Heartland announces FY2026 result and outlook for FY2027

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
20 August 2026

Heartland announces FY2026 result and outlook for FY2027

Heartland Group Holdings Limited (Heartland) (NZX/ASX: HGH) has announced a net profit after tax (NPAT)
for the financial year ended 30 June 2026 (FY2026) of $93.2 million (up from $38.8 million in the financial year
ended 30 June 2025 (FY2025)). On an underlying basis
1
, FY2026 NPAT was $90.4 million (up from $46.9 million
in FY2025).

Through FY2026, Heartland has established a strong foundation to support its next phase of growth. Heartland
met all FY2026 underlying guidance metrics, delivering an improved return on equity (ROE) and turnaround in
profitability, driven by margin expansion and strengthened asset quality.

Overview of FY2026 performance
2

‒ ROE was 7.3%. Underlying ROE increased 286 basis points (bps) to 7.1%.
‒ Average net interest margin (NIM) was 3.95%. Average underlying NIM expanded 36 bps to 3.98%.
‒ Operating expenses (OPEX) were $196.0 million, and the cost-to-income (CTI) ratio was 54.1%. Despite
underlying OPEX increasing $12.2 million (6.7%) to $193.5 million, the underlying CTI ratio improved 155
bps to 54.6%.
‒ The impairment expense ratio decreased 55 bps to 0.45% as Heartland Bank Limited (Heartland Bank)
significantly strengthened its asset quality. Heartland Bank cleared all Motor Finance non-performing
loans (NPLs) greater than 180 days past due (DPD) and the portfolio’s arrears continue to outperform the
industry average.
3

‒ Reverse Mortgages for both Heartland Bank and Heartland Bank Australia Limited (Heartland Bank
Australia) continued to perform well, with gross finance receivables (Receivables) up 16.8% and 19.7%
respectively.
‒ Heartland Bank’s Rural
4
portfolio delivered strong Receivables growth of 10.8%.
‒ The non-strategic asset (NSA) realisation programme has successfully concluded, with a 94% recovery
rate.
‒ Heartland Bank and Heartland Bank Australia reached key technology transformation programme
milestones with the launch of Reverse Mortgages onto the new platforms.
‒ In June 2026, Heartland announced a proposal to acquire from Toi Foundation all TSB Bank Limited (TSB)
shares on issue and subsequently merge Heartland Bank and TSB to create a New Zealand challenger bank
of scale, with a regional focus. See page 3 for more information.
‒ F
inal dividend of 3.5 cents per share (cps).

FY2026 financial metrics
Heartland
Reported Underlying
1
Underlying guidance
Net operating income (NOI) $361.9m $354.3m No guidance provided
OPEX $196.0m $193.5m <$195.0m
Impairment expense $33.5m $33.5m No guidance provided
NPAT $93.2m $90.4m ≥$85.0m
Average NIM 3.95% 3.98% >3.90%
Exit NIM
5
4.02% 4.08% >3.95%
CTI ratio 54.1% 54.6% <56.0%
Impairment expense ratio
6
0.45% 0.45% <0.45%
ROE 7.3% 7.1% ≥7.0%

See the accompanying investor presentation (IP) for more detail.

NSA realisation
Heartland’s NSA realisation programme has successfully concluded, with the $94.0 million residual portfolio no
longer considered material as at 30 June 2026 and returning to business-as-usual management. Heartland
therefore no longer intends to report on the NSA realisation programme.

Heartland Group Holdings Limited | NZX/ASX: HGH | PO Box 9919, Newmarket, Auckland 1149 | heartlandgroup.info 2

As at 30 June 2026, the residual NSA portfolio included:
‒ $38.1 million of Home Loans scheduled to run down
‒ $39.2 million of Rural and Business Receivables, all on exit plans and well provided for
‒ $16.7 million in property and equity investments, with realisation efforts continuing.

