Slides
Page 1
* Helia 2026 Half Year Results Investor presentation Accelerating financial wellbeing through home ownership 11 August 2026
Page 2
This presentation contains general information in summary form which is current as at 30 June 2026. It may present financial information on both a statutory basis (prepared in accordance with Australian accounting standards which comply with International Financial Reporting Standards (IFRS)) and non-IFRS basis. The information in this presentation has not been externally audited or reviewed. However, financial information from the consolidated statement of comprehensive income for the six months ended 30 June 2026 and the consolidated statement of financial position as at 30 June 2026 has been extracted from Helia’s 1H 2026 financial report, which was externally reviewed by the independent auditor of Helia. This presentation is not a recommendation or advice in relation to Helia or any product or service offered by Helia’s subsidiaries. It is not intended to be relied upon as advice to investors or potential investors and does not contain all information relevant or necessary for an investment decision. It should be read in conjunction with Helia’s other periodic and continuous disclosure announcements filed with the Australian Securities Exchange (ASX). These are also available at helia.com.au. No representation or warranty, express or implied, is made as to the accuracy, adequacy or reliability of any statements, estimates, opinions or other information contained in this presentation. To the maximum extent permitted by law, Helia, its subsidiaries and their respective directors, officers, employees and agents disclaim all liability and responsibility for any direct or indirect loss or damage which may be suffered by any recipient through use of or reliance on anything contained in or omitted from this presentation. No recommendation is made as to how investors should make an investment decision. Investors must rely on their own examination of Helia, including the merits and risks involved. Investors should consult with their own professional advisors in connection with any decision to apply for, acquire, hold or dispose of securities. To the extent that certain statements contained in this presentation may constitute ‘forward-looking statements’ or statements about future matters, those statements reflect Helia’s intent, belief or expectation as at the date of this presentation. Helia gives no undertaking to update such statements over time (subject to legal or regulatory requirements). Forward-looking statements are statements of opinion or belief, not fact. They may typically be identified by words or phrases such as: “anticipate”, “believe”, “could”, “estimate”, “expect”, “forecast”, “guidance”, “intend”, “may”, “outlook”, “should”, “target”, “will”, or “would”. Any forward-looking statements, including projections, prospective financial information, or guidance on future revenues, earnings or other estimates, are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Helia’s actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. Any forward-looking statements, opinions and estimates in this presentation are based on assumptions and contingencies which are subject to change without notice, as are statements about market and industry trends, which are based on interpretations of current market conditions. Neither Helia, nor any other person, gives any representation, assurance or guarantee of the occurrence of the events expressed or implied in any forward-looking statements in this presentation. Past performance is no guarantee or indication of future performance. This presentation does not constitute an offer to issue or sell securities or other financial products in any jurisdiction. The distribution of this presentation outside Australia may be restricted by law. Any recipient of this presentation outside Australia must seek advice on and observe any such restrictions. This presentation may not be reproduced or published, in whole or in part, for any purpose without the prior written permission of Helia. Local currencies have been used where possible. Prevailing exchange rates have been used to convert foreign currency amounts into Australian dollars, where appropriate. Helia has a financial year-end of 31 December. All references starting with “FY” refer to the financial year ended 31 December. All references starting with “1H” or “2H” refer to the half year ended 30 June or 31 December, respectively. Helia Group Limited ABN 72 154 890 730 (Helia). Disclaimer © Helia Group Limited. All rights reserved. 2
Page 3
Agenda 1 2 3 4 5 1H26 Overview 1H26 Financial results Outlook Supplementary information Glossary 4 14 30 33 45 2026 Half Year Results 3
Page 4
1H26 Overview Michael Cant Interim Chief Executive Officer
Page 5
15 16 16 27 27 1H24 1H25 1H26 Ordinary Special 43 43 1H26 financial highlights 1. Underlying NPAT excludes FX, unrealised gains / (losses) on the shareholder funds after tax. Reconciliation to Statutory NPAT on slide 36. 2. Interim ordinary and special dividends of 43cps have been declared and are payable on 4 September 2026 to shareholders registered as at 21 August 2026. 3. CSM is net of 30% tax. 2026 Half Year Results Statutory NPAT ($m) Underlying NPAT 1 ($m) Underlying diluted EPS (cps) Dividend per share2 (cps) NTA and net CSM per share3 ($) Annualised underlying ROE (%) 97.0 133.7 100.0 1H24 1H25 1H26 106.5 126.1 106.3 1H24 1H25 1H26 35.8 46.0 38.5 1H24 1H25 1H26 5.17 5.35 5 19.3 24.0 22.2 1H24 1H25 1H26 3.63 3.72 3.22 1.54 1.63 1.72 1H24 1H25 1H26 Contractual service margin Net tangible assets 4.94 15
Page 6
0% 1% 2% 3% 4% 5% 6% 7% Dec-23 Jun-24 Dec-24 Jun-25 Dec-25 Jun-26 RBA Target Cash Rate Outstanding; Owner-occupied lending rates 0% 1% 2% 3% 4% 5% 6% 7% 8% Dec-23 Jun-24 Dec-24 Jun-25 Dec-25 Jun-26 Unemployment rate Underemployment rate 90 95 100 105 110 115 120 125 Dec-23 Jun-24 Dec-24 Jun-25 Dec-25 Jun-26 Combined capitals Combined regionals National Economic environment 6 2026 Half Year Results • Unemployment rate up 30bps at 1H26 to 4.4%1 • Hours worked and participation rate supportive for mortgage serviceability • National dwelling values up 1.2%2 in 1H26, but Sydney, Melbourne and Canberra down • Most borrowers have a positive equity buffer • RBA Cash Rate Target up 75bps in 1H26 to 4.35%3 • Cost of living pressures remain a challenge for many borrowers 1. ABS Labour Force, Australia seasonally adjusted, June 2026. 2. Cotality Home Value Index, 1 July 2026. 3. RBA Cash Rate Target, June 2026. Interest ratesLabour market Dwelling values
Page 7
0 10 20 30 40 50 60 70 1H24 2H24 1H25 2H25 1H26E LMI Lending Government Guarantees Other HLVR Other HLVR incl GGs Market growth 2026 Half Year Results HLVR market categories ($bn)1 Source: APRA, Government, Company estimates. Company estimates based on quarterly APRA statistics and year-end June data published by the Federal Government in October. 1. High Loan to Value Ratio (HLVR) lending is defined as lending above 80% of the underlying security value. 2. 1H26 industry data estimated by doubling 1Q26 industry data. 7 LMI industry GWP ($m) and Helia market share (%) 34% 42% 44% 46% 30% 166 151 142 153 140 251 261 252 283 202 1H24 2H24 1H25 2H25 1H26E Helia GWP Other industry GWP Source: APRA, quarterly authorised deposit-taking institution statistics. 2 2 • 25% increase in HLVR mortgage market on pcpin 1Q26 driven by strong investor and FHB demand • 14% contraction in LMI market GWP on pcp in 1Q26 due to Government guarantees and lender self-insurance • Helia’s 1Q26 LMI GWP market share was ~30% (~26% excluding CBA)
