Helia Group Limited · ASX:HLI
Helia — FY2025 Earnings Presentation
51 slides from Helia's earnings presentation, Feb 25, 2026
Slide 1: 2025 Full Year Results Investor presentation
2025 Full Year Results Investor presentation Accelerating financial wellbeing through home ownership 25 February 2026
Slide 2: Disclaimer
Disclaimer 2 This presentation contains general information in summary form which is current as at 31 December 2025. It may present financial information on both a statutory basis (prepared in accordance with Australian accounting standards which comply with International Financial Reporting Standar
Slide 3: Agenda
Agenda 3 1 FY25 Overview 4 2 FY25 Financial results 14 3 Outlook 32 4 Supplementary information 37 5 Glossary 48
Slide 4: FY25 Overview
FY25 Overview Michael Cant Interim Chief Executive Officer
Slide 5: FY25 key financial measures
FY25 key financial measures 5 Statutory NPAT ($m) Underlying diluted EPS (cps) Underlying ROE (%) 23.5 275.1 89.9 21.1 244.9 76.3 19.9 231.5 76.1 FY23 FY24 FY25 FY23 FY24 FY25 FY23 FY24 FY25 Underlying NPAT 1 ($m) Dividend per share2 (cps) NTA and net CSM per share3 ($) 126 5.58 5.48 247.7 247.0 5.3
Slide 6: Economic environment
Economic environment 6 Labour market Dwelling values Interest rates • Unemployment rate up 10bps in FY25 to 4.1%1 • National home dwelling values up 8.6%2 in FY25 • RBA cash rate target down 75bps in FY25 to 3.60%3 • Hours worked, participation rate and wage growth • Rising dwelling values provide a
Slide 7: Credit quality
Credit quality 7 Industry 90+ day arrears Helia delinquency number and rate 6,000 1.00% 0.84% 0.79% 0.8% 0.69% 0.80% 5,000 0.61% 0.60% 0.6% 4,000 0.40% 0.20% 3,000 0.4% 0.00% 5,083 4,569 4,532 4,309 2,000 -0.20% 0.2% -0.40% 1,000 -0.60% 0.0% 0 -0.80% Dec-22 Jun-23 Dec-23 Jun-24 Dec-24 Jun-25 Dec-25
Slide 8: Market growth
Market growth 8 HLVR market categories ($bn)1 Government Guarantees issued2 (n) 120 70,000 100 60,000 Capped at 50,000 80 50,000 60 40,000 30,000 40 20,000 20 10,000 0 0 Jun-23 Jun-24 Jun-25 Jun-23 Jun-24 Jun-25 Jun-26 LMI Industry Lending Other HLVR Government Guarantees Issued Guarantees left Sour
Slide 9: FY25 key areas of focus
FY25 key areas of focus 9 New business Cost management Capital management • Re-affirmed commitment to LMI • Increased automation of operational • Financial strength with PCA of 2.03x market processes • Returning excess capital through • Enhanced customer value • Adoption and rollout of enterprise AI
Slide 10: New business
New business 10 LMI industry GWP ($m) and Helia market share (%) Helia FY25 GWP by source and customer type2 1% 568 532 512 10% 11% CBA ING 44% Non-majors Non-banks COBs Other 15% 44% 33% 38% 20% FY23 FY24 FY25A 1 Helia GWP Other industry GWP • LMI industry GWP was up 5% in the 9 months to September
Slide 11: Cost management
Cost management 11 Expenditure incurred1 ($m) Closing FTE employees (n) 210 204 170 128.9 132.7 114.1 FY23 FY24 FY25 FY23 FY24 FY25 • Expenditure incurred was down 14% on pcp, with run rate continuing to fall • Employee expenses accounted for 51% of FY25 expenditure incurred and closing headcount wa
Slide 12: Capital management
Capital management 12 Dividend per share (cps) Dividends and buy-backs ($m) 126 344.5 343.5 335.6 84 94 59 53 30 29 31 32 FY23 FY24 FY25 FY23 FY24 FY25 Ordinary Special Ordinary Special Buy-back • FY25 fully franked ordinary dividends of 32cps and partially franked special dividends of 94cps1 • FY25
Slide 13: Wrap up
Wrap up 13 Strong financial Substantial capital Sharpened focus with performance returned to shareholders progress made in H2 25 2025 Full Year Results
Slide 14: FY25 Financial results
FY25 Financial results Craig Ward Interim Chief Financial Officer
Slide 15: Income statement