Since 30 June 2026, the Properties NSA has been successfully realised.

The total value of NSAs reduced by $270.7 million during FY2026, creating $31.7 million of available capital.

From 31 December 2024, when Heartland began reporting against its NSA realisation programme, to 30 June
2026, the total value of NSAs reduced by $374.2 million (with a 94% recovery rate), creating $41.6 million of
available capital.

Technology transformation programmes
Heartland has invested in technology programmes in New Zealand and Australia to transform the technology
and operating environments of Heartland Bank and Heartland Bank Australia by improving efficiency and
simplifying the technology used by each bank to enable scalable growth.

Both programmes progressed to plan in FY2026, with initial production deployments and the launch of Reverse
Mortgages to their respective platforms. Both remain on track, with no change to delivery timetables or
implementation costs.

Over time, the programmes are expected to deliver greater automation and operational efficiency, improved
customer, intermediary and employee experiences, reduced technology complexity and risk, and increased
capacity for both banks to grow without a corresponding increase in operating costs.

Refer to pages 27-28 of the IP for more information about Heartland Bank’s technology programme, and pages
40-41 of the IP for more information about Heartland Bank Australia’s transformation programme.

Capital
Heartland remains well placed to support organic growth, with excess capital held across the group. The NSA
realisation programme released $31.7 million of capital in FY2026, which has been redirected to fund growth.

In addition, the Reserve Bank of New Zealand’s (RBNZ) final capital settings for deposit takers announced in
December 2025 are expected to benefit Heartland Bank through lower Tier 1 and total capital ratio
requirements, the removal of Additional Tier 1 capital instruments, and more granular and reduced risk
weights. The RBNZ is also expected to review reverse mortgage risk weights in the second half of calendar year
2026, and Heartland Bank intends to participate in this review.
7


Separately, effective 1 March 2026, the RBNZ reduced Heartland Bank’s transitional capital overlay (imposed
after the acquisition of what is now Heartland Bank Australia) from 2.0% to 0.5%. The reduction reflected the
completion of integration activities in relation to Heartland Bank Australia, stronger trans-Tasman oversight
arrangements and an improvement in the overall risk profile of the Banking Group.
8
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 30 June 2026, the Banking Group holds approximately $110 million of regulatory capital in excess of
expected regulatory requirements. Applying Heartland Bank’s expected risk weight changes
9
to the 30 June
2026 balance sheet, the excess is approximately $160 million.
10
Once the expected risk weight changes are
embedded and the proposed merger of Heartland Bank and TSB is completed (subject to satisfaction of all
merger implementation agreement (MIA) conditions), Heartland intends to allocate excess capital towards
opportunities that support scale, growth and improved shareholder returns.

Heartland Group Holdings Limited | NZX/ASX: HGH | PO Box 9919, Newmarket, Auckland 1149 | heartlandgroup.info 3
Update on proposed merger of Heartland Bank and TSB
On 2 June 2026, Heartland announced it had entered into a conditional MIA with Toi Foundation and Toi
Foundation Holdings Limited to acquire from Toi Foundation all TSB shares on issue and subsequently merge
Heartland Bank and TSB.

Under the MIA, Heartland will acquire from Toi Foundation all TSB shares on issue for an aggregate
consideration of $620 million. Immediately following the acquisition, Heartland Bank and TSB will merge to
create TSB Heartland Bank Limited (TSB Heartland Bank),
11
a New Zealand challenger bank of scale, with a
regional focus (together, the Proposed Transaction).

The merged bank would combine Heartland Bank’s specialist product expertise with TSB’s cost-effective
funding platform and established transactional banking capabilities. If completed, TSB Heartland Bank would
have approximately $15 billion in total New Zealand assets
12
, a more diversified and lower risk-weighted
product portfolio, and enhanced ability to support customers through their financial lifecycle. For Heartland
shareholders, the transaction is expected to create long-term value through increased scale, improved
operating leverage and estimated ongoing cost synergies of approximately $34 million per annum before tax
once fully realised
13
, while retaining Heartland’s specialist product focus and both Heartland Bank and TSB’s
regional New Zealand connection.


