Pepper Money Ltd · ASX:PPM
Pepper Money — 1H 2026 Earnings Presentation
33 slides from Pepper Money's earnings presentation, Aug 20, 2026
Slide 1: Half Year Results
INVESTOR PRESENTATION 2026 Half Year Results 20 August 2026
Slide 2: Acknowledgement of Country
PEPPER MONEY Acknowledgement of Country Pepper Money acknowledges Australia’s First Nations people as the Traditional Custodians of the land and their continuing connection to country, sea and water. We pay respect to their Elders past and present. 2 © Pepper Money © Pepper MoneyLimited. Limited.
Slide 3: Today's Presenters
PEPPER MONEY Today’s Presenters Mario Rehayem Therese McGrath Chief Executive Officer Chief Financial Officer JOINED PEPPER MONEY IN 2011 JOINED PEPPER MONEY IN 2018 Over 25 years Appointed CEO of Pepper Over 30 years Previously held senior of experience across Money in 2017. Previously of internati
Slide 4: 1H 2026 Performance highlights
PEPPER MONEY 1H 2026 | Performance highlights Mortgages Asset Finance Total NIM² Coverage Ratio³ Cost to Income⁴ Originations Core Metrics $6.3bn $4.5bn $1.7bn Disciplined management 2.10% 0.79 % 49.4% +40% vs. PCP¹ +12bps vs. PCP Flat on PCP Improved 2% +63% vs. PCP +2% vs. PCP Mortgages – 1.64% on
Slide 5: Volume growth
BUSINESS UPDATE Volume growth Total Applications¹ ($bn) Total Originations ($bn) AUM ($bn) Half Year Full Year Half Year Full Year 30 Jun 31 Dec 2.5 2.5 24.0 $24.0bn $21.8bn 2.0 $9.9bn 22.0 2.0 $20.1bn 20.0 1.5 $7.4bn 1.5 $18.5bn $16.4bn $6.3bn 18.0 $16.7bn $10.3bn 1.0 16.0 1.0 $15.8bn $4.5bn 14.0 0
Slide 6: Mortgages | 1H 2026
BUSINESS UPDATE Mortgages | 1H 2026 Volume Margin Credit Quality Originations by Product ($bn) Weighted Interest Rates¹ (%) Coverage Ratio³ 0.21% 0.18% 0.18% 4.5 +63% PCP 0.17% 4.0 1H 2025 2H 2025 1H 2026 2.8 0.1 0.1 0.9 0.1 0.8 0.9 +35% Prime 7.0% 6.8% 7.5% 1.9 3.0 3.6 +14% 1H 2025 2H 2025 1H 2
Slide 7: Asset Finance | 1H 2026
BUSINESS UPDATE Asset Finance | 1H 2026 Volume Margin Credit Quality Originations by Product ($bn) Weighted Interest Rates¹ (%) Coverage Ratio³ 2.08% 1.86% 1.70% 1.71% 1.7 1.8 1.7 1H 2025 2H 2025 1H 2026 +2% PCP 0.8 0.8 0.9 +8% Tier A 8.8% 8.3% 8.9% 0.4 0.5 0.5 0.5 0.5 0.3 +23% (29)% Tier B 10
Slide 8: Loan & Other Servicing | 1H 2026
BUSINESS UPDATE Loan & Other Servicing | 1H 2026 Benefits of Loan & Targeted Whole Administration Loan portfolio Other Servicing Segments Loan Sales of loan portfolios acquisition Business diversification CAGR Servicing +55% AUM¹ ($bn) PCP Capital-light revenue stream +26% 5.1 5.5 CTI accretive – no
Slide 9: System growth
June 2026 Mortgages Asset Finance BUSINESS UPDATE Systems growth $3,249bn $3,000bn¹ $249bn Total Addressable Conforming: 88% Consumer: $76bn³ Market (AUM) Non-Conforming: 12%² Commercial: $173bn⁴ Mortgages⁵ AUM Walk Asset Finance AUM Walk Closing AUM (A$bn) Closing AUM (A$bn) 7x 9x Growth⁶ Growth⁷ s
Slide 10: Funding
BUSINESS UPDATE RAMS⁵ $15.4bn fund Funding Settled on 31 July 2026 Warehouses Public Term Non-conforming Prime Commercial Auto ABS Whole Loan Securitisations RMBS RMBS Real Estate Sale (WLS)⁴ $15.1bn Total capacity 25 Funders Domestic and international investors excluding Pepper Money $ 44.8bn³ $26.
