Q4 2026 Harmoney Corp Ltd Earnings Call

August 20, 2026

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Speaker #2: To dive with them. Many thanks for your interest and your attendance.

David Stevens: David, many thanks for your interest and attendance. Thanks, Michael. Hello, and welcome to Harmoney's full year 2026 results presentation. I am David Stevens, CEO and Managing Director of Harmoney. With me today is Simon Ward, our CFO. Harmoney has delivered a record full-year result, which I am really looking forward to sharing with you today. Cash NPAT of NZD 13.5 million exceeded the upgraded guidance we provided to the market in February, and every one of our key metrics improved on last year. We are also today setting FY27 guidance of a further step-up to NZD 16 million-plus. Now turning to slide 2. Today, I will begin with our FY26 key highlights, then our FY27 profit guidance, and then I will remind you of what sets Harmoney apart and how our customer flywheel works.

Michael Pegum: David, many thanks for your interest and attendance.

Speaker #3: Thanks, Michael. Hello and welcome to Harmoney's full-year 2026 results presentation. I'm David Stevens, CEO and Managing Director of Harmoney. With me today is Simon Ward, our CFO.

David Stevens: Thanks, Michael. Hello, and welcome to Harmoney's full year 2026 results presentation. I am David Stevens, CEO and Managing Director of Harmoney. With me today is Simon Ward, our CFO. Harmoney has delivered a record full-year result, which I am really looking forward to sharing with you today. Cash NPAT of NZD 13.5 million exceeded the upgraded guidance we provided to the market in February, and every one of our key metrics improved on last year. We are also today setting FY 2027 guidance of a further step-up to NZD 16 million+. Now turning to slide two. Today, I will begin with our FY 2026 key highlights, then our FY 2027 profit guidance, and then I will remind you of what sets Harmoney apart and how our customer flywheel works.

Speaker #3: Harmoney has delivered a record full-year result, which I'm really looking forward to sharing with you today. Cash and cap of $13.5 million exceeded the upgraded guidance we provided to the market in February, and every one of our key metrics improved on last year.

Speaker #3: We're also today setting financial year '27 guidance to further step up to $16 million plus. Now, turning to the next slide. Today, I'll begin with our financial year '26 key highlights, then our financial year '27 profit guidance, and then I'll remind you of what sets Harmoney apart and how our customer flywheel works.

Speaker #3: Before handing you over to Simon, who'll take you through the financial results in detail, I'll finally discuss our outlook before responding to your questions.

David Stevens: Before handing you over to Simon, who will take you through the financial results in detail. Finally, I will discuss our outlook before responding to your questions. Now turning to slide 3 and then onto slide 4 to highlight our key achievements for FY26. Cash NPAT was NZD 13.5 million, up 139%, exceeding the upgraded NZD 13 million guidance we provided to the market in February by a further half a million dollars, driven by our increasing scale and automation-driven operating efficiency. Our capital-efficient balance sheet means that profit translates into a full-year cash return on equity of 33%, which is an amazing result. This year, we achieved a NZD 10.2 million statutory net profit after tax, which is 86% growth from the prior year, driven by our underlying Cash NPAT result. Turning to lending and book growth.

David Stevens: Before handing you over to Simon, who will take you through the financial results in detail. Finally, I will discuss our outlook before responding to your questions. Now turning to slide three and then onto slide four to highlight our key achievements for financial year 2026. Cash NPAT was NZD 13.5 million, up 139%, exceeding the upgraded NZD 13 million guidance we provided to the market in February by a further half a million dollars, driven by our increasing scale and automation-driven operating efficiency. Our capital-efficient balance sheet means that profit translates into a full-year cash return on equity of 33%, which is an amazing result. This year, we achieved a NZD 10.2 million statutory net profit after tax, which is 86% growth from the prior year, driven by our underlying Cash NPAT result. Turning to lending and book growth.

Speaker #3: Now turning to slide 3, and then on to slide 4 to highlight our key achievements for financial year '26. Cash and cap was $13.5 million, up 139%, exceeding the upgraded $13 million guidance we provided to the market in February by a further half a million dollars.

Speaker #3: Driven by our increasing scale and automation-driven operating efficiency, our capital-efficient balance sheet means that profit translates into a full-year cash return on equity of 33%, which is an amazing result.

Speaker #3: This year we achieved a $10.2 million statutory net profit after tax, which is 86% growth on the prior year, driven by our underlying cash and cap result.

Speaker #3: Turning to lending and book growth, our Australian loan book grew 84%, and our New Zealand loan book returned solid growth, up 11% in New Zealand dollars.

David Stevens: Our Australian loan book grew 14%, and our New Zealand loan book returned a solid growth, up 11% in New Zealand dollars. At a group level, the headline number is up 7% because the New Zealand dollar fell 11 cents against the Australian dollar through the year to a 13-year low at balance date. Our net interest margin, or NIM, rose 90 basis points to 10.2%. Careful management of the margin on our new lending has delivered a sustained increase in the margin across the whole portfolio. Credit performance was stable with credit losses of 3.9%, up slightly from 3.7%, and within our 3% to 4% target range. Our 90-plus day arrears improved down to 0.67% from 0.74%. Our high level of automation drove further efficiency gains, with our cost-to-income ratio improving further down to 18%. Finally, Harmoney remains well funded for growth.

David Stevens: Our Australian loan book grew 14%, and our New Zealand loan book returned a solid growth, up 11% in New Zealand dollars. At a group level, the headline number is up 7% because the New Zealand dollar fell 11 cents against the Australian dollar through the year to a 13-year low at balance date. Our net interest margin, or NIM, rose 90 basis points to 10.2%. Careful management of the margin on our new lending has delivered a sustained increase in the margin across the whole portfolio. Credit performance was stable with credit losses of 3.9%, up slightly from 3.7%, and within our 3% to 4% target range. Our 90+ day arrears improved down to 0.67% from 0.74%. Our high level of automation drove further efficiency gains, with our cost-to-income ratio improving further down to 18%. Finally, Harmoney remains well funded for growth.

Speaker #3: At a group level, the headline number is up 7% because the New Zealand dollar fell 11 cents against the Australian dollar through the year to a 13-year low at balance date.

Speaker #3: Our net interest margin, or NIM, rose 90 basis points to 10.2%. Careful management of the margin on our new lending has delivered a sustained increase in the margin across the whole portfolio.

Speaker #3: Credit performance was stable, with credit losses of 3.9%, up slightly from 3.7%, and within our 3 to 4 percent target range. Our 90-plus day arrears improved, down to 0.67% from 0.74%.

Speaker #3: Our high level of automation drove further efficiency gains, with our cost-to-income ratio improving further, down to 18%. And finally, Harmoney remains well funded for growth.

Speaker #3: We refinanced our corporate debt with a Big Four Australian bank in December 2025. We have warehouse facilities from three of the Big Four banks, with total capacity over $1 billion, and we closed this year with $27 million of unrestricted cash, plus a further $12 million of accessible cash, and this was even after repaying $7.5 million of corporate debt during the year.

David Stevens: We refinanced our corporate debt with a Big Four Australian bank in December 2025. We have warehouse facilities from three of the Big Four banks with total capacity over AUD 1 billion. We closed this year with AUD 27 million of unrestricted cash, plus a further AUD 12 million of accessible cash, and this was even after repaying AUD 7.5 million of corporate debt during the year. Now turning to slide five. At Harmoney, we are committed to our reputation for delivering on what we tell the market. I am delighted to confirm that this year, we have again exceeded our market guidance. We upgraded our FY26 Cash NPAT guidance from AUD 12 million to AUD 13 million at the H1, and we have exceeded that upgraded number by a further half a million dollars with Cash NPAT of AUD 13.5 million.

David Stevens: We refinanced our corporate debt with a Big Four Australian bank in December 2025. We have warehouse facilities from three of the Big Four banks with total capacity over AUD 1 billion. We closed this year with AUD 27 million of unrestricted cash, plus a further AUD 12 million of accessible cash, and this was even after repaying AUD 7.5 million of corporate debt during the year. Now turning to slide five. At Harmoney, we are committed to our reputation for delivering on what we tell the market. I am delighted to confirm that this year, we have again exceeded our market guidance. We upgraded our FY 2026 Cash NPAT guidance from AUD 12 million to AUD 13 million at the H1, and we have exceeded that upgraded number by a further half a million dollars with Cash NPAT of AUD 13.5 million.

Speaker #3: Now, turning to slide 5. At Harmoney, we are committed to our reputation for delivering on what we tell the market. So, I'm delighted to confirm that this year we have again exceeded our market guidance.

Speaker #3: We upgraded our financial year 2026 cash end cap guidance from $12 million to $13 million at the half year, and we've exceeded that upgraded number by a further half a million dollars, with a cash end cap of $13.5 million.

Speaker #3: We also delivered on the supporting metrics we guided to. We said net interest margin of around 10%; we delivered 10.2%. We said risk-adjusted income of around 6%; we delivered 6.4%.

David Stevens: We also delivered on the supporting metrics we guided to. We said net interest margin of around 10%, we delivered 10.2%. We said risk-adjusted income of around 6%, we delivered 6.4%. Risk-adjusted income is our income after both funding costs and actual credit losses and is a core measure we manage this business to. Our loan book, we guided to over AUD 900 million by year-end. In the currency each book is written in, we comfortably achieved that in both countries. On a reported basis, the group loan book was AUD 889 million because of the low year-end New Zealand dollar. Now turning to slide six and onto slide seven. Our FY26 performance gives us the confidence to guide to a further step-up in the year ahead. We are setting FY27 Cash NPAT guidance of AUD 16 million plus.