The Proposed Transaction remains subject to the satisfaction of the remaining conditions in the MIA, including
Toi Foundation trustee approval, Heartland shareholder approval and any necessary New Zealand and
Australian regulatory approvals. Heartland satisfied the initial conditions in June 2026, being completion of
confirmatory due diligence, execution of a warranty and indemnity deed, and obtaining warranty and
indemnity insurance.

Subject to satisfaction of the Toi Foundation trustee approval condition, Heartland now expects to submit its
application to the RBNZ and to dispatch its notice of special meeting to shareholders at the end of August
2026. Heartland intends to hold a Special Shareholder Meeting on Wednesday 30 September 2026, where
Heartland shareholders will be asked to vote on the Proposed Transaction.

See Heartland’s announcement dated 2 June 2026 for more information about the Proposed Transaction.

Final dividend
Heartland has declared a FY2026 final dividend of 3.5 cps, taking the total FY2026 dividend to 7.0 cps. Due to
Heartland’s strong capital position, the payout ratio of 73% is in excess of Heartland’s target dividend payout
ratio of at least 50% of underlying NPAT. Heartland’s final dividend yield is 8.0%
14
. The final dividend will be
paid on Friday 11 September 2026 (Payment Date) to shareholders on the company’s share register as at
5.00pm NZST on Friday 28 August 2026 (Record Date) and will be fully imputed.

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 when the board determines the DRP will apply
to a dividend. As a result of Heartland’s excess capital position, the DRP will not apply to the FY2026 final
dividend which will be paid in cash only.
15
Shareholders who have previously elected to participate in the DRP
will receive their FY2026 final dividend payment in cash.

Outlook
Heartland’s priority for the financial year ending 30 June 2027 (FY2027) is on continuing to improve
shareholder return by growing ROE to at least 7.5% and lifting profitability to at least $102 million.

Through FY2026, Heartland reset its core strategic foundation. This included restoring margin and asset quality
to target levels as Heartland Bank’s enhanced collections, recoveries and write-off strategies were embedded
as business-as-usual, and the NSA realisation programme successfully concluded.

Heartland Group Holdings Limited | NZX/ASX: HGH | PO Box 9919, Newmarket, Auckland 1149 | heartlandgroup.info 4
Heartland will use this foundation in FY2027 to focus on building and acquiring scale through:
‒ accelerating growth in core portfolios, with Reverse Mortgage growth targets greater than 18% in both
countries, and
‒ successfully completing the Proposed Transaction (subject to satisfaction of all MIA conditions).

This will be supported by:
‒ executing the next phase of Heartland Bank and Heartland Bank Australia’s technology transformation
programmes to enhance operating leverage and unlock future growth
‒ commencing merger integration (subject to completion of the Proposed Transaction).

These activities will provide the opportunity for Heartland to optimise capital held within the business.

FY2027 guidance
Heartland expects NPAT for FY2027 to be at least $102 million
16
, excluding any costs related to the Proposed
Transaction. It is expected that transaction costs relating to the Proposed Transaction of approximately $9.5
million will be expensed and reflected in Heartland’s NPAT for FY2027 (subject to the Proposed Transaction
completing in FY2027). Subject to satisfaction of all MIA conditions, as the Proposed Transaction nears
completion, guidance will be updated to reflect the impact of Heartland Bank merging with TSB.

FY2027 guidance is provided by Heartland on a reported basis, not an underlying basis. Heartland intends to
take this approach to guidance and the presentation of its financial results going forward, with any exceptional
items disclosed where applicable.

