Full Year 2026 Pioneer Credit Ltd Earnings Call

August 19, 2026

[Company Representative] (Pioneer Credit): Questions that all come out, just use the Q&A box that you can see on your screen. Type those in there and we'll address those at the end of the formal presentation. For now, I'll hand over to Pioneer's Managing Director, Keith John.

Speaker #1: For that, just use the Q&A box that you can see on your screen. Type those in there, and we'll address those at the end of the formal presentation.

Speaker #1: So, for now, I'll hand over to Pioneer's Managing Director, Keith John.

Speaker #2: Good morning, everyone, and thanks so much for joining us today. It's always a pleasure to be able to talk to you, and certainly to be able to talk to you in the context of our business—what we've achieved in FY26, and really what we achieved towards the back end of FY26, which is setting us up for FY27.

Keith John: Good morning, everyone, and thanks so much for joining us today. It's always a pleasure to be able to talk to you, and certainly to be able to talk to you in the context of our business, what we've achieved in FY26, and really what we achieved towards the back end of FY26, which is setting us up for FY27. In terms of our performance, obviously these results have been pre-released to the market in July, but we're very pleased to confirm today cash collections of AUD 147.6 million, up in a measurable sense on last year and certainly we're well-structured now for a significant improvement during FY27 in that number. Our EBITDA at an all-time high, and this really is a proxy for how we generate cash within this business. Almost AUD 106 million.

Speaker #2: But in terms of our performance, obviously these results were pre-released to the market in July, but we're very pleased to confirm today: cash collections of $147.6 million—up in a measurable sense on last year—and certainly, we're well structured now for a significant improvement during FY27 in that number.

Speaker #2: Are we at an all-time high for DAR? I mean, this really is a proxy for how we generate cash within this business. Almost $106 million—a remarkable amount of cash generation in our business—and done in a very, very efficient manner.

Keith John: A remarkable amount of cash generation in our business and done it in a very, very efficient manner. Our earnings before interest and taxation, just shy of AUD 56 million. We're very pleased with that number again, of course, and just shows you the efficiency with which we run and also the caution with which we value our loan books, which is the depreciation and the amortization part of our EBITDA number. Finally, driving that NPAT. We originally had a target set in FY22 of AUD 18 million for this financial year. For those that have been with us on the journey, you'll know that management incentives have been tied to achieving that AUD 18 million number, which was set some four years out.

Speaker #2: Our earnings before interest and taxation were just shy of $56 million. We're very pleased with that number again, of course, and it just shows you the efficiency with which we run, and also the caution with which we value our loan books, which is the depreciation and the amortization part of our EBITDA number.

Speaker #2: Finally, driving that impact, we originally had a target set in FY22 of $18 million for this financial year. For those that have been with us on the journey, you'll know that management incentives have been tied to achieving that $18 million number, which was set some four years out.

Speaker #2: We did that. We did that in spades, and we're very, very pleased to deliver and present to you today a net profit after taxation of $23.1 million for the financial year.

Keith John: We did that in spades, and we're very, very pleased to deliver and present to you today a net profit after taxation of AUD 23.1 million for the financial year. In terms of the portfolio highlights, really the key takeout on this slide, more than anything, is PDP investment. When we started FY26, we guided the market to an investment of AUD 80 million. We've also spent considerable time talking to you, but also, and very importantly of course, our vendor partners, about who we are as an organization, why we are different to others, and why we are the right business to be backed and to be trusted with their portfolios. Pioneer is the only group in Australia, without exception, with an agreement with each of the Big Four banks in place. That, in part, has driven record investment of AUD 105 million for the year.

Speaker #2: In terms of the portfolio highlights, really the key takeaway on this slide, more than anything, is PDP investment. When we started FY26, we guided the market to an investment of $80 million.

Speaker #2: We've also spent considerable time talking to you but also—and very importantly, of course—our vendor partners about who we are as an organization, why we are different from others, and why we are the right business to be backed and to be trusted with their portfolios.

