Interim report
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1 Appendix 4D Preliminary financial statements for the half-year ended 31 December 2025 Name of Entity FSA Group Limited ABN 98 093 855 791 Details of the reporting period Half-year ended 31 December 2025 Previous corresponding reporting period 31 December 2024 Results for announcement to the market $A'000 up/down Movement % Total operating income 38,763 up 27.1% Net profit before tax 10,791 up 67.5% Profit after tax from ordinary activities attributable to the members of the parent 6,209 up 58.5% Net profit for the period attributable to members of the parent 6,209 up 58.5% Dividend information Amount per share (cents) Franked amount per share (cents) Tax rate for franking credit Final 2025 dividend per share (paid 28 August 2025) 3.50 3.50 30% Interim 2026 dividend per share determined 3.50 3.50 30% Interim dividend dates: Ex-dividend date 25 February 2026 Record date 26 February 2026 Payment date 5 March 2026 There is no dividend reinvestment plan 31 December 2025 31 December 2024 Net tangible assets per security 60.9 cents 58.0 cents Note Details of the entities over which control has been gained or lost during the period Page 21 Associates and joint ventures Not applicable Foreign entities Not applicable Independent audit report or review Page 23 This information should be read in conjunction with the 2025 Annual Report. Additional information supporting the Appendix 4D disclosure requirement can be found in the Directors’ Report and the consolidated financial statements for the half-year ended 31 December 2025. For personal use only
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2 DIRECTORS' REPORT The Directors submit their report for the half-year ended 31 December 2025. DIRECTORS The names of the Directors of FSA Group Limited (“FSA Group”) in office during the half-year and until the date of this report are shown below. All Directors were in office from the start of the half-year, unless otherwise stated. Tim Odillo Maher Executive Chairman Deborah Southon Executive Director Cellina Z Chen Executive Director PRINCIPAL ACTIVITIES FSA Group provides direct lending services to individuals and businesses. EXECUTIVE DIRECTORS’ REVIEW Our lending business offers loan products including home loans, car loans, unsecured personal loans and asset finance. During first half of financial year 2026 new origination increased to $222m, a 5% increase, and loan pools increased to $972m, a 11% increase compared to the first half of financial year 2025. During the first half of 2026 FSA Group generated: • Operating income of $38.8m, a 27% increase • Profit before tax of $10.8m, a 68% increase; and • Profit after attributable to members of $6.2m, a 59% increase. Our lending business generated a profit before tax of $11.7m. Our services business, classified under “Other”, generated a loss of $0.9m. We advise that the Directors have declared a fully franked interim dividend of 3.50 cents per share, with a record date 26 February 2026 and payable on 5 March 2026. For personal use only
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3 Lending Strategy 1. Grow new origination and loan pools supported by automation. Car loans and asset finance will drive growth. Our aim is to increase new origination to over $600m per annum, primarily through broker channels. Automation will play a key role in supporting this growth, and we expect loan pools to grow around $1.3b. Achieving this growth target depends on broker take up of our product offering and funding, both of which are potential risks. 2. Improve net margin, disciplined pricing. 3. Contain employee expense, through automation and expanding our offshore office. 4. Focus on credit quality and arrears management. 5. Benefit from operating leverage. As our loan pools grow we expect to benefit from operating leverage. On a $1.3b loan pool we are targeting a profit before tax of around $36m to $40m per annum and a return on equity in excess of 25%. Achieving this target depends on a number of factors, including broker take up of our product offerings, funding, the percentage of fixed rate loans, net margin, automation, expanding our offshore office and impairment, all of which are potential risks. Financial Overview 1H24 1H25 1H26 % Change Operating income $25.4m $30.5m $38.8m +27% Profit before tax $5.1m $6.4m $10.8m +68% Profit after tax attributable to members $3.2m $3.9m $6.2m +59% EPS basic 2.63c 3.23c 5.01c +55% Net cash inflow from operating activities $4.5m $8.3m $11.4m +38% Dividend/share 3.50c 3.50c 3.50c Shareholder equity attributable to members $87.0m $86.9m $90.8m Return on equity 7% 9% 14% Operational Performance Our business generated operating income of $38.8m, a 27% increase. Operating income 1H24 1H25 1H26 % Change Home loans and Asset finance $12.0m $15.6m $21.7m +39% Car loans $7.9m $10.2m $13.2m +29% Unsecured personal loans $0.6m $1.2m $1.2m Other $4.9m $3.5m $2.6m -25% Operating income $25.4m $30.5m $38.8m +27% Our business generated a profit before tax of $10.8m, a 68% increase. Profit before tax 1H24 1H25 1H26 % Change Home loans and Asset finance $3.1m $3.4m $8.3m +145% Car loans $3.9m $3.6m $4.3m +18% Unsecured personal loans -$0.5m -$0.5m -$0.9m Other -$1.4m -$0.1m -$0.9m Profit before tax $5.1m $6.4m $10.8m +68% For personal use only
