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Heartland Group (HGH) investor relations material
Heartland Group H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
FY2025 marked a significant reset focused on capital efficiency, integration, margin restoration, and derisking lending portfolios, with strong growth in reverse mortgages and livestock finance in both NZ and Australia.
Underlying NPAT was $46.9M, meeting guidance, while reported NPAT was $38.8M.
Integration of Australian businesses into a new bank and successful transition to 81% deposit funding.
NIM improved by 17 bps to 3.56%, with strong exit margins in NZ (4.13%) and AU (3.59%).
Asset quality improved, especially in Motor Finance, now outperforming industry arrears averages.
Financial highlights
Underlying NPAT: $46.9M, meeting guidance of at least $45M; reported NPAT: $38.8M, down 47.9% YoY.
Impairment expense increased by $25M to $71.6M, reflecting economic headwinds and portfolio repositioning.
Operating expenses rose $53M (up 38.1%) to $192.5M, mainly from integration, ADI acquisition, and regulatory costs.
Receivables retracted $85M, reflecting a shift to higher-return, lower-capital assets.
Dividend: 4 cps for FY2025, payout ratio 80%.
Outlook and guidance
FY2026 targets: underlying NPAT of at least $85M and ROE of at least 7%.
Focus on core product sets, technology investment, and operational cost control; no further material cost increases anticipated.
NZ bank: NIM >4.20%, CTI <53.5%, impairment expense ratio <0.85%.
AU bank: NIM >3.40%, CTI <45.5%, impairment expense ratio <0.10%.
Prioritizing growth and innovation in reverse mortgages, with >18% growth forecast in NZ and >19% in Australia.
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