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2025 Full Y ear Results Investor presentation 25 February 2026Accelerating financial wellbeing through home ownership For personal use only
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This presentation contains general information in summary form which is current as at 31 December 2025. It may present financial information on both a statutory basis (prepared in accordance with Australian accounting standards which comply with International Financial Reporting Standards (IFRS)) and non-IFRS basis. The information in this presentation has not been externally audited or reviewed. However, the following information has been extracted from Helia’s 2025 financial report, which was externally audited by the independent auditor of Helia: • financial information from the consolidated statement of comprehensive income for FY25 and comparative information for FY24; and • financial information from the consolidated statement of financial position as at 31 December 2025 and as at 31 December 2024. This presentation is not a recommendation or advice in relation to Helia or any product or service offered by Helia’s subsidiaries. It is not intended to be relied upon as advice to investors or potential investors and does not contain all information relevant or necessary for an investment decision. It should be read in conjunction with Helia’s other periodic and continuous disclosure announcements filed with the Australian Securities Exchange (ASX). These are also available at helia.com.au. No representation or warranty, express or implied, is made as to the accuracy, adequacy or reliability of any statements, estimates, opinions or other information contained in this presentation. To the maximum extent permitted by law, Helia, its subsidiaries and their respective directors, officers, employees and agents disclaim all liability and responsibility for any direct or indirect loss or damage which may be suffered by any recipient through use of or reliance on anything contained in or omitted from this presentation. No recommendation is made as to how investors should make an investment decision. Investors must rely on their own examination of Helia, including the merits and risks involved. Investors should consult with their own professional advisors in connection with any decision to apply for, acquire, hold or dispose of securities. To the extent that certain statements contained in this presentation may constitute ‘forward-looking statements’ or statements about future matters, those statements reflect Helia’s intent, belief or expectation as at the date of this presentation. Helia gives no undertaking to update such statements over time (subject to legal or regulatory requirements). Forward-looking statements are statements of opinion or belief, not fact. They may typically be identified by words or phrases such as: “anticipate”, “believe”, “could”, “estimate”, “expect”, “forecast”, “guidance”, “intend”, “may”, “outlook”, “should”, “target”, “will”, or “would”. Any forward-looking statements, including projections, prospective financial information, or guidance on future revenues, earnings or other estimates, are provided as a general guide only and should not be relied upon as an indication or guarantee of future performance. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Helia’s actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. Any forward-looking statements, opinions and estimates in this presentation are based on assumptions and contingencies which are subject to change without notice, as are statements about market and industry trends, which are based on interpretations of current market conditions. Neither Helia, nor any other person, gives any representation, assurance or guarantee the occurrence of the events expressed or implied in any forward-looking statements in this presentation. Past performance is no guarantee or indication of future performance. This presentation does not constitute an offer to issue or sell securities or other financial products in any jurisdiction. The distribution of this presentation outside Australia may be restricted by law. Any recipient of this presentation outside Australia must seek advice on and observe any such restrictions. This presentation may not be reproduced or published, in whole or in part, for any purpose without the prior written permission of Helia. Local currencies have been used where possible. Prevailing exchange rates have been used to convert foreign currency amounts into Australian dollars, where appropriate. Helia has a financial year-end of 31 December. All references starting with “FY” refer to the financial year ended 31 December. All references starting with “1H” or “2H” refer to the half year ended 30 June or 31 December, respectively. Helia Group Limited ABN 72 154 890 730 (Helia). Disclaimer 2 © Helia Group Limited. All rights reserved. For personal use only
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Agenda 3 1 2 3 4 5 FY25 Overview FY25 Financial results Outlook Supplementary information Glossary 4 14 32 37 48 For personal use only
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FY25 Overview Michael Cant Interim Chief Executive Officer For personal use only
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29 31 32 30 53 94 FY23 FY24 FY25 Ordinary Special 84 59 126 21.1 19.9 23.5 FY23 FY24 FY25 247.7 220.9 247.0 FY23 FY24 FY25 FY25 key financial measures 5 3.76 3.93 3.71 1.56 1.65 1.77 FY23 FY24 FY25 Net tangible assets Contractual service margin 5.58 5.485.32 1. Underlying NPAT excludes FX, unrealised gains / (losses) on the shareholder funds after tax. Reconciliation to Statutory NPAT on slide 45. 2. Final ordinary and special dividends of 83cps have been declared and are payable on 26 March 2026 to shareholders registered as at 11 March 2026. 3. CSM is net of 30% tax. 76.3 76.1 89.9 FY23 FY24 FY25 275.1 231.5 244.9 FY23 FY24 FY25 2025 Full Year Results Statutory NPAT ($m) Underlying NPAT 1 ($m) Underlying diluted EPS (cps) Dividend per share2 (cps) Underlying ROE (%) NTA and net CSM per share3 ($) For personal use only
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0% 1% 2% 3% 4% 5% 6% 7% Dec-22 Dec-23 Dec-24 Dec-25 RBA Target Cash Rate Outstanding; Owner-occupied lending rates New loans; Owner-occupied lending rates Economic environment 2025 Full Year Results 6 • Unemployment rate up 10bps in FY25 to 4.1%1 • Hours worked, participation rate and wage growth supportive for mortgage serviceability • National home dwelling values up 8.6%2 in FY25 • Rising dwelling values provide a helpful equity buffer for borrowers • RBA cash rate target down 75bps in FY25 to 3.60% 3 • Cost of living pressures driven by inflation and higher interest rates remain a challenge 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% Dec-22 Dec-23 Dec-24 Dec-25 Unemployment rate Underemployment rate 90 95 100 105 110 115 120 125 130 Dec-22 Dec-23 Dec-24 Dec-25 Combined capitals Combined regionals National 1. ABS Labour Force, Australia seasonally adjusted December 2025. 2. Cotality Home Value Index 2 January 2026. 3. RBA Monetary Policy Decision, December 2025. The cash rate target was increased by 25bps to 3.85% at the February 2026 meeting. Interest ratesLabour market Dwelling values For personal use only