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4 Loan Pool Data Our lending business offers loan products including home loans, car loans, unsecured personal loans and asset finance. Loan Pool Data Home loans Car loans Unsecured personal loans Asset finance Weighted average loan size $474,771 $28,821 $12,895 $65,251 Security type Residential home Motor vehicle Unsecured Vehicles and equipment Weighted average loan to valuation ratio 64% 100%+ on settlement Unsecured 100%+ on settlement Variable or fixed rate Variable Fixed Fixed Fixed Geographical spread All states All states All states All states New Origination and Loan Pools New origination increased from $212m to $222m, a 5% increase. Loan Origination 1H24 1H25 1H26 % Change Home loans $66m $60m $49m -17% Car loans $35m $54m $61m +14% Unsecured personal loans $7m $1m $3m Asset finance $81m $97m $108m +11% Total $189m $212m $222m +5% Our loan pools increased from $878m to $972m, a 11% increase. This growth came from car loans, up 27%, and asset finance up 23%, which are fixed rate loans. The percentage of fixed rate loans has increased from 46% in the first half of 2024 to 62% in the first half of 2026. Loan Pools 1H24 1H25 1H26 % Change Home loans $392m $398m $374m -6% Car loans $120m $167m $212m +27% Unsecured personal loans $7m $8m $8m Asset finance $208m $306m $377m +23% Total $727m $878m $972m +11% % of fixed rate loans 46% 55% 62% Net Margin % Our net margin % is calculated as the percentage of net finance income to finance income. Our net margin is improving and increased to 54% in the first half of 2026. Lending - Revenue and other income 1H24 1H25 1H26 % Change Finance income $43.1m $56.4m $65.1m +15% Finance expense $22.8m $29.7m $29.7m Net finance income $20.3m $26.7m $35.4m +33% Net margin % 47% 47% 54% Arrears and Impairment Arrears > 30 day 1H24 1H25 1H26 Home loans 3.32% 5.17% 5.49% Car loans 2.50% 2.66% 4.11% Asset finance 2.99% 3.17% 3.60% For personal use only
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5 The increase in impairment expense was due to origination growth across the loan pools and higher impairment for car loans and asset finance. Impairment Expense 1H24 1H25 1H26 Home loans $147,508 -$33,945 -$1,243 Car loans -$171,749 $1,196,670 $2,200,656 Asset finance $1,731,844 $4,251,480 $5,068,408 The actual losses incurred and written off in the year comprises: Losses 1H24 1H25 1H26 Home loans - - - Car loans $320,036 $934,319 $1,146,607 Asset finance ^$1,973,917 $2,407,543 $1,766,991 *Losses are realised losses less recovery. ECL is not reflected in these numbers. **Unsecured personal loans will be reported once the pilot phase is completed, and the loan pool size is material. ^The loss of $1,973,917 includes a loss of $463,989 on loans originated between April 2021 and May 2022. These loans were part of a discontinued pilot lease product offering. Lending Warehouse Facilities We have two Australian banks providing warehousing facilities. In addition, we plan to periodically use the debt capital markets, to diversify our funding from time to time. In September 2025 we settled a $300m ABS transaction. Borrowings Facility type Provider Limit Maturity date Drawn Home loans Non-recourse warehouse Westpac $400m Oct-27 $340m Personal loans Non-recourse warehouse Westpac $85m Apr-27 $30m Asset Finance Non-recourse warehouse Bank $110m Apr-26 $72m Asset-backed security Securitised Institutional - May-33 $162m Asset-backed security Securitised Institutional - Mar-34 $274m FSA Group Ltd Corporate Westpac $15m Mar-26 $0m The senior non‑recourse facilities are supported by mezzanine non‑recourse facilities provided by institutional fund managers. Services Our focus is on debtors with higher levels of debt. This is where we see the greatest debtor demand as the insolvency market reopens. It is expected services will be profitable but will not make a material contribution to profit for the next few years. Strategy and Outlook During 2026, we anticipate continued growth in new origination and loan pools. Our net margin is improving and importantly loan pools are now at the level where we are experiencing the benefit of operating leverage. For the 2026 financial year: Earnings Profit before tax is expected to be between $23.5m to $25.9m, representing an increase of between 45% and 60% on the 2025 financial year. Capital Management Full year dividend is expected to be between 7 to 8 cents per share with the balance of earnings to be re‑invested to support the growing loan pools. We plan to continue with our on market share buy‑back as opportunities arise. For personal use only
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6 Auditor’s Independence Declaration The auditor’s independence declaration under Section 307C of the Corporations Act 2001 is attached to this Directors report on page 7. Signed in accordance with a resolution of Directors made pursuant to section 306(3) of the Corporations Act, on behalf of the board of Directors. Tim Odillo Maher Executive Chairman For personal use only
