Harmoney (HMY) H1 2026 earnings summary

Executive summary

• Statutory and cash NPAT for 1H26 reached $6.1m, up 202% and 166% year-over-year, surpassing the prior full-year result.

• Loan book grew 9% to $857m, with Australian loans up 17% and New Zealand loans up 5% in local currency; Australian portfolio now 61% of total.

• FY26 cash NPAT guidance upgraded to $13m, a 128% increase on FY25, reflecting strong momentum.

• Automation, AI-driven underwriting, and the Stellare 2.0 platform drove profitability, efficiency, and new product launches.

• Loan originations reached $242.7m, up 27% year-over-year, with strong growth in both new and existing customer segments.

Financial highlights

• Revenue rose 12% year-over-year to $71.9m, driven by loan book growth and higher average interest rates.

• Net interest margin increased to 10.3%, up 130bps year-over-year; risk-adjusted income margin improved to 6.4%, up 110bps.

• Cost-to-income ratio was 18.5%, reflecting strong operating leverage and automation benefits.

• Credit losses were stable at 3.9%, within the 3-4% target range, with 90+ day arrears at 0.58%, well below market average.

• Cash ROE surged to 31%, up from 13% a year earlier.

Outlook and guidance

• FY26 cash NPAT guidance raised to $13m, with a loan book target of over $900m and 31% ROE.

• Management expects credit losses to flatten or reduce in the second half.

• Continued focus on scalable, profitable growth through technology innovation, AI, and embedded finance partnerships.

• No plans for international expansion beyond Australia and New Zealand in the short to medium term.