Investor Report March 25 2 Financials Performance Outlook Contents Portfolio Performance Treasury Performance Origination Performance Executive Summary Market News Investor Report| Executive Summary 3 Portfolio Reaches $4.5b Strongest Q3 origination performance on record (driven by broker expansion) and a significant growth in floorplan bailment drove the portfolio to $4.5b. NIM Increases Origination and Portfolio NIM rose on PCP, following easing swap costs and improved warehouse margins. Arrears up, but losses fall Arrears were up 12bps on PCP, impacted by cost - of - living factors and increased staff turnover. Average last 12 - month losses fell for 3 rd quarter in a row. Underlying operating earnings up YoY. Proforma NPAT for the quarter was - $3.2m, but this was impacted by the strategic investment in new channels (Broker/Novated), with underlying operating earnings improving 28% YoY. Investor Report| Q3 FY25 Highlights 4 * Quarterly Proforma NPAT = NPAT adjusted for general provisions, depreciation and subordinated Holdco debt interest expense. ** Overall Portfolio NIM (including Wholesale) equals 3.82% as at Mar - 25. Note that Portfolio NIM excludes the impact of subvent ion (page 4 footnote explains impact of subvention) ` Note that PCP refers to quarter end ed 31 Mar 2024 Originations YTD FY25 $ 1.4b Up 16% on PCP Total Portfolio $ 4.49b Up 28 % on PCP Originations Q3 FY25 $ 482m Up 18 % on PCP Term Funding FY25 $0.6b Up 20% on PCP Origination NIM retail 4.22 % Up 10bps on PCP Arrears (>30 days) 1.44% Up 0.12% on PCP Losses retail 12 - mths 0.76 % Up 0.10 % on PCP Proforma NPAT* - $3.2m Down 143% on PCP Headcount FTE 345 Up 17 % on PCP Active Accounts 114,275 Up 29 % on PCP Retail Portfolio NIM** 4.36 % Up 40 bps on PCP Warehouse Capacity*** $0.5b Down 3% on PCP *** Warehouse capacity excludes current RFP – refer to page 7, Treasury performance, for details Cash rate/Inflation** • Annual CPI for Q3 FY25 was consistent with the prior quarter with an annual rate of 2.4%. However, on a quarterly basis, the rate rose unexpectedly by 0.9% QoQ, with housing, education and food and non - alcoholic beverages driving the increase. • The 3 - year swap rates traded in a 37bps range in the quarter, peaking at 4.02% in Jan - 25, before falling back to 3.65% at the end of Mar - 25. Rates have fallen further during April (approx. 3.2% as of 30 th April) as Trump’s tariffs and their impact on the global economy, have signaled a potential for further rate cuts. Quarterly new car sales fell 3% compared to PCP, as delays at ports in Jan - 25, and a continued slump in new EVs, impacted sales. The RBA dropped the cash rate 25bps, with trade - war induced volatility suggesting the possibility of further cuts to come in CY25. CPI target range 5 Investor Report| Market News *From Article “Australia New car sales March 2025” Drive 3/4/2025 Auto Market* • Quarterly new car sales fell 3% on PCP, impacted by port strikes in Jan - 25 and sluggish EV sales (down 20% on PCP in Mar - 25). Although supply of EVs is increasing, demand post early adopters is weak. • Plug - in hybrid vehicles surged towards the end of the quarter as customers tried to take delivery of vehicles ahead of the removal of tax exemptions. ** Inflation data from ABS CPI release 30 th April 2025 6 Significant growth in Broker originations resulted in the strongest Q3 on record. Written rates fell marginally, but improved debt margins and falling swap costs led to an increase in Origination NIM. Originations Growth • Allied experienced the second largest quarter for originations on record (and the strongest Q3) as our Broker channel originations grew 89% QoQ. Against PCP, overall originations were up 16%. • The Broker channel benefited from the onboarding of 7 new aggregators and 930 brokers by the end of the quarter, as originations for Q3 FY25 reached $60m. • Dealer originations were up 3% v PCP with additional floorplan dealers added towards the end of the quarter. The company anticipates that this will drive additional retail volume into Q4 FY25 and beyond. • Note: Originations from our new Novated platform commenced in early Q4 FY25 in pilot form. Monthly originations Origination NIM Net of Commissions • NIM Net of commissions rose 10bps on prior quarter and in line with PCP as the Company used reduced funding costs to target increased originations through lower customer rates. • Improved swap rates and warehouse debt margins led to the cost of funds falling 42bps on prior year and 23bps on Q2 FY25. * Customer rate includes subven tion. Note that subvention occurs where the customer rate difference between the standard appl ica ble rate and campa ig n rate is paid for by the O EM. This is positive for the Company as a mate rial portion of inte rest is paid up front, the deals are of higher quality, an d it aids engagement with dealers. Additiona lly , subvention campa ig ns are generally run with zer o or very low commission. Investor Report| Origination Performance Q3 FY25 Q2 FY25 Customer Rate* 10.17% 10.35% Swap -3.88% -3.93% Debt Margin -2.07% -2.25% NIM 4.22% 4.16% Commission -1.73% -1.77% NIM Net of Comms 2.49% 2.39% Total portfolio increased to $4.5b, with Retail up 32% against PCP. Floorplan increased 15% as additional floorplan dealer relationships were added. Portfolio • The portfolio rose 8% QoQ and 28% on prior year to $4.5b. • The retail portfolio rose 6% QoQ and 32% v PCP to $3.5b. This growth was primarily due to an acceleration in Broker related originations as that channel expanded its aggregator/broker base. • The Wholesale/floorplan portfolio also increased significantly, up 15% on Dec - 24 and 17% on PCP (to $1.0b), as additional bailment dealers were added. This growth leveraged the funding benefits secured in the recent warehouse refinancing to offer more attractive terms to dealers. • Retail Portfolio NIM rose 17bps in the quarter (and up 40bps v PCP) as improved funding rates and swap costs drove margins higher. Retail portfolio