Heartland announces 1H2026 result

Note: All figures in NZD unless otherwise stated. Endnotes are located at the end of this announcement.
Heartland Group Holdings Limited | NZX/ASX: HGH | PO Box 9919, Newmarket, Auckland 1149 | heartlandgroup.info
NZX/ASX release
26 February 2026

Heartland announces 1H2026 result

Heartland Group Holdings Limited (Heartland) (NZX/ASX: HGH) has announced a strong turnaround in net
profit after tax (NPAT) for the six-month period ended 31 December 2025 (1H2026) of $48.8 million. On an
underlying basis
1
, 1H2026 NPAT was $46.1 million.

Heartland delivered steady progress towards its guidance for the financial year ending 30 June 2026 (FY2026),
supported by net interest margin (NIM) expansion, improved asset quality metrics, strong Reverse Mortgage
growth in New Zealand and Australia, cost control and accelerated non-strategic asset (NSA) realisation.
Heartland continues to expect to deliver an underlying return on equity (ROE) of at least 7% and underlying
NPAT of at least $85 million for FY2026.

Overview: 1H2026 performance
2

‒ Underlying ROE, Heartland’s key performance metric, was up 540 basis points (bps) to 7.3% (up 142 bps
from the six-month period ended 30 June 2025).
3

‒ Average NIM expanded, up 51 bps to 3.92%.
‒ Underlying operating expenses (OPEX) remained steady, up $3.6 million (4.0%) primarily due to investment
in Australia to support growth and technology programme costs.
‒ Underlying cost-to-income (CTI) ratio was down 304 bps to 54.6%.
4

‒ Consistent Reverse Mortgage growth by Heartland Bank Limited (Heartland Bank) and Heartland Bank
Australia Limited (Heartland Bank Australia), with gross finance receivables (Receivables) up 15.2% and
18.9% respectively.
5

‒ Further momentum in Heartland Bank’s Rural
6
portfolio through direct channels and intermediary
partnerships, while Heartland Bank Australia saw solid growth in Australian Livestock Finance.
‒ Heartland Bank’s strategic shift to higher quality used and franchise Motor Finance lending saw a 4.8%
5

reduction in Receivables, accompanied by significantly improved asset quality metrics.
‒ Heartland Bank’s Business Finance
7
Receivables retracted as business conditions remained challenged –
however Heartland Bank entered the second half of FY2026 (2H2026) with a compelling growth pipeline.
‒ Significant asset quality improvements reflect the benefits of Heartland Bank’s more prescriptive
collections and recoveries policies, and its refined strategic focus on core product sets.
‒ NSA realisation continues to progress ahead of expectations, with a recovery rate in excess of 90%, and is
tracking to be largely complete by 30 June 2026.
‒ Through NSA realisation and recent Reserve Bank of New Zealand (RBNZ) capital decisions, Heartland is
well positioned for growth, holding excess capital across the group.
‒ Interim dividend of 3.5 cents per share (cps).

See the accompanying 1H2026 investor presentation for more detail.

Technology update
Heartland is investing in technology programmes to support scalable growth for its core product sets in New
Zealand and Australia. These investments will modernise and simplify technology for both banks by
implementing AI-enabled, cloud-based platforms. Heartland Bank’s technology programme will leverage and
fully integrate with its upgraded core banking system to unify its origination and servicing activities, enabling
greater automation. Heartland Bank Australia’s technology programme will consolidate its three origination
and servicing platforms into a single banking solution. Implementation has commenced with Reverse
Mortgages for each bank, and will progress through other product sets. The anticipated implementation costs
for these technology programmes are estimated to be no more than $17 million over a three-year period.

These platforms will deliver new capabilities within each bank, resulting in greater operational efficiency, an
enhanced customer, intermediary and employee experience, and positioning both banks to meet customer
demand at scale.

Heartland Group Holdings Limited | NZX/ASX: HGH | PO Box 9919, Newmarket, Auckland 1149 | heartlandgroup.info 2
Capital
Heartland remains well placed to cater for organic growth with excess capital held across the group. This
position has been enhanced through NSA realisation and recent RBNZ decisions on capital settings.

On 17 December 2025, the RBNZ announced final decisions on key capital settings for deposit takers, with the
following key features set to benefit Heartland Bank:
‒ a reduction in both Tier 1 (to 11% from 14%) and total capital (to 14% from 16%) ratio requirements
relative to the 2028 settings previously determined in 2019
‒ removal of Additional Tier 1 capital instruments, while allowing a higher mix of Tier 2 capital (to 3% from
2%)
‒ more granular and reduced risk weights, particularly in the productive sectors of the economy Heartland
Bank focuses on, being small business and rural lending.

The current target date for implementation of risk weight reductions and the first annual step changes in
capital ratios is 1 October 2026. The RBNZ is expected to provide further information about the process for
transitioning to the new capital settings on 27 February 2026.

In addition:
‒ effective 1 March 2026, the RBNZ has reduced Heartland Bank’s transitional capital overlay (imposed after
the acquisition of (now) Heartland Bank Australia) by 1.5%, from 2.0% to 0.5% – the remaining capital
overlay is expected to remain in place until the RBNZ implements a formal Group Supervision Policy for
deposit takers under the Deposit Takers Act 2023 (which is expected to come into force on 1 December
2028)
‒ the RBNZ has indicated it will review reverse mortgage risk weights in 2026 (following their adjustment
after a review conducted in 2023).

As at 31 December 2025, Heartland Bank holds approximately $125 million of regulatory capital in excess of
expected regulatory requirements. Applying Heartland Bank’s expected risk weight changes to the 31
December 2025 balance sheet, the excess is approximately $190 million.
8


NSA realisation
NSA realisation continues to progress ahead of expectations and is tracking to be largely concluded by 30 June
2026. In 1H2026, the total value of NSAs reduced by $189.8 million, creating $21.2 million of available capital.
Since the establishment of the NSA portfolio, Heartland has achieved a recovery rate in excess of 90%.

In 1H2026, Heartland:
‒ accelerated exits from Rural borrowers, realising $45.6 million, $24.4 million ahead of target
‒ completed the sale of one of the two dairy farms from the Properties NSA
‒ sold one of the apartments which make up the Investment Properties NSA
‒ exited Heartland Bank’s Harmoney Corp Limited shareholding and Heartland Bank Australia’s Alex Bank
shareholding in full.

Interim dividend

Heartland has declared a 1H2026 interim dividend of 3.5 cps, up 1.5 cps on 1H2025. Heartland’s interim
dividend yield of 6.1%
9
compares with 7.9%
10
in 1H2025. The interim dividend will be paid on Friday 20 March
2026 (Payment Date) to shareholders on the company’s share register as at 5.00pm NZDT on Friday 6 March
2026 (Record Date) and will be fully imputed.

The dividend payout ratio of 72% for 1H2026 exceeds Heartland’s target of at least 50% of underlying NPAT,
reflecting Heartland’s strong turnaround performance and excess capital position.
11


Heartland has a Dividend Reinvestment Plan (DRP), giving eligible shareholders the opportunity to reinvest
some or all of their dividend payments into new ordinary shares. The DRP will apply to the final dividend with
no discount.
12
The DRP offer document and participation form are available on Heartland’s website at
heartlandgroup.info/investor-information/dividends.

Heartland Group Holdings Limited | NZX/ASX: HGH | PO Box 9919, Newmarket, Auckland 1149 | heartlandgroup.info 3
Looking forward

Heartland affirms its FY2026 guidance to deliver an underlying ROE of at least 7% and underlying NPAT of at
least $85 million.

NIM remains on track to meet Heartland’s FY2026 underlying average and exit NIM guidance, while further
asset quality improvements in 1H2026 have resulted in a positive adjustment to the FY2026 underlying
impairment expense ratio guidance. Heartland has also revised its underlying CTI ratio guidance due to the
1H2026 retraction in certain Heartland Bank portfolios, and the impact of the investment in the bank
technology programmes. In addition, underlying OPEX guidance has now been provided by Heartland
(previously provided only at a respective bank level).

Updated guidance for each bank is detailed within this announcement.

FY2026 underlying guidance

Heartland NZ Banking AU Banking
NPAT ≥$85m >$45m >AU$37m (NZ$40m)
ROE ≥7% >6% >8%
Average NIM >3.90% (n.c.) >4.10% (-10 bps) >3.70% (+30 bps)
Exit NIM >3.95% (n.c.) >4.20 (-5 bps) >3.75% (+10 bps)
OPEX <$195m <$127m (-$2.1m) <A$58m (+A$3.4m)
CTI ratio <56% (+250 bps) <56% (+250 bps) <50% (+450 bps)
Impairment expense ratio <0.45% (-10 bps) <0.70% (-15 bps) <0.10% (n.c.)

Investor day
Heartland is pleased to confirm it will hold an investor day on Friday 5 June 2026 where it will present its
longer-term strategy, financial ambitions, and provide detail on the technology and product strategies within
each bank. Further details, including a link for shareholders to join online, will be published in due course.

NZ banking

NIM

NZ banking 1H2025 FY2025 1H2026 FY2026 Outlook
Average NIM 3.78% 3.87% 4.05% > 4.10%
Exit NIM 3.89% 4.13% 4.11% > 4.20%

NIM remains strong, with steady expansion (up 28 bps from 1H2025). This was supported by a low cost of
funds, despite lower gross yields from competitive pricing in core product sets and portfolio mix changes
driven by continued NSA realisation. Heartland Bank’s FY2026 average NIM is now expected to be greater than
4.10%, a reduction of 10 bps from the prior outlook due to Reverse Mortgage repricing and the impact of NSA
realisation.

Costs

NZ banking 1H2025 FY2025 1H2026 FY2026 Outlook
Reported OPEX $63.1m $131.8m $63.0m
No outlook
provided
Underlying OPEX $62.1m $128.1m
$62.6m
<$127m
Underlying CTI ratio
4
53.2% 54.8%
53.8%
13

<56%

Underlying OPEX remains stable and is expected to be lower than Heartland Bank’s previous FY2026 outlook,
at less than $127 million, despite operational costs increasing in 2H2026 from investment in technology and

Heartland Group Holdings Limited | NZX/ASX: HGH | PO Box 9919, Newmarket, Auckland 1149 | heartlandgroup.info 4
marketing. The underlying CTI ratio increased by 57 bps from 1H2025 to 53.8%
13
due to Receivables retraction
and a consequential reduction in net operating income, offsetting the benefit from operational cost savings.
Despite cost control, the shortfall in revenue from subdued growth and the successful execution of NSA
realisation has resulted in an increased underlying CTI ratio outlook, now expected to be less than 56%, up 250
bps from the previous guidance.

Asset quality

NZ banking 1H2025 FY2025 1H2026 FY2026 Outlook
Impairment expense ratio 1.99% 1.40% 0.50% < 0.70%

Heartland Bank’s overall asset quality continued to improve in 1H2026, reflecting the benefits of maintaining a
refined strategic focus on core product sets, early intervention and disciplined portfolio management. The
1H2026 impairment expense ratio of 0.50% benefitted from the release of collective provisions in Motor
Finance and NSAs. Heartland Bank now expects the FY2026 impairment expense ratio outlook to be less than
0.70% (15 bps lower than the previous guidance). This reflects an expected stabilisation in impairment expense
in 2H2026.