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Credit quality 2025 Full Year Results 7 0.0% 0.2% 0.4% 0.6% 0.8% Dec-22 Jun-23 Dec-23 Jun-24 Dec-24 Jun-25 Dec-25 APRA, quarterly authorised deposit taking institution statistics S&P RMBS Spin Index Report Industry 90+ day arrears • Industry arrears improved in 2H25 • Helia’s closing delinquencies were down 15% on pcp reflecting lower new delinquencies and higher cure rates • Negative equity across the portfolio was 0.5% and is 4.6% for policies that are delinquent Helia delinquency number and rate 1. From FY25 policy counting methodology was updated to a single policy view. Under this approach an original policy and any additional funds borrowed are counted together as one policy, reflecting a single risk. More detail is provided on slide 20. 4,569 4,532 5,083 4,309 0.61% 0.69% 0.84% 0.79% -0.80% -0.60% -0.40% -0.20% 0.00% 0.20% 0.40% 0.60% 0.80% 1.00% 0 1,000 2,000 3,000 4,000 5,000 6,000 FY22 FY23 FY24 FY25 Closing delinquencies Delinquency rate (single-policy view, excl indemnity)1 For personal use only
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Market growth 2025 Full Year Results 8 HLVR market categories ($bn)1 • LMI industry lending flat despite 23% rise in HLVR market • Lender self-insurance (including waivers) reflects mortgage market competition and the benign credit environment • Changes to the Government’s 5% deposit scheme commenced on 1 October 2025 Government Guarantees issued2 (n) 0 20 40 60 80 100 120 Jun-23 Jun-24 Jun-25 LMI Industry Lending Other HLVR Government Guarantees Source: APRA, Government, Company estimates. 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 Jun-23 Jun-24 Jun-25 Jun-26 Issued Guarantees left Capped at 50,000 Source: Home Guarantee Scheme – Trends and Insights Report. 1. High Loan to Value Ratio (HLVR) lending is defined as lending above 80% of the underlying security value. 2. Jun 25/26 Parliamentary Budget Office estimate of places under the new proposed HGS is sourced from 2025 Election Commitments Report. For personal use only
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FY25 key areas of focus 9 2025 Full Year Results Capital managementNew business Cost management • Re-affirmed commitment to LMI market • Enhanced customer value proposition • Renewed 5 exclusive customers • Increased automation of operational processes • Adoption and rollout of enterprise AI • $15m reduction in recurring cost base • Financial strength with PCA of 2.03x • Returning excess capital through buybacks and special dividends • Flexibility in capital mix through greater use of Tier 2 debt and reinsurance For personal use only
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33% 38% 44% 568 512 FY23 FY24 FY25A Helia GWP Other industry GWP New business 2025 Full Year Results 10 LMI industry GWP ($m) and Helia market share (%) • LMI industry GWP was up 5% in the 9 months to September on pcp, with Helia increasing share • No new business with CBA from 31 January 2026 • First Home Buyers represented ~27% of Helia’s FY25 GWP 1. FY25 LMI industry GWP of $532m is annualised based on the 9 month Sept 2025 GWP of $399m 2. Other includes Bulk, Monthly Premium and Quota Share. Excludes Premium Refunds. Total may not sum due to rounding. Source: APRA, quarterly authorised deposit-taking institution statistics. 44% 20% 15% 11% 10% 1% CBA ING Non-majors Non-banks COBs Other Helia FY25 GWP by source and customer type2 1 532 For personal use only
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Closing FTE employees (n) Cost management 2025 Full Year Results 11 Expenditure incurred1 ($m) • Expenditure incurred was down 14% on pcp, with run rate continuing to fall • Employee expenses accounted for 51% of FY25 expenditure incurred and closing headcount was down 17% on pcp • Reductions in acquisition expenses will flow into operating expenses2 over time 128.9 132.7 114.1 FY23 FY24 FY25 210 204 170 FY23 FY24 FY25 1. Expenditure incurred is reported on an accrual basis and includes both cash and non-cash charges (e.g. depreciation, amortisation, and share-based payment expenses) recognised when incurred. 2. Operating expenses are the sum of T otal insurance expense plus Other operating expenses. A reconciliation between expenditure incurred and total expenses is on slide 46. For personal use only
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Capital management 2025 Full Year Results 12 Dividend per share (cps) Dividends and buy-backs ($m) • FY25 fully franked ordinary dividends of 32cps and partially franked special dividends of 94cps1 • FY25 dividends are comprised of a 100% payout of Statutory NPAT and a reduction of approximately $100 million in the capital base • There was no buy-back activity in 2H25 and the buy-back expired on 31/12/25 29 31 32 30 53 94 FY23 FY24 FY25 Ordinary Special 1. FY25 interim special dividend of 27cps unfranked, FY25 final special dividend of 67cps franked to 87%. Note: dividends declared in respect of the relevant period and buy-backs executed in the relevant period. FY23 FY24 FY25 Ordinary Special Buy-back 335.6 344.5 343.5 59 84 126 For personal use only
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Wrap up 13 2025 Full Year Results Sharpened focus with progress made in H2 25 Strong financial performance Substantial capital returned to shareholders For personal use only
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FY25 Financial results Craig Ward Interim Chief Financial Officer For personal use only
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Income statement 15 2025 Full Year Results ($m) 1H24 2H24 FY24 1H25 2H25 FY25 FY25 v FY24 (%) Insurance revenue 194.8 194.4 389.2 182.2 189.3 371.5 (4.5) Insurance service expense (41.7) (31.2) (72.9) (25.2) (17.0) (42.2) (42.1) Net expense from reinsurance contracts (11.9) (12.5) (24.4) (6.1) (7.5) (13.6) (44.3) Insurance service result 141.2 150.7 291.9 150.9 164.8 315.7 8.2 Net investment revenue1 41.3 99.7 141.0 103.0 13.4 116.4 (17.4) Net finance expense from insurance and reinsurance contracts (24.6) (40.8) (65.4) (42.8) (10.0) (52.8) (19.3) Net financial result 16.7 58.9 75.6 60.2 3.4 63.6 (15.8) Other operating expenses (8.4) (7.2) (15.6) (8.0) (6.9) (14.9) (4.2) Financing costs (9.3) (9.5) (18.8) (9.2) (0.2) (9.4) (49.9) Share of loss of equity-accounted investees, net of tax (1.9) (1.4) (3.3) (1.6) (2.8) (4.4) 33.8 Profit before income tax 138.3 191.5 329.8 192.3 158.3 350.6 6.3 Income tax expense (41.3) (57.0) (98.3) (58.6) (47.1) (105.7) 7.6 Statutory net profit after tax 97.0 134.5 231.5 133.7 111.2 244.9 5.8 Underlying net profit after tax 106.5 114.4 220.9 126.1 120.9 247.0 11.8 Statutory diluted EPS (cps) 32.6 47.3 79.7 48.7 40.5 89.2 11.9 Underlying diluted EPS (cps) 35.8 40.3 76.1 46.0 43.9 89.9 18.2 1. Investment revenue net of investment expenses. • Insurance revenue was down on pcp due to lower GWP in recent book years • Insurance service expense down on pcp due to higher benefit from negative total incurred claims • Net investment revenue down on pcp due to lower realised and unrealised gains and a smaller investment portfolio • Statutory NPAT lower than Underlying NPAT due to unrealised losses in shareholder funds For personal use only
