Slide 1: FY26 Investor Presentation
20 August 2026 FY26 Investor Presentation Zip Co Limited (ASX: ZIP) (“Zip”, or the “Company”) today releases its FY26 Investor Presentation. A conference call to discuss Zip’s FY26 results will be held at 10.00 AM AEST today. Participants can register for the conference call by navigating to either
Slide 2: FY26 Investor Presentation
FY26 Investor Presentation Zip Co Limited 20 August 2026
Slide 3: 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 (Company). and other factors, many of which are outside the control of
Slide 4: FY26 highlights
1. FY26 highlights
Slide 5: High growth business delivering record profitability at scale
High growth business delivering record profitability at scale ü Exceeded FY26 guidance with 57.9% growth in cash earnings ü Accelerated US TTV growth with credit losses at 1.73% of TTV in FY26 and 1.67% in 4Q26 ü Increased customer engagement and strong operational execution ü Well positioned to dri
Slide 6: Significant top line growth underpinned by strengthened customer engagement
TTV ($b) Total income ($m) Revenue margin (% of TTV) +27.2% YoY +24.6% YoY -17bps YoY 16.7 13.1 1,347.4 8.3% 8.1% 1,081.1 Reflects Significant top higher US contribution line growth (now 76% of TTV) underpinned by strengthened FY25 FY26 FY25 FY26 FY25 FY26 customer engagement and Active customers (m
Slide 7: Increased profitability at scale driven by strong unit economics
Cash EBTDA ($m) Operating margin (%) Increased +57.9% YoY +420bps YoY profitability at scale 20.0% driven by strong unit 268.9 15.8% economics and operating leverage 170.3 FY25 FY26 FY25 FY26 Cash gross profit ($m) Group net bad debts (% of TTV) Cash NTM (%) +26.2% YoY +25bps YoY Flat (-3bps) YoY 64
Slide 8: Material earnings growth in both our regions
Material earnings growth in both our regions Group cash EBTDA ($m) US cash EBTDA ($m) ANZ cash EBTDA ($m) +57.9% +43.7% 268.9 +98.6% 227.8 170.3 158.5 69.5 69.0 77.2 33.0 35.0 FY24 FY25 FY26 FY24 FY25 FY26 FY24 FY25 FY26 In USD: 50.6 102.2 154.7 Sustainable profitability with continued US growth and
Slide 9: Enhanced operating leverage and operating margin expansion
Enhanced operating leverage and operating margin expansion Group operating margin (%) • Differentiated, two-sided +12.1ppts revenue model • Strong unit economics across 20.0% both markets with net bad debts in line with management 15.8% targets and strategic settings • Scalable platforms in both mar
Slide 10: Strong execution against FY26 strategic priorities
Strong execution against FY26 strategic priorities Growth and engagement Product innovation Platforms for scale • Strengthened customer engagement • Expanded Pay-in-Z platform via the • Strategic funding initiatives in both with transactions per customer of: rollout of Pay-in-2 (US) markets deliveri
Slide 11: 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 12: Delivering on our refreshed sustainability strategy
Delivering on our refreshed sustainability strategy Inclusion and potential Environment Governance and Risk • +72 (US) and +76 (ANZ) strong • Zip operations powered by 100% • Refreshed Group sustainability customer NPS renewable electricity strategy • Partnered with Forage to offer • Continued to di
Slide 13: US performance
$8.6b $613.1m $154.7m 2. TTV (in USD) Revenue (in USD) Cash EBTDA (in USD) US +42.5% +44.3% +51.4% performance YoY YoY YoY ü Record result with accelerated top line growth ü Strong new customer growth and deeper engagement ü Highly profitable growth and strong operating margin expansion
Slide 14: US: Accelerated growth and expanded operating margins
US: Accelerated growth and expanded operating margins 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) Revenue $613.1m $424.8m
Slide 15: US: Everyday Americans trust Zip to manage their cash flow
US: Everyday Americans trust Zip to manage their cash flow “When I don’t want to spend Customer TAM Zip serves 4.6m customers today like a big amount on a purchase, I just divide it into payments. • Skews savvy millennial women You don’t have to pay everything all at once. It’s simple, it’s easy • H
Slide 16: US: Pay-in-Z platform 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 (%) YoY growth (%) Pay-in-Z platform Household goods +38% Pay-in-2 Supports smaller, everyday Food and beverage +50% purchases with AOV of US$62 Predominantly (1% of TTV ) 1 (e.g
Slide 17: US: Profitably growing customers and deepening engagement
US: Profitably growing customers and deepening engagement Growing customers Deepening engagement Active customers (m, last 12 months) TXNs per customer (#) Spend per customer (US$) +9.3% (394k) +23.1% +30.5% YoY YoY YoY 4.6 1,851 13.1 4.3 10.6 1,419 8.8 1,112 3.8 FY24 FY25 FY26 FY24 FY25 FY26 FY24 F
