Full Year 2026 QuickFee Ltd Earnings Call

August 21, 2026

Speaker #1: I'd like to hand over to Bruce. Over to you, Bruce.

[Company Representative] (QuickFee): I'd like to hand over to Bruce. Over to you, Bruce.

Katie Mackenzie: I'd like to hand over to Bruce. Over to you, Bruce.

Speaker #2: Fantastic, thank you. Katie, thank you. Everybody, thank you for, one, being a shareholder and, two, taking the time to listen to us today. We know it's a very busy time of the year with results presentations, etc.

Bruce Coombes: Fantastic. Thank you, Katie, and thank you, everybody, for, one, being a shareholder, two, taking the time to listen to us today. We know it's a very busy time of the year with results, presentations, et cetera. Thank you for making the time. In a nutshell, where is QuickFee today? QuickFee is a high-margin business-to-business lender serving the clients of accounting and law firms, and accounting and law firms themselves. A bit more detail about the next slide, which for those who're new to the story, this is what we do in a nutshell. We do this in Australia and the United States. We serve the clients of accounting and law firms, enabling the firm to be paid faster and the client to enjoy payment over time.

Speaker #2: Thank you for making the time. So, in a nutshell, where is QuickFee today? QuickFee is a high-margin, business-to-business lender serving the clients of accounting and law firms, and accounting and law firms themselves.

Speaker #2: There's a bit more detail on that on the next slide, which, for those who are new to the story, is what we do in a nutshell.

Speaker #2: We do this in Australia and the United States. We serve the clients of accounting and law firms, enabling the firm to be paid faster and the client to enjoy payment over time.

Speaker #2: The bottom of the third column: Disbursement funding is a product we offer in Australia, whereby we actually lend money to law firms to enable them to fund the hard costs, known as disbursements, in the carriage of personal injury and disputed estates matters.

Bruce Coombes: The bottom of the third column, disbursement funding is a product we offer in Australia, whereby we actually lend money to law firms to enable them to fund the hard costs, known as disbursements, in the carriage of personal injury and disputed estates matters. The rest of the business lends money to the clients of accounting and law firms so they can pay their accountant and lawyer on time and enjoy repayments to QuickFee over a period of typically up to 12 months. We are a business-to-business lender only. On this next slide, we explain a little bit more about why we target only accountants and lawyers. Many of our team come from the accounting and legal industries. Accountants and lawyers are generally some of the slowest paid invoice issuing businesses in Australia and the United States.

Speaker #2: The rest of the business lends money to the clients of accounting and law firms so they can pay their accountant and lawyer on time, and enjoy repayment to QuickFee over a period of typically up to 12 months.

Speaker #2: We are a business-to-business lender only. So on this next slide, we explain a little bit more about why we target only accountants and lawyers.

Speaker #2: Many of our team come from the accounting and legal industries. Accountants and lawyers are generally some of the slowest-paid, invoice-issuing businesses in Australia and the United States.

Speaker #2: So, we've got a business-to-business lending solution that reduces the accounts receivable of those firms, provides additional cash flow on working capital, and also allows their clients to enjoy time to pay.

Bruce Coombes: We've got a business-to-business lending solution that reduces the accounts receivable of those firms, provides additional cash flow and working capital, and also allows their clients to enjoy time to pay. Ultimately, the way our business operates is the credit risk sits with firms that are providing accounting or legal services in Australia or the United States that have been assessed by our credit team. That essentially, should a client fail to pay, we have recourse back to the accountant or lawyer. Of course, being such regulated industries, failure to pay QuickFee would have a significant impact upon the ability of the firm itself to continue to trade given the accreditations, et cetera, needed to operate in our targeted industries. Very low risk, but high margin. Those margins are shown on the next slide.

Speaker #2: Ultimately, the way our business operates is the credit risk sits with firms that are providing accounting or legal services in Australia or the United States, that have been assessed by our credit team, so that essentially, should a client fail to pay, we have recourse back to the accountant or lawyer.

Speaker #2: Of course, being such regulated industries, failure to pay QuickFee would have a significant impact upon the ability of the firm itself to continue to trade, given the accreditations, etc., needed to operate in our targeted industries.

Speaker #2: So, very low risk, but high margin. Those margins are shown on the next slide. Very pleased to report that EBTDA—now, the reason there is no "I" in that expression, as in the traditional EBITDA—is that, of course, being a finance company, interest is the equivalent to cost of sales for QuickFee.

Bruce Coombes: Very pleased to report that EBTDA. The reason there is no I in that expression, the traditional EBITDA, is that, of course, being a finance company, interest is the equivalent to cost of sales for QuickFee. EBTDA is up 58% on the previous corresponding period. We gave guidance some time ago, and that guidance was achieved. You can see here we have achieved EBTDA, AUD 3.8 million, and profit before tax of 36.8, reflecting, of course, the gain on sale of two of the products that we offered in the United States that have now been sold. Let me take you through the highlights on the next slide. We sold off two of the three products which we operate in the United States.

Speaker #2: So, EBITDA is up 58% on the previous corresponding period. We gave guidance some time ago, and that guidance was achieved. You can see here we've achieved EBITDA of $3.8 million, and profit before tax of $36.8 million, reflecting, of course, the gain on sale of two of the products that we offered in the United States that have now been sold.

Speaker #2: So let me take you through the highlights on the next slide. We sold off two of the three products which we operate in the United States.