David Stevens: We also delivered on the supporting metrics we guided to. We said net interest margin of around 10%, we delivered 10.2%. We said risk-adjusted income of around 6%, we delivered 6.4%. Risk-adjusted income is our income after both funding costs and actual credit losses and is a core measure we manage this business to. Our loan book, we guided to over AUD 900 million by year-end. In the currency each book is written in, we comfortably achieved that in both countries. On a reported basis, the group loan book was AUD 889 million because of the low year-end New Zealand dollar. Now turning to slide six and onto slide seven. Our FY 2026 performance gives us the confidence to guide to a further step-up in the year ahead. We are setting FY 2027 Cash NPAT guidance of AUD 16 million plus.

Speaker #3: Risk-adjusted income is our income after both funding costs and actual credit losses, and is a core measure we manage this business to. Our loan book—we guided to over $900 million by year-end, and in the current CH book as written—we comfortably achieved that in both countries. On a reported basis, the group loan book was $889 million because of the low year-end New Zealand dollar.

Speaker #3: Now turning to slide 6, and on to slide 7. Our financial year '26 performance gives us confidence to guide to a further step up in the year ahead.

Speaker #3: We are setting financial year '27 cash impact guidance of $16 million-plus. As you can see from the chart, that continues a remarkable trajectory—a compound annual growth rate of 187%, from $0.7 million of cash end cap in financial year '24 to our financial year '27 guidance, three years later.

David Stevens: As you can see from the chart, that continues a remarkable trajectory, a compound annual growth rate of 187% from AUD 0.7 million of Cash NPAT in FY24 to our FY27 guidance three years later. This guidance also reflects the year of building ahead of us. Our scaling auto product and new intermediary channel, and the launch of our mobile app, all of which I will come back to in the outlook. Finally, on this slide, the board and management continue to see significant value in Harmoney's equity at current levels. Having now released our FY26 results, our on-market buyback can now recommence in line with the 12-month extension we announced on 22 April 2026. Now turning to slide eight and onto slide nine. I would like to take a moment here to provide a quick recap of what sets Harmoney apart from others.

David Stevens: As you can see from the chart, that continues a remarkable trajectory, a compound annual growth rate of 187% from AUD 0.7 million of Cash NPAT in FY24 to our FY 2027 guidance three years later. This guidance also reflects the year of building ahead of us. Our scaling auto product and new intermediary channel, and the launch of our mobile app, all of which I will come back to in the outlook. Finally, on this slide, the board and management continue to see significant value in Harmoney's equity at current levels. Having now released our FY 2026 results, our on-market buyback can now recommence in line with the 12-month extension we announced on 22 April 2026. Now turning to slide eight and onto slide nine. I would like to take a moment here to provide a quick recap of what sets Harmoney apart from others.

Speaker #3: This guidance also reflects the year of building ahead of us—our scaling auto product, the new intermediary channel, and the launch of our mobile app—all of which I'll come back to in the outlook.

Speaker #3: Finally, on this slide, the Board and management continue to see significant value in Harmoney's equity at current levels. Having now released our financial year 2026 results, our on-market buyback can now recommence, in line with the 12-month extension we announced on the 22nd of April 2026.

Speaker #3: Now, turning to slide 8 and then on to slide 9. I'd like to take a moment here to provide a quick recap of what sets Harmoney apart from others.

Speaker #3: We run a scalable, automated, online personal lending business across Australia and New Zealand. We have a total market opportunity of more than $150 billion, with a current market share of less than 1%, so we have a huge total addressable market in front of us.

David Stevens: We run a scalable, automated online personal lending business across Australia and New Zealand. We have a total market opportunity of more than AUD 150 billion with current market share of less than 1%. We have a huge total addressable market in front of us. Our algorithms partner with Google's to attract prime, high-intent customers at low cost. Our direct relationship with those customers, and our great customer experience sees them returning again and again for their borrowing needs at near zero acquisition costs. We use deep first-party data and AI models to deliver a prime loan book at a risk-adjusted income above 6%, that being our income after both funding costs and actual credit losses. We are funded by three of the Big Four banks, and we are an established issuer in the public asset-backed securitization market.

Speaker #3: Our algorithms partner with Google's to attract prime, high-end tech customers at low cost. Then, our direct relationship with those customers and our great customer experience see them returning again and again for their borrowing needs at near-zero acquisition costs.

Speaker #3: We use deep first-party data and AI models to deliver a prime loan book at a risk-adjusted income above 6%. That is our income after both funding costs and actual credit losses.

Speaker #3: We are funded by three of the Big Four banks, and we're an established issuer in the public asset-backed securitization market. Our stellar platform drives a low cost-to-income ratio of 18%, and our cash return on equity for the year was 33%, which is exceptional in any business, and especially in financial services.

David Stevens: Our Stellare platform drives a low cost-to-income ratio of 18%, and our cash return on equity for the year was 33%, which is exceptional in any business and especially in financial services. Just a quick reminder of our product on the right-hand side of the page. Our loans are up to AUD 100,000, with an average new loan size of AUD 18,000, dispersed to customers within minutes. We offer personalized pricing based on the borrower's risk profile from 5.76% to 24.99%. We do not charge any fees other than a one-off establishment fee. Terms run up to seven years, and we now offer both secured and unsecured options. Our loans are typically used for debt consolidation, home renovations, cars, and helping people with life events such as weddings, education, and travel. Now turning to slide 10.

Speaker #3: Just a quick reminder of our product on the right-hand side of the page: our loans are up to $100,000, with an average new loan size of $18,000, disbursed to customers within minutes.

Speaker #3: We offer personalized pricing based on the borrower's risk profile, ranging from 5.76% to 24.99%. We don't charge any fees other than a one-off establishment fee.

Speaker #3: Terms run up to seven years, and we now offer both secured and unsecured options. Our loans are typically used for debt consolidation, home renovations, cars, and helping people with life events such as weddings, education, and travel.

Speaker #3: Now, turning to slide 10. I want to spend a moment reminding everyone about our customer flywheel, which is a core driver of Harmoney's success.

David Stevens: I want to spend a moment reminding everyone about our customer flywheel, which is a core driver of Harmoney's success. When Harmoney acquires a customer, we are not thinking about a single transaction. We are thinking about an ongoing relationship. The data here tells a powerful story. Our history shows that on average, our customers borrow an additional 150% after their initial loan. So if someone takes out AUD 18,000 initially, they subsequently come back for another AUD 27,000 over their lifetime with us so far. Here are the economics that matter. That first loan cost us around 5.6% in customer acquisition cost, so about AUD 1,000 on an AUD 18,000 loan. Each time that customer returns, the cost of acquisition is near zero due to the direct relationship we already have with them. This is pure margin expansion. They do not take long to come back.

Speaker #3: When Harmoney acquires a customer, we're not thinking about a single transaction. We're thinking about an ongoing relationship. The data here tells a powerful story.

Speaker #3: Our history shows that, on average, our customers borrow an additional 150% after their initial loan. So, if someone takes out $18,000 initially, they subsequently come back for another $27,000 over their lifetime with us.

Speaker #3: So far, here are the economics that matter. That first loan cost us around 5.6% in customer acquisition cost, so about $1,000 on an $18,000 loan.

Speaker #3: Each time that customer returns, the cost of acquisition is near zero due to the direct relationship we already have with them. This is pure margin expansion.

Speaker #3: And they don't take long to come back. The average time between a customer's first and second loan is 15 months. This isn't a theoretical long-term play.

David Stevens: The average time between a customer's first and second loan is 15 months. This is not a theoretical long-term play. The flywheel spins fast. You can see it is working in this year's numbers. Lending to our existing customers grew 41% to AUD 216 million. We are not in the business of one-time transactions. We are building a compounding growth profit engine, where every customer we acquire today becomes increasingly valuable tomorrow. Now turning to slide 11, we will walk you through each component of the Harmoney flywheel. This slide shows the four interconnected stages of the Harmoney value flywheel, all powered by our Stellare platform. I will now take you through each stage and how it creates compounding economics for Harmoney. Stage 1, customer acquisition. We start with a smart, targeted acquisition. Our algorithms work alongside Google's to identify prime customers who are actively looking for credit. People with strong credit histories and genuine intent.

Speaker #3: The flywheel spins fast, and you can see it's working in this year's numbers. Lending to our existing customers grew 41% to $216 million. We're not in the business of one-time transactions; we're building a compounding growth profit engine, where every customer we acquire today becomes increasingly valuable tomorrow.

Speaker #3: Now, turning to slide 11, we'll walk you through each component of the Harmony flywheel. This slide shows the four interconnected stages of the Harmony value flywheel, all powered by our stellar platform.

Speaker #3: I'll now take you through each stage and how it creates compounding economics for Harmoney. Stage one: customer acquisition. We start with a smart, targeted acquisition.

Speaker #3: Our algorithms work alongside Google's to identify prime customers who are actively looking for credit—people with strong credit histories and genuine intent. We're using over 12 years of proprietary data to find exactly the right customers, and that precision is hard to replicate.

David Stevens: People with strong credit histories and genuine intent. We are using over 12 years of proprietary data to find exactly the right customers, and that precision is hard to replicate. Our acquisition cost on new customers is around 5.6%. Stage 2, deliver experience. We then focus on delivering experience that makes our customers want to come back. Minutes to apply, an instant decision, and money in minutes. This is not just good service, this is creating customer delight at scale through automation. Every interaction builds trust and increases the likelihood they will return. Stage 3, customers returning. We already have a direct relationship with our customers. Acquisition costs on subsequent lending is near zero. On average, customers come back for a further 150% of their first loan value over time.

David Stevens: We are using over 12 years of proprietary data to find exactly the right customers, and that precision is hard to replicate. Our acquisition cost on new customers is around 5.6%. Stage 2, deliver experience. We then focus on delivering experience that makes our customers want to come back. Minutes to apply, an instant decision, and money in minutes. This is not just good service, this is creating customer delight at scale through automation. Every interaction builds trust and increases the likelihood they will return. Stage 3, customers returning. We already have a direct relationship with our customers. Acquisition costs on subsequent lending is near zero. On average, customers come back for a further 150% of their first loan value over time. Because we have already covered our acquisition cost, the income on every dollar of that additional lending is nearly pure margin. Stage 4, data intelligence.

