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Zip Co Limited 19 February 2026 1H FY26Investor PresentationFor personal use only
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2 The information contained in this presentation has been prepared by Zip Co Limited ACN 139 546 428 (Company). This presentation contains summary information about the current activities of the Company and its subsidiaries as at the date of this presentation. The information in this presentation is of a general nature and does not purport to be complete or to provide all information that an investor should consider when making an investment decision. It should be read in conjunction with the Company’s other periodic and continuous disclosure announcements lodged with the Australian Securities Exchange. Certain market and industry data used in connection with this presentation has been obtained from research, surveys or studies conducted by third parties, including industry or general publications. Neither the Company nor its representatives have independently verified any such data provided by third parties. This presentation is not an offer, invitation, solicitation or other recommendation with respect to the subscription for, purchase or sale of any securities in the Company. This presentation has been made available for information purposes only and does not constitute a prospectus, short form prospectus, profile statement, offer information statement or other offering document under Australian law or any other law. This presentation is not subject to the disclosure requirements affecting disclosure documents under Chapter 6D of the Corporations Act 2001 (Cth) and does contain all the information which would be required in such a disclosure document or prospectus. This presentation is not a financial product nor investment advice nor a recommendation to acquire shares and has been prepared without taking into account the objectives, financial situation or needs of individuals. Before making an investment decision, prospective investors should consider the appropriateness of the information having regard to their own objectives, financial situation and needs and seek legal and taxation advice appropriate to their jurisdiction. This presentation does not constitute the provision of, financial product advice in respect of the Company’s shares. The information in this presentation may be changed, modified or amended at any time by the Company, and is not intended to, and does not, constitute representations or warranties of the Company. Neither the Company or any of its directors, officers, agents, employees or advisors give any representation or warranty, express or implied, as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation. Accordingly, to the maximum extent permitted by law, none of the Company, its directors, employees or agents, advisers, nor any other person accepts any liability whether direct or indirect, express or limited, contractual, tortuous, statutory or otherwise, in respect of, the accuracy or completeness of the information or for any of the opinions contained in this presentation or for any errors, omissions or misstatements or for any loss, howsoever arising, from the use of this presentation. This presentation may contain certain “forward looking statements”. Forward risks, uncertainties and other factors, many of which are outside the control of the Company can cause actual results to differ materially from such statements. The Company makes no undertaking to update or revise such statements. Investors are cautioned that any forward-looking statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in any forward-looking statements made. An investment in the Company’s shares is subject to investment and other known and unknown risks, some of which are beyond the control of the Company. Such risks and uncertainties include, but are not limited to: the acquisition and retention of customers, third party service provider reliance, competition, reliance on key personnel, additional requirements for capital, the ability to raise sufficient funds to meet the needs of the Company in the future, potential acquisitions, platform disruption, commercialisation, changes in technology, reliance on new products, development timeframes, product distribution, insurance, security breaches, maintenance of key business partner relationships, management of growth, brand establishment and maintenance, as well as political and operational risks, and governmental regulation and change in laws. Additional risks and uncertainties that the Company is unaware of, or that it currently considers to be immaterial, may also become important factors that adversely affect the Company’s operating and financial performance. Usability of the Company’s products depend upon various factors outside the control of the Company including, but not limited to: device operating systems, mobile device design and operation and platform provider standards and reliance on access to internet. A number of the Company’s products and possible future products contain or will contain open source software, and the Company may license some of its software through open source projects, which may pose particular risks to its proprietary software and products in a manner that could have a negative effect on its business. The Company’s intellectual property rights are valuable, and any inability to protect them could reduce the value of its products and brand. The Company’s products may contain programming errors, which could harm its brand and operating results. The Company will rely on third party providers and internet search engines (amongst other facilities) to direct customers to the Company’s products. The Company does not guarantee any particular rate of return or the performance of the Company, nor does it guarantee the repayment of capital from the Company or any particular tax treatment. Before investing in the Company, you should consider whether this investment is suitable for you. Potential investors should consider publicly available information on the Company, carefully consider their personal circumstances and consult their professional advisers before making an investment decision. All amounts in this presentation are presented in AUD unless stated otherwise. Totals in tables may not add due to rounding. Disclaimer and important notices 2 For personal use only
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3 1. 1H26 highlights For personal use only
