Slide 1: 1H FY26 Investor Presentation
19 February 2026 1H FY26 Investor Presentation Zip Co Limited (ASX: ZIP) (“Zip”, or the “Company”) today releases its 1H FY26 Investor Presentation. A conference call to discuss Zip’s 1H FY26 results will be held at 10.00 AM AEDT today. Participants can register for the conference call by navigatin
Slide 2: 1H FY26 Investor Presentation
1H FY26 Investor Presentation Zip Co Limited 19 February 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: 1H26 highlights
1. 1H26 highlights 3
Slide 5: Results reflect accelerated momentum and disciplined execution
Results reflect accelerated momentum and disciplined execution ü Sustainable, profitable growth at scale ü Significant margin expansion driven by material operating leverage ü Well positioned in both markets to deliver next phase of growth Total transaction volume (TTV) Cash EBTDA Operating margin $
Slide 6: 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, +42% 18.7% merchant and channel partnerships +47% 18.2% +45% High-growth US busi
Slide 7: Outstanding results driven by deepened customer engagement
TTV ($b) Total income ($m) Revenue margin (% of TTV) +34.1% YoY +29.2% YoY -30bps YoY 8.4 6.2 664.0 8.2% 7.9% 514.0 Reflects higher US Outstanding contribution (now 75% results driven of TTV) by deepened 1H25 1H26 1H25 1H26 1H25 1H26 customer engagement Active customers (m) Transactions (m) Merchant
Slide 8: Two-sided business model continues to underpin sustainable, profitable growth
Cash EBTDA ($m) Operating margin (%) Two-sided business +85.6% YoY +569bps YoY model continues to underpin sustainable, 124.3 18.7% profitable growth and 67.0 13.0% significant operating leverage at scale 1H25 1H26 1H25 1H26 Cash gross profit ($m) Net bad debts (% of TTV) Cash NTM (%) +33.5% YoY +17
Slide 9: Strong earnings growth across both regions
Strong earnings growth across both regions Group cash EBTDA ($m) US cash EBTDA ($m) ANZ cash EBTDA ($m) +85.6% +69.6% 124.3 115.8 +138.0% 30.5 67.0 68.3 30.8 38.0 10.8 12.8 1H24 1H25 1H26 1H24 1H25 1H26 1H24 1H25 1H26 Continued US growth with significant improvement in ANZ performance 8
Slide 10: Delivering strongly against Zip's FY26 strategic priorities
Delivering strongly against Zip’s FY26 strategic priorities Growth and engagement Product innovation Platforms for scale • Strengthened customer engagement • Expanded Pay-in-Z platform, making • Established new US$283.4m warehouse with annual average transactions per Pay-in-2 available to all custom
Slide 11: Commitment to operating sustainably and responsibly
Commitment to operating sustainably and responsibly Financial inclusion Inclusion, talent Environmental and customer management and impact wellbeing community Partnered with US television series Opportunity 45% Female representation Invested in carbon offsetting Knocks which supports across the Grou
Slide 12: Consideration of US listing update
Consideration of US listing update • Consistent with Zip’s objective to maximise long-term shareholder value, Zip continues to consider a dual listing on a US stock exchange following submission of a confidential draft registration statement to the US Securities and Exchange Commission in November 2
Slide 13: US performance
2. US performance TTV Revenue Cash (USD) (USD) EBTDA (USD) $4.1b $292.0m $76.0m +44.2% +46.4% +69.5% YoY YoY YoY 12
Slide 14: US: 70% YoY cash earnings growth with material operating leverage
US: 70% YoY cash earnings growth with material operating leverage Key performance metrics Growth and engagement (AUD unless stated otherwise) • Outstanding TTV and revenue growth driven by: 1H26 1H25 Change – Strong active customer growth, up 9.7% (+407k) YoY building on FY25 momentum TTV $6.3b $4.4
Slide 15: US: Executing a significant opportunity in an early-stage market
US: Executing a significant opportunity in an early-stage market Significant headroom for US BNPL market We serve 4.6m of the 100m+ Americans growth, adoption is still in the early stages that have been underestimated by traditional compared to more established markets1 financial services providers