Page 8
Credit quality 2026 Half Year Results Industry 90+ day arrears • Industry mortgage arrears flat at 0.6% at 1Q26, reflecting strong employment conditions and lagged impact of interest rate increases • 4% reduction in Helia's 1H26 closing delinquencies from FY25 due to a smaller book of in-force policies • Portfolio negative equity down 10bps from FY25 to 0.4% and down 110 bps to 3.5% for delinquent policies due to increased dwelling values Helia delinquency number and rate1 1. From FY25 policy counting was updated to a single policy view. Under this approach an original policy and any additional funds borrowed are counted together as one policy, reflecting a single risk. 8 5,229 5,083 5,043 4,309 4,140 0.84% 0.84% 0.90% 0.79% 0.79% 0.00% 0.10% 0.20% 0.30% 0.40% 0.50% 0.60% 0.70% 0.80% 0.90% 1.00% 0 1000 2000 3000 4000 5000 6000 7000 8000 Jun-24 Dec-24 Jun-25 Dec-25 Jun-26 Delinquencies Delinquency rate 0.0% 0.2% 0.4% 0.6% 0.8% 1.0% Dec-23 Jun-24 Dec-24 Jun-25 Dec-25 Jun-26 APRA, quarterly authorised deposit taking institution statistics S&P RMBS Spin Index Report
Page 9
1H26 strategic progress Purpose Vision Accelerate financial wellbeing through home ownership Australia’s most trusted risk partner for home lending Maintain capital strength and return excess to shareholders 9 Strategic objectives Grow new business Create a simpler and more efficient business Enabling objectives Evolve risk maturity and resilience Invest in our people 2026 Half Year Results • Key customer renewals • LMI available to broader home buyer cohorts • Further reductions in cost base • Increased customer delegation • Automation and AI-enabled operations • Enhanced cyber security • Streamlined governance • Strong workplace culture • AI capability uplift
Page 10
3.6 4.2 4.4 4.4 1.9 1.9 2.1 2.2 2.9 1.8 35% 33% 34% 40% 49% - 2.0 4.0 6.0 8.0 10.0 12.0 14.0 1H24 2H24 1H25 2H25 1H26 Owner occupied/Other Investment Investment as a % of total New business 2026 Half Year Results Helia 1H26 GWP by customer • 3 successful renewals of exclusive customers in 1H26, including ING • No new business with CBA from 31 January 2026 • Investment lending represented ~49% of 1H26 GWP as FHB volumes reduced post the expansion of the Government 5% Deposit Scheme in 4Q25 10 Helia NIW: Investment vs. owner occupied1 ($bn, %) CBA 13% ING 22% Other banks 21% Non-banks 29% COBs 15% 1. Flow NIW only.
Page 11
216 204 193 170 167 1H24 2H24 1H25 2H25 1H26 Closing FTE employees (n) Cost management 2026 Half Year Results Expenditure incurred1 ($m) 1. Expenditure incurred is reported on an accrual basis and includes both cash and non-cash charges (e.g. depreciation, amortisation, and share-based payment expenses) recognised when incurred. A reconciliation between expenditure incurred and total expenses is on slide 36. 11 • 39% fall in expenditure incurred on pcp due to management expense actions and unusually low acquisition-related costs • Employee expenses accounted for 66% of 1H26 expenditure incurred and closing FTE reduced to 151 as at 1 July • On track to achieve a ~$12m reduction in recurring expenditure by the end of FY26 151 1 July 26 63.1 69.6 62.3 51.8 38.1 1H24 2H24 1H25 2H25 1H26
Page 12
Capital management 2026 Half Year Results Dividend per share (cps) Dividends and buy-backs ($m) • 16cps 1H26 fully franked interim ordinary dividend declared • 27cps 1H26 unfranked interim special dividend declared in lieu of buyback • $75m on-market share buyback to commence in August 2026 subject to market conditions 15 16 16 16 16 53 27 67 27 1H24 2H24 1H25 2H25 1H26 Ordinary Special 15 Note: dividends declared in respect of the relevant period and buy-backs executed in the relevant period. 43 43 12 69 83 1H24 2H24 1H25 2H25 1H26 Ordinary Special Buy-back 85.1 117.3 227.6 259.4 117.9
Page 13
Wrap up 13 Key customer renewals Strong financial performance Further reductions in recurring expenditure Surplus capital returned to shareholders 2026 Half Year Results
Page 14
1H26 Financial results Craig Ward Chief Financial Officer
Page 15
Income statement 2026 Half Year Results ($m) 1H25 2H25 FY25 1H26 1H26 vs 1H25 (%) Insurance revenue 182.2 189.3 371.5 170.6 (6.4) Insurance service expense (25.2) (17.0) (42.2) (32.5) 29.1 Net expense from reinsurance contracts (6.1) (7.5) (13.6) (4.6) (25.9) Insurance service result 150.9 164.8 315.7 133.5 (11.5) Net investment revenue1 103.0 13.4 116.4 43.6 (57.7) Net finance expense from insurance and reinsurance contracts (42.8) (10.0) (52.8) (24.2) (43.4) Net financial result 60.2 3.4 63.6 19.4 (67.8) Other operating expenses (8.0) (6.9) (14.9) (6.0) (24.8) Financing costs (9.2) (0.2) (9.4) (0.1) (98.9) Share of loss of equity-accounted investees, net of tax (1.6) (2.8) (4.4) (2.6) 58.7 Profit before income tax 192.3 158.3 350.6 144.2 (25.0) Income tax expense (58.6) (47.1) (105.7) (44.2) (24.6) Statutory net profit after tax 133.7 111.2 244.9 100.0 (25.2) Underlying net profit after tax 126.1 120.9 247.0 106.3 (15.7) Statutory diluted EPS (cps) 48.7 40.5 89.2 36.2 (25.6) Underlying diluted EPS (cps) 46.0 43.9 89.9 38.5 (16.2) 1. Investment revenue net of investment expenses. • Insurance revenue down on pcp due to lower GWP in recent book years • Insurance service expense up on pcp due to a lower benefit from negative total incurred claims • Net investment revenue down on pcp due to small realised and unrealised losses compared to large gains in pcp • Statutory NPAT broadly in line with Underlying NPAT 15
Page 16
109.9 61.6 (36.2) (8.8) (1.6) (1.6) 1H25 GWP Loss of CBA Reduction in FHBs Rate & Mix Bulk 1H26 GWP Gross written premium 2026 Half Year Results GWP walk ($m) • GWP down 44% primarily due to loss of CBA and decline in FHB volumes • FHB were ~17% of Helia GWP in 1H26 (down from ~27% in FY25) • Rate and mix change driven by lower average LVR and loan size as a result of higher investor lending GWP ($m) 16 85.9 109.9 61.6 1H24 1H25 1H26
Page 17
($m) 1H25 2H25 FY25 1H26 Expected insurance service expenses incurred 63.7 62.3 126.0 58.7 Risk adjustment recognised in revenue 15.6 15.5 31.1 14.7 Premium experience variations (0.8) (2.3) (3.1) (3.3) CSM recognised in profit or loss 74.3 85.2 159.5 74.6 Share of premium for acquisition costs 29.4 28.6 58.0 25.9 Total insurance revenue 182.2 189.3 371.5 170.6 Insurance revenue 2026 Half Year Results Insurance revenue by year of origination ($bn) • Insurance revenue down 6% on pcp due to lower GWP in recent book years • 2020-2022 book years are the largest contributors • The impact of changes in GWP are reflected progressively in insurance revenue 17 1H25 2H25 FY25 1H26 Expected incurred recognition proportion 25% 27% 27% 29% Risk adjustment recognition proportion 25% 27% 27% 30% CSM recognition proportion 23% 26% 24% 22% Ratios1 2019 & Prior 30% 2020 15% 2021 19% 2022 13% 2023 7% 2024 6% 2025 8% 2026 2% 1. Refer to Glossary for definitions.
