HUMM GROUP LIMITED — AGM Information 2025

Nov 11, 2025

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12 November 2025

humm Group Limited (ASX: HUM) 2025 Annual General Meeting CEO’s Address

Thank you for the introduction, Chair. Good morning and I would also like to extend the Chair’s welcome to today’s 2025 AGM.

My name is Angelo Demasi, Chief Executive Officer at humm group, and I am pleased to be meeting with you today for my first Annual General Meeting as group CEO following my appointment to the role in May 2025.

Before I recap on the FY25 highlights for humm group, I wanted to share my initial observations of the business. While there are areas to focus and improve upon, the humm group portfolio has a number of leading businesses in their respective markets – we have strong relationships with brokers, merchants and customers and we are well capitalised and diversified across products, geographies and funding sources. Management’s focus over the past 12 months has been on profitable growth, technology transformation, customer experience and deepening key relationships in market.

We have a market leading SME Equipment Finance business operating across Australia and New Zealand. Our business is supported by an established broker network and a customer value proposition, based upon speed to yes and speed to cash settlement, which continues to set us apart from competitors. Our NZ Cards business continues to outperform sector growth demonstrating the strength of our brands and merchant relationships in this market.

In Ireland, our point of sale business is a leader and continues to grow across all key metrics, delivering returns on humm group’s global expansion strategy. Our UK business is growing steadily and is underpinned by strong unit economics, complementing our well established presence in Ireland.

Further time is required to evaluate the Canadian business following the operating model reset in FY25. While the size of the market, regulatory backdrop and unit economics presented by the market offer significant potential, the Board and management will continue to assess the ongoing execution of this strategy.

Continued investment is required in our Consumer businesses in Australia to deliver an enhanced value proposition for both merchants and customers and to provide resilience and efficiency across our technology platforms. The rebuild of our Cards platform will commence in FY26, alongside the immediate focus on refining the end-to-end credit

humm group limited ASX: HUM ACN 122 574 583 Level 1, 121 Harrington St, The Rocks, NSW 2000 Tel.+61-2-8905-2000

process, product platform and optimisation initiatives to improve the performance of the new humm loan product.

FY25 HIGHLIGHTS

humm group delivered a solid set of results for FY25 driven by management’s focus on profitable growth, strong credit performance, technology transformation and cost management.

We increased assets under management over the year by 10% to $5.5b - a record level for the group – alongside a 3% increase in volumes from continuing products totalling $3.9b.

Net interest margin (NIM) was down marginally on FY24 at 5.4%, primarily driven by flexicommercial ’s strategy to target growth in premium assets and growth in loweryielding, better performing verticals in the humm AU business.

The strength of our credit risk management was demonstrated by continued low credit losses of 1.7% of platform originations based on average assets under management, or 1.8% when measured disregarding assets originated and later sold to the forward flow arrangement.

These metrics, with consideration of specific items disclosed through the supplementary information in our FY25 Investor Presentation, rendered a full year refined Cash profit (after tax) of $52.9m.

We also disclosed a new metric, underlying cash flow, which represents cash from operations through the period net of CapEx, which was $41.9m – stable on FY24. We have incorporated this new reporting measure to reflect the underlying cashflow health of the business. The unrestricted cash balance, utilised by the Company for liquidity, working capital and investment purposes, was $125.4m at year end. As mentioned by the Chair, this provides a solid foundation for the year ahead and a capacity to fund unresolved litigation, ASIC engagement and other such costs.

Our diversified and differentiated funding platform was further strengthened with the establishment of the forward flow arrangement with MA Financial during FY25.

Over the course of the financial year we paid a fully franked dividend of 2.00 cents per share, representing a 4.8% return to shareholders.

1Q26 UPDATE

I will now speak briefly on the trends we are seeing over the start of FY26, some of which were covered in our recent 1Q26 update.

While assets under management grew against pcp, up 4.4% at $5.3b, AUM is down on the full year FY25 result. This was the result of lower volumes over the first quarter, impacted by continued softness in the SME market and the launch of the new regulated, consumer loan product in Australia. Pleasingly, group NIM remained steady at 5.4%. Group net loss to average net receivables of 1.9% was up slightly on pcp when measured disregarding assets

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originated and later sold to the forward flow arrangement, or 1.7% taking these assets into account.

Consumer

As mentioned, overall volume performance in Consumer for 1Q26 was impacted by lower than expected volumes from the new, regulated humm loan offering released to market in Australia in June, as the humm “classic” product was placed into runoff. humm loan volumes are expected to remain below last financial year’s levels for the remainder of FY26 which, as we noted in our recent release, is expected to reduce net operating income by approx. $7.8m for the full year against FY25. Importantly, performance of the humm classic portfolio in run-down remains at expectations, with net loss to ANR of 2.3%.