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4 Results reflect accelerated momentum and disciplined execution Significant margin expansion driven by material operating leverage Total transaction volume (TTV) Cash EBTDA Operating margin $8.4b $124.3m 18.7% +34.1% YoY +85.6% YoY +569bps YoY Sustainable, profitable growth at scale Well positioned in both markets to deliver next phase of growthü ü üFor personal use only
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5 19.2% 18.7% 6.9% 9.3% 1Q252Q253Q254Q251Q262Q26 181.0 199.0 235.5273.4 314.3 1H24 2H24 1H25 2H25 1H26 1.3 1.6 1.5 1.7 1.9 2.2 1Q252Q253Q254Q251Q262Q26 67.0 103.3 124.3 1H25 2H25 1H26 Sustainably profitable business with significant US opportunity Cash gross profit ($m) and cash net transaction margin (%)1AU yield and excess spread US TTV (US$b) and YoY growth (%) +42% +47% +45% +40%+38% +43% 13.0% 18.2% 18.7% 3.8% 4.0% 3.8% 3.6% 4.0% Note: (1) 1H24 and 2H24 excludes discontinued operations. Cash EBTDA ($m) and operating margin (%) Yield Excess spread Two-sided revenue model driving powerful network effects backed by deep customer, merchant and channel partnerships High-growth US business executing strongly in an attractive early-stage market Differentiated US customer base being the underestimated American, with a proven ability to profitably underwrite these customers Leading, profitable ANZ business that serves circa 10% of the Australian adult population Strong track record in product innovation with an ‘anywhere product with everywhere acceptance’ omnichannel experience Scalable platform delivering material operating leverage, supported by investment in AI and a strong balance sheet For personal use only
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6 Revenue margin (% of TTV) -30bps YoY Merchants (#k) +10.5% YoY TTV ($b) +34.1% YoY 514.0 664.0 1H25 1H26 Total income ($m) +29.2% YoY 6.2 8.4 1H25 1H26 8.2% 7.9% 1H25 1H26 81.9 90.6 1H25 1H26 Transactions (m) +20.2% YoY 45.7 54.9 1H25 1H26 6.3 6.6 1H25 1H26 Reflects higher US contribution (now 75% of TTV) Active customers (m) +4.1% YoY Outstanding results driven by deepened customer engagement and accelerated momentum across both marketsFor personal use only
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7 Cash NTM (%) Flat (-2bps) YoY Cash gross profit ($m) +33.5% YoY 3.8% 3.8% 1H25 1H26 Cash EBTDA ($m) +85.6% YoY 67.0 124.3 1H25 1H26 Operating margin (%) +569bps YoY 13.0% 18.7% 1H25 1H26 235.5 314.3 1H25 1H26 Net bad debts (% of TTV) +17bps YoY 1.6% 1.7% 1H25 1H26 Two-sided business model continues to underpin sustainable, profitable growth and significant operating leverage at scale For personal use only
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8 US cash EBTDA ($m) Group cash EBTDA ($m) ANZ cash EBTDA ($m) Strong earnings growth across both regions Continued US growth with significant improvement in ANZ performance 30.8 67.0 124.3 1H24 1H25 1H26 38.0 68.3 115.8 1H241H251H26 10.8 12.8 30.5 1H241H251H26 +85.6% +138.0% +69.6% For personal use only
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9 Growth and engagement Platforms for scaleProduct innovation • Established new US$283.4m warehouse at materially lower margin (US) • Issued a $400m ABS bond at materially improved margin of 1.37% (AU) • Completed $100m on-market equity share buyback • Scaled the use of AI across the Group • Continued platform investment across risk management, credit underwriting and technology • Expanded Pay-in-Z platform, making Pay-in-2 available to all customers in February 2026 and piloted My Bills feature in App (US) • Progressed development of an agentic guided cash flow management experience, Money Coach (US) • Acceleration of Zip Plus adoption (AU) Delivering strongly against Zip’s FY26 strategic priorities • Strengthened customer engagement with annual average transactions per customer of: – 11.3x in the US, up 19.9% – 25.3x in ANZ, up 23.4% • Strong holiday trading period in both markets • Accelerated momentum with channel partners and embedded finance • Added merchants in targeted verticals For personal use only
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10 Commitment to operating sustainably and responsibly Financial inclusion and customer wellbeing Environmental impact Inclusion, talent management and community Partnered with US television series Opportunity Knocks which supports underestimated Americans through financial guidance Partnered with Forage to offer temporary relief to Americans impacted by government shutdown 45% Female representation across the Group Invested in carbon offsetting projects with the aim to offset Zip’s GHG emissions2 43% Female representation in leadership roles Embedding AI skills through AI champions bootcamp and working group, innovation showcases, hackathons and learning curriculums Continued preparation for AASB S2 mandatory climate reporting standards Engaged CWES1 to deliver financial abuse awareness training across Zip’s Customer Experience, Financial Assistance and Product teams Celebrated a wide range of days of inclusion, cultural and religious significance events across the Group Continued to responsibly recycle e-waste in partnership with Zolo LL to revert on US employee initiatives Note: (1) Centre for Women's Economic Safety. (2) Based on management data, and estimates and calculations by Zip’s external advisor NetNada which have not been subject to third party assurance. For personal use only
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11 • Consistent with Zip’s objective to maximise long-term shareholder value, Zip continues to consider a dual listing on a US stock exchange following submission of a confidential draft registration statement to the US Securities and Exchange Commission in November 2025 • We will continue to monitor market conditions and will only consider undertaking a dual listing when in the best interests of Zip shareholders • The potential dual listing remains subject to Zip Board approval and the completion of a number of required processes, including obtaining regulatory approvals in the US, and is subject to market and other conditions Consideration of US listing updateFor personal use only
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12 2. US performance $4.1b +44.2% YoY $292.0m +46.4% YoY $76.0m +69.5% YoY TTV (USD) Revenue (USD) Cash EBTDA (USD) For personal use only