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Gross written premium 2025 Full Year Results 16 GWP walk ($m)GWP ($m) 195.6 240.033.3 13.5 (2.4) 2024 Volume Rate & Mix Bulk 2025 • GWP up 23% on pcp due to higher market share and increased lending volumes • Volume growth also benefitted from new market segments • Investors contributed to rate and mix as more FHB use Government’s 5% deposit scheme instead of LMI 185.2 195.6 240.0 FY23 FY24 FY25 For personal use only
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($m) 1H24 2H24 FY24 1H25 2H25 FY25 Expected insurance service expenses incurred 75.4 74.0 149.4 63.7 62.3 126.0 Risk adjustment recognised in revenue 20.0 19.6 39.6 15.6 15.5 31.1 Premium experience variations (6.5) (3.7) (10.2) (0.8) (2.3) (3.1) CSM recognised in profit or loss 74.4 75.7 150.1 74.3 85.2 159.5 Share of premium for acquisition costs 31.5 28.8 60.3 29.4 28.6 58.0 Total insurance revenue 194.8 194.4 389.2 182.2 189.3 371.5 Insurance revenue 17 2025 Full Year Results Illustrative profile of insurance revenue recognition 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 Years • Insurance revenue down 5% on pcp due to lower GWP in recent book years • CSM recognised up 6% due to a higher CSM balance • The impact of changes in GWP are reflected progressively in insurance revenue For personal use only
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Insurance service expense 18 ($m) 1H24 2H24 FY24 1H25 2H25 FY25 Incurred claims from current period 35.7 17.1 52.8 24.9 10.9 35.8 Changes to liabilities for prior incurred claims (45.6) (44.4) (90.0) (51.9) (47.3) (99.2) T otal incurred claims (9.9) (27.3) (37.2) (27.0) (36.4) (63.4) Insurance expenses 27.2 31.6 58.8 26.0 25.4 51.5 Amortisation of insurance acquisition cash flows 31.5 28.8 60.3 29.4 28.6 58.0 T otal insurance expense 58.7 60.4 119.1 55.4 54.0 109.5 Onerous contract losses / (reversals) (7.1) (1.9) (9.0) (3.2) (0.6) (3.9) Insurance service expense 41.7 31.2 72.9 25.2 17.0 42.2 2025 Full Year Results Ratios1 1. For calculation refer to glossary. (% insurance revenue) 1H24 2H24 FY24 1H25 2H25 FY25 Total incurred claims (5.1) (14.0) (9.5) (14.8) (19.2) (17.0) Total insurance expense 30.2 31.1 30.6 30.4 28.5 29.5 • Incurred claims from current period lower than pcp due to favourable claims experience • Changes to liabilities for prior incurred claims includes some changes to the reserving basis • Onerous contract reversals reflect improved profitability on older cohorts with a loss component For personal use only
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Claims paid 2025 Full Year Results 19 • Number of claims paid down 30% on pcp • Number of mortgages in possession (MIPs) down 6% on pcp • Average claims paid can be volatile given the low number of claims paid Claims paid ($m unless otherwise stated) 1H24 2H24 FY24 1H25 2H25 FY25 Number of claims paid 92 74 166 60 57 117 Number of MIPs 175 160 160 161 150 150 Average paid claim exc. CHE ($’000) 79.7 68.1 74.5 70.6 93.5 81.8 Claims handling expenses 2.2 2.5 4.8 2.9 2.4 5.3 Net claims paid 9.6 7.6 17.1 7.1 7.7 14.8 Mortgages in possession and Claims paid (n) 199 160 150 240 166 117 FY23 FY24 FY25 Mortgages in possession (MIPs) Claims paid For personal use only
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Delinquencies 2025 Full Year Results 20 New and Closing delinquencies (n) 0.52% 0.63% 0.60% 0.69% 0.84% 0.79% -0.05% 0.05% 0.15% 0.25% 0.35% 0.45% 0.55% 0.65% 0.75% 0.85% 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 9,000 FY23 FY24 FY25 Delinquency rate (multi-policy view) Delinquency rate (single-policy view, excl indemnity) • New delinquencies down 14% on pcp due to strong employment conditions and interest rate reductions • Victoria continues to see rising delinquency rates with improvements in New South Wales, Queensland and Western Australia • From FY25, policy count uses a single policy view where an original policy and any additional funds borrowed are counted together as one policy Delinquency rates1 6,151 7,203 6,204 4,532 5,083 4,309 FY23 FY24 FY25 New delinquencies Closing delinquencies 1. Reconciliation between single policy and multi-policy on slide 41. For personal use only
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Incurred claims 21 2025 Full Year Results ($m) 1H24 2H24 FY24 1H25 2H25 FY25 Incurred Claims from Current Period (A) 35.7 17.1 52.8 24.9 10.9 35.8 Impact of experience for the period (26.4) (30.7) (57.1) (33.5) (37.0) (70.5) Basis Changes (19.2) (13.7) (32.9) (18.4) (10.3) (28.7) Changes to liabilities for prior incurred claims (B) (45.6) (44.4) (90.0) (51.9) (47.3) (99.2) T otal Incurred Claims (A+B) (9.9) (27.3) (37.2) (27.0) (36.4) (63.4) 42% 38% 44% 33% 40% 59% 27% 16% 21% 30% 32% 41% 41% 76% -2% -7% -16% -10% -17% FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 Average 26% Incurred claims 2024 - 2025 Helia gross loss ratio 2007 - 20251 • Impact of experience benefit driven by stable cancellations and cure rates, dwelling value appreciation and property sales with no claim • Prior incurred claims also benefitted from changes to the reserving basis • Gross loss ratio remains well below historical levels and through the cycle average 1. Gross loss ratio is calculated as Total incurred claims / Gross earned premium under AASB1023 from FY07-FY22 and Total incurred claims / Insurance revenue under AASB 17 from FY23-FY25. For personal use only
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Expense movements and composition 2025 Full Year Results 22 Income statement view ($m) FY25 expenditure incurred mix ($m)1 1. Expenditure incurred is reported on an accrual basis and includes both cash and non-cash charges (e.g. depreciation, amortisation, and share-based payment expenses) recognised when incurred. A reconciliation between expenditure incurred and total expenses is on slide 45. • FY25 income statement expenses down 8% on pcp • $15m reduction in recurring expenses will be reflected in operating expenses over time due to the amortisation of prior year acquisition costs • Expenditure incurred is expected to fall in response to loss of CBA contract and lower headcount 134.7 124.3 114.1 (7.4) (2.3) (0.7) (10.2) FY24 Total Expenses Insurance expenses Acquisition Amortisation Other Operating Expenses FY25 Total Expenses Adjustments FY25 Expenditure incurred 58.2 10.3 2.8 42.8 Employee expenses IT expenses Property expense Other including customer acquisition expenses Acquisition cost amortisation For personal use only