Page 18
Insurance service expense ($m) 1H25 2H25 FY25 1H26 Incurred claims from current period 24.9 10.9 35.8 13.3 Changes to liabilities for prior incurred claims (51.9) (47.3) (99.2) (26.9) T otal incurred claims (27.0) (36.4) (63.4) (13.6) Insurance expenses 26.0 25.4 51.5 21.2 Amortisation of insurance acquisition cash flows 29.4 28.6 58.0 25.9 T otal insurance expense 55.4 54.0 109.5 47.1 Onerous contract losses / (reversals) (3.2) (0.6) (3.9) (1.0) Insurance service expense 25.2 17.0 42.2 32.5 2026 Half Year Results Ratios (% insurance revenue) 1H25 2H25 FY25 1H26 T otal incurred claims (15%) (19%) (17%) (8%) T otal insurance expense 30% 29% 30% 28% • Insurance service expense up 29% on pcp due to a lower benefit from negative total incurred claims • T otal incurred claims remain very low, benefitting from a smaller release of reserves than pcp • Total insurance expense ratio benefitted from management actions on insurance expenses and lower acquisition cost amortisation 18 58.7 60.4 55.4 54.0 47.1 30.2% 31.1% 30.4% 28.5% 27.6% 0 10 20 30 40 50 60 70 0% 5% 10% 15% 20% 25% 30% 1H24 2H24 1H25 2H25 1H26 Total insurance expense Total insurance expense ratio Expenses and insurance expense ratio1 ($m, %)
Page 19
3,338 2,866 2,521 5,043 4,309 4,140 1H25 2H25 1H26 New delinquencies Closing delinquencies New and Closing delinquencies (n) Delinquencies 2026 Half Year Results • 24% fall in new delinquencies due to strong employment conditions and lagged impact of interest rate increases • 4% fall in closing delinquencies reflects strong cure rates and smaller book of in-force policies • 2021-2023 book years have higher delinquencies due to impact of low interest rates at time of origination Delinquency rate by book year (%) 19 0.00% 0.20% 0.40% 0.60% 0.80% 1.00% 1.20% 1.40% 1.60% 1.80% 1H25 2H25 1H26 pre 2020 2020 2021 2022 2023 2024 2025 Average
Page 20
T otal incurred claims 2026 Half Year Results ($m) 1H25 2H25 FY25 1H26 Incurred claims from current period (A) 24.9 10.9 35.8 13.3 Impact of experience for the period (33.5) (37.0) (70.5) (22.4) Basis changes (18.4) (10.3) (28.7) (4.5) Changes to liabilities for prior incurred claims (B) (51.9) (47.3) (99.2) (26.9) T otal incurred claims (A+B) (27.0) (36.4) (63.4) (13.6) Helia gross loss ratio1 2007 – 1H26 • Low incurred claims for current period reflects lower levels of new delinquencies and a smaller in-force book • Impact of experience benefit driven by continuing robust cures and cancellations • Gross loss ratio remains well below historical levels and through-the-cycle average of 24% 1. Gross loss ratio is calculated as Total incurred claims / Gross earned premium under AASB1023 from FY07-FY22 and Total incurred claims / Insurance revenue under AASB 17 from FY23-FY25. 20 42% 38% 44% 33% 40% 59% 27% 16% 21% 30% 32% 41% 41% 76% -2% -7% -16% -10% -17% -8% FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 1H26 Average 24%
Page 21
Expense movements and composition 2026 Half Year Results Income statement view ($m) 1H26 Expenditure incurred1 mix ($m) 1. Expenditure incurred is reported on an accrual basis and includes both cash and non-cash charges (e.g. depreciation, amortisation and share-based payment expenses) recognised when incurred. A reconciliation between expenditure incurred and total expenses is on slide 36. Note: Totals may not sum due to rounding. • 16% fall in operating expenses in 1H26 on pcp, reflecting benefits from ~$15m reduction in recurring costs achieved in FY25 • Reductions in recurring expenses are reflected in operating expenses over time due to the amortisation of prior year acquisition costs • 1H26 expenditure incurred benefitted from lower acquisition costs primarily due to the loss of CBA 21 63.4 53.1 38.1 25.0 3.6 1.4 8.0 Employee expenses IT expenses Property expense Other expenses including acquisition costs 11H25 operating expenses Accounting to cash adjustments1 Acquisition amortisation Other operating expenses Insurance expense 1H26 expenditure incurred1 1H26 operating expenses
Page 22
Net investment revenue 2026 Half Year Results 1. Net running yield per annum is as at the final day of the reporting period. 2. Yield curve from Bloomberg is based on Australian Government bond yields. Net investment revenue ($m) 1H25 2H25 FY25 1H26 Interest and dividend / distribution revenue 50.5 52.0 102.5 59.4 Realised and unrealised gains / (losses) 53.9 (37.2) 16.7 (14.4) Investment revenue 104.4 14.8 119.2 45.0 Investment expense (1.4) (1.4) (2.8) (1.4) Net investment revenue 103.0 13.4 116.4 43.6 Net investment revenue on technical funds 32.1 (3.5) 28.6 14.0 Net investment revenue on shareholder funds 70.9 16.9 87.8 29.6 Net investment return per annum 7.3% 1.0% 4.4% 3.8% Net running yield per annum 1 3.8% 4.3% 4.3% 4.7% Yield curve2 (%) 2.50 2.75 3.00 3.25 3.50 3.75 4.00 4.25 4.50 4.75 5.00 1Y 2Y 3Y 5Y 10Y Jun 25 Dec 25 Jun 26 • Net investment return of 3.8% down 350bps on pcp due to lower realised and unrealised gains than pcp • Short end of the yield curve impacted shareholder funds in 1H26 whilst technical funds benefitted from the amortisation to par • Net running yield was up 40bps hoh to 4.7% as at 1H26 22
Page 23
Net insurance finance expense 2026 Half Year Results Interest rate sensitivity analysis ($m) 1H25 2H25 FY25 1H26 Interest accreted to liabilities (28.3) (28.9) (57.2) (24.1) Changes in interest rates (14.3) 18.4 4.1 (0.3) Insurance finance expense (42.6) (10.5) (53.1) (24.4) Reinsurance finance income (0.2) 0.5 0.3 0.2 Net finance expense from insurance and reinsurance contracts (42.8) (10.0) (52.8) (24.2) Change in discount rate Impact on Income Statement before tax ($m) Financial assets1 Liabilities Net +1.0% (44.9) 26.9 (18.0) -1.0% 44.9 (28.2) 16.7 1. Interest bearing assets and derivatives. • Impact of changes in interest rates were negligible in 1H26 due to small movements at the long end of the yield curve • T echnical assets and insurance liabilities are closely matched • The net impact of interest rate sensitivity mainly relates to movements in shareholder funds 23
