Pioneer Credit Ltd · ASX:PNC
Pioneer Credit — Equity Raise Presentation
38 slides from Pioneer Credit's investor presentation, Jul 20, 2026
Slide 1: Pioneer Credit Equity Raise Presentation
NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES Pioneer Credit Equity Raise Presentation Keith John Barry Hartnett Managing Director Chief Financial Officer JULY 2026
Slide 2: Important Notice: Disclaimer
EQUITY RAISE PRESENTATION // JULY 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 sho
Slide 3: Agenda
EQUITY RAISE PRESENTATION // JULY 2026 AGENDA 1. EXECUTIVE SUMMARY 2. FY26 UNAUDITED RESULTS 3. THE OPPORTUNITY & WHY NOW? 4. SHAREHOLDER ALIGNMENT 5. APPENDIX o BOARD OF DIRECTORS & EXECUTIVE o KEY TERMINOLOGY o EQUITY RAISE SUMMARY & TIMELINE o NOTICE & DISCLAIMERS o KEY RISKS o INTERNATIONAL OFFE
Slide 4: Executive Summary
EQUITY RAISE PRESENTATION // JULY 2026 EXECUTIVE SUMMARY Q4 FY26 momentum continues into FY27; equity raising to fund further PDP acquisitions and drive growth • $76.5m of Purchased Debt Portfolio (‘PDP’) investment in 2HY26 delivers full-year investment of $107.3m, 34% ahead of guidance of >$80.0m
Slide 5: Preliminary Unaudited Results
EQUITY RAISE PRESENTATION // JULY 2026 PRELIMINARY UNAUDITED RESULTS UNAUDITED RESULTS | THE OPPORTUNITY & WHY NOW? | RAISE OVERVIEW | SHAREHOLDER ALIGNMENT 5
Slide 6: Preliminary Unaudited Results
EQUITY RAISE PRESENTATION // JULY 2026 PRELIMINARY UNAUDITED RESULTS Pioneer has consistently delivered on, or exceeded, every commitment made to shareholders CASH COLLECTIONS EBITDA EBIT NPAT $148.1m $107.8m $55.8m $23.2m FY25: $142.2m FY25: $94.0m FY25: $41.3m FY25: $6.7m $23m ▲ 4% ▲ 15% $108m ▲ 3
Slide 7: Income Statement
EQUITY RAISE PRESENTATION // JULY 2026 INCOME STATEMENT PROFIT OR LOSS ($’M) FY25 FY26 1 Interest income at amortised cost 88.3 100.7 Commentary 1 Net impairment gain/(loss) 4.8 (2.2) Interest income increase of 14%, exceeding $100m, on a Other income 0.4 0.4 growing revenue generating asset base un
Slide 8: Key Profitability Drivers
EQUITY RAISE PRESENTATION // JULY 2026 KEY PROFITABILITY DRIVERS Cash Collections $148m $140m $142m $133m $107m FY22 FY23 FY24 FY25 FY26 (Unaudited) Cost to Service (‘CTS’) 44% 37% 33% 32% 32% FY22 FY23 FY24 FY25 FY26 (Unaudited) 8
Slide 9: Cash Flow
EQUITY RAISE PRESENTATION // JULY 2026 CASH FLOW CASH FLOWS ($’M) FY25 FY26 Cash Collections 139.5 144.2 Payments to suppliers and employees (56.0) (40.7) Commentary Net interest paid (31.0) (33.4) 1 1 Net Cash from Operating Activities 52.5 70.0 Operating cash flow increased 33% to $70.0m, demonstr
Slide 10: Balance Sheet
EQUITY RAISE PRESENTATION // JULY 2026 BALANCE SHEET Commentary BALANCE SHEET ($’M) FY25 FY26 1 Cash and cash equivalents 3.6 7.9 PDP assets increased 17% to $400.6m, reflecting disciplined deployment into attractive portfolio investment opportunities Trade, other receivables and other assets 14.2 1
Slide 11: Balance Sheet Strength
EQUITY RAISE PRESENTATION // JULY 2026 BALANCE SHEET STRENGTH Interest Cover Ratio 4.2 x 4.2 x 4.3 x 4.1 x 4.0 x 4.0 x 3.9 x 3.8 x 3.8 x 3.8 x 3.5 x Mar-25 Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 Proforma Group LVR 89% 90% 87% 87% 85% 84% 85% 81% 80% 76% 75% Mar-25 Jun-25 Sep-25 Dec-25 Mar-26 Jun-26 Prof
Slide 12: The Opportunity & Why Now?
