Announcement PDF ASX RELEASE 21 May 2025 Plenti Annual Report 2025 Plenti Group Limited (ASX:PLT) provides the attached Annual Report 2025. Authorised for release by the Board of Plenti Group Limited. For more information please contact: Adam Bennett Chief Executive Officer shareholders@plenti.com.au Miles Drury Chief Financial Officer About Plenti Plenti is a fintech lender. We provide faster, fairer loans by leveraging our smart technology. We offer award-winning automotive, renewable energy and personal loans, delivered by our proprietary technology, to help creditworthy borrowers bring their big ideas to life. Since our establishment in 2014, our loan originations have grown consistently, supported by diversified loan products, distribution channels and funding, and underpinned by our exceptional credit performance and continual innovation. For more information visit plenti.com.au/shareholders. Plenti Group Limited ABN 11 643 435 492 Building Australia’s best lender Annual Report 2025 Annual Report FY25 Plenti uses smart technology to provide faster, fairer loans so our customers can bring their big ideas to life. Our ambition is to build Australia’s best lender. About Plenti Loan portfolio by year ($m) Plenti offers award‑winning automotive, renewable energy and personal loans, delivered by proprietary technology. We help creditworthy borrowers bring their big ideas to life. Since establishment in 2014, our loan originations have grown strongly, driven by our leading technology and the innovations we continually bring to market. Our growth has been supported by our diversified loan offerings, broad customer reach and diversified funding, and is distinguished by the strength of our credit performance. 2,537 2,138 Our purpose To bring our customers’ big ideas to life 1,766 Our vision Faster, fairer loans through smart technology 1,300 615 Our mission FY21 FY22 FY23 FY24 FY25 Building Australia’s best lender 1 About this report This FY25 Annual Report for Plenti Group Limited (ACN 643 435 492) is issued on 21 May 2025. Shareholders can request a printed copy of the Annual Report, free of charge, by emailing or writing to: Plenti 14 Martin Place SYDNEY NSW 2000 shareholders@plenti.com.au Acknowledgement of Country Contents Plenti acknowledges the Traditional Owners as the custodians of this land, recognising their continuing connection to land, waters and community. We pay our respect to First Nations peoples and their Elders, past and present. 2 FY25 highlights 6 Chairman’s message 7 CEO’s message 8 Our strategy 9 Operational overview 14 Environment, social and governance 18 Board & management 20 Directors’ report 47 Financial statements 93 Shareholder information 2 Annual Report FY25 FY25 highlights Operational highlights Renewable energy Automotive Personal Continued growth in lending volumes, leveraging Plenti’s proprietary technology platform to provide market‑leading customer and partner experiences. Expansion of partnership programs including launch to customers of ‘NAB powered by Plenti’ car loan, successful execution of subvention offering with Tesla and establishment of a new partnership with Cadillac. Strong growth in lending volumes reflecting continued expansion of referral partner network, continued uptake of Plenti’s innovative GreenConnect platform and selection of Plenti as inaugural financier under $1 billion Federal Government Household Energy Upgrades Fund (HEUF). Record loan originations, supported by technology improvements delivering improved application experiences and increased automation rates, increases in market share from leading mortgage and asset finance brokers, and enhanced customer experience for repeat and cross‑sell borrower customers. Loan portfolio Loan portfolio Loan portfolio 341m $ $ 1,431m 17% on pcp $ 25% on pcp 764m 19% on pcp Financial highlights Strong P&L performance Strong portfolio growth Differentiated credit performance Revenue Loan portfolio 90 day arrears 259m $ 23% Cash NPAT $ 13.8m 126% 2.5bn $ 19% Loan originations $ 1.4bn 18% 43bps 15bps Annualised credit losses 110bps 4bps 3 Our growth highlights Strong loan portfolio growth achieved, whilst optimising across lending volumes and net interest margins. Loan portfolio ($m) $ 2,537 19% on pcp 1 2,138 1,766 1,300 615 381 254 148 FY18 1. Previous corresponding period. FY19 FY20 FY21 FY22 FY23 FY24 FY25 4 Annual Report FY25 Our journey so far POST‑IPO Since launching in 2014 with an ambition to deliver marketing-leading customer experiences, Plenti has grown consistently to become Australia’s largest fintech consumer lender 2024 Warehouse funding facility established for renewable and personal loans $1.0bn cumulative loans funded 2021 Automotive loan for commercial customers launched with market-leading digital experience PRE‑IPO 2014 – Launched as Australia’s first licensed peer-to-peer lender – Introduced granular risk-adjusted pricing to Australian personal