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Parkline Place Level 25, 252 Pitt Street Sydney NSW 2000 Australia Tel: +61 2 9251 4100 Fax: +61 2 9240 9821 www.bdo.com.au BDO Audit Pty Ltd ABN 33 134 022 870 is a member of a national association of independent entities which are all members of B DO International Ltd, a UK company limited by guarantee, and form part of the international BDO network of independent member fi rms. Liability limited by a scheme approved under Professional Standards Legislation. DECLARATION OF INDEPENDENCE BY TIM AMAN TO THE DIRECTORS OF FSA GROUP LIMITED As lead auditor for the review of FSA Group Limited for the half-year ended 31 December 2025, I declare that, to the best of my knowledge and belief, there have been: 1. No contraventions of the auditor independence requirements of the Corporations Act 2001 in relation to the review; and 2. No contraventions of any applicable code of professional conduct in relation to the review. This declaration is in respect of FSA Group Limited and the entities it controlled during the period. Tim Aman Director BDO Audit Pty Ltd Sydney, 19 February 2026 For personal use only
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8 Statement of Profit or Loss and Other Comprehensive Income For the half year ended 31 December 2025 Consolidated Entity 31 December 2025 31 December 2024 Notes $ $ Revenue and other income Interest income 56,527,340 49,335,136 Other finance income 8,597,358 7,054,864 Finance income 2 65,124,698 56,390,000 Finance expense 2 (29,726,715) (29,737,934) Net finance income 2 35,397,983 26,652,066 Fees from services 2 3,409,553 3,852,465 Other income / (losses) 9 (44,123) - Total operating income 2 38,763,413 30,504,531 Employee benefit expense (12,216,786) (11,181,265) Marketing expense (2,516,504) (2,474,551) Operating expenses (3,397,178) (2,967,161) Impairment expenses 3 (8,344,685) (5,662,660) Office facility expenses (781,872) (905,753) Depreciation and amortisation expense (715,493) (870,984) Total expenses (27,972,518) (24,062,374) Profit before income tax 10,790,895 6,442,157 Income tax expense (3,297,200) (2,064,593) Profit after income tax 7,493,695 4,377,564 Other comprehensive income Items that may be reclassified subsequently to profit or loss: Net change in fair value of cash flow hedges 6,394,246 - Related income tax (1,918,274) - Net change in fair value of cash flow hedges net of income tax 4,475,972 - Total comprehensive income for the period 11,969,667 4,377,564 Total profit and comprehensive income for the period attributable to: Non-controlling interests 1,284,809 461,384 Members of the parent 4 6,208,886 3,916,180 Net profit for the period 7,493,695 4,377,564 Total comprehensive income attributable to: Non-controlling interests 2,000,175 461,384 Members of the parent 9,969,492 3,916,180 Total comprehensive income for the year 11,969,667 4,377,564 Earnings per share Basic earnings per share (cents per share) 4 5.01 3.23 Diluted earnings per share (cents per share) 4 5.01 3.23 The Statement of Profit or Loss and Other Comprehensive Income should be read in conjunction with the Notes to the Financial Statements. For personal use only
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9 Statement of Financial Position As at 31 December 2025 31 December 2025 30-Jun-25 Notes $ $ Assets Cash and cash equivalents 8 10,411,579 4,177,676 Restricted cash 8 35,103,495 26,926,884 Trade and other receivables 8 10,289,947 10,956,017 Loans and advances 6,8 971,191,572 912,015,666 Other assets 511,314 617,980 Right of use assets 5,313,952 5,818,688 Plant and equipment 1,326,185 1,489,061 Intangible assets 12,817,533 13,318,339 Derivative assets 8 3,364,014 - Deferred tax assets 5,465,647 6,101,259 Total Assets 1,055,795,238 981,421,570 Liabilities Trade and other payables 8 3,431,386 4,280,777 Current tax liabilities 1,622,461 1,917,058 Financing liabilities 7,8 932,842,477 858,869,852 Lease liabilities 6,435,490 6,939,542 Contract liabilities 12,201 19,158 Derivative liabilities 8 - 3,030,230 Provisions 3,312,886 3,533,041 Deferred tax liabilities 2,288,943 2,482,665 Total Liabilities 949,945,844 881,072,323 Net Assets 105,849,394 100,349,247 Equity Share capital 4,343,512 5,934,454 Reserves 7,766,063 5,736,185 Retained earnings 78,648,996 75,641,759 Total equity attributable to members of the parent 90,758,571 87,312,398 Non-controlling interests 15,090,823 13,036,849 Total Equity 105,849,394 100,349,247 The Statement of Financial Position should be read in conjunction with the Notes to the Financial Statements. For personal use only
