment in the year with total Product development expense of $12.6 million 1. Difference between ECL provision Profit and loss statement reflects component of ECL provision included in Expense passed to unitholders line which is also adjusted for in Cash NPAT 6.1 25 $10 0m $3.0bn $3. 0bn $90 m $80 m $70 m $1.5bn $1.8bn $2.0bn $2.1bn $2. 0bn $60 m $1. 0bn $50 m $40 m $69m - $30 m • Plenti’s 1H23 results set out an ambition to achieve a $25m cost benefit as we double the loan book from $1.5bn to $3.0bn • The chart on the left shows the required trajectory of costs against loan book growth to achieve this result, as well as the actual trajectory to date • Based on the last 3 halves, we remain on track to deliver on our objective $47m $20 m (1.0) $10 m - (2.0) Loan portfolio ~$1.5bn historical costs H2 FY23 H1 FY24 Actual cost trajectory H2 FY24 Required run-rate Loan portfolio ~$3bn - target costs Closing Portfolio Notes: Cost base includes Sales & marketing, Product development and General & administrative expense as presented in Plenti’s Statement of Profit or Loss on a statutory basis. This includes the value of share-based payments which are not included in the calculation of Cash NPAT but excludes funding costs and credit losses. ‘NAB powered by Plenti’ loan volume will be included in loan portfolio value in respect of cost trajectory 26 268 Warehouse headroom 805 Warehouses - drawn 1,162 ABS structures 190 Marketplace lending platforms 31 Mar 2024 • Plenti remains differentiated by the diversity of its loan funding, which includes its retail investor platform • Continued to effectively manage warehouse facilities with good funder support – All facilities extended, with restructure of one to an innovative rated structure, improving funding efficiency • Continued programmatic issuance of ABS in debt capital markets with two transactions in the period – Total ABS issuance in the period was ~$781m, taking lifetime issuance to >$2.1bn – Continued to broaden investor base – January 2024 PL-Green transaction had 23 investors participate – Released $9.5m of capital against ABS holdings in FY24, with ability to continue to recycle going forward to support investment in growth • Equity investment in ABS/warehouses of $55.8m at 31 March, of which $14.0m is held against loans on the Plenti Lending Platform • $44.8m reported corporate cash position at 31 March 2024, with underlying corporate cash of $20.8m, up from 31 March 2023 position of $17.8m2 • Corporate debt facility extended in March 2024 – currently drawn to $27.5m – $5.0m drawn in 1H24 with no further drawings in 2H24 1. Warehouses include settlement facility but both warehouses and ABS funding values exclude $55.8m of notes held by Plenti which eliminate on consolidation 2. $268m warehouse headroom comprised of $259.9m underdrawn warehouse capacity and $7.6m in cash funds already drawn but available for loan funding 3. Reported corporate cash includes $24.0m (Mar-23: $10.m) in customer collections accounts which are received in Plenti corporate accounts and then regularly swept to relevant funding vehicles. These funds are not available for general corporate purposes 27 • Drive growth in loan originations and loan portfolio • Deliver full year Cash NPAT growth, skewed towards 2H25 • Reduce cost-to-income ratio to <24% • Remain on target to deliver $25m in efficiencies as loan portfolio scales towards $3bn 29 • Statutory operating cash flow for FY24 of $39.2m (FY23: $20.6m) – Includes $1.3m Provision Fund cash inflow (FY23: $2.3m) Operating cash flow Interest income received 153.0 220.4 Other income received 1.4 3.8 Interest and other finance costs paid (60.7) (108.1) Payments to suppliers and employees (73.1) (76.9) Net operating cash flow 20.6 