Speaker #2: Pioneer is the only group in Australia, without exception, with an agreement with each of the Big Four banks in place. And that, in part, has driven record investment of $105 million for the year.

Speaker #2: Most of that—or, sorry, not most of that, but a large proportion of that—was settled in June, and we're very, very pleased with that. That is going to drive this business forward in FY27.

Keith John: Most of that, or sorry, not most of that, but a large proportion of that was settled in June. We are very, very pleased with that, and that is going to drive this business forward in FY27. Our PA portfolio has been relatively stable at AUD 406 million, and you might be aware that we get a lot of our revenue from that portfolio. We will be certainly seeking to increase the value of that portfolio and the number of customers that we have under arrangement through this financial year. Our ERC, our estimated remaining collections. This is the gross amount of money that we expect to recover from our portfolio. The sum 2 odd, 2.3, AUD 2.4 billion in assets that we have under management, is just shy of AUD 800 million, and we carry that asset at AUD 400 million on our balance sheet.

Speaker #2: Our PA portfolio has been relatively stable at $406 million, and you might be aware that we get a lot of our revenue from that portfolio. We will certainly be seeking to increase the value of that portfolio and the number of customers that we have under arrangement through this financial year.

Speaker #2: Our ERC, our Estimated Remaining Collections, is the gross amount of money that we expect to recover from our portfolio. The sum—$2.3, $2.4 billion in assets that we have under management—is just shy of $800 million, and we carry that asset at $400 million on our balance sheet.

Speaker #2: I'll now hand over to Barry Hartnett, my Chief Financial Officer, to walk you through our financial statements.

Keith John: I will now hand over to Barry Hartnett, my Chief Financial Officer, to walk you through our financial statements.

Speaker #3: Thanks, Keith, and good morning, everyone. I'll now take you through Pioneer's FY26 financial performance. The company delivered impact of $23.1 million, representing growth of 245% on FY25, and as Keith mentioned, meeting our upgraded guidance.

Barry Hartnett: Thanks, Keith, and good morning, everyone. I will now take you through Pioneer's FY26 financial performance. The company delivered NPAT of AUD 23.1 million, representing growth of 245% on FY25, and as Keith mentioned, meeting our upgraded guidance. Interest income increased by 16% to AUD 102.5 million, reflecting the scale of portfolio investment completed over recent years. Employee expenses reduced by 4% to AUD 31.7 million. That is despite material growth in the portfolio and PDP investment. Finance expenses reduced significantly from AUD 38.3 million to AUD 26.9 million, and that is driven by the successful repricing of the senior facility and medium-term notes. The refinancing benefit of AUD 7.7 million was recognized during FY26. Again, importantly, and as Keith mentioned, the significant proportion of FY26 investment was completed late in the financial year and therefore contributed only modestly to FY26 earnings. From a cash flow perspective, cash collections increased to AUD 148 million in FY26.

Speaker #3: Interest income increased by 16% to $102.5 million, reflecting the scale of portfolio investment completed over recent years. Employee expenses reduced by 4% to $31.7 million, despite material growth in the portfolio and PDP investment.

Speaker #3: Finance expenses reduced significantly from $38.3 million to $26.9 million, and that's driven by the successful repricing of the senior facility and medium-term notes. The refinancing benefit of $7.7 million was recognized during FY26.

Speaker #3: Again, importantly, and as Keith mentioned, a significant proportion of FY26 investment was completed late in the financial year and, therefore, contributed only modestly to FY26 earnings.

Speaker #3: From a cash flow perspective, cash collections increased to $148 million in FY26. Net operating cash flow increased significantly by 35% to $70.8 million. The increase reflects the higher collections, disciplined cost management, and reduced funding costs across the business.

