Plenti Group (PLT) Q1 2025 TU earnings summary

Executive summary

• Loan portfolio reached $2.2 billion at 30 June 2024, up 16% year-over-year and 3% sequentially.

• Quarterly loan originations totaled $303 million, 9% below the same quarter last year but 6% above the previous quarter.

• Phase 1 of the 'NAB powered by Plenti' car loan launched to NAB employees, with public rollout to follow.

• CEO transition completed, with Adam Bennett commencing as CEO.

Financial highlights

• Quarterly revenue was $60.9 million, up 32% year-over-year, driven by loan portfolio growth and higher customer interest rates.

• Annualised net credit losses rose to 130 basis points from 102 basis points in the prior quarter.

• 90+ day arrears stable at 59 basis points compared to 58 basis points in the previous quarter.

Outlook and guidance

• FY25 objectives include driving growth in loan originations and portfolio, delivering full-year Cash NPAT growth (weighted to 2H25), and reducing cost-to-income ratio to below 24%.

• Targeting $25 million in efficiencies as portfolio scales from $1.5 billion to $3 billion.