Judo Capital Holdings Limited · ASX:JDO
Judo Capital — FY2026 Earnings Presentation
41 slides from Judo Capital's earnings presentation, Aug 18, 2026
Slide 1: 2026 Full Year Result
2026 Full Year Result. 18 August 2026 Boldly backing business.
Slide 2: Agenda
Agenda. 01 FY26 financial highlights 02 Portfolio composition 03 FY26 financial performance 04 Outlook 05 Q&A 2 FY26 Result Presentation
Slide 3: CEO Update
CEO Update. Chris Bayliss Chief Executive Officer & Managing Director 3 FY26 Result Presentation
Slide 4: Reflections on FY26 performance
Reflections on FY26 performance. • Disappointing specific provision increase in Jun-26, and total FY26 impairment expense • Relevant exposures have been reviewed with learnings incorporated • Aside from cost of risk, FY26 was a year of strong underlying performance • Highly confident in our business
Slide 5: FY26 Financial Highlights
FY26 Financial Highlights. GLA growth +18% | Deposit growth +24% | NIM +20bps | CTI -710bps | PBT +34% GLA and Deposits ($bn) NIM (%) CTI1 (%) 3.13% 14.7 54.6% 52.4% 12.5 12.2 45.3% 10.7 9.9 8.2 2.94% 2.93% FY24 FY25 FY26 FY24 FY25 FY26 FY24 FY25 FY26 GLA Deposits PBT1 ($m) ROE (%) COR ($m) 168.1 11
Slide 6: Portfolio settings consistent with at-scale COR of 50bps
Portfolio settings consistent with at-scale COR of 50bps. Higher margins for premium service: faster decisions, smarter judgement and stronger relationships Judo’s strategic positioning in SME lending Distribution of lending margins vs risk grades1,2 High 6.0% 5.5% 4.8% Weighted average lending 4.4%
Slide 7: Judo's portfolio is well diversified
Judo’s portfolio is well diversified. Underweight positions in real estate and agriculture Increase in loan book diversification over time1 Judo business lending vs system2 (% of total credit exposures) (% of business lending ex mortgages) Other Services 1% 2% 4% 25% 1% 1% Mining 2% 1% 1% 1% 2% 3% 2
Slide 8: Our portfolio remains centred on Judo's core market
Our portfolio remains centred on Judo's core market. Majority of exposures are <$20m; larger exposures are lower risk and have more property security Distribution of customer group by size1 85.1% • 94% of customer groups below $10m 8.5% • 98% of customer groups below $20m 4.3% 1.7% 0.4% <$5m $5-$10m
Slide 9: Supporting the growth aspirations of SMEs
Supporting the growth aspirations of SMEs. 80% of growth to >$50m clients driven by existing customers, supported by our specialist capability Customer groups aggregating to >$50m credit exposure1 Largest loan size (% of GLA) (ex warehouse lending) • 19 customer groups >$50m, secured by 58 different
Slide 10: Partnering with the best commercial brokers
Partnering with the best commercial brokers. Our Broker Black Belt program is unique in market and is driving strong results Judo only accredits brokers that truly understand commercial lending Judo’s tripartite relationship • Lending is increasingly via direct channel, driven by agri and warehouse
Slide 11: A scalable business model
A scalable business model. 10 years of achievements, with clear levers to drive continued ROE improvement Risk management Growth Margins Operating leverage & capital • Australia’s fastest growing • NIM above 3%, highest of • Lowest CTI of listed ADIs2 • Well-capitalised CET1 12.4% Achievements busin
Slide 12: CFO Update
CFO Update. Andrew Leslie Chief Financial Officer 12 FY26 Result Presentation
Slide 13: FY26 result
FY26 result. Profit or Loss Statement ($m) FY26 FY25 Change Income 522.4 422.9 24% Operating Expenses (236.6) (221.8) 7% Profit Before Impairment 285.8 201.1 42% Impairment Expense (117.7) (75.5) 56% Profit Before Tax 168.1 125.6 34% NPAT1 111.1 86.4 29% Key Operating Metrics FY26 FY25 Change GLA ($
Slide 14: NIM – 2H26 vs 1H26
NIM – 2H26 vs 1H26. 2H26 NIM improvement due to favourable deposit pricing 1H26 to 2H26 NIM movement (%) 0.07% 3.23% 0.16% (0.01%) (0.02%) 0.00% FY27 expectations • FY27 NIM broadly stable vs FY26 3.03% NIM (3.13%) • TD margins to normalise towards through-the-cycle range of 80-90bps over 1-month Ti
Slide 15: Strong momentum in deposit franchise