Speaker #2: The two products we sold were a software solution, which provided electronic invoicing, automatic payment reminders, and a range of other facilities to improve invoice delivery and speed of collection for accounting firms.

Bruce Coombes: The two products we sold was a software solution, which provided electronic invoicing, automatic payment reminders, and a range of other facilities to improve invoice delivery and speed of collection for accounting firms. That product was called Connect, and has now been sold to a company named Aiwyn, A-I-W-I-N. We also operated a significant credit card and EFT, or what is known as ACH in the United States, payments business. That also was sold to Aiwyn. QuickFee has retained its US finance business. What that means is, following that sale, in Australia and the United States, QuickFee is back to the very core product it offered from the very first day. That is making it easier for clients to pay their accountant and lawyer. Revenue is down marginally. We now operate a profitable business in Australia and the United States.

Speaker #2: That product was called Connect, and it is now being sold to a company named IAWYN, spelled A-I-W-Y-N. We also operated a significant credit card and EFT, or what's known as ACH in the United States, payments business.

Speaker #2: That was also sold to Iwan. QuickFee has retained its US finance business. So what that means is, following that sale, in Australia and the United States, QuickFee is back to the very core product it offered from the very first day, and that is making it easier for clients to pay their accountant and lawyer.

Speaker #2: Revenue is down marginally. We now operate a profitable business in Australia and the United States. Our disbursement funding product in Australia has been very well received, and we've made some significant advances in the way that product can be accessed self-service by firms. Part of that investment is reflected in a 51% increase in our disbursement funding loan book compared to the previous corresponding period.

Bruce Coombes: Our disbursement funding product in Australia has been very well received, and we have made some significant advances in the way that product can be accessed self-service by firms. Part of that investment is reflected in our 51% increase in our disbursement funding loan book compared to the previous corresponding period. All of this has happened with an attractive net interest margin of 15.3%, and we are very grateful to our senior lender for an increase in our facilities to enable us to continue to grow this business. Following the sale of the US two product lines, we were able to make a capital return to shareholders, and we are very pleased to announce that we, of course, paid our first dividend, our maiden dividend, 9% per share earlier this year. Let us look at the EBITDA and the profitability of our business. It is a very simple business.

Speaker #2: And all of this has happened with an attractive net interest margin of 15.3%, and we're very grateful to our senior lender for an increase in our facilities to enable us to continue to grow this business.

Speaker #2: Following the sale of the US two product lines, we were able to make a return to shareholders, and we're very pleased to announce that we, of course, paid our first dividend—our maiden dividend—5% per share earlier this year.

Speaker #2: So let's look at the EBITDA and the profitability of our business. It is a very simple business. We don't employ enormous numbers of people, and we achieve a great NIM.

Bruce Coombes: Let us look at the EBITDA and the profitability of our business. It is a very simple business. We do not employ enormous numbers of people, and we achieve a great NIM. You can see on the charts here the level of EBITDA and net profit after tax our business has been able to achieve. Expenses are, of course, down given the sale of two of the products in the United States. Let us have a look on the next slide at the NIM. NIM has been steadily growing, as you can see from the chart, and now sits at 15.3%, the difference between what we pay for our money and what we receive in returns on the loans that we make. All of this underpinned by the strength of the accounting and law firms with whom we deal.

Bruce Coombes: We do not employ enormous numbers of people, and we achieve a great NIM. You can see on the charts here the level of EBITDA and net profit after tax our business has been able to achieve. Expenses are, of course, down given the sale of two of the products in the United States. Let us have a look on the next slide at the NIM. NIM has been steadily growing, as you can see from the chart, and now sits at 15.3%, the difference between what we pay for our money and what we receive in returns on the loans that we make. All of this underpinned by the strength of the accounting and law firms with whom we deal. Let us now move to Australia, and specifically the growth we have been able to see in the legal market. We have served accountants from day one.

Speaker #2: You can see on the charts here the level of EBITDA and net profit after tax for businesses being able to achieve. Expenses are, of course, down given the sale of two of the products in the United States.

Speaker #2: So let's have a look at the next slide, at the NIM. NIM has been steadily growing, as you can see from the chart, and now sits at 15.3%.

Speaker #2: The difference between what we pay for our money and what we receive in returns on the loans that we make. All of this is underpinned by the strength of the accounting and law firms with whom we deal.

Speaker #2: So let's now move to Australia, and specifically the growth that we've been able to see in the legal market. We have served accountants from day one.

Bruce Coombes: Let us now move to Australia, and specifically the growth we have been able to see in the legal market. We have served accountants from day one. We've served lawyers from day one. We've been able to see a significant increase in both the use of our traditional fee funding solution and also an increase in our disbursement funding solution inside the legal vertical. Our primary users in the legal vertical are commercial law firms and personal injury and disputed estate firms in relation to disbursement funding product. EBITDA for the Australian business is AUD 3.9 million.

Speaker #2: We've served lawyers from day one, but we've seen a significant increase in both the use of our traditional fee funding solution and also an increase in our disbursement funding solution inside the legal vertical.

Bruce Coombes: We've served lawyers from day one. We've been able to see a significant increase in both the use of our traditional fee funding solution and also an increase in our disbursement funding solution inside the legal vertical. Our primary users in the legal vertical are commercial law firms and personal injury and disputed estate firms in relation to disbursement funding product. EBITDA for the Australian business is AUD 3.9 million. As we move forward to the next slide, you can see just a handful of logos of the many firms we serve around the world. Many of you may recognize these Australian logos. This is where our business has had the greatest level of growth through our financial 2026 at a strong, consistent yield, increasing TTV.