Page 24
Balance Sheet ($m) 30 Jun 25 31 Dec 25 30 Jun 26 Assets Cash 267.9 45.7 81.9 Investment income receivable 20.2 25.0 29.6 Investments (including derivatives) 2,514.5 2,410.7 2,099.2 Equity-accounted investees 14.1 11.4 8.8 Deferred tax assets (DTA) 16.3 16.1 11.1 Goodwill 9.1 9.1 9.1 Other assets 28.6 21.8 20.7 T otal assets 2,870.7 2,539.8 2,260.4 Liabilities Liability for remaining coverage 1,257.7 1,221.1 1,150.4 Liability for incurred claims 240.7 198.2 179.3 Insurance and reinsurance contract liabilities 1,498.4 1,419.3 1,329.7 Other payables 151.7 93.9 30.0 Employee benefits provision 8.7 7.6 8.2 Interest bearing financial liabilities 190.0 - - T otal liabilities 1,848.8 1,520.8 1,367.9 Net assets 1,021.9 1,019.0 892.5 Book value per share 3.75 3.74 3.26 Net tangible assets per share 3.72 3.71 3.22 2026 Half Year Results • Cash and investments down 11% hoh due to FY25 dividend payments • Insurance contract liabilities down 6% hoh due to: o Lower LRC from the run-off of the back book exceeding new business o Lower LIC due to good experience and small changes in the reserving basis • Net tangible assets per share down 13% hoh as FY25 dividend payments exceeded 1H26 Statutory NPAT 24
Page 25
2026 Half Year Results Cash and investments ($m) 30 Jun 25 % 31 Dec 25 % 30 Jun 26 % Commonwealth1 364.9 42.8 147.7 20.6 148.6 24.1 State Gov't 211.6 24.8 77.1 10.8 51.0 8.3 Corporate / other2 271.3 31.8 490.6 68.5 416.8 67.6 Cash & cash equivalent 5.4 0.6 0.5 0.1 0.3 0.0 Technical funds 853.3 100.0 715.9 100.0 616.7 100.0 Corporate / other2 1,444.1 74.9 1,465.9 84.2 1,264.9 80.9 Cash & cash equivalent 262.5 13.6 45.3 2.6 81.6 5.2 Equity investments3 8.1 0.4 8.1 0.5 8.1 0.5 Unlisted infrastructure 212.0 11.0 212.0 12.2 208.7 13.3 Derivatives 2.5 0.1 9.3 0.5 1.1 0.1 Shareholder funds 1,929.2 100.0 1,740.6 100.0 1,564.4 100.0 T otal cash and investments 2,782.4 100.0 2,456.5 100.0 2,181.1 100.0 1. Commonwealth includes bonds with an explicit guarantee from the Commonwealth. 2. Other includes U.S. Treasury Bills, Commercial Paper, Negotiable Certificates of Deposit (NCDs) and Term Deposits. 3. Equity investments includes Tiimely and an unlisted unit trust investment. 4. Ratings are the lower equivalent rating of either Standard & Poor’s or Moody’s using the methodology set out in APRA’s prudential standard GPS 001. 5. Duration excludes equities and unlisted infrastructure but includes the effect of derivatives. 11% 30% 28% 22% 10% AAA AA A BBB Unlisted infrastructure Portfolio by rating4 T echnical funds • Average duration 4.0 years5 • Duration closely matches expected insurance liabilities Shareholder funds • Average duration 1.5 years5 • Duration reduced in response to heightened geopolitical risk and rising inflationary pressures 25 28% 14% 33% 15% 10% 0 - 1Yr 1 - 2Yr 2 - 4Yr 4Yr+ Unlisted infrastructure & equities Portfolio by duration
Page 26
Insurance and reinsurance contract liabilities 2026 Half Year Results ($m) 30 Jun 25 31 Dec 25 30 Jun 26 PV future cashflows 497.6 421.2 379.6 Risk adjustment 120.9 106.0 93.5 Contractual service margin (CSM) 635.9 690.3 674.9 Liability for remaining coverage (LRC) 1,254.4 1,217.5 1,148.0 PV future cashflows 206.8 170.2 154.1 Risk adjustment 33.9 27.9 25.2 Liability for incurred claims (LIC) 240.7 198.1 179.3 Reinsurance contract liabilities 3.3 3.7 2.4 T otal insurance and reinsurance contract liabilities 1,498.4 1,419.3 1,329.7 Liability for incurred claims ($m) • LRC down 6% hoh reflecting smaller book of in-force policies o CSM represents expected future profits and has increased as a proportion of LRC • LIC down 9% hoh due to: o Lower reported delinquency reserve due mainly to lower closing delinquencies o Lower re-delinquency reserve mainly due to cancellations 26 Jun-25 Dec-25 Jun-26 Reported Delinquencies IBNR Re-delinquencies 179 198 241
Page 27
2026 Half Year Results CSM walk ($m) CSM split as at 30 June 2026 (%) Contractual service margin 27 690.3 10.0 36.1 13.1 (74.6) 674.9 Dec-25 Interest accretion New business Change in estimates CSM recognised Jun-26 20% 18% 15% 13% 10% 24% Less than one year One to two years Two to three years Three to four years Four to five years More than five years • New business CSM benefitted from lower acquisition costs in 1H26 and remains profitable • CSM recognised exceeded new business due to lower GWP • $145m of CSM expected to emerge over the next 12 months, excluding new business
Page 28
Regulatory capital 2026 Half Year Results ($m) 30 Jun 25 31 Dec 25 30 Jun 26 Capital base Net assets 1,021.9 1,019.0 892.5 Regulatory adjustments for goodwill/intangibles (9.1) (9.1) (9.1) Net surplus relating to insurance liabilities1 498.6 520.4 508.8 Common equity Tier 1 capital base 1,511.4 1,530.3 1,392.2 Tier 2 capital 190.0 - - Regulatory capital base 1,701.4 1,530.3 1,392.2 Capital requirement Probable maximum loss (PML) 930.8 874.3 786.6 Net premiums liability deduction (198.0) (171.9) (150.5) Capital credit for reinsurance (260.9) (198.7) (196.7) Insurance concentration risk charge (ICRC) 471.9 503.7 439.4 Asset risk charge 177.7 186.5 182.0 Insurance risk charge 143.5 123.6 110.2 Operational risk charge 18.7 15.8 14.0 Aggregation benefit (72.3) (75.4) (71.9) Prescribed capital amount (PCA) 739.5 754.2 673.7 PCA coverage ratio (x) 2.30x 2.03x 2.07x PML seasoning (steps down after Y ear 3) 1. Includes impact of amounts payable on reinsurance contracts held, regulatory adjustments to Common Equity Tier 1 capital for accounts receivables and payables. 100% 75% 25% 5% Year 1 Year 3 Year 5 Year 10 • PCA coverage ratio up 4bps hoh • PML down 10% hoh due to cancellations and portfolio seasoning, which more than offset new business strain • Optionality in capital mix through debt issuance and higher reinsurance usage 28
Page 29