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10 Statement of Changes in Equity For the half year ended 31 December 2025 Share capital Reserves Retained earnings Non-controlling interests Total $ $ $ $ $ Balance at 1 July 2024 2,493,454 8,942,543 75,668,774 13,171,784 100,276,555 Profit after income tax for the period - - 3,916,180 461,384 4,377,564 Other comprehensive income for the period, net of tax - - - - - Total comprehensive income for the period - - 3,916,180 461,384 4,377,564 Transactions with owners in their capacity as owners: Dividends paid - - (4,247,098) - (4,247,098) Distributions to non-controlling interests - - - (446,400) (446,400) Long term incentive plan - 21,933 - - 21,933 Class shares - 95,388 - - 95,388 Balance at 31 December 2024 2,493,454 9,059,864 75,337,856 13,186,768 100,077,942 Balance at 1 July 2025 5,934,454 5,736,185 75,641,759 13,036,849 100,349,247 Reclass cash flow hedge reserve* - (1,858,993) 2,121,161 (262,168) - Reclass non-controlling interest** (946,213) 946,213 - Balance at 1 July 2025 - reclassified 5,934,454 3,877,192 76,816,707 13,720,894 100,349,247 Profit after income tax for the period - - 6,208,886 1,284,809 7,493,695 Other comprehensive income for the period, net of tax - 3,760,606 715,366 4,475,972 Total comprehensive income for the period - 3,760,606 6,208,886 2,000,175 11,969,667 Transactions with owners in their capacity as owners: Dividends paid - - (4,376,597) - (4,376,597) Distributions to non-controlling interests - - - (618,000) (618,000) Share buy-back (1,590,942) - - - (1,590,942) Long term incentive plan - 32,877 - - 32,877 Disposal of subsidiary - - - (12,246) (12,246) Class shares - 95,388 - - 95,388 Balance at 31 December 2025 4,343,512 7,766,063 78,648,996 15,090,823 105,849,394 * In the prior period, other comprehensive income relating to the cash flow hedge was incorrectly recognised in retained earnings and has been reclassified to the cash flow hedge reserve and non-controlling interests as an opening balance adjustment. **In the prior period, a portion of non-controlling interests was incorrectly recognised in retained earnings and has been reclassified to non-controlling interests as an opening balance adjustment. The Statement of Changes in Equity should be read in conjunction with the Notes to the Financial Statements. For personal use only
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11 Statement of Cash Flows For the year ended 31 December 2025 Consolidated Entity 31-Dec-25 31-Dec-24 $ $ Inflows/ Inflows/ (Outflows) (Outflows) Cash flows from operating activities Receipts from customers 2,078,736 5,064,722 Payments to suppliers and employees (25,353,920) (22,082,645) Finance income received 65,985,768 57,500,256 Finance cost paid (28,416,314) (28,199,715) Income tax paid (3,144,602) (4,013,503) Net cash inflow from operating activities 11,149,668 8,269,115 Cash flows from investing activities Cash and cash equivalent from disposal (39,433) - Acquisition of property, plant and equipment (39,860) (191,215) Acquisition of intangibles (7,250) (113,992) Net decrease / (increase) in home loan assets 11,039,676 (2,643,718) Net increase in personal loan assets (29,329,328) (27,558,878) Net increase in asset finance assets (45,577,773) (51,329,056) Net increase in other loans (105,000) (35,000) Net cash outflow from investing activities (64,058,968) (81,871,859) Cash flows from financing activities Proceeds from borrowings 429,635,997 315,899,998 Repayment of borrowings (355,101,865) (233,582,241) Payment of lease liability (628,779) (593,186) Payment of distributions to non-controlling interests (618,000) (446,400) Share buy-back (1,590,942) - Dividends paid to the Company's shareholders (4,376,597) (4,247,097) Net cash inflow from financing activities 67,319,814 77,031,074 Net increase in cash and cash equivalents 14,410,514 3,428,330 Cash and cash equivalents at the beginning of the period 31,104,560 27,760,548 Cash and cash equivalents at the end of the period 45,515,074 31,188,878 The Statement of Cash Flows should be read in conjunction with the Notes to the Financial Statements. For personal use only
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12 Material accounting policy information For the half year ended 31 December 2025 Consolidated entity FSA Group Limited is a for-profit listed public company (ASX: FSA), incorporated and domiciled in Australia. The consolidated Financial Statements incorporate the financial information of FSA Group Limited (“Company” or “parent entity’) and the entities controlled and its interests in associates together referred to as the “Consolidated Entity”. Principal activities The Consolidated Entity provides direct lending services to individuals and businesses. Basis of preparation This consolidated half year financial report has been prepared in accordance with Australian Accounting Standard AASB 134 ‘Interim Financial Reporting’ and the Corporations Act 2001 and does not include all of the information and notes of the type normally required for full annual financial statements. Accordingly, these half year financial statements are to be read in conjunction with the annual report for the year ended 30 June 2025 and any public announcement made by the Company during the interim reporting period in accordance with the continuous disclosure requirements of the Corporations Act 2001. These consolidated interim financial statements were approved by the Directors on 19 February 2026. The Financial Statements have been prepared under the historical cost convention, except for, where applicable, the revaluation of financial assets and liabilities at fair value through profit or loss, financial assets at fair value through other comprehensive income, certain classes of property, plant and equipment and derivative financial instruments. The Statement of Financial Position is presented on a liquidity basis. The Financial Statements are presented in Australian dollars and rounded