Barry Hartnett: Net operating cash flow increased significantly by 35% to AUD 70.8 million. The increase reflects the higher collections, disciplined cost management, and reduced funding costs across the business. The company continues to demonstrate strong cash conversion, reinvesting AUD 93.8 million into PDP acquisitions during the year. The improved supply conditions and attractive pricing supported a record AUD 105.1 million of PDP investment in FY26. The difference between the PDP investment and the cash expenditure principally reflects settlement timing and year-end payables. Despite the record investment activity, the group finished the year with a higher cash balance of AUD 7.9 million. This slide highlights the operating leverage within the Pioneer platform. Cash collections, as you can see, have increased from AUD 107 million in FY22 to AUD 148 million in FY26, representing an increase of 38%.

Speaker #3: The company continues to demonstrate strong cash conversion, reinvesting $93.8 million into PDP acquisitions during the year. The improved supply conditions and attractive pricing supported a record $105.1 million of PDP investment in FY26.

Speaker #3: The difference between the PDP investment and the cash expenditure principally reflects settlement timing and year-end payables. Despite the record investment activity, the Group finished the year with a higher cash balance of $7.9 million.

Speaker #3: This slide highlights the operating leverage within the Pioneer platform. Cash collections, as you can see, have increased from $107 million in FY22 to $148 million in FY26, representing an increase of 38%.

Speaker #3: Over the same period, the cost to service reduced from 44% to 34%, again demonstrating the benefits of scale, operational discipline, and ongoing productivity initiatives. While the cost to service increased modestly during FY26, it remains within our target range and substantially below historical levels.

Barry Hartnett: Over the same period, the cost of service reduced from 44% to 34%, again, demonstrating benefits of scale, operational discipline, and ongoing productivity initiatives. While the cost of service increased modestly during FY26, it remains within our target range and substantially below historical levels. We continue to see further opportunities to drive efficiency as technology initiatives are embedded across the business. On the balance sheet, you can see total assets have increased to AUD 445 million, driven primarily by the growth in PDP assets, which increased 17% to AUD 400 million. The increase reflects disciplined portfolio investment completed in FY26. Net assets increased 38% to AUD 83.7 million, reflecting strong FY26 earnings and continued value creation for shareholders. Trade payables increased due to the PDP acquisitions completed late in the financial year. These balances have subsequently been paid down.

Speaker #3: We continue to see further opportunities to drive efficiency as technology initiatives are embedded across the business. On the balance sheet, you can see total assets have increased by $445 million, driven primarily by the growth in PDP assets, which increased 17% to $400 million.

Speaker #3: The increase reflects disciplined portfolio investment completed in FY26. Net assets increased 38% to $83.7 million, reflecting the strong FY26 earnings and continued value creation for shareholders.

Speaker #3: Trade payables increased due to the PDP acquisitions completed late in the financial year. These balances have subsequently been paid down. Operating cash flow, together with additional borrowings, has enabled Pioneer to accelerate investment into high-quality PDP assets.

Barry Hartnett: Operating cash flow, together with additional borrowings, has enabled Pioneer to accelerate investment into high-quality PDP assets. Finally, I'd just like to highlight the continued improvement in our credit metrics. Interest cover improved to 4.1 times at March 2026, and remains at that number post the recently completed equity raise. On the second piece, the group LVR reduced from 89% at March 2025 to 84% at March 2026, and further to 77% post the recent equity raise. This is amongst the lowest in the world. With continued profitability and the benefits of the recent capital raise, we expect leverage metrics to continue to improve over time. At the same time, management remains focused on opportunities to reduce the group's cost of funds. I'll now hand back to Keith.

Speaker #3: Finally, I’d just like to highlight the continued improvement in our credit metrics. Interest cover improved to 4.1 times at March 26, and remains at that number following the recently completed equity raise.

Speaker #3: On the second piece, the group LVR reduced from 89% at March 2025 to 84% at March 2026, and further to 77% post the recent equity raise.

Speaker #3: This is among the lowest in the world. With continued profitability and the benefits of the recent capital raise, we expect leverage metrics to continue to improve over time.

Speaker #3: At the same time, management remains focused on opportunities to reduce the Group's cost of funds. I'll now hand back to Keith.