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13 1.3 1.6 1.5 1.7 1.9 2.2 42.8% 38.3% 40.2% 45.4% 47.2% 41.7% 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 US: 70% YoY cash earnings growth with material operating leverage 1H26 1H25 Change TTV $6.3b $4.4b +44.7% TTV (USD) $4.1b $2.9b +44.2% Revenue $445.3m $302.9m +47.0% Revenue (USD) $292.0m $199.5m +46.4% Transactions 29.2m 22.2m +31.6% Active customers 4.6m 4.2m +9.7% Merchants 26.7k 24.4k +9.5% Cash NTM 3.4% 3.7% (32bps) Cash EBTDA $115.8m $68.3m +69.6% Cash EBTDA (USD) $76.0m $44.9m +69.5% Key performance metrics (AUD unless stated otherwise) • Expanded Pay-in-Z platform, making Pay-in-2 available to all customers in February 2026: – Further supports customers with non-discretionary needs with AOV of US$68 to date – Pilot of My Bills feature in App for recurring payments • Launched AI-powered customer chatbot Zia with positive early results • Undertook staff pilot of agentic guided cash flow management experience, Money Coach • Joined Google's agent payment protocol to ensure smooth usage of Zip across agentic commerce Growth and engagement • Outstanding TTV and revenue growth driven by: – Strong active customer growth, up 9.7% (+407k) YoY building on FY25 momentum – Significant increase in transactions per active customer, up 19.9% to 11.3x • 2Q26 growth accelerated YoY driven by a strong holiday period which included a record day and month of transaction volumes in Zip US’ history • In-store TTV increased 69% YoY and represents 25% of TTV • Merchants on the Zip platform up 9.5% YoY: – Added large enterprise merchants including Temu, JD Sports and GOAT Group – Added over 1,400 merchants through Stripe • Scaling volumes and merchants through Google Pay • Rollout of autofill on Google Chrome since integration in August 2025 Product innovation • Established a new US$283.4m warehouse facility at at a reduced interest margin • Disciplined investment in technology, credit underwriting and AI to support continued operating leverage at scale Platforms for scale TTV and YoY growth (US$b) For personal use only
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14 US: Executing a significant opportunity in an early-stage market Significant headroom for US BNPL market growth, adoption is still in the early stages compared to more established markets1 <2% of total payments 6% of e-commerce 15% of e-commerce 23% of e-commerce 20% of e-commerce US Australia Sweden Germany • Hardworking, ambitious consumers seeking financial progress but overlooked by traditional credit models • Many are new to credit or rebuilding it, yet they make responsible financial decisions every day • These customers are financially active, resilient, and often balancing work, family and essential expenses • Our customers work across essential sectors such as healthcare, hospitality and transportation We serve 4.6m of the 100m+ Americans that have been underestimated by traditional financial services providers Charina Espino2 “Zip has been a lifesaver for not only myself, but for my whole family. The very first thing I used Zip for was for sneakers for my son. Since it’s a scheduled payment plan, you, off the bat, already know when Zip is going to take it out from your account. I’m able to manage and make sure that I don’t overspend.” Note: (1) Percentages represent BNPL as a % of e-commerce volume, according to The Global Payments Report, 2025. (2) This customer received payment for sharing their experience. For personal use only
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15 US: Deeper customer engagement is driving material increase in transactions and spend per active customer 6.9 7.3 8.1 8.8 9.3 9.4 10.1 10.6 11.0 11.3 1Q242Q243Q244Q241Q252Q253Q254Q251Q262Q26 Spend per active customer1 (US$) +24% CAGR Note: (1) Metrics presented on a last 12 months basis. 860 905 1,021 1,1121,1801,205 1,319 1,419 1,5031,579 1Q242Q243Q244Q241Q252Q253Q254Q251Q262Q26 +31% CAGR Transactions per active customer1 (x) For personal use only
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16 US: Newer customer cohorts are spending at an accelerated rate +58% +34% +20% 18 months Two years +91% +58% +84% +49% +59% July 2025 cohortJuly 2024 cohortJuly 2023 cohortJuly 2022 cohort 1 2 3 4 5 6 7 8 9 10 11 12 150 200 250 300 350 400 Spend per customer in first 12 months of purchase (US$) +21% For personal use only
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17 4.0 3.8 4.2 4.3 4.6 1H24 2H24 1H25 2H25 1H26 Underpinned by our differentiated capability to underwrite everyday Americans profitably US: Delivering strong new customer growth, efficiently Maintained disciplined approach to balance active customer growth and losses appropriately (Active customers, millions over last 12 months) +407k YoY Proven expertise having underwritten US$23b in TTV across 177m of transactions to date AI-driven models leveraging 1.4b unique data points from over 13m first-party customer records 2,800 behavioural features embedded from internal and third-party data sources Zip models deliver strong credit outcomes compared to traditional sources, particularly for lower FICO customers ü ü ü ü Regulatory and funding support via third party bank partnershipü For personal use only
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18 US: Accelerated merchant growth supports customer acquisition and engagement Merchants can enable Zip on Stripe in less than 30 seconds Added over 1,400 small- medium sized merchants in 1H26 with limited marketing Signed merchants in targeted verticals such as grocery, electronics and retail Merchants signed on include Whop and Goldie Distribution partners: Stripe general availability Embedded finance: Expanding through Google Continued momentum with Google Pay, driven by expanded adoption and merchants Successful integration with autofill on Google Chrome in August 2025 Positive Zip customer feedback on the autofill integration Top use cases include everyday spend, as well as electronics and some discretionary retail categories ü Merchant integrations via Zip: Growing our network Added large enterprise merchants including Temu, JD Sports and GOAT Group On-site activations in sports with the Philadelphia Phillies and Comcast Spectacor, owner of the Philadelphia Flyers and Xfinity Mobile Arena Strategic approach to co-marketing campaigns and affiliate offers through holiday period ü ü ü For personal use only
