Pioneer Credit Ltd · ASX:PNC
Pioneer Credit — FY2026 Earnings Presentation
25 slides from Pioneer Credit's earnings presentation, Aug 19, 2026
Slide 1: FY2026 Results Presentation
FY2026 Results Presentation Keith John Barry Hartnett Managing Director Chief Financial Officer AUGUST 2026
Slide 2: Important Notice: Disclaimer
FY2026 RESULTS PRESENTATION // AUGUST 2026 Important Notice: Disclaimer This presentation has been prepared by Pioneer Credit Limited (“Pioneer” or the “Company”). Disclaimer: This presentation contains information about Pioneer’s activities as at the date of the presentation, is in summary form and
Slide 3: Agenda
FY2026 RESULTS PRESENTATION // AUGUST 2026 AGENDA 1. HIGHLIGHTS 2. FINANCIAL PERFORMANCE 3. ABOUT US 4. SHAREHOLDER ALIGNMENT 5. OUTLOOK 6. APPENDIX 3
Slide 4: Highlights
FY2026 RESULTS PRESENTATION // AUGUST 2026 HIGHLIGHTS PORTFOLIO & PERFORMANCE HIGHLIGHTS | FINANCIAL PERFORMANCE | ABOUT US | SHAREHOLDER ALIGNMENT | OUTLOOK 4
Slide 5: Performance Highlights
FY2026 RESULTS PRESENTATION // AUGUST 2026 PERFORMANCE HIGHLIGHTS CASH COLLECTIONS EBITDA EBIT NPAT $147.6m $105.9m $55.8m $23.1m FY25: $142.2m FY25: $94.0m FY25: $41.3m FY25: $6.7m ▲ 4% ▲ 13% ▲ 35% ▲ 245% $23m $56m $142m $148m $106m $140m $128m $94m $86m $89m $7m $41m $107m $0.2m $61m $31m ($10m) $
Slide 6: Portfolio Highlights
FY2026 RESULTS PRESENTATION // AUGUST 2026 PORTFOLIO HIGHLIGHTS PDP INVESTMENT PA PORTFOLIO ERC PDP ASSET $105.1m $406.0m $796.8m $400.4m FY25: $69.1m FY25: $419.1m FY25: $701.7m FY25: $343.0m ▲ 52% ⯆ 3% ▲ 14% $797m ▲ 17% $105m $464m $457m $400m $99m $441m $94m $419m $406m $702m $642m $572m $568m $3
Slide 7: Financial Performance
FY2026 RESULTS PRESENTATION // AUGUST 2026 FINANCIAL PERFORMANCE PORTFOLIO & PERFORMANCE HIGHLIGHTS | FINANCIAL PERFORMANCE | ABOUT US | SHAREHOLDER ALIGNMENT | OUTLOOK 7
Slide 8: Income Statement
FY2026 RESULTS PRESENTATION // AUGUST 2026 INCOME STATEMENT PROFIT OR LOSS ($’M) FY25 FY26 1 Interest income at amortised cost 88.3 102.5 Commentary 1 Net impairment gain/(loss) 4.8 (2.5) Interest income increase of 16% on a growing asset base Other income 0.4 0.4 underpinned by disciplined PDP inve
Slide 9: Cash Flow
FY2026 RESULTS PRESENTATION // AUGUST 2026 CASH FLOW CASH FLOWS ($’M) FY25 FY26 Cash Collections 139.5 147.6 Payments to suppliers and employees (56.0) (47.2) Commentary Net interest paid (31.0) (29.6) 1 1 Net Cash from Operating Activities 52.5 70.8 Operating cash flow up 35% to $70.8m, from improv
Slide 10: Key Profitability Drivers
FY2026 RESULTS PRESENTATION // AUGUST 2026 KEY PROFITABILITY DRIVERS Cash Collections $148m $140m $142m $133m $107m FY22 FY23 FY24 FY25 FY26 Cost to Service (‘CTS’) 44% 37% 34% 33% 32% FY22 FY23 FY24 FY25 FY26 10
Slide 11: Balance Sheet
FY2026 RESULTS PRESENTATION // AUGUST 2026 BALANCE SHEET Commentary 1 BALANCE SHEET ($’M) FY25 FY26 PDP assets increased 17% to $400.4m, reflecting disciplined Cash and cash equivalents 3.6 7.9 investment in high-quality PDPs Trade, other receivables and other assets 14.1 11.1 2 1 PDP assets at amor
Slide 12: Balance Sheet Strength
FY2026 RESULTS PRESENTATION // AUGUST 2026 BALANCE SHEET STRENGTH Interest Cover Ratio 4.2 x 4.1 x 4.1 x 4.0 x 4.0 x 3.9 x 3.8 x 3.8 x 3.8 x 3.6 x 3.4 x Mar-25 Jun-25 Sep-25 Dec-25 Mar-26 Post Raise Group LVR1 89% 90% 87% 87% 85% 84% 85% 80% 77% 75% 70% Mar-25 Jun-25 Sep-25 Dec-25 Mar-26 Post Raise