Speaker #2: Our primary users in the legal vertical are commercial law firms, and personal injury and disputed estate firms in relation to the disbursement funding product. EBITDA for the Australian business was $3.9 million.

Speaker #2: So, as we move forward to the next slide, you can see here just a handful of logos of the many firms we serve around the world.

Bruce Coombes: As we move forward to the next slide, you can see just a handful of logos of the many firms we serve around the world. Many of you may recognize these Australian logos. This is where our business has had the greatest level of growth through our financial 2026 at a strong, consistent yield, increasing TTV. As you can see on the third chart from the left, the number of open payment plans or matters, including disbursement funding matters, has jumped significantly, reflecting that additional growth in that solution that we provide to law firms in Australia. Let's move forward now and have a look at our United States business. Unsurprisingly, operating expenditure has dropped significantly with the disposal of two of the products to Aiwyn. Gross profit at 71%.

Speaker #2: Many of you may recognize these Australian logos. This is where our business has had the greatest level of growth through our financial year '26. At a strong, consistent yield, increasing TTV, and as you can see in the third chart from the left, the number of open payment plans or matters—including disbursement funding matters—has jumped significantly, reflecting that additional growth in that solution that we provide to law firms in Australia.

Bruce Coombes: As you can see on the third chart from the left, the number of open payment plans or matters, including disbursement funding matters, has jumped significantly, reflecting that additional growth in that solution that we provide to law firms in Australia. Let's move forward now and have a look at our United States business. Unsurprisingly, operating expenditure has dropped significantly with the disposal of two of the products to Aiwyn. Gross profit at 71%. Again, positive underlying EBITDA of AUD 2.2 million for our US business. Australia and the United States are now both profitable, sustainable businesses, able to maintain what we do with the underwriting strength of accounting and law firms in both markets. On the next slide, we talk a little bit about where the growth might come from in the United States.

Speaker #2: So let's move forward now and have a look at our United States business. Unsurprisingly, operating expenditure has dropped significantly with the disposal of two of the products to Iwan.

Speaker #2: Gross profit at 71%. And again, positive underlying EBITDA of $2.2 million for our US business. Australia and the United States are now both profitable, sustainable businesses, able to maintain what we do with the underwriting strength of accounting and law firms in both markets.

Bruce Coombes: Again, positive underlying EBITDA of AUD 2.2 million for our US business. Australia and the United States are now both profitable, sustainable businesses, able to maintain what we do with the underwriting strength of accounting and law firms in both markets. On the next slide, we talk a little bit about where the growth might come from in the United States. The US market is, of course, much larger than Australia, but our actual level of origination and our actual level of loan book is smaller. We're working hard with our distributor, Aiwyn, to have our payment solution embedded as a finance product inside the Aiwyn platform.

Speaker #2: So, on the next slide, we talk a little bit about where the growth might come from in the United States. The US market is, of course, much larger than Australia, but our actual level of origination and our actual level of loan book is smaller.

Bruce Coombes: The US market is, of course, much larger than Australia, but our actual level of origination and our actual level of loan book is smaller. We're working hard with our distributor, Aiwyn, to have our payment solution embedded as a finance product inside the Aiwyn platform. Have we lost Bruce?

Speaker #2: So, we are working hard with our distributor, iWANT, to have our payment solution embedded as a finance product inside iWANT. I bet you we lost Bruce.

Simon Yeandle: Have we lost Bruce?

Speaker #1: Yeah, I can't. I think Bruce is frozen. We've lost him.

[Company Representative] (QuickFee): Yeah. I think Bruce is frozen. We've lost him.

Katie Mackenzie: Yeah. I think Bruce is frozen. We've lost him.

Speaker #2: Okay, well, we can continue. This was the last slide Bruce was going to present.

Simon Yeandle: Well, we can continue. This was the last slide Bruce was going to present.

Speaker #1: No, Bruce is here.

[Company Representative] (QuickFee): Oh, Bruce is-

Katie Mackenzie: Oh, Bruce is-

Speaker #2: Until we move to the financials. So we'll probably just skip through to the financials and—.

Simon Yeandle: Until we move to the financials. We'll probably just skip through to the financials.

Speaker #1: I think Bruce is changing rooms. We've got you back, Bruce.

[Company Representative] (QuickFee): Hang on. I think Bruce is changing rooms. We got you back, Bruce.

Katie Mackenzie: Hang on. I think Bruce is changing rooms. We got you back, Bruce.

Speaker #2: We have indeed. We have indeed.

Bruce Coombes: We have indeed. We have indeed.

Speaker #1: Oh, absolutely.

[Company Representative] (QuickFee): Oh, it is just-

Katie Mackenzie: Oh, it is just-

Speaker #2: Excellent. I don't know what happened there. So, talking about our US business in particular, the growth rate we're achieving—Iwan has a significant footprint in the US market.

Simon Yeandle: Excellent.

Bruce Coombes: Don't know what happened there. Talking about our US business, in particular, the growth rate we achieved. Aiwyn has a significant footprint in the US market. Aiwyn has some of the largest CPA firms in the United States as customers, and we are working with them to build our finance product into their overall payments stack, and they have suggested they can have that done by 31 December 2026. All of this augurs well. Notwithstanding any of that, our US business is now a profitable business and runs very leanly with just three very experienced staff, indicating the scalability of both Australia and the United States. I think I will move forward now to Simon and let him share a little bit about some of the financial results in a little bit more detail.