Income statement 15 FY25 v ($m) 1H24 2H24 FY24 1H25 2H25 FY25 FY24 (%) • Insurance revenue was down on pcp due to lower GWP in recent book years Insurance revenue 194.8 194.4 389.2 182.2 189.3 371.5 (4.5) Insurance service expense (41.7) (31.2) (72.9) (25.2) (17.0) (42.2) (42.1) • Insurance service
Slide 16: Gross written premium
Gross written premium 16 GWP ($m) GWP walk ($m) 240.0 13.5 240.0 33.3 (2.4) 195.6 195.6 185.2 FY23 FY24 FY25 2024 Volume Rate & Mix Bulk 2025 • GWP up 23% on pcp due to higher market share and increased lending volumes • Volume growth also benefitted from new market segments • Investors contributed
Slide 17: Insurance revenue
Insurance revenue 17 ($m) 1H24 2H24 FY24 1H25 2H25 FY25 Illustrative profile of insurance revenue recognition Expected insurance service expenses 75.4 74.0 149.4 63.7 62.3 126.0 incurred Risk adjustment recognised in revenue 20.0 19.6 39.6 15.6 15.5 31.1 Premium experience variations (6.5) (3.7) (10
Slide 18: Insurance service expense
Insurance service expense 18 ($m) 1H24 2H24 FY24 1H25 2H25 FY25 Incurred claims from current period 35.7 17.1 52.8 24.9 10.9 35.8 Changes to liabilities for prior incurred claims (45.6) (44.4) (90.0) (51.9) (47.3) (99.2) Total incurred claims (9.9) (27.3) (37.2) (27.0) (36.4) (63.4) Insurance expens
Slide 19: Claims paid
Claims paid 19 Claims paid Mortgages in possession and Claims paid (n) ($m unless otherwise stated) 1H24 2H24 FY24 1H25 2H25 FY25 240 Number of claims paid 92 74 166 60 57 117 199 Number of MIPs 175 160 160 161 150 150 160 166 150 Average paid claim exc. CHE ($’000) 79.7 68.1 74.5 70.6 93.5 81.8 117
Slide 20: Delinquencies
Delinquencies 20 New and Closing delinquencies (n) Delinquency rates1 7,203 0.84% 6,151 6,204 9,000 0.79% 0.85% 8,000 0.69% 0.75% 7,000 0.65% 6,000 0.63% 0.60% 0.55% 5,000 0.52% 0.45% 4,000 0.35% 5,083 4,532 4,309 3,000 0.25% 2,000 0.15% 1,000 0.05% 0 -0.05% FY23 FY24 FY25 FY23 FY24 FY25 New delinqu
Slide 21: Incurred claims
Incurred claims 21 Incurred claims 2024 - 2025 Helia gross loss ratio 2007 - 20251 76% ($m) 1H24 2H24 FY24 1H25 2H25 FY25 Incurred Claims from Current Period (A) 35.7 17.1 52.8 24.9 10.9 35.8 59% 42% 44% Impact of experience for the period (26.4) (30.7) (57.1) (33.5) (37.0) (70.5) 38% 40% 41% 41% 33
Slide 22: Expense movements and composition
Expense movements and composition 22 Income statement view ($m) FY25 expenditure incurred mix ($m)1 (7.4) (2.3) (0.7) Employee expenses (10.2) 42.8 IT expenses 134.7 58.2 124.3 114.1 Property expense Other including customer 10.3 acquisition expenses 2.8 FY24 Total Insurance Acquisition Other FY25 T
Slide 23: Net investment revenue
Net investment revenue 23 Net investment revenue Yield curve2 (%) ($m) 1H24 2H24 FY24 1H25 2H25 FY25 5.00 Interest and dividend / distribution 60.7 56.1 116.8 50.5 52.0 102.5 4.75 revenue 4.50 Realised and unrealised gains / (losses) (18.2) 44.9 26.7 53.9 (37.2) 16.7 4.25 Investment revenue 42.5 101
Slide 24: Net insurance finance expense
Net insurance finance expense 24 ($m) 1H24 2H24 FY24 1H25 2H25 FY25 Interest rate sensitivity analysis Interest accreted to liabilities (31.9) (32.5) (64.4) (28.3) (28.9) (57.2) Impact on Income Statement before tax ($m) Change in Changes in interest rates 7.2 (8.6) (1.4) (14.3) 18.4 4.1 discount ra
Slide 25: Balance Sheet
Balance Sheet 25 ($m) 31 Dec 24 30 Jun 25 31 Dec 25 Assets • Cash and investments were down 12% on 1H25 reflecting Cash 112.4 267.9 45.7 dividend payments and Tier 2 debt redemption Investment income receivable 24.6 20.2 25.0 • Insurance contract liabilities fell 5% on 1H25 due to: Investments (incl
Slide 26: Cash and investments