EQUITY RAISE PRESENTATION // JULY 2026 THE OPPORTUNITY & WHY NOW? UNAUDITED RESULTS | THE OPPORTUNITY & WHY NOW? | RAISE OVERVIEW | SHAREHOLDER ALIGNMENT 12
Slide 13: About Pioneer
EQUITY RAISE PRESENTATION // JULY 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 purchaser a
Slide 14: Highlights
EQUITY RAISE PRESENTATION // JULY 2026 HIGHLIGHTS Relationships and improved funding power Pioneer's growth Senior funding repriced, now a competitive advantage at BBSW +435bps $55.5m Medium Term Notes repriced to BBSW +735bps, after 315 bps reduction in Feb-26; expected to be extinguished prior to
Slide 15: Our Investment Profile
EQUITY RAISE PRESENTATION // JULY 2026 OUR INVESTMENT PROFILE A record $107m 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 our co
Slide 16: The Pioneer Advantage
EQUITY RAISE PRESENTATION // JULY 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 retail P
Slide 17: Why Raise Now?
EQUITY RAISE PRESENTATION // JULY 2026 WHY RAISE NOW? Supply constraints eased, driving a step-change in earnings ahead of a return to dividends This raise positions Pioneer The benefits of debt sale are strengthening. In the past few month's debt sellers have quickly accelerated selling to trusted
Slide 18: Outlook
EQUITY RAISE PRESENTATION // JULY 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...and e
Slide 19: Shareholder Alignment
EQUITY RAISE PRESENTATION // JULY 2026 SHAREHOLDER ALIGNMENT UNAUDITED RESULTS | THE OPPORTUNITY & WHY NOW? | RAISE OVERVIEW | SHAREHOLDER ALIGNMENT 19
Slide 20: Shareholder Alignment
EQUITY RAISE PRESENTATION // JULY 2026 SHAREHOLDER ALIGNMENT Management has significant 'skin in the game' leading to disciplined PDP investment and focused management of risk SHAREHOLDER # SHARES1,3 % HOLDING RIGHTS2 Commentary: • Pioneer continues to only incentivise management long term, with Kei
Slide 21: Appendix
EQUITY RAISE PRESENTATION // JULY 2026 APPENDIX 21
Slide 22: Board of Directors & Executive
EQUITY RAISE PRESENTATION // JULY 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 • Founde
Slide 23: Key Terminology
EQUITY RAISE PRESENTATION // JULY 2026 KEY TERMINOLOGY Term Definition Term Definition Purchased Debt A portfolio of customer accounts acquired by Pioneer from an original Cost to Service Operating cost to service customer accounts, expressed relative to cash Portfolio (‘PDP’) lender (‘CTS’) collect
Slide 24: Equity Raise Summary
EQUITY RAISE PRESENTATION // JULY 2026 EQUITY RAISE SUMMARY • Non-underwritten institutional placement of fully paid ordinary shares in Pioneer (‘New Shares’) to sophisticated and professional Offer Structure and investors to raise $17.0 million (‘Placement’ or the ‘Offer’) via the issue of ~28.3 mi
Slide 25: Indicative Timetable
EQUITY RAISE PRESENTATION // JULY 2026 INDICATIVE TIMETABLE Event Date1 Trading halt Friday, 17th July 2026 Placement bookbuild Friday, 17th July 2026 Announcement of the Placement and shares recommence trading on the ASX Monday, 20th July 2026 Expected settlement of New Shares under the Placement M
Slide 26: Important Notice and Disclaimers
EQUITY RAISE PRESENTATION // JULY 2026 IMPORTANT NOTICE AND DISCLAIMERS This presentation is dated 20 July 2026 ("Presentation") and has been prepared by and is the sole responsibility of Pioneer Credit Limited ABN 44 103 003 505 ("Pioneer"). By accepting this Presentation, you represent and warrant
Slide 27: Important Notice and Disclaimers (Cont).
