Announcement PDF ASX RELEASE Plenti Group Limited (ASX:PLT) Authorised for release by the Board of Plenti Group Limited For more information please contact: Adam Bennett, CEO, shareholders@plenti.com.au Miles Drury, CFO, shareholders@plenti.com.au 1H25 Results Presentation Half-year to 30 September 2024 Who are we Plenti is a technology-led lender • We’re Australia’s largest fintech consumer lender • Our Cash NPAT is growing strongly • We leverage our proprietary technology to deliver market leading customer experiences across – Automotive – Renewable energy – Personal lending • We fund prime borrowers and have an exceptional 10-year credit track record • We have deep and diversified funding across warehouses and ABS • We have flexible retail investor funding We’re on a mission Purpose To bring our customers’ big ideas to life Vision Fairer, faster loans through smart technology Mission To build Australia’s best lender 2 Our competitive strengths Our competitive strengths underpin our performance Our people • Committed growth-focused team • Co-Founders on Executive Team and Board • Significant breadth and depth of expertise • Consistently high employee engagement >79% Our partnership capabilities Our proprietary technology • Proprietary end-to-end cloud-native technology stack • Modern technology architecture enables deep and seamless partner integrations • Enables easy, simple and consistent customer journeys • Offers differentiated route to market • Delivers speed, flexibility and efficiency via continuous release cycles • Enables two distinctive platform businesses: – GreenConnect – Plenti Lending Platform • Key partners include – NAB – Tesla – Cadillac – AGL – Amber energy 3 Our technology leadership Since 2014 Plenti has continued to deploy market leading innovations, winning over 45 industry awards Launch Unsecured Personal Loan Launch Retail Lending Platform Launch Plenti SME Loan 1st lender in Australia to share comprehensive credit data with other lenders 2015 1st bank partnership to fund loans with Wholesale Lending Platform Launch Plenti direct to consumer Auto Loan Outstanding Value Personal Loan 2017 Mozo Experts Choice Excellent Credit Personal Loans Launch Plenti Renewables PoS Loan Outstanding Value Personal Loan Canstar Deloitte Canstar Launch Plenti SA Battery Program Renewables Loan Canstar Outstanding Value Personal Loan FinTech Awards Investment Innovator of the Year Green Team of the Year Outstanding Value Personal Loan 2020 2019 Best Alternative Investment Launch Plenti NSW Pilot Battery Program Renewables Loan RateCity Excellent credit Personal Loan Launch Plenti Renewables BNPL WeMoney Lending Innovation of the Year 2022 2021 FinTECH Non Bank Lender of the Year Finder Technology Fast 50 Outstanding Value Personal Loan Technology Fast 50 Canstar Outstanding Value Personal Loan Canstar 2018 NAB Auto powered by Plenti WeMoney Deloitte Outstanding Value Personal Finder Loan Best P2P Personal loan 2016 Purple Bricks BNPL / PoS 1st lender to offer ‘soft enquiry’ to protect borrowers’ credit score Launch Plenti secured Auto Loan Canstar Canstar Launch Plenti GreenConnect Platform Launch Plenti Commercial Auto Loan Launch Plenti OEM Auto Finance WeMoney Best Green PersonallLoan 2023 Money Magazine Best value debt consolidation loan Canstar Outstanding Value Personal Loan Platform integration with Cadillac 2024 WeMoney Platform integration with Tesla website Canstar Outstanding Value Personal Loan Lending Innovation of the Year WeMoney Non-Bank lender of the year WeMoney Electric Car Loan of the Year 4 Highlights Half-year highlights We delivered strong growth in profitability and successfully launched the first product under the NAB strategic partnership Highlights Originations Closing loan portfolio Revenue Pro forma Cash NPAT +0.4% on pcp +14% on pcp +28% on pcp +260% on pcp Launched the NAB Powered by Plenti car and EV loan to NAB personal bank customers Delivered strong credit outcomes with 1.1% realised loss rate and material reduction in arrears rates through the half $627m $2.3bn Cost-to-income Closing 90+ arrears down 16% yoy up 5bps yoy 24.3% 50bps $124m $5.5m Note: Plenti loan portfolio and origination numbers in this presentation include “NAB Powered by Plenti” automotive loans other than in relation to statutory balance sheet values 6 Sustained growth We continued our long track record for driving strong loan portfolio and revenue growth Loan portfolio ($m) Revenue ($m) 2,500 140 36% 3-year CAGR 2,000 120 49% 3-year