Speaker #2: Thank you, Barry. So, a really impressive set of metrics, and delivering on everything that we've committed to shareholders and communicated to the market well in advance.

Keith John: Thank you, Barry. A really impressive set of metrics and delivering on everything that we've committed to shareholders and communicated to the market well in advance as we are again this year with respect to our outlook, which we'll get to in a short while. You know our story well. We are an ethical debt recovery business. We're underpinned by industry-leading compliance record. It's very, very important. It is our currency. It is the reason why banks trust Pioneer, and from them, there are three key things that make us different. One is the way we look after our customers, the customers that the banks sell us. They are people. They are good people. They are Australians trying to get ahead in very, very tough times that we face now for consumers. The Pioneer customers are resilient.

Speaker #2: As we are again this year with respect to our outlook, which we'll get to in a short while. You know our story well. We are an ethical debt recovery business.

Speaker #2: We're underpinned by an industry-leading compliance record. It's very, very important. It is our currency. It is the reason why banks trust Pioneer. And for them, there are three key things that make us different.

Speaker #2: One is the way we look after our customers—the customers that the banks sell us. They are people. They are good people. They are Australians trying to get ahead.

Speaker #2: In very, very tough times that we face now for consumers, the Pioneer customers are resilient. They are performing incredibly well, and Pioneer supports them incredibly well—and that's valued by the banks.

Keith John: They are performing incredibly well, and Pioneer supports them incredibly well, and that's valued by the banks. The second is we do not compete with our vendor partners. I can't underline this more. We don't sell loans, and because of that, banks know we're on their side. We're working together, and we're not looking to extend the credit cycle to people that are already challenged with credit. It's not what we do. We're about recovery and about ethical debt recovery and working through that and not competing with the banks. The third is we do not buy payday loans. You can see that come out in the quality of our portfolio and the quality of our performance, particularly over the last few years as we've been faced with rising interest rates and inflationary pressures right across the country.

Speaker #2: The second is, we do not compete with our vendor partners. I can't underline this more—we don't sell loans. And because of that, banks know we're on their side.

Speaker #2: We're working together, and we're not looking to extend the credit cycle to people that are already challenged with credit. It's not what we do.

Speaker #2: We're about recovery, and about ethical debt recovery, and working through that—not competing with the banks. And the third is, we do not buy payday loans.

Speaker #2: And you can see that come out in the quality of our portfolios and the quality of our performance, particularly over the last few years, as we've been faced with rising interest rates and inflationary pressures right across the country.

Speaker #2: Our investment profile: We had a record $105 million PDP investment in '26, and we are guiding to an investment of $100 to $110 million for FY27.

Keith John: Our investment profile, we had a record AUD 105 million PDP investment in 2026, and we are guiding to investment of AUD 100 to AUD 110 million for FY27. We already have AUD 77 million of that underpinned by forward flow agreements, which we are very, very pleased about, and we have a very, very strong pipeline of opportunities for us to take advantage of during this period. Our reputation has never been better, and we have worked very, very hard at that. Our standing amongst banks and non-bank lenders is exceptionally good and exceptionally strong, and we are increasingly seen as the solution before others, for those parts of the market. In terms of our advantage, there are two ways that we look at this. The consumer moat. High quality origination. We purchase from the banks and the non-bank lenders, only the very best quality customers, those that have the highest propensity to heal.

Speaker #2: We already have $77 million that is underpinned by forward flow agreements, which we're very, very pleased about. And we've got a very, very strong pipeline of opportunities for us to take advantage of during this period.

Speaker #2: Our reputation has never been better, and we've worked very, very hard at that. Our standing amongst banks and non-bank lenders is exceptionally good and exceptionally strong.

Speaker #2: And we are increasingly seen as the solution before others for those parts of the market. In terms of our advantage, there are two ways that we look at this.

Speaker #2: The consumer moat. High-quality origination. We purchase from the banks and the non-bank lenders only the very best quality customers—those that have the highest propensity to heal.