Financial metrics
FY2027 guidance
17

Heartland NZ Banking AU Banking
NPAT ≥$102m >$48m >AU$46m
ROE ≥7.5% >6.3% >9.3%
Average NIM >3.88% >4.05% >3.68%
OPEX <$212m <$135m <AU$65m
CTI ratio <55.7% <58.4% <47.2%
Impairment expense ratio
6
<0.32% <0.48% <0.10%

The Board continues to target a total dividend payout ratio of at least 50% of NPAT in FY2027.
18


NZ banking
FY2026 financial metrics
Heartland Bank
Reported Underlying
1
Underlying guidance
NOI $225.8m $222.7m No guidance provided
OPEX
19
$127.4m $126.9m <$127.0m
Impairment expense $30.4m $30.4m No guidance provided
NPAT $49.8m $47.0m >$45.0m
Average NIM 4.08% 4.08% >4.10%
Exit NIM
5
4.15% 4.15% >4.20%
CTI ratio
20
55.1% 55.6% <56.0%
Impairment expense ratio
6
0.67% 0.67% <0.70%
ROE 6.8% 6.4% >6.0%

Heartland Bank materially met its underlying guidance for all key financial metrics in FY2026. NIM expanded on
FY2025, asset quality materially improved and Heartland Bank saw strong Reverse Mortgage and Rural lending
performance.


Heartland Bank’s NIM benefitted from a low cost of funds throughout FY2026 due to lower funding
requirements, with average NIM increasing 17 bps to 4.08% despite challenging competitive conditions in
Motor Finance and Business Finance
21
. The FY2026 exit NIM increased 2 bps to 4.15%.

Heartland Group Holdings Limited | NZX/ASX: HGH | PO Box 9919, Newmarket, Auckland 1149 | heartlandgroup.info 5

Underlying OPEX was $126.9 million, down $1.2 million (0.9%) on FY2025. Increased staff costs were primarily
due to restructuring costs and the re-introduction of a long-term incentive scheme. Increased investment in
technology and Reverse Mortgage marketing was offset by a reduction in legal fees and debt collection costs.
Despite cost reduction, Heartland Bank’s underlying CTI ratio increased from 54.8% in FY2025 to 55.6% in
FY2026 due to the income impact of NSA realisation, amplified by lower growth in Motor Finance and Business
Finance.


Heartland Bank’s asset quality materially improved in FY2026, supported by the reduction of Motor Finance
arrears and the realisation of NSAs. Heartland Bank’s overall NPL ratio improved 129 bps from 30 June 2025 to
1.92% as at 30 June 2026. Excluding NSAs and Unsecured Lending
22
which are non-core lending portfolios,
Heartland Bank’s NPL ratio was 1.38%. Business lending (including Asset Finance) remains on watch due to
ongoing economic challenges.

Motor Finance arrears improved across all NPL cohorts, with all NPLs greater than 180 DPD now cleared. The
portfolio’s arrears continue to outperform the industry average of 5.2%
3
a nd are at historical lows for
Heartland Bank. This reflects earlier intervention, stronger operational discipline and improved customer
engagement, ending FY2026 with the portfolio aligned with the bank’s risk appetite and better positioned
heading into FY2027.

Heartland Bank has not yet seen any material impact of current global instability on credit quality. However, in
response to economic uncertainty, it has increased its geopolitical overlay by $1.1 million to $1.6 million.

Motor Finance Receivables were up $25.2 million (1.5%) in FY2026 to $1,719.5 million as at 30 June 2026.
Dealer lending retracted 5.1%, reflecting Heartland Bank’s deliberate shift from lower quality broker and non-
franchise lending towards higher quality franchise lending after the introduction of new credit decisioning
scorecards in FY2025 which impacted growth in the first half of FY2026 (1H2026). Jaguar Land Rover
production disruption from late 1H2026 into early the second half of FY2026 (2H2026) also elevated demand
volatility. New business volumes improved in 2H2026 as vehicle supply levels returned (Heartland Bank’s
Motor Finance new business growth was up 3.6% from 1H2026 to $399.4 million in 2H2026), supported by
record EV lending volumes in March 2026 and an expanded wholesale funding partnership with key branded
partner Kia. Direct-to-consumer lending increased 25.7% in FY2026.