CAGR 100 1,500 80 60 1,000 40 500 20 0 1H20 2H20 1H21 2H21 1H22 2H22 1H23 2H23 1H24 2H24 1H25 Automotive Renewable energy 0 1H20 2H20 1H21 2H21 1H22 2H22 1H23 2H23 1H24 2H24 1H25 Personal 7 Increasing profitability Effective management of loan profitability and credit losses while growing the loan portfolio and managing costs has allowed us to consistently step-up Cash NPAT • Cash NPAT result of $5.5m showed growth on both 1H24 ($1.5m) and 2H24 ($4.6m) Cash NPAT ($m) 10 +2H25 • Cash NPAT is after the expensing of all technology investment – $7.0m of technology costs expensed in 1H25 5 1H25 • Cash NPAT represents statutory NPAT adjusted for movement in provision for expected credit losses, share-based payments, depreciation & amortisation, and income tax effect on hedging gains 0 (5) (10) (15) FY20 FY21 FY22 FY23 FY24 1H25 8 Operational Performance Automotive finance performance We continued to build differentiated partnerships to drive automotive originations 1H25 highlights Automotive loan book ($m) • $321m of automotive originations, stable on prior year despite soft June without tax change benefits in prior year – 15% growth in loan book in period Automotive lending opportunity 1,400 1,200 $35bn+ • Executed successful rate subvention campaign with Tesla, leveraging Plenti’s technology platform to deliver solution within 3 weeks 1,000 • Announced as exclusive finance provider to Cadillac to support the launch of its EV range in Australia • ‘NAB powered by Plenti’ product commenced second phase of launch with progressive roll out to existing NAB customers • Completed $458m automotive ABS transaction Selected 1H25 statistics 82% growth in OEM partner volume (on pcp) 23% increase in transacting brokers 15% growth on pcp annual lending1 ~4% estimated Plenti market penetration2 Plenti customer segments - Consumer and commercial borrowers - New and used vehicles - Cars, caravans, motorbikes 800 Plenti existing distribution channels - Car/asset and mortgage broker referral - Manufacturer referral - Dealer/online car sale businesses - Digital direct-to-consumer 600 400 Plenti strengths - Customer experience and speed - Partner portal/integration technology - Clarity and consistency of credit policy 200 0 1H21 1H22 1H23 1H24 1H25 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 1H25 10 Renewable energy finance performance We delivered record originations in renewable energy for the 18th straight half 1H25 highlights • Record renewable loan originations of $88m up 15% on pcp • Loan book for renewable energy grew 28% • Secured $60m of discounted funding via Clean Energy Finance Corporation (CEFC) as first recipient of Federal Government Home Energy Upgrade Fund • Continued growth in GreenConnect platform, increasing market impact – GreenConnect affiliated applications up 47% on pcp – Over 2.2MWh in connected storage facilitated Selected 1H25 statistics 8,077 systems funded 29% funding of installations with batteries Renewable energy loan book ($m) Renewable energy opportunity 350 337k 28% growth on pcp 300 solar installations annually1 ~12% estimated finance market penetration2 250 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 50 0 1H21 1H22 1H23 1H24 1H25 Plenti strengths - Integration capabilities - Bundled energy solution offering - Aligned with partners 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 Personal lending performance We continued to deliver significant volume in the personal channel with a high-quality borrower base 1H25 highlights Personal loan book ($m) • Loan book grew 8% on prior year with originations stable at $218m – continued strong focus on margin and credit • Exceeded $1bn in personal lending via the broker channel since inception 600 • Extended our dual channel strategy – direct-toconsumer and broker channels – with active broker rate up 19% on pcp 500 • Continued investment in credit engine driving higher automated credit decisioning rates and improved borrower conversion metrics 400 • Average credit score of personal loans funded in the half of 782 300 8% growth on pcp Personal lending market opportunity $12bn+ 4% estimated market penetration 2 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 Selected 1H25 statistics $1bn+ funded via brokers since launch >1.1m customers in ecosystem 3 annual lending1 100 0 1H21 1H22 1H23 1H24 1H25 1. Annual personal loans market ending calculated from ABS 5601.0 Table 27 fixed term loans LTM to September 2024, excluding refinancing and purchase of road vehicles. 