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 FY25 Results Presentation Year to 31 March 2025 Plenti is a technology-led lender • We are Australia’s largest fintech consumer lender • Our Cash NPAT is growing rapidly We are on a mission Purpose To bring our customers’ big ideas to life • We deliver market leading customer experiences via our proprietary technology platform Vision • We’re growing market share rapidly by setting new standards in automotive, renewable energy and personal finance Mission Fairer, faster loans through smart technology To build Australia’s best lender • We fund prime borrowers and have an exceptional >10 year credit track record • We have deep and diversified funding, including low-cost and flexible retail investor funding • We have a long-term focus on creating shareholder value 2 Highlights Plenti had an outstanding FY25 on all of the metrics that matter to deliver Cash NPAT of $13.8m FY25 market guidance – delivered Growth Growth Efficiency Profitability Originations Closing loan portfolio Cost-to-income Cash NPAT +18% pcp +19% pcp down from 26.5% +126% on pcp $1.4bn Revenue $259m +23% pcp $2.5bn Statutory profit $24.7m Underlying statutory profit of $6.4m 23.9% Closing 90+ arrears 43bps down 15bps yoy $13.8m Launched NAB powered by Plenti car loan and commenced scaling, delivering 241% growth in 4Q25 4 Plenti continued its strong growth trajectory in FY25 with performance accelerating in Q3 and Q4 … which drove meaningful revenue growth to >$250m Loan portfolio grew to >$2.5bn, with >$6bn cumulative lending to date … with growing momentum in quarterly originations on PCP 2,537 25% loan portfolio 3-year CAGR 2,138 1,766 43% loan revenue 3-year CAGR 764 641 341 1,300 413 615 381 83 55 243 86 259 272 142 1,431 70%1 Auto/ Green 143 998 42 FY22 FY23 FY24 FY25 Renewable energy Personal 11% 89 745 264 FY20 FY21 Automotive2 32% 211 201 1,226 264 42% 568 FY20 53 FY21 (9)% FY22 FY23 1. Lower credit risk secured automotive and unsecured renewable energy loans represented 70% of the loan portfolio at the end of FY25 2. Automotive portfolio figures include NAB powered by Plenti (NPBP) portfolio 3. 1Q25 originations fell on PCP with the removal of instant asset write off tax concessions that drove strong origination volumes in 1Q24 FY24 FY25 Q1 3 Q2 Q3 Q4 5 Plenti is generating increasing Cash NPAT due to loan book growth, stable margins and disciplined cost management Cash NPAT ($m) Strong leverage as loan book scales 15 +126% on pcp 10 • Outstanding FY25 profit growth reflects origination momentum, stable margins, relatively low losses and good cost leverage 5 • Profitability trend demonstrates leverage in the business as the loan book scales • Cash NPAT is after the expensing of all technology investment – $14.1m of total technology cost expensed in FY25 0 (5) (10) (15) FY20 FY21 FY22 FY23 FY24 FY25 Note: Cash NPAT represents statutory NPAT adjusted for expected credit loss expense, share-based payment expense, depreciation and amortisation, and non-cash income tax items Operational Performance The automotive loan book grew organically and benefited from the quality of our relationships with brokers, Tesla and NAB Automotive loan book ($m) FY25 highlights • 14% originations growth, 17% portfolio growth 1,400 Closing loan portfolio1 $1,431m +17% • Balanced volume growth with solid margins • Operations investment delivered more capacity and consistency 24% 3-year 24% 3-year CAGR CAGR 1,200 • Expansion of OEM program via – Successful Tesla subvention offer 1,000 Automotive originations $709m – Cadillac partnership launched • NAB volumes becoming more meaningful (see further slide 12) 800 +14% • Two ABS transactions completed worth >$900m 600 400 >70k 200 Vehicles funded to date 0 FY20 FY21 FY22 FY23 FY24 FY25 8 1. Automotive originations and portfolio figures include NAB powered by Plenti (NPBP) portfolio The renewable loan book grew significantly, driven by strong relationships, GreenConnect and higher battery uptake Closing loan portfolio $341m +25% Renewable energy loan book ($m) FY25 highlights 350 • 18% originations growth via our technology, service and relationship proposition 300 • Won several new large national installers 34% 3 -year CAGR • Continued improving our differentiated proposition 250 – GreenConnect platform scaling well – Virtual Power Plant (VPP) and battery uptake growing materially 200 Renewable originations $189m • Market leading capability validated by appointment as first financier for Federal Government’s Household Energy Upgrade Fund +18% 150 • ABS transaction completed with $109m green tranche 100 36% +38% 50 Installations funded with batteries 0 FY20 FY21 FY22 FY23 FY24 FY25 9 Significant growth in personal lending was driven by operational excellence and technology enhancements Closing loan portfolio $764m +19% Personal loan book ($m) FY25 highlights 800 • Successfully leveraged diverse channels to deliver originations growth of 24% 700 • Invested in underwriting capacity and technology 23% 3 -year CAGR – Credit decision consistency and speed 600 – Automated credit decision rates now meaningful and growing • Improving credit quality and performance despite significant growth 500 Personal lending originations $519m +24% • Technology investment continues to deliver 400 – Improved new customer digital application experience 300 – Higher re-lend and cross sell rates for existing customers 200 22% – Enhanced broker application experience • ABS transaction completed worth $330m 100 H2 growth in cross sell & refinance 0 FY20 FY21 FY22 FY23 FY24 FY25 10 “NAB Powered by Plenti” car loan set up is now complete and origination momentum is accelerating NPBP loan book ($m) FY25 highlights +105% 30 1Q25/2Q25 – Phase 1 “Pilot” Rollout to NAB employees Average daily origination growth May MTD vs 4Q251 25 – Product visibility enabled across NAB digital platforms – NAB marketing investment commenced • Product momentum and volumes now building 20 +241% 3Q25/4Q25– Phase 2 “Launch” Progressive rollout to NAB personal banking customers • Product now fully implemented across NAB and Plenti • Continued NAB and Plenti optimisation underway origination growth 15 • Strong growth rates in 1Q26 delivering “meaningful volumes” 10 1Q26 – Phase 2 “Scale” Product established, focus on building volumes 5 0 Pilot 1Q25 1. May per business day originations to 18 May 2025 vs average per business day originations for 4Q25 2.. Loan book as at 18 May 2025 2Q25 Launch 3Q25 4Q25 Scale 1Q26 to date 2 11 Investment in our proprietary technology underpins our partner relationships, growth and efficiency Proprietary technology gives Plenti total control… … providing a foundation for rapid change and AI adoption… • Refreshed corporate strategy directly drives technology innovations and enhancements • Strong operational efficiency, continuing to improve as product and process enhancements delivered • Continuous innovation with rapid delivery and shortened feedback loops • Highly differentiated customer and partner journeys • Rapid innovation to support changing partner requirements (eg Tesla subvention offering) • AI adoption program accelerating • Innovation not reliant on technology vendor release timetables …to deliver real-world commercial outcomes • Highly awarded customer and partner journeys • Highly automated, with strong straight-through processing rates • 17% for personal loans1 (March-25) • 55% for auto loans2 (March-25) • Deep integrations with partners such as NAB validates strategic value • Differentiated platforms and offerings, including GreenConnect and Plenti Lending Platform 1. 17% of personal loans auto approved without staff intervention 2. 