Speaker #2: We have no exposure to payday or to SAC. That's very important. We've got low exposure to home loans—less than 10% of our customers own a home loan, and only a very small proportion of those actually have any arrears on their home loans.

Keith John: We have no exposure to payday or to SACC. That is very important. We have low exposure to home loans. Less than 10% of our customers own a home loan. Only a very small proportion of that actually have an arrears on their home loan. Subsequently, they are not as exposed to interest rate movements as other books might be. The other important part about our business is the low unemployment exposure. Based on credit bureau records, our exposure is around 2%, less than half the national average. At first glance, that might appear an unusual thing, but when you think about our book and the fact that we do not buy from the bottom quartile of financial society, we do not buy payday, we do not buy buy now, pay later or SACC.

Speaker #2: But subsequently, they are not as exposed to interest rate movements as other books might be. The other important part about our business is the low unemployment exposure.

Speaker #2: Based on credit bureau records, our exposure is around 2%—less than half the national average. At first glance, that might appear to be an unusual thing.

Speaker #2: But when you think about our book and the fact that we don't buy from the bottom quartile of financial society, we don't buy payday.

Speaker #2: We don't buy Buy Now Pay Later or SAC. You soon get to understand that our book is very high quality, with people that are employed and have a good propensity to heal.

Keith John: You soon get to understanding that our book is very high quality with people that are employed and a good propensity to heal. That is part of what is underpinning the strength of our portfolio and the performance of our book. From an operating perspective, we have incredible regulatory guardrails inside of our business. We have proprietary data, vendor access, really, really important. We invest a lot of time in making sure that we have these relationships, that we invest in these relationships genuinely, so that we are the solution. We have funding, operational leverage, and importantly for you, aligned management. There is no short-term incentive for any member of my management team or executive, including myself. We are remunerated over three or four years.

Speaker #2: That is part of what is underpinning the strength of our portfolio and the performance of our book. From an operating perspective, we've got incredible regulatory guardrails inside of our business.

Speaker #2: We've got proprietary data, vendor access—really, really important. We invest a lot of time in making sure that we've got these relationships, that we invest in these relationships.

Speaker #2: Genuinely, so that we are the solution. We've got funding, operational leverage, and importantly for you, aligned management. There is no short-term incentive for any member of my management team or executive, including myself. We are remunerated over three or four years, and what that means is, when we invest in a portfolio today, we don't get paid for three or four years—which is exactly the way it should be, given it takes us time to extract the full value from these books.

Keith John: What that means is when we invest in a portfolio today, we do not get paid for three or four years, which is exactly the way it should be, given it takes us time to extract the full value from these books. Management is aligned with making the right decisions for the medium to long term in the benefit of all shareholders. ERC and returns, you can see that we continue to grow our ERC. You should naturally expect that given the heavy investment we made last year into the PDPs. They have been done on similar returns to what we have always purchased. We think about our returns on the basis of an internal rate of return, and we continue to grow that over time.

Speaker #2: So management is aligned with making the right decisions for the medium to long term, for the benefit of all shareholders—ERC and returns. You can see that we continue to grow our ERC.

Speaker #2: You should naturally expect that, given the heavy investment we made last year into the PDPs. They have been done on similar returns to what we have always purchased.

Speaker #2: We think about our returns on the basis of an internal rate of return, and we continue to grow that over time. On the right-hand side is our underwriting.

Keith John: On the right-hand side is our underwriting. You will see the underwriting multiple, which is where we purchase at in the dark color there. The orange is the achieve plus ERC. You will see we continue to outperform that based on what we have actually recovered and what we expect to recover into the future for the newer vintages. I have spoken briefly about shareholder alignment. We speak about this a lot, but I cannot emphasize enough the importance that I and my board have placed on shareholder alignment for a very long time. In small financials, it is critically important, particularly in a business where the portfolios we buy, we earn the majority of our money over a period of three or four years. Management has significant skin in the game.

