Slides
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13 November 2025 Annual General Meeting 2025
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2 01 Welcome and formalities 02 Chair’s Address 03 Heartland Group CEO’s Address 04 Heartland Bank New Zealand CEO’s Address 05 Heartland Bank Australia CEO’s Address 06 Shareholder discussion 07 Voting and conduct of poll 08 Other business Agenda
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3 Other formalities Proxies and postal votes received Meeting procedures Voting procedures and declaration of poll Notice of meeting Minutes of last Annual Meeting
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4 Voting Card Question box Voting and asking questions
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5 Other formalities Proxies and postal votes received Meeting procedures Voting procedures and declaration of poll Notice of meeting Minutes of last Annual Meeting
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6 Greg Tomlinson Chair, Heartland Group 01 Chair’s Address
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7 Marking a 150-year milestone Heartland’s origins date back to the establishment of the Ashburton Permanent Building & Investment Society in 1875. In 2011, in the wake of the Global Financial Crisis, Heartland emerged with a clear ambition to be a bank that could thrive by doing things differently. Ashburton Permanent Building & Investment Society established, later merged with SMC Building Society and Loan & Building Society to become CBS Canterbury. 1875 1923 1957 2004 2011 2012 2013 2014 2015 2018 2022 2024 MARAC Finance established to support the growth of small to medium sized businesses. Southern Cross, CBS Canterbury and MARAC merged to create Heartland Building Society. Heartland listed on the NZX. Heartland later acquires PGG Wrightson Finance. Heartland Building Society converted from a building society to a company and became Heartland Bank Limited. Heartland Bank Ltd amalgamated with its parent company, Heartland New Zealand Ltd. StockCo Australia acquired. Southern Cross opened in Auckland offering North Island customers investments, savings, loans and day to day accounts. Australian Seniors Finance and Sentinel established. Heartland granted its bank registration by the Reserve Bank of New Zealand. Australian Seniors Finance and Sentinel reverse mortgage businesses acquired. Corporate restructure completed. Heartland Bank Ltd became a wholly-owned subsidiary of new parent company, Heartland Group Holdings Ltd, which listed on the NZX and ASX. Challenger Bank Limited acquired and subsequently rebranded to Heartland Bank Australia. 2025 Heartland completes the operational integration of its AU businesses into Heartland Bank Australia, an APRA regulated authorised deposit-taking institution.
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8 Underlying FY2025 FY2025 FY2024 Movement NOI $322.8m $298.0m $24.8m 8.3% OPEX $181.3m $124.9m $56.4m 45.2% Impairment expense $71.6m $30.4m $41.2m 135.5% NPAT $46.9m $102.7m ($55.8m) (54.4%) NIM 3.56% 3.64% (8 bps) CTI ratio 56.2% 41.9% 1425 bps Impairment expense ratio1 1.00% 0.44% 56 bps ROE 4.2% 9.8% (578 bps) EPS 5.0 cps 13.5 cps (8.5 cps) Receivables2 $7,156m $7,241m ($85m)2 (1.2%)2 Note: See page 2 of Heartland’s 1Q2026 investor presentation (IP) for a definition of underlying financial metrics and details of 1Q2026 one-offs. The investor presentation of Heartland’s FY2025 financial results released on 21 August 2025 includes at page 7 details of the FY2025 one-offs and at page 48 general information about Heartland’s use of non-GAAP financial measures. 1 Impairment expense as a percentage of average Receivables. 2 Receivables also includes Reverse Mortgages and the impact from FX changes. In review Underlying Underlying guidance Q1 FY2026 3Q2025 4Q2025 1Q2026 FY2026 NOI $81.4m $83.9m $86.5m No guidance providedOPEX $46.3m $44.9m $46.3m Impairment expense $11.1m $10.0m $7.0m NPAT $17.1m $18.4m $23.6m ≥$85m Average NIM 3.69% 3.87% 3.89% >3.90% Exit NIM 3.66% 3.93% 3.85% >3.95% CTI ratio 56.8% 53.5% 53.5% <53.5% Impairment expense ratio1 0.63% 0.56% 0.39% <0.55% ROE 5.6% 6.1% 7.6% ≥7% EPS 1.8cps 2.0cps 2.5cps No guidance provided Receivables2 $7,224m $7,156m $7,250m Summary of consolidated group key financial metrics Building on the momentum achieved in 2H2025, Heartland delivered a solid performance for Q1, improving profitability and ROE across the quarter. Heartland is on track to deliver an underlying NPAT of >$85m for FY2026.