Slide 16: US: Deeper customer engagement is driving material increase in transactions and spend
US: Deeper customer engagement is driving material increase in transactions and spend per active customer Transactions per active customer1 (x) Spend per active customer1 (US$) +24% CAGR +31% CAGR 1,579 11.3 1,503 11.0 1,419 10.6 10.1 1,319 9.3 9.4 1,180 1,205 8.8 1,112 8.1 1,021 7.3 905 6.9 860 1Q2
Slide 17: US: Newer customer cohorts are spending at an accelerated rate
US: Newer customer cohorts are spending at an accelerated rate Spend per customer in first 12 months of purchase (US$) 18 Two months years 400 +58% +91% 350 +21% +34% +58% +84% 300 250 +20% +49% +59% 200 150 1 2 3 4 5 6 7 8 9 10 11 12 July 2025 cohort July 2024 cohort July 2023 cohort July 2022 coho
Slide 18: US: Delivering strong new customer growth, efficiently
US: Delivering strong new customer growth, efficiently Maintained disciplined approach to balance active Underpinned by our differentiated capability to customer growth and losses appropriately underwrite everyday Americans profitably (Active customers, millions over last 12 months) ü Proven experti
Slide 19: US: Accelerated merchant growth supports customer acquisition and engagement
US: Accelerated merchant growth supports customer acquisition and engagement Distribution partners: Merchant integrations via Zip: Embedded finance: Stripe general availability Growing our network Expanding through Google Added large enterprise Continued momentum with Merchants can enable Zip on Str
Slide 20: US: An expanded Pay-in-Z platform is strengthening our value proposition
US: An expanded Pay-in-Z platform is strengthening our value proposition with a focus on non-discretionary verticals Zip US TTV split (%) YoY growth (%) Providing customers with greater flexibility through Pay-in-2 Household goods 44% Food and beverage Predominantly 53% 95% of surveyed 2Q26 pilot no
Slide 21: US: Credit losses within target range while delivering customer growth
US: Credit losses within target range while delivering on Zip’s customer growth strategy Net bad debts written off including recoveries as % of TTV1 Target range: 1.5 - 2.0% 1.84% Targeting 1.75 - 2.0% range for 2H26 1.52% 1.36% 1.20% 1.14% 1.00% 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 4Q26 • Well positi
Slide 22: US: Highly scalable platform creating material operating leverage
US: Zip has built a highly scalable platform creating material operating leverage and enabling ongoing margin expansion Cash opex as % of TTV (%) Cash EBTDA (US$m) and ü operating margin (%) Zip US has a highly efficient distribution model 25.3% 25.8% 2.5% 22.4% 2.4% Zip US is capital-light supporti
Slide 23: US: Well positioned with multiple levers to drive growth at scale
US: Well positioned with 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 • Ex
Slide 24: US: Exploring new cash flow smoothing products for our customers
US: Exploring new cash flow smoothing products for our customers Everyday Americans are navigating uneven Exploring product adjacencies that appeal to our customer income and rising essentials costs base and complement our short duration portfolio Bills EWA/Cash 67% >77m Only 10% Advance Americans A
Slide 25: ANZ performance
3. ANZ performance Excess Cash TTV spread (AU) EBTDA $2.1b 9.3% $30.5m +9.7% +241bps +138.0% YoY YoY YoY
Slide 26: ANZ: Cash earnings up 138% with revenue and AU receivables returning to growth
ANZ: Cash earnings up 138% with revenue and AU receivables returning to growth Key performance metrics (AUD) Growth and engagement 1H26 1H25 Change • Momentum accelerated, led by Zip Plus growth TTV $2.1b $1.9b +9.7% • Strong holiday trading period which included record total transactions and ‘Zip a
Slide 27: AU: Actively managed the portfolio to deliver yield and excess spread expansion
AU: Actively managed the portfolio to deliver yield and excess spread expansion Portfolio performance (excess spread)1 Arrears rate and net bad debts1,2 (% of AU receivables) (% of AU receivables) 18.6% 18.7% 20 5.0 4.7 4.6 4.0 15 4.3 4.2 4.3 4.2 4.0 3.9 4.0 6.9% 3.8 3.8 3.7 3.6 3.6 3.5 3.5 9.3% 3.0