loan market – Introduced innovative digital end-toend borrower experience with unique ‘RateEstimate’ rate quote technology 2015 – Carsales invests $10 million 2017 – Renewable energy lending launched – supported by $20 million in CEFC funding Renewable energy and personal loan ABS transaction completed bringing total ABS issuance to over $2 billion Inaugural asset-backed security transaction completed $306 million Electric vehicle loan offering launched to help Australia transition to EV ownership Second automotive warehouse established with dedicated EV-specific tranche Loan portfolio reached $1 billion $2.5bn cumulative loans funded, >100,000 borrowers 2022 Announced partnership with the Federal Government’s flagship home energy upgrades fund, managed by the CEFC, to accelerate household adoption of renewable energy and energy efficiency Pilot car dealership partnership launched ‘NAB powered by Plenti’ car loan launched into market Daniel Foggo steps back to become a Non-Executive Director, Adam Bennett appointed new CEO Strategic partnership with Cadillac EVs announced 2025 $6bn cumulative loans funded, >250,000 borrowers Partnership with AGL established to accelerate home solar-battery uptake Orderly closure of our Legal Finance lending business Renewable energy and personal loan ABS transaction completed $280 million Achieved ISO27001 accreditation – Adelaide office established Cash NPAT profitability achieved GreenConnect has evolved into the largest VPP marketplace in Australia – Appointed exclusive administrator for Home Battery Scheme in South Australia Launched first automotive manufacturer integration with Tesla Continued successful ABS transactions brings total issuance to over $3.4 billion – $100 million of funding secured from CEFC to support renewable energy lending in South Australia Launched the Notes Market in the Plenti Lending Platform Reached material straight-through loan processing volumes – Secured automotive lending launched – supported by funding from several banks 2018 2019 – Direct-to-consumer secured automotive loan launched – First bank warehouse funding facility established for secured automotive loans $0.5bn cumulative loans funded 2020 – Appointed exclusive administrator of Empowering Homes Program pilot by NSW Government – Rebranded as Plenti from RateSetter – Listed on the ASX in a $280 million IPO 2023 Loan portfolio reached $2.5 billion Launched GreenConnect, an industry-first platform that brings together equipment, installation, VPP and finance offerings to make household renewable energy more affordable Signed strategic partnership agreement with NAB, initially to focus on the launch of a ‘NAB powered by Plenti’ car and EV loan, and then offering renewable energy finance solutions to NAB customers Automotive Personal Borrowers/Investors Renewable Energy Achievements 5 Technology‑led lending At the heart of Plenti sits our modern, proprietary technology platform. By owning and continuously enhancing our technology, we can: ■ Provide exceptional borrowing experiences, supported by robust partner interactions and rapid credit decisions ■ Continuously innovate, swiftly implementing the features and services our customers and partners need ■ Enable efficient, scalable operations processes across the entire credit life cycle Using technology to build Australia’s best lender Superior customer experiences Rich partner integrations We’ve built a market‑leading technology platform Advanced credit analytics Fast Fast approvals Scalable Extensible Efficient Our platform by numbers ~ > Engineers, product managers and designers 99.5% ~ Uptime over the past 12 months Deployments of new products and features per day 111 ~ 58 ~ 3.1m Web and API requests from customers and partners per day Up to Credit algorithms and rules evaluated per credit decision 6 6,300 Payments processed per day 6 Annual Report FY25 Chairman’s message Plenti has continued to grow and mature significantly since I was appointed Chairman. With a loan book now exceeding $2.5 billion Plenti continues to deepen its foundations across capabilities such as people and culture, corporate governance, risk management, and cyber security. These ensure its ongoing transition from fintech start up to now mature financial services consumer lender remains on track. This year marked another significant milestone in this ongoing evolution: Daniel Foggo, our co-founder and Chief Executive Officer, resigned from his role and transitioned successfully into a Non-Executive Director role on the Plenti Board. Daniel has made a significant contribution to the company over many years, and I’m pleased that this will continue in his capacity as a Non-Executive Director. I’d like to take this opportunity to thank Daniel for his immense contribution to the original formation of our company and its ongoing success and significant growth. Daniel’s energy and enthusiasm for Plenti and what it