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9 Geoff Summerhayes Chair & Independent Non-Executive Director Shane Buggle Independent Non-Executive Director Lyn McGrath Independent Non-Executive Director Vivienne Yu Independent Non-Executive Director Leanne Lazarus Non-Independent Non-Executive Director Bruce Irvine Independent Non-Executive Director Andrew Dixson Non-Independent Non-Executive Director Greg Tomlinson Chair & Non-Independent Non-Executive Director Kate Mitchell Independent Non-Executive Director John Harvey Independent Non-Executive Director Simon Beckett Independent Non-Executive Director Rob Bell Independent Non-Executive Director Note: See heartlandgroup.info/about-heartland/board-of-directors for full profiles. Heartland Group Bruce Irvine Chair & Independent Non-Executive Director John Harvey Non-Independent Non-Executive Director Kate Mitchell Non-Independent Non-Executive Director Shelley Ruha Independent Non-Executive Director Simon Tyler Independent Non-Executive Director Andrew Dixson Non-Independent Non-Executive Director Heartland Bank New Zealand Heartland Bank Australia Board of directors
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10 Michelle Winzer Chief Executive Officer Joined in 2024 David Brown Chief Risk Officer Joined Challenger Bank in 2021 Sarah Burgemeister General Counsel Joined Heartland Finance in 2023 Medina Cicak Chief Commercial Officer Joined in 2024 Richard Collier Chief Financial Officer Joined Challenger Bank in 2024 Vaughan Dixon Chief Technology & Operations Officer Joined in 2024 Michael Drumm Chief Operating Officer Joined in 2015 Lana West Chief People & Culture Officer Joined in 2021 Phoebe Gibbons Chief Legal Officer Joined in 2020 Rebecca Thomas Chief Digital Transformation Officer Joined in 2025 Peter Griffin Chief Commercial Officer Joined in 2011 Alistair Scott Chief Auto & Asset Finance Officer Joined in 2025 Andrew Dixson Chief Executive Officer Joined in 2010 Michael Jonas Chief Strategy Officer Joined in 2022 Management Leanne Lazarus Chief Executive Officer Joined in 2022 Andy Wood Chief Risk Officer Joined in 2022 Kerry Conway Chief Financial Officer Joined in 2024 Heartland Bank New Zealand Heartland Group Heartland Bank New Zealand cont. Heartland Bank Australia Note: See heartlandgroup.info/about-heartland/management for full profiles.
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11 1 Underlying ROE refers to ROE calculated using underlying results. 2 Underlying EPS refers to EPS calculated using underlying results. 3 Subject to the Board considering Heartland’s capital needs, ROE accretive growth opportunities, balance sheet flexibility and financial performance. 52% 2H2025 payout ratio Shareholder return 8.2 7.4 0.4 7.8 6.1 4.6 16.0 13.5 5.0 FY23 FY24 FY25 Interim Final 12.1% 10.2% 1.9% 10.9% 9.8% 6.0% 11.9% 9.8% 4.2% FY23 FY24 FY25 1H 2H Underlying ROE1 Underlying EPS (cps)2 4.0 cps Total dividend for FY2025 The Board continues to target a total dividend payout ratio of at least 50% of underlying NPAT in FY2026.3 • While ROE and EPS are below historic levels, Heartland saw a strong rebound in 2H2025, with underlying ROE1 of 6.0% and underlying EPS 2 of 4.6 cps. • This positive momentum continued in Q1, with underlying ROE of 7.6% and underlying EPS of 2.5 cps.
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12 FY2026 outlook Maintaining a refined strategic focus on core product sets • NZ bank: Reverse Mortgages, Rural Lending, Motor Finance, Asset Finance, Deposits • AU bank: Reverse Mortgages, Livestock Finance, Deposits. Core lending growth. Expanding further into Reverse Mortgages where the addressable markets present a significant growth opportunity. Operational cost control. Leveraging technology to unlock efficiency, scalability and future growth. Continuing to prioritise efficient use of capital. Heartland is well positioned to face the future with great confidence. Its focus for FY2026 is on:
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13 Heartland in the community Through the Heartland Trust, Heartland Bank supported 17 organisations across New Zealand in FY2025, with grants totalling $465,000. Mid Canterbury organisations: • The Ashburton Schools Music Festival • Ashburton Performing Arts Centre • Ashburton Age Concern • Christchurch Boys High School Rowing • The Mid Canterbury Tennis Centre Charitable Trust • Christchurch Word Festival • Boost Literacy Programme • Tātai Whetū Waitaha Reo Takeuchi – Karate-ka at Tātai Whetū Waitaha. Andrew Wilson, Heartland Bank Regional Manager - Ashburton, opening the annual Heartland Bank Schools’ Music Festival, June 2025. Boost Literacy Programme. Trustees: Bruce Irvine, Sir Christopher Mace, Graham Kennedy, John Harvey. Note: The Heartland Trust is a registered charitable trust which is independent from, but closely supported by, Heartland Bank.