Speaker #3: Our acquisition cost on new customers is around 5.6%. Stage 2: Deliver experience. We then focus on delivering an experience that makes our customers want to come back.

Speaker #3: Minutes to apply, an instant decision, and money in minutes. This isn't just good service—this is creating customer delight at scale through automation. Every interaction builds trust and increases the likelihood they'll return.

Speaker #3: Stage 3: Customers returning. We already have a direct relationship with our customers; acquisition costs on subsequent lendings are near zero. On average, customers come back for a further 150% of their first loan value over time.

Speaker #3: Because we've already covered our acquisition cost, the income on every dollar of that additional lending is nearly pure margin. Stage 4: Data Intelligence. This stage is what makes the Harmoney flywheel truly defensible.

David Stevens: Because we have already covered our acquisition cost, the income on every dollar of that additional lending is nearly pure margin. Stage 4, data intelligence. This stage is what makes the Harmoney flywheel truly defensible. With every loan, we generate more first-party data, which makes our AI and decision models better. Better models mean better decisions, lower losses, and the ability to approve more customers safely. It's a virtuous cycle that is hard for competitors to replicate. On the right-hand side of the page, you can see the result. Unit economics that compound, delivering risk-adjusted income of 6.4% and a cash return on equity of 33% this year. This isn't a theory. These are actual results. Now turning to slide 12, I'll hand over to our CFO, Simon Ward, who'll take you through our financial results in more detail.

David Stevens: This stage is what makes the Harmoney flywheel truly defensible. With every loan, we generate more first-party data, which makes our AI and decision models better. Better models mean better decisions, lower losses, and the ability to approve more customers safely. It's a virtuous cycle that is hard for competitors to replicate. On the right-hand side of the page, you can see the result. Unit economics that compound, delivering risk-adjusted income of 6.4% and a cash return on equity of 33% this year. This isn't a theory. These are actual results. Now turning to slide 12, I'll hand over to our CFO, Simon Ward, who'll take you through our financial results in more detail.

Speaker #3: With every loan we generate, we gain more first-party data, which makes our AI and decision models better. Better models mean better decisions, lower losses, and the ability to approve more customers safely.

Speaker #3: It's a virtuous cycle that is hard for competitors to replicate. And on the right-hand side of the page, you can see the result.

Speaker #3: Unit economics at compound, delivering risk-adjusted income of 6.4% and a cash return on equity of 33% this year. This isn't a theory—these are actual results.

Speaker #3: Now, turning to slide 12, I'll hand over to our CFO, Simon Ward, who will take you through our financial results in more detail.

Speaker #2: Thanks, David. And hello, everybody. Please turn to slide 13, summarising our key financial metrics for the year ended 30 June 2026. As David has said, this year Harmony has delivered a record result.

Simon Ward: Thanks, David, and hello, everybody. Please turn to slide 13, summarizing our key financial metrics for the year ended 30 June 2026. As David has said, this year, Harmoney has delivered a record result. As you'll see on the slide, we've delivered it with an improvement in every key metric on the page. I'll touch on each of these now before going into more detail on the following slides. Firstly, our loan book grew 7% to NZD 889 million. As David mentioned, that headline growth was suppressed by the weaker year-end New Zealand dollar. That loan book growth drove revenue up 10% to NZD 145 million, with our average portfolio interest rate maintained at 16.9%. Our net interest margin, or NIM, improved by 90 basis points to 10.2%, driven by a 100 basis point reduction in our funding costs.

Speaker #2: And as you'll see on the slide, we've delivered it with an improvement in every key metric on the page. I'll touch on each of these now, before going into more detail on the following slides.

Speaker #2: Firstly, our loan book grew 7% to $889 million. As David mentioned, our headline growth was suppressed by the weaker year-end New Zealand dollar. That loan book growth drove revenue up 10% to $145 million, with our average portfolio interest rate maintained at 16.9%.

Speaker #2: Our net interest margin, or NIM, improved by 90 basis points to 10.2%, driven by a 100 basis point reduction in our funding costs. Our risk-adjusted margin, which is our margin after both funding costs and actual credit losses, improved by 70 basis points to 6.4%.

Simon Ward: Our risk-adjusted margin, which is our margin after both funding costs and actual credit losses, improved by 70 basis points to 6.4%. Our acquisition to originations ratio improved 30 basis points to 3.1%. The Stellare® 2.0 delivered higher new customer conversion across both countries, and as Harmoney's customer flywheel brought those customers back for further lending at near zero acquisition costs. Our cost-to-income ratio improved over 110 basis points to 17.8%, remaining market leading. This is a direct result of the operating leverage we get from our highly automated Stellare® 2.0 platform. These improvements across every key metric delivered our statutory NPAT of NZD 10.2 million, up 86%, and our cash NPAT of NZD 13.5 million, up 139%.

Speaker #2: Our acquisition to originations ratio improved by 30 basis points to 3.1%. The Stil Year 2.0 delivered higher new customer conversion across both countries. It is Harmoney's customer flywheel that brought those customers back for further lending at near zero acquisition cost.

Speaker #2: Our cost-to-income ratio improved by over 110 basis points, to 17.8%, remaining market-leading. This is a direct result of the operating leverage we get from our highly automated Stellar 2.0 platform.

Speaker #2: These improvements across every key metric delivered our statutory impact of $10.2 million, up 86%, and our cash impact of $13.5 million, up 139%. Our capital-efficient balance sheet means that the strong profit result translates into a statutory return on equity of 25%.

Simon Ward: Our capital efficient balance sheet means that the strong profit result translates into a statutory return on equity of 25%, and a cash return on equity of 33%, more than double last year. On the next few slides, I'll discuss each of these key performance metrics in more detail. Now turning to slide 14, looking at our loan book and revenue. With Stellare 2 now having operated in both countries for a full year, we saw good growth in both markets. While the group loan book grew 7% to NZD 889 million, the underlying local currency growth in each country was stronger than that, with the Australian loan book up 14% to AUD 556 million and the New Zealand loan book up 11% in local currency to NZD 406 million. The Australian loan book is now 62% of the total loan portfolio.

Speaker #2: And a cash return on equity of 33%, more than double last year. On the next few slides, I'll discuss each of these key performance metrics in more detail.

Speaker #2: Now turning to slide 14, looking at our loan book and revenue. With Stellar 2 now having operated in both countries for a full year, we saw good growth in both markets.

Speaker #2: While the group loan book grew 7% to $889 million, the underlying local currency growth in each country was stronger than that, with the Australian loan book up 14% to $556 million, and the New Zealand loan book up 11% in local currency to 406 million New Zealand dollars.

Speaker #2: The Australian loan book is now 62% of the total loan portfolio. With the average portfolio interest rate maintained at 16.9%, it's the loan book growth that drove the 10%, or $13 million, revenue increase shown in the chart on the right.

Simon Ward: With the average portfolio interest rate maintained at 16.9%, it is the loan book growth that drove the 10% or NZD 13 million revenue increase shown in the chart on the right. While the weaker year-end New Zealand dollar suppresses the reported group loan book metric, it did not have a material impact on our profitability due to the structural hedging within the business, as most of our operating cost base is in New Zealand. Turning to slide 15, looking at our lending metrics. A key feature of the Harmoney business is the consistent strength of our lending margins, underpinned by our proprietary credit assessment models, which allow us to price attractively to prime borrowers, driving low credit losses, with those low credit losses then unlocking competitive funding rates. Looking at the chart on the top right, you can see the three core levers of our lending margin.

Speaker #2: While the weaker year-end New Zealand dollar suppresses the reported group loan book metric, it did not have any material impact on our profitability due to the structural hedging within the business, as most of our operating cost base is in New Zealand.

Speaker #2: Now, turning to slide 15 and looking at our lending metrics. A key feature of the Harmoney business is the consistent strength of our lending margins, underpinned by our proprietary credit assessment models.

Speaker #2: Which allows us to price attractively to prime borrowers, driving low credit losses, with those low credit losses then unlocking competitive funding rates. Looking at the chart on the top right, you can see the three core levers of our lending margin.

Speaker #2: The top line shows our average portfolio interest rate, steady at 16.9%. The middle line shows our funding rate, which reduced by 100 basis points to 6.8%.

Simon Ward: The top line shows our average portfolio interest rate steady at 16.9%. The middle line shows our funding rate, which reduced by 100 basis points to 6.8%, reflecting lower base rates flowing through our swap resets and improved margins across our warehouse facilities. The third line is our actual credit losses, which are up slightly at 3.9%, but remain stable and within our target 3% to 4% range. Looking at the chart on the bottom right, you can see the combined outcome of these underlying trends. Lower funding costs against a steady portfolio interest rate lifted our net interest margin by 90 basis points to 10.2%. The ultimate measure of our portfolio's profitability is the risk-adjusted income, being our income after funding costs and actual credit losses. This is the key comparative between lending portfolios, and this year, Harmoney's has reached an exceptional 6.4%, up 70 basis points.

Speaker #2: Reflecting lower base rates flowing through our swap resets and improved margins across our warehouse facilities. Then, the third line is our actual credit losses, which are up slightly at 3.9%, but remain stable and within our target 3% to 4% range.

Speaker #2: Looking at the chart on the bottom right, you can see the combined outcome of these underlying trends. Lower funding costs, against a steady portfolio interest rate, lifted our net interest margin by 90 basis points to 10.2%.

Speaker #2: Then the ultimate measure of our portfolio's profitability is the risk-adjusted income, being our income after funding costs and actual credit losses. This is the key comparator between lending portfolios.

Speaker #2: And this year, Harmoney's has reached an exceptional 6.4%, up 70 basis points. Next, turning to slide 16, where I'll provide more detail on our credit performance.