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Net investment revenue 2025 Full Year Results 23 1. Net running yield per annum is as at the final day of the reporting period. 2. Yield curve from Bloomberg is based on Australian Government bond yields. Net investment revenue ($m) 1H24 2H24 FY24 1H25 2H25 FY25 Interest and dividend / distribution revenue 60.7 56.1 116.8 50.5 52.0 102.5 Realised and unrealised gains / (losses) (18.2) 44.9 26.7 53.9 (37.2) 16.7 Investment revenue 42.5 101.0 143.5 104.4 14.8 119.2 Investment expense (1.2) (1.3) (2.5) (1.4) (1.4) (2.8) Net investment revenue 41.3 99.7 141.0 103.0 13.4 116.4 Net investment revenue on technical funds 6.0 27.2 33.2 32.1 (3.5) 28.6 Net investment revenue on shareholder funds 35.3 72.5 107.8 70.9 16.9 87.8 Net investment return per annum 2.9% 7.1% 4.9% 7.3% 1.0% 4.4% Net running yield per annum 1 4.7% 4.3% 4.3% 3.8% 4.3% 4.3% Yield curve2 (%) 2.50 2.75 3.00 3.25 3.50 3.75 4.00 4.25 4.50 4.75 5.00 1Y 2Y 3Y 5Y 10Y Dec 24 June 25 Dec 25 • Net investment revenue was down 17% on pcp due to smaller investment portfolio and unrealised losses in 2H25 • Realised and unrealised gains in 1H25 were largely offset by unrealised losses in 2H25 due to rising bond rates • The net running yield p.a. was flat on pcp benefitting from higher bond rates in 2H25 For personal use only
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Net insurance finance expense 2025 Full Year Results 24 Interest rate sensitivity analysis ($m) 1H24 2H24 FY24 1H25 2H25 FY25 Interest accreted to liabilities (31.9) (32.5) (64.4) (28.3) (28.9) (57.2) Changes in interest rates 7.2 (8.6) (1.4) (14.3) 18.4 4.1 Insurance finance expense (24.7) (41.1) (65.8) (42.6) (10.5) (53.1) Reinsurance finance income 0.1 0.3 0.4 (0.2) 0.5 0.3 Net finance expense from insurance and reinsurance contracts (24.6) (40.8) (65.4) (42.8) (10.0) (52.8) Change in discount rate Impact on Income Statement before tax ($m) Financial assets1 Liabilities Net +1.0% (66.4) 30.4 (36.0) -1.0% 66.4 (31.9) 34.5 1. Interest bearing assets and derivatives. • 2H25 changes in interest rates reflect higher discount rates which decrease the value of insurance liabilities • T echnical assets and insurance liabilities are closely matched • The net impact of interest rate sensitivity mainly related to movements in shareholder funds For personal use only
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Balance Sheet 25 ($m) 31 Dec 24 30 Jun 25 31 Dec 25 Assets Cash 112.4 267.9 45.7 Investment income receivable 24.6 20.2 25.0 Investments (including derivatives) 2,721.2 2,514.5 2,410.7 Equity-accounted investees 15.7 14.1 11.4 Deferred tax assets (DTA) 19.3 16.3 16.1 Goodwill 9.1 9.1 9.1 Other assets 35.3 28.6 21.8 T otal assets 2,937.6 2,870.7 2,539.8 Liabilities Liability for remaining coverage 1 1,296.3 1,257.7 1,221.1 Liability for incurred claims 266.8 240.7 198.2 Insurance and reinsurance contract liabilities 1,563.1 1,498.4 1,419.3 Other payables 96.4 151.7 93.9 Employee benefits provision 8.0 8.7 7.6 Interest bearing financial liabilities 189.7 190.0 - T otal liabilities 1,857.2 1,848.8 1,520.8 Net assets 1,080.4 1,021.9 1,019.0 Book value per share 3.97 3.75 3.74 Net tangible assets per share 3.93 3.72 3.71 2025 Full Year Results 1. From 2025, assets for insurance acquisition cash flows (AIACF) is included as part of other assets in the Balance Sheet. Accordingly, comparatives are adjusted to improve comparability of information. The balance includes both the insurance and reinsurance liability for remaining coverage. • Cash and investments were down 12% on 1H25 reflecting dividend payments and Tier 2 debt redemption • Insurance contract liabilities fell 5% on 1H25 due to: • Lower LRC from the runoff of the back book exceeding new business • Lower LIC due to good experience and changes in the reserving basis • Interest bearing financial liabilities of $190m in Tier 2 notes were redeemed on 3 July 2025 For personal use only
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2025 Full Year Results Cash and investments ($m) 31 Dec 24 % 30 Jun 25 % 31 Dec 25 % Commonwealth1 343.1 36.9 364.9 42.8 147.7 20.6 State Gov't 298.4 32.1 211.6 24.8 77.1 10.8 Corporate / other 269.5 29.0 271.3 31.8 490.6 68.5 Cash & cash equivalent 18.6 2.0 5.4 0.6 0.5 0.1 Technical funds 929.6 100.0 853.3 100.0 715.9 100.0 Corporate / other 1,424.0 74.8 1,444.5 74.9 1,466.3 84.2 Cash & cash equivalent 93.8 4.9 262.5 13.6 45.3 2.6 Equities2 175.2 9.2 7.7 0.4 7.7 0.4 Unlisted infrastructure 210.0 11.0 212.0 11.0 212.0 12.2 Derivatives 1.0 0.1 2.5 0.1 9.3 0.5 Shareholder funds 1,904.0 100.0 1,929.2 100.0 1,740.6 100.0 T otal cash and investments 2,833.6 100.0 2,782.4 100.0 2,456.5 100.0 1. Includes bonds with an explicit guarantee from the Commonwealth. 2. Includes Tiimely investment. 3. Ratings are the lower equivalent rating of either Standard & Poor’s or Moody’s using the methodology set out in APRA’s prudential standard GPS 001. 4. Duration excludes equities and unlisted infrastructure but includes the effect of derivatives. 24% 22% 24% 19% 2% 9% Yr 0-1 Yr 1-3 Yr 3-5 Yr 5-10 Over 10 Unlisted infrastructure 11% 30% 28% 22% 9% AAA AA A BBB Unlisted infrastructure Portfolio by rating3 Portfolio by maturity T echnical funds • Investments reallocated from government bonds to investment grade credit in 2H25 • Average duration 3.8 years4 • Duration closely matches expected insurance liabilities Shareholder funds • Externally managed equities portfolio sold in 1H25 • Average duration 2.6 years4 • Higher risk / return profile compared to technical funds 26 For personal use only
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Insurance and reinsurance contract liabilities 2025 Full Year Results 27 ($m) 31 Dec 24 30 Jun 25 31 Dec 25 PV future cashflows 522.2 497.6 421.2 Risk adjustment 125.3 120.9 106.0 Contractual service margin (CSM) 642.7 635.9 690.3 Liability for remaining coverage (LRC) 1,290.2 1,254.4 1,217.5 PV future cashflows 229.4 206.8 170.2 Risk adjustment 37.4 33.9 27.9 Liability for incurred claims (LIC) 266.8 240.7 198.1 Reinsurance contract liabilities 6.1 3.3 3.7 T otal insurance and reinsurance contract liabilities 1 1,563.1 1,498.4 1,419.3 1. From 2025, assets for insurance acquisition cash flows (AIACF) is included as part of Other assets in the Balance Sheet. Accordingly, comparatives are adjusted to improve comparability of information. LRC composition as at 31 Dec 25 35% 9% 57% PV future cashflows Risk adjustment CSM • LRC down 3% on 1H25 reflecting smaller in force • CSM represents expected future profits and has increased as a proportion of LRC • LIC down 18% on 1H25 due to favourable experience and changes in the reserving basis For personal use only
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2025 Full Year Results 28 Liability for incurred claims ($m) Average reserve per reported delinquency ($) Liability for incurred claims (LIC) FY23 FY24 FY25 Reported Delinquencies IBNR Re-delinquencies • There were some changes to the reserving basis which contributed a benefit of $29m (2H25: $10m) • Re-delinquency reserve reduced due mainly to cancellations and changes in the reserving basis • Reserves for reported delinquencies were flat on pcp 24,078 20,136 20,647 - 5,000 10,000 15,000 20,000 25,000 FY23 FY24 FY25 198 267 308 For personal use only