The non-performing loan (NPL) ratio improved by 17 bps from 30 June 2025 to 3.04% as at 31 December 2025,
while the core portfolio NPL ratio (excluding NSAs and Unsecured Lending) improved by 33 bps from 30 June
2025 to 2.07% as at 31 December 2025.

Motor Finance asset quality metrics improved over 1H2026 as a result of Heartland Bank’s enhanced
collections, recoveries and write off strategies which are now well established within business-as-usual
practices. Total Motor Finance arrears of 4.5% (as per Centrix’s measure of arrears greater than or equal to 14
days past due (DPD)) continue to outperform the industry average of 5.8%.
14
Motor Finance NPLs between 180
and 364 DPD reduced from $13.2 million as at 30 June 2025 to $8.9 million as at 31 December 2025 and are
expected to clear by 30 June 2026. Excluding this subset of NPLs, Heartland Bank considers its arrears levels to
be at suitable levels for its business.

Economic conditions for the New Zealand business sector remained challenging, with elevated levels of
company liquidations across several sectors Heartland Bank operates within. Despite this, and due to the
bank’s continued focus on executing a timely recovery and collections strategy, the Business Finance portfolio
recorded a reduction in NPLs from $58.3 million as at 30 June 2025 to $52.2 million as at 31 December 2025.
Heartland Bank is continuing to work closely with customers in arrears to reduce NPLs further.

Other core product sets remain stable. The Reverse Mortgage portfolio continues to perform well, with an NPL
ratio of 0.15%, average current loan size of $159,168 and a weighted average current loan-to-value ratio (LVR)
of 27.1%.
15
The Rural portfolio’s asset quality also remained stable, with a NPL ratio of 0.89%.

Core lending performance
Reverse Mortgage Receivables were up by $94.6 million (15.2%)
5
from 30 June 2025 to $1.33 billion as at 31
December 2025. Strong pipeline development in 1H2026 and a new marketing campaign, now live, are
expected to generate further growth in 2H2026 and boost momentum into the financial year ending 30 June
2027 (FY2027). New business volumes increased by more than 23% compared with 1H2025, with an increasing
proportion of customers drawing additional funds through cash reserve facilities. Village Access Loans
continues to gain traction.

Rural Receivables were down by $30.4 million (-9.9%)
5
from 30 June 2025 to $578.4 million as at 31 December
2025. This is comprised of Livestock Finance, down due to seasonal contraction by $45.5 million (-38.5%)
5
from
30 June 2025 to $188.8 million as at 31 December 2025, and Rural Lending, up by $15.0 million (8.0%)
5
from 30
June 2025 to $389.6 million as at 31 December 2025. With good momentum early into the third quarter, the
portfolio is on track to deliver more than 9% growth in FY2026 (previously targeting more than 6%). New
partnerships and intermediary channels continue to create growth opportunities, while market conditions
remain favourable, underpinned by pasture growth and global protein demand.

Heartland Group Holdings Limited | NZX/ASX: HGH | PO Box 9919, Newmarket, Auckland 1149 | heartlandgroup.info 5
Motor Finance Receivables were down by $41.1 million (-4.8%)
5
from 30 June 2025 to $1.65 billion as at 31
December 2025 as a result of Heartland Bank’s strategic shift towards higher quality intermediary partners,
with a focus on quality used and franchise vehicles. Direct-to-consumer lending increased by 27.8%
5
in
1H2026, while dealer volumes decreased by 7.3%
5
. As at 31 December 2025, new business through franchise
dealerships accounted for approximately 50% of dealer origination, up from 40% as at 31 December 2024. Due
to Receivables contraction in 1H2026, Heartland Bank now expects FY2026 Motor Finance Receivables to be
flat on the financial year ended 30 June 2025 (FY2025) (previously targeting growth of more than 3%).

Business Finance Receivables were down by $89.7 million (-22.8%)
5
from 30 June 2025 to $690.0 million as at
31 December 2025. This is comprised of Asset Finance, down by $56.4 million (-18.4%)
5
from 30 June 2025 to
$551.4 million as at 31 December 2025, and Business Relationship, down by $33.3 million (-38.5%)
5
from 30
June 2025 to $138.6 million as at 31 December 2025. This Business Finance contraction reflects Heartland
Bank’s disciplined approach to pricing and risk in response to subdued demand and ongoing economic
challenges across several industry sectors (specifically transport and construction). While the Asset Finance
pipeline strengthened in 1H2026 (applications were up 11% compared with 1H2025), with improvement
anticipated in 2H2026, Heartland Bank now expects FY2026 Business Finance Receivables retraction of up to
19% (previously expecting up to 9% retraction).

Technology programme
Heartland Bank has partnered with Pega to deliver a technology platform which will leverage and fully
integrate with its modern core banking system, Oracle. Pega is a leading global enterprise software provider
with a proven track record in delivering intelligent, AI-enabled platforms for financial services organisations in
the Asia Pacific region and globally. Heartland Bank’s new platform will replace existing legacy systems and
manual processes with a single, integrated solution, modernising the bank’s technology foundations to
strengthen control, resilience and competitiveness. It will enable increased automation and AI-driven
capabilities to improve operational efficiency and enhance customer experience. The cost to implement the
platform is estimated to be no more than $11 million over a three-year period.

The programme will deliver the following benefits:
‒ fully digital, end-to-end customer journeys with seamless and improved experience for customers,
intermediaries and employees
‒ increased agility, enabling faster approvals, product changes, and easier customer servicing
‒ simplified technology and platform landscape, reducing complexity and operational risk
‒ reduced long-term cost through a flexible, cloud-based platform.

Delivery will be phased. Reverse Mortgages completion is targeting August 2026, with subsequent phases for
all other products delivered progressively over a three-year timeframe.

AU banking

NIM

AU banking 1H2025 FY2025 1H2026 FY2026 Outlook
Average NIM 2.75% 3.01% 3.68% >3.70%
Exit NIM 3.13% 3.59% 3.96% >3.75%

NIM expansion was primarily driven by a lower proportion of average wholesale funding in 1H2026, reducing
from 52% in 1H2025 to 15% in 1H2026. This enabled a normalisation of liquid asset holdings by removing the
need to pre-fund large securitisation date-based calls or medium-term note (MTN) maturities.

The exit NIM of 3.96% was aided by favourable deposit spreads and growth in Livestock Finance. Margins are
expected to stabilise in 2H2026 as the interest rate outlook in Australia shifts towards higher deposit costs.

Heartland Group Holdings Limited | NZX/ASX: HGH | PO Box 9919, Newmarket, Auckland 1149 | heartlandgroup.info 6
Costs

AU banking ($AUD) 1H2025 FY2025 1H2026 FY2026 Outlook
Reported OPEX $24.2m $47.7m $28.0m
No outlook
provided
Underlying OPEX $23.2m $46.4m $28.0m <$58m
Underlying CTI ratio
4
56.4% 52.0% 51.5%
13
<50%

Costs increased in 1H2026 due to volume related expenses and the commencement of the technology
programme, as indicated in recent announcements. These costs will continue in 2H2026. As a result, Heartland
Bank Australia now expects the FY2026 underlying OPEX to be less than A$58 million.

While the underlying CTI ratio of 51.5%
13
was down from 56.4% in 1H2025, on a quarterly basis the underlying
CTI ratio was up from 49.5% in the first quarter (1 July to 30 September 2025) to 53.5% in the second quarter
(1 October to 31 December 2025). This was due to technology related costs and the early repayment of
Heartland Bank Australia’s final MTN which was replaced by cheaper deposit funding. The impact of the early
MTN repayment will be offset by lower deposit costs across the remainder of FY2026 and provide significant
benefit into FY2027 and the financial year ending 30 June 2028 (FY2028). Excluding this non-recurring expense,
the 1H2026 underlying CTI ratio was 47.8%.

Asset quality
Heartland Bank Australia’s impairment expense ratio remained steady and low at 0.10% in 1H2026.

Australian Livestock Finance NPLs remained stable (A$37.9 million as at 31 December 2025 compared with
A$36.4 million as at 30 June 2025). The Livestock Finance portfolio is appropriately provisioned in line with
expected credit losses and prevailing economic conditions. Australian Reverse Mortgage asset quality remains
strong with an NPL ratio of 0.70%, average current loan size of A$214,710 and weighted average current LVR
of 25.0%.
15


Lending performance
Australian Reverse Mortgage Receivables were up by A$188.2 million (18.9%)
5
from 30 June 2025 to A$2.17
billion as at 31 December 2025. To further market reach and broaden its broker network, Heartland Bank
Australia has established new intermediary partnerships with two leading aggregators.

Australian Livestock Finance Receivables were up by A$19.1 million (14.9%)
5
from 30 June 2025 to A$272.9
million as at 31 December 2025.

In 1H2026, Heartland Bank Australia commenced net promoter score (NPS) and customer satisfaction score
(CSAT) reporting across all products. Results show the bank is outperforming financial services industry
benchmarks for Australian Reverse Mortgages and is above industry norms for Australian Livestock Finance.
16


Recent extreme weather events across Australia have impacted growth volumes for Livestock Finance early
into 2H2026. In line with standard practice, Heartland Bank Australia is working closely with impacted
customers and agents to ensure they are fully supported through this difficult time.

Technology programme
Heartland Bank Australia has partnered with Constantinople to consolidate three separate product origination
and servicing platforms into a single, cohesive solution. The programme will introduce a new modern core
banking platform to support all products, simplifying the bank’s technology infrastructure and enabling
increased automation and AI capability. Constantinople’s cloud-based, AI-powered banking platform is used by
banks and finance companies to bring technology and operations services into a single platform. The
subscription model is cost efficient and activity based. The cost to implement the platform is estimated to be
no more than A$5 million over a three-year period, with ongoing subscription costs expected to align to
current technology and operational spend, and scale with lending volume growth.

Heartland Group Holdings Limited | NZX/ASX: HGH | PO Box 9919, Newmarket, Auckland 1149 | heartlandgroup.info 7
Benefits are expected to include:
‒ improved customer and employee experience, including faster decisioning, streamlined processes and
greater automation
‒ reduced operational risk through the retirement of manual processes, stronger embedded controls, and
improved compliance capability
‒ efficiency benefits over time, driven by a simplified technology stack, reduced vendor complexity, and
lower cost to serve.

Migration to the new banking platform will occur progressively by product, starting with Reverse Mortgages.
All products are expected to be migrated by the end of FY2028. The programme is progressing to plan,
providing a solid foundation for future growth.

– ENDS –

The person who authorised this announcement:
Andrew Dixson, Chief Executive Officer

For further information and media enquiries, please contact:
Nicola Foley, Head of Corporate Communications & Investor Relations
+64 27 345 6809, nicola.foley@heartland.co.nz
Level 3, Heartland House, 35 Teed Street, Newmarket, Auckland, New Zealand

About Heartland
Heartland is an Australasian financial services group providing specialist banking products to New Zealanders
and Australians. Heartland is listed on the New Zealand and Australian stock exchanges under the HGH ticker
(NZX/ASX: HGH). Through its various predecessors, Heartland has a long history in financial services, stretching
back to Ashburton, New Zealand in 1875.

