Zip Co Ltd. · ASX:ZIP
Zip — Investor Presentation (September 2026)
48 slides from Zip's investor presentation, September 2026
Slide 1: Introduction to Zip
Introduction to Zip Zip Co Limited September 2026
Slide 2: Disclaimer and important notices
Disclaimer and important notices The information contained in this presentation has been prepared by Zip Co Limited ACN 139 546 428 This presentation may contain certain “forward looking statements”. Forward risks, uncertainties and (Company). other factors, many of which are outside the control of
Slide 3: Who we are
Who we are Purpose Unlocking financial potential, together Mission To bring exceptional experiences, innovation and partnership to every financial journey 6.3m Customer Own Change active customers Stronger Values First It the Game Together Markets1 4.6m 30.8k A$12.7b 1.9m 66.6k A$4.0b active merchan
Slide 4: Key statistics
Key statistics Operating performance Financial performance 6.5m +4.1% A$1.3b +24.1% Active customers 3Y CAGR Total income 3Y CAGR 97.4k +10.8% A$642.3m +30.0% Merchant partners 3Y CAGR Cash gross profit 3Y CAGR 112.1m +21.3% A$268.9m +97.5% Annual transactions 3Y CAGR Cash EBTDA 3Y CAGR A$16.7b +28.
Slide 5: Sustainably profitable business with significant US opportunity
Sustainably profitable business with significant US opportunity US TTV (US$b) and Cash EBTDA (A$m) and Two-sided revenue model driving powerful YoY growth (%) operating margin (%) network effects backed by deep customer, +41% merchant and channel partnerships +44% 21.2% 18.7% +43% High-growth US bus
Slide 6: Two clear priorities in FY27 to drive long-term value
Two clear priorities in FY27 to drive long-term value Drive growth and innovation Invest for long-term scale • Compound growth from core businesses • Invest efficiently in platforms and capabilities for scale • Unlock growth from new product segments • Drive AI acceleration in core business operatio
Slide 7: Our business model
CONFIDENTIAL Our business model 7
Slide 8: Our two-sided business model drives values for customers and merchants
Our two-sided business model drives values for both customers and merchants to create powerful network effects CUSTOMERS MERCHANTS Enabling cash flow smoothing, Driving top line sales growth and everyday and discretionary spend customer engagement Simple, fair and transparent Access to new customers
Slide 9: Our offering to customers: shop seamlessly, almost anywhere
Our offering to customers: Zip customers can shop seamlessly, almost anywhere 9:41 customer.us.zip.co/orders 1 Hi there, Hi there, Jessica Joe Order total $249.00 4 bi-weekly payments of $62.25 $62.25 $62.25 $62.25 $62.25 Today July 9th July 24th Aug 6th Visa …. 1234 Pay Complete your purchase PAYME
Slide 10: Our offering to merchants: Zip's merchant and partner network
Our offering to merchants: Zip’s merchant and partner network drives top line sales growth and customer conversion Merchant value proposition Select merchants Access to an incremental customer cohort, allowing us to sit alongside other products at checkout including other BNPL and PLCCs Improved con
Slide 11: Distribution partners, embedded finance and e-commerce platforms
Distribution partners, embedded finance and e-commerce platforms create a significant distribution network for Zip Distribution partners and embedded finance E-commerce platforms 11
Slide 12: Evolving to AI-powered operations
Evolving to AI-powered operations AI-Powered AI-Powered AI-Powered People Products Processes Agentic workforce orchestration Customer chatbots 86% (US) and 57% (AU) of all code is layers developed across the Group Zia (US) and Zigi (AU) AI-assisted in technology disciplines 100% utilisation of AI to
Slide 13: Markets we serve: US
Markets we serve: $28.99 ~ hevere $28.99 Tony $28.99 $u1.96 $4.00 $16.96 authorizi ration to my Visa Dei ending in 1234 on or after the payment due dates Loren” full repayment of my purer 8y tapping AQFee and Continue: j Policies and agre,