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19 US: An expanded Pay-in-Z platform is strengthening our value proposition with a focus on non-discretionary verticals —% 10% 20% 30% 40% Household goods Food and beverage Insurance and utilities Health and education Electronics Auto and transport Services Fashion and beauty Entertainment Zip US TTV split (%) YoY growth (%) 44% 53% 64% 86% 40% 78% 74% 11% 64% Predominantly non-discretionary Balanced mix Predominantly discretionary Providing customers with greater flexibility through Pay-in-2 95% of surveyed 2Q26 pilot participants expressed intent to use Pay-in-2 again Customers use Pay-in-2 for faster repayment, smaller purchases and convenience Rollout of My Bills feature expected in 2H26 Unlocks new merchant opportunities For personal use only
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20 US: Credit losses within target range while delivering on Zip’s customer growth strategy 1.00% 1.20% 1.36% 1.14% 1.52% 1.84% 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 4Q26 Net bad debts written off including recoveries as % of TTV1 Note: (1) Net bad debts written off reflect losses fully matured and written-off in the P&L including recoveries and any fees associated. Target range: 1.5 - 2.0% • Well positioned in a range of economic scenarios as short duration portfolio allows proactive credit management • Movement in net bad debts reflects delivery of strong active customer growth (+9.7% YoY) in line with strategy • Pay-in-4 losses remained stable over 1H26 and Pay-in-8 volumes continue to season • Continue to enhance customer lifetime value • 10% improvement in early stage delinquency 2Q vs 1Q • Managing net bad debts to 1.5 - 2.0% target range reflects: • Seasoning of Pay-in-8 volumes with 12 months of data and >$1b in volume underwritten • Pay-in-8 at circa 20% of TTV, and increased contribution from Pay-in-2 • Targeting losses of between 1.75 - 2.0% of TTV in 2H26 reflecting continued execution of significant growth opportunity • Zip will continue to assess portfolio target loss range as Pay-in-Z offering evolves 52% 36% 46% 47% 40% 24% Cash GP growth (YoY, USD) Targeting 1.75 - 2.0% range for 2H26 For personal use only
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21 US: Zip has built a highly scalable platform creating material operating leverage and enabling ongoing margin expansion 24.8 25.9 44.9 57.3 76.0 17.7% 16.6% 22.4% 25.3% 25.8% 1H24 2H24 1H25 2H25 1H26 2.4% 2.5% 2.1% 1.9% 1.5% 1H24 2H24 1H25 2H25 1H26 Cash opex as % of TTV (%) Cash EBTDA (US$m) and operating margin (%) ü Zip US has a highly efficient distribution model Zip US is capital-light supporting strong cash flow generation Cash earnings are scaling at >1.5x revenue growth Converted 34% of incremental YoY revenue to cash earnings ü ü ü For personal use only
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22 US: Well positioned with multiple levers to drive growth at scale Supportive industry fundamentals Expand merchant and distribution network Grow customer base and deepen engagement Evolve the product set to meet more customer needs • Early-stage BNPL market representing <2% total US payments • Digital payments to reach 65% of US e-commerce by 2030 • Large addressable market 100m+ underestimated Americans • New customers continue to spend at accelerated rates • Expand Pay-in-Z to offer increased flexibility • In-market testing of Money Coach and rollout of My Bills • Cash flow underwriting (>100k customer bank accounts linked to date) • Explore alternate complementary product adjacencies • Expand merchant network in targeted verticals • Accelerate partnerships with Stripe and Adyen • Continue rollout of autofill on Google Chrome For personal use only
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23 US: Exploring new cash flow smoothing products for our customers 67% Americans live paycheck to paycheck >77m Americans have irregular incomes 10% Americans paid monthly Everyday Americans are navigating uneven income and rising essentials costs Exploring product adjacencies that appeal to our customer base and complement our short duration portfolio Only Mortgage Auto Loan Personal Loan Credit Card BNPL EWA/Cash Advance Rent Bills Consumer credit needs Not a current focus for Zip US$160b BNPL market US$32b EWA/cash advance market US$2.0t Bills and rent market Significant addressable market opportunities For personal use only
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3. ANZ performance $2.1b +9.7% YoY 9.3% +241bps YoY $30.5m +138.0% YoY TTV Excess spread (AU) Cash EBTDA CS note: not showing revenue for ANZ makes it look like we don’t want to highlight it but understand why we have done so For personal use only
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25 10.8 22.2 12.8 22.1 30.5 1H24 2H24 1H25 2H25 1H26 • Over 170,000 customers adopted new Google Wallet features launched in June 2025, supporting increased engagement • App experience enhanced including increased personalisation of customer chatbot Zigi 1H26 1H25 Change TTV $2.1b $1.9b +9.7% Revenue $212.8m $206.3m +3.1% Transactions 25.8m 23.5m +9.5% Active customers 2.0m 2.1m (7.1%) Merchants 63.8k 57.5k +10.9% Cash NTM 4.9% 3.9% +95bps Cash EBTDA $30.5m $12.8m +138.0% Receivables (AU)1 $2,215.9m $2,103.0m +5.4% Portfolio yield (AU) 18.7% 18.6% +3bps Excess spread (AU) 9.3% 6.9% +241bps Product innovation ANZ: Cash earnings up 138% with revenue and AU receivables returning to growth • Momentum accelerated, led by Zip Plus growth • Strong holiday trading period which included record total transactions and ‘Zip anywhere’ open-loop spend during Black Friday Cyber Monday • Revenue and AU receivables returned to growth, up 3.1% and 5.4% YoY respectively • Excess spread expanded reflecting strong credit outcomes and lower funding costs • Merchant footprint deepened in priority verticals, adding Didi, Advanced Hair, Australian Outdoor Living, White Fox Boutique, Bargain Chemist in-store (NZ), IAG (HomeHub, MotorHub and First Rescue NZ) and Kai Co (NZ) • New integrations with Xero via Stripe, Mint Payments and PingPong Payments • Issued a new $400m ABS bond at a reduced interest margin • Optimisation of credit decisioning driving increased approvals and automation • Investment in platform resiliency supporting peak trading and future growth • Fully AI-enabled workforce and increased automation of core processes Growth and engagement Platforms for scale Key performance metrics (AUD) Cash EBTDA ($m) Note: (1) Receivables related to Zip AU’s Master Trust facilities and funding vehicle 2017-1 Trust. For personal use only