Today, Heartland is the listed holding company for two banks – Heartland Bank in New Zealand and Heartland
Bank Australia. Each bank is focused on providing specialist banking products to enable better lives for New
Zealanders and Australians. In both countries, these products include Reverse Mortgages, Livestock Finance,
and Savings and Deposits. In New Zealand, Heartland Bank also offers Motor Finance and Asset Finance.

Heartland’s role as the listed parent company is to ensure capital is allocated to the parts of its business which
generate strong returns, and to set the strategy and risk appetite within which the group operates. This
enables Heartland to maximise shareholder returns and for each bank to enhance the value it offers customers
by helping more New Zealanders and Australians with their specialist banking needs.

More: heartlandgroup.info

Heartland Group Holdings Limited | NZX/ASX: HGH | PO Box 9919, Newmarket, Auckland 1149 | heartlandgroup.info 8
Endnotes

1
Financial results are presented on a reported and underlying basis. Reported results are prepared in
accordance with NZ GAAP and include the impacts of positive and negative one-offs, which can make it
difficult to compare performance between periods. Underlying results for 1H2026 (which are non-GAAP
financial information) exclude the impact of fair value changes on equity investments held, and other non-
recurring costs. The use of underlying results is intended to allow for easier comparability between periods
and is used internally by management for this purpose. In the accompanying 1H2026 investor presentation
(IP), refer to page 2 for information on the presentation of results and general information about the use of
non-GAAP financial measures, page 6 for a summary of reported and underlying results, and page 7 for details
about 1H2026 and 1H2025 one-offs. The 1H2026 financial statements are unaudited, but have been reviewed
by Heartland’s auditor, PricewaterhouseCoopers.
2
All comparative figures and percentage increases or decreases are against the six-month period ended 31
December 2024 (1H2025), unless explicitly stated otherwise.
3
Underlying ROE refers to ROE calculated using underlying results. When calculated using reported results,
Heartland’s ROE was 7.7%, up 714 bps compared with 1H2025. For more information, see page 2 of the IP.
4
Underlying CTI ratio refers to the CTI ratio calculated using underlying results. When calculated using
reported results, Heartland Bank’s CTI ratio was 53.3%, up 1.6% compared with 1H2025, and Heartland Bank
Australia’s CTI ratio was 51.5%, up 7.4% compared with 1H2025. For more information, see page 2 of the IP.
5
Annualised growth.
6
Rural includes Rural Relationship, Rural Direct and Livestock Finance. Excludes NSAs.
7
Business Finance includes Asset Finance and Business Relationship. Excludes NSAs.
8
Including ordinary internal buffers.
9
Total fully imputed dividends divided by the closing share price as at 24 February 2026 of $1.25.
10
Total fully imputed dividends divided by the closing share price as at 25 February 2025 of $0.88.
11
Heartland’s Dividend Policy is available on Heartland’s website at heartlandgroup.info/investor-
information/dividends.
12
That is, the strike price under the DRP will be 100% of the volume weighted average sale price of Heartland
shares over the five trading days following the Record Date. For the full details of the DRP and the Strike Price
calculation, refer to the Heartland DRP offer document dated 20 August 2025 available at
heartlandgroup.info/investor-information/dividends.
13
Excluding intercompany group charges.
14
Industry average arrears are based on auto arrears as at December 2025, reported by Centrix in its Credit
Insights Report, January 2025.
15
Reverse Mortgages are measured at fair value. NPLs arise due to late settlement (90 days after the 12-
month repayment period) after the departure of the borrower from the property. As at 31 December 2025,
Heartland Bank Reverse Mortgage NPLs included 10 loans with a total value of $2.0 million and a weighted
average LVR of 32.2%. Heartland Bank Australia Reverse Mortgage NPLs included 54 loans with a total NPL
value of A$17.2 million and a weighted average LVR of 29.5%.
16
Based on NPS and CSAT benchmarking data provided by Fullview.

---

Investor Presentation
1H2026 Interim Results
For the 6 months ended 31 December 2025

2
Important notice
The presentation and the briefing (together the Presentation) contain summary information only, which
should not be relied on in isolation from the full detail in the Financial Statements.
The information in this presentation has been prepared with due care and attention, but its accuracy,
correctness and completeness cannot be guaranteed. No person (including the Company and its
directors, shareholders and employees) will be liable to any other person for any loss arising in connection
with this presentation. No person is under any obligation to update this presentation at any time after its
release or to provide further information about Heartland.
This Presentation contains forward-looking statements and projections. Such statements involve known
and unknown risks and uncertainties that may cause Heartland’s actual results, performance or
achievements to differ materially from any future results, performance or achievements expressed or
implied by such forward-looking statements. Forward-looking statements are based on numerous
assumptions regarding Heartland’s present and future business strategies and the environment in which
Heartland will operate in the future that may not prove to be accurate.
The information in this presentation is general in nature and does not constitute financial product advice,
investment advice or any recommendation. Nothing in this presentation constitutes legal, financial, tax or
other advice.
Non-GAAP measures
This presentation includes certain non-GAAP financial measures, including underlying profit/loss,
underlying ROE, underlying CTI ratios, underlying impairment expense ratios, and underlying EPS.
1H2026 underlying results exclude fair value changes on equity investments held and other non-recurring
costs, allowing for easier comparison of financial performance across reported periods. Non-GAAP financial
measures do not have standardised meanings prescribed under NZ GAAP and therefore may not be
comparable to similar measures presented by other entities. They should not be viewed in isolation or as a
substitute for measures reported in accordance with NZ GAAP. Non-GAAP financial information has not
been subject to review by PricewaterhouseCoopers, Heartland’s external auditor.
Reported results are prepared in accordance with NZ GAAP. Underlying results are non-GAAP measures
that adjust reported results to exclude one-offs. These adjustments affect measures including NOI, OPEX,
NPAT, NIM, EPS, ROE, CTI ratio, and impairment expense ratio. A reconciliation of 1H2026 and 1H2025
reported results to underlying results is set out on page 7 of this presentation. Refer to page 6 for a
detailed comparison between 1H2026 and 1H2025 reported and underlying financial information.
Non-GAAP financial information presented in this document has not been reviewed by
PricewaterhouseCoopers, Heartland’s external auditor.
Review status
All amounts are in New Zealand dollars unless otherwise indicated. Unless otherwise stated, financial data
is as at 31 December 2025. The 1H2026 financial statements of Heartland have been reviewed, but not
audited, by PricewaterhouseCoopers. Any other financial information provided as at a date after 31
December 2025 has not been audited or reviewed by any independent registered public accounting firm.
Disclaimer and non-GAAP measures
This presentation has been prepared by Heartland Group Holdings Limited (NZX/ASX: HGH)
(the Company or Heartland) for the purpose of briefings in relation to its Financial Statements.

3
3
Contents
01Executive summary & outlook4-12
02New Zealand banking13-26
03Australian banking27-37
04Q&A38
05Appendices & glossary39-43

Andrew Dixson Chief Executive Officer, Heartland Group
01
Executive
summary &
outlook

5
5
Executive summary
Heartland delivered a strong turnaround in profitability and steady progress towards its FY2026
guidance, supported by NIM expansion, improved asset quality metrics, strong Reverse Mortgage
growth in both countries, cost control and accelerated NSA realisation.
Note: See page 2 for a definition of underlying financial measures. Refer to page 7 for details about 1H2026 and 1H2025 one-offs. All comparative figures and percentage increases or decreases are against 1H2025, unless explicitly stated otherwise.
•Underlying ROE up 540 bps to 7.3% (up 142
bps from 2H2025).
•Average NIM expanded, up 51 bps to 3.92%.
•Underlying OPEX remained steady, up
$3.6m (4.0%) primarily due to costs
associated with Australian Reverse
Mortgage growth and the technology
programme.
•Underlying CTI ratio was down 304 bps to
54.6%.
•Heartland Bank delivered significant asset
quality improvements and cost stabilisation,
alongside growth in Reverse Mortgages and
strong core lending pipelines for 2H2026.
•Heartland Bank Australia achieved strong
growth in Reverse Mortgages and Livestock
Finance.
•Technology programmes are underway
within each bank to deliver greater
capability and efficiency, positioning both
banks to meet customer demand at scale.
•NSA realisation continued to progress
ahead of expectations (with a recovery
rate >90%) and is tracking to be largely
complete by 30 June 2026.
•Through NSA realisation and recent RBNZ
capital decisions, Heartland is well
positioned for growth, holding excess
capital across the group.
•Interim dividend of 3.5 cps.
Overview

6
6
Group financial results
8m NZ, ReportedUnderlyingReported v Underlying
1H261H25Movement1H261H25Movement1H261H25
Financial
performance
NII$165.9m$149.1m

$16.8m11.3%$165.9m$149.1m

$16.8m11.3%--
OOI
1
$9.4m$6.0m

$3.4m57.0%$6.4m$7.7m

($1.4m)(17.8%)$3.1m($1.7m)
NOI$175.3m$155.1m

$20.2m13.0%$172.3m$156.9m

$15.4m9.8%$3.1m($1.7m)
OPEX$94.4m$98.1m

($3.7m)(3.7%)$94.0m$90.4m

$3.6m4.0%$0.4m$7.7m
Impairment expense$12.8m$50.5m

($37.7m)(74.7%)$12.8m$50.5m

($37.7m)(74.7%)--
GFV provision-$1.2m

($1.2m)(100.0%)-$1.2m

($1.2m)(100.0%)--
Tax expense$19.3m$1.7m

$17.5m1014.4%$19.4m$4.1m

$15.2m367.7%($0.1m)(2.4m)
NPAT
2
$48.8m$3.6m

$45.2m1251.9%$46.1m$10.7m

$35.4m332.7%$2.7m($7.0m)
NIM3.92%3.41%

51 bps3.92%3.41%

51 bps--
CTI ratio53.9%63.2%

(937 bps)54.6%57.6%

(304 bps)(70 bps)560 bps
Impairment expense ratio
3
0.35%1.40%

(105 bps)0.35%1.40%

(105 bps)--
ROE7.7%0.6%

714 bps7.3%1.9%

540 bps43 bps(130 bps)
EPS5.2 cps0.4 cps

4.8 cps4.9 cps1.1 cps

3.8 cps0.3 cps(0.7cps)
Dec 25Jun 25Movement
Financial
position
Liquid assets$1,169m$1,135m

$33m2.9%
Receivables
4
$7,312m$7,156m

$157m
5
4.3%
6
Borrowings$7,450m$7,355m

$94m1.3%
Equity$1,289m$1,219m

$70m5.7%
Equity/total assets14.6%14.1%

53 bps
Note: See page 2 for a definition of underlying financial measures. Refer to page 7 for details about 1H2026 and 1H2025 one-offs.
1
Reported OOI includes fair value gains/losses on investments.
2
Refer to page 7 for a reconciliation of underlying NPAT to reported NPAT for 1H2026.
3
Impairment expense as a percentage of average Receivables.
4
Receivables also includes Reverse Mortgages.
5
Includingthe impact of changes in FX rates.
6
Annualised growth for 1H2026 includingthe impact of changes in FX rates.