2.03 2.07 1.79 0.13 (0.30) 0.21 (0.06) 0.05 0.01 (0.18) (0.11) Dec-25 Statutory NPAT Dividend & Buy- back In-force runoff New business strain Reinsurance (% of PML) Other Jun-26 Dividend Buy-back Proforma Capital walk 2026 Half Year Results PCA coverage ratio walk (x) Note: Totals may not sum due to rounding. • FY26 interim dividends exceeded 1H26 Statutory NPAT • In-force runoff reflects seasoning of back book and exceeded new business strain • Pro forma PCA multiple assumes payment of FY26 interim dividends and execution of the $75m buyback 29 Dividends Dividends
Page 30
Outlook Michael Cant Interim Chief Executive Officer
Page 31
Insurance revenue Outlook and FY26 guidance FY26 insurance revenue is expected to be within a range of $330m to $360m (previous guidance $320m-$370m) T otal incurred claims FY26 total incurred claims ratio1 is expected to remain well below through-the-cycle average levels 2026 Half Year Results1. Calculated as total incurred claims divided by insurance revenue. 31
Page 32
1H24 2H24 1H25 2H25 1H26 Ordinary Special Buy-back 85.1 117.3 227.6 259.4 117.9 120% 95%89% 78%73%69%69%61%60%57% 44%41% 30% Delivering strong returns for shareholders 32 2026 Half Year Results 1. CSM is net of 30% tax. 2. 3-year FactSet data to 7 August 2026. 3.63 3.72 3.22 1.54 1.63 1.72 1H24 1H25 1H26 Net tangible assets Contractual service margin 4.945.17 5.35 Note: dividends declared in respect of the relevant period and buy-backs executed in the relevant period. 19.3 24.0 22.2 1H24 1H25 1H26 3YR Dividends and buy-backs ($m)Underlying ROE (%) T otal Shareholder Return (TSR)2NTA and net CSM per share1 ($)
Page 33
Supplementary information
Page 34
Residential mortgage lending market Industry new loans funded: Investment vs. owner occupied ($bn, %) Helia NIW: Investment vs. owner occupied ($bn, %)2 Industry new loans funded by LVR band ($bn, %) Helia NIW 3 by original LVR4 band ($bn, %) 1. Prior periods have been restated in line with market updates. 2. Flow NIW only. 3. NIW includes capitalised premium. NIW excludes excess of loss insurance. 4. Average original LVR excludes capitalised premium and excess of loss insurance. Originations and HLVR penetration1 438.6 419.3 400.6 417.2 489.1 117.9 179.8 184.0 185.0 218.5 264.7 63.5 29% 30% 32% 34% 35% 35% 2021 2022 2023 2024 2025 Mar-26 Owner occupied/Other Investment Investment as a % of total Industry source: APRA quarterly ADI property exposure statistics (ADI’s new housing loan funded). Note: totals may not sum due to rounding. 2% 6% 18% 10% 3% 1% 81% 80% 73% 80% 72% 80% 17% 14% 9% 10% 25% 19% 30.2 20.0 13.0 13.2 14.4 3.7 88% 87% 86% 87% 89% 88% 32% 42% 52% 62% 72% 82% 92% 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 2021 2022 2023 2024 2025 1H26 0-80.00% 80.01-90.00% 90.01% and above Average original LVR 62% 68% 70% 69% 69% 69% 30% 25% 24% 25% 24% 23% 8% 6% 5% 7% 7% 8% 618.5 603.3 585.6 635.7 753.8 181.5 2021 2022 2023 2024 2025 Mar-26 0-79.99% 80-89.99% 90% and above 25.8 15.4 8.8 7.8 8.8 1.9 4.2 3.8 2.8 4.1 5.1 1.8 14% 20% 24% 35% 37% 49% 0 5 10 15 20 25 30 35 40 45 2021 2022 2023 2024 2025 1H26 Owner occupied/Other Investment Investment as a % of total 34 2026 Half Year Results
Page 35
Australian key economic indicators Source: Cotality Home Value Index as at June 2026. Rental vacancies (%) Jun-25 Dec-25 Jun-26 Sydney 1.6 1.8 1.6 Melbourne 1.8 2.0 1.6 Brisbane 0.9 1.2 0.9 Perth 0.8 0.7 0.6 Adelaide 0.8 0.9 0.7 Hobart 0.6 0.4 0.7 Canberra 1.5 1.9 1.7 Darwin 0.5 1.0 0.3 National 1.3 1.3 1.3 Unemployment by state (%) Jun-25 Dec-25 Jun-26 New South Wales 4.4 4.0 4.0 Victoria 4.5 4.6 5.1 Queensland 4.0 3.9 4.3 Western Australia 4.1 4.0 4.2 South Australia 4.3 3.9 4.3 Tasmania 3.9 4.5 4.9 Australian Capital T erritory 3.8 4.2 4.1 Northern T erritory 4.1 4.5 4.7 National 4.3 4.1 4.4 Data sourced from The Australian Bureau of Statistics as at June 2026. Data sourced from https:/ /sqmresearch.com.au/ as at June 2026. 2026 Half Year Results Change in dwelling values (%) 3 months 6 months 12 months Sydney -3.2% -3.5% 0.3% Melbourne -2.6% -3.6% -0.9% Brisbane 1.3% 6.2% 17.4% Perth 2.0% 8.7% 23.9% Adelaide 1.3% 4.6% 11.6% Hobart 1.4% 4.5% 9.3% Canberra -1.3% -0.8% 2.9% Darwin 5.0% 7.9% 19.8% Regional NSW 0.2% 2.7% 7.8% Regional Vic 0.6% 2.4% 7.1% Regional Qld 1.5% 5.8% 13.8% Regional WA 3.7% 9.7% 22.0% Regional SA 1.6% 6.0% 11.4% Regional Tas 2.8% 7.2% 13.0% Combined capitals -1.3% 0.2% 6.1% Combined regionals 1.1% 4.5% 11.0% Australia -0.7% 1.2% 7.3% 35
Page 36
($m) 1H25 2H25 FY25 1H26 Expenditure incurred 62.3 51.8 114.1 38.1 Less investment expenses (1.4) (1.4) (2.8) (1.4) Less claims handling expenses (2.9) (2.4) (5.3) (2.2) Less new acquisition costs incurred (24.0) (15.7) (39.7) (7.3) Add amortisation of acquisition cash flows 29.4 28.6 58.0 25.9 T otal expenses 63.4 60.9 124.3 53.1 Insurance expenses 26.0 25.4 51.4 21.2 Add amortisation of acquisition cash flows 29.4 28.6 58.0 25.9 Other operating expenses 8.0 6.9 14.9 6.0 T otal expenses 63.4 60.9 124.3 53.1 Reconciliations 2026 Half Year Results Underlying ROE ($m) 1H25 2H25 FY25 1H26 Underlying NPAT 126.1 120.9 247.0 106.3 Average equity 1,051.1 1,020.5 1,049.7 955.8 Underlying ROE (%) 24.0% 23.7% 23.5% 22.2% 1. Underlying NPAT excludes FX, unrealised gains / (losses) on the shareholder funds after tax. Statutory ROE ($m) 1H25 2H25 FY25 1H26 Statutory NPAT 133.7 111.2 244.9 100.0 Opening equity 1,080.4 1,021.9 1,080.4 1,019.0 Closing equity 1,021.9 1,019.0 1,019.0 892.5 Average equity 1,051.1 1,020.5 1,049.7 955.8 Statutory ROE (%) 25.4% 21.8% 23.3% 20.9% Expenses Statutory NPAT to underlying NPAT1 ($m) 1H25 2H25 FY25 1H26 Statutory NPAT 133.7 111.2 244.9 100.0 Unrealised (gains) / losses on shareholder funds and FX (10.9) 13.8 2.9 9.0 Adjustment for tax credits / (expense) 3.3 (4.1) (0.8) (2.7) Underlying net profit after tax 126.1 120.9 247.0 106.3 36
Page 37