Speaker #2: Iwan has some of the largest CPA firms in the United States as customers, and we're working with them to build our finance product into their overall payments stack. They've suggested they can have that done by December 31, 2026.

Speaker #2: All of this augurs well. Notwithstanding any of that, our US business is now a profitable business and runs very leanly, with just three very experienced staff, indicating the scalability of both Australia and the United States.

Speaker #2: So, I think we'll move forward now to Simon and let him share a little bit about some of the financial results and a little bit more detail.

Speaker #3: Thanks, Bruce, and hello, everyone. So, the statutory P&L here represents the entire business in FY26—both Australia and the US, all products. Obviously, FY25 and FY26 represent just the two and a half months of the P&L product before they were sold, and then the remaining US and Australian businesses.

Simon Yeandle: Thanks, Bruce, and hello, everyone. The statutory P&L here represents the entire business in FY 2026, both Australia and the US, all products. Obviously, in FY 2025. And FY 2026 represents just the two and a half months of the PayNow product before they were sold, and the remaining US and Australian businesses. Unsurprisingly, revenue was down from AUD 25.2 million to AUD 18.4 million, reflecting that sale. But on a like-for-like basis, revenue from continuing products was only down 1% from AUD 17 million to AUD 16.8 million. The reported gross profit was down 35% to AUD 10.6 million versus the entire period, entire business in the corresponding period. As Bruce noted, OPEX was down significantly across all categories as we included just over two months of the full US operations.

Speaker #3: So unsurprisingly, revenue was down from $25.2 million to $18.4 million Australian dollars, reflecting that sale, but on a like-for-like basis, revenue from continuing products was only down 1% from $17 million to $16.8 million.

Speaker #3: The reported gross profit was down 35% to $10.6 million, versus the entire business in the corresponding period. And as Bruce noted, OPEX was down significantly across all categories, as we included just over two months of the full US operations.

Simon Yeandle: The reported gross profit was down 35% to AUD 10.6 million versus the entire period, entire business in the corresponding period. As Bruce noted, OPEX was down significantly across all categories as we included just over two months of the full US operations. The main call-outs from this slide are reported EBITDAR, AUD 3.8 million, up AUD 1.4 million on FY 2025, before the non-recurring items of the sale and prior year credit provision. Profit before tax and before the profit on sale was AUD 1.2 million, up AUD 2.1 million from a loss of AUD 0.9 million in FY 2025.

Speaker #3: So, the main fallouts from this slide are reported EBITDA of $3.8 million, up $1.4 million on FY25, before the non-recurring items of the sale and prior year credit provision.

Simon Yeandle: The main call-outs from this slide are reported EBITDAR, AUD 3.8 million, up AUD 1.4 million on FY 2025, before the non-recurring items of the sale and prior year credit provision. Profit before tax and before the profit on sale was AUD 1.2 million, up AUD 2.1 million from a loss of AUD 0.9 million in FY 2025. This year we have booked a net tax credit of AUD 2.5 million, and that comprises AUD 0.5 million income tax payable in the US on the sale and deferred tax, income tax credits of AUD 3 million. They recognize the benefit of the remaining tax losses that we still have in both the US and Australia. Now we are generating profits in both regions. We are able to use those tax losses to offset future taxable income, and that AUD 3 million represents that benefit.

Speaker #3: And profit before tax before the profit on sale was 1.2 million dollars, up 2.1 million from a loss of 0.9 million in FY25. And this year, we've booked a next net tax credit of 2.5 million Australian dollars, and that comprises 0.5 million income tax payable in the US on the sale, and deferred tax income tax credits of 3 million dollars, and they recognize the benefit of the remaining tax losses that we still have in both the US and Australia.

Simon Yeandle: This year we have booked a net tax credit of AUD 2.5 million, and that comprises AUD 0.5 million income tax payable in the US on the sale and deferred tax, income tax credits of AUD 3 million. They recognize the benefit of the remaining tax losses that we still have in both the US and Australia. Now we are generating profits in both regions. We are able to use those tax losses to offset future taxable income, and that AUD 3 million represents that benefit. The net of those two items are AUD 2.5 million as a credit. Net profit after tax before the profit on sale is AUD 3.7 million, that is shown here, but it is at that, and that is up AUD 4.6 million from a loss of AUD 1.2 million in FY 2025.

Speaker #3: Now, we're generating profits in both regions. We're able to use those tax losses to offset future taxable income, and that $3 million represents that benefit.

Speaker #3: So the net of those two items is $2.5 million as a credit. Net profit after tax, before the profit on sale, was $3.7 million, as shown here—but it's at that.

Simon Yeandle: The net of those two items are AUD 2.5 million as a credit. Net profit after tax before the profit on sale is AUD 3.7 million, that is shown here, but it is at that, and that is up AUD 4.6 million from a loss of AUD 1.2 million in FY 2025. On the next slide, it is a summary of our operating expenses, and you can see in the top right corner chart, the fourth column, FY 2026, shows the actual OPEX in FY 2026, and the fifth column in green shows the underlying OPEX for the period. That represents our ongoing cost base of AUD 6.1 million for the year. All categories were down. General and admin expenses includes all the finance and operations staff who process loans and payments, as well as our board, C-suite, corporate and listing costs.