Strong momentum in deposit franchise. Deposit margins improved, driven by favourable swap rates and new products Deposit balance ($bn) 12.2 10.9 9.9 • Strong deposit growth, supported by new FY26 at- call products • Improving retail TD rollover rate • 2H26 blended deposit margin improvement: Jun-25
Slide 16: Introduction of at-call savings products
Introduction of at-call savings products. Expanding the deposit franchise, creating flexibility and diversification Rapid product innovation enabled by modern technology • Modern technology platform enabling rapid product innovation New TD tenors Intermediated Direct online New savings accounts savi
Slide 17: Diversified funding supporting scalable growth
Diversified funding supporting scalable growth. Deposits remain the cornerstone, complemented by diversified wholesale funding Judo’s funding stack (%) 10% 10% • Deposits exceeded $12bn, reflecting 71% of total funding 11% 11% • Wholesale funding continues to provide diversification and 15% 21% 19%
Slide 18: Operating expenses
Operating expenses. Operating expenses ($m) and CTI (%) FY26 drivers 52.4% 60.0% 300.0 45.3% 50.0% • Higher employee benefits expenses primarily driven by 236.6 40.0% recruitment of customer facing roles and wage inflation 250.0 221.8 30.0% 44.7 • Higher amortisation offset by lower IT expense 200.0
Slide 19: Asset quality trends
Asset quality trends. Movement in 90+ DPD and Impaired Assets ($m) • Jun-26 90+DPD and impaired assets reflecting several larger 300.0 3.00% 2.90% impairments and challenging operating conditions 250.0 2.66% 2.65% 2.46% 2.43% 2.37% 2.50% 200.0 2.30% • 30–89 DPD reduced to 0.39% of GLA (Jun-25: 1.04%
Slide 20: Impairment expense and provisioning
Impairment expense and provisioning. Impairment expense ($m) Prudent provisioning ($m) 1.00% Impairment expenses 0.88% 0.95% 0.89% 0.93% 1.00% 0.90% 250 250 216.2 • Higher individually assessed provisions and 0.72% 0.66% 0.80% 185.8 192.1 0.80% 200 0.70% 200 12.8 collective provision (CP) 6.0 9.2 0.
Slide 21: Capital
Capital. Strong capital position with multiple levers to support growth 1H26 to 2H26 CET1 movement (%) • Jun-26 CET1 remained strong at 12.4%, well above Judo’s management operating range 11.0% - 12.0%1 12.6% (1.1%) 0.6% 12.4% • Capital-relief term securitisation contributed 60bps 0.2% to CET1 ratio
Slide 22: Conclusion and Outlook
Conclusion and Outlook. Chris Bayliss Chief Executive Officer & Managing Director 22 FY26 Result Presentation
Slide 23: Service profit chain driving positive performance
Service profit chain driving positive performance. Lending NPS2 GLA growth EPS growth JEDI Employee +58 Jun-25: +53 18% 29% Engagement1 74 Deposit NPS3 Deposit growth ROE improvement +66 24% 110bps Jun-25: 71 Jun-25: +67 From Dec-24 Targeting ROE in the low-to-mid teens at scale 1. 12-month rolling
Slide 24: Judo strategy
Judo strategy. Our vision To be a world-class SME business bank Become a Achieve sector Industry leading The pre-eminent Preferred partner true scale leading customer NPS employer for for commercial Our challenger bank profitability SME bankers brokers aspiration Strategic ENHANCE OUR GROW OUR TAM O
Slide 25: FY27 Priorities
FY27 Priorities. Disciplined execution to deliver significant growth in PBT and ROE • Deliver disciplined above-system GLA growth through existing geographic footprint, further regional locations and scaling warehouse lending Growth • Deepen broker partnerships through the Broker Black Belt program
Slide 26: Macroeconomic conditions are mixed
Macroeconomic conditions are mixed. SME credit demand remains resilient Chart 1: Annual growth in non-financial business credit (%)1 15% • Business credit demand remains resilient despite 10% slower growth and increased uncertainty (Chart 1) Long-term average 6% • Oil shocks and higher interest rate
Slide 27: Metrics at Scale
Metrics at Scale. Judo remains committed to achieving an ROE in the low-to-mid-teens Metric Metrics-at-scale1 • Now nearing scale – focus increasingly on optimising returns and achieving sustainable low to mid-teens ROE GLA $15bn – $20bn • Different metrics will be reached at different times: • GLA
Slide 28: FY27 guidance