stands for in the marketplace, and the Plenti team, created a positive momentum for the business we are continuing to build upon. Plenti’s Directors recognised the need for the natural evolution of our management team and the introduction of a new set of executive skills to help lead Plenti to its next level of growth. We’re therefore extremely pleased to have recruited Adam Bennett, an experienced financial services executive and transformation specialist, as the new Chief Executive Officer, in late July 2024. It’s been pleasing to see Adam’s enthusiastic, thoughtful and thorough entry into the business, and his ambition for the profitable growth and scaling of our company. Adam successfully used his first 100 days as CEO to not only familiarise himself with the business, the team and our market, but to revisit the strategy and successfully refresh our direction. As we close out the current financial year and enter the next, it’s my strong view that Plenti has built solid foundations based on skilled and engaged employees, reliable and innovative technology, robust credit and funding practices, and fit-for-purpose governance arrangements to achieve the much larger‑scale aspirations we have for Plenti to reach over the medium term. The automotive, renewables and personal lending markets in which we operate remain attractive and competitive. Plenti’s performance over the last year has been especially strong in the context of this broader competition, as evidenced by significant growth in our loan book and our Cash NPAT. This performance is testament to the resilience and adaptability of our business model, the pricing benefits we realise through our differentiated customer experiences, the benefits of our diversification across numerous lending channels, the strength of our funding platform, favourable funding markets and sound capital management. Given the recent US tariff and trade‑driven disruption to international capital markets, advancing our funding program remains an ongoing priority. In the past year, we’ve executed our 8th and 9th ABS transactions, bringing our total ABS issuance to over $3.4 billion. This further increases the breadth of domestic and international investors supporting our capital markets program, and enhances Plenti’s ongoing financial resilience in these increasingly uncertain times. Another highlight of the past year was the launch of our ‘NAB powered by Plenti’ car loan to NAB customers. This partnership represents a significant milestone for Plenti, as it not only validates the strength of our business model and the quality of our technology stack, but also opens doors to exciting new opportunities for growth and innovation with NAB and others. I’d like to thank my fellow Directors for all that they’ve contributed during the year, and for their thoughtful insights and experience. I wish to take this opportunity to thank Adam for his commitment and drive from his first day to achieving success and to his leadership team who have seamlessly transitioned to our new CEO. I also wish to recognise the exceptional work of the entire Plenti team for delivering the strong results set out in this annual report. We remain steadfast in our commitment to delivering sustainable, long-term profitability and value for our shareholders, so finally, on behalf of the Board, I would like to thank you for your ongoing support as shareholders of Plenti. Your faithfully Mary Ploughman Chairman 7 CEO’s message I’m pleased to be writing my first message to shareholders after joining Plenti in July 2024, and I’d like to acknowledge right up front the generous support I’ve received from Mary Ploughman and Daniel Foggo as I’ve transitioned into my new role. This has been yet another significant year in the life of your company: Plenti has always sought to challenge the established practices and habits of the Australian financial services industry by offering our valued customers faster and fairer loans based on digital experiences that are easy and simple. This will continue. ■ We launched the ‘NAB powered by Plenti’ car loan product in September, and after working with NAB to optimise settings over the last half, it’s poised for greater origination momentum from April onwards. Since its formation, Plenti has now helped over 250,000 Australians bring their dreams to life, lending a total of over $6 billion in loans to finance diverse assets and experiences. I’m extremely excited to have joined Plenti at this important time as we carry forward the innovation and energy of a rapidly growing fintech business, and now complement this with the governance, disciplined focus and capacity of what is becoming a larger and more relevant business in the Australian lending landscape. We’ve continued to invest in our market‑leading technology to enhance the customer experience and make it better. Our customers responded to the quality, ease and value of our personal