7
7
1
See page 2 for definition of underlying financial measures. Refer to page 6 for a detailed comparison between reported and underlying financial information.
Reported vs. underlying results
The difference between reported and underlying results in 1H2026 was $2.7m.
1H20261H2025
Reported NPAT$48.8m$3.6m
‒De-designation of derivatives-$1.1m
‒Fair value changes on equity investments held($3.1m)$0.2m
‒Other non-recurring income-$0.4m
Other operating income (OOI)($3.1m)$1.7m
‒Other non-recurring costs$0.4m$1.2m
‒One-off staff exit costs-$6.5m
Operating expenses (OPEX)$0.4m$7.7m
Tax impact($0.1m)($2.4m)
Underlying NPAT
1
$46.1m$10.7m
•1H2026 one-offs were limited to fair value changes on equity investments held and other non-recurring costs.
•Heartland expects the difference between reported and underlying NPAT in 2H2026 and beyond to be limited only to any fair
value changes on equity investments held and other one-off non-recurring expenses.
•1H2025 non-recurring costs related to costs arising in relation to the acquisition of (now) Heartland Bank Australia.

8
8
Technology investment
Heartland is investing in multi-year technology programmes to
support scalable growth for its core product sets in New Zealand
and Australia.
These investments will modernise and simplify technology for both banks by
implementing AI-enabled, cloud-based platforms.
•Heartland Bank’s technology programme will leverage and fully integrate with its
upgraded core banking system to unify its origination and servicing activities,
enabling greater automation.
•Heartland Bank Australia’s technology programme will consolidate its three
origination and servicing platforms into a single banking solution.
The anticipated implementation costs for these technology programmes are
estimated to be ≤$17m over a three-year period.
These platforms will deliver new capabilities within each bank, resulting in greater
operational efficiency, an enhanced customer, intermediary and employee
experience, and positioning both banks to meet customer demand at scale.

9
Capital
9
Note: Retained earnings include current reported NPAT.
1
Including ordinary internal buffers.
Heartland capital movement $mCapital ratio
694
2
(19)
49
38
720
451
505
48
26
26
37
1,219
1,289
Jun-25Share capitalDividendsRetained
Earnings
ReservesDec-25
NZ BankingAU BankingNSAHeartland Group
15.1%
16.6%
2.0%
2.9%
17.1%
19.5%
HBL Banking Group
(Dec-25)
HBAL Banking Group
(Dec-25)
CET1Tier2
Heartland remains well placed to cater for organic growth with excess capital held across the group,
enhanced through NSA realisation and recent RBNZ decisions on capital settings.
•On 17 December 2025, the RBNZ announced final decisions on key capital settings for deposit takers. Benefits to Heartland Bank include the reduction of Tier 1
and total capital ratio requirements, the removal of Additional Tier 1 capital instruments, and more granular and reduced risk weights.
•Effective 1 March 2026, the RBNZ has reduced Heartland Bank’s transitional capital overlay by 1.5%, from 2.0% to 0.5%. The remaining capital overlay is expected
to remain in place until the RBNZ implements a formal Group Supervision Policy for deposit takers under the Deposit Takers Act 2023 (which is expected to come
into force on 1 December 2028).
•As at 31 December 2025, Heartland Bank holds approximately $125m of regulatory capital in excess of expected regulatory requirements. Applying Heartland
Bank’s expected risk weight changes to the 31 December 2025 balance sheet, the excess is approximately $190m.
1

10
1
0
NSA realisation progress
NSA realisation continues to progress ahead of expectations and is tracking to be
largely concluded by 30 June 2026.
•In 1H2026, the total value of NSAs reduced by $189.8m, creating $21.2m of available capital. In the period, Heartland:
•accelerated exits from Rural borrowers, realising $45.6m, $24.4m ahead of target
•completed the sale of one of the two dairy farms from the Properties NSA
•sold one of the apartments which make up the Investment Properties NSA
•exited Heartland Bank’s Harmoney Corp Limited shareholding and Heartland Bank Australia’s Alex Bank shareholding in full.
Note: NSAs are primarily NZ assets that are outside of Heartland’s core lending strategy, or do not deliver threshold ROE.
1
Includes Online Home Loans and old residential mortgages.
Outstanding balance
AssetNZ($m)30 June 202531 Dec 2025
Rural Relationship
Total ($m)
112.0
66.4
Capital ($m)
17.110.5
Business Relationship
Total ($m)
47.8
21.6
Capital ($m)
6.95.1
Home Loans
1
Total ($m)
171.7
70.5
Capital ($m)
10.24.0
Properties
Total ($m)
16.2
7.6
Capital ($m)
2.61.3
Investment Properties
Total ($m)
4.4
3.9
Capital ($m)
0.60.5
Equity Investments (NZ)
Total ($m)
7.0
0.1
Capital ($m)
4.5
0.1
Equity Investments (AU)
Total ($m)
5.7
4.8
Capital ($m)
5.7
4.8
Total NSAs
Total ($m)
364.8175.0
Capital ($m)
47.626.4
2Q253Q254Q251Q262Q263Q264Q26FY27+
$m
NSA realisation progress
Total ($m) ActualCapital ($m) ActualTotal ($m) EstimateCapital ($m) Estimate

11
8.2
7.4
0.4
4.9
7.8
6.1
4.6
16.0
13.5
5.0
FY23FY24FY25FY26
InterimFinal
12.1%
10.2%
1.9%
7.3%
10.9%
9.8%
6.0%
11.9%
9.8%
4.2%
FY23FY24FY25FY26
1H2H
3.5 cps
Interim dividend
up 1.5 cps vs 1H2025
7.3%
Underlying ROE
1H2026 7.3% vs 2H2025 6.0%
6.1%
1
Dividend yield
(1H2025: 7.9%
2
)
Shareholder return
Underlying ROE
5
Underlying EPS (cps)
6
•Heartland has declared a 1H2026 interim dividend of 3.5 cps, up 1.5 cps on 1H2025.
•Heartland’s interim dividend yield of 6.1%
1
compares with 7.9%
2
in 1H2025.
•The dividend payout ratio of 72% for 1H2026 exceeds Heartland’s target of at least 50% of
underlying NPAT, reflecting Heartland’s strong turnaround performance and excess
capital position.
3
•Heartland’s DRP will apply to the final dividend with no discount.
4
1
Total fully imputed dividends divided by the closing share price as at 24 February 2026 of $1.25.
2
Total fully imputed dividends divided by the closing share price as at 25 February 2025 of $0.88.
3
Heartland’s Dividend Policy is available on Heartland’s website at heartlandgroup.info/investor-information/dividends.
4
That is, the strike price under the DRP will be 100% of the volume weighted average sale price of Heartland shares over the five trading
days following the Record Date. For the full details of the DRP and the Strike Price calculation, refer to the Heartland DRP offer
document dated 20 August 2025.
5
Underlying ROE refers to ROE calculated using underlying results. When calculated using reported results, Heartland’s ROE was 7.7%,
up 714 bps compared with 1H2025. For more information, see page 2.
6
Underlying EPS refers to EPS calculated using underlying results. When calculated using reported results, Heartland’s EPS was 5.2 cps,
up 4.8 cps compared with 1H2025. For more information, see page 2.

12
Heartland affirms its FY2026 guidance to deliver an underlying ROE of at least 7%
and underlying NPAT of at least $85 million.
Underlying financial metrics
FY2026 guidance
HeartlandNZ BankingAU Banking
NPAT≥$85m>$45m>AU$37m (NZ$40m)
ROE≥7%>6%>8%
Average NIM>3.90% (n.c.)>4.10% (-10 bps)>3.70% (+30 bps)
Exit NIM>3.95% (n.c.)>4.20 (-5 bps)>3.75% (+10 bps)
OPEX<$195m<$127m (-$2.1m)<A$58m (+A$3.4m)
CTI ratio<56% (+250 bps)<56% (+250 bps)<50% (+450 bps)
Impairment expense ratio<0.45% (-10 bps)<0.70% (-15 bps)<0.10% (n.c.)
Looking forward
Heartland will hold an investor day on Friday 5 June 2026 where it will present its longer-term
strategy, financial ambitions, and provide detail on the technology and product strategies within
each bank. Further details will be published in due course.

Leanne Lazarus Chief Executive Officer, Heartland Bank
Kerry Conway Chief Financial Officer, Heartland Bank
02
New Zealand
banking

14
Heartland Bank’s vision is to be New Zealand’s leading specialist bank.
Positive momentum is building following a strategy reset in FY2025.
1
4
NZ banking: 1H2026 summary
1H2026 summary2H2026 focus
•Conversion of strong pipelines developed in 1H2026 in
core portfolio sets to deliver increased growth in 2H2026.
•Execution of a new marketing campaign (now live) to
increase awareness and education of reverse mortgages
in the New Zealand market to drive growth into FY2027.
•Leverage new intermediary partnerships and targeted
regional expansion to drive sustainable growth in the
Rural portfolio.
•Progress implementation of phase one of the
technology programme (Reverse Mortgages), setting
the foundation for subsequent phases.
•NSA exits expected to be largely complete by
30 June 2026.
•NSA realisation and recent RBNZ capital decisions
position Heartland Bank well for future growth.
Growth
•Consistent Reverse
Mortgage growth and
momentum building in Rural
through direct channels and
intermediary partnerships.
•Strong pipelines developed
in Motor Finance and
Business Finance leading
into 2H2026.
Quality
•Strategic reset in FY2025
contributed to significant
asset quality metric
improvements in 1H2026,
with the core portfolio NPL
ratio reducing from 2.40% to
2.07%.
•Receivables contraction
driven by deliberate NSA
exits, strategic Motor
Finance repositioning, and a
disciplined approach to
Business Finance pricing
and risk.
Efficiency
•Process refinements and
digital self-service
improvements drove
operational efficiency and
enhanced customer
experience.
•Disciplined cost
management reduced the
OPEX outlook and partially
mitigated the impact of the
Receivables contraction on
the CTI ratio.