Simon Ward: Next, turning to slide 16, where I will provide more detail on our credit performance. Harmoney's consumer direct model provides us with rich, deep consumer data, which we use to train our AI credit models. This has enabled us to build a prime loan book of resilient borrowers, with 70% employed in either professional, office, or trade roles, and 88% aged 30 years and older. Further demographic detail on the loan book is provided in the appendix to this presentation. Looking at the chart on the top right, credit losses were up 20 basis points this year to 3.9%. But looking back over a longer period gives a more useful picture, 4.1% in FY24, 3.7% last year, and 3.9% this year. This shows the book performing consistently, and we expect losses to remain within our 3% to 4% target range.

Speaker #2: Harmoney's consumer-direct model provides us with rich, deep consumer data, which we use to train our AI credit models. This has enabled us to build a prime loan book of resilient borrowers, with 70% employed in either professional, office, or trade roles, and 88% aged 30 years and older.

Speaker #2: Further demographic detail on the loan book is provided in the appendix to this presentation. Looking at the chart on the top right, credit losses were up 20 basis points this year, to 3.9%.

Speaker #2: But looking back over a longer period gives a more useful picture: 4.1% in FY24, 3.7% last year, and 3.9% this year. This shows a book performing consistently, and we expect losses to remain within our 3% to 4% target range.

Speaker #2: Moving to the chart on the bottom right, our 90-plus day arrears, which are a forward-looking indicator, improved through the year to 0.67%, down from 0.74%.

Simon Ward: Moving to the chart on the bottom right, our 90-plus day arrears, which are a forward-looking indicator, improved through the year to 0.67%, down from 0.74%. That remains well less than half the Australian market average of 1.61%. Next, turning to slide 17, looking at our operating leverage. A key feature of Harmoney's business model has always been our Stellare® platform and the high levels of automation that it provides, enabling us to scale our loan book without proportionally scaling our operating costs. This year provided another clear demonstration of that leverage in action. Our loan book grew 7% and our revenue grew 10%, while our cash operating costs grew by only 3%, below the rate of inflation in both countries. I think the dollar amounts give an even better context to the scale of that operating leverage.

Speaker #2: That remains well less than half the Australian market average of 1.61%. Next, turning to slide 17, let's look at our operating leverage. A key feature of Harmoney's business model has always been our stellar platform and the high levels of automation that it provides.

Speaker #2: Enabling us to scale our loan book without proportionally scaling our operating costs. This year provided another clear demonstration of that leverage in action. Our loan book grew 7%, and our revenue grew 10%.

Speaker #2: While our cash operating costs grew by only 3%, this is below the rate of inflation in both countries. I think the dollar amounts give even better context to the scale of that operating leverage.

Speaker #2: This year, revenue increased by $13 million, while our cash operating costs increased by less than $1 million. As the chart on the right shows, the operating leverage has enabled us to continue to drive our cost-to-income ratio down.

Simon Ward: This year, revenue increased by AUD 13 million, while our cash operating costs increased by less than AUD 1 million. As the chart on the right shows, the operating leverage has enabled us to continue to drive our cost-to-income ratio down from 24% in FY23, to 20% in FY24, to 19% last year, and now 17.8% this year. It's this combination of loan book growth, strong risk-adjusted margins, and a scalable cost base that has for the year. Statutory NPAT of AUD 10.2 million, cash NPAT of AUD 13.5 million, up 139%, and a cash return on equity of 33%, more than doubling last year. Finally from me, turning to slide 18, looking at our capital position. Harmoney has a well-diversified funding program with warehouses from three of the Big Four Australian banks, and since December, a Big Four Australian bank corporate debt facility.

Speaker #2: From 24% in FY23 to 20% in FY24, to 19% last year, and now 17.8% this year. It's this combination of loan book growth, strong risk-adjusted margins, and a scalable cost base that has helped for the year.

Speaker #2: Statutory impact of $10.2 million, cash impact of $13.5 million, up 139%, and a cash return on equity of 33%, more than doubling last year.

Speaker #2: And finally, from me, turning to slide 18, looking at our capital position. Harmoney has a well-diversified funding program, with warehouses from three of the Big Four Australian banks, and since December, a Big Four Australian bank corporate debt facility.

Speaker #2: As is typical with warehouse funding arrangements, Harmoney's own money is invested in its loan book. The strong credit quality of Harmoney's loan book means that we can be very capital efficient, with borrowings funding 97% of the current loan book and Harmoney providing the rest.

Simon Ward: As is typical with warehouse funding arrangements, Harmoney's own money is invested in its loan book. The strong credit quality of Harmoney's loan book means that we can be very capital efficient with borrowings funding 97% of the current loan book and Harmoney providing the rest. The chart on the left shows, in the red section, Harmoney's warehouse equity of AUD 28 million, supporting its current loan book of AUD 889 million. On top of this, Harmoney has a further AUD 12 million of accessible cash, that being loans funded by Harmoney, which are available to be drawn down as cash from our funders at any point. Plus, we have a further AUD 27 million of unrestricted cash on hand. Combined, that's AUD 39 million of cash, which would support growing the loan book by another 113% to AUD 1.9 billion without needing to raise any equity.

Speaker #2: The chart on the left shows, in the red section, Harmoney's warehouse equity of $28 million, supporting its current loan book of $889 million. On top of this, Harmoney has a further $12 million of accessible cash—that being loans funded by Harmoney—which are available to be drawn down as cash from our funders at any point.

Speaker #2: Plus, we have a further $27 million of unrestricted cash on hand. Combined, that's $39 million of cash, which would support growing the loan book by another 113% to $1.9 billion, without needing to raise any equity.

Speaker #2: Then, in addition to right now being able to support a loan book of up to $1.9 billion, being profitable means Harmoney can reinvest its profits as its contribution to growth beyond that $1.9 billion.

Simon Ward: In addition to right now being able to support a loan book of up to AUD 1.9 billion, being profitable means Harmoney can reinvest its profits as its contribution to growth beyond that AUD 1.9 billion. With every AUD 1 million of profit funding an extra AUD 30 million of loan book growth. You saw both of these levers at work this year. FY26 profits funded our loan book growth and improved advance rates from our funders allowed us to repay AUD 7.5 million of corporate debt while growing our cash reserves. The key point here being that we have a profitable, scalable, and self-funding business model that's well-funded for the significant growth ahead. With that, turning to slide 19, I'll hand you back to David to take you through our outlook.

Simon Ward: In addition to right now being able to support a loan book of up to AUD 1.9 billion, being profitable means Harmoney can reinvest its profits as its contribution to growth beyond that AUD 1.9 billion. With every AUD 1 million of profit funding an extra AUD 30 million of loan book growth. You saw both of these levers at work this year. FY 2026 profits funded our loan book growth and improved advance rates from our funders allowed us to repay AUD 7.5 million of corporate debt while growing our cash reserves. The key point here being that we have a profitable, scalable, and self-funding business model that's well-funded for the significant growth ahead. With that, turning to slide 19, I'll hand you back to David to take you through our outlook.

Speaker #2: With every $1 million of profit funding an extra $30 million of loan book growth. And you saw both of these levers at work this year.

Speaker #2: FY26 profits funded our loan book growth, and improved advance rates from our funders allowed us to repay $7.5 million of corporate debt, while growing our cash reserves.

Speaker #2: The key point here is that we have a profitable, scalable, and self-funding business model that's well-funded for the significant growth ahead. So, with that, turning to slide 19, I'll hand you back to David to take you through our outlook.

Speaker #1: Thanks, Simon. Continuing now to our outlook—please turn to slide 19, and then on to slide 20. Now, let's take a look at how we're deliberately accelerating each stage of this flywheel.

David Stevens: Thanks, Simon. Continuing now to our outlook. Please turn to slide 19 and then on to slide 20. Let's take a look at how we're deliberately accelerating each stage of this flywheel. This acceleration commenced in financial year 2026 and continues into financial year 2027. These aren't random initiatives. Each one is designed to make the flywheel spin faster, and we're already making progress against them. First, customer acquisition. We're expanding who we can safely serve. With next generation AI underwriting on Stellare® and with embedded finance partnerships, for example, with auto marketplaces, we expect to lift approval rates while maintaining credit quality and to expand our reach through partners. The progress is already visible. Total originations are up 21% this year. Second, deliver experience. We're increasing the value we capture per customer by building multi-product relationships, personal and auto together, and by lending against life events.

Speaker #1: This acceleration commenced in financial year '26 and continues into financial year '27. These aren't random initiatives; each one is designed to make the flywheel spin faster.

Speaker #1: And we're already making progress against them. First, customer acquisition. We're expanding who we can safely serve. With next-generation AI underwriting on Stellar, and with embedded finance partnerships—for example, with auto marketplaces—we expect to lift approval rates while maintaining credit quality, and to expand our reach through partners.

Speaker #1: And the progress is already visible. Total originations are up 21% this year. Second, deliver experience. We're increasing the value we capture per customer by building multi-product relationships—personal and auto together—and by lending against life events.

Speaker #1: This isn't just about adding a product. It's about becoming the primary lending partner throughout a customer's life. When a customer needs a car loan, we want them thinking of Harmoney first.

David Stevens: This isn't just adding a product, it's about becoming the primary lending partner across a customer's life. When a customer needs a car loan, we want them thinking of Harmoney first. The progress here is our vehicle loan book up 20% on the prior year. Third, customer returns. We're accelerating the velocity at which the customers return with a mobile app giving streamlined loan access. This reduces the friction when a customer needs money again, which reduces the time between loans and reduces our blended acquisition cost. That cost has continued to come down to 3.1% of originations this year. Finally, data intelligence. We're investing in the next generation of agentic AI for personalization at scale and in predictive retention models. Think of it as giving every customer their own private banker, automated, intelligent, and getting smarter with every interaction.

Speaker #1: The progress here is: our vehicle loan book is up 20% on the prior year. Third, customer returns. We're accelerating the velocity at which customers return.

Speaker #1: With a mobile app giving streamlined loan access, this reduces the friction when a customer needs money again, which reduces the time between loans and reduces our blended acquisition cost.

Speaker #1: And that cost has continued to come down, to 3.1% of originations this year. Finally, data intelligence: we're investing in the next generation of agentic AI for personalization at scale, and in predictive retention models.