Reverse Mortgages delivered strong growth in FY2026, with Receivables up $207.4 million (16.8%) to $1,440.7
million as at 30 June 2026. Increased investment in market awareness, regional presence and product process
improvements drove momentum as annualised growth increased from 14.0% in the first quarter to 18.5% in
the fourth quarter.

Rural
4
Receivables were up $66.0 million (10.8%) in FY2026 to $674.8 million as at 30 June 2026, ahead of
sector growth of 1.8%.
23
Growth was supported by strengthened Livestock Finance intermediary partnerships,
expanded regional presence and improved market optimism.

Heartland Bank’s Business Finance
23
portfolio includes Asset Finance which helps small-to-medium businesses
purchase assets such as trucks, trailers, machinery and other equipment used in day-to-day operations, rather
than refinance existing assets. Business Finance Receivables were down $140.9 million (-18.1%) in FY2026 to
$638.8 million as at 30 June 2026. This result was within guidance and reflects Heartland Bank’s continued
focus on asset quality and pricing for risk amid subdued demand and ongoing economic challenges,
particularly in construction and transport which are key lending industries for Heartland Bank.

AU banking
FY2026 financial metrics
Heartland Bank Australia
Reported Underlying
1
Underlying guidance
NOI AU$118.9m AU$115.2m No guidance provided
OPEX
19
AU$54.8m AU$57.6m <AU$58.0m
Impairment expense AU$2.6m AU$2.6m No guidance provided
NPAT AU$43.0m AU$38.4m >AU$37.0m

Heartland Group Holdings Limited | NZX/ASX: HGH | PO Box 9919, Newmarket, Auckland 1149 | heartlandgroup.info 6
Average NIM 3.74% 3.81% >3.70%
Exit NIM
5
3.81% 3.95% >3.75%
CTI ratio
20
44.7% 48.6% <50.0%
Impairment expense ratio
6
0.11% 0.11% <0.10%
ROE 9.7% 8.7% >8.0%

Heartland Bank Australia materially met its underlying guidance for all key financial metrics in FY2026.
Continued strong Reverse Mortgage growth lifted profitability and contributed to NIM expansion and CTI ratio
improvement.


Heartland Bank Australia’s average underlying NIM expanded 73 bps to 3.81% in FY2026, reflecting the full
year benefit of its deposit funding strategy, with legacy wholesale funding arrangements replaced by lower-
cost deposits. The FY2026 exit NIM increased 36 bps to 3.95%.


Heartland Bank Australia has refined the accounting methodology used to recognise Reverse Mortgage
intermediary commission costs. The updated methodology better aligns the recognition of customer
acquisition costs with the expected loan life and portfolio behaviour. The change resulted in a one-off AU$3.7
million uplift in NOI. The impact of this change has been removed from Heartland Bank Australia’s underlying
performance for FY2026. See page 33 of the IP for more information about this change and the one-off
impacts.
24


Underlying OPEX was AU$57.6 million, up AU$11.2 million on FY2025 primarily due to a AU$5.0 million
increase in staff costs. This increase was driven by the full-year impact of full-time employees (FTE) hired in
FY2025, and additional FTE in FY2026 to support Reverse Mortgage volume growth, the transformation
programme, and to ensure customer experience was not impacted while implementing the new core banking
system. Despite increased costs, Reverse Mortgage earnings momentum contributed to an improvement in
the underlying CTI ratio which was down from 52.0% in FY2025 to 48.6%.

Heartland Bank Australia’s impairment expense ratio of 0.11% reflects a prudent increase in the weighting
applied to the downside economic scenario amid heightened geopolitical uncertainty. Overall portfolio credit
quality remained resilient, with the result driven mainly by modelled economic assumptions rather than any
material deterioration in credit performance.