Speaker #3: And that's up $4.6 million from a loss of $1.2 million in FY25. On the next slide, it's a summary of our operating expenses, and you can see in the top right corner chart, the fourth column, FY26, shows the actual OPEX in FY26, and the fifth column in green shows the underlying OPEX for the period. That represents our ongoing cost base of $6.1 million for the year.

Simon Yeandle: On the next slide, it is a summary of our operating expenses, and you can see in the top right corner chart, the fourth column, FY 2026, shows the actual OPEX in FY 2026, and the fifth column in green shows the underlying OPEX for the period. That represents our ongoing cost base of AUD 6.1 million for the year. All categories were down. General and admin expenses includes all the finance and operations staff who process loans and payments, as well as our board, C-suite, corporate and listing costs. We do incur a very low level of product development expenses still, but they are related to the maintenance and enhancements of our third-party loan management systems. We are not building any proprietary software ourselves anymore. That will stay at that very low level.

Speaker #3: So, all categories were down, and general and admin expenses include all the finance and operations staff who process loans and payments, as well as all board, C-suite, corporate, and listing costs.

Speaker #3: We do incur a very low level of product development expenses still, but they're related to the maintenance and enhancements of our third-party loan management systems.

Simon Yeandle: We do incur a very low level of product development expenses still, but they are related to the maintenance and enhancements of our third-party loan management systems. We are not building any proprietary software ourselves anymore. That will stay at that very low level. With this structural reduction in our cost base across all categories, we do expect OPEX to remain broadly at this underlying level moving forward. On the next slide, we look at the FY 2026 year, on an underlying basis. It is more of an ongoing snapshot of what the business would have looked like had it just had the finance product for the entire FY 2026 year, which gives a good example, a good profile of the business going forward. The finance business at a group level delivered a gross margin of 64% after interest on the loan book debt facility.

Speaker #3: We're not building any proprietary software ourselves anymore; that will stay at that very low level. So, with this structural reduction in our cost base across all categories, we do expect OPEX to remain broadly at this underlying level moving forward.

Simon Yeandle: With this structural reduction in our cost base across all categories, we do expect OPEX to remain broadly at this underlying level moving forward. On the next slide, we look at the FY 2026 year, on an underlying basis. It is more of an ongoing snapshot of what the business would have looked like had it just had the finance product for the entire FY 2026 year, which gives a good example, a good profile of the business going forward. The finance business at a group level delivered a gross margin of 64% after interest on the loan book debt facility. Below gross profit are the OPEX categories at the underlying run rates that we expect to continue broadly at that level.

Speaker #3: So, on the next slide, we look at the FY26 year on an underlying basis. So it's more of an ongoing snapshot of what the business would have looked like had it just had the finance product for the entire FY26 year, which gives a good example, a good profile of the business going forward.

Speaker #3: The finance business at a group level delivered a gross margin of 64% after interest on the loan debt facility, and below gross profit of the OPEX categories, at the underlying run rates that we expect to continue broadly at that level.

Simon Yeandle: Below gross profit are the OPEX categories at the underlying run rates that we expect to continue broadly at that level. Depreciation and finance costs are expected to remain at that level as well. This shows that we would have delivered in FY 2026 an EBITDAR of AUD 3.6 million had we just been operating the finance business on its own for that full period. We now have 17 staff, three in the US, 14 in Australia, comprises nine running the business, four in finance and Bruce, and there are two non-exec directors as well. That gives a pretty good profile of what to build on, for FY 2027 in terms of the business. On the next slide, I will just call out a couple of items on the balance sheet. Net assets increased by AUD 8.8 million to AUD 14.3 million at 30 June 2026.

Speaker #3: Appreciation and finance costs are expected to remain at that level as well. This shows that we would have delivered, in FY26, an EBITDA of $3.6 million had we just been operating the finance business on its own for that full period.

Simon Yeandle: Depreciation and finance costs are expected to remain at that level as well. This shows that we would have delivered in FY 2026 an EBITDAR of AUD 3.6 million had we just been operating the finance business on its own for that full period. We now have 17 staff, three in the US, 14 in Australia, comprises nine running the business, four in finance and Bruce, and there are two non-exec directors as well. That gives a pretty good profile of what to build on, for FY 2027 in terms of the business. On the next slide, I will just call out a couple of items on the balance sheet. Net assets increased by AUD 8.8 million to AUD 14.3 million at 30 June 2026.

Speaker #3: We now have 17 staff—3 in the US and 14 in Australia—comprising 9 running the business, 4 in finance, and Bruce. There are also 2 non-executive directors as well.

Speaker #3: So, that gives a pretty good profile of what to build on for FY27 in terms of the business. On the next slide, I'll just call out a couple of items on the balance sheet.

Speaker #3: Net assets increased by $8.8 million to $14.3 million as at 30 June 2026. Reported cash of $8.3 million was down $5.4 million, which is really a result of the sale of our US payments business—the ACH product in particular—which held $6.8 million of cash at June 25. That, of course, has been sold.

Simon Yeandle: Reported cash of AUD 8.3 million was down AUD 5.4 million, which really is a result of the sale of our US payments business. The ACH product in particular held AUD 6.8 million of cash at June 25, and that, of course, has been sold. That was removed from the balance sheet. Our total loan book has grown 12% or AUD 7.3 million to AUD 65.9 million at June 26. That was funded by increased borrowing costs and cash generated from operations. All capitalized software was disposed of in the sale. The fixed assets and other long-term assets in there are AUD 4.4 million, includes the AUD 3 million of deferred tax assets. On the next slide, there is a little bit of a breakdown on the right-hand side of our cash balance.