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2025 Full Year Results 29 CSM walk ($m) Remaining CSM to be recognised ($m) • CSM recognised exceeded new business CSM • CSM balance increased benefitting from positive changes in estimates • $145m of CSM expected to emerge over the next 12 months, excluding new business Contractual service margin 642.7 17.7 107.2 82.3 159.5 690.3 Dec-24 Interest accretion New business Change in estimates CSM recognised Dec-25 669 643 690 FY 23 FY 24 FY 25 Less than one year One to two years Two to three years Three to four years Four to five years More than five years For personal use only
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Regulatory capital 2025 Full Year Results 30 ($m) 31 Dec 24 30 Jun 25 31 Dec 25 Capital base Net assets 1,080.4 1,021.9 1,019.0 Regulatory adjustments for goodwill/intangibles (9.4) (9.1) (9.1) Net surplus relating to insurance liabilities1 494.2 498.6 520.4 Common equity Tier 1 capital base 1,565.2 1,511.4 1,530.3 Tier 2 capital 190.0 190.0 - Regulatory capital base 1,755.2 1,701.4 1,530.3 Capital requirement Probable maximum loss (PML) 1,011.1 930.8 874.3 Net premiums liability deduction (209.0) (198.0) (171.9) Capital credit for reinsurance (274.5) (260.9) (198.7) Insurance concentration risk charge (ICRC) 527.6 471.9 503.7 Asset risk charge 221.3 177.7 186.5 Insurance risk charge 156.1 143.5 123.6 Operational risk charge 20.0 18.7 15.8 Aggregation benefit (87.8) (72.3) (75.4) Prescribed capital amount (PCA) 837.2 739.5 754.2 PCA coverage ratio (x) 2.10x 2.30x 2.03x PML seasoning (steps down after Y ear 3) 1. Includes impact of amounts payable on reinsurance contracts held, regulatory adjustments to Common Equity Tier 1 capital for accounts receivables and payables. 100% 75% 25% 5% Year 1 Year 3 Year 5 Year 10 • PML down 6% on 1H25 due to cancellations and portfolio seasoning, which more than offset new business strain • PCA coverage ratio down 27bps on 1H25 due to payment of dividends and Tier 2 debt redemption • Optionality in capital mix post redemption of Tier 2 debt and reduction in reinsurance as a proportion of PML For personal use only
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Capital walk 2025 Full Year Results 31 PCA coverage ratio walk (x) Note: Totals may not sum due to rounding. • Dividends and buybacks exceeded Statutory NPAT but this was more than offset by in-force seasoning and run off that was not consumed by new business strain • Tier 2 was redeemed in 2H25 and lower capital credit for reinsurance reflects lower quantum of reinsurance for 2022 and prior book years • Other is mainly due to a reduction in the Asset Risk Charge (net of Aggregation Benefit) due to the sell down of equities 0.29 (0.37) 0.45 (0.23 ) (0.23 ) (0.10 ) 0.11 (0.30 ) 2.10 2.03 1.73 Dec-24 Statutory NPAT Dividend & Buy- back In-force runoff New business strain Tier 2 Reinsurance Other Dec-25 Dividend Proforma For personal use only
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Outlook Michael Cant Interim Chief Executive Officer For personal use only
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Insurance revenue Outlook and FY26 guidance 33 FY26 insurance revenue is expected to be within a range of $320m to $370m T otal incurred claims FY26 total incurred claims ratio1 is expected to remain well below through the cycle average levels 2025 Full Year Results1. Calculated as Total incurred claims divided by Insurance revenue. For personal use only
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Sustainability 34 2025 Full Year Results Driving social wellbeing Enhancing climate resilience Housing accessibility Employee culture and wellbeing Supporting communities Enhance climate modelling and integrate into risk appetite Enhanced climate disclosures in anticipation of AASB S2 Maintain net zero Scope 1 and Scope 2 emissions Enabled by responsible corporate governance For personal use only
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Delivering strong returns for shareholders 35 2025 Full Year Results 21.1 19.9 23.5 FY23 FY24 FY25 Dividends and buy-backs ($m)Underlying ROE (%) 1. CSM is net of 30% tax. 2. 3-year FactSet data to 13 February 2026. T otal Shareholder Return (TSR)2 228% 90%79%74%66%63%61%54%45%35%34%24% 13% Note: dividends declared in respect of the relevant period and buy-backs executed in the relevant period. NTA and net CSM per share1 ($) 3.76 3.93 3.71 1.56 1.65 1.77 FY23 FY24 FY25 Net tangible assets Contractual service margin 5.585.32 5.48 FY23 FY24 FY25 Ordinary Special Buy-back 335.6 344.5 343.5 3YR For personal use only
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Q&A For personal use only
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Supplementary information For personal use only
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Residential mortgage lending market 2025 Full Year Results 38 Industry new loans funded: Investment vs. owner occupied ($bn, %) Helia NIW: Investment vs. owner occupied ($bn, %) 2 Industry new loans funded by LVR band ($bn, %) Helia NIW 3 by original LVR4 band ($bn, %) 1. Prior periods have been restated in line with market updates. 2. Flow NIW only. 3. NIW includes capitalised premium. NIW excludes excess of loss insurance. 4. Average original LVR excludes capitalised premium and excess of loss insurance. Originations and HLVR penetration1 255.3 315.2 438.6 419.3 400.6 417.2 350.0 109.2 128.8 179.8 184.0 185.0 218.5 186.9 30% 29% 29% 30% 32% 34% 35% 2019 2020 2021 2022 2023 2024 Sept 2025 YTD Owner occupied/Other Investment Investment as a % of total Industry source: APRA quarterly ADI property exposure statistics (ADI’s new housing loan funded). Note: totals may not sum due to rounding. 14% 7% 2% 6% 18% 10% 3% 66% 71% 81% 80% 73% 80% 72% 20% 21% 17% 14% 9% 10% 25% 26.7 31.6 30.2 20.0 13.0 13.2 14.4 86% 88% 88% 87% 86% 87% 89% 70% 72% 74% 76% 78% 80% 82% 84% 86% 88% 90% 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 2019 2020 2021 2022 2023 2024 2025 0-80.00% 80.01-90.00% 90.01% and above Average original LVR 63% 61% 62% 68% 70% 69% 69% 28% 29% 30% 25% 24% 25% 24% 9% 10% 8% 6% 5% 7% 6% 364.5 444.0 618.5 603.3 585.6 635.7 536.9 2019 2020 2021 2022 2023 2024 Sep 2025 YTD 0-80.00% 80.01-90.00% 90.01% and above 20.4 26.4 25.8 15.4 8.8 7.8 8.8 3.2 3.7 4.2 3.8 2.8 4.1 5.1 14% 12% 14% 20% 24% 35% 37% 0 5 10 15 20 25 30 35 40 45 2019 2020 2021 2022 2023 2024 Owner occupied/Other Investment Investment as a % of total 2025 For personal use only
