Pepper Money (PPM) AGM 2025 summary

Opening remarks and agenda

• Meeting opened with acknowledgment of Australia's First Nations people and confirmation of quorum, with all directors and key executives present.

• AGM held virtually to maximize shareholder participation, with clear instructions for online and phone questions and voting.

• Presenters included Akiko Jackson (Chair), Mario Rehayem (CEO), and John Williams (General Counsel & Company Secretary).

Financial performance review

• Net profit after tax for 2024 was AUD 98.2 million; pre-tax profit and loan loss provisions increased by 9% year-on-year to $209.2m.

• Originations reached $7.0bn in CY2024, up 16% vs 1H CY2024; mortgage originations grew 5% to AUD 4.1 billion.

• Total assets under management reached AUD 19.1 billion, with lending at $15.9bn and servicing at $3.3bn.

• Net interest margin improved to 1.97%, up 12bps vs PCP; mortgage and asset finance NIMs also increased.

• Lending applications in Q1 2025 grew 42% year-on-year; customer NPS outperformed industry benchmarks.

Board and executive committee updates

• Akiko Jackson chaired her first AGM after being elected in May 2024, bringing over 30 years of financial services experience.

• Vaibhav Piplapure (VP) joined as a non-executive director and shareholder representative in May 2024.

• CEO Mario Rehayem continues leadership since 2017, focusing on growth and innovation.

• Board established a new ESG committee in 2024, chaired by Justine Turnbull.