Slide 14: US: Accelerated growth and expanded operating margins
US: Accelerated growth and expanded operating margins Active customers (m) Merchants (k) +9.3% YoY +24.6% YoY 4.6 24.7 30.8 FY26 performance highlights 4.3 Accelerated growth off a larger base – driven FY25 FY26 FY25 FY26 by strengthened customer engagement and in-store growth of 67% TTV (US$b) Ca
Slide 15: US: Leveraging multiple levers to drive growth at scale
US: Leveraging multiple levers to drive growth at scale Supportive industry Grow customer base and Expand merchant and Evolve the product set to fundamentals deepen engagement distribution network meet more customer needs • Early-stage BNPL • Large addressable market • Expand merchant network • Enha
Slide 16: US: Executing in an early-stage and growing BNPL market
US: Executing in an early-stage and growing BNPL market Significant headroom for US BNPL market Several tailwinds are supporting increased growth, adoption is still in the early stages customer and merchant adoption of BNPL compared to more established markets1 <2% of total payments Consumers seekin
Slide 17: US: Instalment credit solutions via Pay-in-Z platform
US: Providing instalment credit solutions via our Pay-in-Z platform 11/26 11/26 11/26 Pay-in-2 Pay-in-4 Pay-in-8 Instalment length Up to 2 weeks Up to 6 weeks Up to 14 weeks Electronics, Example use cases Groceries, utilities Travel household goods AOV (US$) US$62 US$126 US$376 % of FY26 TTV 1%1 80%
Slide 18: US: Everyday Americans trust Zip to manage their cash flow
US: Everyday Americans trust Zip to manage their cash flow Customer TAM Zip serves 4.6m customers today “When I don’t want to spend like a big amount on a purchase, • Skews savvy millennial women I just divide it into 100m+ • Hardworking, ambitious consumers seeking financial progress payments. You
Slide 19: US: Profitably growing customers and deepening engagement
US: Profitably growing customers and deepening engagement Growing customers Deepening engagement Active customers (m, last 12 months) TXNs per customer (#) Spend per customer (US$) +9.3% (394k) YoY +23.1% +30.5% YoY YoY • Scaling direct to app customer acquisition • Continued investment in Pay-in-Z
Slide 20: US: Pay-in-Z supports flexible cash flow management
US: Pay-in-Z platform supports flexible cash flow management with a focus on non-discretionary verticals Zip US TTV split (%) +38% +50% • The majority of US TTV is Predominantly derived from non-discretionary non-discretionary categories which tends to see +56% Balanced mix more consistent customer
Slide 21: US: Pursuing proposition expansion to drive scale
US: Pursuing proposition expansion to drive scale and create long-term shareholder value Today... … Increased investment to expand into new product segments BNPL Bills Income Smoothing All Access Card Rent US$160b market1 US$1.3t market2 US$100b+ market3 US$350b+ market4 US$700b market2 Proven under
Slide 22: US: Proven track record underwriting credit
US: Proven track record underwriting credit while balancing growth and profitability Disciplined management of net bad debts as % of TTV1 Management target range: 1.5 - 2.0% 1.84% 1.86% 1.67% 1.52% 1.36% 1.20% 1.14% 1.00% 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 4Q26 Well positioned with proven ability to
Slide 23: Markets we serve: ANZ
Markets we serve: ANZ1 Note: (1) On 17 July 2026 Zip announced a wind down of its New Zealand operations. 23
Slide 24: ANZ: Significant increase in cash earnings and operating margin
ANZ: Significant increase in cash earnings and operating margin Transactions (m) Merchants (k) +7.4% YoY 51.2 +9.5% YoY 66.6 FY26 performance highlights 47.7 60.8 Revenue and AU receivables back to growth – FY25 FY26 FY25 FY26 driven by Zip Plus momentum and stronger customer engagement TTV (A$b)