Cash and investments 26 ($m) 31 Dec 24 % 30 Jun 25 % 31 Dec 25 % Portfolio by rating3 Portfolio by maturity Commonwealth1 343.1 36.9 364.9 42.8 147.7 20.6 2% AAA Yr 0-1 9% 11% 9% State Gov't 298.4 32.1 211.6 24.8 77.1 10.8 Yr 1-3 Corporate / other 269.5 29.0 271.3 31.8 490.6 68.5 AA 24% Cash & cash
Slide 27: Insurance and reinsurance contract liabilities
Insurance and reinsurance contract liabilities 27 LRC composition as at 31 Dec 25 ($m) 31 Dec 24 30 Jun 25 31 Dec 25 PV future cashflows 522.2 497.6 421.2 Risk adjustment 125.3 120.9 106.0 35% Contractual service margin (CSM) 642.7 635.9 690.3 57% Liability for remaining coverage (LRC) 1,290.2 1,254
Slide 28: Liability for incurred claims (LIC)
Liability for incurred claims (LIC) 28 Liability for incurred claims ($m) Average reserve per reported delinquency ($) 308 25,000 267 20,000 198 15,000 24,078 10,000 20,136 20,647 5,000 - FY23 FY24 FY25 FY23 FY24 FY25 Reported Delinquencies IBNR Re-delinquencies • There were some changes to the rese
Slide 29: Contractual service margin
Contractual service margin 29 CSM walk ($m) Remaining CSM to be recognised ($m) 669 690 82.3 643 159.5 107.2 17.7 642.7 690.3 Dec-24 Interest New business Change in CSM recognised Dec-25 FY 23 FY 24 FY 25 accretion estimates Less than one year One to two years Two to three years Three to four years
Slide 30: Regulatory capital
Regulatory capital 30 ($m) 31 Dec 24 30 Jun 25 31 Dec 25 • PML down 6% on 1H25 due to cancellations and portfolio Capital base seasoning, which more than offset new business strain Net assets 1,080.4 1,021.9 1,019.0 • PCA coverage ratio down 27bps on 1H25 due to payment Regulatory adjustments for go
Slide 31: Capital walk
Capital walk 31 PCA coverage ratio walk (x) 0.45 0.29 2.10 0.11 2.03 (0.23) (0.37) (0.23) 1.73 (0.10) (0.30) Dec-24 Statutory NPAT Dividend & Buy- In-force runoff New business Tier 2 Reinsurance Other Dec-25 Dividend Proforma back strain • Dividends and buybacks exceeded Statutory NPAT but this was
Slide 32: Outlook
Outlook Michael Cant Interim Chief Executive Officer
Slide 33: Outlook and FY26 guidance
Outlook and FY26 guidance 33 FY26 insurance revenue is expected to be within a range of Insurance revenue $320m to $370m FY26 total incurred claims ratio1 is expected to remain well Total incurred claims below through the cycle average levels 1. Calculated as Total incurred claims divided by Insuran
Slide 34: Sustainability
Sustainability 34 Driving social wellbeing Enhancing climate resilience Enhance climate modelling and Housing accessibility integrate into risk appetite Maintain net zero Scope 1 and Supporting communities Scope 2 emissions Enhanced climate disclosures in Employee culture and wellbeing anticipation
Slide 35: Delivering strong returns for shareholders
Delivering strong returns for shareholders 35 Underlying ROE (%) Dividends and buy-backs ($m) 23.5 21.1 335.6 344.5 343.5 19.9 Ordinary Special Buy-back FY23 FY24 FY25 FY23 FY24 FY25 Note: dividends declared in respect of the relevant period and buy-backs executed in the relevant period. NTA and net
Slide 36: Q&A
+ Helia. Q&A
Slide 37: Supplementary information
+ Helia. Supplementary information
Slide 38: Residential mortgage lending market
Residential mortgage lending market 38 Originations and HLVR penetration1 Industry new loans funded: Investment vs. owner occupied ($bn, %) Helia NIW: Investment vs. owner occupied ($bn, %) 2 32% 34% 35% 30% 29% 29% 30% 45 35% 37% 40 35 24% 179.8 184.0 218.5 20% 185.0 30 186.9 14% 3.7 4.2 25 128.8 1
Slide 39: Insurance in-force
Insurance in-force 39 As at 30 Jun 2025 As at 31 Dec 2025 Original Effective Change in Original Effective Change in Book year $ billions % Book year $ billions % LVR LVR house price % LVR LVR house price % 2015 & prior 86.4 41.0% 84.3% 22.6% 139.3% 2015 & prior 83.1 40.5% 84.3% 20.7% 155.1% 2016 9.9
Slide 40: Delinquency trends