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2025 Full Year Results 39 Insurance in-force As at 31 Dec 2025As at 30 Jun 2025 Note: Excludes inward reinsurance, excess of loss insurance, NZ and Helia Indemnity Limited. Calculated on an estimated house price adjusted effective LVR, using the CoreLogic Hedonic Home Price Index and assumes 30-year principal and interest amortising loan. Effective LVR is not adjusted for prepayments, redraws or non-amortising residential mortgage loans insured. Original LVR excludes capitalised premium. Book year State LVR at originationRepayment type current 2015 & Prior 48% 2016 4% 2017 4% 2018 4% 2019 5% 2020 6% 2021 7% 2022 6% 2023 4% 2024 5% 2025 7% ACT 2% NSW 27% NT 1% NZ 1% QLD 23%SA 6% TAS 2% VIC 24% WA 13% INV-IO 1.7% INV-P&I 21.0% OO-IO 0.2% OO-P&I 76.9% <= 80 LVR 21% 80.01 - 90 LVR 55% > 90 LVR 24% Primary Insurance FY23 1H24 FY24 1H25 FY25 Insured policies in-force (#) (multi-policy view) 871,230 836,367 810,852 739,301 715,413 Insured policies in-force (#) (single policy view) 719,824 688,311 668,300 613,943 594,962 Insurance in-force ($m) 249,298 241,138 235,423 222,135 216,467 Book year $ billions % Original Effective Change in LVR LVR house price % 2015 & prior 86.4 41.0% 84.3% 22.6% 139.3% 2016 9.9 4.7% 82.7% 38.9% 73.6% 2017 8.7 4.1% 85.0% 43.2% 66.3% 2018 8.3 4.0% 86.8% 47.2% 61.0% 2019 10.0 4.7% 87.3% 48.9% 62.4% 2020 13.7 6.5% 87.6% 53.0% 55.8% 2021 18.3 8.7% 87.7% 60.6% 38.9% 2022 13.9 6.6% 87.4% 70.4% 20.5% 2023 9.8 4.7% 87.3% 75.4% 15.2% 2024 11.9 5.6% 87.4% 82.9% 7.0% 2025 6.7 3.2% 87.6% 88.4% 1.1% T otal flow 197.7 93.7% 85.7% 37.3% 85.1% Portfolio 13.2 6.3% 62.7% 19.0% 108.3% T otal/ weighted avg. 210.9 100.0% 84.3% 35.3% 87.4% Book year $ billions % Original Effective Change in LVR LVR house price % 2015 & prior 83.1 40.5% 84.3% 20.7% 155.1% 2016 9.3 4.5% 82.7% 36.1% 84.7% 2017 8.3 4.0% 85.0% 40.2% 76.9% 2018 7.6 3.7% 87.0% 44.0% 71.8% 2019 9.1 4.4% 87.5% 45.6% 73.7% 2020 12.4 6.0% 87.8% 49.5% 65.9% 2021 16.5 8.1% 87.7% 56.5% 48.1% 2022 12.6 6.2% 87.4% 65.8% 28.2% 2023 8.8 4.3% 87.3% 70.6% 22.5% 2024 10.7 5.2% 87.5% 77.7% 13.5% 2025 14.7 7.1% 87.6% 85.4% 4.4% T otal flow 193.2 94.1% 85.8% 35.3% 94.7% Portfolio 12.2 5.9% 62.2% 17.1% 122.5% T otal/ weighted avg. 205.4 100.0% 84.4% 33.4% 97.2% For personal use only
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2025 Full Year Results 40 Delinquency trends Number of delinquencies 1H24 2H24 FY24 1H25 2H25 FY2 5 Opening balance 4,532 5,229 4,532 5,083 5,043 5,083 New delinquencies 3,737 3,466 7,203 3,338 2,866 6,204 Cures (2,948) (3,538) (6,486) (3,318) (3,543) (6,861) Paid claims (92) (74) (166) (60) (57) (117) Closing delinquencies 5,229 5,083 5,083 5,043 4,309 4,309 Delinquency rate1 0.84% 0.84% 0.90% 0.79% Cure rate2 65.0% 67.7% 65.3% 70.3% Delinquencies by geography Dec 24 % Jun 25 % Dec 25 % New South Wales 1,138 0.80 1,128 0.85 981 0.76 Victoria 1,441 0.98 1,536 1.10 1,366 1.00 Queensland 1,118 0.78 1,048 0.78 875 0.69 Western Australia 731 1.00 689 1.01 560 0.86 South Australia 357 0.81 346 0.84 290 0.73 Australian Capital T erritory 77 0.60 70 0.57 51 0.43 Tasmania 121 0.62 127 0.79 114 0.73 Northern T erritory 91 1.15 81 1.07 60 0.81 New Zealand 9 0.06 18 0.17 12 0.11 Tota l 5,083 0.84 5,043 0.90 4,309 0.79 1. The delinquency rate is calculated by dividing the number of reported delinquent policies insured by the number of in-force policies (excluding excess of loss insurance and Indemnity). 2. The cure rate is calculated by dividing the number of cures in a period by the number of delinquencies at the beginning of that period. Delinquencies by book year Dec 24 % Jun 25 % Dec 25 % 2015 & prior 3,007 0.85 2,676 0.83 2,252 0.73 2016 204 0.82 218 0.93 171 0.77 2017 218 0.92 205 0.94 162 0.79 2018 186 0.86 193 0.97 157 0.86 2019 222 0.83 222 0.91 178 0.81 2020 275 0.83 291 0.96 235 0.82 2021 370 0.89 416 1.12 388 1.13 2022 375 1.24 453 1.69 389 1.60 2023 199 0.87 268 1.32 236 1.30 2024 27 0.10 97 0.39 128 0.57 2025 - - 4 0.03 13 0.05 Tota l 5,083 0.84 5,043 0.90 4,309 0.79 For personal use only
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2025 Full Year Results 41 Delinquency and Single policy Reconciliation1 2021 2022 2023 2024 2025 Number of policies in force on a multiple policy basis (A) 1,118,328 976,137 871,230 810,852 715,413 Number of policies in force on a single policy basis 925,299 809,800 719,824 668,300 594,962 Less: Number of policies in force in the Indemnity entity 65,429 65,398 65,361 65,329 51,936 Number of in force policies excluding Indemnity (B) 859,870 744,402 654,463 602,971 543,026 T otal delinquencies (C) 5,826 4,569 4,532 5,083 4,309 Indemnity delinquencies (18) (20) (11) (19) (8) Delinquencies excluding Indemnity (D) 5,808 4,549 4,521 5,064 4,301 Historic delinquency rate (C / A) 0.52 0.47 0.52 0.63 0.60 Updated delinquency rate 2 (D / B) 0.68 0.61 0.69 0.84 0.79 1. From FY25 policy counting methodology has been updated to a single policy view. Under this approach an original policy and any additional funds borrowed are counted together as one policy. 2. The delinquency rate is calculated by dividing the number of reported delinquent policies insured by the number of in-force policies (excluding excess of loss insurance). Book year Multiple policies In force Delinquencies Multiple policy delinquency rate Single policies In force Single policy delinquency rate Indemnity policies In force Delinquencies excluding Indemnity Delinquency rate 2015 & prior 432,831 2,252 0.52 358,006 0.63 51,936 2,244 0.73 2016 28,881 171 0.59 22,103 0.77 0 171 0.77 2017 26,335 162 0.62 20,519 0.79 0 162 0.79 2018 23,194 157 0.68 18,259 0.86 0 157 0.86 2019 26,196 178 0.68 22,047 0.81 0 178 0.81 2020 33,663 235 0.70 28,594 0.82 0 235 0.82 2021 41,142 388 0.94 34,232 1.13 0 388 1.13 2022 28,697 389 1.36 24,301 1.60 0 389 1.60 2023 20,634 236 1.14 18,114 1.30 0 236 1.30 2024 24,968 128 0.51 22,602 0.57 0 128 0.57 2025 28,872 13 0.05 26,185 0.05 0 13 0.05 Tota l 715,413 4,309 0.60 594,962 0.72 51,936 4,301 0.79 For personal use only
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Claims sensitivity to economic conditions 2025 Full Year Results 42 Economic assumptions as at 31 December 20251 Property price 5% house price growth expected for 20262 Mortgage rates RBA remains at 3.85% by end of 2026 Unemployment rates Stay low and expected to be 4.3% by end 2026 Claims sensitivity3 1. Based on a mean view of external economic forecasts. 2. Conditional on RBA rate cut assumptions. 3. Sensitivities are present value impacts on insurance contract liabilities as at 31/12/2025 and are a 3-year shock before reversion to base case and are rounded to the nearest $5m. Reserving basis assumed to be constant in all economic scenarios. 4. LRC excluding CSM comprises the PV of cash flows and associated risk adjustment. • LIC changes have an immediate Income Statement impact • LRC changes emerge over future years as movements in PV of future cash flows are largely offset in the CSM ($m) LRC CSM LIC Excluding CSM4 Upside economics Unemployment -1% (15) 15 (5) Mortgage rate -1% (10) 10 (5) HPA +5% (10) 10 (5) Downside economics Unemployment +1% 20 (20) 5 Mortgage rate +1% 15 (15) 5 HPD -5% 15 (15) 10 For personal use only
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Reinsurance program 2025 Full Year Results 43 Book year program (2023, 2024, 2025 individual book years) • Placements set as a percentage of first year PML, driven by new business volume and mix, and cover builds over the course of each year • Duration up to 10 years from the end of the book year, with an early call option • Attachment locks at the end of each book year and detachment (and coverage) amortises in line with APRA’s 1-in-200 net paid claims requirement Reinsurance recovery by layer (% of probable maximum loss)1 Reinsurance cover ($m) 1. The example shows 2026 book year placement and is illustrative in nature as past and future book year programs may differ. 445.0 275.9 298.7 198.7 0 100 200 300 400 500 600 31 Dec 24 30 Jun 25 31 Dec 25 1-Jan-26 2022 and prior 2023 2024 2025 0% 20% 40% 60% 80% 100% 120% 140% 2026 Book Year % of Probable Maximum Loss (PML) 3rd Layer 2nd Layer 1st Layer Retained Losses For personal use only