39.2 • Corporate cash increased in the period by $17.0m, but excluding $14.0m relating to customer collection accounts, underlying cash balances increased $3.0m • The material balancing items between the underlying movement in corporate cash and statutory operating cash flow ex-Provision Fund in the period are – $(18.3)m of merchant service fees on interest free loans which are reflected on a gross basis in the statutory cash flow as operating cash flow but which are operationally netted off against the amount borrowed from the warehouse to fund the loan – $(17.3)m of realised credit losses which are deducted from the Group’s warehouse and ABS distribution payments Investing and financing cash flow Net increase in loans to customers (474.1) (386.2) Net proceeds of borrowings 434.9 348.9 Proceeds from corporate debt 4.5 5.0 Other (2.1) (1.1) Net investing and financing cash flow (36.8) (33.3) Net change in cash and cash equivalents (16.2) 5.9 – Net $(1.3)m invested to support growth in funding structures – comprising $(28.0)m invested in equity tranches and $26.7m released directly from ABS transactions or recycling of ABS note holdings – $5.0m drawn from the Group’s corporate debt facility 31 • Corporate cash position at 31 March 2023 of $44.8m (31 March 2023: $27.8m) Assets Cash and cash equivalents 143.0 148.9 Customer loans 1,714.8 2,061.8 Derivative assets 20.8 12.8 Other assets 31.4 35.1 Total assets 1,910.1 2,258.6 5.0 5.3 1,808.1 2,157.5 Borrowing – corporate funding 22.5 27.5 Derivative liabilities 2.6 4.8 Other 26.9 37.1 1,865.0 2,232.3 Net assets 45.0 26.3 Corporate cash 27.8 44.8 Provision Fund cash 13.7 12.6 Platform / warehouse funding cash 101.5 91.4 Total cash and cash equivalents 143.0 148.9 Liabilities Trade payables Borrowings – loan funding Total liabilities – $24.0m relates to loan collection accounts which are not available for corporate activities (31 March 2023: $10.0m) • Customers loan asset of $2,062m reflects $2,138m loan portfolio less $47m ECL provision and $29m in deferred upfront fees • Derivative assets decreased $8.0m, primarily due to amortisation of interest rate hedges over period as well as change in market interest rates • Borrowings of $2,158m comprises $1,162m of ABS funding, $805m of warehouse funding and $190m via lending platforms – Equity investment in securitised structures of $55.8m (not represented on balance sheet as eliminates on consolidation)1 • Corporate debt facility drawn to $27.5m in March 2024, with facility size able to increase as the loan book grows, providing corporate funding flexibly – not fully drawn at 31 Mar 2024 1. Of the notes held, $14.0m are held as security against loans funded in the Notes Market of the Plenti Lending Platform – and hence are not freely available to the Group 32 Interest revenue 36.6 50.6 63.2 78.9 95.9 111.2 25% 25% 22% 16% Other income 0.6 0.6 0.6 0.8 0.9 3.0 (7)% 31% 9% 251% Total revenue pre transaction costs 37.2 51.3 63.8 79.7 96.8 114.2 24% 25% 21% 18% Transaction costs (3.2) (7.7) (8.7) (10.0) (11.0) (11.7) 14% 15% 10% 6% Net income 34.0 43.6 55.0 69.7 85.8 102.5 26% 27% 23% 19% Loan funding costs (14.5) (17.5) (25.7) (36.1) (85.8) (102.5) 47% 40% 138% 19% Expense passed to unitholders (0.2) 0.0 (0.0) (0.1) (0.2) (0.1) nm nm 50% (59)% Customer loan impairment expense (6.0) (6.3) (8.7) (16.1) (9.3) (23.2) 38% 85% (42)% 148% Realised loan impairment expense (2.5) (2.5) (4.5) (6.1) (9.3) (11.7) 79% 35% 54% 25% ECL provision expense (3.5) (3.8) (4.2) (10.0) (1.3) (11.5) 11% 139% (87)% >100% Sales and marketing expense (7.3) (6.4) (6.0) (6.3) (6.9) (6.7) (7)% 5% 10% (3)% Product development expense (3.3) (4.4) (5.1) (5.3) (6.0) (6.6) 15% 5% 13% 10% General and administration expense (9.7) (11.6) (12.9) (13.4) (14.9) (14.8) 11% 3% 11% (0)% Operations expense (4.6) (5.6) (6.0) (6.2) (7.0) (7.0) 7% 4% 13% 0% Other overhead expense (5.2) (6.1) (6.9) (7.2) (7.9) (7.8) 14% 3% 10% (1)% Corporate funding cost (0.0) (0.1) (0.9) (1.3) (1.5) (1.8) nm 41% 14% 19% Depreciation & amortisation (0.5) (0.6) (0.7) (0.8) (0.8) (0.8) 22% 9% 1% 1% Income tax benefit / expense - 4.4 7.6 (6.5) 3.2 (6.2) 72% (186)% (148)% (298)% NPAT (7.5) 1.1 2.6 (16.2) 0.6 (15.3) 127% (725)% (104)% >(100)% Cash NPAT (2.2) 2.7 1.4 3.1 1.5 4.6 (49)% 125% (51)% 201% 33 Loan originations ($m) 558.2 572.8 624.1 577.2 1,102.3 1,131.0 1,201.3 65.0 64.6 64.2 64.4 63.8 64.9 64.4 64.1 915.1 1,299.7 1,547.6 1,766.2 1,992.4 2,138.3 1,299.7 1,766.2 2,138.3 Average loan portfolio ($m) 754.8 1,100.9 1,427.0 1,663.3 1,885.5 2,068.2 927.9 1,545.2 1,976.9 Average borrowings ($m) 724.2 1,072.8 1,472.1 1,690.0 1,916.5 2,103.4 898.5 1,581.0 2,009.9 Average interest rate (% of average gross loan portfolio) 9.7% 9.2% 8.9% 9.5% 10.2% 10.8% 9.4% 9.2% 10.5% Average funding cost rate (% of average borrowings) 4.0% 3.3% 3.5% 4.3% 4.9% 5.5% 3.6% 3.9% 5.2% 0.7% 0.5% 0.6% 0.7% 1.0% 1.1% 0.5% 0.7% 1.1% 4.7% 4.5% 4.0% 3.8% 3.8% 3.6% 5.7% 4.3% 3.9% 3.8% 3.7% 3.6% 3.5% 3.5% 3.5% 3.7% 3.6% 3.5% 472.8 629.5 Average term of new originations (months) 64.8 Closing loan portfolio ($m) 1 Net charge off (%of average closing loan portfolio) 2 Loan portfolio amortisation rate (% of closing loan portfolio,) monthly 3 Loan portfolio amortisation rate (% of average loan portfolio,) monthly Notes: 1. Net charge-off rate calculated as actual loan receivables written off in the period net of loss recoveries divided by average loan portfolio value 2. Calculated as change in closing loan portfolio less new loan originations for the period as a % of the previous period closing loan portfolio 3. Calculated as change in closing loan portfolio less new loan originations for the period as a % of the period average loan portfolio 34 Loan originations ($m) Automotive Renewable energy Personal Closing loan portfolio ($m) Automotive Renewable energy Personal 472.8 629.5 558.2 257.7 381.6 302.3 46.3 51.9 52.6 168.8 195.9 203.2 1,299.7 1,547.6 464.4 744.8 898.8 113.8 141.9 164.8 336.9 413.1 484.0 915.1 572.8 624.1 577.2 1,131.0 1,201.3 269.3 327.6 296.5 571.7 624.2 69.4 76.3 83.2 122.0 159.5 234.1 220.1 197.4 437.3 417.6 1,766.2 1,992.4 2,138.3 1,766.2 2,138.3 997.6 1,135.8 1,222.6 744.8 997.6 1,222.6 201.0 236.6 272.9 141.9 201.0 272.9 567.7 619.9 642.8 413.1 567.7 642.8 1,102.3 639.3 98.3 364.7 1,299.7 35 NPAT (7.5) 1.2 2.6 (16.2) 0.6 (15.3) (6.3) (13.6) (14.7) Add: ECL provision expense1 3.6 3.8 4.2 10.1 1.5 11.5 7.4 14.3 13.0 Add: Share-based payments 1.2 1.6 1.4 1.9 1.8 1.4 2.8 3.4 3.2 Add: Depreciation & amortisation 0.5 0.6 0.7 0.8 0.8 0.8 1.0 1.5 1.5 Add: Income tax expense on hedge gain 0.0 (4.4) (7.6) 6.5 (3.2) 6.2 (4.4) (1.1) 3.1 Cash NPAT (2.2) 2.7 1.4 3.1 1.5 4.6 0.5 4.5 6.1 1. ECL provision expense is marginally different in Cash NPAT reconciliation to value of face of P&L as there is a component of ECL provision also included in the Expense passed to unitholders line on the P&L 36 No recommendation, offer, invitation or advice The material in this presentation is general background information about Plenti Group Limited (the Company) and its subsidiaries, and is current at the date of the presentation, 22 May 2024. The information in this presentation is of a general nature and does not purport to be complete or to provide all information that an investor should consider when making an investment decision. It should be read in conjunction with the Company’s IPO prospectus and other periodic and continuous disclosure announcements lodged with the ASX, including the FY24 Full Yea