Pepper Money (PPM) investor relations material

Opening remarks and agenda

• Meeting opened with acknowledgment of traditional custodians and Australia's First Nations people, and introduction of board, executive team, and auditor for Q&A.

• AGM held virtually to maximize shareholder participation, with instructions for submitting questions and voting provided.

• Agenda included receiving the financial report for the year ended 31 December 2025.

Financial performance review

• Achieved record originations of AUD 10.3 billion, with AUD 6.8 billion in mortgages and AUD 3.5 billion in asset finance, and assets under management of AUD 21.8 billion for 2025.

• Profit before tax and loan loss expense rose 13% to AUD 237.4 million; pro forma NPAT up 7% to AUD 104.8 million.

• Net interest margin increased to 2.05%, with asset finance NIM up 31 bps and mortgages NIM down 12 bps due to product mix.

• Cost to income ratio improved to 50.5% as pro forma expenses decreased and operating income rose 1%.

• Q1 2026 originations up 35% year-on-year; AUM reached AUD 22.7 billion by March 2026, with lending AUM up 8% and total AUM up 6%.

Board and executive committee updates

• Chair Akiko Jackson and CEO Mario Rehayem highlighted strong execution of strategy and leadership continuity, both bringing decades of industry experience.

• Rob Verlander and Akiko Jackson stood for re-election as directors, both supported by the board.

• Rob Verlander, Non-Executive Director, has over 35 years of experience in banking and finance.