• Disciplined operating driving sustainable profitability and earnings growth
• Closed $272.5m senior debt facility with $50m growth funding, 4yr tenor & materially reduced cost
• Aggressive approach taken to expensing project and other costs

Pioneer Credit Ltd has reported strong 1HY25 results, with cash collections, EBITDA, EBIT and NPAT all improving significantly compared to the prior period. The company has closed a $272.5m senior debt facility with $50m in growth funding, a 4-year tenor, and materially reduced costs. Pioneer has also taken an aggressive approach to expensing project and other costs, with $1.67m in project costs expensed and less than $1m in intangibles on the balance sheet. The company has made significant progress on its Core System Replacement project and has built a modern data and analytics platform to improve decision-making and enable advanced analytics. Pioneer has also raised $10m in equity, further strengthening its balance sheet. The company continues to be a leader in the Australian purchased debt portfolio (PDP) market, with a near duopoly as competitors exit. Pioneer has invested over $765m across $5.9bn in receivables and ~790k accounts since 2008, and has a current customer base of ~210k with ~$1.9bn in receivables due, including ~$431m in committed payment arrangements.

FY25 NPAT >$9m, FY26 NPAT >$18m

Significant supply of PDPs for Pioneer continues, with PDP Investment upgraded in Dec. 2024 to >$90m. The company's strong compliance record and NPS are an advantage, and the Core System Replacement project is progressing and set to deliver efficiencies. Data improvements and cost-out opportunities exist with Pioneer's scale, and the founder-led business is aligned to shareholders through a Long-Term Incentive (LTI) program that vests on the achievement of a FY26 Statutory NPAT target of >$18m.