Speaker #3: So, that is removed from the balance sheet. Our total loan book has grown 12%, or $7.3 million, to $65.9 million as of June 26.

Speaker #3: That was funded by increased borrowing costs and cash generated from operations. All capitalized software was disposed of in the sale. The fixed assets and other non-current assets in there are $4.4 million, which includes $3 million of deferred tax assets.

Speaker #3: So, on the next slide, there's a little bit of a breakdown on the right-hand side of our cash balance. The $10.2 million at the top comprises the $8.3 million shown on the balance sheet.

Simon Yeandle: The AUD 10.2 million at the top comprises the AUD 8.3 million shown on the balance sheet on the previous slide, plus AUD 1.9 million of funds held in escrow from the sale of our US business. That is to be released to us in September this year, provided we do not breach any of the warranties or reps that were made to Aiwyn at the time of the sale. I can say we have not done that yet, and we are confident we will not. We do expect to receive that amount in full in September this year. At the very bottom, there are some deposits held by our US credit card processor that are due to be repaid to us at the rate of AUD 75,000 per month from September this year through to August 2028.

Speaker #3: On the previous slide, plus $1.9 million of funds that's held in escrow from the sale of our US business, and that is to be released to us in September this year.

Speaker #3: Provided we don't breach any of the warranties or reps that were made to Irwin at the time of the sale, and I can say we haven't done that yet.

Speaker #3: And we're confident we won't, so we do expect to receive that amount in full in September this year. Then, at the very bottom, there are some deposits held by our US credit card processor that are due to be repaid to us at the rate of $75,000 Australian dollars per month from September this year through to August 2028.

Speaker #3: And that's held by them as a security guarantee in the event of any merchants—or the old merchants—terminating their contracts. To date, no payments have been triggered.

Simon Yeandle: That is held by them as a security guarantee in the event of any merchants, of the old merchants terminating their contracts. To date, no payments have been triggered, so we do expect most of that to come back to us. We did announce a couple of months ago that we have increased our Australian dollar credit facility from AUD 45 million to AUD 60 million with Viola Credit, our main senior lender. That is really to provide further headroom as our Aussie loan book continues to grow strongly. I have set out the terms of the Viola facility there on the left. Also, we have AUD 5 million of term debt with Fancourt Capital Group, and the terms of that also set out on the left. With that, I will hand back to Bruce to wrap up.

Speaker #3: So we do expect most of that to come back to us. And we did announce a couple of months ago that we've increased our Australian dollar credit facility from $45 million to $60 million with Viola Credit, our main senior lender, and that's really to provide further headroom as our Aussie loan book grows.

Speaker #3: It continues to grow strongly. I've set out the terms of the Viola facility there on the left, and also we have $5 million of term debt with Fancourt, and the terms of that are also set out on the left.

Speaker #3: So with that, I'll hand back to Bruce to wrap up.

Speaker #1: Fantastic. Thank you, Simon. So, looking forward to FY27, we're going to continue to do exactly what we did: low-risk lending. We're going to continue to do what we do—make profits in Australia and the United States.

Bruce Coombes: Fantastic. Thank you, Simon. Looking forward to FY27. We are going to continue to do exactly what we do, low-risk lending. We are going to continue to do what we do, make profits in Australia and the United States. We are going to continue to focus on accounting and legal. Right now, at a AUD 0.075 share price, the company is able to continue to pay dividends of AUD 0.01 per year, AUD 0.005 in each half for a 13% yield based on a share price of AUD 0.075. We are pleased to be able to announce that we expect to pay a final FY26 dividend of AUD 0.005 per share.

Speaker #1: We're going to continue to focus on accounting and legal. Right now, at a $0.075 share price, the company is able to continue to pay dividends of $0.01 per year—half a cent in each half—for a 13% yield based on a share price of $0.075.

Speaker #1: We're pleased to be able to announce that we expect to pay a final financial 2026 dividend of half a cent per share, and as Simon alluded to, with funds coming back from the escrow in the United States, we expect to pay a special dividend of up to 1 cent per share in Q4 of calendar 2026 from those proceeds.

Bruce Coombes: As Simon alluded to, with funds coming back from the escrow in the United States, we expect to pay a special dividend of up to AUD 0.01 per share in Q4 of calendar 2026 from those proceeds. We continue to look at other ways to increase returns to shareholders, including potential inorganic opportunities. We announce now our expected financial 2027 EBTDA guidance in the range of AUD 4.5 to AUD 5.5 million. We are more than happy to take any questions, Katie, that we might have there. I will point out that there is an extensive appendix at the back of the deck if you want to download it from the investor hub on the QuickFee website with more detail on a little bit of the breakdown of some of the margins by product, et cetera.

Speaker #1: We'll continue to look at other ways to increase returns to shareholders, including potential inorganic opportunities. And we announce now our expected financial 2027 EBITDA guidance in the range of $4.5 to $5.5 million.

Speaker #1: And we're more than happy to take any questions, Katie, that we might have there, and I'll point out that there is an extensive appendix at the back of the deck if you want to download it from the Investor Hub on the QuickFee website, with more detail on a little bit of the breakdown of some of the margins by product, et cetera.