Reverse Mortgages continued to deliver strong growth, with Receivables up AU$390.7 million (19.7%) in
FY2026 to AU$2,371.1 million as at 30 June 2026. Growth was supported by ongoing customer demand and
continued momentum across both direct and intermediary channels.

Livestock Finance saw good customer trading activity through FY2026, funding a high volume of livestock
purchases and sales across the portfolio. Receivables were down AU$4.3 million (-1.7%) in FY2026 to AU$249.6
million as at 30 June 2026, with livestock sales exceeding purchases over the year despite generally supportive
industry conditions, particularly across cattle markets. Livestock Finance NOI increased 20% to AU$15.1 million
(from AU$12.6 million in FY2025), reflecting improved funding costs and portfolio quality, with average
Receivables remaining stable.

– 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

Heartland Group Holdings Limited | NZX/ASX: HGH | PO Box 9919, Newmarket, Auckland 1149 | heartlandgroup.info 7
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

Endnotes

1
Certain financial measures are presented on a reported and underlying basis. Reported financial measures
are prepared in accordance with NZ generally accepted accounting practice (GAAP) and include the impacts of
positive and negative one-offs, which can make it difficult to compare performance between periods.
Underlying financial measures (which are non-GAAP financial information) exclude Proposed Transaction costs,
the impact of the Heartland Bank Australia Reverse Mortgage commissions accounting methodology update,
fair value changes on equity investments held and other one-off 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. The accompanying IP includes at page 7 a reconciliation of FY2026 and FY2025 reported results
to underlying results, and on page 6 a detailed comparison between FY2026 and FY2025 reported and
underlying financial information.
2
All comparative figures and percentage increases or decreases are against FY2025, unless explicitly stated
otherwise.
3
Industry average arrears are based on auto arrears as at June 2026, reported by Centrix in its Credit Insights
Report, July 2026. See page 46 of the accompanying IP.
4
Rural includes Rural Relationship, Rural Direct and Livestock Finance. Excludes NSAs.
5
Exit NIM is the NIM for the last month of the reporting period.
6
Impairment expense as a percentage of average Receivables.
7
The exact timing of the RBNZ’s review of reverse mortgage risk weights has not yet been confirmed.
8
The Banking Group includes all of Heartland Bank’s subsidiaries, including Heartland Bank Australia and
Marac Insurance.
9
The RBNZ has confirmed that banks may apply any of the new standardised credit risk weights from 1
October 2026. The first annual step change in capital ratios is also taking place on 1 October 2026.
10
Including ordinary internal buffers.
11
Heartland Bank will be the surviving entity following completion of the Proposed Transaction.
12
As at 31 December 2025 for Heartland Bank and TSB per the RBNZ Banking Dashboard. Heartland Bank’s
Receivables include NSAs.
13
Estimated synergies are management estimates prepared for transaction evaluation purposes and are
forward-looking. Cost synergies (approximately $34 million p.a.) represent expected annual pre-tax run-rate
benefits anticipated to be progressively realised within three years post-completion, subject to execution risk,
regulatory requirements, market conditions and final integration design. Synergy estimates have not been
audited and may differ materially from actual outcomes.
14
FY2026 total fully imputed dividends divided by the closing share price as at 19 August 2026 of $1.22.
15
Information about the DRP is 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 8