Slide 28: ANZ: We have strengthened both sides of our two-sided flywheel
ANZ: We have strengthened both sides of our two-sided flywheel Customer engagement and New go-to-market initiatives satisfaction strengthened supports future growth Transactions per customer +23.4% Over 6k merchants added with large Spend per customer +19.8% enterprises in targeted verticals New int
Slide 29: ANZ: Investment to support sustainable, profitable growth
ANZ: Investment to support sustainable, profitable growth 100% of workforce enabled to engage with Delivering long-term value AI to increase automation and efficiency ü Drive top line growth Enhanced resiliency and simplification of technology platform ü Accelerate innovation Refreshed go-to-market
Slide 30: Financial performance
4. Financial performance 29
Slide 31: Strengthened financial results with all metrics within target
Strengthened financial results with all metrics within target FY25 result 1H26 result FY26 target range Within target (Announced August 2025) Revenue margin (Total income as a % of TTV) 8.3% 7.9% Circa 8% ü Cash NTM (% of TTV) 3.9% 3.8% 3.8% - 4.2% ü Operating margin (Cash EBTDA as a % of total inco
Slide 32: Income statement
Income statement Significant operating leverage underpinning strong cash earnings growth • Total income increased 29.2% vs $m 1H26 1H253 Change % 1H25 driven by 47.0% revenue growth in the US Revenue 658.1 509.2 +29.2 • Cash gross profit increased 33.5% vs Other income 5.9 4.8 +22.2 1H25 as a result
Slide 33: Unit economics
Unit economics Strong cash gross profit growth underpinned by top line growth and lower funding costs TTV and revenue margin1 TTV Total income1 8.9% $8.4b $664.0m 8.5% 8.2% 8.3% 7.9% +34.1% +29.2% $2.1 $1.9 $1.9 $1.9 $1.6 $6.3 Cash gross profit Cash NTM $4.4 $5.0 $3.1 $3.4 $314.3m 3.8% +33.5% (2bps)
Slide 34: Accounting provision – US segment (IFRS)
Accounting provision – US segment (IFRS) Movement in US ECL provision reflects disciplined execution of significant growth opportunity 8.8% 7.7% 7.7% • Provision increase in 1Q26 reflects 6.9% 6.8% 7.1% customer growth initiatives and 6.4% 6.6% 6.7% 6.1% above target TTV volume of 47.2% 53.0 YoY the
Slide 35: Operating efficiency
Operating efficiency Disciplined execution driving material uplift in operating margin Change $m FY24 FY23 2 • Focus on disciplined investment in $m 1H26 1H25 % % Change initiatives to drive top line growth supported strong cash earnings growth TTV $8.4b $6.2b +34.1 and resulted in operating margin
Slide 36: Liquidity
Liquidity Consistent cash flow generation with capacity to fund future growth Cash at 31 December 2025 ($m) 1H26 movements in available cash and liquidity ($m) 537.0 63.8 98.9 239.0 124.3 239.0 137.8 (9.8) (77.1) (367.3) (29.5) Reported cash Restricted cash Unavailable cash Excess in Available cash
Slide 37: Funding
Funding Continued enhancements to cost of funds with manageable facility expiries AU receivables funding Maturity profile ($m) • Portfolio weighted average margin reduced following lower margins achieved on receivables refinancing 1200 • Zip successfully settled a new $400m rated note issuance (2025
Slide 38: Capital management
Capital management Maximising long-term value and shareholder returns Guidelines • Zip will prioritise preserving a strong balance sheet • Invest capital in attractive growth opportunities and/or to enhance our competitive position Zip’s corporate strategy • Investment decisions guided by a lens on
Slide 39: Group results summary: sustainable profitability at scale
Group results summary: sustainable profitability at scale 1H26 1H25 Change Total transaction volume $8,379.4m $6,247.5m +34.1% Total income $664.0m $514.0m +29.2% Revenue margin1 7.9% 8.2% (30bps) Cash gross profit $314.3m $235.5m +33.5% Net cash transaction margin 3.8% 3.8% (2bps) Net bad debts as
Slide 40: Strategy and outlook
5. Strategy and outlook 39
