Judo Capital Holdings Limited · ASX:JDO
Judo Capital — Investor Presentation (February 2026)
32 slides from Judo Capital's investor presentation, Feb 17, 2026
Slide 1: 2026 Half Year Result
2026 Half Year Result. 17 February 2026 Boldly backing business.
Slide 2: CEO Update
CEO Update. Chris Bayliss Chief Executive Officer & Managing Director 2 1H26 Result Presentation
Slide 3: Ten years since we began
Ten years since we began. $13.4bn $10.9bn 171 bankers +52 NPS in Best-in-class ~18% 3-year lending deposits 32 locations lending technology EPS CAGR5 Australia’s fastest Australia’s fastest Established national Highest lending NPS in Re-platforming Fastest earnings growing business growing domestic
Slide 4: Service profit chain
Service profit chain. Lending NPS2 GLA growth (yoy) EPS growth (yoy) JEDI Employee +52 Jun-25: +53 15% FY25: 16% 46% From Dec-24 Engagement1 72 Deposit NPS3 Deposit growth (yoy) ROE improvement (yoy) +65 21% 180bps Jun-25: 71 Jun-25: +67 FY25: 20% From From Dec-24 Dec-24 Targeting ROE in the low-to-
Slide 5: 1H26 financial highlights
1H26 financial highlights. Disciplined strategy execution delivering PBT growth of 26% over the half, and 53% vs pcp Metric Details 1H26 results Continued above-system lending growth1, driven by Judo’s differentiated CVP, GLA growth in all regions and improvement in productivity $13.4bn Positive out
Slide 6: Our SME lending franchise continues to perform
Our SME lending franchise continues to perform. Above-system growth with sustained market leading NPS and stable margin Quarterly GLAs ($bn) 4,742 171 12.9 13.4 12.5 11.3 11.6 11.7 10.7 9.4 9.7 9.8 8.9 8.0 Customers Bankers1 Jun-25: 4,621 Jun-25: 161 Mar-23 Jun-23 Sep-23 Dec-23 Mar-24 Jun-24 Sep-24
Slide 7: Strong lending momentum
Strong lending momentum. Upgrade to Jun-26 GLA guidance driven by improving productivity more than offsetting attrition Quarterly gross originations ($bn) Strong 1H26 net lending growth 1.6 1.5 • Strong gross originations continued, driven by Judo’s differentiated 1.3 CVP, improving productivity and
Slide 8: Credit quality performing in-line with expectations
Credit quality performing in-line with expectations. Economic outlook has improved; arrears lag the economic cycle Average portfolio probability of default1 2.25% 2.18% 2.18% 2.12% 2.06% • Dec-25 90+DPD and impaired of 2.66%, up modestly driven by a small number of exposures across a range of sector
Slide 9: CFO Update
CFO Update. Andrew Leslie Chief Financial Officer 9 1H26 Result Presentation
Slide 10: 1H26 result
1H26 result. Profit or Loss Statement ($m) 1H26 2H25 Change Income 245.7 222.0 11% Operating Expenses (119.1) (106.4) 12% Profit Before Impairment 126.6 115.6 10% Impairment Expense (40.1) (46.7) (14%) Profit Before Tax 86.5 68.9 26% NPAT 59.9 45.5 32% Key Operating Metrics 1H26 2H25 Change GLA ($m)
Slide 11: NIM – 1H26 vs 2H25
NIM – 1H26 vs 2H25. 2H26 NIM guidance upgraded to ~3.15% due to improved TD pricing 2H25 to 1H26 NIM movement (%) 3.04% (0.03%) 0.07% 3.03% 0.01% (0.02%) (0.04%) 2H26 expectations • 2H26 NIM guidance upgraded to ~3.15%, from ~3.1% • Continued improvement in funding cost and mix • Balancing lending a
Slide 12: Strong momentum in deposit franchise
Strong momentum in deposit franchise. New term deposit margin improved in 1H26 TD retail rollover rate (%) Deposit margins1 (bps) 73% • Strong deposit growth supporting lending 99 70% 70% momentum, balanced with wholesale flexibility 69% 86 92 65% 85 87 78 • TD retail rollover rate continues to impr
Slide 13: Diversified funding underpins continued scaling
Diversified funding underpins continued scaling. Deposits remain the cornerstone of scaling the Bank Judo’s funding stack (%) 11% 10% ~10% • TD balances approaching $11bn, 69% of total funding 11% • At-call savings product expansion on track ~15% 18% 23% 20% − Intermediated savings account (ISA) lau
Slide 14: Operating expenses
Operating expenses. Operating expenses ($m) and CTI (%) 57.4% 60.0% 1H26 drivers 200.0 55.0% • Employee benefits expenses driven by: 47.9% 48.5% 50.0% 150.0 – Wage inflation including higher super guarantee charges 115.4 119.1 45.0% 106.4 21.5 21.8 40.0% – Continued recruitment of relationship banke
Slide 15: Impairment expense and provisioning
Impairment expense and provisioning. Impairment expense ($m) Prudent provisioning ($m) 79bps 1.02% 0.95% 0.89% 1.50% 250 1.00% 62bps 70 53 51bps 185.8 192.1 0.50% 200 50 159.6 6.0 9.2 0.00% 43 6.0 150 -0.50% 30 33 112.0 110.2 -1.00% 10 100 113.0 -1.50% 46.7 23 40.1 -10 50 -2.00% 28.8 67.8 72.7 13 -3