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44 ($m) 1H24 2H24 FY24 1H25 2H25 FY25 Contractual service margin recognised 74.4 75.7 150.1 74.3 85.2 159.5 Risk adjustment recognised in revenue 20.0 19.6 39.6 15.6 15.5 31.1 Net expense from reinsurance contracts (11.9) (12.5) (24.4) (6.1) (7.5) (13.6) Expected insurance service result 82.5 82.8 165.3 83.8 93.2 177.0 Variations in incurred claims from current period 20.6 37.7 58.3 16.4 29.9 46.3 Changes to liabilities for prior incurred claims 45.6 44.4 90.0 51.9 47.3 99.2 Other (1.0) (10.4) (11.4) (0.5) (6.3) (6.8) Premium experience variations1 (6.5) (3.8) (10.3) (0.7) 0.7 0.0 Experience variations 2 58.7 67.9 126.6 67.1 71.6 138.7 Insurance service result 141.2 150.7 291.9 150.9 164.8 315.7 2025 Full Year Results Insurance service result (% insurance revenue) 1H24 2H24 FY24 1H25 2H25 FY25 Expected insurance service result 42.3 42.6 42.5 45.9 49.2 47.6 Ratios3 1. Premium experience variations from top-ups are accounted for as notional refunds. 2. Includes changes in current incurred, prior incurred, and future incurred contracts which are onerous. 3. For calculation refer to glossary. • Expected insurance service result up due to higher CSM recognised and lower reinsurance expense • Experience variations mainly driven by favourable claims experience For personal use only
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Reconciliations 45 2025 Full Year Results Underlying ROE ($m) 1H24 2H24 FY24 1H25 2H25 FY25 Underlying NPAT 106.5 114.4 220.9 126.1 120.9 247.0 Average equity 1,101.4 1,070.9 1,110.9 1,051.1 1,020.5 1,049.7 Underlying ROE (%) 19.3% 21.4% 19.9% 24.0% 23.7% 23.5% Note: Totals may not sum due to rounding. 1. Underlying NPAT excludes FX, unrealised gains / (losses) on the shareholder funds after tax. Statutory ROE ($m) 1H24 2H24 FY24 1H25 2H25 FY25 Statutory NPAT 97.0 134.5 231.5 133.7 111.2 244.9 Opening equity 1,141.4 1,061.4 1,141.4 1,080.4 1,021.9 1,080.4 Closing equity 1,061.4 1,080.4 1,080.4 1,021.9 1,019.0 1,019.0 Average equity 1,101.4 1,070.9 1,110.9 1,051.1 1,020.5 1,049.7 Statutory ROE (%) 17.6% 25.1% 20.8% 25.4% 21.8% 23.3% Expenses Statutory NPAT to underlying NPAT1 ($m) 1H24 2H24 FY24 1H25 2H25 FY25 Statutory NPAT 97.0 134.5 231.5 133.7 111.2 244.9 Unrealised (gains) / losses on shareholder funds and FX 13.6 (28.7) (15.1) (10.9) 13.8 2.9 Adjustment for tax credits / (expense) (4.1) 8.6 4.5 3.3 (4.1) (0.8) Underlying net profit after tax 106.5 114.4 220.9 126.1 120.9 247.0 ($m) 1H24 2H24 FY24 1H25 2H25 FY25 Expenditure incurred 63.1 69.6 132.7 62.3 51.8 114.1 Less investment expenses (1.2) (1.3) (2.5) (1.4) (1.4) (2.8) Less claims handling expenses (2.2) (2.5) (4.8) (2.9) (2.4) (5.3) Less new acquisition costs incurred (24.0) (27.1) (51.0) (24.0) (15.7) (39.7) Add amortisation of acquisition cash flows 31.5 28.8 60.3 29.4 28.6 58.0 T otal expenses 67.2 67.5 134.7 63.4 60.9 124.3 Insurance expenses 27.3 31.5 58.8 26.0 25.4 51.4 Add amortisation of acquisition cash flows 31.5 28.8 60.3 29.4 28.6 58.0 Other operating expenses 8.4 7.2 15.6 8.0 6.9 14.9 T otal expenses 67.2 67.5 134.7 63.4 60.9 124.3 For personal use only
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Australian key economic indicators 46 Source: Cotality Home Value Index as at December 2025. Rental vacancies (%) Dec-24 Jun-25 Dec-25 Sydney 2.1 1.6 1.8 Melbourne 2.2 1.8 2.0 Brisbane 1.2 0.9 1.2 Perth 0.7 0.8 0.7 Adelaide 0.8 0.8 0.9 Hobart 0.6 0.6 0.4 Canberra 2.1 1.5 1.9 Darwin 1.7 0.5 1.0 National 1.6 1.3 1.3 Unemployment by state (%) Dec-24 Jun-25 Dec-25 New South Wales 3.8 4.4 3.9 Victoria 4.4 4.6 4.6 Queensland 3.9 4.1 3.9 Western Australia 3.3 4.1 3.9 South Australia 4.2 4.4 3.9 Tasmania 4.3 3.8 4.5 Australian Capital Territory 3.1 3.6 3.5 Northern Territory 4.2 3.9 3.9 National 4.0 4.3 4.1 Data sourced from The Australian Bureau of Statistics as at December 2025. Data sourced from https:/ /sqmresearch.com.au/ as at December 2025. 2025 Full Year Results Change in dwelling values (%) 3 months 6 months 12 months Sydney 0.8% 3.2% 5.8% Melbourne 0.8% 2.3% 4.8% Brisbane 5.6% 10.1% 14.5% Perth 7.6% 12.3% 15.9% Adelaide 5.1% 7.1% 8.8% Hobart 3.6% 4.1% 6.8% Canberra 2.2% 3.7% 4.9% Darwin 5.4% 11.3% 18.9% Regional NSW 3.0% 4.6% 7.4% Regional Vic 2.5% 3.8% 6.0% Regional Qld 4.0% 7.3% 12.6% Regional WA 5.8% 10.3% 16.1% Regional SA 3.5% 5.1% 11.1% Regional Tas 3.7% 4.9% 6.7% Combined capitals 2.7% 5.4% 8.2% Combined regionals 3.5% 5.9% 9.7% Australia 2.9% 5.5% 8.6% For personal use only
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372.9% 351.5% 182.1% 166.8% 161.6% 119.6% 106.1% 94.5% 80.1% 73.2% 73.2% 62.3% 11.9% Bank HLI Bank FINXR ASX200 Insurer Bank Insurer Bank Bank Insurer Bank Bank 2025 Full Year Results History of strong T otal Shareholder Return (TSR) delivery 47 Source: FactSet. 37.8% 36.2% 21.4% 15.7% 10.3% 8.6% 7.9% 5.4% 2.9% -5.7% -7.9% -9.0% -12.8% HLI Bank Bank Bank FINXR Bank ASX200 Bank Insurer TSR to 13 February 2026 228.3% 90.4% 78.8% 74.0% 66.2% 62.7% 61.0% 54.5% 44.6% 34.7% 34.2% 24.1% 13.4% HLI Bank Bank Bank FINXR Bank Insurer Insurer Insurer Bank ASX200 Bank Bank 1YR 3YR Since listing InsurerInsurerBank Bank For personal use only
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Glossary For personal use only
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2025 Full Year Results 49 Glossary Te r m Definition Basis change The impact on the present value of cash flows and risk adjustment of any explicit changes in actuarial model assumptions and parameters. Bulk Bulk refers to lender paid LMI for cover on a portfolio or "bulk" pool of seasoned loans that are typically under 80% LVR. This cover is commonly used for residential mortgage-backed securities (RMBS) transactions or other risk mitigation and capital optimisation purposes Cancellations The termination of policies before their expiration, typically by the insured COB Customer owned banks Common equity tier 1 or CET1 Consists of total accounting equity, adjustments for certain reserves and adjustments for certain other items, such as intangible assets, which are excluded from the capital base CPS Cents per share CSM (contractual service margin) The unearned profit component of the insurance contract liability presented in the balance sheet and recognised in the income statement as a company provides services under insurance contracts Cures A policy that either clears arrears to below 3 months of missed payments, or sells the underlying securities with enough equity in the property to clear the arrears Delinquency Any insured loan which is reported as three or more months of repayments in arrears Excess of loss A type of insurance in which the insurer indemnifies the insured for