• Statutory Net Profit after Taxation of $10.2m in 1HY26, up 104% from 2HY25
• Net Revenue of $47.7m, up 5% on 2HY25
• Cost to Service (CTS) remained below guided range at 32%

Pioneer Credit Limited (âPioneerâ or the âCompanyâ) reports a strong result for the half year ended 31 December 2025 (â1HY26â), delivering a Statutory Net Profit after Taxation of $10.2m compared with $5.0m in 2HY25. Net Revenue of $47.7m was up 5% on 2HY25, on Cash Collections of $71.4m which was consistent with the immediate prior period. Pioneerâs long-term Purchased Debt Portfolio (âPDPâ) investment discipline and preferential market position underpinned the margin expansion. Reflecting the strong first half operational performance, completed and contracted PDP investment which will deliver on FY26 investment guidance, and the incremental benefit on the repricing of the senior facilities, Pioneer is upgrading its FY26 Statutory NPAT guidance by $2m to at least $20m. Throughout 1HY26, Pioneer maintained its focus on enhancing operational efficiency and leveraging scale across its platform. Total expenses were in line with 2HY25, despite inflationary pressures reflecting the discipline within the business. Cost to Service (âCTSâ) of 32% remained below the guided range of 33%-35%, supported by ongoing investment in systems, data analytics, and process optimisation. PDP investment during the half was $30.8m. With sales activity resuming in late December, year-to-date PDP investment stands at ~$50.0m. With remaining contracted investment for the current half, Pioneer expects to meet its FY26 PDP investment guidance of at least $80m, with scope for incremental investment where pricing and portfolio quality are attractive. During the period, the Company repriced its senior facility, securing a 100bps margin reduction, and shortly thereafter a further 15bps reduction under ESG-linked provisions. As a result, the cost of senior funding reduced to BBSW+ 435 bps, which drove a $3.8 million benefit for the margin reduction on the senior facility, $1.8m ahead of expectations.

Pioneer is upgrading its FY26 Statutory NPAT guidance by $2m to at least $20m.

The Company enters the second half of FY26 with a resilient portfolio, improved funding economics, and a strengthened balance sheet. This underpins our confidence in achieving our upgraded FY26 Statutory NPAT guidance of $20m.