to the nearest dollar. Non-controlling interest in the results and equity of subsidiaries are shown separately in the Statement of Profit or Loss and Other Comprehensive Income, Statement of Financial Position and Statement of Changes in Equity of the Consolidated Entity. New and amending accounting standards The Consolidated Entity has adopted all of the new or amended Accounting Standards and Interpretations issued by the Australian Accounting Standards Board ('AASB') that are mandatory for the current reporting period. New and amending accounting standards that are not yet mandatory have not been early adopted. The accounting policies applied by the Consolidated Entity in these consolidated interim financial statements are the same as those applied by the Consolidated Entity in its consolidated financial statements as at and for the year ended 30 June 2025. The accounting policies of the Consolidated Entity have been consistently applied at 31 December 2025. For personal use only
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13 Notes to the Financial Statements For the half year ended 31 December 2025 Authorisation The Financial Statements are authorised for issue by the Directors on 19 February 2026. The Notes to the Financial Statements are as follows: Page Note 1 Segment information 14 Note 2 Revenue and income 15 Note 3 Impairment expense 16 Note 4 Earnings per share 16 Note 5 Dividends 17 Note 6 Loans and advances 17 Note 7 Borrowings 19 Note 8 Financial instruments 19 Note 9 Disposal of subsidiary 21 Note 10 Contingent liabilities 21 Note 11 Events occurring after reporting date 21 For personal use only
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14 Notes to the Financial Statements cont. For the year ended 31 December 2025 Note 1: Segment information Reportable segments Reportable segment Description Home Loans and Asset Finance Offering home loans to assist clients wishing to purchase a property or consolidate their debt; and asset finance to SMEs wishing to purchase a vehicle and business- critical equipment. Personal Loans Offering car loans to assist clients wishing to purchase a motor vehicle and unsecured personal loans to assist clients for any approved purpose. Other Including the Services division, unrealised gain or loss on fair value movement of derivatives, parent entity services and intercompany investments, balances and transactions, which are eliminated upon consolidation. Segment information The results of the reportable segments are reconciled to the Consolidated Entity’s financial information as follows: Operating Segments Home loan & Asset Finance Personal Loans Others Consolidated Total 31-Dec-25 31-Dec-24 31-Dec-25 31-Dec-24 31-Dec-25 31-Dec-24 31-Dec-25 31-Dec-24 $ $ $ $ $ $ $ $ Revenue and Income: Finance income 42,877,204 38,663,125 22,174,294 17,621,102 73,199 105,772 65,124,697 56,389,999 Finance expense (21,838,213) (23,479,018) (7,789,776) (6,316,239) (98,726) 57,324 (29,726,715) (29,737,933) Net finance income 21,038,991 15,184,107 14,384,518 11,304,863 (25,527) 163,096 35,397,982 26,652,066 Fees from services 676,113 439,848 14,838 27,407 2,718,602 3,385,210 3,409,553 3,852,465 Other income / (losses) - - - - (44,123) - (44,123) - Total operating income 21,715,104 15,623,955 14,399,356 11,332,270 2,648,953 3,548,306 38,763,413 30,504,531 Results: Segment profit before tax 8,330,646 3,406,139 3,382,542 3,100,329 (922,293) (64,311) 10,790,895 6,442,157 Income tax (2,500,488) (1,154,137) (922,303) (797,739) 125,591 (112,717) (3,297,200) (2,064,593) Profit for the year 5,830,158 2,252,002 2,460,239 2,302,590 (796,702) (177,028) 7,493,695 4,377,564 Segment assets 801,805,904 737,452,818 233,715,376 184,601,287 45,612,561 50,270,663 1,081,133,841 972,324,768 Reclassification * (25,338,603) (25,730,950) Total Assets 1,055,795,238 946,593,818 *Eliminations are related to intercompany balances. Each reportable segment accounts for transactions consistently with the Consolidated Entity’s accounting policies. Centrally incurred costs for shared services are allocated between segments based on operating income. For personal use only
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15 Notes to the Financial Statements cont. For the half year ended 31 December 2025 Note 2: Revenue and income Disaggregation of revenue Consolidated Entity 31 December 2025 31 December 2024 $ $ Fees from services – Personal insolvency 2,733,440 3,404,414 – Refinance broking 676,113 448,051 3,409,553 3,852,465 Finance income – Home loan assets 17,186,331 18,332,295 – Personal loan assets 22,174,294 17,621,102 – Asset finance assets 25,690,872 20,330,830 – Other interest income 73,201 105,773 65,124,698 56,390,000 Finance expense – Interest expense – home loan facilities (10,491,853) (12,491,703) – Interest expense – personal loan facilities (7,888,502) (6,258,916) – Interest expense – asset finance facilities (11,346,360) (10,987,315) (29,726,715) (29,737,934) Net finance income 35,397,983 26,652,066 Other income / (loss) - Profit /(Loss) on disposal of investment (44,123) - Total operating income 38,763,413 30,504,531 For personal use only