16
Financial measures presented on a reported basis are prepared and presented in accordance with NZ GAAP
and include the impacts of positive and negative one-offs.
17
Heartland’s FY2027 guidance has been set using a foreign currency exchange rate of 1.2055, which is based
on a published forecast from a New Zealand economist.
18
The dividend payout ratio will be determined based on reported NPAT excluding any exceptional items
disclosed where applicable, and is subject to the Board considering Heartland’s capital needs, ROE accretive
growth opportunities, balance sheet flexibility and financial performance.
19
Including intercompany group charges.
20
Underlying CTI ratio refers to the CTI ratio calculated using underlying results. The underlying CTI ratios for
Heartland Bank and Heartland Bank Australia exclude intercompany group charges. When calculated using
reported results, Heartland Bank’s CTI ratio was 55.1%, down from 56.4% in FY2025, and Heartland Bank
Australia’s CTI ratio was 44.7%, down from 53.5% in FY2025. For more information, see pages 19 and 35 of the
IP.
21
Business Finance includes Asset Finance and Business Relationship. Excludes NSAs.
22
Unsecured Lending includes Personal Lending and Open for Business which are winding down.
23
As reported by RBNZ, the annual sector growth rate for agricultural lending increased from 0.5% to 1.8% in
June 2026.
24
Refer to “Changes in accounting estimates” in Note 20 – Fair Value of Heartland’s Financial Statements for
the year ended 30 June 2026.

---

Investor Presentation
FY2026 Full Year
Results
For the 12 months ended 30 June 20 26

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 material l y from any future resul ts, 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.
FY2026 underlying results exclude transaction costs, the impact of the Heartland Bank Australia
Reverse Mortgage commissions accounting methodology update, fair value changes on equity
investments held and other one-off 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.
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 FY2026 and FY2025 reported results to underlying results is set out on page 7 of
this presentation. Refer to page 6 for a detailed comparison between FY2026 and FY2025 reported
and underlying financial information.
Non-GAAP financial information presented in this document has not been reviewed by
PricewaterhouseCoopers, Heartl and’s external auditor.
Review status
All amounts are in New Zealand dollars unless otherwise indicated. Unless otherwise stated,
financial data is as at 30 June 20 26. Any other financial information provided as at a date after 30
June 2026 has not been audited or reviewed by any independent registered public accounting firm.
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.
Disclaimer and non-GAAP measures

3
Contents
01Executive summary4 – 13
02New Zealand banking14 – 28
03Australian banking29 – 41
04Outlook42 – 44
AppendixAdditional information45 – 50

01
Executive
summary
Andrew Dixson Chief Executive Officer, Heartland Group

5
5
FY2026 summary
Note: See page 2 for a definition of underlying financial metrics. Refer to page 7 for details about FY2026 and FY2025 one-offs. All comparative figures and percentage increases or decreases are against FY2025, unless explicitly stated otherwise.
Heartland met all underlying FY2026 guidance metrics, delivering an improved ROE and turnaround in
profitability, driven by margin expansion and strengthened asset quality – establishing a strong
foundation to support its next phase of growth.
•NPAT of $93.2m. Underlying NPAT of $90.4m, up
from $46.9m.
•ROE of 7.3%. Underlying ROE up 286 bps to 7.1%.
•Average NIM of 3.95%. Average underlying NIM
expanded 36 bps to 3.98%.
•OPEX of $196.0 m, and CTI ratio of 54.1%. Despite
underlying OPEX increasing $12.2m (6.7%) to
$193.5m, the underl ying CTI ratio improved 155
bps to 54.6%.
•Impairment expense ratio decreased 55 bps to
0 .45% as Heartland Bank significantly
strengthened its asset quality, including clearing
al l Motor Finance arrears >1 80 DPD.
•Reverse Mortgages for both Heartland Bank and
Heartland Bank Australia continued to perform
well, with Receivables up 16.8% and 19.7%
respectively.
•Heartland Bank’s Rural portfolio delivered strong
Receivables growth of 10 .8% .
•NSA realisation programme has successfully
concluded.
•Technology transformation programmes
reached key milestones with the launch of
Reverse Mortgages onto the new platforms.
•In June 2026, Heartland announced the proposed
merger of Heartland Bank and TSB to create a
New Zealander challenger bank of scale, with a
regional focus.
•Final dividend of 3.5 cps.
Overview
FY2026 underlying
financial metrics
Heartland
GuidanceResult
NPAT
≥$85.0m$90.4m
ROE
≥7.0%7.1%
Average NIM
>3.90%3.98%
Exit NIM
>3.95% 4.08%
OPEX
<$195.0m$193.5m
CTI ratio
<56.0%54.6%
Impairment expense
ratio
<0.45%0.45%