55% of automotive loans auto conditionally approved without staff intervention 12 Plenti’s scale is delivering meaningful improvements to our cost efficiency and productivity metrics Cost-to-income1 Cost-to-net margin1 80% 140% 70% 120% 60% 10 8 100% 50% Average loan portfolio per FTE2 ($m) 80% 6 40% 60% 30% 4 40% 20% 10% 20% 0% 0% FY18 FY19 FY20 FY21 FY22 FY23 FY24 Cost-to-income of 23.9% ahead of target <24% down from 26.5% in FY24 2 0 FY20 FY21 FY22 FY23 FY24 FY25 Costs as a proportion of net margin (net income - funding costs) continued to decline 1. Costs in cost-to-income and cost-to-net interest income metrics represent sales and marketing, product development and G&A 2. Average loan portfolio per FTE represents average loan portfolio during the year divided by the average number of employees during the year FY20 FY21 FY22 FY23 FY24 FY25 Operating efficiency continues to be evident as loan portfolio grows 13 Our focus on prime credit borrowers continues to differentiate our credit performance and loss rates Annualised net loss rate1 4.0% Average borrower credit score2 900 • Plenti is a prime lender, focused on lending to borrowers with strong credit characteristics 800 • Period end portfolio characteristics included: 3.5% 3.0% 2.5% 2.0% Decline supported by benign COVID period and rapid shift towards lower risk secured automotive and renewable energy lending 700 Australian credit active population average score 1.5% 1.0% – 846 weighted average Equifax credit score – 74% of lending to homeowners – Average borrower 40 years of age 600 – High average income • 2H25 net loss rate 1.10%, stable on 1H ( 1.11%) 0.5% 0.0% 500 Increased post COVID period lows, but remains relatively low supported by shift to lower risk auto and renewables 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) • Australian consumers continue to be well placed with improving real income and low unemployment 14 Financial Results Plenti achieved excellent results across all financial metrics delivering a 126% increase in Cash NPAT to $13.8m Loan portfolio • 16% increase in average portfolio on pcp Revenue • 23% revenue growth to $259m Cash NPAT • Cash NPAT of $13.8m – up 126% on pcp Margins • Expanded NIM by 14 basis points while growing originations Costs • Continued to demonstrate economies of scale – with 16% average portfolio growth operating costs only rose 11% Cash flow • Generated ~$12.5m in underlying corporate operating cashflow reinvested to support loan book growth ABS issuance • Completed three ABS transactions for $1.3bn – total lifetime ABS issuance now >$3.4bn Warehouses • Effective BAU operation – strong funder relationships Corporate funding • Stable platform in place – extended corporate facility, effective recycling of ABS notes Growth Profitability Funding Plenti delivered 16% average loan book growth to ~$2.3bn, with a $2.5bn portfolio as at 31 March 2025 Average loan portfolio1 ($m) Commentary • 16% growth in average loan portfolio on FY24 49% 16% – 49% growth over two years • Growth in revenue due to loan portfolio growth – interest yield now flattening in more stable rate environment 28% • Originations of $1,417m up 18% on FY24 2,303 • Amortisation rate increased slightly to 3.7% in FY25 – consistent with improving credit conditions as real consumer discretionary cashflows shifted to a positive position 1,977 1,545 FY23 FY24 FY25 FY23 FY24 FY25 Interest yield 9.2% 10.5% 11.1% Interest revenue ($m) 142.1 207.2 254.5 Originations ($m) 1,131 1,201 1,417 Amortisation rate2 3.6% 3.5% 3.7% 1. Average loan portfolio, amortisation and originations include NPBP 2. Calculated as change in closing loan portfolio less new loan originations for the period as a % of the period average loan portfolio 17 Plenti remained focused on profitable lending with NIM expanding to 5.3% Commentary Net interest margin (NIM) (%) • Increased NIM 14bps on FY24– FY25 NIM of 5.3% • Maintained NIM while growing average portfolio 49% over last two years – balanced focus on margin and growth • Exit rate NIM on new originations 6.1% for April/May – April originations benefited from sharp fall in swap rates following US tariff policy announcements on expectation of requirement for faster RBA rate cuts 5.2% 5.2% 5.3% 6.1% May MTD NIM on new originations 5.8% FY23 portfolio FY24 portfolio FY25 portfolio FY23 portfolio FY24 portfolio FY25 portfolio April/May new originations Effective