Speaker #2: And you'll see the underwriting multiple, which is where we purchase at, in the dark color there. And the orange is the Achieve plus ERC.

Speaker #2: And you'll see, we continue to outperform that, based on what we've actually recovered and what we expect to recover into the future for the newer vintages.

Speaker #2: I've spoken briefly about shareholder alignment. We talk about this a lot, but I can't emphasize enough the importance that I and my board have placed on shareholder alignment for a very long time.

Speaker #2: In small financials, it's critically important—and particularly in a business where the portfolios we buy, we earn the majority of our money over a period of three or four years.

Speaker #2: Management has significant skin in the game. And that ensures that we're aligned to you, and we're aligned to making great decisions—good decisions, considered decisions—when it comes to the way we invest our cumulative money, and the way we think about risk, and the way that we manage it.

Keith John: That ensures that we are aligned to you. We are aligned to making great decisions, good decisions, considered decisions when it comes to the way we invest our cumulative money and the way we think about risk and the way that we management. For FY27, we will be expanding the way we think about incentive for management and including a measurable compliance outcome, cash collections measures, return on investment. Critically important, at our April strategy day with our board and with some of our close advisors and groups that work with Pioneer, we set and agreed our NPAT target for FY29, which is at least AUD 35 million. It is a big number. It is pretty close. We are less than three years away from it.

Speaker #2: For FY27, we’ll be expanding the way we think about incentives for management and including a measurable compliance outcome, cash collections measures, return on investment, and, critically important, at our April strategy day, with our board and with some of our close advisors and groups that work with Pioneer, we set and agreed our NPAT target for FY29.

Speaker #2: Which is at least $35 million. It's a big number. It's pretty close. We're less than three years away from it. Management is wholly committed to delivering upon that number, as is your Board.

Keith John: Management is wholly committed to delivering upon that number, as is your board. We fully expect to, and management incentives are in part going to be tied on to delivery of that number. Finally, to our outlook. Again, from a AUD 33 million loss in FY22, management committed to an AUD 18 million NPAT target for 2026. Our incentives were aligned entirely to that outcome. We have delivered upon that commitment and exceeded it. As I just stated, management and your board are now aligned and committed to delivering an FY29 NPAT of at least AUD 35 million. What can you expect from us in this coming year? Number one, we are forecast to be fully funded to grow into Australia's number one PDP buyer. Being the number one buyer in itself is not the target.

Speaker #2: And we fully expect to. Management incentives are, in part, going to be tied to the delivery of that number. Finally, to our outlook.

Speaker #2: And again, from a $33 million loss in FY22, management committed to an $18 million NPAT target for '26. And our incentives were aligned entirely to that outcome.

Speaker #2: We have delivered upon that commitment and exceeded it. And as I just stated, management and your Board are now aligned and committed to delivering an FY29 NPAT of at least $35 million.

Speaker #2: What can you expect from us in this coming year? Number one, we're forecast to be fully funded to grow into Australia's number one PDP buyer.

Speaker #2: Now, being the number one buyer in itself is not the target. Being the best buyer, the most disciplined buyer, and the most rewarded buyer by banks is what our target is.

Keith John: Being the best buyer, the most disciplined buyer, and the most rewarded buyer by banks is what our target is, and that is what we are focused on. We expect to be number one because of that this year. FY27 investment of AUD 100 to AUD 110 million, AUD 77 million already projected under forward flow. Cash collections to grow significantly, as you should expect, given the investment from where we are today to AUD 170 to AUD 180 million. We expect to deliver material earnings growth and to update you at our AGM at the end of October as to our progression with respect to that target. Importantly, something I know many shareholders have been waiting for and looking forward to, is the path is now set for a return to dividends on the achievement of our FY27 results.

Speaker #2: And that's what we're focused on. We expect to be number one because of that this year. FY27 investment of $100 to $110 million, and $77 million already projected under forward flow.

Speaker #2: Cash collections to grow significantly as you should expect, given the investment from where we are today, to 170 to 180 million dollars. We expect to deliver material earnings growth and to update you at our AGM at the end of October, as to our as to our progression with respect to that target.