lending proposition, enabling Plenti to deliver exceptional loan origination growth over the past year. We set record quarterly loan originations in Quarter 3 ($383 million) and then again in Quarter 4 ($407 million) to deliver total FY24/25 loan book growth of 19% above PCP. This loan origination growth is the result of increased focus on our customers and brokers, and greater operations and underwriting efficiency. Together with our proprietary technology stack, I’m confident these elements give us a very solid foundation for future originations growth. Our growth, combined with continued operational efficiency and credit discipline, delivered positive net interest margins and a Cash NPAT of $13.8 million, 126% above PCP. ■ We continued to make significant technology enhancements to improve our straight-through processing capability for selected loan products, and this now enables us to regularly process an ‘application to approval’ within one minute for selected loan categories. ■ We continued to manage our credit settings prudently in a dynamic market, whilst preserving our focus on prime borrowers. ■ We continued to invest in our people, processes and proprietary technologies to build greater operational resilience and improve productivity, delivering on our commitment to achieve a cost‑to‑income ratio of <24%. ■ We successfully transitioned CEOs without becoming distracted or slowing momentum. My entry into the business provided a natural catalyst to refresh our corporate strategy. After extensive analysis, and canvassing the needs of our customers, brokers and strategic partners, we’re clear about our strategy for the coming three to five years, the markets we’ll focus on, and the strategic capabilities we’ll continue to build. Our attention for the coming year (Horizon 1) is based squarely on disciplined delivery for our customers in the Automotive, Renewables and Personal Lending markets. We’re winding down our Legal Finance business, recognising that it’s not of sufficient scale to significantly contribute to our renewed growth aspirations. Our immediate strategy is based on disciplined focus to “Grow, by doing what we do, but better”, encompassing: ■ Having the best relationships. ■ Using data and AI better than anyone else. ■ Leveraging our proprietary technology stack. We’ll know we’ve been successful when our loan book hits $3 billion by March 2026. I’d also like to thank our directors for the support and counsel they’ve provided me since I joined the company, and the confidence they’ve placed in me to lead Plenti into its next phase of profitable growth. Let me also acknowledge Daniel Foggo’s role as co-founder in the creation of Plenti. I’ve inherited a talented and engaged team, with market-leading loan products, customer experiences and broker relationships, and all underpinned by a reliable and innovative technology stack. It’s a privilege to now be the custodian of these elements, and to lead Plenti into its next phase of growth. Finally, I’d like to thank our team. They’ve worked extremely hard all year to deliver great results, and pleasingly, despite what could have been a distracting time with CEO transition, they didn’t miss a beat and delivered exceptional loan origination growth and outstanding customer outcomes. I’m extremely impressed at the talent, energy and capability of the Plenti team, and I’m in no doubt that we’ll continue to grow, outperform and deliver significant value for our shareholders. Yours sincerely Adam Bennett CEO 8 Annual Report FY25 Our strategy Our world continues to change due to new technologies such as artificial intelligence and cloud, and we face a range of macro industry forces and consumer trends. We also expect competition in our chosen markets to increase. We therefore have a clear ambition to further develop and scale Plenti into a large, highly diversified and highly profitable financial services business. Our immediate focus for the next year is to Grow by doing what we do, but better. This means we’ll focus our energies on extracting maximum value from our existing three verticals comprising Automotive, Renewables and Personal Loans. These represent great markets in which we have relatively modest shares, and so there’s plenty of room for us to grow. Strategic priorities Deeper relationships Data & Analytics Technology Leadership Team engagement Our strategy for achieving our ambitions is based on the continued development of three differentiating strategic capabilities, comprising: 1. Deeper relationships 2. Better use of data and artificial intelligence 3. Leveraging our proprietary technology platform Combined with ongoing investment in our highly talented and engaged team. Deeper relationships Since its inception, Plenti has consistently expanded the diversity of its loan offerings, its distribution channels, and its funding sources, with the ambition of building strength and resilience through