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14 Andrew Dixson Chief Executive Officer, Heartland Group 02 Heartland Group CEO’s Address
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15 A year of significant reset, change and integration. Heartland prioritised capital efficiency during FY2025, restoring a superior margin and actively derisking its lending portfolios to strengthen its foundations for the future. 1 5 Integration • Completed the operational integration of our AU businesses into Heartland Bank AU, creating a new and unique bank. • The AU funding transition has been successful, as deposits now form 86% of the bank’s funding. • As the listed parent company of two banks, Heartland’s operations are now focused on group strategy, investor relations, corporate finance, capital allocation, and strategic and risk management oversight of each bank. Change • A substantial increase in impairment expense was incurred in 1H2025 in response to ongoing economic deterioration in NZ, and to derisk and reposition some of the NZ bank’s lending portfolios. • Necessary changes made to collections and recoveries policies, processes and leadership have delivered early, tangible improvements, with recovery efforts outperforming expectations and total Motor Finance arrears now outperforming the industry average.1 Reset • NPAT of $38.8m. Underlying NPAT of $46.9m, meeting underlying NPAT guidance of at least $45m. • Restored NIM to near-historic levels, with each bank delivering strong exit margins. • Strong Reverse Mortgage growth momentum within both banks. • Capital optimisation through several key initiatives and accelerated NSA realisation is enabling capital to be redeployed to high-return core lending portfolios. FY2025 summary 1 Industry average arrears are based on auto arrears as at September 2025, reported by Centrix in its Credit Insights Report, October 20 25.
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16 1 6 Non-strategic assets (NSA) NSA realisation accelerated in Q1 and is exceeding Heartland’s estimates, with momentum continuing early into Q2. By the end of this calendar year, we estimate the total value of NSAs will be $179.5 million – a reduction of $358.1 million, or 66.6%, since 30 June 2024. Note: NSAs are primarily NZ assets that are outside of Heartland’s core lending strategy, or do not deliver threshold ROE. For mor e information, see Heartland’s FY2025 investor presentation available at heartlandgroup.info . 1 Includes Online Home Loans and old residential mortgages. Outstanding balance 1Q2026 realisation Asset NZ($m) 30 June 2025 30 Sep 2025 Actual Target Rural Relationship Total ($m) 112.0 102.9 9.1 13.9 Capital ($m) 17.1 16.0 1.1 1.8 Business Relationship Total ($m) 47.8 39.3 8.4 3.4 Capital ($m) 6.9 6.7 0.2 0.3 Home Loans1 Total ($m) 171.7 125.7 46.0 33.1 Capital ($m) 10.2 7.5 2.7 1.6 Properties Total ($m) 16.2 16.1 0.1 - Capital ($m) 2.6 2.7 - - Investment Properties Total ($m) 4.4 4.4 - 2.0 Capital ($m) 0.6 0.6 - 0.2 Equity Investments (NZ) Total ($m) 7.0 1.1 5.9 - Capital ($m) 4.5 0.7 3.8 - Equity Investments (AU) Total ($m) 5.7 6.0 - - Capital ($m) 5.7 6.0 - - Total NSAs Total ($m) 364.8 295.5 69.6 52.4 Capital ($m) 47.6 40.1 7.8 3.9 0 50 100 150 200 250 300 350 400 450 3Q25 4Q25 1Q26 2Q26 3Q26 4Q26 FY27+ $m NSA realisation progress Total ($m) Estimate Capital ($m) Estimate Total ($m) Actual Capital ($m) Actual
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17 Looking ahead, Heartland expects to deliver an underlying ROE of at least 7% and an improved underlying NPAT of at least $85 million, with a focus on two critical themes: Looking forward Heartland will host an investor day in March 2026 following Heartland’s interim financial results announcement due to take place on Thursday 26 February 2026. Note: The FY2026 guidance detailed above is subject to change once the impact of the technology investment required to deliver against Heartland’s technology strategy is known. Heartland expects the difference between reported and underlying NPAT in FY2026 to be limited only to any fair value changes on equity investments held and other one-off non-recurring expenses. Underlying FY2026 guidance NPAT ≥$85m ROE ≥7% Average NIM >3.90% Exit NIM >3.95% CTI ratio <53.5% Impairment expense ratio <0.55% 1 Technology uplift Increase process automation to improve customer experience and deliver true operating leverage. 2 Capital efficiency Ensure capital is deployed efficiently into ROE accretive activity against a backdrop of continued regulatory change.