Slide 11: Scaled technology, process improvements – efficient growth
BUSINESS UPDATE Scaled technology, process improvements – efficient growth Mortgages Servicing Settlements: Total AUM ($m) per Servicing FTE² # Originations per +37% Settlement FTE¹ +10% 455 428 313 1H 2025 2H 2025 1H 2026 Asset Finance 108.4 112.0 101.5 Settlements: # Originations per +8% Settlemen
Slide 12: Financial Performance
FINANCIALS Financial Performance Volume Income Pro-forma Expenses and FTE Pro-forma Profit Originations ($bn) Net Interest Margin (%) Total Expenses ($m) Profit pre-Tax and Loan Loss Expense ($m) (7)% +40% +17% 2.96% 2.87% 0% +7% 2.73% (0)% 125.4 124.9 5.9 6.3 1.98% 2.13% 2.10% 116.7 10.2 9.3 12.3 7
Slide 13: NIM Movement
Total NIM FINANCIALS +12bps NIM Movement +15bps (3)bps 0.10% (0.26)% 0.24% 0.13% Total NIM¹ increased by 12 bps versus (0.41)% 0.32% PCP driven primarily by improved 1.98% 2.13% 2.10% funding margins. Swap rates / BBSW are stabilising. 1H 2025 Customer BBSW / Funding 2H 2025 Customer BBSW / Funding
Slide 14: Credit Performance | Loan Loss Expense
FINANCIALS Credit Performance | Loan Loss Expense Half Year 90+ Day Arrears² as % of AUM Mortgages (excluding WLS⁴) $ Million¹ 1H 2026 2H 2025 1H 2025 Mortgages (including WLS⁴) 1.89% 1.83% Mortgages 1.66% Specific (0.8) (1.8) (2.7) 1.46% Mortgages Collective (3.5) (1.0) 5.3 Mortgages loan loss expe
Slide 15: Credit Performance | Loan Loss Provisions
FINANCIALS Credit Performance | Loan Loss Provisions Total Loan Loss Provisions ($m) Mortgages Loan Loss Provisions ($m) 0.18% 0.18% 0.17% 0.83% 21.4 0.79% 0.79% 18.4 3.0 Collective provision increase 16.8 2.0 2.0 3.2 driven by revised macro- 3.1 3.7 138.6 147.2 economic assumptions and 124.7 4.8 6.
Slide 16: Total Pro-forma Expenses
Pro-forma Total Expenses include FINANCIALS $(3.5) million non-recurring transaction costs Total Pro-forma Expenses Reported Pro-forma Expense¹ Half Year % 1H 2026 vs. FTE Movement (#) $ Million 1H 2026 2H 2025 1H 2025 2H 2025 1H 2025 Period close Employee benefits expense (68.5) (68.6) (63.5) 0% (8
Slide 17: Pro-forma Profit & Loss
FINANCIALS Half Year % 1H 2026 vs. Pro-forma $ Million 1H 2026 2H 2025 1H 2025 2H 2025 1H 2025 Profit & Loss Interest income Interest expense 676.0 638.1 637.5 6% 6% (491.5) (459.8) (480.2) (7)% (2)% Net interest income 184.5 178.3 157.3 3% 17% Lending fee income 33.3 35.5 32.5 (6)% 2% Lending expen
Slide 18: Financial Metrics (Pro-forma)
Half Year % 1H 2026 vs. FINANCIALS 1H 2026 2H 2025 1H 2025 2H 2025 1H 2025 Financial Volume ($ Billion) Originations – Mortgages 4.5 4.0 2.8 12% 63% Metrics Originations – Asset Finance Total Originations 1.7 6.3 1.8 5.9 1.7 4.5 (3)% 7% 2% 40% (Pro-forma) AUM lending – Mortgages (closing) 12.5 6.0 1
Slide 19: Capital | 1H 2026
FINANCIALS Capital | 1H 2026 Shareholder Returns Corporate Debt (at 30 June 2026) • Fully franked Interim Dividend for 2026 of Corporate Debt Facility (CDF) Medium-Term Notes Interim Dividend per Share 7.2 cents per share: increase of 12% per share on the 2025 Interim 7.2 cps¹ Additional drawdown $2
Slide 20: Sources and Uses of Cash
FINANCIALS Sources and Uses of Cash Corporate Cash Flow $ Million Movement Trust income 141.3 Key Movements: 31 December 2025 to 30 June 2026 Origination fees 30.0 Whole Loan Sale premium 66.1 Inflow Outflow Servicing and other income 14.0 Total income 251.4 Trust income Operating expenses Interest