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26 Portfolio yield remained healthy; excess spread expansion reflects improved funding costs and net bad debt performance Well placed following >$2b receivables refinancing in last 18 months at materially lower margins Receivables returned to growth supporting revenue conversion Arrears rates, a future indicator of bad debts, continued to improve YoY Net bad debts at the lowest levels since FY23 supported by platform enhancements AU: Actively managed the portfolio to deliver yield and excess spread expansion Portfolio performance (excess spread)1 (% of AU receivables) Funding Cost Net Loss Rate Yield Apr- 24 May- 24 Jun- 24 Jul- 24 Aug- 24 Sept- 24 Oct- 24 Nov- 24 Dec- 24 Jan- 25 Feb- 25 Mar- 25 Apr- 25 May- 25 Jun- 25 Jul- 25 Aug- 25 Sept- 25 Oct- 25 Nov- 25 Dec- 25 0 5 10 15 20 Arrears rate and net bad debts1,2 (% of AU receivables) 3.4 3.6 4.7 4.3 4.6 4.2 4.3 4.2 4.0 3.9 3.6 4.03.8 3.8 3.7 3.5 3.5 3.3 3.23.0 3.2 Net Bad Debts Arrears Rate Apr- 24 May- 24 Jun- 24 Jul- 24 Aug- 24 Sept- 24 Oct- 24 Nov- 24 Dec- 24 Jan- 25 Feb- 25 Mar- 25 Apr- 25 May- 25 Jun- 25 Jul- 25 Aug- 25 Sept- 25 Oct- 25 Nov- 25 Dec- 25 0.0 1.0 2.0 3.0 4.0 5.0 Note: (1) Calculated on receivables related to Zip AU’s Master Trust facilities and funding vehicle 2017-1 Trust. (2) Net bad debts is calculated as annualised net write-offs for the month over opening receivables for the month. 9.3% 6.9% 18.7%18.6% Risk settings monitored proactively to support growth For personal use only
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27 ANZ: We have strengthened both sides of our two-sided flywheel Transactions per customer +23.4% Spend per customer +19.8% Strong growth in everyday categories such as health and grocery, and higher spend across all age cohorts Accelerated Zip Plus growth with TXNs per MTU +18% YoY New integrations with Xero via Stripe (small businesses), Mint Payments (travel) and PingPong Payments (global e-comm) Strong holiday performance with automated affiliate offers Over 6k merchants added with large enterprises in targeted verticals New go-to-market initiatives supports future growth Customer engagement and satisfaction strengthened Strong AU customer NPS of +78 Improved AU CSAT score of 80% Over 7.5k stores merchandised with Zip at point of sale CS note: send NPS methodology. Key adds/detractors For personal use only
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28 ANZ: Investment to support sustainable, profitable growth ü Drive top line growth ü Accelerate innovation ü Resilient and scalable platforms ü Unlock productivity gains ü Strengthen customer, merchant and employee engagement Delivering long-term value100% of workforce enabled to engage with AI to increase automation and efficiency Enhanced resiliency and simplification of technology platform Refreshed go-to-market activities for both customers and merchants Optimisation of existing product suite and omnichannel experiences For personal use only
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29 4. Financial performance For personal use only
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30 Strengthened financial results with all metrics within target 1H26 result FY26 target range (Announced August 2025) Revenue margin (Total income as a % of TTV) Cash NTM (% of TTV) Cash EBTDA (% of TTV) Operating margin (Cash EBTDA as a % of total income) 7.9% 3.8% 1.5% 18.7% Circa 8% 3.8% - 4.2% 1.3%+ 16.0% - 19.0% Within target ü ü ü ü FY25 result 8.3% 3.9% 1.3% 15.8% For personal use only
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31 Significant operating leverage underpinning strong cash earnings growth Income statement Note: (1) Total income has historically been used in the calculation of Zip’s key performance metrics. Refer to glossary for definitions. (2) Cash cost of sales comprises interest expense related to customer receivables funding, bad debts (recoveries and write-offs), bank fees and data costs. It excludes expected credit losses and amortisation of funding. (3) Underlying NPAT excludes non-recurring and one-off items. $m 1H26 1H253 Change % Revenue 658.1 509.2 +29.2 Other income 5.9 4.8 +22.2 Total income1 664.0 514.0 +29.2 Cash cost of sales2 (349.7) (278.5) +25.6 Cash gross profit 314.3 235.5 +33.5 Cash gross profit as % total income (%) 47.3% 45.8% +152bps Cash operating costs (189.3) (168.6) +12.2 Cash non-operating expenses (0.7) — nm Cash EBTDA 124.3 67.0 +85.6 ECL provision, non-cash and one-off items (32.3) (63.2) (48.9) EBTDA 92.0 3.8 nm Depreciation and amortisation (25.7) (32.0) +19.7 Net profit before tax (NPBT) 66.3 (28.3) +334.3 Income tax (expense) / benefit (13.9) 51.3 nm Statutory NPAT from continuing operations 52.4 23.0 +127.6 Statutory basic earnings per share (EPS) (cents) 4.08 1.84 +121.7 Underlying NPAT3 52.4 (1.6) nm Underlying basic EPS (cents) 4.08 (0.00) nm • Total income increased 29.2% vs 1H25 driven by 47.0% revenue growth in the US • Cash gross profit increased 33.5% vs 1H25 as a result of strong revenue growth and cost of sales management • Cash opex reflects investment in business growth and innovation • Non-cash and one-off items included non-recurring losses in 1H25. 1H26 includes recurring non-cash items such as movement in bad debt provision and share-based payments • Refer to slide 47 for information on ECL provisioning, non-cash and one off items For personal use only
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32 Note: (1) Total income has historically been used in the calculation of Zip’s key performance metrics. Refer to glossary for definitions. (2) Interest expenses related to customer receivables exclude amortisation of funding costs. (3) Excluding the movement in bad debt provision. • TTV grew to $8.4b, up 34.1% and total income up 29.2% driven by strong growth in the US business • Revenue margin down -30bps: Reflects increased contribution from the US which now makes up 75% of TTV (up from 70% in 1H25) • Interest expense improved to 1.3% of TTV: Greater volumes in the US and favourable lending conditions allowing for refinancing in AU at lower margins • Net bad debts written off at 1.7% of TTV: Reflects continued US active customer growth and active portfolio management • Detailed unit economics provided on slide 48 TTV $8.4b +34.1% Total income1 $664.0m +29.2% Cash gross profit $314.3m +33.5% Cash NTM 3.8% (2bps) 3.8% (30bps) 38bps (17bps) 7bps 3.8% 1H25 Revenue Interest expense² Net bad debts³ Bank fees and data costs 1H26 $3.1 $3.4 $4.4 $5.0 $6.3$1.9 $1.6 $1.9 $1.9 $2.1 8.5% 8.9% 8.2% 8.3% 7.9% US (A$b) ANZ (A$b) Revenue margin (%) 1H24 2H24 1H25 2H25 1H26 Unit economics Strong cash gross profit growth underpinned by top line growth and lower funding costs TTV and revenue margin1 Cash NTM For personal use only