Speaker #1: Think of it as giving every customer their own private banker—automated, intelligent, and getting smarter with every interaction. Our proprietary-first data creates a defensible AI advantage that's extremely difficult to replicate.

David Stevens: Our proprietary first data creates a defensible AI advantage that's extremely difficult to replicate. The key insight here is that these initiatives are interconnected. Better AI means we can serve more customers. Multi-product customers have higher lifetime value. Faster return cycles mean better economics. It all compounds, and we're making significant progress on each one. Turning to slide 21, I want to spend a moment on a new channel for Harmoney, because it's a genuine addition to how we reach customers. Since launching our secure product, a key learning for us has been that a large share of the vehicle market prefers to access their vehicle financing through a trusted intermediary.

Speaker #1: The key insight here is that these initiatives are interconnected. Better AI means we can serve more customers. Multi-product customers have higher lifetime value. Faster return cycles mean better economics. It all compounds.

Speaker #1: And we're making significant progress on each one. Now, turning to slide 21, I want to spend a moment on a new channel for Harmoney.

Speaker #1: Because it's a genuine addition to how we reach customers. Since launching our secure product, a key learning for us has been that a large share of the vehicle market prefers to access their vehicle financing through a trusted intermediary.

Speaker #1: Alongside that has been the learning that our instant decisioning and Cash Buyer Advantage product, allowing the borrower to obtain their secured loan before they purchase a vehicle, solves a lot of challenges currently faced by intermediaries.

David Stevens: Alongside that has been the learning that our instant decisioning and cash buyer advantage product, allowing the borrower to obtain their secured loan before they purchase a vehicle, solves a lot of challenges currently faced by intermediaries, so it has strong appeal to that channel. Rather than ignore this portion of the market, Harmoney is expanding into it, whilst also continuing to focus on and grow our existing consumer direct business. In New Zealand, the intermediary channel went live last quarter with a second partner onboarding this month. We have utilized the same technology and applied it into Australia for rapid development. In Australia, where we only launched 2 weeks ago with one intermediary, we've already originated over AUD 1 million in car loans. We have a further 10 intermediaries in the pipeline for this year.

Speaker #1: So it has strong appeal to that channel. So rather than ignore this portion of the market, Harmoney is expanding into it, while also continuing to focus on and grow our existing consumer-direct business.

Speaker #1: In New Zealand, the intermediary channel went live last quarter, with a second partner onboarding this month. We have utilized the same technology and applied it in Australia for rapid development.

Speaker #1: In Australia, where we only launched two weeks ago with one intermediary, we've already originated over $1 million in car loans. We have a further 10 intermediaries in the pipeline for this year.

Speaker #1: The Australian market for consumer new vehicle purchases is estimated by the ABS to be around $20 billion per year. And we have a pipeline opportunity of over $100 million of annual funded volume by financial year ‘28, coming from 10 or more intermediaries.

David Stevens: The Australian market for consumer new vehicle purchases is estimated by the ABS to be around AUD 20 billion per year, and we have a pipeline opportunity of over AUD 100 million of annual funded volume by financial year 2028, coming from 10 or more intermediaries. Our right to win in this channel is the same thing that wins for us in our direct channel. The cash buyer advantage on our secured product and automated decisioning that returns an answer in seconds rather than days. We expect that to drive market share gains in both Australia and New Zealand. Turning to slide 22. Concluding with a return to our Harmoney flywheel, what does it mean when we accelerate every stage of the flywheel simultaneously? More customers joining, plus higher lifetime value per customer, plus faster velocity between loans, equals accelerated profit growth.

Speaker #1: Our right to win in this channel is the same thing that wins for us in our direct channel: the cash buyer advantage on our secured product, and automated decisioning that returns an answer in seconds rather than days.

Speaker #1: We expect that to drive market share gains in both Australia and New Zealand. Now, turning to slide 22, and concluding with a return to Harmony—our Harmony flywheel—what does it mean when we accelerate every stage of the flywheel simultaneously?

Speaker #1: More customers joining, plus higher lifetime value per customer, plus faster velocity between loans, equals accelerated profit growth. That is what underpins our financial year '27 cash impact guidance of $16 million plus.

David Stevens: That is what underpins our FY27 Cash NPAT guidance of AUD 16 million plus. I want to think beyond FY27. We have grown cash profit from AUD 0.7 million in FY24 to AUD 13.5 million in FY26. With the flywheel accelerating, with Stellare® 2.0 deployed in both markets, with our auto product scaling, and a new intermediary channel opening, we have a clear line of sight to continue strong profit growth, all while maintaining credit quality and funding that growth from reinvested profits. When I talk about accelerating the flywheel, I am talking about driving this business to even higher profit levels over the next few years. The foundations are in place. The technology is proven. The unit economics are compelling. Most importantly, we are executing. That concludes the results presentation for today. We will now turn to answering your questions.

David Stevens: That is what underpins our FY 2027 Cash NPAT guidance of AUD 16 million plus. I want to think beyond FY 2027. We have grown cash profit from AUD 0.7 million in FY24 to AUD 13.5 million in FY 2026. With the flywheel accelerating, with Stellare® 2.0 deployed in both markets, with our auto product scaling, and a new intermediary channel opening, we have a clear line of sight to continue strong profit growth, all while maintaining credit quality and funding that growth from reinvested profits. When I talk about accelerating the flywheel, I am talking about driving this business to even higher profit levels over the next few years. The foundations are in place. The technology is proven. The unit economics are compelling. Most importantly, we are executing. That concludes the results presentation for today. We will now turn to answering your questions.

Speaker #1: But I want to think beyond financial year '27. We've grown cash profit from $0.7 million in FY24 to $13.5 million in financial year '26.

Speaker #1: With a flywheel accelerating, with Stellar 2.0 deployed in both markets, with our auto product scaling, and a new intermediary channel opening, we have a clear line of sight to continue strong profit growth.

Speaker #1: All while maintaining credit quality and funding that growth from reinvested profits. So, when I talk about an accelerating flywheel, I'm talking about driving this business to even higher profit levels over the next few years.

Speaker #1: The foundations are in place. The technology is proven. The unit economics are compelling. And, most importantly, we're executing. That concludes the results presentation for today.

Speaker #1: We'll now turn to answering your questions. Just a reminder, you can submit a question at the bottom of your screen. Thank you.

David Stevens: Just a reminder, you can submit a question at the bottom of your screen. Thank you.

Speaker #2: Thank you, David. We'll just pause there for questions to come through. Right, first question, David: it's around the secured car loans and their growth. Where do you think your risk-adjusted income will move to in relation to that?

[Company Representative] (Ethicus Advisory Partners): Thank you, David. We will just pause there for questions to come through. Right. First question, David, is around the secured car loans and its growth. Where do you think your risk-adjusted income will move to, in relation to that?

Michael Pegum: Thank you, David. We will just pause there for questions to come through. Right. First question, David, is around the secured car loans and its growth. Where do you think your risk-adjusted income will move to, in relation to that?

Speaker #1: Yeah, look, as I said for a long time, we sort of target around that 6 to 6%. Obviously, the secured car loan market does run a low loss rate, but obviously the margin's a little bit—the net interest margin's a little bit tighter as well.

David Stevens: Yeah, look, as I said, for a long time, we sort of target around that 6%. Obviously, the secured car loan market does run at a lower loss rate, but obviously the net interest margin is a little bit tighter as well. So we will still be targeting around that 6%. It might come down a little bit, but obviously, that will take a fair while to run through the book. We are doing this all at a very incremental cost to the business. I think at this stage, I would say we will be targeting around that 6%. As that becomes much a higher weighting in the loan book, that is a while down the track. It could come down a little bit off that 6%, but certainly for the near term, that is where we expect it to be.

Speaker #1: So, we'll still be targeting around that 6%. It might come down a little bit, but obviously, that'll take a fair while to run through the book.

Speaker #1: And we're doing this all at very incremental costs for the business. So I think at this stage, I'd say we'll be targeting around that 6%.

Speaker #1: As that becomes a higher weighting in the loan book, that's a while down the track. It could come down a little bit off that 6, but certainly for the near term, that's where we expect it to be.

Speaker #2: It is. Question here from Erin. Congratulations on your excellent cash impact results of $13.5 million. I know that your guidance is $16 million for the coming year, which implies a minimum growth rate of only 20%, versus 140% for the prior year.

[Company Representative] (Ethicus Advisory Partners): Cheers. A question here from Aaron. Congratulations on your excellent Cash NPAT results of 13.5 million. I note your guidance of 16 million for the coming year implies a minimum growth rate of only 20% versus 140% for the prior year. Is there any sort of level of business activity impacting on the company that is holding back NPAT growth? I assume that is off a low base the previous year, David.

Michael Pegum: Cheers. A question here from Aaron. Congratulations on your excellent Cash NPAT results of 13.5 million. I note your guidance of 16 million for the coming year implies a minimum growth rate of only 20% versus 140% for the prior year. Is there any sort of level of business activity impacting on the company that is holding back NPAT growth? I assume that is off a low base the previous year, David.

Speaker #2: Is there any sort of level of business activity impacting on the company that is holding back impact growth? I assume that's off a low base the previous year, David.

Speaker #1: Yeah, so fair questions. Obviously, 140% growth is probably a little bit unsustainable, as you probably imagine. And I'm probably surprised we're trading where we are if that was the expectation.

David Stevens: Yeah. Fair question. Obviously, 140% growth is probably a little bit unsustainable, as you probably imagine, and I am probably surprised we are trading where we are if that was the expectation. Nonetheless, it is a good question. There are a few things going on. Obviously, we are still just into that financial year, so I am going to be a little bit conservative. I do not have a crystal ball. I feel that that level is appropriate for now. Probably one thing too, we are building a new channel there as well. I have spoken about the intermediary channel. Whilst it is incremental, it does have a cost associated with it. It is not something where you build a whole new business for free. It is not having a material bearing, but it is having a bearing on some of the growth on next year's immediate target. Hopefully, we have got off to a great start.