Delinquency trends 40 Number of delinquencies 1H24 2H24 FY24 1H25 2H25 FY25 Opening balance 4,532 5,229 4,532 5,083 5,043 5,083 New delinquencies 3,737 3,466 7,203 3,338 2,866 6,204 Cures (2,948) (3,538) (6,486) (3,318) (3,543) (6,861) Paid claims (92) (74) (166) (60) (57) (117) Closing delinquencie
Slide 41: Delinquency and Single policy Reconciliation
Delinquency and Single policy Reconciliation 1 41 2021 2022 2023 2024 2025 Number of policies in force on a multiple policy basis (A) 1,118,328 976,137 871,230 810,852 715,413 Number of policies in force on a single policy basis 925,299 809,800 719,824 668,300 594,962 Less: Number of policies in for
Slide 42: Claims sensitivity to economic conditions
Claims sensitivity to economic conditions 42 Economic assumptions as at 31 December 20251 Claims sensitivity3 LRC ($m) Excluding CSM LIC CSM4 Property price Mortgage rates Unemployment rates Upside economics Unemployment -1% (15) 15 (5) 5% house price growth RBA remains at 3.85% Stay low and expecte
Slide 43: Reinsurance program
Reinsurance program 43 Reinsurance recovery by layer (% of probable maximum loss)1 Reinsurance cover ($m) 140% 600 120% % of Probable Maximum Loss (PML) 500 3rd Layer 445.0 100% 2nd Layer 400 80% 1st Layer 298.7 300 275.9 60% Retained Losses 198.7 200 40% 100 20% 0% 0 2026 Book Year 31 Dec 24 30 Jun
Slide 44: Insurance service result
Insurance service result 44 ($m) 1H24 2H24 FY24 1H25 2H25 FY25 Contractual service margin recognised 74.4 75.7 150.1 74.3 85.2 159.5 Risk adjustment recognised in revenue 20.0 19.6 39.6 15.6 15.5 31.1 Net expense from reinsurance contracts (11.9) (12.5) (24.4) (6.1) (7.5) (13.6) Expected insurance s
Slide 45: Reconciliations
Reconciliations 45 Expenses Statutory NPAT to underlying NPAT1 ($m) 1H24 2H24 FY24 1H25 2H25 FY25 ($m) 1H24 2H24 FY24 1H25 2H25 FY25 Expenditure incurred 63.1 69.6 132.7 62.3 51.8 114.1 Less investment expenses (1.2) (1.3) (2.5) (1.4) (1.4) (2.8) Statutory NPAT 97.0 134.5 231.5 133.7 111.2 244.9 Les
Slide 46: Australian key economic indicators
Australian key economic indicators 46 Change in dwelling Rental vacancies (%) Dec-24 Jun-25 Dec-25 3 months 6 months 12 months values (%) Sydney 2.1 1.6 1.8 Sydney 0.8% 3.2% 5.8% Melbourne 2.2 1.8 2.0 Melbourne 0.8% 2.3% 4.8% Brisbane 1.2 0.9 1.2 Brisbane 5.6% 10.1% 14.5% Perth 0.7 0.8 0.7 Perth 7.6
Slide 47: History of strong Total Shareholder Return (TSR) delivery
History of strong Total Shareholder Return (TSR) delivery 47 TSR to 13 February 2026 1YR 37.8% 36.2% 21.4% 15.7% 10.3% 8.6% 7.9% 5.4% 2.9% Bank Insurer Bank Insurer HLI Bank Bank Bank FINXR Bank ASX200 Bank Insurer -5.7% -7.9% -9.0% -12.8% 3YR 228.3% 90.4% 78.8% 74.0% 66.2% 62.7% 61.0% 54.5% 44.6% 3
Slide 48: Glossary
+ Helia. Glossary
Slide 49: Glossary
Glossary 49 Term Definition Term Definition The impact on the present value of cash flows and risk adjustment of any explicit changes in Insurance revenue less insurance service expense less net expenses from reinsurance Basis change Insurance service result actuarial model assumptions and parameter
Slide 50: Glossary
Glossary 50 Term Definition PV Present value of future cash flows, discounted in accordance with the standard Regulatory capital base The regulatory capital base is the sum of Tier 1 Capital and Tier 2 Capital The compensation an entity requires for bearing the uncertainty about the amount and Risk
Slide 51: Investor materials can be found at investor.helia.com.au
Investor materials can be found at investor.helia.com.au For more information, analysts, investors and other interested parties should contact: Paul O’Sullivan Head of Investor Relations, Capital and Investments D: +61 499 088 640 E: investorrelations@helia.com.au The release of this announcement wa