Speaker #2: All right, terrific. Thank you, Bruce and Simon. Just a reminder to everybody: if you'd like to ask questions, please type them into the Q&A tab.

[Company Representative] (QuickFee): That is terrific. Thank you, Bruce and Simon. Just a reminder to everybody, if you would like to ask questions, please type them into the Q&A tab. Bruce, let us kick things off. We have got a few questions from different investors.

Katie Mackenzie: That is terrific. Thank you, Bruce and Simon. Just a reminder to everybody, if you would like to ask questions, please type them into the Q&A tab. Bruce, let us kick things off. We have got a few questions from different investors. I will summarize all those different ones into one question about the outstanding debt or the recovery of the bad debt in the US. Are you able to give everyone on the call here

Speaker #2: So, Bruce, let's kick things off. We've got a few questions from different investors, so I'll sort of summarize all those different ones into one question about the outstanding debt, as well as the recovery of the bad debt in the US.

[Company Representative] (QuickFee): I will summarize all those different ones into one question about the outstanding debt or the recovery of the bad debt in the US. Are you able to give everyone on the call here

Speaker #2: Are you able to give everyone on the call here just a little bit of an update on that?

Bruce Coombes: Yep

[Company Representative] (QuickFee): just a little bit of an update on that?

Katie Mackenzie: just a little bit of an update on that?

Speaker #1: Yes. That primarily crystallized around March of last year, and the wheels of the legal system do turn a little slowly, I guess. We are working with our lawyers on recovery options quite actively.

Bruce Coombes: Yes. That primarily crystallized around about March last year, and the wheels of the legal system do turn a little slowly, I guess. We are working with our lawyers on recovery options, quite actively. We have an active process in place with a significant law firm here in Australia that is a specialist in this area to assist us to recover as much of that as possible.

Speaker #1: We've got an active process in place with our significant law firm here in Australia that is a specialist in this area, to assist us to recover as much of that as possible.

Speaker #2: Okay, thank you. We also have a question. You've talked a lot about the strong growth in legal in the Australian market, so what would be the approximate split now between accounting and legal in the Australian market?

[Company Representative] (QuickFee): Okay. Thank you. We also have a question. You talked a lot about the strong growth in legal in the Australian market. What would be the approximate split now between accounting and legal in the Australian market?

Katie Mackenzie: Okay. Thank you. We also have a question. You talked a lot about the strong growth in legal in the Australian market. What would be the approximate split now between accounting and legal in the Australian market?

Speaker #1: Okay. Yeah, that's a great question. Accountants, of course, have a much higher repeat rate. You know, people have to do their taxes every year, have to have an audit done every year, et cetera.

Bruce Coombes: Okay. That is a great question. Accountants, of course, have a much higher repeat rate, and people have to do their taxes every year. They have to have an audit done every year, et cetera. The accounting industry exhibits a fairly strong recurring revenue sort of model across their client base. The accountants are likely to continue to dominate in Australia. But right now, the mix is 60% accounting and 40% legal, showing the significant growth in the legal market that is there and the significant growth we are able to continue to achieve into the future.

Speaker #1: The accounting industry exhibits a fairly strong recurring revenue model across their client base. So, accountants are likely to continue to dominate in Australia. But right now, the mix is 60% accounting and 40% legal, showing the significant growth in the legal market that's there, and the significant growth we're able to continue to achieve in the future.

Speaker #2: Okay, thank you. I'm just checking if there are any further questions. Okay, we've got a question here. The range of earnings for the earnings guidance for FY27—we've just got a comment here—is quite large.

[Company Representative] (QuickFee): Okay. Thank you for that. I will just check if there are any further questions. Okay. We have a question here. The range of earnings or the earnings guidance for FY27, we have just got a comment here, is quite large. What are the assumptions that get you to the 4.5 versus 5.5 in terms of the FY27 guidance range?

Katie Mackenzie: Okay. Thank you for that. I will just check if there are any further questions. Okay. We have a question here. The range of earnings or the earnings guidance for FY27, we have just got a comment here, is quite large. What are the assumptions that get you to the 4.5 versus 5.5 in terms of the FY27 guidance range?

Speaker #2: What are the assumptions that get you to the 4.5 versus 5.5 range in terms of the FY27 guidance?

Speaker #1: Yep, I can take that, Katie. As we know, our cost base is very predictable—it's largely staff salaries. So, you know, we do expect that. We've profiled exactly what that was and how we expect that to stay broadly similar.

Simon Yeandle: Yep.

[Company Representative] (QuickFee): That is that one.

Katie Mackenzie: That is that one.

Simon Yeandle: I can take that, Katie.

Simon Yeandle: I can take that, Katie. As we know, our cost base is very predictable. It is largely staff salaries. We do expect that, and I have profiled exactly what that was and how we expect that to stay broadly similar. I think the variable nature comes in the growth in lending across products. We do have some assumptions in there around what the US will do. Some of that is tied to success of the partnership with Aiwyn and having that embedded into their payment system. The timing of that take-up can be reasonably variable. The other thing to mention is that, on a month-to-month basis, lending can fluctuate reasonably strongly from any particular month in terms of year-on-year growth. Across each quarter or six-month period, it generally evens out.