Speaker #1: But nonetheless, it's a good question. There are a few things going on. Obviously, we're still just into that financial year, so I'm going to be a little bit conservative.

Speaker #1: But I don't have a crystal ball, so I feel that that level's appropriate for now. Probably one thing, too—we are building a new channel there as well.

Speaker #1: I've spoken about the intermediary channel. While it is incremental, it does have a cost associated with it. It's not something where you build a whole new business for free.

Speaker #1: But it's not having a material bearing, but it is having a bearing on some of the growth on next year's immediate target. Hopefully, we've got off to a great start.

David Stevens: Hopefully, we have got off to a great start. AUD 1 million in two weeks, and I am pretty excited by that myself, and from one intermediary. If we can replicate that with the other 10 and continue that sort of trajectory, hopefully, we will be in a position later in the year to increase that number. At this point, I feel that is appropriate given where each economy is at, where we are at, and with the investment that we are making in the business.

Speaker #1: A million dollars in two weeks, and I'm pretty excited by that myself. And that's from one intermediary. So, if we can replicate that with the other 10, and continue that sort of trajectory, hopefully we'll be in a position later in the year to increase that number.

David Stevens: AUD 1 million in two weeks, and I am pretty excited by that myself, and from one intermediary. If we can replicate that with the other 10 and continue that sort of trajectory, hopefully, we will be in a position later in the year to increase that number. At this point, I feel that is appropriate given where each economy is at, where we are at, and with the investment that we are making in the business.

Speaker #1: But at this point, I feel that's appropriate, given where each economy's at, where we're at, and with the investment that we're making in the business.

Speaker #2: A question about the auto book—sorry, the loan book. And the percentage of that loan book which is secured, what percentage would that be, David? And how has that changed over time?

[Company Representative] (Ethicus Advisory Partners): A question around the order book. Sorry, around the loan book and the percentage of that loan book which is secured. What percentage would that be, David, and how has that changed over time?

Michael Pegum: A question around the order book. Sorry, around the loan book and the percentage of that loan book which is secured. What percentage would that be, David, and how has that changed over time?

Speaker #1: Yeah, it's still pretty small. But as we bring on the intermediary channel, the vast majority of those loans are secured. So we'd expect, over time, that percentage to come up, particularly as we— that million dollars that we've written, nearly all of it's— it's all secured.

David Stevens: Yeah. It is still pretty small. But as we bring on the intermediary channel, the vast majority of those loans are secured. So we would expect, over time, that percentage to come up, particularly as that AUD 1 million that we have written, that nearly all be secured. So you will start to see the secured percentage increase in the book, but at current date, it is talking about 1% or 2%.

Speaker #1: So you'll start to see the secured percentage increase in the book, but at current days, it's a company of 1% or 2%.

Speaker #2: A question around the buyback. Could you provide a summary of the buyback in percentage of capital terms and the cost, and given the guidance to the objectives around that going forward?

[Company Representative] (Ethicus Advisory Partners): Question around the buyback. Can you provide a summary of the buyback in percentage of capital terms and the cost, and given the guidance to the objectives around that going forward?

Michael Pegum: Question around the buyback. Can you provide a summary of the buyback in percentage of capital terms and the cost, and given the guidance to the objectives around that going forward?

Speaker #1: Yeah, so I think we canceled the shares just before 30 June. I think Simon was just over a million shares, at a cost of around $600,000 to $700,000.

David Stevens: Yeah. So I think we canceled the shares just before 30 June. I think, Simon, it was just over 1 million shares.

Simon Ward: Yes.

David Stevens: At a cost of around AUD 600,000, AUD 700,000. It is in our accounts anyway. So those shares have been canceled and are out of the share capital at 30 June. Look, under the New Zealand law, we are allowed to buy back up to 5% of the stock. So obviously, we will look to do that. Obviously, we are restrained by VWAPs and certain amounts of percentage of volumes per day under the ASX listing rules, so we have to adhere by that. But it is able to go back into place from Monday, I think. So we will look to buy shares as we feel necessary. We feel that there is a huge amount of value in the stock where it is at and makes sense for the company to buy back that stock. I will just skip to the next question as well, because it is related, regards to the dividend policy.

Speaker #1: It's in our accounts anyway. So that's all—those shares have been canceled. They're out of the share capital at 30 June. Under New Zealand law, we're allowed to buy back up to 5% of the stock.

Speaker #1: So, obviously we'll look to do that. Obviously, we are restrained by VWAPs and certain amounts of percentage of volumes per day under the ASX listing rules.

Speaker #1: So, we have to abide by that. But, well, it's able to go back into place from Monday, I think. So, we'll look to buy shares as we feel necessary.

Speaker #1: We feel that there's a huge amount of value in the stock where it's at, and it makes sense for the company to buy back that stock.

Speaker #1: I'll just skip to the next question as well, because it's related. Regarding the dividend policy, we feel at the moment, with where the stock is at, it's the best use of shareholders' funds to buy the stock back.

David Stevens: I will just skip to the next question as well, because it is related, regards to the dividend policy. We feel at the moment where the stock is at, we feel it is best use of shareholders' funds to buy the stock back. We are growing the business, we are growing a business unit as well, so we obviously feel that using that money to further grow the business is important. There are also, in regards to dividends specifically, if you will notice in the accounts this year, we have a small tax expense, and we will start to pay some tax in Australia in the financial year we are in now. That will start to give us some franking credits, but it is a pretty modest amount. When I have got the opportunity to buy back shares, I do not really want to pay unfranked dividends.

David Stevens: We feel at the moment where the stock is at, we feel it is best use of shareholders' funds to buy the stock back. We are growing the business, we are growing a business unit as well, so we obviously feel that using that money to further grow the business is important. There are also, in regards to dividends specifically, if you will notice in the accounts this year, we have a small tax expense, and we will start to pay some tax in Australia in the financial year we are in now. That will start to give us some franking credits, but it is a pretty modest amount. When I have got the opportunity to buy back shares, I do not really want to pay unfranked dividends. For now, we will continue on the path of the share buyback.

Speaker #1: We're also growing the business. We're growing a business unit as well. So we obviously feel that using that money to further grow the business is important.

Speaker #1: And then we're also in regards to dividends specifically, we've only if you were noticing the accounts this year, we've got a we have a small tax expense and we'll start to pay some tax in Australia, in the current in the financial year we're in now.

Speaker #1: That'll start to give us some franking credits, but it's a pretty modest amount. So I don't really want to—when I've got the opportunity to buy back shares—I don't really want to pay unfranked dividends.

Speaker #1: So for now, we'll continue on the path of the share buyback. Obviously, as we pay tax, building up some franking credits, and then look to the dividend policy following that.

David Stevens: For now, we will continue on the path of the share buyback. Obviously, as we pay tax, building up some franking credits and then look to the dividend policy following that.

David Stevens: Obviously, as we pay tax, building up some franking credits and then look to the dividend policy following that.

Speaker #2: Thanks, David. Next question comes from Tom 20 from MA Financial. Existing customer operations grew at 41% in FY26 and are central to the flywheel. How much of FY27 growth do you expect to be driven by repeat borrowing?

[Company Representative] (Ethicus Advisory Partners): Thanks, David. Next question comes from Tom Tweedie from MA Financial. Existing customer operations grew at 41% in FY26 and are central to the flywheel. How much of FY27 growth do you expect to be driven on repeat borrowing?

Michael Pegum: Thanks, David. Next question comes from Tom Tweedie from MA Financial. Existing customer operations grew at 41% in FY 2026 and are central to the flywheel. How much of FY 2027 growth do you expect to be driven on repeat borrowing?

Speaker #1: Yeah, look, as the pool of new customers gets bigger, that's great. It gives us more customers to market to, which is fantastic. Financial year '26 was certainly the first year where we had both countries on Stellar Two.

David Stevens: Yeah. Look, as the pool of new customers gets bigger, that is great. It gives us more customers to market to, which is fantastic. FY26 was the first year where we had both countries on Stellare 2.0, so we were really able to focus on existing customer growth. I think I said last year, I appointed an executive into that role to focus on it specifically. So we have probably got a little bit of a sugar hit in that number. By the same token, the number of customers on book increases. So we would expect to still obviously continue to grow strongly the existing customer base. Obviously, 41% is a pretty big number at anniversary over, and that is all built into our guidance, what we expect there.

David Stevens: Yeah. Look, as the pool of new customers gets bigger, that is great. It gives us more customers to market to, which is fantastic. FY 2026 was the first year where we had both countries on Stellare 2.0, so we were really able to focus on existing customer growth. I think I said last year, I appointed an executive into that role to focus on it specifically. So we have probably got a little bit of a sugar hit in that number. By the same token, the number of customers on book increases. So we would expect to still obviously continue to grow strongly the existing customer base. Obviously, 41% is a pretty big number at anniversary over, and that is all built into our guidance, what we expect there.

Speaker #1: So we're really able to focus on existing customer growth. I think I said last year I appointed an executive into that role to focus on it specifically.

Speaker #1: So, we probably got a little bit of a sugar hit in that number. But, by the same token, the number of customers on book increases.

Speaker #1: So, we'd expect to still, obviously, continue to grow strongly the existing customer base. Obviously, 41% is a pretty big number at anniversary over, but that's all built into our guidance—what we expect there.

Speaker #2: Second question from Tom: cash operating costs rose by only 3% in the year. How should we be thinking about cost growth into FY27 for you to achieve your guidance?

[Company Representative] (Ethicus Advisory Partners): Second question from Tom. Cash operating costs rose by only 3% in the year. How should we be thinking about cost growth into FY27 for you to achieve your guidance?

Michael Pegum: Second question from Tom. Cash operating costs rose by only 3% in the year. How should we be thinking about cost growth into FY 2027 for you to achieve your guidance?

Speaker #1: Yeah, look, I think we do a really good job around cost management. Obviously, the cost-income ratio—obviously, I did talk about how we are building the intermediary business.