2. Estimated penetration is based on Plenti’s share of estimated annual market loan originations. 3. Customers in ecosystem represents borrower or investor customer profiles, including investors, borrowers and loan applicants. Plenti strengths - Customer experience - Marketing funnel efficiency - Broker channel relationships 12 Technology advancements We have continued to invest to support our partners, including NAB, and to drive growth, efficiency and resilience across the business ‘NAB powered by Plenti’ car loan experience 1. Growth 2. Diversification AI content marketing NAB systems integration Deep partner integrations 1. Efficiency AI driven document processing 1. Growth 2. Efficiency 1. Efficiency Tesla Cadillac 1. 2. Growth Efficiency New core platform ledger 1. Efficiency 2. Agility 3. Scalability 13 Operating leverage metrics We continued to demonstrate the benefits of our scale and our technology-led efficiency Cost-to-income Cost-to-net interest income 80% 160% 70% 140% 60% 120% Average loan portfolio per FTE ($m) 10 9 8 7 50% 40% 100% COVID impact 80% 30% 60% 20% 40% 10% 20% 0% 0% 6 COVID impact 5 4 3 • Cost-to-income of 24.3% on pathway to full year result of <24.0% • Costs as a proportion of net interest income (interest revenue less funding costs) continued to decline 2 1 0 • Operating efficiency continues to be evident as loan portfolio grows Note: Costs in cost-to-income and cost-to-net interest income 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 14 Credit performance We continued to demonstrate differentiated credit performance Annualised net loss rate1 3.0% 2.5% 2.0% Average borrower credit score2 900 Decline supported by benign COVID period and rapid shift towards lower risk secured automotive and renewable lending 1.5% – 842 weighted average Equifax credit score, well above credit active population average – 73% of lending to homeowners (at time of application) 800 700 Australian credit active population average score 600 0.5% • 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 • 1H25 net loss rate was 1.11%, up from 0.99% in 1H24 but down slightly from 1.13% in 2H24 1.0% 0.0% • Plenti is a prime lender, focused on lending to borrowers with strong credit characteristics. Period end portfolio characteristics included: – Seeing signs of improvement in financial position of consumers 500 • 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, 1H24 and 1H25 2. 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) 15 NAB Strategic Partnership Strategic partnership update The NAB strategic partnership is an exciting opportunity for us to drive further scale in our business and leverage the strength of our technology platform ‘NAB powered by Plenti’ car and EV loan • Co-branded car and EV loan was launched to NAB’s existing customers in September 2024 following a successful pilot with NAB employees – Marketing underway via targeted email activity to NAB Personal Banking customers – Lending volumes to be controlled at moderate levels in 2H25 as product is further iterated Renewable energy finance referrals • Pursuing Plenti renewable energy finance solution availability to NAB customers in 2025 – Customer referral journey work and installer market engagement is currently underway Commitment and opportunities • 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 – Potential to accelerate Plenti’s renewable energy business 17 ‘NAB powered by Plenti’ car and EV loan – update We successfully launched our co-branded car and EV loan to NAB customers • Following a successful pilot period with NAB’s employees during 1H25, the ‘NAB powered by Plenti’ car and EV loan was launched to NAB’s existing customer base on 23 September 2024 NAB powered by Plenti car loan quote activity (monthly) Existing customer launch • The product is being made progressively available to customers via NAB’s mobile app and internet banking sites • Marketing activity in the early stages of customer launch is focused on targeted email campaigns to NAB customers • At 30 September 2024, the ‘NAB powered by Plenti’ car loan contributed $2.5 million to Plenti’s loan portfolio balances • Plenti and NAB’s product and technology teams are continuing to work together closely on enhancing the customer experience and streamlining operational efficiency aspects of the product Early pilot demand NAB employee pilot Phased roll out plan Phase 1 NAB employee pilot period Phase 2 NAB existing customer availability Phase 3 New-to-bank customer availability Note: Plenti maintains its own-branded car loan via its existing distribution channels including via brokers Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 18 Customer experience We have built a compelling co-branded car loan for the NAB powered by Plenti car and EV loan Fast application, with key NAB customer details pre-populated Easy loan management 19 Financial Results Financial highlights Loan book growth, stable margins and losses and operating leverage drove a 260% increase in our Cash NPAT to $5.5m Loan portfolio • 17% increase in average portfolio on pcp Revenue • 28% revenue growth to $124m Cash NPAT • Cash NPAT of $5.5m – up 260% on pcp Margins • Achieved slight increase in margins to 5.3% Credit • Strong credit outcome with 1.1% realised loss rate Costs • Continued to demonstrate economies of scale – operating costs up 8% against 17% avg. portfolio growth Cash flow • Positive operating cash flow with portfolio growth funded via capital recycling Growth Profitability ABS issuance Funding Warehouses • Completed $458m ABS transaction with further $330m transaction closed post period end • Total lifetime ABS issue now >$2.8bn • Continued to improve funding costs given favourable debt markets 21 Loan portfolio We achieved solid originations in the quarter which drove continued loan book and revenue growth Average loan portfolio ($m) Commentary • Increase in average loan portfolio of 17% from 1H24 to 1H25 and up 6% on prior half 17% 6% • Continued growth in revenue due to loan portfolio growth and increase in average interest yield 10% • Originations of $627m up slightly on 1H24 with solid growth in originations against 2H24 • Loan amortisation rate increased slightly to 3.7% in the half – consistent with improving credit conditions as consumer discretionary cashflows shifted to a positive position 2,202 2,068 1,886 1H24 2H24 1H25 Interest yield 10.2% 10.8% 11.1% Interest revenue ($m) 95.9 111.2 121.9 Originations ($m) 624 577 627 Amortisation rate 3.5% 3.5% 3.7% 22 Margins We slightly expanded margin with continued pricing discipline across the portfolio Commentary Effective yield (%)1 • Net interest margin (NIM) for 1H25 was 5.3% or 4.2% post amortisation of transaction costs • Three factors contributed to margin outcome in the period 10.2% 1H24 portfolio 10.8% 2H24 portfolio 11.1% 1H25 portfolio 12.2% Oct/Nov new originations Funding costs (%)2 – Continued focus on profitability of new loans originated – Funding cost improvements on ABS / warehouse extensions with strong debt capital markets – Change in effective interest rate accounting assumptions – slightly shorter effective life accelerates fee and origination cost recognition • Exit rate NIM on new originations (October/November average) at 5.6% - broadly consistent with maintaining stable portfolio NIM – October impacted by rapid increase in swap costs as market reassessed speed of central bank rates reductions in CY24 / CY25 6.5% 4.9% 5.5% 5.7% 1H24 portfolio 2H24 portfolio 1H25 portfolio Oct/Nov new originations Net interest margin1 5.2% 5.2% 5.3% 5.6% Transaction costs1 1.2% 1.1% 1.1% 1.1% Notes: 1. Effective yield, net interest margin and transaction costs calculated as % of average loan portfolio in period 2. Funding costs calculated as % of average funding debt 23 Credit Our net loss rate of 1.11% reflected the credit quality of the Plenti portfolio and improving macroeconomic conditions Realised loan impairment expense (%) Commentary • Loss rate of 1.11% in 1H25 was a step up on 1H24 as expected, but stable on 2H24 which was a solid outcome given expected structural deterioration in credit conditions and reflects well on the quality of the Plenti loan portfolio 1.13% – 1H24 and 1H25 both benefitted from a debt sale which increased recoveries in the period 1.11% 0.99% 1H24 portfolio <1.0% 2H24 portfolio 1H25 portfolio Oct portfolio Expected credit loss provision ($m) • Pleasingly, arrears rates across the portfolio reduced between March 2024 and September 2024 – expected given usual annual arrears cycle in Australia but extent of improvement exceeded management expectations – 90+ days arrears reduced from to 58bps to 50bps – 30+ days arrears reduced from 198bps to 162bps 2.7 (4.2) % of loan book 2.20% • Improved arrears position reflected in lower ECL provision rate of 2.00% at September 2024 against prior half-year end (0.2) 47.1 Mar-24 • Low arrears at 30 September 2024 reflected in a net loss rate of <1.0% for the October month 45.4 Portfolio growth Provision rate Macro