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18 Leanne Lazarus Chief Executive Officer, Heartland Bank New Zealand 03 Heartland Bank NZ CEO’s Address
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19 Heartland Bank’s vision is to be New Zealand’s leading specialist bank, with a superior customer and originator experience, low CTI ratio and a strong ROE. 1 9 Growth • Growth focus on specialist lending portfolios. • Leveraged Heartland Bank’s position as the reverse mortgage market leader to launch Village Access Loans. • Launched Marac Marketplace, a new online marketplace for vehicle purchasing and financing. • Winding down activity that no longer fits strategically, allowing capital to be reallocated to core lending portfolios which achieve strong returns. Quality • Motor Finance: • Introduced new credit decisioning scorecards. • Shifted focus from brokers, to higher quality direct channels, franchise dealers and branded distribution partners. • The introduction of more prescriptive collections, recoveries and write-off strategies has had a positive effect on asset quality. • Business Finance: • Trading conditions remain challenging, impacting growth and arrears. • Working closely with customers in arrears, and starting to see an improvement in NPLs early in Q2 (NPLs down $5.9m as at 31 October 2025). Efficiency • Costs increased in FY2025. Cost growth stabilised in 2H2025 and remained stable through Q1. • Actively managed cost of funds to end FY2025 with a strong margin. This trend continued through Q1, with an exit NIM 1 of 4.08%. • Maintained a BBB credit rating. NZ banking: Business performance 1 The Q1 exit NIM is the NIM achieved on 30 September 2025 (rather than the average NIM for Q1).
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20 Support more New Zealanders with their specialist banking needs Reverse Mortgages, Livestock Finance, Motor Finance, Asset Finance, Savings & Deposits 1 Heartland Bank has a clear focus on building on its strengths across its core portfolios. 2 Continue to invest in technology and automation to enhance efficiency, scalability, and customer experience NZ banking: Looking forward
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21 Michelle Winzer Chief Executive Officer, Heartland Bank Australia 04 Heartland Bank AU CEO’s Address
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22 Heartland Bank Australia’s vision is to be Australia’s leading specialist bank, enriching customers’ lives through financial freedom. 2 2 Diversify distribution • Deepened relationships with accredited partners and brokers. This is evidenced by >50% of new Reverse Mortgage business coming from the broker network. • Expanded Livestock Finance partnerships and sponsorships to include agents. The agent network provides access to farming communities Australia-wide. • Expansion of Deposit partners provides access to broader customer segments and has enabled Heartland Bank AU to achieve the growth required to fund core lending activity. Service excellence • Significantly reduced application turnaround times, from over 60 days to 8 days. • Implemented a new customer satisfaction survey, providing real time insights to continually improve service. • Enhanced customer engagement and retention activity ensuring repayment volumes held steady at ~AU$23m per month. • New leadership is guiding customer service teams to deliver exceptional customer service for the direct channel. Business growth • Business momentum improved half-on-half during FY2025, and continued into FY2026: • Reverse Mortgages achieved a record level of funding in October, >AU$50m, YTD taking the book to >AU$2.1b. • Livestock Finance returned to positive growth with a record result in October, post the seasonally colder months in Q1. • Strong demand for deposit products is funding organic growth. • Repaid final outstanding AU$100m MTN before its contractual maturity in October 2027. • The bank is now 86% deposit funded within 18 months of its acquisition. AU banking: Business performance
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23 2 3 AU banking: Looking forward Heartland Bank AU is focused on maintaining momentum, simplifying its business, and strengthening its partnerships. Leverage market leadership in Reverse Mortgages to meet the significantly untapped potential available to us. 1 2 Implement a new unified origination and servicing platform to support with our growth ambitions and digitisation
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24 05 Shareholder discussion
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25 06 Voting and conduct of poll
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26 Resolution 1: Auditor’s Remuneration That the Board be authorised to fix the remuneration of Heartland’s auditor, PwC, for the financial year ending 30 June 2026.
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27 Mark your intention on your Voting Card by selecting “For”, “Against” or “Abstain” at Item 1. For those online, please click “Submit Vote” on the bottom of the voting card to lodge your vote. Once you have voted: • Place your Voting Card in the ballot boxes as they are passed around. If you need help, please raise your hand. • Voting will be open until the close of the meeting. • The results of the poll will be advised on the NZX and ASX after the end of the meeting. Voting and polling procedures
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28 07 Other business
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Investor information For more information heartlandgroup.info/investor-information Investor & media relations Nicola Foley Head of Corporate Communications & Investor Relations +64 27 345 6809 nicola.foley@heartland.co.nz Thank you