1Q26 update - Another record quarter

Highlights

• Third consecutive quarter of record loan originations at $437 million, up 44% on PCP and up 7% on prior quarter
• Strong growth in NAB powered by Plenti car loan product, daily origination rate up 110% on prior quarter
  
• Loan portfolio increased to $2.7 billion, up 21% on PCP and up 6% on prior quarter
• Low annualised net credit losses of 94 basis points, against 130 basis points in PCP and 116 basis points in the prior quarter
  
• 90+ day arrears of 49 basis points at quarter end, up from 43 basis points at the end of the prior quarter but down from 59 basis points at end of PCP
• Quarterly revenue of $73.3 million, up 20% on PCP 
• Won the tender to manage the WA Residential Battery Scheme, with development and implementation of an end-to-end technology solution within 6 weeks
• Completed $400 million unsecured PL & Green ABS transaction, achieving strong pricing outcomes with record number of participating investors
  
• Loan portfolio growth and low credit losses driving profitability momentum

Commenting on the quarter, Adam Bennett, Plenti’s Chief Executive Officer said:

“Plenti delivered another outstanding quarter to achieve a third consecutive quarterly loan originations record of $437 million. It’s been very pleasing to see momentum continuing to build in the business as we focus on delivering for our customers and other partners, strong operational execution and differentiation through technology across our core products. I’m particularly pleased by how Plenti has continued to build on deep commercial partnerships with NAB and Tesla and once again demonstrated our collaboration and integration capabilities by winning and delivering the WA Government Residential Battery Scheme tender. This result gives us a great foundation to build on as we push towards a $3 billion loan book by the end of this financial year.” 

Loan originations by lending vertical 

Plenti’s loan portfolio, which is a key driver of revenue and profitability, increased to $2.5 billion at 31 March, a 19% increase from 31 March 2024 and a 6% increase from 31 December 2024

Loan portfolio

Plenti’s loan portfolio, which is a key driver of revenue and profitability, increased to $2.7 billion at 30 June, a 21% increase from 30 June 2024 and a 6% increase from 31 March 2025.

Loan originations and margins

Overall originations result

Plenti delivered record loan originations in the quarter of $437 million, up 44% on the prior corresponding period (PCP) and up 7% on the prior record in the preceding quarter. This result reflects continued strong momentum in core products supported by meaningful growth in NAB powered by Plenti (NPBP) car loan volumes. Seasonally, the quarter saw a softer April given public holidays in the month, with an offset in June which typically sees stronger demand leading into the financial year end, particularly in automotive channels.

Product level originations

Automotive loan originations were $229 million, up 50% on PCP and up 17% on prior quarter. Growth against the prior quarter was driven by both consumer and commercial offerings with June, in particular, seeing a seasonal demand uplift. Strong growth in the NPBP product also contributed solidly, as covered further below.

Quarterly renewable energy loan originations were $49 million, up 13% on PCP but down 7% on the prior quarter, reflecting some customers deferring battery installations until after 1 July 2025 to secure access to rebates being made available by Federal and State governments. Government battery rebate programs are a positive for medium term sector demand, which Plenti remains well positioned to capture given its proprietary GreenConnect platform which simplifies battery and virtual power plant uptake for consumers. An all-time renewable energy loan application record was set during June as installers and consumers prepared for the battery rebate schemes to commence.

Personal loan originations were $160 million, up 48% on PCP and broadly consistent with the prior quarter. The result reflected continued investment in digital acquisition channels and deepening technology integrations with key partners, together with further advancements in automated ‘straight-through-processing’ credit approvals. Originations also continued to benefit from repeat and cross-sell origination volumes from existing borrowers.

Margins

Overall net interest margins on new loan originations were marginally up on the prior quarter. April saw strong margins given a rapid drop in market interest rates in the period, but margins had returned to levels more in line with medium term averages by June.

NAB partnership

As anticipated, the NAB powered by Plenti car loan continued to accelerate with the average value of originations per business day increasing 110% in 1Q26 on 4Q25. The NPBP loan portfolio increased to $38.7 million from $16.7 million at the end of the prior quarter. With ongoing marketing and continued refinement of the product offering and customer journey, Plenti and NAB remain focused on continuing to build momentum in the product throughout the coming quarters.

WA Residential Battery Scheme

In early June, Plenti won the tender to be the administrator and financier for Western Australia’s Residential Battery Scheme, a significant initiative aimed at accelerating the adoption of home batteries across the state. Plenti’s appointment reinforces its position as a leader in financing household electrification, with a proven track record in providing clean energy funding to households across Australia. This administrator role delivers on Plenti’s strategy to leverage its technology platform to drive partnerships with large organisations to build out increasingly diverse distribution channels.

Through its flexible proprietary technology platform, Plenti was able to design and build a solution to deliver streamlined access to rebates and finance to accredited installers within 6 weeks, culminating in the program launching on 1 July 2025.

Credit performance

Annualised net losses for the quarter were 94 basis points, down from 116 basis points in the March quarter. The result reflected the credit strength of Plenti’s prime portfolio as well as stable macroeconomic conditions in the period, including continued employment strength and mortgage interest rate reductions. The result also benefitted from strong recoveries in the period as well as the base effect from an acceleration in portfolio growth given record originations.

The loan portfolio weighted average Equifax credit score remained high at 847 at the end of 1Q26, compared with 846 at the end of 4Q25, reflecting Plenti’s continued focus on lending to prime credit customers.

Funding

Plenti completed a $400 million personal and renewable energy loan ABS transaction in May 2025. The transaction saw a record number of investors participate for a Plenti ABS, with strong pricing outcomes achieved. Despite market volatility arising from the US policy announcements, the weighted average margin on the notes of 1.40% was lower than the 1.44% weighted margin achieved in the PL & Green 2024-2 ABS in late 2024.

Plenti has now completed over $3.8 billion of ABS issuance across 10 transactions.

FY26 objectives

Plenti’s objectives for the year to 31 March 2026 are set out below:

Plenti remains on track to deliver these objectives.

Further information 

All numbers in this release are preliminary and unaudited. This release was approved by the Plenti Board of Directors.