its diversity. We’ll continue to maintain complementary distribution channels and leverage our deep and close relationships with customers, brokers and installers to ensure we have comprehensive and diversified distribution channels to market. We’ll also work closely with NAB to drive greater momentum and scale in our ‘NAB powered by Plenti’ car loan product offering, and leverage our unique relationships with strategic partners such as Tesla, Cadillac, and AGL to expand our customer reach and profitably grow loan originations. Better use of data and analytics Plenti has an outstanding track record of delivering predictable (and relatively consistent) credit outcomes, underpinned by a relentless focus on attracting and funding creditworthy borrowers. Plenti has also brought new levels of sophistication to the loan application and approval processes, and for pricing loans according to the risk represented by the underlying borrower. We’ll continue to invest in better use of data to serve our customers via fast, fair and accurate credit decisioning and best solving the price, volume and net interest margin trade-offs required to win in our chosen markets. We’ll also use data to generate deeper customer relationship insights and cross sell opportunities that help our customers access the credit they require. Leverage our proprietary technology Plenti has set new standards across the customer and partner experience, speed of delivery, cadence of innovation and improvement, depth of partner integrations, and levels of operational efficiency. This has been facilitated by Plenti’s ownership of its own proprietary technology platform, which is operated and constantly enhanced by our in-house engineering team. We’ll continue to invest in our award‑winning technology stack to enable the most effective customer journeys in the market, as measured by speed, simplicity, ease of use and reliability, and the most efficient as measured by the degree of straight‑through processing we achieve, and our cost-to-income ratio. Team engagement Plenti is a founder-led business, with a strong track record for attracting and retaining exceptional talent across its business functions. Talent will be recruited for their creative thinking abilities and dedication to tackling problems, including finding new ways to more effectively achieve real-world outcomes. Plenti has developed a strong and identifiable culture, as characterised by its four cultural values we aspire to achieve through our work. Be the best ■ We give it 100% ■ We embrace big, innovative ideas and tackle hard things ■ We raise the bar Make it happen ■ We are empowered ■ We work as a team ■ We go above and beyond and get the job done Think like a customer ■ We see it from our customer’s perspective ■ We make it simple ■ We love feedback Do what’s right ■ We respect each other ■ We satisfy our regulatory obligations ■ We help shape our industry for the better Plenti’s strategy will continue to be refined and adjusted as we lean into our commitment to building a sustainable and profitable business which delivers strong returns for its investors. 9 Operational overview Automotive lending Plenti has established a meaningful presence in the ~$36 billion secured automotive loan market since launching its secured automotive offering in 2017. Secured automotive lending remained the largest volume vertical during the year, with loan originations of $709 million, up 14% on the prior year, and automotive loan portfolio growth of 17%. Loan origination growth increased moderately, reflecting a continued focus on margins in a competitive environment and careful management of customer demand to ensure a consistent experience for brokers and partners. Plenti’s proprietary technology platform continued to provide a significant advantage over traditional lenders encumbered by legacy systems, enabling rapid customer approvals (including straight-through automated conditional approvals), settlement and funding experiences across various distribution channels. Loan originations ($m) The ‘NAB powered by Plenti’ car loan launched to NAB customers in late September 2024 and was expected to contribute moderate volumes in FY25. Key work in Q4 increased the product’s visibility via the NAB website, app, and internet banking portal, supported by digital marketing campaigns across email, search, and display. At 31 March 2025, the product contributed $16.7 million to the loan portfolio, aligning with expectations. Several product and technology enhancements were delivered, including upgrades to the proprietary credit underwriting engine to automate more consumer and commercial loan decisions, broker portal and application process improvements for a more seamless experience, and new technology to support a broader range of OEM partnerships. 1,431m Loan book 17% on pcp 1. Management estimate. 