Slide 13: About Pioneer Credit
FY2026 RESULTS PRESENTATION // AUGUST 2026 ABOUT PIONEER CREDIT PORTFOLIO & PERFORMANCE HIGHLIGHTS | FINANCIAL PERFORMANCE | ABOUT US | SHAREHOLDER ALIGNMENT | OUTLOOK 13
Slide 14: About Pioneer
FY2026 RESULTS PRESENTATION // AUGUST 2026 ABOUT PIONEER Ethical debt recovery, underpinned by an industry leading We provide flexible solutions compliance record We tailor solutions to help our customers address their account in a way that suits their needs • Pioneer is a leading Australian purchas
Slide 15: Our Investment Profile
FY2026 RESULTS PRESENTATION // AUGUST 2026 OUR INVESTMENT PROFILE A record $105m PDP investment in FY26, with $100m to $110m PDP investment expected in FY27 PDP Investment: PDP Investment today supports earnings in later periods 25 Banking & finance focus 20 PDP investment remains concentrated in ou
Slide 16: The Pioneer Advantage
FY2026 RESULTS PRESENTATION // AUGUST 2026 THE PIONEER ADVANTAGE Disciplined PDP investment, compliance led execution and reliable access to capital CONSUMER MOAT: HIGH-QUALITY ORIGINATION OPERATING MOAT: TRUSTED EXECUTION AT SCALE Invested only in the highest quality, highest propensity to pay reta
Slide 17: ERC and Returns
FY2026 RESULTS PRESENTATION // AUGUST 2026 ERC AND RETURNS Pioneer’s reputation and exposure to Big Four Banks is increasing its moat Estimated Remaining Collections (ERC): By Product Type Underwriting ROI vs. Total ROI 4.0x 3% 3.5 5% Credit Cards 3.0x 3.4 6% Personal Loans 2.8 Diverse vendor 2.5 Au
Slide 18: Shareholder Alignment
FY2026 RESULTS PRESENTATION // AUGUST 2026 SHAREHOLDER ALIGNMENT PORTFOLIO & PERFORMANCE HIGHLIGHTS | FINANCIAL PERFORMANCE | ABOUT US | SHAREHOLDER ALIGNMENT | OUTLOOK 18
Slide 19: Shareholder Alignment
FY2026 RESULTS PRESENTATION // AUGUST 2026 SHAREHOLDER ALIGNMENT Management has significant 'skin in the game’ leading to disciplined PDP investment and management of risk SHAREHOLDER # SHARES % HOLDING RIGHTS1 Commentary: Keith John Entities 20.9m 10.9% 782k • Management only incentivized long term
Slide 20: Outlook
FY2026 RESULTS PRESENTATION // AUGUST 2026 OUTLOOK PORTFOLIO & PERFORMANCE HIGHLIGHTS | FINANCIAL PERFORMANCE | ABOUT US | SHAREHOLDER ALIGNMENT | OUTLOOK 20
Slide 21: Outlook
FY2026 RESULTS PRESENTATION // AUGUST 2026 OUTLOOK Pioneer has built a track record of setting ambitious goals and delivering on them From a $33m loss in FY22, management committed to an $18m NPAT target for FY26, and aligned incentives entirely to that outcome That commitment has been delivered...a
Slide 22: Appendix
FY2026 RESULTS PRESENTATION // AUGUST 2026 APPENDIX 22
Slide 23: Board of Directors & Executive
FY2026 RESULTS PRESENTATION // AUGUST 2026 BOARD OF DIRECTORS & EXECUTIVE NON-EXECUTIVE DIRECTORS EXECUTIVE Steve Targett (Independent Chair) • Formerly CEO RACQ Bank, ANZ Japan and Europe, Chair P&N Bank Keith John (Managing Director) and NED at Clydesdale Bank, National Bank of NZ, Cuscal Ltd • Fo
Slide 24: Investment Lifecycle
FY2026 RESULTS PRESENTATION // AUGUST 2026 INVESTMENT LIFECYCLE Individual customer account example, showing consistent cashflows and returns beyond investment 1 2 3 Investment Lifecycle : Account Level Cashflow Cycle Purchased customer account Pioneer began to locate the Customer adjusts repayment
Slide 25: FY2026 RESULTS PRESENTATION // AUGUST 2026
FY2026 RESULTS PRESENTATION // AUGUST 2026