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33 13.9 16.8 15.3 18.5 24.6 29.1 27.5 35.3 48.9 53.0 6.9% 6.1% 6.4% 6.6% 7.7% 6.8% 6.7% 7.1% 8.8% 7.7% US provision for bad debts (US$m)US provision % of receivables 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 • Provision increase in 1Q26 reflects customer growth initiatives and above target TTV volume of 47.2% YoY the the quarter • Proactive credit management in 2Q26 to balance customer growth, TTV growth and maintain bad debt losses within management range • Portfolio performance in latter part of 2Q26 reflected in provision balance remaining stable in $ terms and lower as a % of receivables given the high TTV and receivables volume in December • 10% improvement in early stage delinquency 2Q vs 1Q • Seasonal trends from 1Q26 to 2Q26 consistent from 2024 to 2026 Accounting provision – US segment (IFRS) Movement in US ECL provision reflects disciplined execution of significant growth opportunityFor personal use only
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34 • Focus on disciplined investment in initiatives to drive top line growth supported strong cash earnings growth and resulted in operating margin expanding to 18.7% • Salaries and employment related costs reflect disciplined investment to support higher volume and income growth • Marketing spend was 0.4% of TTV and included increased spend during the peak holiday period • Information technology costs increase predominantly related to US growth 299.3 Cash opex movement ($m) $m FY24 FY23 2 Change % Operating efficiency 306.9 $m 1H26 1H25 Change % TTV $8.4b $6.2b +34.1 Total income 664.0 514.0 +29.2 Cash cost of sales (349.7) (278.5) (25.6) Cash operating costs (189.3) (168.6) (12.2) Salaries and employment related costs (102.4) (89.7) (14.1) Marketing costs (29.7) (27.5) (7.9) Information technology cost (27.0) (24.1) (11.8) Other operating costs (30.2) (27.2) (11.0) Operating margin 18.7 % 13.0 % 569bps 168.6 168.6 12.7 1H24 Cash STI 1H24 Adj Salary Marketing IT Interest and finance cost 1H25 (9.11)% Disciplined execution driving material uplift in operating margin 13.0% 1.5% 4.3% (0.1)% 18.7% 1H25 Cash gross profit Cash operating expenses Other 1H26 Total Improvement 1H26 vs 1H25 movements in operating margin (%) For personal use only
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35 537.0 (367.3) (29.5) 98.9 239.0 Reported cash and liquidity at Dec-25 Restricted cashUnavailable cash Excess in funding facilities Available cash and liquidity at Dec-25 137.8 124.3 (9.8) 63.8 (77.1) 239.0 Jun-25 Cash EBTDA Capex Funding, floats and WC Non- operating Dec-25 • Zip had $239.0m available cash and liquidity at 31 December 2025 • Restricted cash of $367.3m at 31 December 2025 includes cash held in securitisation warehouses and special purpose vehicles • Unavailable cash of $29.5m at 31 December 2025 includes floats held to support transactions volumes and cash in transit Liquidity Consistent cash flow generation with capacity to fund future growth 1H26 movements in available cash and liquidity ($m)Cash at 31 December 2025 ($m) • Operating cash inflows of $178.3m: Strong cash EBTDA performance (of $124.3m) and non-operational cash flow • Capex represents mainly capitalised labour costs, software and IT development expenses (which are not included in cash EBTDA) • Non-operating cash outflows of $77.1m incorporating $70.4m from the on-market share buy-back program and $24.7m from the purchase of shares on market to minimise dilution from Equity Incentive Plan allocations, offset by $18.0m from Zip notes released from 2023-2 For personal use only
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36 AU receivables funding • Portfolio weighted average margin reduced following lower margins achieved on receivables refinancing • Zip successfully settled a new $400m rated note issuance (2025-2) at a weighted average margin of 1.37%. This compares to margins of 1.79% and 2.13% achieved on the previous public ABS term deals in July 2025 and September 2024 respectively • Executed a 5-year $300m rated note issuance in February 2026 at a weighted average margin of 1.62% • Domestic and offshore investor appetite continues to increase driven by strong asset portfolio performance • At 31 December 2025: – Facility headroom of $299.0m – Cost of funds is 5.84% US receivables funding • In early July 2025, Zip enhanced its short term funding arrangements providing an uplift in capital efficiency, cost of funds, capacity and flexibility • On 17 October 2025, Zip settled on a second US warehouse totalling US$283.4m • At 31 December 2025: – Facility headroom of US$295.9m – Cost of funds is 8.74% Funding Continued enhancements to cost of funds with manageable facility expiries 300 169 300 350 300 458 21 300 400 400 432 2H26 1H27 2H27 FY28 FY29+¹ 0 200 400 600 800 1000 1200 Maturity profile ($m) AU US NZ Note: (1) FY29+ comprises of $300m and $400m maturing in 1H29, and $400m maturing in 2H30. Include a bullet in each ANZ and US to say what the average cost of funds is in each market For personal use only
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37 Capital management Maximising long-term value and shareholder returns Guidelines • Zip will prioritise preserving a strong balance sheet • Invest capital in attractive growth opportunities and/or to enhance our competitive position • Investment decisions guided by a lens on risk, expected returns, and strategic alignment • Zip regularly evaluates the performance of its capital investments to ensure they are delivering appropriate returns • Capital management opportunities may arise in periods when Zip has excess capital not needed for attractive growth or risk management purposes 1H26 initiatives • Completed $100m on-market share buyback on 17 December 2025: 34.9m shares repurchased at average price of $2.86 • Acquired 5.9m shares on market (via the Employee Share Trust) to minimise dilution from Equity Incentive Plan allocations in August 2025 Zip’s corporate strategy Strong balance sheet risk settings Business unit capital requirements Preserve balance sheet strength Invest in attractive opportunities Capital management Free cash flows from operations Maximise shareholder returns To check whether we need accompanying ASX Form if we disclose shared bought via EST For personal use only