David Stevens: Well, look, I think we do a really good job around cost management. Obviously, the cost-to-income ratio. I did talk about we are building the intermediary business. I should say, done at fairly minimal cost. There are some costs that come in there. That obviously is built into our guidance number as well. But outside of that, I think we tend to run the business at certainly in single digit cost increases. That is the whole point of this business, I have been saying it for years, it is a platform business. We do not need to add heads to grow it. That model and operating assumption has not changed. Obviously, we have got to pay people more. There is inflation and things like that, but we are not expecting material cost growth to the core business.

Speaker #1: So, I've done it at fairly minimal cost. There are costs, and costs that come in there, and that's obviously built into our guidance number as well.

Speaker #1: But outside of that, I think we tend to run the business at, certainly, single-digit cost increases. We run it—that's the whole point of this business, I've been saying it for years—is it is a platform business.

Speaker #1: We don't need to add heads to grow it, and that model and operating assumption hasn't changed. So, obviously, we've got to pay people more.

Speaker #1: There is inflation and things like that, but we're not expecting material cost growth to the core business. A little bit of extra cost, obviously, as we bring on the intermediary, but that's going to pay itself back in droves over the back half of this year, hopefully, and certainly in future years.

David Stevens: A little bit extra cost, obviously, as we bring on intermediary, but that is going to pay itself back in droves in the back half of this year, hopefully, and certainly in the future years.

Speaker #2: A question around the new intermediary channel, David. Will this be personal auto loans only at this stage, or do the intermediaries you target also write loans in light commercial or other adjacencies?

[Company Representative] (Ethicus Advisory Partners): A question around the new intermediary channel, David. Will this be personal auto loans only at this stage, or do the intermediaries you target also write loans in light commercial or other adjacencies?

Michael Pegum: A question around the new intermediary channel, David. Will this be personal auto loans only at this stage, or do the intermediaries you target also write loans in light commercial or other adjacencies?

Speaker #1: Yeah, good question, and thanks for the clarification, Tom. It'll really just be personal loans and auto loans to consumers. We won't be going into the SME commercial space.

David Stevens: Yeah, good question, and thanks for the clarification, Tom. It will really just be personal loans and auto loans to consumers. We will not be going into the SME commercial space. It is a pretty crowded space, and we know what we are good at, and that is taking another leap away from our core.

Speaker #1: It's a pretty crowded space, and we know what we're good at. And that's taking another leap away from our core.

Speaker #2: Just a question about M&A. Is the business also looking at any M&A activity to grow market share?

[Company Representative] (Ethicus Advisory Partners): Just a question about M&A. Is the business additionally looking at any M&A to grow market share?

Michael Pegum: Just a question about M&A. Is the business additionally looking at any M&A to grow market share?

Speaker #1: Yeah, thanks for the question. Look, the short answer is yes—I'm always looking at M&A. My whole career, I've bought lots of companies, and it's something that has to be right.

David Stevens: Yeah, thanks for the question. Look, the short answer is yes. I am always looking at M&A. My whole career, I have bought lots of companies, and it is something that has to be right. We believe there is a huge amount of growth in the core business in organic way. That is not to say that M&A is off the table, but it has to be done for the right reasons, at the right valuation, and not create a management distraction that is not worth that increase that we can get from it. So, always looking, but you have got to kick a lot of tires to find something that you really want to drive away.

Speaker #1: We're not going to; we believe there's a huge amount of growth in the core business in an organic way. That's not to say that M&A is off the table.

Speaker #1: But it has to be done for the right reasons, at the right valuation, and not create a management distraction that's not worth the increase that we can get from it.

Speaker #1: So always looking. But you've got to kick a lot of tires to find something that you really want to drive away.

Speaker #2: Another question. The buyback, which I think has been asked and answered, David. Comments around the cash balance within the company, questions we've covered about what we would do about uplifting. Can you provide some more detail on the profile of these intermediary partners?

[Company Representative] (Ethicus Advisory Partners): Another question on the buyback, which I think has been asked and answered.

Michael Pegum: Another question on the buyback, which I think has been asked and answered.

David Stevens: Yes.

[Company Representative] (Ethicus Advisory Partners): David, comments around the cash build within the company.

Michael Pegum: David, comments around the cash build within the company.

David Stevens: I think we have covered that.

[Company Representative] (Ethicus Advisory Partners): Yeah, questions we have covered what we would do about uplifting. Can you provide some more detail on the profile of these intermediary partners? Are they finance brokers?

Michael Pegum: Yeah, questions we have covered what we would do about uplifting. Can you provide some more detail on the profile of these intermediary partners? Are they finance brokers?

Speaker #2: Are they finance brokers?

Speaker #1: Yeah, a combination of aggregators and finance brokers, correct.

David Stevens: Yeah, a combination of aggregators and finance brokers, correct.

Speaker #2: A question from Jonathan: What levers do you have to manage the loss rate to the lower end of the range? Does that lead to a lower NIM?

[Company Representative] (Ethicus Advisory Partners): A question from Jonathan. What levers do you have to manage the loss rate to the lower end of the range? Does that lead to a lower NIM, and would that inhibit or slow growth?

Michael Pegum: A question from Jonathan. What levers do you have to manage the loss rate to the lower end of the range? Does that lead to a lower NIM, and would that inhibit or slow growth?

Speaker #2: And would that inhibit or slow growth?

Speaker #1: Yeah, look, it's always about getting that balancing act right. With the existing business, we don't really want a one or two percent loss rate.

David Stevens: Yeah, look, it's always getting that balancing act right. On the existing business, we don't really want a 1% or 2% loss rate. I don't mean that in a, "I'd love a 1% or 2% loss rate with the same margin." But you've got to balance the risk and reward, right? We run a direct business. We get lots of profile customers. We get really high quality customers that are homeowners and live in wealthy suburbs and the like, are taking out personal loan for a short term. They might need a, think of it like a bridge finance, where they use it for 12 months and then pay it back. Then we get customers through that are closer to the sort of, I guess, subprime or near prime, I suppose, are the right words. And we need to be able to lend to all.

Speaker #1: I don't mean that in a "I'd love a one or two percent loss rate with the same margin" way. But you've got to balance the risk and reward, right?

Speaker #1: We run a direct business. We get lots of customers—we get lots of profile customers. We get really high-quality customers who are homeowners and live in wealthy suburbs and the like.

Speaker #1: And taking out a personal loan for a short term, they might need a loan as a bridge finance. So they use it for 12 months and then pay it back.

Speaker #1: And then we get customers through that are closer to the sort of, I guess, subprime or near prime—I suppose is the right word.

Speaker #1: And we need to be able to lend to—ideally, we need to be able to lend to those if they meet the credit criteria and responsible lending guidelines.

David Stevens: We ideally need to be able to lend to those if they meet the credit criteria and responsible lending guidelines. So we kind of manage that 3% to 4% loss range quite carefully, and that's why we really focus on that risk-adjusted margin of the 6%, because that takes into account the risk that you're taking on to do that. And we feel that 3% to 4% is about right. Any more is not great. Any lower, we're probably cutting off volume to save that. So we feel that we've got the mix about right and the cash return on equity right from the kind of profile that we run at the moment. So there's no intentions to change that mix.

Speaker #1: So we kind of manage that 3% to 4% loss range quite carefully, and that's why we're really focused on that risk-adjusted margin of 6%, because that takes into account the risk that you're taking on to do that.

Speaker #1: And we feel that three to four is about right. Any more is not great; any lower, we're probably cutting off volume to save that.

Speaker #1: So we feel that we've got the mix about right for, and the return on equity right, from the kind of profile that we run at the moment.

Speaker #1: So I don't really, there's no intention to change that mix. Obviously, as we bring on more secured for the intermediary channel, that's likely to come back—the question I answered earlier—lower losses.

David Stevens: Obviously, as we bring on more secured through the intermediary channel, that's likely to, come back to the question I answered earlier, lower losses, but obviously lower NIM on that as well. So hopefully that answers the question.

Speaker #1: But obviously, lower NIM on that as well. Hopefully, that answers the question.

Speaker #2: Question here. Over time, would you prefer to retain the majority of lending in direct-to-consumer, or would you build the intermediary channels to be a much larger portion of the business?

[Company Representative] (Ethicus Advisory Partners): Question here. Over time, would you prefer to retain the majority of lending in direct to consumer, or would you build the intermediary channels to be a much larger portion of the business?

Michael Pegum: Question here. Over time, would you prefer to retain the majority of lending in direct to consumer, or would you build the intermediary channels to be a much larger portion of the business?

Speaker #1: Yeah, thank you for asking that question. I think it's a really good one. I probably should have covered that off a little bit better.

David Stevens: Yeah. Thank you for asking that question. I think it is a really good one, and I probably should have covered that off a little bit better in the presentation. We absolutely love the direct business. That is a huge part of how our flywheel works, and I think we do that the best in Australia and New Zealand. There is no one really as focused as what we have been. So the focus absolutely remains on that. The issue that, I guess, the opportunity is the right word, is in Australia, 70% odd of people use brokers for, and intermediaries for their finance needs. Whilst we do a really good job on that 30% that is not, there is a huge part of the market, in Australia particular, more so than New Zealand, that use those brokers intermediaries, and we have just been missing out on that.

Speaker #1: In the presentation, we absolutely love the direct business. That is a huge part of how our flywheel works. And I think we do that the best in Australia and New Zealand.

Speaker #1: There's no one really as focused as what we've been, so the focus absolutely remains on that. The issue—or I guess opportunities is the right word—is that in Australia, 70% of people use brokers or intermediaries for their finance needs.

Speaker #1: And whilst we do a really good job on that, 30% that's not—there's a huge part of the market in Australia in particular, more so than New Zealand, that use those brokers and intermediaries.

Speaker #1: And we've just been missing out on that. Up until we built our new platform, Stellia 2, and got all that operating on our direct business and also migrated over—which we did by July last year—we weren't in a position to really even look at this, not without a huge investment in engineering, and that just didn't stack up on the old platform.