Slide 21: Balance Sheet
As at FINANCIALS $ Million 30 June 2026 31 December 2025 30 June 2025 Balance Sheet Cash and cash equivalents 935.4 1,267.0 999.9 Receivables 30.1 25.2 16.5 Derivative financial assets 38.6 40.7 3.8 Key Movements: 31 December 2025 to 30 June 2026 Loans and advances 18,711.6 16,854.0 15,892.8 Other f
Slide 22: RAMS | Driving scale and efficiencies
BUSINESS UPDATE RAMS | Driving scale and efficiencies Accounts Employees Total Servicing Total AUM ($m) per Servicing FTE² Transitioned Joined AUM 44,778 41 FTE $20.9bn Servicing Productivity Post RAMS +58% Servicing Closing AUM ($bn) +43% RAMS | powered by Pepper +382% +282% 160.3 108.4 112.0 101.5
Slide 23: Outlook | Market and Macro
PEPPER MONEY Outlook | Market and Macro Pepper Money Enquiries Last 3 Months Total Australian Mortgage Enquiries1 Total market enquiries have # thousands materially slowed Australian (10)% Mortgage Market (18)% (20)% (15)% vs. +42% +11% Enquiries vs. Last since Budget 867.0 888.4 858.1 vs. Last sinc
Slide 24: Outlook | Pepper Money
PEPPER MONEY Outlook | Pepper Money Pepper Money continues to Increased diversification Core capabilities continue Capital and demonstrate the to business model to support growth cost management ability to manage through all cycles Capital light third party Funding markets remain strong: Tech platfo
Slide 25: Questions & Answers
Questions & Answers
Slide 26: Thank you
Thank you on behalf of all of Pepper Money Pepper Money Limited ABN 55 094 317 665. Australian Finance Services Licence 286655; Australian Credit Licence 286655 Pepper Asset Finance Pty Limited ACN 165 183 317; Australian Credit Licence 458899 © Copyright Pepper Money Limited. All rights reserved.
Slide 27: Appendices
Appendices
Slide 28: Loan Loss Provisions
APPENDIX 1 Loan Loss Movement in Loan Book and Coverage Ratio Movement in Macro-economic variables (MEV) Provisions Collective Specific Total AUM Coverage As at Provisions¹ Provisions Provisions As at Upside case Base case Downside case ($ Billion) Ratio (%) ($ Million) ($ Million) ($ Million) Upsid
Slide 29: Statutory Profit & Loss
APPENDIX 2 Half Year % 1H 2026 vs. Statutory $ Million 1H 2026 2H 2025 1H 2025 2H 2025 1H 2025 Profit & Loss Interest income Interest expense 676.0 638.1 637.5 6% 6% (491.5) (459.8) (480.2) (7)% (2)% Net interest income 184.5 178.3 157.3 3% 17% Lending fee income 33.3 35.5 32.5 (6)% 2% Lending expen
Slide 30: Glossary & Disclaimer
Glossary & Disclaimer
Slide 31: Glossary of Terms
PEPPER MONEY Glossary of Terms AUM – Lending (closing): Assets Under Management Employee benefits expense/Total operating income: Total Operating Income: Includes net interest income, originated and serviced (securitised and Pepper Money balance Employee benefits expense divided by total operating i
Slide 32: Disclaimer
PEPPER MONEY Disclaimer Summary information This Presentation contains summary information about Pepper Money Limited (ACN 094 317 665) (Pepper Money) and its Forward-looking information activities and is current only as at the date of this Presentation (unless specified otherwise). The material in
Slide 33: Pepper Money Limited licence details
Pepper Money Limited ABN 55 094 317 665. Australian Finance Services Licence 286655; Australian Credit Licence 286655 Pepper Asset Finance Pty Limited ACN 165 183 317; Australian Credit Licence 458899 © Copyright Pepper Money Limited. All rights reserved.