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16 Notes to the Financial Statements cont. For the half year ended 31 December 2025 Note 3 Impairment expense Consolidated Entity 31 December 2025 31 December 2024 $ $ Bad Debts & Recovery - Home loans - - Bad Debts & Recovery - Car loans 1,146,607 934,319 Bad Debts & Recovery - Asset finance 1,766,991 2,407,543 Bad Debts & Recovery - other loans 762,806 190,992 Change in expected credit loss provision - Loans 4,617,430 2,101,800 Subtotal of impairment expense - Loans 8,293,834 5,634,654 Bad Debt & Recovery - Services 20,609 1,044,182 Change in doubtful debt provision - Services 30,242 (1,016,176) Subtotal of impairment expense - services 50,851 28,006 Total impairment expense 8,344,685 5,662,660 Note 4. Earnings per share The Consolidated Entity calculated basic and diluted earnings per share as follows: Consolidated Entity 31 December 2025 31 December 2024 $ $ Total Earnings per share for profit Total profit attributable to the members of the parent ($) 6,208,886 3,916,180 Number Number Weighted average number of ordinary shares used in calculating basic earnings per share 123,909,827 121,345,588 Weighted average number of ordinary shares used in calculating diluted earnings per share 123,909,827 121,345,588 Basic earnings per share (cents) 5.01 3.23 Diluted earnings per share (cents) 5.01 3.23 For personal use only
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17 Notes to the Financial Statements cont. For the half year ended 31 December 2025 Note 5. Dividends Dividends are recognised when declared during the financial year and at the discretion of the Company. Dividends recognised in the current financial period by FSA Group Limited are: Half year ended 31 December 2025 Value per share $ Total Amount Franked Date of Payment Final - ordinary 0.035 $4,376,597 100% 28-Aug-25 Financial Year 2025 Value per share $ Total Amount Franked Date of Payment Final - ordinary 0.035 $4,247,097 100% 9-Sep-24 Interim - ordinary 0.035 $4,247,098 100% 11-Mar-25 On 19 February 2026, the Directors declared a fully franked interim dividend for the year ended 31 December 2025 of 3.50 cents per ordinary share. Note 6. Loans and advances Consolidated Entity Home loan assets Personal loan assets Asset finance assets Total 31-Dec-25 30-Jun-25 31-Dec-25 30-Jun-25 31-Dec-25 30-Jun-25 31-Dec-25 30-Jun-25 $ $ $ $ $ $ $ $ Non-securitised financing assets 374,429,145 385,563,008 68,346,247 116,672,799 108,059,375 220,663,422 550,834,767 722,899,229 Securitised financing assets - - 156,306,635 77,449,888 279,863,384 122,862,335 436,170,019 200,312,223.00 Total financing assets 374,429,145 385,563,008 224,652,882 194,122,687 387,922,759 343,525,757 987,004,786 923,211,452 Provision for impairment (268,221) (269,464) (4,148,159) (2,830,903) (11,396,834) (8,095,419) (15,813,214) (11,195,786) 374,160,924 385,293,544 220,504,723 191,291,784 376,525,925 335,430,338 971,191,572 912,015,666 The movement in the provision for impairment Opening balance 269,464 399,764 2,830,903 2,087,088 8,095,419 2,811,988 11,195,786 5,298,840 (Decrease)/Increase in provision (1,243) (130,300) 2,744,553 2,200,346 5,080,557 8,410,503 7,823,867 10,480,549 Bad debts - - (1,427,297) (1,456,531) (1,779,142) (3,127,072) (3,206,439) (4,583,603) Closing balance 268,221 269,464 4,148,159 2,830,903 11,396,834 8,095,419 15,813,214 11,195,786 For personal use only
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18 Notes to the Financial Statements cont. For the half year ended 31 December 2025 Note 6. Loans and advances continue The following table summarises the loans and advances and the expected credit loss by stage and risk category: Stage 1 Collective Stage 2 Collective Stage 3 Collective Stage 3 Specific Total Maximum exposure to credit risk Balance as at 31 December 2025 Loans and advances Home loan lending 353,946,472 12,992,365 7,490,311 - 374,429,148 Personal loan lending 214,443,946 5,669,906 2,882,953 1,656,077 224,652,882 Asset finance lending 364,017,408 5,515,128 5,929,613 12,460,609 387,922,758 Total 932,407,826 24,177,399 16,302,877 14,116,686 987,004,788 Balance as at 30 June 2025 Loans and advances Home loan lending 365,758,380 12,311,266 7,493,362 - 385,563,008 Personal loan lending 186,214,135 3,476,844 2,210,014 2,221,694 194,122,687 Asset finance lending 323,352,043 5,079,042 7,092,367 8,002,305 343,525,757 Total 875,324,558 20,867,152 16,795,743 10,223,999 923,211,452 Expected credit loss Balance as at 31 December 2025 Loans and advances Home loan lending 168,493 67,966 31,762 - 268,221 Personal loan lending 1,186,695 860,110 1,025,537 1,075,817 4,148,159 Asset finance lending 1,165,582 532,681 1,036,753 8,661,820 11,396,836 Total 2,520,770 1,460,757 2,094,052 9,737,637 15,813,216 Balance as at 30 June 2025 Loans and advances Home loan lending 200,187 27,084 42,193 - 269,464 Personal loan lending 788,324 479,246 585,003 978,330 2,830,903 Asset finance lending 860,376 537,395 1,691,235 5,006,413 8,095,419 Total 1,848,887 1,043,725 2,318,431 5,984,743 11,195,786 For personal use only