Slide 25: ANZ: Leading, profitable business with 13 years of history
ANZ: Leading, profitable business with 13 years of operating history Strategy Customer Diverse customer base totaling 1.9m1 To be the homegrown digital challenger representing circa 10% of adult providing everyday relevance beyond finance Australian population Product Opportunity Five products prima
Slide 26: AU: Comprehensive suite of products and services
AU: Comprehensive suite of products and services providing flexibility for customers Credit products Capital light Up to A$1k Up to A$20k no-to-low Up to A$50k with partnered Between A$5k and A$50k with Prepaid plans that deliver interest free with a interest account with a merchants with built-in a
Slide 27: ANZ: Attracting profitable customers
ANZ: Attracting profitable customers High-quality customer base Transactions per Total spend per active customer (#) active customer (A$) • Continue to attract a broad range of customers +16.7% +15.4% • in terms of demographics and income Customer engagement strengthened with YoY YoY +76 ANZ custome
Slide 28: AU: Refreshed strategy for daily relevance
AU: Refreshed strategy to ensure daily relevance for more Australians Our ambition Serving the everyday Australian • With a customer base representing circa 10% of the adult To be the homegrown population we continue to serve the everyday Australian digital challenger providing • These customer want
Slide 29: AU: Clear FY27 priorities to drive future profitable growth
AU: Clear FY27 priorities to drive future profitable growth Customer growth, Strengthen the Fuel our AI beyond credit flywheel advantage Reimagined, data-driven Intelligent money Launch agentic use cases with onboarding experience management experiences in app select merchants and partners New brand
Slide 30: Delivering financial performance
Delivering financial performance 30
Slide 31: Differentiated business model delivers growth, profitability and capital efficiency
Our differentiated business model delivers growth, profitability and capital efficiency Acquisition Engagement Scale Profitability Grow active Drive repeat Drive cash Deliver operating customers, merchant network X usage, product engagement and X earnings supported by = leverage and efficiently allo
Slide 32: Proven track record of execution
Proven track record of execution FY25 – 26 FY23 – 24 Positioning for future growth Outstanding financial results, profitable Pre-FY23 on statutory and underlying NPAT basis Delivering sustainable profitability US active customer growth Strengthen the foundations Exited non-core markets to focu
Slide 33: Top line growth: significant growth
TTV (A$b) Total income (A$m) Revenue margin (% of TTV) +28.7% 3Y CAGR +24.1% 3Y CAGR -62bps 3Y change 8.7% 16.7 1,347.4 13.1 1,081.1 875.1 Reflects 10.1 8.3% Reflects increased higher US Top line growth: 8.1% contribution contribution from US (now 71% significant business of TTV) growth FY24 FY25 FY
Slide 34: Profitability: strong credit outcomes and cost discipline
Cash EBTDA (A$m) Operating margin (%) Statutory net profit after tax1 +97.5% 3Y CAGR +1,207bps 3Y change +$110.7m 3Y change 268.9 116.4 20.0% 15.8% 170.3 79.9 Reflects higher US Profitability: 69.0 7.9% contribution (now 71% strong credit 5.7 of TTV) outcomes and FY24 FY25 FY26 FY24 FY25 FY26 FY24 F
Slide 35: Unit economics
Unit economics Maintained strong unit economics with lower funding costs and disciplined net bad debts management $m FY26 FY25 Change % • Strong TTV growth driven by the US (now 76% of TTV) TTV 16.7b 13.1b +27.2 • Revenue margin down -17bps reflects higher contribution from the US Total income1 1,34
Slide 36: Operating efficiency
Operating efficiency Significant operating margin expansion with material operating leverage Change $m FY24 FY23 2 • Operating margin expanded 420bps to 20.0%, above $m FY26 FY25 % % Change guidance of at least 18.0% TTV $16.7b $13.1b +27.2 – Disciplined investment initiatives to drive top line grow