Slide 18: 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 FY26 management target range: 1.5 - 2.0% • Net bad debts movement YoY reflects strong active customer and TTV growth in line with strategy, and scaling of Pay-in-
Slide 19: 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 market 1 US$1.3t market 2 US$100b+ market 3 US$350b+ market4 US$700b market2 Proven un
Slide 20: US: Delivering on three key FY27 priorities
US: Delivering on three key FY27 priorities Developing new products Accelerate capability Driving continued that meet more of our investment including AI to performance from the customer’s short-term cash support a multi-product core Pay-in-Z business flow management needs platform In FY27, Zip expe
Slide 21: ANZ performance
$4.0b 5.2% $69.5m 3. TTV Cash NTM Cash EBTDA ANZ +6.2% +90bps +98.6% performance YoY YoY YoY ü Step change in profitability with ~2x increase in cash earnings ü Revenue and AU receivables returned to growth ü Strengthened customer engagement led by Zip Plus
Slide 22: ANZ: ~2x increase in cash earnings with operating margin up 753bps
ANZ: ~2x increase in cash earnings with operating margin up 753bps 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 $413.7m +4.6% • Higher customer engagement led by Zip
Slide 23: ANZ: Sharper go-to-market attracting profitable customers
ANZ: Sharper go-to-market attracting profitable customers High-quality customer base Transactions per Total spend per active customer (#) active customer (A$) • Continue to attract a broad range of customers +16.7% +15.4% in terms of demographics and income YoY YoY +76 • Customer engagement strength
Slide 24: ANZ: Continued innovation to strengthen our flywheel and platform
ANZ: Continued innovation to strengthen our flywheel and platform Stronger and transformed customer experience Accelerated merchant focus Zip Plus expansion ZMobile launch Enhanced app Deeper network New experiences Agentic evolution Digital credit limit Launched to existing Launched recurring 5.8k
Slide 25: AU: Resilient portfolio in a higher rate environment
AU: Resilient portfolio in a higher rate environment Portfolio performance (excess spread) Arrears rate and net bad debts1,2 (% of AU receivables) (% of AU receivables) 20 5.0 19.3% 19.0% 15 4.0 3.9 4.0 8.7% 8.4% 3.8 3.8 3.8 3.6 3.7 3.5 3.5 3.5 3.6 10 3.0 3.3 3.2 3.3 3.2 3.2 3.2 3.0 5 2.0 0 1.0 Jan-
Slide 26: AU: Refreshed strategy for daily relevance for more Australians
AU: Refreshed strategy to ensure daily relevance for more Australians Our north star Serving the everyday Australian To be the homegrown • With a customer base representing circa 10% of the adult population we continue to serve the everyday Australian digital challenger providing • These customer wa
Slide 27: 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 28: Financial performance
4. Financial performance
Slide 29: Record financial results exceeding targets
Record financial results exceeding targets FY25 result FY26 result FY26 target range Met or exceeded target Revenue margin (Total income as a % of TTV) 8.3% 8.1% Circa 8% ü Cash NTM (% of TTV) 3.9% 3.9% 3.8% - 4.2% ü Operating margin (Cash EBTDA as a % of total income) 15.8% 20.0% 18.0%+ ü Cash EBTD
Slide 30: Income statement
Income statement Delivered cash earnings above FY26 guidance and strong net profit growth • Total income increased 24.6% with growth $m FY26 FY25 Change % in both markets Revenue 1,336.1 1,071.6 +24.7 • Cash gross profit grew 26.2% reflecting disciplined cost of sales management Other income 11.4 9.5
Slide 31: Unit economics
Unit economics Maintained strong unit economics with lower funding costs and disciplined net bad debts management TTV TTV and revenue margin1 Total income1 $16.7b $1.3b 8.5% 8.9% 8.2% 8.3% 7.9% 8.3% +27.2% +24.6% $2.1 $1.9 $1.9 $1.9 Cash gross profit Cash NTM $1.9 $1.6 $6.3 $6.4 $642.3m 3.9% $3.1 $3
Slide 32: 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 $13.1b +27.2 – Disciplined investment initiatives to drive top line grow
Slide 33: Liquidity
Liquidity Strong and consistent cash flow generation with ample capacity to fund growth initiatives Cash at 30 June 2026 ($m) FY26 movements in available cash and liquidity ($m) 427.5 268.9 10.7 (23.0) 72.1 246.5 246.5 137.8 (147.9) (224.8) (28.3) Reported cash Restricted cash Unavailable cash Exces
Slide 34: Funding
Funding Continued enhancements to cost of funds with manageable facility expiries AU receivables funding Maturity profile ($m) • Reduced weighted average margin following strong refinancing outcomes and extended tenor from 20 months to 28 months • Settled two new rated note issuances: 2-year facilit
Slide 35: 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 • Investm
Slide 36: Capital management initiatives
Capital management initiatives Maximising long-term shareholder value FY26 initiatives FY27 initiatives Prioritised additional investment in the US to $100m on-market share buyback support new product development completed in December 2025 Intends to acquire shares on market to minimise dilution fro