EQUITY RAISE PRESENTATION // JULY 2026 IMPORTANT NOTICE AND DISCLAIMERS (CONT). Distribution outside Australia Distribution or release of this Presentation outside Australia may be restricted by law. This Presentation may not be distributed in any jurisdiction except in accordance with the legal req
Slide 28: Important Notice and Disclaimers (Cont).
EQUITY RAISE PRESENTATION // JULY 2026 IMPORTANT NOTICE AND DISCLAIMERS (CONT). Forward Looking Statements This Presentation may include certain "forward-looking statements" and comments about future matters that are based on management's beliefs, assumptions and expectations and on information curr
Slide 29: Important Notice and Disclaimers (Cont).
EQUITY RAISE PRESENTATION // JULY 2026 IMPORTANT NOTICE AND DISCLAIMERS (CONT). Financial Data (Cont). This Presentation contains: • pro forma financial information; and • unaudited financial information for the financial year ending 30 June 2026 (FY26) (Unaudited FY26 Information). Investors should
Slide 30: Key Risks
EQUITY RAISE PRESENTATION // JULY 2026 KEY RISKS Investors should be aware that being issued shares under the placement (‘New Shares’) involves a number of risks. This section sets out some of the key risks associated with an investment in New Shares including risks that are both specific to Pioneer
Slide 31: Key Risks (Cont).
EQUITY RAISE PRESENTATION // JULY 2026 KEY RISKS (CONT). Valuation risk Pioneer acquires debt portfolios and recognises these assets in its financial statements based on estimates of future recoveries. The valuation of purchased debt portfolios is inherently judgmental and involves assumptions regar
Slide 32: Key Risks (Cont).
EQUITY RAISE PRESENTATION // JULY 2026 KEY RISKS (CONT). Licensing and regulatory risk Pioneer is subject to a range of laws and regulations in Australia. Pioneer must comply with statutory obligations in relation to licensing and registration, AML, privacy and disclosure. Among other things, Pionee
Slide 33: Key Risks (Cont).
EQUITY RAISE PRESENTATION // JULY 2026 KEY RISKS (CONT). Funding risk In the future, Pioneer may need to raise additional funds (by way of debt and/or equity) to continue to operate its business, meet its growth targets and/or to fund any inorganic growth opportunities. Failure to comply with fundin
Slide 34: Key Risks (Cont).
EQUITY RAISE PRESENTATION // JULY 2026 KEY RISKS (CONT). Reputation from account servicing practices Pioneer’s reputation depends on maintaining account servicing practices that are consistent with applicable laws, regulatory expectations and community standards. If Pioneer’s account servicing activ
Slide 35: Equity Raising Risks
EQUITY RAISE PRESENTATION // JULY 2026 EQUITY RAISING RISKS Offer risk Pioneer has entered into a placement agreement Canaccord Genuity (Australia) Limited ("Canaccord") and Wallabi Group Pty Ltd (“Wallabi”) under which Pioneer appointed Canaccord as sole bookrunner and both parties as joint lead ma
Slide 36: International Offer Restrictions
EQUITY RAISE PRESENTATION // JULY 2026 INTERNATIONAL OFFER RESTRICTIONS This document does not constitute an offer of new ordinary shares (“New Shares”) of the Company in any jurisdiction in which it would be unlawful. In particular, this document may not be distributed to any person, and the New Sh
Slide 37: International Offer Restrictions (Cont).
EQUITY RAISE PRESENTATION // JULY 2026 INTERNATIONAL OFFER RESTRICTIONS (CONT). New Zealand: This document has not been registered, filed with or approved by any New Zealand regulatory authority under the Financial Markets Conduct Act 2013 (the “FMC Act”). The New Shares are not being offered or sol
Slide 38: EQUITY RAISE PRESENTATION // JULY 2026
EQUITY RAISE PRESENTATION // JULY 2026