Pioneer Credit Ltd · ASX:PNC
Pioneer Credit — 1HY26 Earnings Presentation
23 slides from Pioneer Credit's earnings presentation, Feb 18, 2026
Slide 1: 1HY26 Results Presentation
1HY26 Results Presentation Keith John Barry Hartnett Managing Director Chief Financial Officer 18 FEBRUARY 2026
Slide 2: Important Notice: Disclaimer
1HY26 RESULTS PRESENTATION // FEBRUARY 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 an
Slide 3: Agenda
1HY26 RESULTS PRESENTATION // FEBRUARY 2026 AGENDA 1. HIGHLIGHTS 2. FINANCIAL PERFORMANCE 3. ABOUT US 4. OUTLOOK 5. APPENDIX 3
Slide 4: 1HY26 Highlights
1HY26 RESULTS PRESENTATION // FEBRUARY 2026 1HY26 HIGHLIGHTS • PDP Investment subdued due to suspended forward flows; since resumed o Investment of $31m (with most late in the half) ▪ $50m completed to mid Feb-26 ▪ $80m Guidance met (on completed and contracted investment); upside risk • Net Revenue
Slide 5: Performance Highlights
1HY26 RESULTS PRESENTATION // FEBRUARY 2026 PERFORMANCE HIGHLIGHTS CASH COLLECTIONS EBITDA EBIT NPAT $71.4m $51.5m $26.2m $10.2m 2HY25: $70.7m 2HY25: $48.3m 2HY25: $19.0m 2HY25: $5.0m ▲ 1% ▲ 7% ▲ 38% ▲ 104% $52m $26m $70m $72m $71m $71m $48m $22m $46m $10m $19m $39m $5m $2m ($10m) ($12m) 2H24 1H25 2
Slide 6: Portfolio Highlights
1HY26 RESULTS PRESENTATION // FEBRUARY 2026 PORTFOLIO HIGHLIGHTS PDP INVESTMENT PA PORTFOLIO ERC PDP ASSET $30.8m $408.6m $708.0m $350.1m 2HY25: $39.5m 2HY25: $419.1m 2HY25: $701.7m 2HY25: $343.0m ⯆ 22% ⯆ 3% ▲ 1% ▲ 2% $40m $469m $708m $441m $431m $702m $350m $419m $409m $343m $30m $31m $673m $28m $3
Slide 7: Financial Performance
1HY26 RESULTS PRESENTATION // FEBRUARY 2026 FINANCIAL PERFORMANCE 7
Slide 8: Income Statement
1HY26 RESULTS PRESENTATION // FEBRUARY 2026 INCOME STATEMENT Commentary 1 PROFIT OR LOSS ($’M) 2HY25 1HY26 Total income increased on improving margins with recent investment expected to contribute further into 2H Interest income at amortised cost 44.5 48.3 2 Net impairment gain/(loss) 1.0 (0.6) Empl
Slide 9: Cash Flow
1HY26 RESULTS PRESENTATION // FEBRUARY 2026 CASH FLOW Commentary 1 CASH FLOWS ($’M) 2HY25 1HY26 Modest decrease in net interest paid. The full benefit of 115bps margin reduction will be realised in 2H Cash Collections 69.8 74.9 2 Payments to suppliers and employees (25.3) (25.7) Operating cash flow
Slide 10: Balance Sheet
1HY26 RESULTS PRESENTATION // FEBRUARY 2026 BALANCE SHEET Commentary BALANCE SHEET ($’M) 2HY25 1HY26 1 Modest PDP assets growth, reflecting disciplined investment in Cash and cash equivalents 3.6 8.4 high quality PDPs; expected to increase strongly in 2H Trade and other receivables 7.2 3.8 1 PDP ass
Slide 11: About Pioneer Credit
1HY26 RESULTS PRESENTATION // FEBRUARY 2026 ABOUT PIONEER CREDIT 11
Slide 12: About Us
1HY26 RESULTS PRESENTATION // FEBRUARY 2026 ABOUT US 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 • Pioneer is a leading Australian purchaser and servicer
Slide 13: PDP Investment
1HY26 RESULTS PRESENTATION // FEBRUARY 2026 PDP INVESTMENT A proven PDP investment developed over nearly two decades, underpinned by disciplined pricing, diversification, and trusted bank partnerships PDP Investment by FY PDP Investment Mix: By Product Type $100.1m $0.25c Pioneer’s investment strate
Slide 14: ERC and Returns
1HY26 RESULTS PRESENTATION // FEBRUARY 2026 ERC AND RETURNS Pioneer’s reputation and exposure to Big Four Banks is increasing its moat Estimated Remaining Collections (ERC): By Product Type Underwriting ROI vs. Total ROI 4.0x 3.6 3% 4% Credit Cards 3.0x 5% 2.9 2.9 5% Personal Loans 2.7 Diverse vendo
Slide 15: Collections Performance
1HY26 RESULTS PRESENTATION // FEBRUARY 2026 COLLECTIONS PERFORMANCE Cumulative cash collections continue to outpace cumulative investment, reflecting disciplined underwriting and strong operational performance Collections by Vintage Cumulative Collections vs. Cumulative Investments ($m) Cash collect
Slide 16: Shareholder Alignment
1HY26 RESULTS PRESENTATION // FEBRUARY 2026 SHAREHOLDER ALIGNMENT Management who are strongly shareholder aligned and incentivised to deliver long-term sustainable growth SHAREHOLDER # SHARES % HOLDING Keith John Entities 17.2m 11% Long Term Incentive Plan ('LTI') • No Executive or Leadership Team m
Slide 17: Outlook & Guidance
1HY26 RESULTS PRESENTATION // FEBRUARY 2026 OUTLOOK & GUIDANCE 17
Slide 18: Outlook & FY26 Guidance
1HY26 RESULTS PRESENTATION // FEBRUARY 2026 OUTLOOK & FY26 GUIDANCE 1 2 3 4 5 TESTED AND STRONG TAILWINDS FOR DE-RISKED PDP UNLOCKING OPERATING FY26 GUIDANCE EXPERIENCED PDP OPPORTUNITIES INVESTMENT LEVERAGE MANAGEMENT • Tier 1 PDP supply was • $50m investment completed • Core System Replacement • F
Slide 19: Appendix
1HY26 RESULTS PRESENTATION // FEBRUARY 2026 APPENDIX 19
Slide 20: Board of Directors & Executive
1HY26 RESULTS PRESENTATION // FEBRUARY 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 • F
Slide 21: Customer Outcomes
1HY26 RESULTS PRESENTATION // FEBRUARY 2026 CUSTOMER OUTCOMES Net Promoter Score (NPS) evaluates Pioneers customer’s experience at all points in their journey NPS Measuring Customer Experience1 Customer NPS scores: All Vendors 80 40 +20 (43) +15 +16 +49 60 40 30 20 NPS First New Ongoing Settled Cont
Slide 22: Investment Lifecycle
1HY26 RESULTS PRESENTATION // FEBRUARY 2026 INVESTMENT LIFECYCLE Individual customer account example, showing consistent cashflows and returns beyond investment 1 2 3 Investment Lifecycle : Account Level Cashflow Cycle Purchased customer account Pioneer began to locate the Customer adjusts repayment
Slide 23: Oioneer
Oioneer credit