15
ReportedUnderlying
1H261H25Movement1H261H25Movement
Financial
performance
NII$105.4m$105.6m

($0.2m)(0.2%)$105.4m$105.6m

($0.2m)(0.2%)
OOI
1
$11.6m$9.4m

$2.3m24.3%$8.6m$11.1m

($2.5m)(22.7%)
NOI$117.0m$115.0m

$2.1m1.8%$114.0m$116.7m

($2.7m)(2.3%)
OPEX$63.0m$63.1m

($0.1m)(0.1%)$62.6m$62.1m

$0.5m0.8%
Impairment expense$11.5m$49.6m

($38.1m)(76.9%)$11.5m$49.6m

($38.1m)(76.9%)
GFV provision-$1.2m

($1.2m)(100.0%)-$1.2m

($1.2m)(100.0%)
Tax expense$11.5m$0.2m

$11.4m7346.4%$11.6m$0.7m

$11.0m1656.9%
NPAT
2
$31.0m$0.9m

$30.1m3195.2%$28.3m$3.1m

$25.1m797.4%
NIM4.05%3.78%

28 bps4.05%3.78%

28 bps
CTI ratio53.3%
3
54.9%

(156 bps)53.8%
3
53.2%

57 bps
Impairment expense ratio
4
0.50%1.99%

(149 bps)0.50%1.99%

(149 bps)
ROE
7
8.3%0.2%

816 bps7.6%0.5%

706 bps
Dec 25Jun 25Movement
Financial
position
Liquid assets$576m$570m

$6.0m1.0%
Receivables
5
$4,456m$4,710m

($254m)(10.7%)
6
Borrowings$4,356m$4,660m

($304m)(6.5%)
Equity
7
$742m$737m

$5.4m0.7%
Equity/total assets21.1%20.0%

115 bps
Note: See page 2 for definition of underlying financial measures. Refer to page 7 for details about 1H2026 and 1H2025 one-offs.
1
Reported OOI includes fair value gains/losses on investments.
2
Refer to page 7 for a reconciliation of underlying NPAT to reported NPAT for 1H2026.
3
Excluding intercompany group charges.
4
Impairment expense as a percentage of average Receivables.
5
Receivables also includes Reverse Mortgages.
6
Annualised growth for 1H2026.
7
Equity excluding investment in subsidiaries. ROE is calculated as NPAT/average equity (excl. investment in subsidiaries).
Financial results

16
Reverse Mortgages continued to grow, with strong Rural pipelines through direct channels and
intermediary partnerships, while Motor Finance and Business Finance contracted due to strategic
portfolio repositioning and market conditions.
Receivables
4,379
4,298 4,298
332
95
(41)
332
158
(30)
(90)
(14)
(101)
(27)
46
Jun-25Reverse
Mortgages NZ
RuralMotor
Finance
Business
Finance
Unsecured
Lending
Jun-25Home
Loans
BusinessRuralDec-25
(44.2%)
(4.8%)
15.2%
(9.9%)
(110.2%)
(22.8%)
(80.8%)
(116.9%)
4,7101,3285781,653690494,6307121664,456
$254m (-10.7%)
1

$67m (-3.1%)
1
Core business
NSAs
$173m (-103.7%)
1
2
3
5
4
Receivables
$m
Note: 1H2026 growth in Receivables by portfolio excludes the impact of changes in FX rates and intercompany balances.
All figures in NZ$m. NSAs include loans in Business, Rural and Home Loans.
1
Annualised 1H2026 growth.
2
Rural includes Rural Relationship, Rural Direct and Livestock Finance loans.
3
Motor Finance includes Wholesale Lending.
4
Business Finance includes Asset Finance and Business Relationship.
5
Home Loans includes Online Home Loans and Heartland Bank’s old residential mortgages portfolio that is in run down.

17
Note: NIM is calculated as NII/average gross interest earning assets.
See page 2 for a definition of underlying financial measures.
1H2026 summary
•NIM remains strong, with steady expansion
(up 28 bps from 1H2025).
•This was supported by a low cost of funds,
despite lower gross yields from competitive
pricing in core product sets and portfolio mix
changes driven by continued NSA realisation.
2H2026 outlook
•Although OCR is expected to stabilise, pricing
competition is expected to continue as credit
demand remains subdued.
•Heartland now expects FY2026 average NIM
to be >4.10%, a reduction of 10 bps from the
prior outlook due to Reverse Mortgage
repricing and the impact of NSA realisation.
Underlying NIM
Average NIM
3.82%
3.89%
3.93%
4.13%
4.08%
4.11%
> 4.20%
3.82%
3.79%
3.92%
4.18%
4.06%
4.12%
> 4.10%
1Q20252Q20253Q20254Q20251Q20262Q2026FY2026
(Outlook)
Exit NIMAvg. NIM
1H2025 NIM
Avg. 3.78%
1H2026 NIM
Avg. 4.05%
4.05%
3.78%
(0.03%)
(0.82%)
1.12%
1H2025LiquidsGross Yield &
Portfolio Mix
Cost of
Funds
1H2026FY2026
Outlook
> 4.10%

18
62.1
63.7
(1.8)
62.6
1.6
2.2
0.3
0.4
(2.1)
1H2025Staff
Transfers
1H2025
(Rebase)
Staff
Expenses
IT &
Comms
MarketingOperational
Expenses
Management
Fees
1H2026
Note: CTI ratio is calculated as OPEX/NOI. Underlying CTI ratio excludes one-off impacts . See page 2 for definition of underlying financial measures. Refer to page 7 for details about one-offs in the periods covered in this investor presentation.
1
Including intercompany group charges.
2
Excluding intercompany group charges.
1H2026 summary
Total underlying OPEX of $62.6m.
•Elevated staff expenses are primarily due to
restructuring costs ($1.5m) as well as the re-
introduction of a LTI scheme ($0.6m).
•The underlying CTI ratio increased as a result of
the transfer of staff from Heartland Group to
Heartland Bank, and the above restructuring
costs. This increase was further compounded
by subdued growth in certain portfolios and
successful NSA realisation.
2H2026 outlook
•Underlying OPEX is expected to be lower than
the previous FY2026 outlook, at <$127m,
despite operational costs increasing in 2H2026
from investment in technology and marketing.
•Despite cost control, the shortfall in revenue
from subdued growth and successful NSA
realisation has resulted in an increased outlook
to <56%.
Underlying OPEX & CTI ratio ($m)
Underlying OPEX
30.2
31.9
32.5
33.5
31.1
31.5
53.3%
53.1%
56.0%56.9%
52.4%
55.3%
<56%
1Q20252Q20253Q20254Q20251Q20262Q2026FY2026
Outlook
OpexCTI %
$1.1m (-1.7%)
$0.5m (0.8%)
<127
1
2

19
Impairment and provisioning
Impairment expense ratio
Overall asset quality continued to improve in 1H2026,
reflecting the benefits of maintaining a refined strategic
focus on core product sets, early intervention and
disciplined portfolio management.
•The 1H2026 impairment expense ratio benefitted from the release of collective
provisions in Motor Finance and NSAs.
•The FY2026 impairment expense ratio outlook is now expected to be <0.70%
(down 15 bps on the previous guidance). This reflects an expected
stabilisation in impairment expense in 2H2026.
2.2
7.9
1.1
(4.6)
(2.8)
(4.2)
3.5
15.9
2.0
4.0
6.1
4.7
4.4
20.2
7.9
14.1
4.7
4.6
(0.2)
(4.2)
(0.1)
(5.2)
(1.0)
(0.7)
9.8
39.8
10.8
8.3
7.1
4.4
1Q20252Q20253Q20254Q20251Q20262Q2026
Collective provision expenseSpecific provision expenseWrite-offsRecovery
Impairment expense ($m)
0.77%
3.32%
0.92%
0.70%
0.61%
0.39%
0.70%
1Q20252Q20253Q20254Q20251Q20262Q2026FY2026
(Outlook)
Total provisions and coverage ($m)
55.5
48.2
54.4
46.7
43.9
39.6
23.8
28.5
28.9
20.7
26.8
25.7
2.06%
2.10%
2.31%
1.94%
2.13%
2.09%
Sep-24Dec-24Mar-25Jun-25Sep-25Dec-25
Collective ProvisionSpecific ProvisionCoverage Ratio
FY2025
1.40%
1H2026
0.50%

20
Asset quality
1
Total Bank NPL includes NSAs and Unsecured Lending (which includes Personal Lending and Open for Business which are winding
down). Core Portfolio NPL includes Motor Finance, Rural, and Business Finance.
2
Rural includes Rural Relationship, Rural Direct, and Livestock Finance. Excludes NSAs.
3
Motor Finance includes Wholesale Lending.
4
Business Finance includes Asset Finance and Business Relationship. Excludes NSAs.
NPL ratios
1
Asset quality – Rural
2
Asset quality – Motor Finance
3
1
Asset quality – Business Finance
4
0.9%, $9.8
1.8%,
$16.1
1.9%,
$15.2
2.6%,
$19.4
1.7%,
$11.8
1.4%,
$14.6
1.4%,
$12.3
2.3%,
$17.6
1.3%,
$9.8
1.6%,
$11.4
1.7%,
$17.7
2.2%,
$19.7
3.3%,
$25.6
4.4%,
$32.0
4.2%,
$29.0
40.3%,
$17.0
37.9%,
$18.2
32.4%,
$18.9
33.9%,
$20.8
33.0%,
$17.3
4.1%, $42.1
5.5%, $48.1
7.5%, $58.3
8.3%, $61.2
7.6%, $52.2
NPLsProvisionsNPLsProvisionsNPLsProvisionsNPLsProvisionsNPLsProvisions
30-Jun-202431-Dec-202430-Jun-202530-Sep-202531-Dec-2025
Non-Performing, 90-179DPDNon-Performing, 180-364DPDNon-Performing, 365+DPD
1.4%,
$24.8
1.5%,
$25.8
1.5%,
$24.7
1.3%,
$22.0
1.2%,
$19.1
1.1%,
$19.9
1.2%,
$20.2
0.8%,
$13.2
0.6%,
$9.8
0.5%,
$8.9
1.1%,
$20.3
0.0%, $0.4
29.4%,
$19.1
17.3%,
$8.0
24.4%,
$9.2
26.0% ,
$8.4
27.8%,
$7.9
3.7%, $65.0
2.7%, $46.3
2.2%, $37.9
1.9%, $32.3
1.7%, $28.0
NPLsProvisionsNPLsProvisionsNPLsProvisionsNPLsProvisionsNPLsProvisions
30-Jun-202431-Dec-202430-Jun-202530-Sep-202531-Dec-2025
Non-Performing, 90-179DPDNon-Performing, 180-364DPDNon-Performing, 365+DPD
3.40%
3.31%
3.21%
3.22%
3.04%
2.34%
2.46%
2.40%
2.36%
2.07%
31-Dec-202431-Mar-202530-Jun-202530-Sep-202531-Dec-2025
Total Bank NPLCore Portfolio NPL
1.8%,
$10.6
0.1%, $0.6
0.1%, $0.5
0.3%,
$1.6
0.1%, $0.8
0.2%, $1.1
0.7%,
$3.6
0.2%, $1.3
0.1%, $0.8
0.1%, $0.8
0.4%,
$2.4
0.4%,
$2.1
0.6%,
$3.7
0.6%,
$3.4
0.6%,
$3.6
34.0%,
$4.8
24.8%,
$1.6
23.9%,
$1.3
22.5%,
$1.3
24.2%,
$1.2
2.4%, $14.0
1.2%, $6.3
0.9%, $5.5
1.0%, $5.8
0.9%, $5.1
NPLsProvisionsNPLsProvisionsNPLsProvisionsNPLsProvisionsNPLsProvisions
30-Jun-202431-Dec-202430-Jun-202530-Sep-202531-Dec-2025
Non-Performing, 90-179DPDNon-Performing, 180-364DPDNon-Performing, 365+DPD