Slide 41: Zip will continue to execute on three clear priorities in FY26
Zip will continue to execute on three clear priorities in FY26 Growth and Product Platforms engagement innovation for scale Secure new commercial Accelerate innovation through Further enhance credit partnerships Fearless Frontiers™ decisioning platforms Accelerate channel Launch AI-powered products
Slide 42: Outlook
Outlook Upgraded FY26 guidance following strong first half performance 1H26 FY26 result FY26 focus areas target range1 • US TTV growth expected to be greater than 40% (in USD) over FY26, balancing profitability and loss performance1 Revenue (Total income as a 7.9% • US TTV in January 2026 grew above
Slide 43: Q&A
Q&A 42
Slide 44: Appendix
Appendix 43
Slide 45: Mission and purpose
Mission and purpose Purpose Unlocking financial potential, together To bring exceptional experiences, innovation and partnership Mission to every financial journey Values Customer First Own It Change the Game Stronger Together 44
Slide 46: Regional cash net transaction margins and net bad debts
Regional cash net transaction margins and net bad debts Cash NTM Net bad debts ($m) % ANZ US $m ANZ (AUD) US (AUD) US (USD) 1Q24 3.6% 3.6% 1Q24 29.2 14.3 9.4 2Q24 3.4% 3.6% 2Q24 30.0 16.3 10.6 3Q24 4.8% 3.5% 3Q24 23.7 17.7 11.6 4Q24 4.6% 3.7% 4Q24 19.4 16.2 10.7 FY24 4.0% 3.6% FY24 102.3 64.5 42.3 %
Slide 47: Segment information
Segment information 1H26 Corporate and $m ANZ US other Total Total income 214.7 449.2 0.1 664.0 Cash cost of sales 1 (114.0) (235.9) 0.2 (349.7) Cash gross profit 100.7 213.3 0.3 314.3 Cash operating expenses (69.8) (97.4) (22.1) (189.3) Cash non-operating expenses (0.3) – (0.3) (0.7) Cash EBTDA 30.
Slide 48: Income statement
Income statement Breakdown of corporate, one-off adjustments and non-cash items Statutory Underlying $m 1H26 1H25 1H26 1H25 Total income 664.0 514.0 664.0 514.0 Cash EBTDA 124.3 67.0 124.3 67.0 Movement in bad debt provision (19.2) (32.1) (19.2) (32.1) Share‑based payments (10.8) (5.6) (10.8) (5.6)
Slide 49: Detailed unit economics
Detailed unit economics $m 1H26 1H25 Change % TTV 8.4b 6.2b +34.1 Total income1 664.0 514.0 +29.2 Interest expense2 (110.2) (106.2) (3.8) Net bad debts written off 3 (145.0) (97.4) (48.8) Bank fees and data costs (94.5) (74.9) (26.2) Cash cost of sales (349.7) (278.5) (25.6) Cash gross profit 314.3 2
Slide 50: Balance sheet
Balance sheet $m December-25 June-25 Cash and cash equivalents 169.6 149.0 Restricted cash 367.3 242.7 Other receivables 104.4 87.1 Income tax receivable 8.2 — Term deposit 4.6 4.6 Customer receivables 3,009.8 2,657.1 Derivative financial assets 0.8 — Property, plant and equipment and ROU assets 12.
Slide 51: Cash flows
Cash flows $m 1H26 1H25 Receipts from customers - portfolio interest 405.0 338.9 Receipts from customers - transactional and other income 268.2 181.0 Payments to suppliers and employees (295.4) (240.9) Net increase in merchant payables 427.4 257.5 Net increase in receivables (548.7) (334.3) Interest
Slide 52: Funding
Funding $m Dec-25 Jun-25 As at 31 December 2025 Secured funding facilities Facility Drawn at Maturity Facility vehicle limit D e c -25 Facility limits AU Zip Master Trust AU 2,388.0 2,476.3 - Rated Note Series US1 870.9 459.3 *2024-2 $332.5m $332.5m Sept 27 NZ1 17.3 18.5 *2025-1 $285.0m $285.0m Jul
Slide 53: Zip product suite
Zip product suite Product Pay-in-Z Zip Pay Zip Plus Zip Money Personal Loan Pay-in-4 Market US AU AU AU AU NZ Acceptance Everywhere¹ Everywhere¹ Everywhere¹ 59.7k merchants + N/A 4.2k merchants anywhere online Account type Pay by instalments Pay by account Pay by account Pay by account Pay by instal
Slide 54: US product suite: offering increased flexibility
US product suite: offering increased flexibility 11/26 11/26 11/26 Pay-in-21 Pay-in-4 Pay-in-8 Instalment length Up to 2 weeks Up to 6 weeks Up to 14 weeks Back-to-school, Example use cases Groceries, utilities Healthcare, electronics unexpected life events AOV (US$) US$68 US$124 US$374 % of HY26 TT
Slide 55: 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