overlay Sep-24 – Should expect some uptick in arears and losses in coming two quarters in line with usual seasonal pattern 2.00% 24 Operating efficiency Our growth in margin dollars has consistently exceeded cost growth, driving improved business profitability Commentary • The key driver of the improvement in Plenti’s profitability in recent years has been the differential in growth between net interest margin dollars (Margin) and operating costs Operating costs vs net interest margin ($) 70 – Margin has grown at a CAGR of 50% since 1H21 60 – Operating costs have grown at a CAGR of 24% • Operating cost efficiency enabled by Plenti’s technology platform allowing the business to scale efficiently with ongoing focus on continuous improvement 50 40 • Operating efficiency demonstrated underpins Plenti’s objective to achieve $25m of cost efficiencies as we double the loan portfolio from $1.5bn to $3.0bn 30 20 Net interest dollars have grown at 2x the rate of costs over the past four years 10 0 1H21 2H21 1H22 2H22 1H23 Net interest margin 2H23 1H24 2H24 1H25 Operating costs Note: Net interest margin calculated as interest revenue less loan funding costs 25 Profit & loss We increased Cash NPAT 260% year-on-year demonstrating the earnings capability of the business with a growing loan book and operating cost leverage $m 1H24 1H25 % change Interest revenue 95.9 121.9 27% Other income 0.9 2.4 179% Total revenue pre transaction costs 96.8 124.2 28% Transaction costs (11.0) (12.6) 15% Net income 85.8 111.6 30% Loan funding costs (47.3) (63.2) 34% Expense passed to unitholders (0.2) (0.1) (62)% Customer loan impairment expense (10.7) (10.5) (2)% Realised loan impairment expense (9.3) (12.2) 31% ECL provision expense (1.3) 1.7 nm Sales and marketing expense (6.9) (7.1) 3% Product development expense (6.0) (7.0) 16% General and administration expense (14.9) (16.0) 8% Operations expense (7.0) (7.9) 13% Other overhead expense (7.9) (8.1) 3% Corporate funding costs (1.5) (1.8) 17% Depreciation & amortisation (0.8) (0.8) Income tax benefit / expense 3.2 (4.2) • Half-year Cash NPAT of $5.5m, an increase of 260% on prior year • Cash NPAT growth driven by solid loan book growth, stable margins and losses and operating cost leverage • Growth in revenue of 28% reflected 17% increase in average loan portfolio and higher average borrower rates. Other income contributed to by NAB revenue • With relatively stable loss rates, realised losses grew in line with income at 31% • ECL provision change was positive in the period reflecting improved arrears rates across the portfolio • Operating efficiency of technology-led business model saw operating costs increase 8% against portfolio growth of 17% • Continued to expense all technology investment in the period with total Product development expense of $7.0 million • Income tax expense in 1H25 due to movement in hedging positions – is backed out of Cash NPAT and will net to zero over time but impacts statutory NPAT value $m 1H24 1H25 0.6 0.9 1 1.5 (1.7) 3% Add: Share-based payments 1.8 1.5 nm Add: Depreciation & amortisation 0.8 0.8 (3.2) 4.0 1.5 5.5 Statutory NPAT Add: ECL provision expense NPAT 0.6 0.9 49% Add: Income tax expense on hedge gain Cash NPAT 1.5 5.5 260% Cash NPAT 2 1. Variance from ECL provision in profit and loss statement reflects component of ECL provision included in Expense passed to unitholders line which is also adjusted for in Cash NPAT 2. Difference between $4.0m income tax expense adjustment for 1H25 in Cash NPAT reconciliation and $4.2m expense per the profit and loss statement is $0.2m of cash tax paid in Provision Fund which is not part of the consolidated tax group 26 Funding We have a well-established, diverse and scalable funding platform Loan portfolio funding ($m)1 Commentary • Plenti continues to scale its funding program and investor base as the loan portfolio grows with a continued focus on diversity 188 • Plenti’s ABS program now very well established in the market with 8 transactions completed for over $2.8bn of funding • Debt markets have been strong this year with cost-effective funding available – likely to complete a further Auto ABS in 2H25 813 ABS execution track record ($m) PL & Green Auto 1,285 Marketplace lending platforms ABS Warehouses - drawn 1. 