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38 1H26 1H25 Change Total transaction volume $8,379.4m $6,247.5m +34.1% Total income $664.0m $514.0m +29.2% Revenue margin1 7.9% 8.2% (30bps) Cash gross profit $314.3m $235.5m +33.5% Net cash transaction margin 3.8% 3.8% (2bps) Net bad debts as % of TTV 1.7% 1.6% +17bps Cash operating costs ($189.3m) ($168.6m) (12.2%) Cash EBTDA $124.3m $67.0m +85.6% Cash EBTDA as % of TTV 1.5% 1.1% +41bps Operating margin 18.7% 13.0% +569bps Statutory net profit after tax (NPAT) $52.4m $23.0m +127.6% Underlying NPAT2 $52.4m ($1.6m) nm Active customers 6.6m 6.3m +4.1% Merchants 90.6k 81.9k +10.5% Transactions 54.9m 45.7m +20.2% Group results summary: sustainable profitability at scale Note: (1) Revenue margin change reflects increased contribution from the US (now 75% of TTV). (2) Underlying NPAT excludes non-recurring and one-off items. For personal use only
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39 5. Strategy and outlook For personal use only
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40 Further enhance credit decisioning platforms Optimise funding and capital to support growth Enhance risk management capabilities Accelerate innovation through Fearless Frontiers™ Launch AI-powered products for customers Invest in AI-led operating model changes Secure new commercial partnerships Accelerate channel partnerships Enhance customer proposition to drive engagement Growth and engagement Product innovation Platforms for scale Zip will continue to execute on three clear priorities in FY26For personal use only
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41 1H26 result FY26 focus areas FY26 target range1 Revenue (Total income as a % of TTV) 7.9% • US TTV growth expected to be greater than 40% (in USD) over FY26, balancing profitability and loss performance1 • US TTV in January 2026 grew above 40% (in USD) year on year • Share of revenue from US business forecast to increase • Maintaining strong AU portfolio yield and excess spread Circa 8% Cash NTM (% of TTV) 3.8% • Capture scale benefits in cost of sales • Balance TTV growth with credit performance • Initiatives planned to further optimise funding costs 3.8% - 4.2% Operating margin (Cash EBTDA as a % of total income) 18.7% • Improve revenue to cash EBTDA conversion • Manage cash opex spend and investment, including Fearless Frontiers™ while meeting operating margin targets • Maintaining cost discipline and operating leverage while supporting continued growth in our businesses >18.0% Cash EBTDA (% of TTV) 1.5% • Measured investment in innovation and capability building, including Fearless Frontiers™ • Drive non-TTV dependant revenue streams and productivity >1.4% Outlook Note: (1) Subject to market conditions. Upgraded FY26 guidance following strong first half performance In 2H26, Zip expects to deliver cash EBTDA broadly in line with 1H26 cash EBTDA For personal use only
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42 Q&A For personal use only
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43 Appendix For personal use only
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44 Purpose Unlocking financial potential, together Mission To bring exceptional experiences, innovation and partnership to every financial journey Values Customer First Own It Change the Game Stronger Together Mission and purposeFor personal use only
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45 Regional cash net transaction margins and net bad debts % ANZ US 1Q24 3.6% 3.6% 2Q24 3.4% 3.6% 3Q24 4.8% 3.5% 4Q24 4.6% 3.7% FY24 4.0% 3.6% % ANZ US 1Q25 4.1% 3.9% 2Q25 3.8% 3.6% 3Q25 4.5% 3.7% 4Q25 4.9% 3.7% FY25 4.3% 3.7% % ANZ US 1Q26 5.0% 3.7% 2Q26 4.8% 3.1% 1H26 4.9% 3.4% $m ANZ (AUD) US (AUD) US (USD) 1Q24 29.2 14.3 9.4 2Q24 30.0 16.3 10.6 3Q24 23.7 17.7 11.6 4Q24 19.4 16.2 10.7 FY24 102.3 64.5 42.3 $m ANZ (AUD) US (AUD) US (USD) 1Q25 25.2 19.5 13.1 2Q25 23.6 29.1 18.9 3Q25 21.6 32.1 20.1 4Q25 17.9 30.0 19.3 FY25 88.3 110.7 71.3 $m ANZ (AUD) US (AUD) US (USD) 1Q26 20.0 44.4 29.0 2Q26 18.6 62.1 40.9 1H26 38.6 106.6 69.9 Cash NTM Net bad debts ($m) For personal use only
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46 Segment information Note: (1) Cash cost of sales comprises interest expense related to customer receivables funding, bad debts (recoveries and write-offs), bank fees and data costs. It excludes expected credit losses and amortisation of funding. 1H26 $m ANZ US Corporate and other Total Total income 214.7 449.2 0.1 664.0 Cash cost of sales1 (114.0) (235.9) 0.2 (349.7) Cash gross profit 100.7 213.3 0.3 314.3 Cash operating expenses (69.8) (97.4) (22.1) (189.3) Cash non-operating expenses (0.3) – (0.3) (0.7) Cash EBTDA 30.5 115.8 (22.1) 124.3 Movement in bad debt provision 7.9 (27.0) – (19.2) Share-based payments (2.7) (5.6) (2.5) (10.8) Other gains and losses – 0.1 (0.4) (0.3) Non-cash items 2.2 (0.7) (0.5) 0.9 Amortisation of funding costs (1.8) (1.2) – (2.9) EBTDA 36.1 81.4 (25.5) 92.0 Depreciation and amortisation (6.3) (19.1) (0.3) (25.7) Profit before income tax 29.8 62.3 (25.8) 66.3 For personal use only
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47 Breakdown of corporate, one-off adjustments and non-cash items Income statement Statutory Underlying $m 1H26 1H25 1H26 1H25 Total income 664.0 514.0 664.0 514.0 Cash EBTDA 124.3 67.0 124.3 67.0 Movement in bad debt provision (19.2) (32.1) (19.2) (32.1) Share‑based payments (10.8) (5.6) (10.8) (5.6) Other non-cash items (2.3) 5.0 (2.3) 5.0 Recurring non-cash items (32.3) (32.7) (32.3) (32.7) Amortisation of corporate funding costs – (28.1) – – Unrealised loss of financial liability – (2.4) – – Non-recurring non-cash items – (30.5) – – EBTDA 92.0 3.8 92.0 34.2 Depreciation and amortisation (25.7) (32.0) (25.7) (32.0) NPBT from continuing operations 66.3 (28.3) 66.3 2.2 Income tax (expense)/ benefit (13.9) 51.3 (13.9) (3.8) NPAT from continuing operations 52.4 23.0 52.4 (1.6) 1 Note: (1) Income tax (expense)/ benefit includes non-recurring, non-cash item of $55.1m related to the initial recognition of deferred tax assets on timing differences and tax losses in 1H25. For personal use only
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48 Detailed unit economics $m 1H26 1H25 Change % TTV 8.4b 6.2b +34.1 Total income1 664.0 514.0 +29.2 Interest expense2 (110.2) (106.2) (3.8) Net bad debts written off3 (145.0) (97.4) (48.8) Bank fees and data costs (94.5) (74.9) (26.2) Cash cost of sales (349.7) (278.5) (25.6) Cash gross profit 314.3 235.5 +33.5 Cash gross profit as % of total income 47.3 45.8 +152bps % of TTV 1H26 1H25 Change % Revenue 7.9 8.2 (30bps) Interest expense (1.3) (1.7) +38bps Net bad debts written off (1.7) (1.6) (17bps) Bank fees and data costs (1.1) (1.2) +7bps Total cash cost of sales (4.2) (4.5) +28bps Cash net transaction margin 3.8 3.8 (2bps) Note: (1) Total income has historically been used in the calculation of Zip’s key performance metrics. Refer to glossary for definitions. (2) Interest expenses related to customer receivables exclude amortisation of funding costs. (3) Excluding the movement in bad debt provision. For personal use only