Simon Yeandle: As we know, our cost base is very predictable. It is largely staff salaries. We do expect that, and I have profiled exactly what that was and how we expect that to stay broadly similar. I think the variable nature comes in the growth in lending across products. We do have some assumptions in there around what the US will do. Some of that is tied to success of the partnership with Aiwyn and having that embedded into their payment system. The timing of that take-up can be reasonably variable. The other thing to mention is that, on a month-to-month basis, lending can fluctuate reasonably strongly from any particular month in terms of year-on-year growth. Across each quarter or six-month period, it generally evens out. But the timing is not always entirely predictable.

Speaker #1: I think the variable nature comes in, you know, the growth in lending across products. You know, we do have some assumptions in there around what the US will do, and some of that is tied to the success of the partnership with Irwin and having that embedded into their payment system.

Speaker #1: And the timing of that take-up, you know, can be reasonably variable. The other thing to mention is that, you know, on a month-to-month basis, lending can fluctuate reasonably strongly.

Speaker #1: From any particular month, in terms of year-on-year growth, across each quarter or six-month period, it generally evens out. But the timing is not always entirely predictable.

Simon Yeandle: But the timing is not always entirely predictable. Given you can have a very strong June, as we did last year, or if you do not, then certainly the numbers can move several hundred thousand AUD in a month in terms of the actual lending. Particularly at the beginning of the year, you will get a much bigger impact for revenue income across the whole year as if you do in the latter half of the year. At this point, there are a number of moving parts in terms of the top line. But in terms of the assumptions to get there, you would be looking at low to mid teens in terms of interest income growth and similar in terms of the cost of funds. That with a similar cost base gets us somewhere in that range.

Speaker #1: So I'm assuming you can have a very strong June, as we did last year. Or, if you don't, then certainly the numbers can move several hundred thousand dollars in a month in terms of the actual lending. Particularly at the beginning of the year, you'll get a much bigger impact for revenue income across the whole year than if you do in the latter half of the year.

Simon Yeandle: Given you can have a very strong June, as we did last year, or if you do not, then certainly the numbers can move several hundred thousand AUD in a month in terms of the actual lending. Particularly at the beginning of the year, you will get a much bigger impact for revenue income across the whole year as if you do in the latter half of the year. At this point, there are a number of moving parts in terms of the top line. But in terms of the assumptions to get there, you would be looking at low to mid teens in terms of interest income growth and similar in terms of the cost of funds. That with a similar cost base gets us somewhere in that range.

Speaker #1: So it's at this point, there are a number of sort of moving parts in terms of the top line, but in terms of the assumptions to get there, we'd be looking at, you know, low to mid-teens in terms of sort of interest income growth and similar in terms of the cost of funds.

Speaker #1: And that, with a similar sort of cost base, gets us somewhere in that range.

Speaker #2: Okay. Thank you, Simon. So that we've got a question here on the NEM, and that interest margin. So the question is, does the Q4 NEM, does that fully reflect the rate rises in Australia?

[Company Representative] (QuickFee): Okay. Thank you, Simon, for that. We've got a question here on the NIM, the net interest margin. The question is, does the Q4 NIM fully reflect the rate rises in Australia? Should investors think about that Q4 NIM as being the base for FY27 moving forward?

Katie Mackenzie: Okay. Thank you, Simon, for that. We've got a question here on the NIM, the net interest margin. The question is, does the Q4 NIM fully reflect the rate rises in Australia? Should investors think about that Q4 NIM as being the base for FY27 moving forward?

Speaker #2: And so, should investors think about that Q4 NEM as being the base for FY27 moving forward?

Speaker #1: Yeah, the Q4 NEM represents the actual interest costs we incur on the borrowings, and obviously, the income is the interest earned based on, you know, the percentage of the loan book.

Simon Yeandle: Yeah. The Q4 NIM represents the actual interest costs we incur on the borrowings, and obviously, the income is the interest earned based on percentage of loan book. That's the starting point going forward, yeah.

Speaker #1: So, that's a starting point going forward, yeah.

Speaker #2: Okay, let me just check if we've got some more questions coming through. Doesn't look like we have any more coming through on the chat, but if you do have any questions that you think of after, feel free to speak to Simon or me after.

[Company Representative] (QuickFee): Okay. Let me just check if we've got some more questions coming through. Doesn't look like we have got any more coming through on the chat, but if you do have any questions that you think about after, feel free to speak to Simon or I after. I'm just trying to work out if that's a question there, Mark. I can't see it. Bruce, perhaps I'll hand back over to you to wrap it up.

Katie Mackenzie: Okay. Let me just check if we've got some more questions coming through. Doesn't look like we have got any more coming through on the chat, but if you do have any questions that you think about after, feel free to speak to Simon or I after. I'm just trying to work out if that's a question there, Mark. I can't see it. Bruce, perhaps I'll hand back over to you to wrap it up.

Speaker #2: I'm just trying to work out if that's a question there, Mark. I can't see it, so Bruce, perhaps I'll hand back over to you to wrap it up.

Speaker #1: Okay, look, thank you, everybody, for taking the time. As I said right at the start, we know there are a lot of these presentations at this time of year.

Bruce Coombes: Okay. Look, thank you everybody for taking the time. As I said right at the start, we know there's a lot of these presentations at this time of the year. Thank you very much for taking the time to listen to us, and thank you very much for being a shareholder of QuickFee.

Speaker #1: Thank you very much for taking the time to listen to us, and thank you very much for being a shareholder of QuickFee.

[Company Representative] (QuickFee): Great. Thank you, everybody.

Katie Mackenzie: Great. Thank you, everybody.

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Full Year 2026 QuickFee Ltd Earnings Call

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