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19 Notes to the Financial Statements cont. For the half year ended 31 December 2025 Note 7 Borrowings We have two Australian banks providing warehousing facilities. In September 2025 we settled a $300m Asset- backed security transaction. Borrowings Facility type Provider Limit Maturity date Drawn Home loans Non-recourse warehouse Westpac $400m Oct-27 $340m Personal loans Non-recourse warehouse Westpac $85m Apr-27 $30m Asset Finance Non-recourse warehouse Westpac $110m Apr-26 $72m Asset-backed security Securitised Institutional - May-33 $162m Asset-backed security Securitised Institutional - Mar-34 $274m FSA Group Ltd Corporate Westpac $15m Mar-26 $0m Consolidated Entity 31 December 2025 30-Jun-25 $ $ Unsecured Credit cards 105,226 111,985 Secured Non-recourse borrowings to finance personal loan assets 34,357,647 77,454,999 Non-recourse borrowings to finance home loan assets 367,682,288 381,160,475 Non-recourse borrowings to finance asset finance assets 93,063,598 202,333,853 Asset-backed securities to finance personal loan and asset finance assets 437,633,718 197,808,540 932,737,251 858,757,867 932,842,477 858,869,852 The carrying amounts of assets pledged as security are: Personal loan assets 220,340,009 191,244,002 Home loan assets 382,824,854 397,148,777 Asset finance assets 393,714,997 347,042,156 996,879,860 935,434,935 Note 8. Financial instruments Fair value measurement hierarchy The Consolidated Entity is required to classify all assets and liabilities, measured at fair value, using a three level hierarchy, based on the lowest level of input that is significant to the entire fair value measurement, being: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date; Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly; and Level 3: Unobservable inputs for the asset or liability. Considerable judgement is required to determine what is significant to fair value and therefore which category the asset or liability is placed in can be subjective. For personal use only
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20 Notes to the Financial Statements cont. For the half year ended 31 December 2025 Note 8. Financial instruments continued The fair value of financial instruments classified as Level 2 is determined using valuation techniques that maximise the use of observable market data. These include discounted cash flow models using observable yield curves, forward interest rates and market interest rate assumptions at the reporting date. The fair value of assets and liabilities classified as Level 3 is determined by the use of valuation models. These include discounted cash flow analysis or the use of observable inputs that require significant adjustments based on unobservable inputs. Interest rate swap contracts are recognised at fair value as either derivative financial assets or derivative financial liabilities and are classified as Level 2 instruments within the fair value hierarchy, as their valuation is derived from observable market inputs. Except as detailed in the following table, the Directors consider that due to their short-term nature the carrying amounts of financial assets and financial liabilities, which include cash, current trade receivables, current payables and current borrowings, are assumed to approximate their fair values. For the majority of the borrowings, fair value is not materially different to their carrying amounts, since the interest payable on those borrowings is either close to current market rates or the borrowings are of a short-term nature. Consolidated Entity 31 December 2025 30-Jun-25 $ $ Financial Assets Cash and cash equivalents 10,411,579 4,177,676 Restricted cash 35,103,495 26,926,884 Trade and other receivables 10,289,947 10,956,017 Loans and advances 971,191,572 912,015,666 Assets and receivables at amortised cost 1,026,996,593 954,076,243 Financial Liabilities Payables at amortised cost 3,431,386 4,280,777 Financing liabilities 932,842,477 858,869,852 Payables at amortised cost 936,273,863 863,150,629 Assets and liabilities measured at fair value through profit and loss: Derivatives - Interest rate swap contracts asset 3,364,014 - Derivatives - Interest rate swap contracts liability - 3,030,230 For personal use only
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21 Notes to the Financial Statements cont. For the half year ended 31 December 2025 Note 9. Disposal of subsidiary On 1 December 2025, FSA Group disposed of its 75% equity interest in Fox Symes Business Services Pty Ltd to the remaining shareholder for consideration of $1. At the date of disposal, the subsidiary had net assets of $56,369, which were derecognised on disposal. Following the transaction, FSA Group ceased to control the subsidiary, and its results have not been consolidated from that date. A loss on disposal of approximately $44,123 was recognised in the Statement of profit or loss and other comprehensive income for the half-year ended 31 December 2025. Note 10. Contingent liabilities There were no contingent liabilities relating to the Consolidated Entity at reporting date except those incurred in the ordinary course of business as follows: At the reporting date loan applications accepted by the Consolidated Entity but not yet settled amounted to $6,774,250 (1H25: $4,910,817). Note 11. Events occurring after reporting date There have been no events since the end of the financial year that impact upon the financial performance or position of the Consolidated Entity as at 31 December 2025 except as follows: • 19 February 2026, Directors declared a 3.50 cent fully franked interim dividend to shareholders to be paid on 5 March 2026 with a record date of 26 February 2026. For personal use only