yield 9.2% 10.5% 11.0% 12.0% Funding costs 3.9% 5.2% 5.7% 5.9% Net interest margin 5.2% 5.2% 5.3% 6.1% Transaction costs 1.2% 1.2% 1.1% 1.2% 1. NIM = net interest margin. Calculated as interest revenue / average loan portfolio 2. Effect yield and transaction cost yield calculated as % of average loan portfolio 3. Funding costs calculated as % of average funding debt 4. April/May originations based on full month of April originations and May originations up to 16 May 2025 – Effect has moderated in May with swap rates rising following US policy retracements and competitor driven repricing – May MTD average NIM 5.8% • To maintain portfolio NIM need to originate loans at above portfolio average given higher-margin personal loans amortise faster than portfolio April/May n ew origin ations 18 Our focus on high quality prime borrowers delivered a net loss rate of 1.10% for the year Realised loan impairment expense (%) Commentary • FY25 net realised loan impairment expense of 1.10% reflecting solid consumer credit position • April average net loss rate of 1.05% shows ongoing stability in credit position 1.10% 1.06% 1.05% 0.69% FY23 portfolio FY24 portfolio FY25 portfolio Apr portfolio Expected credit loss provision ($m) 7.5 (5.0) % of loan portfolio 2.20% – Meaningful stepdown in provision rate against portfolio with low arrears at March 2025 – Provision still grew due to portfolio growth but only 6% against portfolio growth of 19% 0.3 49.9 47.1 Mar-24 • ECL provision at 31 March 2025 was $49.9m or 1.98% of loan portfolio Portfolio growth Provision rate Macro overlay Mar-25 1.98% 19 Plenti continued to show disciplined cost management and operating efficiency to deliver positive jaws Commentary • Key driver of the improvement in Plenti’s profitability in recent years has been the differential in growth between net margin dollars (Margin) and operating costs Operating costs vs net margin ($) 60 – Margin has grown at a CAGR of 44% since 2H21 50 40 – Operating costs have grown at a CAGR of 18% • Operating cost efficiency enabled by Plenti’s technology platform allows the business to scale efficiently with ongoing focus on continuous improvement 30 • Operating efficiency delivered underpins Plenti’s objective to achieve $25m of cost efficiencies as we double the loan portfolio from $1.5bn to $3.0bn 20 Net interest dollars have grown at 2.4x the rate of costs over the past four years 10 0 1H21 2H21 1H22 2H22 1H23 2H23 Net margin 1H24 2H24 1H25 2H25 Operating costs Note: Net margin calculated as net income less loan funding costs 20 Our growing loan book, prime credit approach and cost leverage increased Cash NPAT by 126% $m FY24 FY25 % change Interest revenue 207.2 254.5 23% Other income 3.8 4.9 29% Total revenue pre transaction costs 211 259 23% Transaction costs (22.7) (24.7) 9% Net income 188.3 234.7 25% Loan funding costs (105.0) (132.4) 26% Expense passed to unitholders (0.2) 0.0 nm Customer loan impairment expense (33.9) (28.2) (17)% Realised loan impairment expense (21.0) (25.4) 21% ECL provision expense (12.9) (2.8) (78)% Sales and marketing expense (13.7) (14.9) 9% Product development expense (12.6) (14.1) 11% General and administration expense (29.7) (33.2) 12% Operations expense (14.0) (16.0) 14% Other overhead expense (15.7) (17.2) 10% Corporate funding costs (3.3) (3.7) 13% Depreciation & amortisation (1.5) (1.6) Income tax benefit / expense (3.1) 18.1 • Full year Cash NPAT of $13.8m, up 126% on prior year – Driven by solid loan book growth, stable margins and losses and operating cost leverage • Growth in revenue of 23% reflected 16% increase in average loan portfolio and higher average borrower rates • With stable loss rates, realised losses grew in line with income at 21% • Operational efficiency of technology-led business model saw operating costs increase 11% against average portfolio growth of 16% • Continued to expense all technology investment in the period with total Product development expense of $14.1m • Statutory profit of $24.8m includes $18.4m of non-recurring