Pepper Money (PPM) AGM 2025 summary

Opening remarks and agenda

• The AGM was held virtually to maximize shareholder participation, with opportunities for questions via online platform and phone.

• The meeting was formally opened with a quorum present, and the agenda included addresses from the Chair and CEO, followed by formal business and Q&A.

• Acknowledgement of Australia's First Nations people as Traditional Custodians of the land.

• 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.

• Originations reached AUD 7.0 billion in 2024, up 16% vs 1H 2024.

• Total assets under management reached AUD 19.1 billion at year-end 2024, with lending at AUD 15.9 billion and servicing at AUD 3.3 billion.

• Net interest margin improved to 1.97%, up 12 basis points, with mortgage and asset finance NIMs also increasing.

• Customer NPS outperformed industry benchmarks across all segments.

Board and executive committee updates

• Akiko Jackson chaired her first AGM after being elected in May 2024, succeeding Mike Culhane, and brings over 30 years of financial services experience.

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

• Justine Turnbull and VP stood for (re)election as directors, both supported unanimously by the board.

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