Judo Capital (JDO) investor relations material

Executive summary

• Achieved 16% lending growth to £12.5B, nearly double sector growth, and 20% increase in statutory NPAT to $86.4M year-over-year, with strong employee engagement and sector-leading customer NPS scores.

• Transitioned from building and scaling to optimizing the bank, focusing on operating leverage, productivity improvements, and technology re-platforming.

• Expanded to 31 locations, adding 10 new sites in FY25, and increased relationship bankers to 161.

• Completed major technology re-platforming, enhancing scalability and operational efficiency.

Financial highlights

• Underlying profit before tax rose 14% year-over-year to £125.6M; net interest income up 7% to $422.9M.

• Lending growth of 16% year-over-year, with GLA at £12.5B.

• NIM for FY25 was 2.93%, with 2H NIM at 3.04%, both above guidance.

• Cost-to-income ratio improved to 52.4% for the year, dropping to 48% in 2H.

• Deposit book grew to over $10B, with 71% of flows via direct channel.

Outlook and guidance

• FY26 NIM expected between 3.0% and 3.1%, with 1H at ~3% and 2H at ~3.1%.

• Loan book targeted at £14.2B–£14.7B by June FY26.

• CTI ratio expected below 50% for FY26.

• PBT guidance for FY26 is £180M–£190M, with ROE progressing toward low to mid-teens.

• Continued focus on funding diversification, new savings products, and technology-driven productivity.