Slide 37: Funding
Funding Material improvements in duration, investor diversification and cost of funds ANZ funding Maturity profile (as at 30 June 2026, $m) • The ANZ business is funded through a mix of bilateral warehouse facilities and publicly rated bonds issued to investors • Over $2.5b receivables facility refi
Slide 38: Capital management
Capital management Guided through a lens on risk, expected returns and strategic alignment Guidelines • Zip will continue to prioritise preserving a strong balance sheet Zip’s corporate strategy • Invest capital in attractive growth opportunities and/or to enhance our competitive position • Investme
Slide 39: FY27 outlook
FY27 outlook Well positioned to deliver the next phase of growth FY26 FY27 result FY27 focus areas target range1 • US TTV growth expected to be greater than 30%1 (in USD) over FY27 from an increasingly larger base, balancing profitability and loss performance Revenue • Focused on driving continued a
Slide 40: Appendix
Appendix 40
Slide 41: Zip management team
Zip management team Cynthia Scott Gordon Bell Joe Heck Group CEO and Managing Group Chief Financial US CEO Director Officer Joined Zip in Nov-21 as ANZ Joined Zip in Oct-23, with Joined Zip in Jul-24. Over CEO, appointed Group CEO more than 25 years’ 20 years’ in consumer in Aug-23. Cynthia has more
Slide 42: Group FY26 results summary
Group FY26 results summary FY26 FY25 Change Change (CC)3 Total transaction volume $16,654.7m $13,095.0m +27.2% Total transaction volume +31.8% Total income $1,347.4m $1,081.1m +24.6% Total income +28.5% Revenue margin1 8.1% 8.3% (17bps) Cash EBTDA +65.7% Cash gross profit $642.3m $509.0m +26.2% Net
Slide 43: US: Accelerated growth and expanded operating margins in FY26
US: Accelerated growth and expanded operating margins in FY26 Key performance metrics (USD) Growth and engagement FY26 FY25 Change • Drove accelerated TTV (+42.5%) and revenue (+44.3%) growth YoY off a larger base TTV $8.6b $6.0b +42.5% – Added US$2.6b of incremental TTV (1.4x FY25) – Added 394k new
Slide 44: ANZ: ~2x increase cash earnings with operating margin up 753bps
ANZ: ~2x increase cash earnings with operating margin up 753bps in FY26 Key performance metrics (AUD) FY26 FY25 Change Growth and engagement TTV $4.0b $3.7b +6.2% • Improved conversion of TTV growth to revenue and AU receivables growth Revenue $432.9m $413.7m +4.6% • Higher customer engagement led b
Slide 45: Australian business FY26 performance (ex New Zealand)
Australian business FY26 performance (ex New Zealand) Key performance metrics (AUD) 1H26 2H26 FY26 1H25 2H25 FY25 TTV 2.0b 1.8b 3.8b 1.8b 1.8b 3.5b Revenue 207.8m 215.3m 423.0m 200.8m 201.9m 402.7m Transactions 24.8m 24.5m 49.3m 22.5m 23.2m 45.8m Active customers 1.8m 1.7m 1.7m 1.9m 1.9m 1.9m Mercha
Slide 46: Segment information
Segment information FY26 Corporate and $m ANZ USA other Total Total income 437.1 910.1 0.2 1,347.4 Cash cost of sales1 (229.9) (476.0) 0.8 (705.1) Cash gross profit 207.2 434.1 1.0 642.3 Cash operating expenses (137.7) (206.3) (30.6) (374.6) Cash non-operating expenses – – 1.2 1.2 Cash EBTDA 69.5 22
Slide 47: Zip US product suite
Zip US product suite Pay-in-Z Product Pay-in-2 Pay-in-4 Pay-in-8 Acceptance Integrated merchants plus almost everywhere Visa is accepted Account Type Pay by instalments: number of installments varies by product (see below) US$20 - $3,000 Purchase Value US$200 minimum purchase for Pay-in-8 Instalment
Slide 48: Zip AU product suite
Zip AU product suite Product Zip Pay Zip Plus Zip Money Personal Loan ZMobile Market AU AU AU AU AU Everywhere¹ Everywhere¹ 62.6k merchants + N/A N/A Acceptance anywhere online Account type Pay by account Pay by account Pay by account Pay by instalments Pay by instalments Purchase value Up to $1k Up