Management is prioritising refinements to the end-to-end credit process and product platform together with targeted optimisation initiatives to boost performance of the humm loan product and we are seeing early positive signs with volume performance improving into 2Q26.

Solid performance across the Point of Sale International business has partially offset the reduction in humm AU volumes. The Irish Point of Sale business continues to perform strongly, with deeper merchant penetration and customer uptake resulting in a 33% increase in volume versus pcp. UK Point of Sale also grew strongly, with volume of $16.3m over the quarter, up 43% against pcp. As noted earlier, management is still assessing the opportunities for the Canadian business as the model is optimised for long-term, sustainable growth with volumes down 54% on pcp.

Our leading New Zealand Cards business outperformed sector growth through the first quarter despite a challenging macro-economic environment, with volumes of $215m up 5% on pcp and steady credit performance with net loss to ANR of 3.4%. The depreciation of the NZD has negatively impacted the earnings of the New Zealand Cards business in AUD terms compared to pcp.

Finally, the Australia Cards business continues to perform well despite the deliberate slowing of new customer acquisition with volumes up 2.5% against pcp over 1Q26 at $118m and strong credit performance with a net loss to ANR ratio of 2.3%. The investment into the Cards technology platform rebuild will commence in 2Q26 and is expected to provide a solid base to generate positive growth momentum for this business.

Commercial

The flexicommercial business continues to demonstrate strength and resilience despite subdued demand in the SME market and increased competitive pricing pressure. Assets under management remain at a record high of $3.3b, up 7.2% on pcp in 1Q26, despite lower volumes and increased early repayments as the interest rate environment evolves.

While volumes were down 13% in1Q26 against pcp, the business slightly improved market share with our established broker network and customer value proposition continuing to provide a competitive advantage. Pleasingly, we have seen positive momentum post first quarter end with our best October on record for volume, applications and approvals in Australia.

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As expected, Commercial losses were elevated over 1Q26 as the portfolio seasons following strong growth and increased losses in the Victorian transport sector. These elevated losses are expected to remain through 1H26 before stabilising over the remainder of the year. We expect FY26 Commercial net loss to ANR to be in line with expectations at between 1.21% to 1.25%.

I’d like to acknowledge the breadth and experience of the flexicommercial credit team who were awarded Credit Team of the Year for the third consecutive year at the recent CAFBA National Broker & Financier Awards. The award reflects the ongoing focus and investment in humm group’s credit processes, people and systems capability that drives our continued differentiation in market.

Costs

hummg roup’s Cost to Income ratio for 1Q26, while materially down on pcp, was higher as against FY25 at 57.8%. This result is primarily due to elevated professional services fees in responding to ASIC enquiries and in connection with the NBIO due diligence and Forum Finance litigation. Costs are expected to remain elevated in 2Q26 with additional legal costs expected to be incurred which, together with elevated net credit losses in the Commercial business, are expected to result in a lower 1H26 Cash profit (after tax) result as compared to 1H25. Management is working to ensure cost controls are effective in managing ongoing operating costs and project spend and prioritisation.

NBIO UPDATE

I would like to acknowledge that TAG has decided to withdraw its bid for humm group. It is important to recognise the efforts of all those involved in the NBIO process, including the humm group team who worked tirelessly in response to the due diligence process while continuing to deliver for our business.

OUTLOOK

As I mentioned earlier, while there are areas to focus and improve upon, the humm group portfolio has a number of leading businesses in their respective markets. These include:

• a leading Commercial Equipment Finance business with strong broker relationships

• a leading non-bank Cards business in New Zealand leveraging a marquee brand and established partner relationships to outperform the sector

• the largest Point of Sale business in Ireland and two other growth opportunities offshore

• a clear technology strategy in Australia to underpin the business’s success.

I am committed to stability and execution of our strategy, and remain focussed on advancing our Company and our people to deliver shareholder value.

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While my tenure as CEO thus far has been understandably impacted by the NBIO, the upcoming period presents an opportunity to refine our strategy with a focus on the next horizon of growth beyond transformation.

I would like to wish you all a safe and happy festive period and I look forward to seeing you in the New Year.

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Authorised for release by the Board of Directors.

Media Contact

Rebecca Emery – Head of Communications communications@humm-group.com +64 27 558 0946

ABOUT HUMM GROUP

humm group is a diversified financial services company that provides easy instalment plans which enable businesses and consumers to make bigger purchases. humm group operates in Australia, New Zealand, Canada, Ireland and the United Kingdom. humm group’s principal activities include the provision of commercial lending in Australia and New Zealand; Point of Sale Payment Plans (humm), Australian Credit Cards (humm®90); and New Zealand Credit Cards (including Farmers Finance Card, Farmers Mastercard®, Q Card, Q Mastercard® and Flight Centre Mastercard®).

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