Illustrative profile of insurance revenue recognition 37 2026 Half Year ResultsNote: Illustrative only with no new business assumed. • Revenues are recognised over a 15-year period under AASB 17 • The impact of higher and lower GWP is reflected progressively in insurance revenue • Changes to claims and expense assumptions can have a material impact on the profile of each book year 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Years
Page 38
($m) 1H25 2H25 FY25 1H26 Contractual service margin recognised 74.3 85.2 159.5 74.6 Risk adjustment recognised in revenue 15.6 15.5 31.1 14.7 Net expense from reinsurance contracts (6.1) (7.5) (13.6) (4.6) Expected insurance service result 83.8 93.2 177.0 84.7 Variations in incurred claims from current period 16.4 29.9 46.3 26.8 Changes to liabilities for prior incurred claims 51.9 47.3 99.2 26.9 Other (0.5) (6.3) (6.8) (1.6) Premium experience variations1 (0.7) 0.7 0.0 (3.3) Experience variations 2 67.1 71.6 138.7 48.8 Insurance service result 150.9 164.8 315.7 133.5 2026 Half Year Results Insurance service result (% insurance revenue) 1H25 2H25 FY25 1H26 Expected insurance service result 45.9 49.2 47.6 49.6 Ratios 1. Premium experience variations from top-ups are accounted for as notional refunds. 2. Includes changes in current incurred, prior incurred, and future incurred contracts which are onerous. 38
Page 39
Claims paid 2026 Half Year Results Claims paid ($m unless otherwise stated) 1H25 2H25 FY25 1H26 Number of claims paid 60 57 117 54 Number of MIPs 161 150 150 105 Average paid claim exc. CHE ($’000) 71 93 82 116 Claims handling expenses 2.9 2.4 5.3 2.2 Net claims paid 7.1 7.7 14.8 8.5 Mortgages in possession and Claims paid (n) 161 150 105 60 57 54 1H25 2H25 1H26 Mortgages in possession (MIPs) Claims paid 39
Page 40
2026 Half Year Results Delinquency trends Number of delinquencies 1H25 2H25 FY25 1H26 Opening balance 5,083 5,043 5,083 4,309 New delinquencies 3,338 2,866 6,204 2,521 Cures (3,318) (3,543) (6,861) (2,636) Paid claims (60) (57) (117) (54) Closing delinquencies 5,043 4,309 4,309 4,140 Delinquency rate1 0.90% 0.79% 0.79% Cure rate2 65.3% 70.3% 61.2% Delinquencies by geography Jun 25 % Dec 25 % Jun 26 % New South Wales 1,128 0.85 981 0.76 1,001 0.81 Victoria 1,536 1.10 1,366 1.00 1,257 0.95 Queensland 1,048 0.78 875 0.69 793 0.66 Western Australia 689 1.01 560 0.86 537 0.86 South Australia 346 0.84 290 0.73 307 0.80 Australian Capital T erritory 70 0.57 51 0.43 73 0.63 Tasmania 127 0.79 114 0.73 101 0.66 Northern T erritory 81 1.07 60 0.81 60 0.83 New Zealand 18 0.17 12 0.11 11 0.10 Tota l 5,043 0.90 4,309 0.79 4,140 0.79 1. The delinquency rate is calculated by dividing the number of reported delinquent policies insured by the number of in-force policies (excluding excess of loss insurance and Indemnity). 2. The cure rate is calculated by dividing the number of cures in a period by the number of delinquencies at the beginning of that period. Delinquencies by book year Jun 25 % Dec 25 % Jun 26 % 2016 & prior 2,894 0.84 2,423 0.74 2,264 0.72 2017 205 0.94 162 0.79 138 0.70 2018 193 0.97 157 0.86 157 0.91 2019 222 0.91 178 0.81 172 0.83 2020 291 0.96 235 0.82 223 0.82 2021 416 1.12 388 1.13 361 1.13 2022 453 1.69 389 1.60 380 1.71 2023 268 1.32 236 1.30 251 1.54 2024 97 0.39 128 0.57 159 0.78 2025 4 0.03 13 0.05 35 0.14 2026 - - - - 0 0.00 Tota l 5,043 0.90 4,309 0.79 4,140 0.79 40
Page 41
2026 Half Year Results Insurance in-force As at 31 Dec 2025As at 30 Jun 2026 Note: Excludes inward reinsurance, excess of loss insurance, NZ and Helia Indemnity Limited. Calculated on an estimated house price adjusted effective LVR, using the CoreLogic Hedonic Home Price Index and assumes 30-year principal and interest amortising loan. Effective LVR is not adjusted for prepayments, redraws or non-amortising residential mortgage loans insured. Original LVR excludes capitalised premium. Book year State LVR at originationRepayment type current 41 Book year $ billions % Original Effective Change in LVR LVR house price % 2016 & prior 89.4 44.9% 84.1% 20.2% 161.3% 2017 8.0 4.0% 85.0% 37.4% 87.3% 2018 7.2 3.6% 87.0% 41.0% 82.4% 2019 8.5 4.3% 87.5% 42.5% 84.4% 2020 11.7 5.9% 87.8% 45.9% 77.2% 2021 15.4 7.7% 87.7% 52.4% 58.3% 2022 11.6 5.8% 87.4% 61.1% 37.0% 2023 8.0 4.0% 87.3% 65.4% 31.3% 2024 9.7 4.9% 87.5% 72.1% 21.6% 2025 13.9 7.0% 87.6% 79.8% 11.3% 2026 4.0 2.0% 87.2% 85.7% 2.3% T otal flow 187.4 94.2% 85.8% 33.1% 105.0% Portfolio 11.5 5.8% 62.0% 16.1% 130.6% T otal/ weighted avg. 198.9 100.0% 84.4% 31.4% 107.3% Book year $ billions % Original Effective Change in LVR LVR house price % 2016 & prior 92.4 45.0% 84.1% 21.8% 147.9% 2017 8.3 4.0% 85.0% 40.2% 76.9% 2018 7.6 3.7% 87.0% 44.0% 71.8% 2019 9.1 4.4% 87.5% 45.6% 73.7% 2020 12.4 6.0% 87.8% 49.5% 65.9% 2021 16.5 8.1% 87.7% 56.5% 48.1% 2022 12.6 6.2% 87.4% 65.8% 28.2% 2023 8.8 4.3% 87.3% 70.6% 22.5% 2024 10.7 5.2% 87.5% 77.7% 13.5% 2025 14.7 7.1% 87.6% 85.4% 4.4% T otal flow 193.2 94.1% 85.8% 35.3% 94.7% Portfolio 12.2 5.9% 62.2% 17.1% 122.5% T otal/ weighted avg. 205.4 100.0% 84.4% 33.4% 97.2% 2016 & prior 53% 2017 4% 2018 3% 2019 4% 2020 6% 2021 7% 2022 5% 2023 4% 2024 5% 2025 7% 2026 2% ACT 2% NSW 27% NT 1% NZ 1% QLD 22%SA 6% TAS 2% VIC 25% WA 12% INV-IO 1.9% INV-P&I 21.3% OO-IO 0.2% OO-P&I 76.5% OTHER 0.1% <= 80 LVR 20% 80.01 - 90 LVR 56% > 90 LVR 24% Primary Insurance 1H25 FY25 1H26 Insured policies in-force (#) (single policy view) 613,943 594,962 575,057 Insurance in-force ($m) 222,135 216,467 209,764
Page 42