Slide 37: Strategy and outlook
5. Strategy and outlook
Slide 38: Zip will focus on two priorities in FY27
Zip will focus on two priorities in FY27 Prioritising investments to drive long-term shareholder value creation Drive growth and innovation Invest for long-term scale • Compound growth from core businesses • Invest efficiently in platforms and capabilities for scale • Unlock growth from new product
Slide 39: FY27 outlook
FY27 outlook Well positioned to deliver the next phase of growth FY26 FY27 result FY27 focus areas target range1 • US TTV growth expected to be greater than 30%1 (in USD) over FY27 from an increasingly larger base, balancing profitability and loss performance Revenue • Focused on driving continued a
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Slide 41: Appendix
Appendix
Slide 42: Sustainably profitable business with significant US opportunity
Sustainably profitable business with significant US opportunity US TTV (US$b) and Cash EBTDA ($m) and Two-sided revenue model driving powerful YoY growth (%) operating margin (%) network effects backed by deep customer, merchant and channel partnerships +41% +44% 21.2% 18.7% +43% High-growth US busi
Slide 43: 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 44: 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 45: Group results summary
Group 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 margin 1 8.1% 8.3% (17bps) Cash EBTDA +65.7% Cash gross profit $642.3m $509.0m +26.2% Net cash
Slide 46: Detailed unit economics
Detailed unit economics $m FY26 FY25 Change % TTV 16.7b 13.1b +27.2 Total income1 1,347.4 1,081.1 +24.6 Interest expense2 (215.7) (214.2) (0.7) Net bad debts written off 3 (294.4) (198.9) (48.0) Bank fees and data costs (194.9) (158.9) (22.6) Cash cost of sales (705.1) (572.1) (23.2) Cash gross profi
Slide 47: Regional cash net transaction margins and net bad debts
Regional cash net transaction margins and net bad debts Cash NTM Net bad debts ($m) % ANZ US $m ANZ (AUD) US (AUD) US (USD) 1Q25 4.1% 3.9% 1Q25 25.2 19.5 13.1 2Q25 3.8% 3.6% 2Q25 23.6 29.1 18.9 3Q25 4.5% 3.7% 3Q25 21.6 32.1 20.1 4Q25 4.9% 3.7% 4Q25 17.9 30.0 19.3 FY25 4.3% 3.7% FY25 88.3 110.7 71.3
Slide 48: Accounting provision – US segment (IFRS)
Accounting provision – US segment (IFRS) 8.8% 8.7% 7.7% 7.7% 7.6% • Provision balance increased to US$58.8m 6.9% 6.8% 6.7% 7.1% in 4Q26, reflecting continued customer, 6.1% 6.4% 6.6% 58.8 TTV and receivables growth 53.0 48.9 48.3 • Provision coverage moderated to 7.6% in 3Q26 before increasing to 8.
Slide 49: Australian business performance (ex New Zealand)
Australian business 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 Merchants 5
Slide 50: 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 sales 1 (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 2
Slide 51: Income statement
Income statement Breakdown of corporate, one-off adjustments and non-cash items Statutory Underlying $m FY26 FY25 FY26 FY25 • D&A reduced reflecting a reduction in acquired intangibles related to Total income 1,347.4 1,081.1 1,347.4 1,081.1 the US acquisition. Amortisation of Cash EBTDA 268.9 170.3
Slide 52: Balance sheet
Balance sheet $m 30 June 2026 30 June 2025¹ Cash and cash equivalents 202.7 149.0 Restricted cash 224.8 242.7 Other receivables 101.0 87.1 Term deposit 4.6 4.6 Customer receivables 3,016.4 2,657.1 Derivative financial assets 0.6 — Property, plant and equipment and ROU assets 11.1 15.3 Intangible ass
Slide 53: Cash flows
Cash flows $m FY26 FY25 Receipts from customers - portfolio interest income 843.2 701.7 Receipts from customers - transactional and other income 506.4 382.7 Payments to suppliers and employees (564.4) (478.8) Net cash settlement with merchants and customers (650.7) (444.6) Interest received from fina
Slide 54: Funding
Funding $m Jun-26 Jun-25 As at 30 June 2026 Secured funding facilities Facility Drawn at Maturity Facility vehicle limit J u n -26 Facility limits AU Zip Master Trust AU 2,422.5 2,476.3 - Rated Note Series US1 846.7 459.3 *2024-2 $332.5m $332.5m Sept-27 NZ1 16.4 18.5 *2025-1 $285.0m $285.0m Jul-28 T
Slide 55: Zip product suite
Zip product suite Product Pay-in-Z Zip Pay Zip Plus Zip Money Personal Loan ZMobile Market US AU AU AU AU AU Acceptance Everywhere¹ Everywhere¹ Everywhere¹ 62.6k merchants + N/A N/A anywhere online Account type Pay by instalments Pay by account Pay by account Pay by account Pay by instalments Pay by
Slide 56: Glossary
Glossary Term Definition FY Financial year ending 30 June of the relevant financial year 1H Six months ending 31 December of the relevant financial year 2H Six months ending 30 June of the relevant financial year 1Q Three months ending 30 September 2Q Three months ending 31 December 3Q Three months e