tax benefits – underlying statutory profit of $6.4m still a material step-up • Plenti is now generating taxable profits and utilising losses – refer appendix for details $m Statutory NPAT FY24 FY25 (14.7) 24.8 1 13.0 2.8 3% Add: Share-based payments 3.2 3.1 nm Add: Depreciation & amortisation 1.5 1.6 3.1 (18.4) 6.1 13.8 Add: ECL provision expense NPAT (14.7) 24.8 nm Add: Non-cash income tax (benefit) / expense Cash NPAT 6.1 13.8 126% Cash NPAT 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. The tax benefit adjustment for Cash NPAT excludes the Provision Fund tax expense of $350,000 which not a non-cash item 2 21 Plenti has a well established, diverse and scalable funding platform that provides a reliable foundation for growth Loan portfolio funding ($m)1 Commentary • Record year for ABS issuance with three transactions executed for over $1.3bn – continued strong support from domestic and offshore investors 384 Warehouse headroom 724 Warehouses - drawn • Strong market conditions and execution delivered very efficient pricing outcomes for FY25 transactions • Australian ABS remains well supported despite volatility in April 2025 ABS execution track record 330 Personal & Green 1,707 ABS structures Auto 31 Mar 2025 Marketplace lending platforms 375 437 406 458 FY23 FY24 FY25 280 306 188 509 300 FY22 Weighted average note margin Personal & Green 1.6% 2.2% 1.9% 1.4% Auto 1.0% 1.7% 2.0% 1.5% / 1.2%2 1. Warehouses include settlement facility but both warehouses and ABS funding values exclude $78.0m of notes held by Plenti which eliminate on consolidation 2. Auto 2024-1 ABS weighted average note margin 1.5%, Auto 2025-1 ABS weighted average note margin 1.2% 22 Strategy Plenti (currently!) has small shares of very large markets, creating significant runway and growth potential Automotive annual originations ($bn) Renewable annual originations ($bn) Personal lending annual originations ($bn) 70 1.0 16 0.9 60 Potentially addressable markets such as novated leasing, dealerships and other commercial assets 50 40 14 0.8 12 0.7 10 0.6 0.5 30 8 0.4 ~24% market share 0.3 20 ~2% market share 10 0 Plenti share 1. Market opportunity defined as annual originations for each respective vertical 2.. Automotive market opportunity based on ABS Lending Indicators Table 27 fixed term loans, purchase of road vehicles LTM to March 2025 and management estimates ~4% market share 4 0.2 2 0.1 0.0 Market opportunity 1,2 6 0 Market opportunity 1,3 Plenti share 3. Renewable market opportunity based on reported originations data for key market participants and management estimates Market opportunity 1,4 Plenti share 4. Personal lending market opportunity based on ABS Lending Indicators Table 27 fixed term loans LTM to March 2025, excluding refinancing and purchase of road vehicles 24 Our proven competitive strengths work together to deliver our performance and growth momentum Our partnership capabilities Our proprietary technology • Commercially collaborative culture • Proven technology integration capabilities • End-to-end cloud native stack • Enables fast, simple and easy customer journeys • Automated and instant “Application to approval” (selected loans) • Deeply embedded in third party customer journeys The Plenti differentiators Our credit and pricing • Proprietary credit engine • Price for risk • Prime lender focus and discipline • Historically low losses 25 Continuing to scale the Plenti business is critical to driving our profit trajectory and shareholder value creation Growing the loan book with prudent margin and credit management… …while driving operating cost efficiency… …drives strong Cash NPAT growth 13.8 2,303 5.4% 1,977 4.6% 4.2% 4.2% 47% 1,545 6.1 4.5 928 14% +105% on pcp +67% on pcp +28% on pcp +16% on pcp FY22 FY23 FY24 FY25 Average portfolio ($m) 14% 11% 0.5 FY22 FY23 FY24 Cost growth (%) FY25 FY22 FY23 FY24 FY25 Series1 Cash NPAT Net interest margin post losses (%) 26 Our strategy is simple: we are pursuing a breakout growth ambition across three clear horizons over the next five