Speaker #2: And importantly, something I know many shareholders have been waiting for and looking forward to is that the path is now set for a return to dividends upon the achievement of our FY27 results.

Speaker #2: And for you to hang your hat on and for management to achieve for all of us, our commitment for an FY29 NPAT target of at least $35 million.

Keith John: For you to hang your hat on and for management to achieve for all of us, our commitment for an FY29 NPAT target of at least AUD 35 million. That concludes the formal part of my presentation. I am welcome to anyone with any questions that might arise. As it stands, we have one question at the moment, which really talks to, in the past, the amount of leverage that we had in this business that was in the mid to high 90s, and how we have brought that down now to 77%, and what our gearing and our target level is going forward. We have been very clear, in recent years, that we were seeking to bring down our leverage.

Speaker #2: That concludes the formal part of my presentation. I'm open to anyone with any questions that might arise. As it stands, we have one question at the moment, which really talks to, in the past, the amount of leverage that we had in this business—that was in the mid to high 90s.

Speaker #2: And how we've brought that down now to 77%, and what our gearing and our target level is going forward. We've been very clear in recent years that we were seeking to bring down our leverage.

Speaker #2: And whilst it was manageable, and certainly something we were comfortable with achieving or delivering within, it is an important thing. And we've always wanted to be a business that has returned to the comfort of equity within its portfolio.

Keith John: Whilst it was manageable, and certainly something we were comfortable with achieving or delivering within, it is an important thing, and we have always wanted to be a business that has returned to the comfort of equity within its portfolio over time. We have done that two ways. One is through continued performance by investing in good quality books and by using that cash generation to increasingly buy new books and to perform. Then, of course, we have recently had the equity raise of AUD 17 million, which we are very pleased to have completed, and with the support that we received from our existing shareholders and also from a couple of new significant shareholders that came in. So that got the leverage down to 77%.

Speaker #2: Over time, we've done that two ways. One is through continued performance by investing in good quality books and by using that cash generation to increasingly buy new books to perform.

Speaker #2: And then, of course, we've recently had the equity raise of $17 million, which we're very pleased to have completed, and with the support that we received from our existing shareholders, and also from a couple of new significant shareholders that came in.

Speaker #2: So that got the leverage down to 77%. The board has yet to complete its target or agree upon its target, but we feel now that we're getting to the range that is reasonable for this business.

Keith John: The board has yet to complete its target or agree upon its target, but we feel now that we are getting to the range that is reasonable for this business. At its upcoming meetings, we will spend more time on that. We still expect leverage to drop from here, but once we decide upon that number, then we will communicate that to shareholders very, very soon. That concludes the questions that we have received. I thank you for your time today. I thank you for your support. As always, myself, Barry, and our team are available to take any questions from you offline, or over the coming weeks. We wish you all the very best, and thank you for your time.

Speaker #2: At its upcoming meetings, we'll spend more time, and expect leverage to drop from here. But once we decide upon that number, we will communicate that to shareholders very, very soon.

Speaker #2: That concludes the questions that we've received. I thank you for your time today and thank you for your support. As always, myself, Barry, and our team are available to take any questions from you offline or over the coming weeks.

Speaker #2: We wish you all the very best, and thank you for your time.

Speaker #1: Thank you, Keith and Barry, for taking us through the presentation and answering the question that we received there. If you do have any other questions, the best way to contact us is via email.

[Company Representative] (Pioneer Credit): Thank you, Keith and Barry, for taking us through the presentation and answering the question that we received there. If you do have any other questions, the best way to contact us is via email, investor_relations@pioneercredit.com.au. You can always follow us on LinkedIn as well at any time. That is where we share our news to keep you up to date. As Keith said, that concludes the presentation for today. So thank you very much for joining.

Speaker #1: investor_relations@pioneercredit.com.au. And you can always follow us on LinkedIn as well at any time. That's where we share our news to keep you up to date.