losses that exceed a specified limit Expected insurance service expenses incurred The insurer’s prospective view of the cost of claims and expenses that expected to be incurred in the reporting period Experience variations The difference between expected premium credits/refunds/claims/expenses to be incurred and actual premium credits/refunds/claims/expenses incurred FHB First Home Buyer FTE employees Full time equivalent employees FINXR S&P/ASX 200 Financials Ex-A-REIT GWP Gross written premium. Represents the total direct and expected premium received from contracts issued in the period, before deducting ceded reinsurance premiums HGS Government Home Guarantee Scheme, replaced by the Government 5% Deposit Scheme HPA / HPD / HPI House price appreciation / depreciation / index Insurance in -force The original principal balance of all mortgage loans currently insured (excludes excess of loss insurance) Insurance revenue The amount of revenue depicted in profit or loss to reflect the provision of coverage and other services arising from a group of insurance contracts that reflects the consideration to which the entity expects to be entitled in exchange for those services Insurance service expense Claims and expenses (including amortisation of insurance acquisition cash flows) incurred in the period as well as losses and reversals of losses on onerous contracts Te r m Definition Insurance service result Insurance revenue less insurance service expense less net expenses from reinsurance contracts LIC (liability for incurred claims) An estimate of the insurer’s obligation to pay amounts related to services provided LMI Lenders mortgage insurance LRC (liability for remaining coverage) Insurer’s obligation to provide insurance contract services after the reporting date and includes CSM LVR / HLVR Loan to value ratio High LVR – This LVR benchmark is commonly 80% Original LVR – Calculated using the base LVR at the time of settlement Effective LVR – Calculated using the (estimated current balance)/(approximate house price) of the loan MIP Mortgage in possession Net investment return Net investment revenue divided by the average balance of the opening and closing cash and investments balance for the period, annualised Net running yield For bonds the annualised return anticipated if the security is held until the earlier of maturity or the expected call date. For listed equities the ASX300 trailing 12 month dividends divided by the current price. For infrastructure the distributions from the underlying assets to the unit trust divided by the average value over the trailing 12 months. All net of investment fees and hedging costs New delinquency Number of policies that at some point in the half became 3+ months in arrears NIW New insurance written reflects the total loan amount that is insured in the relevant period. NIW for Helia reporting purposes excludes excess of loss business written NTA (net tangible assets) per share Net tangible assets (net assets less goodwill and other intangible assets) divided by the number of shares on issue, at the end of the period Onerous contracts If a group of contracts has exhausted its CSM (because movements in the value of future claims, expenses and risk adjustment exceeds the remaining CSM), that group becomes onerous and the shortfall (or reversal of any previous shortfall) is immediately recognised in the Income Statement PCA Prescribed capital amount is an APRA formula (set out in Prudential Standard GPS 110) designed to ensure an insurer has adequate capital against risk PCA coverage ratio The PCA coverage is calculated by dividing the regulatory capital base by the prescribed capital amount pcp Prior corresponding period PML Probable Maximum Loss – The loss determined by applying the formula set out in APRA GPS 116, designed to determine the losses expected to arise from a catastrophic three-year event such that the size of loss is equal to a loss with a 0.5 per cent probability of occurrence. The formula has specific factors for probability of default and loss given default and other components For personal use only
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2025 Full Year Results 50 Glossary Te r m Definition PV Present value of future cash flows, discounted in accordance with the standard Regulatory capital base The regulatory capital base is the sum of Tier 1 Capital and Tier 2 Capital Risk adjustment The compensation an entity requires for bearing the uncertainty about the amount and timing of future cash flows arising from non-financial risk as the entity fulfils insurance contracts ROE Return on equity – ROE is NPAT divided by the average of the opening and closing equity balance for a financial period, annualised where required Shareholder funds The cash and investments in excess of the Technical funds Statutory NPAT Statutory net profit after tax T echnical funds The cash and investments held to support insurance contract liabilities Tier 1 Capital As defined by APRA GPS 112, Tier 1 Capital comprises the highest quality components of capital that fully satisfy all of the following essential characteristics: (a) Provide a permanent and unrestricted commitment of funds; (b) Are freely available to absorb losses; (c) Do not impose any unavoidable servicing charge against earnings; and (d) Rank behind claims of policyholders and creditors in the event of winding up Tier 2 Capital As defined by APRA GPS 112, Tier 2 Capital comprises other components of capital that to varying degrees, fall short of the quality of Tier 1 Capital but nonetheless contribute to the overall strength of a regulated institution and its capacity to absorb losses To p-ups A further advance to an existing loan insured by Helia that is either added to the existing loan or maintained in a separate loan account T otal incurred claims ratio Total incurred claims / insurance revenue, annualised where required T otal shareholder return (TSR) Calculated as the total return to shareholders (share price movement including value of dividends) over the performance period, expressed as a percentage of the starting share price Underlying diluted earnings per share Underlying NPAT divided by the weighted average number of shares outstanding for the period, adjusted for the effects of all dilutive potential ordinary shares Underlying NPAT Underlying NPAT excludes the after-tax impact of unrealised gains/(losses) on the shareholder funds, and the impact of foreign exchange rates on Helia’s investment portfolio Underlying ROE The Underlying ROE is calculated by dividing Underlying NPAT by the average of the opening and closing equity balance for a financial period, annualised where required For personal use only
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Investor materials can be found at investor.helia.com.au For more information, analysts, investors and other interested parties should contact: Paul O’Sullivan Head of Investor Relations, Capital and Investments D: +61 499 088 640 E: investorrelations@helia.com.au The release of this announcement was authorised by the Board. 25 February 2026 For personal use only