FY27 guidance. Metric FY27 guidance GLA Disciplined above-system growth NIM Broadly stable vs FY26 CTI Continued improvement vs FY26 COR Broadly consistent with FY26 (% of average GLA) PBT $210–$220m, representing ~25 – 31% growth ROE1 Circa 8% 1. Assuming an effective tax rate of 31%. Note Judo’s e
Slide 29: Strong profit growth to continue
Strong profit growth to continue. ~25 – 31% growth in PBT for FY27 PBT1 ($m) FY27 PBT guidance2: • FY26 demonstrated strong underlying $210m – $220m momentum in the business • We remain agile and are adapting to the 168 operating environment 110 126 • Increasing scale and sustainable, strong 108 mar
Slide 30: Questions
Questions. 30 FY26 Result Presentation
Slide 31: Appendix
Appendix. 31 FY26 Result Presentation
Slide 32: Strong lending growth achieved
Strong lending growth achieved. Industry leading NPS supported by experienced bankers and the top ~10% of commercial brokers Quarterly GLA ($bn) 14.7 4,822 173 13.4 13.8 12.5 12.9 11.3 11.6 11.7 10.7 9.4 9.7 9.8 8.9 8.0 Customers Bankers Jun-25: 4,621 Jun-25: 161 Quarterly blended lending margin (%)
Slide 33: Loan book characteristics
Loan book characteristics. Quarterly attrition (%, annualised) 4% 33% 34% 27% 8% 21% 8% 9% 15% 96% 7% 66% 6% 7% 4% 16% Floating Fixed 13% 3% Interest Only Principal & Interest 10% 5% Sep-25 Dec-25 Mar-26 Jun-26 External refinances Discretionary paydowns Loan amortisation 14% 29% 49% AAA lending pipe
Slide 34: Warehouse lending
Warehouse lending. FY26 progress • Warehouse lending was $445m at Jun-26, 3% of GLA across nine customers (June-25: 1% of GLA) • Lending to existing customer cohort will continue to increase, as current balances remain below facility limits • Strong pipeline of new warehouse opportunities Background
Slide 35: Judo's indicative hedged 1-year new term deposits
Judo’s indicative hedged 1-year new term deposits Judo’s indicative hedged 1-year new TD margin (daily)1 1.5% 1.3% 1.1% Long-term expectation 0.9% 80-90bps 0.7% 0.5% 0.3% 1. Hedged TD margin reflects headline rate minus 1-year swap rate and additional basis to swap back to 1-month 35 FY26 Result Pre
Slide 36: Credit quality key metrics
Credit quality key metrics. Customer groups Gross Loans and % of Gross Loans and % of Fully / Partially % 90+DPD and 90+DPD and Sectors Advances ($M) Advances Secured Impaired Impaired Dec-25 Jun-26 Dec-25 Jun-26 Dec-25 Jun-26 Dec-25 Jun-26 Dec-25 Jun-26 Rental, hiring and real estate services 3,223
Slide 37: Key asset quality ratios over time
Key asset quality ratios over time. Non-performing loans / GLA (%) 3.41% 3.44% 3.43% 0.01% 0.01% 3.29% 0.02% 3.18% 3.12% 0.01% 2.93% 0.04% 0.03% 0.51% 2.85% 2.90% 0.77% 0.01% 0.94% 0.63% 2.72% 0.35% 0.71% 0.72% 0.02% 0.51% 0.60% 0.39% 0.97% 1.41% 1.41% 1.79% 1.31% 1.21% 1.31% 1.23% 1.48% 1.31% 90+ D
Slide 38: Judo's hedging profile
Judo’s hedging profile. Lower interest rate risk through hedging. Reduced NIM volatility with ITOC As at 30 Jun 2026, Judo had an ITOC tenor of 3 years with $1.5bn of capital hedged (total equity of $1.7bn) Judo’s hedging profile as at Jun-26 ($m) Judo’s ITOC portfolio (%) 15,000 4.8% 4.6% 10,000 4.
Slide 39: AI: pipeline of use cases
AI: pipeline of use cases A snapshot of the opportunities we have already identified across the Bank Banker and Credit team All staff Technology and Delivery team ~230 Early Warning Indicators Detect early risk signals across borrowers Self-service Data in Copilot Business Requirements Agent using i
Slide 40: Glossary
Glossary. $ Dollar amounts, in Australian dollars unless stated otherwise NII Net interest income AAA pipeline Loans in application, approved and accepted status, but not yet settled NIM Net interest income (NII) / average month-end closing balance of interest-earning assets APRA Australian Prudenti
Slide 41: Important information
Important information. This presentation is provided by Judo Capital Holdings Limited ABN 71 612 862 727 and its controlled entities (variously, "Judo", “us”, “we” or “our”) and is current at 18 August 2026. It is information given in summary form only and does not purport to be complete. It does no