624 14% 572 on pcp FY22 FY23 FY21 FY24 FY25 FY22 FY23 Closing loan book ($m) 1,431 1,223 17% 998 on pcp 745 Expanding Plenti’s OEM partnerships was a key focus during the year, with a new integration with Cadillac supporting the Australian launch of the Lyriq EV. The Company also expanded its Tesla partnership by adding a subvention offering. Showcasing the flexibility of Plenti’s platform, the Tesla subvention program went from concept to implementation in under three weeks. $ 709 639 FY22 FY21 FY23 FY24 FY22 FY24 > $ New car loan originations Annual lending 1 ~2% market share 50% 36bn+ FY25 FY23 10 Annual Report FY25 Renewable energy lending Plenti continues to be committed to helping Australian households transition to a clean energy future through financing the installation of solar panels and home batteries. Renewable energy loan originations further accelerated year-on-year, increasing by 18% to $189 million, against a 12% decrease in overall growth in the installation of household solar systems across Australia, which reached 300,375 in 2024, down from 339,498 in 2023. The renewable financing market continued to benefit from favourable trends, including: ■ Continued elevated household energy costs (up an average of 22% over last two years to June1), making the economics of solar and solar battery systems an appealing choice for households ■ Increase in proportion of systems installed with batteries, with 26% of nationwide solar systems sold with an attached battery in December 2024 (up 11% from the year prior), driving demand for finance given the higher cost of these systems > 700 Partner network of renewable energy equipment vendors Loan originations ($m) Plenti increased market share by expanding its accredited referral partner network, supported by its diverse product offering which allows referral partners to offer both interest-free finance and simple interest-bearing green loan solutions at the point-of-sale. Lending growth was supported by expansion of Plenti’s GreenConnect offering, an innovative point-of-sale platform that brings together manufacturers, energy retailers, installers, and Plenti’s cost-effective finance to provide households with access to a selection of more affordable home solar battery systems. Through this unique platform both installers and customers can now access over eight virtual powerplant (VPP) offers, which provide equipment discounts, upfront cash incentives and energy bill credits for Plenti customers financing a battery system. During the year Plenti was selected by the Clean Energy Finance Corporation (CEFC) as the inaugural financier under the $1 billion Federal Government Household Energy Upgrades Fund (HEUF). Through this program Plenti will receive up to $60 million in finance at concessionary rates for technologies including batteries, EV chargers, heat-pump hot water systems and other electrification and energy efficiency assets. 341m $ Loan book 25% on pcp 36% Originations with batteries 1. AFR: Households face up to 9pc power bill rise amid coal plant outages – March 13 2025. 2. Clean Energy Council: Rooftop solar and storage report July – December 2024. 3. Management estimate. 189 160 18% on pcp 122 98 FY22 FY24 FY23 FY24 FY25 Closing loan book ($m) 341 273 25% on pcp 201 142 FY22 FY23 FY24 FY25 ~ 300k Households installing solar annually2 ~26% estimated finance market penetration3 11 Personal lending Loan originations ($m) Personal loan originations were $519 million, up 24% on the prior year reflecting growth in market demand and Plenti’s continued market share gains. This loan origination growth drove a 19% increase in the personal lending loan book over the year. Overall personal loan market originations increased over the year continuing a post-COVID trend of the resumption in demand for personal loans. Demand growth was consistent with the prior year for major loan purposes, with loans for vehicles, home improvement, debt consolidation and travel remaining the top reasons customers sought personal finance from Plenti. Growth in personal loan originations via the direct-to-consumer channel increased from the prior year, growing 24%, due to continued investments in direct origination technology and capabilities. This enabled Plenti to improve the customer experience for new and repeat customers, reduce application processing and decisioning times, and further optimise customer acquisition costs. In particular, further investments to increase Plenti’s automated credit decisioning rates delivered significant improvements in customer experience, time-to-funds and overall funnel conversion rates. Refreshed application experiences and improved use of data assisted in leveraging the over 1 million loan applicants or borrower profiles in Plenti’s ecosystem to drive additional originations from repeat and cross-sell borrower customers. Loan origination growth was also supported by increases in market share from leading mortgage and asset finance brokers, attracted to th