years → MARCH 2028 → MARCH 2026 → MARCH 2030 Horizon 1 Horizon 2 Horizon 3 Grow by doing what we do – but better Grow by also doing new things Grow by scaling boldly into new opportunities Disciplined focus Disciplined expansion Expand our thinking Grow by extracting additional value from existing automotive, renewables and personal lending verticals Maintain and grow our existing verticals whilst simultaneously looking outwards to potentially: Leverage the growing scale of the business … and by growing NAB Powered by Plenti volumes steadily • Expand into adjacent products • Create new verticals • Engage new strategic partners Explore a greater range of potential options available to a profitably scaling business: • Additional products • Potential acquisitions 27 Our success will be underpinned by extending and improving three distinctive strategic capabilities Strategic capabilities → MARCH 2026 → MARCH 2028 → MARCH 2030 Horizon 1 Horizon 2 Horizon 3 Grow by doing what we do – but better Grow by also doing new things Grow by scaling boldly into new opportunities Deeper relationships with target customers and partners supporting diverse and complementary distribution channels Data & artificial intelligence to drive fast and reliable credit decisions, reduce operating costs, optimise pricing and uplift customer cross-sell capabilities Proprietary technology stack to provide customers and partners with fast, simple and consistent digital journeys, with a low cost of manufacture 28 We’ll continue to drive loan origination momentum to deliver a $3bn loan book by March 2026… 5-year strategic horizon FY26 Q1 Status quo run-rate • Assuming loan book amortisation of 3.7% per month – consistent with FY25 actual Breakout growth strategy launched • • • Deeper relationships Better use of data & AI Proprietary technology stack Q2 Q3 FY27 Q4 Q1 Q2 FY28 Q3 Q4 Q1 Q2 FY29 Q3 Q4 Q1 Q2 Q3 Q4 run-rate $407m originations FY26 objective Q4 Q1 Q2 Q3 Q4 $3bn loan book (Sept-30) Q2 run-rate $323m originations Q3 run-rate $383m originations FY30 $3bn loan book (Oct-26) $3bn loan book (Jun-26) $3bn loan book (Mar-26) Significant acceleration achieved 29 … with a $5bn loan book aspiration over the medium term Illustrative loan book growth scenarios1 5-year strategic horizon FY26 Q1 Chart shows indicative portfolio trajectory at illustrative origination growth rates • Zero growth beyond FY26 delivers $3.8bn portfolio over time • 15% year-on-year growth sees $5bn reached in Sep-29 Q2 FY27 Q3 Q4 Q1 Q2 FY28 Q3 Q4 Q1 Q2 FY29 Q3 Q4 Q1 Q2 FY30 Q3 Q4 Q1 Q2 Q3 $5bn loan book (Aug-28) 5.0bn Q4 $5bn loan book (Sep-29) 30% y-o-y origination growth from Mar-26 15% y-o-y origination growth from Mar-26 4.5bn 4.0bn • 30% year-on-year growth sees $5bn reached by Aug-28 3.5bn • Plenti’s actual FY25 originations growth was 18% 3.0bn $3.8bn loan book (Mar-29) $3bn loan book (Mar-26) 2.5bn Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 0% origination growth from Mar-26 Apr-25 May-25 Jul-26 Aug-26 Sep-26 Oct-26 Nov-26 Dec-26 Jan-27 Feb-27 Mar-27 Apr-27 May-27 Jun-27 Jul-27 Aug-27 Sep-27 Oct-27 Nov-27 Dec-27 Jan-28 Feb-28 Mar-28 Apr-28 May-28 Jun-28 Jul-28 Aug-28 Sep-28 Oct-28 Nov-28 Dec-28 Jan-29 Feb-29 Mar-29 Apr-29 May-29 Jun-29 Jul-29 Aug-29 Sep-29 Oct-29 Nov-29 1. Scenarios provided are not a forecast and are intended to illustrate indicative portfolio size based on a range of potential growth rates – model assumes constant amortisation rate through forecast period of 3.7% per month Dec-29 Jan-3 0 Feb-30 Mar-30 30 Outlook We are confident of achieving our FY26 priorities for growth, profitability and efficiency FY26 full year priorities Growth $3bn loan book by March 2026 in Horizon 1 with acceleration of origination growth into Horizon 2 Profitability Continue to drive meaningful Cash NPAT growth as we scale Efficiency Deliver previously communicated $25m of efficiency as loan portfolio scales to $3bn – ~$69m operating cost base or less in FY26 Appendices Cash flow $m FY24 FY25 • Statutory operating cashflow