300 375 330 437 406 458 FY23 FY24 FY25 280 306 FY22 Weighted average note margin PL & Green 1.6% 2.2% 1.9% 1.4% Auto 1.0% 1.7% 2.0% 1.5% Warehouses include settlement facility but both warehouses and ABS funding values exclude $55.8m of notes held by Plenti which eliminate on consolidation 27 Outlook Objectives We remain on track to deliver on our priorities for the full year FY25 full year priorities Growth • Drive growth in loan originations and loan portfolio – October originations were up 26% on prior year • Deliver full year and half-on-half Cash NPAT growth Profitability • A more balanced profile is expected between 1H25 and 2H25 than in the last two years • Reduce cost-to-income ratio to <24% Efficiency • Remain on target to deliver $25m in efficiencies as loan portfolio scales towards $3bn 1H25 tracking ✓ ✓ ✓ 29 Appendices Cash flow We continue to deliver positive operating cash flow and fund loan book growth through effective capital recycling $m 1H24 1H25 Operating cash flow Interest income received 104.3 125.9 Other income received 0.9 2.4 Interest and other finance costs paid (49.1) (64.9) Payments to suppliers and employees (38.1) (34.2) Income taxes paid Net operating cash flow (0.1) 18.0 29.1 Investing and financing cash flow Net increase in loans to customers (231.4) (144.2) Net proceeds of borrowings 208.3 116.5 Proceeds from corporate debt 5.0 0.0 Other (0.7) (0.6) Net investing and financing cash flow (18.8) (28.3) Net change in cash and cash equivalents (0.8) 0.8 • Statutory operating cash flow for 1H25 of $29.1m (1H24: $18.0m) • Corporate cash reduced in the period by $3.3m, but excluding $18.7m relating to customer collection accounts (31 March: $24.0m), the underlying corporate cash balance increased by $2.0m • The material balancing items between the $2.0m increase in underlying corporate cash and statutory operating cash flow in the period are – $(13.7)m of merchant service fees on interest free / subvention 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 with the cash benefit being received through the life of the loan – $(10.9)m of realised losses which are deducted from the Group's warehouse and ABS trusts distribution payments – Net $(1.3)m related to the Group’s investments in warehouse and ABS structures, comprised of o $(17.3)m in equity investments into warehouses o $5.1m in capital released on completion of ABS transactions o $10.9m from G Note sales via the Notes Market 31 Balance sheet We continue to effectively expand our funding base and recycle capital to support growth $m 31-Mar-24 • Corporate cash position at 30 September 2024 of $41.5m (31 March 2024: $44.8m) 30-Sep-24 Assets Cash and cash equivalents 148.9 149.7 Customer loans 2,061.8 2,193.6 Derivative assets 12.8 5.9 Other assets 35.1 32.2 Total assets 2,258.6 2,381.4 – $18.7m relates to loan collection accounts which are not available for corporate activities (31 March 2024: $24.0m) • Customers loan asset of $2,194m reflects $2,276m loan portfolio less $45m ECL provision and $37m in deferred upfront fees • Derivative assets decreased $6.9m while derivative liabilities increased by $6.4m due to changes in market interest rates impacting the mark-to-market value of swaps held by the Group Liabilities Trade payables 5.3 4.1 2,157.5 2,285.1 Borrowing – corporate funding 27.5 27.5 Derivative liabilities 4.8 11.2 Other 37.1 34.1 2,232.3 2,362.0 26.3 19.4 31-Mar-24 30-Sep-24 Corporate cash 44.8 41.5 Provision Fund cash 12.6 10.2 Platform / warehouse funding cash 91.4 97.9 Total cash and cash equivalents 148.9 149.7 Borrowings – loan funding Total liabilities Net assets $m • Borrowings of $2,285m comprises $1,285m of ABS funding, $813m of warehouse funding and $188m via lending platforms – Equity investment in securitised structures of $69.0m (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 30 September 2024 1. Of the $69.0m of notes, $25.0m 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 Half-on-half summary P&L $m, 6 month periods 1H22 2H22 1H23 2H23 1H24 2H24 1H25 1H23 / 2H22 2H23 / 1H23 1H24 / 2H23 2H24 / 1H24 1H25 / 2H24 Interest revenue 36.6 50.6 63.2 78.9 95.9 111.2 121.9 25% 25% 22% 16% 10% Other income 0.6 0.6 0.6 0.8 0.9 3.0 2.4 (7)% 31% 9% 251% (20)% Total revenue pre transaction costs 37.2 51.3 63.8 79.7 96.8 114.2 124.2 24% 25% 21% 18% 9% Transaction costs (3.2) (7.7) (8.7) (10.0) (11.0) (11.7) (12.6) 14% 15% 10% 6% 8% Net income 34.0 43.6 55.0 69.7 85.8 102.5 111.6 26% 27% 23% 19% 9% Loan funding costs (14.5) (17.5) (25.7) (36.1) (85.8) (102.5) (63.2) 47% 40% 138% 19% 10% Expense passed to unitholders (0.2) 0.0 (0.0) (0.1) (0.2) (0.1) (0.1) nm nm 50% (59)% (6)% Customer loan impairment expense (6.0) (6.3) (8.7) (16.1) (9.3) (23.2) (10.5) 38% 85% (42)% 148%