Slide 16: Capital
Capital. Judo remains well capitalised 2H25 to 1H26 CET1 movement (%) • Strong Dec-25 CET1 ratio at 12.6% 13.1% (0.9%) 0.5% 0.1% 12.6% • Improving profitability continues to support capital (0.1%) (0.1%) position • No plans to issue additional core equity to achieve target at-scale loan book • Multi
Slide 17: Conclusion and Outlook
Conclusion and Outlook. Chris Bayliss Chief Executive Officer & Managing Director 17 1H26 Result Presentation
Slide 18: Judo strategy
Judo strategy. Our vision To be a world-class SME business bank Become a Achieve sector Sector 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 OPT
Slide 19: Unlocking growth opportunities
Unlocking growth opportunities. Clear growth levers supported by disciplined execution, solely focused on our differentiated CVP Strengthen SME lending franchise Optimise funding, capital & costs Disciplined, targeted growth Diversifying funding sources & lowering funding costs • Strong SME credit d
Slide 20: Banker enablement driving productivity
Banker enablement driving productivity. Focusing on the delivery of Judo’s CVP Smarter Faster Stronger Judgement Speed Relationship-led • Updates to lending delegation • Improved processing for loan • New portfolio reporting for bankers 1H26 framework modifications and small increases • Enhanced cus
Slide 21: SME trading conditions are favourable
SME trading conditions are favourable. Annual growth in non-financial business credit (%)1 15 10 Long-term average 6% • Private sector activity and business conditions 5 improved over 1H26 0 • Business credit demand remains robust -5 • Capacity constraints across the economy are 2011 2013 2015 2017
Slide 22: FY26 guidance
FY26 guidance. Momentum in operating leverage to continue Metric Detail FY26 Guidance Metrics-at-scale1 Strong lending growth to continue, supported by investments in GLA growth initiatives, productivity and ongoing penetration into regional $14.4bn – $14.7bn $15bn – $20bn and agribusiness lending F
Slide 23: Operating leverage trajectory to continue
Operating leverage trajectory to continue. Clear progress towards low-to-mid teens ROE PBT1 ($m) Implied 2H26 PBT Guidance2: $93.5m – $103.5m • Proven track record, consistent execution 86.5 • Strong financial performance delivered in 1H26 • Multiple levers for growth, strengthening the lending 68.9
Slide 24: Questions
Questions. 24 1H26 Result Presentation
Slide 25: Appendix
Appendix. 25 1H26 Result Presentation
Slide 26: Loan book characteristics
Loan book characteristics. Judo’s loan book over time ($bn) 13.4 5% 12.5 11.6 36% 10.7 9.7 8.9 95% 64% 7.5 6.1 4.8 Floating Fixed Interest Only Principal & Interest 3.5 2.6 1.8 15% Jun-20 Dec-20 Jun-21 Dec-21 Jun-22 Dec-22 Jun-23 Dec-23 Jun-24 Dec-24 Jun-25 Dec-25 28% Business loans Equipment loans
Slide 27: Warehouse lending
Warehouse lending. • Tailored warehouse facilities provided to non-bank financial institution (NBFI) lenders • Strong unmet credit demand in the emerging NBFI transaction space, outside the typical focus of established providers • Exposure to diversified products and customers through range of expos
Slide 28: 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 Impaired2 Impaired2 Jun-25 Dec-25 Jun-25 Dec-25 Jun-25 Dec-25 Jun-25 Dec-25 Jun-25 Dec-25 Rental, hiring and real estate services 3,0
Slide 29: Key asset quality ratios over time
Key asset quality ratios over time. Non-performing loans / GLA (%)1 3.41% 3.44% 0.01% 0.01% 3.18% 3.12% 2.93% 0.04% 0.03% 2.85% 2.90% 0.75% 0.01% 2.72% 0.94% 0.35% 0.71% 0.72% 0.02% 0.51% 0.60% 0.39% 0.97% 1.41% 1.31% 1.21% 1.31% 1.23% 1.48% 1.31% 90+ DPD and impaired assets 1.60% 1.15% 1.25% 1.10%
Slide 30: Judo’s hedging profile
Judo’s hedging profile. Lower interest rate risk through hedging. Reduced NIM volatility with ITOC As at 31 Dec 2025, Judo had an ITOC tenor of 3 years with $1.5bn of capital hedged (total equity of $1.7bn) Judo’s hedging profile as at Dec-25 ($m) Judo’s ITOC portfolio (%) 4.6% 15,000 4.4% 10,000 4.
Slide 31: 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 32: 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 17 February 2026. It is information given in summary form only and does not purport to be complete. It does
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