David Stevens: Up until we built our new platform, Stellare 2.0, and got all that operating our direct business and also migrated over, which we did by July last year, we were not in a position to really even look at this, not without a huge investment in engineering and that which did not stack up on the old platform. Now we are able to move into that with ease. It is really exciting and it is sort of like, well, why leave that? Why leave such a huge opportunity on the table when we can have a real crack at it? I would love to have both the businesses grow really strong. But I cannot get away from the fact that the market in brokering and intermediary in Australia is big, and we are already moving on that. I am pretty excited by the early signs of that.

Speaker #1: So now we're able to move into that with ease. It's really exciting, and it's sort of like, well, why leave that—why leave such a huge opportunity on the table when we can have a real crack at it?

Speaker #1: So, I'd love to have both the businesses grow really strong, but I can't get away from the fact that the market in broker intermediary in Australia is big.

Speaker #1: And we've got—we're already moving on that. And so I'm pretty excited by the early signs of that. And I think, hopefully, I'm sitting here in a year’s time with a really big number there, and hopefully a big number on both parts of the business.

David Stevens: I think hopefully I am sitting here a year's time with a really big number there. Hopefully, a big number on both parts of the business, and we can talk about profit guidance and those sorts of things like you have already been asking me about.

Speaker #1: And we can talk about profit guidance and those sorts of things, like you've already been asking me about.

Speaker #2: A question here from Sean: How does the car loan channel unit economics compare to the personal loan business?

[Company Representative] (Ethicus Advisory Partners): Question here from Sean. How does the car loan channel unit economics compare to the personal loan business?

Michael Pegum: Question here from Sean. How does the car loan channel unit economics compare to the personal loan business?

Speaker #1: Yeah, look, I think I've answered that on the risk-adjusted margin. It's fairly similar. It's probably a little bit—again, it's fairly early days. We're still targeting around that 6%.

David Stevens: Yeah, look, I think I have answered that on the risk-adjusted margin. It is fairly similar. Again, it is fairly early days. We are still targeting around that 6%. If it is 5%, that is okay as well. It is very important the loss rate is significantly lower on secured cars. But obviously, you have got to price it a little bit tighter as well.

Speaker #1: If it's five, that's okay as well. It's very important. The loss rate is significantly lower on secured cars. But obviously, you've got to price it a little bit tighter as well.

Speaker #2: Could you please expand on the different capital demands and financing on the business in 2027?

[Company Representative] (Ethicus Advisory Partners): Could you please expand on the different capital demands and financing on the business in 2027?

Michael Pegum: Could you please expand on the different capital demands and financing on the business in 2027?

Speaker #1: Yeah, so hopefully I'll summarize it, but hopefully I've covered that off. So, obviously, we're building a new business in the intermediary space. That does have reasonable cash required up front, because you are paying the intermediaries up front and you recognize that income over the life.

David Stevens: Yeah. Hopefully, I will summarize it, but hopefully, I have covered that off. Obviously, we are building a new business in the intermediary space. That does have reasonable cash required upfront because you are paying the intermediaries upfront, and you recognize that income over the life. That could do that. Outside of that, we have made the balance sheet more efficient. As Simon Ward mentioned, we are only putting 3% of our own capital into deals now, which is 1% better than what we were doing last year. I would not say the capital demands are really a growing book, a new growing business. And obviously maintaining and improving the platform, which that has been part of our business since day one. There is nothing outside of that.

Speaker #1: So that could do that. But really, outside of that, we've made the balance sheet more efficient, as Simon mentioned. We're only putting 3% of our own capital into deals now, which is 1% better than what we were doing last year.

Speaker #1: So I wouldn't say the capital demands are really a growing book or a new, growing business. And obviously maintaining and improving the platform, that's just been part of our business since day one.

Speaker #1: There's nothing outside of that.

Speaker #2: Right. I have a question here about customer ownership. In the intermediary channel, who owns the customer with regard to them taking out other loans?

[Company Representative] (Ethicus Advisory Partners): Question here around customer ownership. In the intermediary channel, who owns the customer with regard to them taking out other loans?

Michael Pegum: Question here around customer ownership. In the intermediary channel, who owns the customer with regard to them taking out other loans?

Speaker #1: Yeah, so in that channel, the intermediary will own that as far as—so that's a deviation from, obviously, the way the direct model works.

David Stevens: Yeah. So in that channel, the intermediary will own that. That's a deviation from obviously the way the direct model works. But we'll work with those brokers and intermediaries through the way and look to get the best outcomes for their customer at the end of the day and for their man for us. Yeah. That is a good question. Yeah, the intermediary would in that example.

Speaker #1: But we'll work with those brokers and intermediaries along the way and look to get the best outcomes for their customers at the end of the day.

Speaker #1: And for them, and for us. So yeah, that is a good question. And yeah, the intermediary would, in that example.

Speaker #2: A question around—are you potentially being too conservative on originations, given the fall in the cost of acquisition ratio and the increase in the risk-adjusted NIM?

[Company Representative] (Ethicus Advisory Partners): Question around, are you potentially being too conservative on originations given the fall in cost of acquisition ratio and the increase in the risk-adjusted NIM?

Michael Pegum: Question around, are you potentially being too conservative on originations given the fall in cost of acquisition ratio and the increase in the risk-adjusted NIM?

Speaker #1: Oh, look, we haven't given guidance on originations, first and foremost. Look, I don't feel— I don't feel so. We're not going to chase volume for the sake of it.

David Stevens: Well, look, we haven't given guidance on originations, first and foremost. Look, I don't feel so. We're not going to chase volume for the sake of it. We want to make sure it's got the right economics on it. We're early in the year. I don't think we've been conservative on originations. If it's there in the market, we will chase it. We've got lots of different things going on. We've got our customer app that's going live next month. That's going to really allow us to engage with customers in a different way that we haven't been able to before. How well is that going to go? Hopefully really well. Obviously, I don't have a crystal ball. So I think that where we've set our originations, which we also haven't given specific guidance on, but it's obviously a fallout into the profit number.

Speaker #1: We want to make sure it’s got the right economics on it. We’re early in the year. I don’t think we’re being—we’ve been conservative on originations.

Speaker #1: If it's there in the market, we will chase it. We've got lots of different things going on. We've got our customer app that's going live next month.

Speaker #1: That's going to really allow us to engage with customers in a different way that we haven't been able to before. How well is that going to go?

Speaker #1: Hopefully, really well. But I don't—obviously, I don't have a crystal ball. So I think that where we've set our originations, which we obviously haven't given specific guidance on, but it's obviously a fallout into the profit number.

Speaker #1: Can we do better than what we've got there? Yeah, I think we potentially can. But obviously, there are different things going on in economies as well.

David Stevens: Can we do better than what we have there? Yeah, I think we potentially can. But obviously, there are different things going on in economies as well. It is probably a good segue into the next question, actually. Any green shoots in the New Zealand economy are still very depressed. Look, the New Zealand economy is probably a little bit ahead of the Australian economy. What I mean by that is as far as a cycle. New Zealand probably feels like it has been through the bottom, and it is coming back out the other side. Obviously, Australian economy, most people on this call are probably Australian, as am I, probably seeing that it has still got a little bit to go. So there is a little bit of unknown around that as well, which obviously we build into our guidance. That is all the questions.

Speaker #1: So it's probably a good segue into the next question, actually. Any green shoots in the New Zealand economy, or is it still very depressed? Look, the New Zealand economy is probably a little bit ahead of the Australian economy.

Speaker #1: And what I mean by that, as far as a cycle, New Zealand probably feels like it's been through the bottom, and it's sort of coming back out the other side.

Speaker #1: Obviously, the Australian economy—most people on this call are probably Australian, as am I—probably seeing that it's still got a little bit to go.

Speaker #1: So, there's a little bit of unknown around that as well, which obviously we build into our guidance. That's all the questions.

[Company Representative] (Ethicus Advisory Partners): Okay. Then we will just pause there for any further questions.

Michael Pegum: Okay. Then we will just pause there for any further questions.

Speaker #2: Okay, then we'll just pause there for any further questions. We'll wrap it up. Okay, right. So, David, I'll pass back to you for closing comments.

David Stevens: Wrap it up.

[Company Representative] (Ethicus Advisory Partners): Okay. Right. David, I will pass it back to yourself for closing comments.

Michael Pegum: Okay. Right. David, I will pass it back to yourself for closing comments.

Speaker #1: Yeah, look, again, thank you for your interest in the stock and listing today. It's good to see we've got nearly all the same participants that's joined and still there.

David Stevens: Yeah. Look, again, thank you for your interest in the stock and listening today. It is good to see we have got nearly all the same participants that has joined and still there, so it is always pleasing. Thank you for your interest. If you have got any further questions, please raise them on our investor hub or reach out to Michael, and we will be happy to answer those. Wishing you all the best for today and the weekend. Thank you.

Speaker #1: So, it's always pleasing, and thank you for your interest. If you've got any further questions, please raise them on our Investor Hub or reach out to Michael.

Speaker #1: And we'd be happy to answer those. Wishing you all the best for today and the weekend. Thank you.

Speaker #2: Cheers. Okay, thank you very much for your interest today. And as David did mention, any follow-up questions or any corporate engagement with both David and Simon—Ethics Advisory Partners—are happy to accommodate.

[Company Representative] (Ethicus Advisory Partners): Cheers. Okay, thank you very much for your interest today. As David did mention, any follow-up questions or any corporate engagement with both David and Simon, Ethicus Advisory Partners are happy to accommodate. Many thanks for your time. Enjoy your day.

Michael Pegum: Cheers. Okay, thank you very much for your interest today. As David did mention, any follow-up questions or any corporate engagement with both David and Simon, Ethicus Advisory Partners are happy to accommodate. Many thanks for your time. Enjoy your day.

Speaker #2: Me, thanks for your time and enjoy your day.

Operator: Goodbye