21
645
630
42
22
40
86
31
(28)
7
20
17
Jun-25NPATDividendsReservesNSA
realisation
Reduction in
RWE
Dec-25
Capital RequiredNSACapital for growthIncreaseDecrease
Capital
New Zealand Banking Group
1
– Total Capital movement $m
New Zealand Banking Group - Capital ratio and RBNZ requirements
Note:
•RBNZ imposed a transitional capital overlay on Heartland Bank after the acquisition of (now) Heartland Bank Australia.
•Heartland Bank’s regulatory capital ratio increased to 17.11% as of 31 December 2025 (30 June 2024: 16.46%%), due to capital
released from NSAs. The total capital ratio for the NZBG increased to 16.97% from 15.88% during the same period.
•On 1 July 2025, the Tier 1 capital requirements increased from 11.5% to 12.5% due to the RBNZ’s 2019 Capital Review for non D-SIB
banks. On 17 December 2025, the RBNZ released its decision on the new capital settings with a more detailed implementation
plan expected to release on 27 February 2026.
1
The New Zealand Banking Group (NZBG) consists of the NZ bank and its NZ subsidiaries, excluding Marac Insurance Limited. The
Banking Group includes all of the NZ bank’s subsidiaries, including the AU bank and Marac Insurance Limited.
2
Current reported NPAT for the NZ Banking.
3
Including ordinary internal buffers.
2
2.0%
13.7%
14.7%
8.0%
2.5%
2.2%
2.3%
2.0%
0.77%
0.05%
0.03%
0.89%
(0.65%)
Jun-25NPATDividendsReservesNSA
realisation
Reduction in
RWE
Dec-25RBNZ
Requirements
OverlayCET1Tier1Tier2IncreaseDecrease
2
Heartland Bank is well positioned for future
growth, with capital well above regulatory
minimums.
•The RBNZ’s final decisions on key capital settings for deposit takers include the
following key features set to benefit Heartland Bank:
•a reduction in both Tier 1 (to 11% from 14%) and total capital (to 14% from 16%)
ratio requirements
•removal of Additional Tier 1 capital instruments, while allowing a higher mix of Tier
2 capital (to 3% from 2%)
•more granular and reduced risk weights, particularly in productive sectors of the
economy Heartland Bank focuses on.
•In addition:
•effective 1 March 2026, the RBNZ has reduced Heartland Bank’s transitional
capital overlay by 1.5%, from 2.0% to 0.5%
•the remaining capital overlay is expected to remain in place until the RBNZ
implements a formal Group Supervision Policy for deposit takers under the
Deposit Takers Act 2023 (expected to come into force on 1 December 2028)
•the RBNZ has indicated it will review reverse mortgage risk weights in 2026
(following their adjustment after a review conducted in 2023).
•As at 31 December 2025, Heartland Bank holds approximately $125m of regulatory
capital in excess of expected regulatory requirements. Applying Heartland Bank’s
expected risk weight changes to the 31 December 2025 balance sheet, the excess is
approximately $190m.
3

22
1
Annualised growth rate for 1H2026.
2
Reverse Mortgages are measured at fair value. NPLs arise due to late settlement (90 days after the 12-month repayment period) after the departure of the borrower from the property. As at 31 December 2025, this included 10 loans with a total value of $2.0m and a
weighted average LVR (using indexed valuation) of 32.2%.
$
32.0m
$
1,328m
Receivables as at 31 Dec 2025
+$95m, 15.2%
1
since 30 Jun 2025
NOI as at 31 Dec 2025
+9.9% vs 1H2025
NZ lending performance: Reverse Mortgages
Outlook
•FY2026 growth: >18% (n.c.)
•New business volumes increased by more than 23% compared with 1H2025, with an
increasing proportion of customers drawing additional funds through cash reserve
facilities.
•Strong pipeline development in 1H2026 and a new marketing campaign, now live,
are expected to generate further growth in 2H2026 and boost momentum into
FY2027.
•Village Access Loans continues to gain traction.
•Asset quality within Reverse Mortgages remains strong with an NPL

ratio of 0.15%
2
,
average current loan size of $159k and weighted average current LVR of 27.1%.
New marketing campaign
Heartland Bank is proud to
introduce Judy Bailey as its
Reverse Mortgage brand
ambassador
TV commercial
Customer story video
interviews with Judy Bailey

23
1
Rural includes Rural Relationship, Rural Direct and Livestock Finance. Excludes NSAs.
2
Annualised growth rate for 1H2026.
3
Rural Lending includes Rural Relationship and Rural Direct excluding NSAs.
Includes $390m Rural Lending
3
and $189m Livestock Finance
$
578m
Receivables as at 31 Dec 2025
-$30m, -9.9%
2
since 30 Jun 2025
Includes $9.7m Rural Lending
3
and $5.0m Livestock Finance
$
14.7m
NOI as at 31 Dec 2025
+11.3% vs 1H2025
Outlook
•FY2026 growth: >9% (+3%)
NZ lending performance: Rural
1
•With strong momentum early into the third quarter, the portfolio is on track to deliver
more than 9% growth in FY2026.
•New partnerships and intermediary channels continue to create growth
opportunities, while market conditions remain favourable, underpinned by strong
pasture growth and global protein demand.
•To address demand and strengthen Heartland Bank’s commitment to specialist rural
lending, the bank has recently expanded its regional presence across New Zealand.
380.4
376.8
376.3
377.7
379.6
375.6
373.7
373.8
386.1
199.8
189.0
170.9
167.6
178.5
209.0
235.2
210.7
184.1
189.2
Jun-24Aug-24Oct-24Dec-24Feb-25Apr-25Jun-25Aug-25Oct-25Dec-25
Rural Lending
(excl. NSAs)
Livestock
Rural Receivables ($m)
1H2026 performance reflects seasonal Livestock Finance
contraction. Excluding Livestock Finance, the Rural portfolio
grew by $15.0m, representing 8.0% annualised growth.

24
1
Motor Finance includes Motor Wholesale lending.
2
Annualised growth rate for 1H2026.
3
Motor Lending includes Intermediary and Direct distribution channels.
•Receivables were down as a result of the bank’s strategic shift towards higher
quality intermediary partners, with a focus on quality used and franchise vehicles.
•Direct-to-consumer lending increased by 27.8%
2
in 1H2026, while dealer volumes
decreased by 7.3%
2
.
•As at 31 December 2025, new business through franchise dealerships accounted
for approximately 50% of dealer origination, up from 40%.
•Due to Receivables contraction in 1H2026, Heartland Bank now expects FY2026
Motor Finance Receivables to be flat on FY2025.
Includes $1,524m Motor Lending
3
and $130m Wholesale Lending
$
1,653m
Receivables as at 31 Dec 2025
-$41m, -4.8%
2
since 30 Jun 2025
Includes $36.2m Motor Lending
3
and $1.7m Wholesale Lending
$
37.9m
NOI as at 31 Dec 2025
+2.5% vs 1H2025
NZ lending performance: Motor Finance
1
Outlook
•FY2026 growth: Flat (-3%)
40%
40%
53%
54%
26%
29%
22%
16%
33%
31%
24%
29%
Jun-24Aug-24Oct-24Dec-24Feb-25Apr-25Jun-25Aug-25Oct-25Dec-25
Franchise shareUsed shareBroker share
Dealer channel mix over time

25
1
Business Finance includes Asset Finance and Business Relationship. Excludes NSAs.
2
Annualised growth rate for 1H2026.
•The Business Finance contraction reflects Heartland Bank’s disciplined approach to
pricing and risk in response to subdued demand and ongoing economic challenges
across several industry sectors (specifically transport and construction).
•While the Asset Finance pipeline strengthened in 1H2026, with improvement
anticipated in 2H2026, Heartland Bank now expects FY2026 Business Finance
Receivables retraction of up to 19%.
$
19.0m
$
690m
Receivables as at 31 Dec 2025
-$90m, -22.8%
2
since 30 Jun 2025
NOI as at 31 Dec 2025
-17.4% vs 1H2025
Includes $139m Business Lending and $551m Asset Finance
Includes $4.9m Business Lending and $14.1m Asset Finance
Outlook
•FY2026 growth: <-19% (-10%)
NZ lending performance: Business Finance
1
Jun-24Aug-24Oct-24Dec-24Feb-25Apr-25Jun-25Aug-25Oct-25Dec-25
Average credit score at approval
Applications per month
Rolling 3 months applicationsRolling 3 months CCR at approval
Asset Finance application volumes
and average CCR at approval

26
Pega is a leading global enterprise software provider with
a proven track record in delivering intelligent, AI-enabled
platforms for financial services organisations in the Asia
Pacific region and globally.
Heartland Bank has partnered with Pega to deliver a
technology platform which will leverage and fully integrate
with its modern core banking system.
•The new platform will replace existing legacy systems and manual processes with a single,
integrated solution, modernising the bank’s technology foundations to strengthen control,
resilience and competitiveness. It will enable increased automation and AI-driven
capabilities to improve operational efficiency and enhance customer experience.
•The cost to implement the platform is estimated to be ≤$11m over a three-year period.
NZ technology programme
Benefits
•Fully digital, end-to-end customer
journeys with seamless and improved
experience for customers, intermediaries
and employees.
•Increased agility, enabling faster
approvals, product changes, and easier
customer servicing.
•Simplified technology and platform
landscape, reducing complexity and risk .
•Reduced long-term cost through a
flexible, cloud-based platform.
Planning
Reverse Mortgages
Motor Finance, Savings & Deposits
Rural, Asset Finance, Collections
FY2026FY2027FY2028
Note: The timeline and sequencing of implementation is indicative only and subject to change.
Indicative implementation timeline

Michelle Winzer Chief Executive Officer, Heartland Bank Australia
Kerry Conway Chief Financial Officer, Heartland Bank
03
Australian
banking

28
2
8
Heartland Bank Australia’s vision is to be Australia’s leading specialist bank,
enriching customers’ lives through financial freedom.
AU banking: 1H2026 summary
1H2026 summary 2H2026 focus
•Technology programme:
Multi-year transition to a unified, cloud-based platform to
enhance digital capability and operational efficiency, with
full migration targeted for FY2028 and progress tracking
in line with plan.
•Distribution growth:
Continued focus across direct, digital and third-party
distribution channels to strengthen Heartland Bank
Australia’s presence, supporting sustainable growth and
improved customer access.
•Resilience:
Continued proactive weather-event response and
portfolio management to support asset performance and
customer outcomes, complemented by disciplined
Livestock Finance management to protect credit quality
and balance sheet resilience.
Business growth:
•Receivables growth:
Continued strength in
Reverse Mortgage new
lending, delivering record
monthly origination.
Livestock finance saw the
highest gross cattle and
sheep purchased on a
rolling 12-month basis in
2Q26.
•NIM expansion: Transition
of wholesale to deposit-led
funding initiatives
contributed to a strong exit
NIM of 3.96%, resulting in
increased NIM outlooks.
Service excellence:
•Speed to value: Maintained
"8 days to Yes" service
standard for Reverse
Mortgages.
•Customer sentiment:
Commenced NPS and CSAT
reporting across all
products, providing
valuable insights on key
areas of focus.
Diversify distribution:
•Partner optimisation:
Continued to review and
strengthen existing
partnerships and
distributor arrangements,
with a focus on disciplined
management to ensure
scalable growth.