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49 $m December-25 June-25 Cash and cash equivalents 169.6 149.0 Restricted cash 367.3 242.7 Other receivables 104.4 87.1 Income tax receivable 8.2 — Term deposit 4.6 4.6 Customer receivables 3,009.8 2,657.1 Derivative financial assets 0.8 — Property, plant and equipment and ROU assets 12.8 15.3 Intangible assets 41.9 55.3 Goodwill 207.2 212.3 Deferred tax assets 51.0 60.2 Total assets 3,977.6 3,483.7 Trade and other payables 757.0 325.6 Employee provisions 16.9 24.5 Lease liabilities 11.1 13.4 Borrowings 2,528.4 2,410.6 Total liabilities 3,313.5 2,774.2 Net assets 664.1 709.5 Balance sheetFor personal use only
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50 $m 1H26 1H25 Receipts from customers - portfolio interest 405.0 338.9 Receipts from customers - transactional and other income 268.2 181.0 Payments to suppliers and employees (295.4) (240.9) Net increase in merchant payables 427.4 257.5 Net increase in receivables (548.7) (334.3) Interest received from financial institutions 5.6 4.8 Interest paid (111.0) (108.2) Income tax paid (14.7) (3.3) Proceeds from disposal of receivables – 0.4 Net cash flow from operating activities 136.4 95.8 Payments for plant and equipment (0.6) (1.0) Payments for software development (9.3) (8.8) Net cash flow used in investing activities (9.8) (9.7) Proceeds from borrowings 1,189.9 822.4 Repayment of borrowings (1,057.4) (942.5) Repayment of principal of lease liabilities (2.6) (2.5) Proceeds from issue of shares – 267.1 Cost of share issues – (5.9) Transaction costs related to restructuring of loans and borrowings¹ (4.7) (88.9) On market purchase to settle employee equity awards (24.6) – Payments for share buy-back program (70.9) – Net cash flow from financing activities 29.8 49.7 Net increase in cash and cash equivalents 156.4 135.8 Cash flowsFor personal use only
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51 Funding Note: (1) Converted to AUD at USD 0.6698; AUD at NZD 1.1556. (2) Cost of funds reflects weighted average interest rate on loans outstanding at the end of the period. As at 31 December 2025 Facility vehicle Facility limit Drawn at Dec -25 Maturity AU Zip Master Trust - Rated Note Series *2024-2 $332.5m $332.5m Sept 27 *2025- 1 $285.0m $285.0m Jul 28 *2025-2 $380.0m $380.0m Nov 28 -Variable Funding Note $285.0m $230.1m Mar 26 -Variable Funding Note 3 $285.0m $199.5m Jun 27 -Variable Funding Note 4 $285.0m $256.5m Mar 27 -Variable Funding Note 5 $380.0m $261.3m Mar 30 2017-1 Trust $155.5m $144.2m Jul 26 Total $2,388.0m $2,089.0m US AR3LLC US$300.0m US$162.5m Dec 26 AR5LLC US$283.4m US$125.0m Oct 27 NZ Zip NZ Trust 2021-1 NZ$20.0m NZ$11.5m Jul 26 $m Dec-25 Jun-25 Secured funding facilities Facility limits AU 2,388.0 2,476.3 US1 870.9 459.3 NZ1 17.3 18.5 Total limits 3,276.2 2,954.1 Facilities drawn AU 2,089.0 1,967.1 US1 429.2 451.6 NZ1 10.0 6.5 Total drawn 2,528.1 2,425.2 Cost of funds AU 5.84% 6.50% NZ 3.70% 4.59% US 8.74% 10.67% Total cost of funds 2 6.32% 7.27% For personal use only
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52 Zip product suite Product Pay-in-Z Zip Pay Zip Plus Zip Money Personal Loan Pay-in-4 Market US AU AU AU AU NZ Acceptance Everywhere¹ Everywhere¹ Everywhere¹ 59.7k merchants + anywhere online N/A 4.2k merchants Account type Pay by instalments Pay by account Pay by account Pay by account Pay by instalments Pay by instalments Purchase value US$20-$3.0k Up to $1.5k Up to $20k2 Up to $50k $5k-$50k Up to NZ$2.0k Instalment length Up to 14 weeks Revolving account Revolving account Revolving account Fixed term 6 weeks Repayment frequency Fortnightly Weekly, fortnightly or monthly Weekly, fortnightly or monthly Weekly, fortnightly or monthly Weekly, fortnightly or monthly Fortnightly Interest free Always Always If end of month balance <$1.5k 3-60 months N/A Always Interest rate N/A N/A 12.95% 25.90% 11.99-21.99% N/A Base customer fee Tied to size $9.95 p/m (nil if nothing owing) $9.95 p/m (nil if nothing owing) $9.95 p/m (nil if nothing owing) $0-$99 establishment $9.95 p/m $199 establishment Nil (1) Integrated merchants plus almost everywhere VISA is accepted. (2) For new Zip Plus customers only from February 2026. Limits remain up to $8k for existing Zip Plus customers. For personal use only
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53 US product suite: offering increased flexibility Pay-in-21 Pay-in-4 Pay-in-8 Instalment length Up to 2 weeks Up to 6 weeks Up to 14 weeks Example use cases Groceries, utilities Healthcare, electronics Back-to-school, unexpected life events AOV (US$) US$68 US$124 US$374 % of HY26 TTV 0.1% 81% 19% 11/26 Note: (1) Made available to all customers in February 2026. 11/26 11/26 For personal use only
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54 Glossary Term Definition FY Financial year ending 30 June of the relevant financial year 1H Six months ending 31 December of the relevant financial year 2H Six months ending 30 June of the relevant financial year 1Q Three months ending 30 September 2Q Three months ending 31 December 3Q Three months ending 31 March 4Q Three months ending 30 June bps Basis points (1.0% = 100bps) CY Calendar year nm Not meaningful YoY Year on year QoQ Quarter on quarter TTV Total transaction volumes and originations Total income Revenue plus other income Revenue margin Total income divided by total transaction volumes Cash cost of sales Comprises interest expense, net bad debts written off, and bank fees and data costs Cash gross profit Total income less cash cost of sales Cash NTM Cash net transaction margin, calculated as cash gross profit divided by TTV EBTDA Earnings before tax, depreciation and amortisation Cash EBTDA (cash earnings) EBTDA less non-cash and one-off items Operating margin Cash EBTDA divided by total income Active customers Customer accounts that have had transaction activity in the last 12 months Total merchants Cumulative merchants that have signed up to the Zip platform TXN Transaction NPS Net Promoter Score is calculated by subtracting the percentage of Detractors (scores 0–6) from the percentage of Promoters (scores 9–10), producing a score between –100 and +100 ECL Expected credit losses For personal use only