Claims sensitivity to economic conditions 2026 Half Year Results Economic assumptions as at 30 June 20261 Property price National house price drop of -1% expected for 20262 with tangible correction in Sydney and Melbourne, offset by moderate growth in other regions Mortgage rates One more rate hike by RBA to 4.6% by end of 2026 Unemployment rates Stay low and expected to be 4.3% by end of 2026 Claims sensitivity3 1. Based on a mean view of external economic forecasts. 2. Conditional on RBA rate cut assumptions. 3. Sensitivities are present value impacts on insurance contract liabilities as at 30/06/2026 and are a 3-year shock before reversion to base case and are rounded to the nearest $5m. Reserving basis assumed to be constant in all economic scenarios. 4. LRC excluding CSM comprises the PV of cash flows and associated risk adjustment. • LIC changes have an immediate income statement impact • LRC changes emerge over future years as movements in PV of future cash flows are largely offset in the CSM • Modest increase in claim sensitivity to economic conditions due to higher rate level and weak property markets. ($m) LRC excluding CSM4 CSM LIC Upside economics Unemployment -1% -15 -5 10 Mortgage rate -1% -10 -5 5 HPA +5% -10 -5 5 Downside economics Unemployment +1% 15 5 -15 Mortgage rate +1% 10 5 -10 HPD -5% 20 10 -20 42
Page 43
Portfolio book year reinsurance program 2026 Half Year Results Book year program (2023, 2024, 2025, 2026 individual book years) • Placements set as a percentage of first year PML, driven by new business volume and mix, and cover builds over the course of each year • Duration up to 10 years from the end of the book year, with an early call option • Attachment locks at the end of each book year and detachment (and coverage) amortises in line with APRA’s 1-in-200 net paid claims requirement Reinsurance recovery by layer (% of probable maximum loss)1 Portfolio book year reinsurance cover ($m) 1. The example shows 2026 book year placement and is illustrative in nature as past and future book year programs may differ. 43 276 199 197 30 Jun 25 31 Dec 25 30 Jun 26 2022 & Prior 2023 2024 2025 2026 0% 20% 40% 60% 80% 100% 120% 140% 2026 Book Year % of Probable Maximum Loss (PML) 3rd Layer 2nd Layer 1st Layer Retained Losses
Page 44
462% 391% 187% 178% 176% 170% 120% 105% 97% 73% 68% 64% 10% Bank HLI Bank FINXR ASX200 Insurer Insurer Insurer Bank Bank Bank Bank Bank 2026 Half Year Results History of strong T otal Shareholder Return (TSR) delivery Source: FactSet. 27% 27% 22% 16% 13% 10% 9% 8% 3% 2% (4%) (5%) (10%) Bank Bank HLI Bank Bank FINXR Insurer ASX200 Bank Insurer TSR to 7 August 2026 120% 95% 89% 78% 73% 69% 69% 61% 60% 57% 44% 41% 30% HLI Bank Bank FINXR Insurer Bank Bank Bank Insurer Insurer Bank ASX200 Bank 1YR 3YR Since listing BankBank Insurer 44
Page 45
Glossary
Page 46
2026 Half Year Results Glossary Te r m Definition Basis change The impact on the present value of cash flows and risk adjustment of any explicit changes in actuarial model assumptions and parameters Bulk Bulk refers to lender paid LMI for cover on a portfolio or "bulk" pool of seasoned loans that are typically under 80% LVR. This cover is commonly used for residential mortgage-backed securities (RMBS) transactions or other risk mitigation and capital optimisation purposes Cancellations The termination of policies before their expiration, typically by the insured COBs Customer owned banks Common equity tier 1 or CET1 Consists of total accounting equity, adjustments for certain reserves and adjustments for certain other items, such as intangible assets, which are excluded from the capital base cps Cents per share CSM (contractual service margin) The unearned profit component of the insurance contract liability presented in the balance sheet and recognised in the income statement as the company provides services under insurance contracts CSM recognition proportion CSM recognised in profit or loss / CSM balance, annualized where required Cures A policy that either clears arrears to below three months of missed payments, or sells the underlying securities with enough equity in the property to clear the arrears Delinquency Any insured loan which is reported as 3 or more months of repayments in arrears Excess of loss A type of insurance in which the insurer indemnifies the insured for losses that exceed a specified limit Expected incurred recognition proportion Expected incurred claims (including claims handling expenses) / average LRC PV cash flows, annualised where required Expected insurance service expenses incurred The insurer’s prospective view of the cost of claims and expenses that are expected to be incurred in the reporting period Experience variations The difference between expected premium credits/refunds/claims/expenses to be incurred and actual premium credits/refunds/claims/expenses incurred FHB First Home Buyer FTE employees Full time equivalent employees FINXR S&P/ASX 200 Financials Ex-A-REIT GWP Gross written premium. Represents the total direct and expected premium received from contracts issued in the period, before deducting ceded reinsurance premiums Government guarantees Home buyer guarantees based on Federal Government assistance programs including the Australian Government 5% Deposit Scheme (formerly known as the Home Guarantee Scheme / HGS) Te r m Definition hoh Half on half, i.e. 1H26 compared to 2H25 HPA / HPD / HPI House price appreciation / depreciation / index Insurance in -force The original principal balance of all mortgage loans currently insured (excludes excess of loss insurance) Insurance revenue The amount of revenue depicted in profit or loss to reflect the provision of coverage and other services arising from a group of insurance contracts that reflects the consideration to which the entity expects to be entitled in exchange for those services Insurance service expense Claims and expenses (including amortisation of insurance acquisition cash flows) incurred in the period as well as losses and reversals of losses on onerous contracts Insurance expense ratio Insurance expenses (including amortisation of insurance acquisition cash flows) incurred in the period divided by insurance revenue Insurance service result Insurance revenue less insurance service expense less net expenses from reinsurance contracts LIC (liability for incurred claims) An estimate of the insurer’s obligation to pay amounts related to services provided LMI Lenders mortgage insurance