29
ReportedUnderlying
1H261H25Movement1H261H25Movement
Financial
performance
NII$53.7m$39.4m

$14.3m36.2%$53.7m$39.4m

$14.3m36.2%
OOI
1
($0.8m)$1.6m

($2.4m)(146.6%)($0.8m)$1.6m

($2.4m)(146.6%)
NOI$53.0m$41.1m

$11.9m28.9%$53.0m$41.1m

$11.9m28.9%
OPEX$28.0m$24.2m

$3.8m15.7%$28.0m$23.2m

$4.8m20.8%
Impairment expense$1.1m$0.9m

$0.3m34.9%$1.1m$0.9m

$0.3m34.9%
Tax expense$7.2m$4.8m

$2.4m49.3%$7.2m$5.1m

$2.1m40.7%
NPAT
2
$16.7m$11.3m

$5.4m48.0%$16.7m$12.0m

$4.7m39.1%
NIM3.68%2.75%

93 bps3.68%2.75%

93 bps
CTI ratio51.5%
3
58.8%

(736 bps)51.5%
3
56.4%

(490 bps)
Impairment expense ratio
4
0.10%0.08%

1 bps0.10%0.08%

1 bps
ROE7.7%5.5%

212 bps7.7%5.9%

177 bps
Dec 25Jun 25Movement
Financial
position
Liquid assets$510m$517m

($8m)(1.5%)
Receivables
5
$2,464m$2,265m

$198m17.4%
6
Borrowings$2,696m$2,499m

197m7.9%
Equity$440m$424m

$16m3.8%
Equity/total assets14.0%14.4%

(40 bps)
Note: All figures are in AUD$m. See page 2 for definition of underlying financial measures. Refer to page 7 for details about 1H2026 and
1H2025 one-offs.
1
Reported OOI includes fair value gains/losses on investments.
2
Refer to page 7 for a reconciliation of underlying NPAT to reported NPAT for 1H2026.
3
Excluding intercompany group charges.
4
Impairment expense as a percentage of average Receivables.
5
Receivables also includes Reverse Mortgages.
6
Annualised growth for 1H2026.
Financial results

30
Note: All figures in AUD$m.
1
Annualised 1H2026 growth.
2
Other AU includes Home Loans and Consumer & Other loan portfolios acquired through the ADI which are in run down.
Reverse Mortgage and Livestock Finance growth underpinned by broader broker distribution and
improving customer metrics.
2,2652,169273222,464
Receivables
(AUD $m)
2,265
188
19
(9)
2,464
Jun-25
Reverse
Mortgages AU
Livestock
Finance AU
Other AUDec-25
A$198m (17.4%)
1

2
(56.9%)
14.9%
18.9%
Receivables

31
2.75%
0.02%
0.28%
0.63%
3.68%
1H2025LiquidsGross Yield &
Portfolio Mix
Cost of
Funds
1H2026FY2026
Outlook
Note: NIM is calculated as NII/average gross interest earning assets in $AUD. See page 2 for a definition of underlying financial measures.
> 3.70%
Underlying NIM
Average NIM
2.67%
3.13%
3.27%
3.59%
3.50%
3.96%
>3.75%
2.58%
3.01%
3.31%
3.47%
3.62%
3.74%
> 3.70%
1Q20252Q20253Q20254Q20251Q20262Q2026FY2026
(Outlook)
Exit NIMAvg. NIM
1H2025 NIM
Avg. 2.75%
1H2026 NIM
Avg. 3.68%
1H2026 summary
•NIM expansion was primarily driven by a lower
proportion of average wholesale funding in
1H2026, reducing from 52% in 1H2025 to 15%
in 1H2026. This enabled a normalisation of
liquid asset holdings by removing the need to
pre-fund large securitisation date-based
calls or MTN maturities.
•The exit NIM of 3.96% was aided by
favourable deposit spreads and growth in
Livestock Finance.
2H2026 outlook
•Margins are expected to stabilise in 2H2026
as the interest rate outlook in Australia shifts
towards higher deposit costs.
•Heartland Bank Australia now expects the
FY2026 average NIM to be >3.70%, and the
exit NIM to be >3.75%.

32
Note: All figures in AUD$m. CTI ratio is calculated as OPEX/NOI. Underlying CTI ratio excludes one-off impacts . See page 2 for definition of underlying financial measures. Refer to page 7 for details about one-offs in the periods covered in this investor presentation.
1
Including intercompany group charges .
2
Excluding intercompany group charges .
Underlying OPEX & CTI ratio (A$m)
Underlying OPEX
23.2
28.0
2.1
0.8
0.2
(0.5)
1.7
0.4
1H2025Staff
Expenses
IT &
Comms
MarketingOperational
Expenses
Reverse
Mortgages
Fees
Management
Fees
1H2026
11.0
12.1
11.2
12.1
13.8
14.1
56.4%56.3%
49.2%
47.7%
49.5%
53.5%
<50%
0.00%
10.00%
20.00%
30.00%
40.00%
50.00%
60.00%
1Q20252Q20253Q20254Q20251Q20262Q2026FY2026
Outlook
OpexCTI %
1H2026 summary
•Costs increased in 1H2026 due to volume
related expenses and the commencement of
the technology programme, as indicated in
recent announcements.
•The 2Q2026 underlying CTI ratio of 52.2%
includes the impact of the early repayment of
Heartland Bank Australia’s final MTN, which was
replaced by cheaper deposit funding. Excluding
this non-recurring expense, the 1H2026
underlying CTI ratio was 47.8%.
2H2026 outlook
•Reverse Mortgage volume related expenses and
technology programme costs will continue in
2H2026. As a result, Heartland Bank Australia
now expects the FY2026 underlying OPEX to be
<A$58m.
•The FY2026 underlying CTI ratio is now expected
to be <50%.
$4.8m (20.8%)
<58
1
2

33
1,454
1,495
2,014
2,310
1,334
809
595
335
324
403
403
323
100
0
50
50
50
50
1,737
2,715
2,462
2,499
2,684
Dec 23Jun 24Dec 24Jun 25Dec-25
DepositSecuritised fundingMTNs Tier 2
341
313
12
5050
113
347
196
142102
640
407
315
303
6
24
54
51
454
1,306
639
561
506
Dec 23Jun 24Dec 24Jun 25Dec 25
Undrawn limitCashGovernment SecuritiesBank Securities
30-Jun-2531-Dec-25
MLH
1
MLH
1
Heartland Bank Australia 19.4%17.5%
Note: All figures in AUD$m. Heartland Bank acquired (now) Heartland Bank Australia on 30 April 2024. Prior to that, Heartland’s Australian businesses operated as Heartland Australia Group, which did not have an ADI licence or access to deposit funding in Australia.
Liquid assets (securities) are HQLA APRA eligible securities.
1
Minimum Liquidity Holdings (MLH) for Heartland Bank Australia has been measured on an APRA level 2 consolidated basis, ie including Heartland Australia Bank and its’ subsidiaries.
Funding & liquidity
Funding composition A$m
Liquidity composition A$m
•Heartland Bank Australia used deposit funding to complete the early
repayment of its final A$100m MTN.
•The deposits funding mix strengthened to 86% as at 31 December 2025,
up from 81% as at 30 June 2025 and 54% as at 30 June 2024.

34
0.01%
20.41%
0.86%
(1.53%)
(0.26%)
19.50%
Jun-25
Current year
NPAT
Legacy RWA
reduction
Reverse Mortgage
RWA growth
Livestock Finance
RWA growth
Dec-25
275
15
1
291
50
50
Jun-25Retained
Earnings
Regulatory
adjustments
Dec-25
Tier Two
CET1
Capital
Heartland Bank Australia - Capital movement A$m
Heartland Bank Australia – Total capital ratio
Heartland Bank Australia
continues to operate above
regulatory capital minimums,
with growth supported by
organic capital generation.
•Total capital ratio remained robust at 19.5%,
reflecting disciplined capital management,
earnings and prudent risk-weighted asset
growth, coupled with NPL management.
•This positions the bank well to support
customers and drive long-term financial
stability.
Note: All figures in AUD$m.

35
Receivables as at 31 Dec 2025
+A$188m, 18.9%
1
since 30 Jun 2025
A$
2,169m
A$
44.7m
Note: All figures in AUD$m.
1
Annualised growth.
2
Based on NPS and CSAT benchmarking data provided by Fullview.
3
Reverse Mortgages are measured at fair value. NPLs arise due to late settlement (90 days after the 12-month repayment period)
after the departure of the borrower from the property. As at 31 December 2025, this included 54 loans with a total NPL value of
A$17.2m and a weighted average LVR (using indexed valuation) of 29.5%.
Outlook
•FY2026 growth:>19.0% (n.c.)
AU lending performance: Reverse Mortgages
NOI as at 31 Dec 2025
A$30.8m 1H2025
•To further market reach and broaden its broker network, Heartland Bank Australia
has established new intermediary partnerships with two leading aggregators.
•In 1H2026, Heartland Bank Australia commenced NPS and CSAT reporting.
Customer survey results show Reverse Mortgage materially outperforming
financial services industry benchmarks.
2
•Asset quality remains strong with an NPL ratio of 0.70%
3
, average current loan size
of A$215k and weighted average current LVR of 25.0%.
Marketing activity is supporting
growth
Heartland Bank Australia CEO Michelle Winzer interviewed by
The Today Show

36
A$
8.2m
Receivables as at 31 Dec 2025
+A$19.1m, 14.9%
1
since 30 Jun 2025
A$
273m
•The inaugural StockCo by Heartland Bank Australia customer survey yielded
strong NPS and CSAT results.
2

•Solid growth achieved as momentum continues to build. However, recent
extreme weather events have impacted growth volumes early into 2H2026.
Heartland Bank Australia is working closely with impacted customers and agents.
•NPLs remained stable (A$37.9m as at 31 December 2025 vs A$36.4m as at 30 June
2025), representing stronger asset quality and improved Livestock Finance loan
performance.
Outlook
•FY2026 growth: >20.0% (n.c.)
AU lending performance: Livestock Finance
NOI as at 31 Dec 2025
A$5.2m 1H2025
Note: All figures in AUD$m.
1
Annualised growth.
2
Based on NPS and CSAT benchmarking data provided by Fullview.
250.1250.1
231.3
248.6
259.4
285.0
281.9
250.6
238.0
231.7
242.2
249.1
272.9
Jun-24Aug-24Oct-24Dec-24Feb-25Apr-25Jun-25Aug-25Oct-25Dec-25
Receivables (A$m)

37
Heartland Bank Australia has partnered with Constantinople
to consolidate three product origination and servicing
platforms into a single, cohesive solution.
•The programme will introduce a new modern core banking platform to support all
products, simplifying the bank’s technology infrastructure and enabling increased
automation and AI capability.
•Constantinople’s subscription model is cost efficient and activity based.
•The cost to implement the platform is estimated to be ≤A$5m over a three-year period.
AU technology programme
Benefits
•Improved customer and employee
experience, including faster decisioning,
streamlined processes and greater
automation.
•Reduced operational risk through the
retirement of manual processes, stronger
embedded controls, and improved
compliance capability.
•Efficiency benefits over time, driven by a
simplified technology stack, reduced
vendor complexity, and lower cost to serve.
Constantinople’s cloud-based, AI-powered banking platform is used by
banks and finance companies to bring technology and operations
services into a single platform.
FY2026FY2027FY2028
Planning
Reverse Mortgages
Livestock Finance
Savings & Deposits
Note: The timeline and sequencing of implementation is indicative only and subject to change.
Indicative implementation timeline
Heartland Bank Australia has partnered with Constantinople
to consolidate three product origination and servicing
platforms into a single, cohesive solution.
•The programme will introduce a new modern core banking platform to support all
products, simplifying the bank’s technology infrastructure and enabling increased
automation and AI capability.
•Constantinople’s subscription model is cost efficient and activity based.
•The cost to implement the platform is estimated to be ≤A$5m over a three-year period.