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22 Directors’ declaration In the Directors' opinion: 1. the attached financial statements and notes thereto comply with the Corporations Act 2001, Australian Accounting Standard AASB 134 'Interim Financial Reporting', the Corporations Regulations 2001 and other mandatory professional reporting requirements; 2. the attached financial statements and notes thereto give a true and fair view of the Consolidated Entity's financial position as at 31 December 2025 and of its performance for the financial half-year ended on that date; and 3. there are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and payable. Signed in accordance with a resolution of Directors made pursuant to section 303(5) of the Corporations Act 2001. Signed in accordance with a resolution of the Directors: Tim Odillo Maher Deborah Southon Executive Chairman Executive Director Sydney Sydney 19 February 2026 19 February 2026 For personal use only
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Tel: +61 2 9251 4100 Fax: +61 2 9240 9821 www.bdo.com.au Parkline Place Level 25, 252 Pitt Street Sydney NSW 2000 Australia BDO Audit Pty Ltd ABN 33 134 022 870 is a member of a national association of independent entities which are all members of B DO International Ltd, a UK company limited by guarantee, and form part of the international BDO network of independent member fi rms. Liability limited by a scheme approved under Professional Standards Legislation. INDEPENDENT AUDITOR'S REVIEW REPORT To the members of FSA Group Limited Report on the Half-Year Financial Report Conclusion We have reviewed the half-year financial report of FSA Group Limited (the Company) and its subsidiaries (the Group), which comprises the consolidated statement of financial position as at 31 December 2025, the consolidated statement of profit or loss and other comprehensive income, the consolidated statement of changes in equity and the consolidated statement of cash flows for the half - year ended on that date, material accounting policy information and other explanatory information, and the directors’ declaration. Based on our review, which is not an audit, we have not become aware of any matter that makes us believe that the accompanying half-year financial report of the Group does not comply with the Corporations Act 2001 including: i. Giving a true and fair view of the Group’s financial position as at 31 December 20 25 and of its financial performance for the half-year ended on that date; and ii. Complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001. Basis for conclusion We conducted our review in accordance with ASRE 2410 Review of a Financial Report Performed by the Independent Auditor of the Entity. Our responsibilities are further described in the Auditor’s Responsibilities for the Review of the Financial Report section of our report. We are independent of the Group in accordance with the auditor independence requirements of the Corporations Act 2001 and the ethical requirements of the Accounting Professional and Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (including Independence Standards) (the Code) that are relevant to the audit of the annual financial report in Australia. We have also fulfilled our other ethical responsibilities in accordance with the Code. We confirm that the independence declaration required by the Corporations Act 2001 which has been given to the directors of the Company, would be the same terms if given to the directors as at the time of this auditor’s review report. Responsibility of the directors for the financial report The directors of the Company are responsible for the preparation of the half-year financial report that gives a true and fair view in accordance with Australian Accounting Standards and the Corporations Act For personal use only
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2 2001 and for such internal control as the directors determine is necessary to enable the preparation of the half-year financial report that gives a true and fair view and is free from material misstatement, whether due to fraud or error. Auditor’s responsibility for the review of the financial report Our responsibility is to express a conclusion on the half-year financial report based on our review. ASRE 2410 requires us to conclude whether we have become aware of any matter that makes us believe that the half-year financial report is not in accordance with the Corporations Act 2001 including giving a true and fair view of the Group’s financial position as at 31 December 2025 and its financial performance for the half-year ended on that date and complying with Accounting Standard AASB 134 Interim Financial Reporting and the Corporations Regulations 2001. A review of a half-year financial report consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Australian Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. BDO Audit Pty Ltd Tim Aman Director Sydney, 19 February 2026 For personal use only