NIM also benefited from the Broker segment which attracts higher yields but also incurs higher commission rates. Arrears/Loss performance • Arrears remain below our upper target band (but rose 12bps on PCP), but increased through a combination of seasonality, increased cost of living pressures and some increased staff turnover impacting outbound call completion. Staff levels are starting to normalise and as a result, arrears are expected to fall in coming months. • Last 12 months losses fell for the 3rd quarter in a row, down to 0.76% from 0.79% in Q2 FY25. Losses are up 10bps on PCP but within the expected industry range. Portfolio Arrears Losses (last 12 - month ave rage) 7 Investor Report| Portfolio Performance 8 The Company continues to deliver on our stated treasury goals from the end of 2024, with Allied matching or exceeding its peer's performance in the funding market. Private Placement Completed • The Company successfully completed a private placement transaction in Apr - 25, with margins down materially (~40bps ) on the previous securitisation (ABS 2024 - 2). The Company was also able to release $5.7m of equity as CE fell to 20bps from 270bps in ABS2024 - 2. Warehouse Refinancing • The Company launched an RFP to establish a new $750m warehouse facility. The RFP was issued to 16 potential financiers - 9 senior, 7 (mezz). Even in the current dislocated market, we were able to secure improved margins and equity outcomes. Senior financing was 5bps lower than 2025 - 1P and mezz WA margin (inclusive of 100% equity financing) improved 275bps. Securitisation performance • As at the end of Mar - 25, the Company had 5 active securitisations, totaling $1.70b, representing approx. 50% of the retail funding pool. NB this is exclusive of the $700m 2025 - 1P which settled on 3 April 2025, which brings the total to 66% of the retail funding pool. All Active securitisation deals are performing well. Cash • Cash balance decreased by $23m QoQ, primarily due to strategic investments, investment in portfolio growth and timing of tax payments, while maintaining liquidity for future growth. Q4 FY25 Focus • Further improve funding efficiency by extending and resizing key retail warehouses. • Establish new warehouse (approx. limit $750m). • Engage UK/European/Japanese NDRSs ahead of 2025 - 2. • Secure commitments for financing for potential acquisition. Warehouses 8 facilities 13 funders (including 4 major banks, 9 mezz lenders) Warehouse limits $3.21b Current unutilised capacity $0.50b Securitisations^ 6 public issuances 1 private placement Total Issuance $3.05b Total outstanding $1.70b Investor Report| Treasury Performance ^Exclusive of 2025 - 1P ($700m) The Company’s YTD Net portfolio income after commissions increased 33% vs PCP. Proforma NPAT loss increased compared to PCP, driven by Non - Operating costs related to developing the Broker and Novated origination channels. • YTD Net portfolio income after commissions rose 33% v PCP, as strong origination growth pushed the portfolio to $4.5b. Portfolio NIM also grew during the quarter as the portfolio benefited from lower funding costs. • Service income from Joint ventures is down on PCP primarily due to the transfer of one of our joint ventures to 100% owned. • Earnings before tax on Operating Business improved 28% on PCP, with losses well controlled. FTE rose 17% in the year (to 345), supporting a portfolio growth of 28% and the launch of new origination channels. Note that FTE was marginally down on last quarter (Dec - 24: 346). • YTD subordinated HoldCo interest costs were $19m, up from $10m in the prior year, with the HoldCo balance increasing from $132m to $190m in the last twelve months. • YTD Non - Operating expenses (1) were $6m, primarily driven by development costs related to the new origination channels (Novated $4.4m, Broker $0.5m). • NPAT losses increased by 53% against PCP, mainly due to the increase in Holdco interest and the non - operating expenses. • YTD Proforma NPAT (2) loss increased by $2.7m v PCP to $7.7m. (2) Pro - forma NPAT = NPAT adjusted for general provisions, depreciation and Subordinated Holdco debt interest expense 9 Investor Report| Financials Performance (1) Non - Operating Expenses include setup and one - off costs in relation to channel development for Broker and Novated channels, a s well associated Cyber Security costs 10 Our strategy of diversification of origination channels is paying dividends with the highly successful launch of our Broker channel (which already accounts for ~20% of monthly origination). Following an initial pilot phase, we will be launching our novated product to the market in mid 2025. We are actively monitoring global and local geopolitical conditions, along with ongoing market volatility. While uncertainty remains, our strong fundamentals and funding platform, positions us for continued growth at attractive margins. Key initiatives • Launch our new Isuzu Ute joint venture in Q4 of FY25 • Target new floorplan dealers to grow our wholesale portfolio, drive growth in Dealer originations, and offset the loss of our Ford white label relationship which ends during Q4 FY25. • Continue to sign on new aggregators and accredit their brokers – this is a key area of focus and market feedback on our product and service proposition has been excellent. • Improve our Broker channel offering with new product enhancements (project scoping underway) • Complete the soft launch of the Novated Lease product in the period to June 25, before full release into the market. • Continue to strengthen and scale our technology capability to underpin delivery across key growth initiatives — with a focus on stability, efficiency, and execution – supporting product delivery, scalable operations, and accelerated growth across our channels. Investor Report| Outlook DECEMBER 2024 Contacts JON MOODIE CHIEF EXECUTIVE OFFICER +61 424 504 658 JMOODIE@ALLIEDCREDIT.NET.AU MATT DEVINE CHIEF FINANCIAL OFFICER +61 451 454 144 MDEVINE@ALLIEDCREDIT.NET.AU