04
Q&A

05
Appendices &
glossary

40
4
0
Note:
•For the purpose of this comparison, Heartland Bank’s total Motor Finance arrears are calculated using the calculation method used by Centrix (arrears greater than or equal to 14 DPD).
•Auto industry arrears are sourced from the Centrix Credit Indicator Report, where 31/12/2024, 31/03/2025, 30/06/2025, 30/09/2025, and 31/12/2025 uses the January, April, July, October 2025, and January 2026 Insights Report, respectively.
•Consumer Motor are Motor Finance loans to individuals rather than businesses.
Motor Finance arrears vs. auto industry average
5.4%
5.4%
5.1%
5.8%
6.3%
5.9%
5.2%
4.6%
4.5%
6.1%
5.8%
5.0%
4.3%
4.2%
4.0%
4.5%
5.0%
5.5%
6.0%
6.5%
31/12/202431/03/202530/06/202530/09/202531/12/2025
Market Arrears (Centrix Market Report)Total Motor (HBL)Consumer Motor (HBL)

41
4
1
$1.33b
NZ Reverse Mortgages
+$95m (15.2%)
1
vs June 2025
$131m
(+$25.1m vs 1H2025)
1H2026 origination
2
73
Average age of youngest borrower
(new customers)
3
17.0
%
Compound annual
growth rate
4
$159,168
Average current
loan size
2
$82,000
Average initial
loan amount
3
8.5
%
Weighted average
initial LVR
3
27.1
%
Weighted average current LVR
(indexed valuation)
5,6
$88m
(+$8.0m vs 1H2025)
Total repayments in 1H2026
2
14.2
%
(vs 14.9% in 1H2025)
1H2026 repayment rate
2
6.1 years
Average term
at repayment
80%
Voluntary
repayment
20%
Involuntary
repayment
NZ Reverse Mortgage portfolio analytics
Note: All figures are in $NZD unless otherwise stated.
1
Annualised growth.
2
As at 31 December 2025.
3
Rolling 12 months as at 31 December 2025.
4
Compound annual growth rate for the period 1 July 2020 – 31 December 2025.
5
Indexed valuation.
6
Across all time on whole book.

42
A$2.17b
AU Reverse Mortgages
+A$188m (+18.9%)
1
vs June 2025
A$260m
(+A$178m vs 1H2025)
1H2026 origination
2
72
Average age of youngest borrower
(new customers)
3
18.4
%
Compound annual
growth rate
4
A$214,710
Average current
loan size
2
A$159,367
Average initial
loan amount
3
14.0
%
Weighted average
initial LVR
3
25.0
%

Weighted average current LVR
(indexed valuation)
5,6
A$166m
(+A$136m vs 1H2025)
Total repayments in 1H2026
2
16.6
%
(vs 16.1% in 1H2025)
1H2026 repayment rate
2
5.4 years
Average term
at repayment
88
%
Voluntary
repayment
12
%
Involuntary
repayment
4
2
Note: All figures are in $AUD unless otherwise stated.
1
Annualised growth.
2
As at 31 December 2025.
3
Rolling 12 months as at 31 December 2025.
4
Compound annual growth rate for the period 1 July 2020 – 31 December 2025.
5
Indexed valuation.
6
Across all time on whole book.

AU Reverse Mortgage portfolio analytics

43
ADIAuthorised deposit-taking institutionNSANon-strategic assets
APRAAustralian Prudential Regulation AuthorityNZ Banking Group, NZBG
The New Zealand Banking Group consists of the NZ Bank and its NZ subsidiaries,
excluding Marac Insurance Limited.
Banking Group
The Banking Group includes all of the NZ bank’s subsidiaries, including
the AU bank and Marac Insurance Limited.
OCROfficial Cash Rate
bpsBasis pointsOOIOther Operating Income
CCRComprehensive credit reportingOPEXOperating expenses
CET1Common Equity Tier 1RBNZReserve Bank of New Zealand
cpsCents per shareReceivablesGross Finance Receivables (includes Reverse Mortgages)
CSATCustomer satisfaction scoreROEReturn on Equity
CTI ratioCost-to-income ratioFY2028Financial year ending 30 June 2028 (1 July 2027 to 30 June 2028)
DPDDays past dueFY2027, FY27Financial year ending 30 June 2027 (1 July 2026 to 30 June 2027)
DRPDividend Reinvestment Plan4Q26Fourth quarter of FY2026 (1 April to 30 June 2026)
EPSEarnings per share3Q26Third quarter of FY2026 (1 January to 31 March 2026)
Exit NIMNIM on the last day of the reported period.2H2026Second half of FY2026 (1 January to 30 June 2026)
FXForeign currency exchange2Q2026, 2Q26Second quarter of FY2026 (1 October to 31 December 2025)
Heartland, Heartland GroupHeartland Group Holdings Limited or the Company1Q2026, 1Q26First quarter of FY2026 (1 July to 30 September 2025)
Heartland Bank, HBL, NZ Bank,
NZ Banking
Heartland Bank LimitedFY2026, FY26Financial year ending 30 June 2026 (1 July 2025 to 30 June 2026)
Heartland Bank Australia, AU
Bank, AU banking
Heartland Bank Australia Limited4Q2025, 4Q25Fourth quarter of FY2025 (1 April to 30 June 2025)
LTI schemeLong-term incentive scheme3Q2025, 3Q25Third quarter of FY2025 (1 January to 31 March 2025)
LVRLoan-to-value ratio2H2025Second half of FY2025 (1 January to 30 June 2025)
MTNMedium-term note2Q2025, 2Q25Second quarter of FY2025 (1 October to 31 December 2024)
n.c.No change1Q2025, 1Q25First quarter of FY2025 (1 July to 30 September 2024)
NIINet interest income1H2025, 1H25First half of FY2025 (1 July to 31 December 2024)
NIMNet interest margin1H2026, 1H26First half of FY2026 (1 July to 31 December 2025)
NOINet operating incomeFY2025, FY25Financial year ended 30 June 2025 (1 July 2024 to 30 June 2025)
NPATNet profit after taxFY24Financial year ended 30 June 2024 (1 July 2023 to 30 June 2024)
NPLNon-performing loanFY23Financial year ended 30 June 2023 (1 July 2022 to 30 June 2023)
NPSNet promoter score
Glossary

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

---

Results announcement



Results for announcement to the market
Name of issuer Heartland Group Holdings Limited
Reporting Period 6 months to 31 December 2025
Previous Reporting Period 6 months to 31 December 2024
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$175,330 13.0%
Total Revenue $175,330 13.0%
Net profit/(loss) from
continuing operations
$48,844 1,252.3%
Total net profit/(loss) $48,844 1,252.3%
Interim/Final Dividend
Amount per Quoted Equity
Security
$ 0.03500000
Imputed amount per Quoted
Equity Security
$ 0.01361111
Record Date 06/03/2026
Dividend Payment Date 20/03/2026
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$1.06 $0.99
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Please refer to the financial statements that accompany this
announcement for a further explanation of these figures.
Authority for this announcement
Name of person

authorised
to make this announcement
Andrew Dixson, Chief Executive Officer
Contact person for this
announcement
Nicola Foley, Head of Corporate Communications & Investor
Relations
Contact phone number +64 27 345 6809
Contact email address nicola.foley@heartland.co.nz
Date of release through MAP

26/02/2026

Unaudited financial statements accompany this announcement.

---

Distribution Notice




Section 1: Issuer information
Name of issuer Heartland Group Holdings Limited
Financial product name/description Ordinary shares
NZX ticker code HGH
ISIN (If unknown, check on NZX
website)
NZHGHE0007S9
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly
Half Year X Special
DRP applies X
Record date 06/03/2026
Ex-Date (one business day before the
Record Date)
05/03/2026
Payment date (and allotment date for
DRP)
20/03/2026
Total monies associated with the
distribution
1

$ 32,989,039.53
Source of distribution (for example,
retained earnings)
Retained earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution
2
$ 0.04861111
Gross taxable amount
3
$ 0.04861111
Total cash distribution
4
$ 0.03500000
Excluded amount (applicable to listed
PIEs)
NIL
Supplementary distribution amount $ 0.00617647
Section 3: Imputation credits and Resident Withholding Tax
5

Is the distribution imputed

Fully imputed – YES
Partial imputation
No imputation

1
Continuous issuers should indicate that this is based on the number of units on issue at the date of the form
2
“Gross distribution” is the total cash distribution plus the amount of imputation credits, per financial product, before the deduction of
Resident Withholding Tax (RWT).
3
“Gross taxable amount” is the gross distribution minus any excluded income.
4
“Total cash distribution” is the cash distribution excluding imputation credits, per financial product, before the deduction of RWT.
This should include any excluded amounts, where applicable to listed PIEs.
5
The imputation credits plus the RWT amount is 33% of the gross taxable amount for the purposes of this form. If the distribution is
fully imputed the imputation credits will be 28% of the gross taxable amount with remaining 5% being RWT. This does not constitute
advice as to whether or not RWT needs to be withheld.

If fully or partially imputed, please
state imputation rate as % applied
6

28%
Imputation tax credits per financial
product
$ 0.01361111
Resident Withholding Tax per
financial product
$ 0.00243056
Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
NIL
Start date and end date for
determining market price for DRP
9/03/2026 13/03/2026
Date strike price to be announced (if
not available at this time)
16/03/2026
Specify source of financial products to
be issued under DRP programme
(new issue or to be bought on market)
New issue
DRP strike price per financial product
$
Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms
9/03/2026, 5.00pm NZT
Section 5: Authority for this announcement
Name of person

authorised to make
this announcement
Andrew Dixson, Chief Executive Officer
Contact person for this
announcement
Nicola Foley, Head of Corporate Communications &
Investor Relations
Contact phone number +64 27 345 6809
Contact email address nicola.foley@heartland.co.nz
Date of release through MAP

26/02/2026






6
Calculated as (imputation credits/gross taxable amount) x 100. Fully imputed dividends will be 28% as a % rate applied.

---

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