in FY25 of $64.5m, compared with $39.2m in FY24 • Movement in headline corporate cash balance of $4.0m, but excluding amounts relating to customer collection accounts, available corporate cash increased by $5.7m Operating cash flow Interest income received 220.4 269.8 Other income received 3.8 4.9 Interest and other finance costs paid (108.1) (135.7) Payments to suppliers and employees (76.9) (74.3) - (0.4) 39.2 64.5 – $(29.5)m of merchant service fees on BNPL and subvention loans which are netted off against warehouse borrowings and hence are not considered true “cash flow” Net increase in loans to customers (386.2) (409.3) Net proceeds of borrowings 348.9 368.6 – $(20.8)m of realised credit losses recognised in investing cash flow as offset against loan capital balance Proceeds from corporate debt 5.0 5.0 Other (1.1) (1.2) (33.3) (36.9) 5.9 27.6 Income taxes paid Net operating cash flow Investing and financing cash flow Net investing and financing cash flow Net change in cash and cash equivalents • Drawn corporate debt increased by $5.0m and therefore net corporate liquidity increased $0.7m • Plenti invested excess cash into warehouses above required equity contributions with $3.4m invested at 31 March 2025 • Bridge between statutory operating cashflow and change in corporate cash includes – Net $(10.8)m invested in securitised funding structures ($44.5m invested with $33.7m released) – $(4.0)m of other movements including payments timing impacts and lease payments – $5.0m of corporate debt facility drawdown in 2H25 34 Balance sheet $m • Corporate cash position at 31 March 2025 of $48.8m 31-Mar-24 31-Mar-25 148.9 176.4 Customer loans 2,061.8 2,422.5 Derivative assets 12.8 1.8 Other assets 35.1 56.1 Total assets 2,258.6 2,657.0 • Derivative assets decreased $11m due to lower market interest rates reducing the value of historic interest rate hedging positions 5.3 4.1 2,157.5 2,529.4 • Borrowings of $2,529m comprises $1,707m of ABS funding, $724m of warehouse funding and $188m via lending platforms Borrowing – corporate funding 27.5 32.5 Derivative liabilities 4.8 10.5 Other 37.2 38.3 2,232.3 2,614.5 26.3 42.5 31-Mar-24 31-Mar-25 Corporate cash 44.8 48.8 Provision Fund cash 12.6 8.8 Platform / warehouse funding cash 91.4 118.9 Total cash and cash equivalents 148.9 176.4 – $22.3m relates to loan collection accounts which are not available for corporate activities (31 March 2024: $24.0m) Assets Cash and cash equivalents • Total underlying corporate liquidity and Provision Fund cash balance of $35.3m • Customers loan asset of $2,423m reflects $2,520m loan portfolio less $50m ECL provision and $48m in deferred upfront fees Liabilities Trade payables Borrowings – loan funding Total liabilities Net assets $m – Equity investment in securitised structures of $78m (not represented on balance sheet as eliminates on consolidation)1 • Increase in Other assets primarily reflects $24.4m deferred tax asset recognised at 31 March 2025 • Corporate debt facility drawn to $32.5m in March 2025, with facility size able to increase as the loan book grows, providing corporate funding flexibly – not fully drawn at 31 March 2025 • Material increase in Net asset position from $26.3m at March 2024 to $42.5m at March 2025 1. Of the notes held, $18.4m 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 35 Tax effect accounting $m Current year tax consolidated group income tax (4.0) Initial recognition of tax deferred balances 22.4 Provision Fund tax (0.4) Current year income tax expense: Tax consolidated group profit before tax Income tax expense at the statutory rate of 30% Add back the following permanent differences: Share based payments expense Non-deductible entertainment expenses Current year income tax expense (0.9) (0.0) (4.0) Tax benefit from initial recognition of deferred tax assets Expected credit loss (ECL) provision Carried forward tax losses (at 50% recognition) Warehouse and ABS set up costs Derivatives Other Total initial/opening deferred tax assets recognised 14.9 8.1 1.7 (2.4) 0.1