• Secured 100bps reduction in margin on $272.5m Senior Finance Facility
• $25.1m Purchased Debt Portfolio investment YTD, on track to exceed FY26 targets
• Payment Arrangement portfolio of $418m continues to underpin cash collections

Pioneer Credit Ltd, an ASX-listed company providing financial services support to help Australians out of financial difficulty, has presented its Managing Director's AGM update. The company has secured a 100bps reduction in margin on its $272.5m Senior Finance Facility, effective from November 2025, delivering an annualised pre-tax interest saving of approximately $2.5m. Additionally, the company has invested $25.1m in Purchased Debt Portfolios (PDPs) year-to-date, a 50% increase on the prior corresponding period, and is on track to exceed its FY26 PDP investment targets of $40m in the first half and $80m for the full year. Pioneer's Payment Arrangement portfolio, totaling $418m, continues to underpin its cash collections. The company's reputation and exposure to the Big Four Banks is increasing its competitive moat, with newer PDP vintages forecast to outperform due to Pioneer's ability to leverage its brand and reputation in a smaller competitive market. Management is strongly shareholder-aligned, with no short-term incentives and a long-term incentive plan tied to the achievement of a FY26 statutory net profit after tax target of over $18m. The company is fully funded for its PDP investment plans, with ample funding available from existing facilities, and has opportunities to further reduce its funding costs through future RBA cash rate reductions and de-leveraging its balance sheet. Pioneer is well-positioned to take advantage of a total addressable market of around $400m in FY26, with a focus on selective, high-return acquisitions.

Statutory NPAT >$18m in FY26

Pioneer is well-positioned to take advantage of a total addressable market of around $400m in FY26, with a focus on selective, high-return acquisitions. The company is fully funded for its PDP investment plans and has opportunities to further reduce its funding costs.