Harmoney (HMY) Q1 2026 TU earnings summary

Executive summary

• FY26 cash NPAT guidance reaffirmed at $12 million, a 111% increase over FY25, with Q1 results in line with expectations and strong loan book growth in both Australia and New Zealand.

• Stellare 2.0 platform implementation drove a 50% year-over-year increase in New Zealand originations and supported a return to growth.

• Loan book grew to $833 million, up 8% year-over-year, with underlying growth higher due to currency effects.

• Launched a secured auto loan product, fully digital and direct-to-consumer, leveraging Stellare 2.0 for rapid approvals and targeting new customer segments.

• Focus remains on organic growth, cost control, and product innovation in Australia and New Zealand.

Financial highlights

• Loan book reached $833 million, up 8% year-over-year; Australian loan book up 18% to $502 million, New Zealand up 1% to NZ$378 million, with NZD impact noted.

• Net interest margin improved to 10.3%, up 140 bps year-over-year, driven by higher new lending NIM.

• Risk-adjusted income rose to 6.5%, up 130 bps year-over-year.

• Credit losses stable at 3.8%, within target range of 3%-4%; 90+ day arrears at 0.77%, less than half the Australian market average.

• Cost-to-income ratio remains industry-leading at 19%.

Outlook and guidance

• FY26 cash NPAT guidance of $12 million reaffirmed, with continued growth expected in loan book and risk-adjusted margins.

• Loan book expected to exceed $900 million by year-end, supported by Stellare 2.0.

• Full-year net interest margin expected at ~10%, risk-adjusted margin over 6%.

• No upgrade to guidance at this time despite anticipated debt refinancing.

• Credit losses in New Zealand expected to flatten with Stellare 2.0 fully implemented.