Judo Capital (JDO) investor relations material

Executive summary

• Achieved 1H26 profit before tax of AUD 86.5m, up 26% half-on-half and 53% year-on-year, with net profit after tax of AUD 59.9m, up 32% half-on-half and 46% year-on-year.

• Gross loans and advances reached AUD 13.4bn, up 7% over the half and 15% year-on-year, with deposits at AUD 10.9bn, up 10% over the half and 21% year-on-year.

• Maintained sector-leading customer and employee satisfaction, with NPS in lending at +52 and deposits at +65.

• Completed technology re-platforming, supporting scalable growth and banker productivity.

• ROE improved to 6.9%, up 140bps half-on-half and 180bps year-on-year; EPS up 46% year-on-year.

Financial highlights

• Net interest margin stable at 3.03%, with 2H26 guidance upgraded to 3.15%.

• Cost-to-income ratio at 48.5%, down 890bps year-on-year, with FY26 target below 50%.

• Net profit after tax up 32% half-on-half; EPS up 32% half-on-half to 5.4 cents.

• Impairment expense at AUD 40.1m (62bps of average GLA), with provision coverage at 1.43% of GLA.

• CET1 ratio at 12.6%; total capital ratio at 16.9% after Tier 2 issuance.

Outlook and guidance

• Upgraded FY26 GLA guidance to AUD 14.4–14.7bn, with at-scale target of AUD 15–20bn.

• Full-year NIM expected at upper end of 3.00–3.10%, with 2H26 NIM at 3.15%.

• CTI to improve in 2H26, remaining below 50% for FY26.

• Cost of risk expected at 60–65bps, modestly better than FY25.

• Full-year PBT guidance reaffirmed at AUD 180–190m; ROE targeted in low to mid-teens at scale.