LRC (liability for remaining coverage) Insurer’s obligation to provide insurance contract services after the reporting date and includes CSM LVR / HLVR Loan to value ratio High LVR – This LVR benchmark is commonly 80% Original LVR – Calculated using the base LVR at the time of settlement Effective LVR – Calculated using the (estimated current balance/approximate house price) of the loan MIP Mortgage in possession Net investment return Net investment revenue divided by the average balance of the opening and closing cash and investments balance for the period, annualised Net running yield For bonds the annualised return anticipated if the security is held until the earlier of maturity or the expected call date. For infrastructure the distributions from the underlying assets to the unit trust divided by the average value over the trailing 12 months. All net of investment fees and hedging costs New delinquency Number of policies that at some point in the half became 3+ months in arrears NIW New insurance written reflects the total loan amount that is insured in the relevant period. NIW for Helia reporting purposes excludes excess of loss business written 46
Page 47
2026 Half Year Results Glossary Te r m Definition NTA (net tangible assets) per share Net tangible assets (net assets less goodwill and other intangible assets) divided by the number of shares on issue, at the end of the period Onerous contracts If a group of contracts has exhausted its CSM (because movements in the value of future claims, expenses and risk adjustment exceeds the remaining CSM), that group becomes onerous and the shortfall (or reversal of any previous shortfall) is immediately recognised in the Income Statement PCA Prescribed capital amount is an APRA formula (set out in Prudential Standard GPS 110) designed to ensure an insurer has adequate capital against risk PCA coverage ratio The PCA coverage is calculated by dividing the regulatory capital base by the prescribed capital amount pcp Prior corresponding period PML Probable Maximum Loss – The loss determined by applying the formula set out in APRA GPS 116, designed to determine the losses expected to arise from a catastrophic three-year event such that the size of loss is equal to a loss with a 0.5 per cent probability of occurrence. The formula has specific factors for probability of default and loss given default and other components PV Present value of future cash flows, discounted in accordance with the standard Regulatory capital base The regulatory capital base is the sum of Tier 1 Capital and Tier 2 Capital PML Probable Maximum Loss – The loss determined by applying the formula set out in APRA GPS 116, designed to determine the losses expected to arise from a catastrophic three-year event such that the size of loss is equal to a loss with a 0.5 per cent probability of occurrence. The formula has specific factors for probability of default and loss given default and other components PV Present value of future cash flows, discounted in accordance with the standard Regulatory capital base The regulatory capital base is the sum of Tier 1 Capital and Tier 2 Capital Risk adjustment The compensation an entity requires for bearing the uncertainty about the amount and timing of future cash flows arising from non-financial risk as the entity fulfils insurance contracts Risk adjustment recognition proportion Risk adjustment recognised as revenue / average LRC risk adjustment balance, annualised where required ROE Return on equity – ROE is NPAT divided by the average of the opening and closing equity balance for a financial period, annualised where required Shareholder funds The cash and investments in excess of the Technical funds Statutory NPAT Statutory net profit after tax 47 Te r m Definition T echnical funds The cash and investments held to support insurance contract liabilities Tier 1 Capital As defined by APRA GPS 112, Tier 1 Capital comprises the highest quality components of capital that fully satisfy all of the following essential characteristics: (a) Provide a permanent and unrestricted commitment of funds; (b) Are freely available to absorb losses; (c) Do not impose any unavoidable servicing charge against earnings; and (d) Rank behind claims of policyholders and creditors in the event of winding up Tier 2 Capital As defined by APRA GPS 112, Tier 2 Capital comprises other components of capital that to varying degrees, fall short of the quality of Tier 1 Capital but nonetheless contribute to the overall strength of a regulated institution and its capacity to absorb losses To p-ups A further advance to an existing loan insured by Helia that is either added to the existing loan or maintained in a separate loan account T otal incurred claims ratio Total incurred claims / insurance revenue, annualised where required T otal shareholder return (TSR) The total return to shareholders (share price movement including value of dividends) over the performance period, expressed as a percentage of the starting share price Underlying diluted earnings per share Underlying NPAT divided by the weighted average number of shares outstanding for the period, adjusted for the effects of all dilutive potential ordinary shares Underlying NPAT Underlying NPAT excludes the after-tax impact of unrealised gains/(losses) on the shareholder funds, and the impact of foreign exchange rates on Helia’s investment portfolio Underlying ROE The Underlying ROE is calculated by dividing Underlying NPAT by the average of the opening and closing e quity balance for a financial period, annualised where required
Page 48
Investor materials can be found at investor.helia.com.au For more information, analysts, investors and other interested parties should contact: Paul O’Sullivan Head of Investor Relations, Capital & Investments M: +61 499 088 640 E: investorrelations@helia.com.au The release of this announcement was authorised by the Board. 11 August 2026