6
6
Note: See page 2 for a definition of underlying financial metrics. Refer to page 7 for details about FY2026 and FY2025 one-offs.
1.Reported OOI includes fair value gains/losses on investments and the change in accounting methodology for Heartland Bank
Australia Reverse Mortgage commissions.
2.Refer to page 7 for details about one-offs in the periods covered in this investor presentation.
3.NIM is calculated using monthly average interest earning assets, a change from prior periods which used a spot-to-spot June
average.
4.Impairment expense as a percentage of average Receivables.
5.Receivables also includes Reverse Mortgages.
6.Includingthe impact of changes in FX rates.
Group financial results
8m NZ, ReportedUnderlyingReported v Underlying
FY26FY25MovementFY26FY25MovementFY26FY25
Financial
performance
NII$337.9m$30 7.3m

$30 .6m10.0%$340 .3m$30 7.3m

$33.0 m1 0 .7%( $2.4m)-
OOI
1
$24.0m$15.6m

$8.4m54.1%$14.0m$15.5m

( $1.5m)(9.8%)$10.0m$0.1m
NOI$361.9m$322.9m

$39.0m12.1%$354.3m$322.8m

$31.5m9.8%$ 7.6m$0.1m
OPEX$196.0m$192.5m

$3.4m1.8%$193.5m$181.3m

$12.2m6.7%( $2.4m)$11.2m
Impairment expense$33.5m$71 .6m

( $38.1m)( 53.2%)$33.5m$71 .6m

( $38.1m)( 53.2%)--
GFV provision-$1.5m

( $1.5m)(100.0%)-$1.5m

( $1.5m)(100.0%)--
Tax expense$39.2m$18.4m

$20.8m113.0%$36.9m$21.5m

$15.4m71 .9%( $2.3m)( $3.1m)
NPAT
2
$93.2m$38.8m

$54.4m140.3%$90.4m$46.9m

$43.5m92.7%$2.8m($8.1m)
NIM
3
3.95%3.61%

34 bps3.98%3.61%

36 bps( 3 bps)( 0 bps)
CTI ratio54.1%59.6%

( 548 bps)54.6%56.2%

( 1 55 bps)45 bps340 bps
Impairment expense ratio
4
0.45%1.00%

( 55 bps)0.45%1.00%

( 55 bps)0 bps0 bps
ROE7.3%3.2%

41 1 bps7.1 %4.2%

286 bps1 9 bps( 1 0 0 bps)
EPS9.9 cps4.1 cps

5.8 cps9.6 cps5.0 cps

4.6 cps( 0 .3 cps)( 0 .9 cps)
Jun 26Jun 25Movement
Financial
position
Liquid assets$1,200m$1,135m

$65m5.7%
Receivables
5
$7,80 4m$7,1 56m

$648m
6
9.1%
Borrowings$7,947m$7,355m

$592m8.0%
Equity$1,337m$1,219m

$118m9.7%
Equity/total assets14.3%14.1%

1 7 bps
•Movements in FX rates contributed $2.6m to NPAT relative to
FY2025.
•Excluding the impact of changes in FX, Receivables grew 3.9%
from FY2025.

7
7
1.See page 2 for a 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 FY20 26 was $2.8m.
FY2026FY2025Comments
Reported NPAT$93.2m$38.8m
‒De-designation of derivatives-$1.1m
‒Fair value changes on equity investments held( $3.1m)( $1.6m)
Benefit from Harmoney ( equity
investment sold in Sep 2025)
‒Reverse Mortgage commission accounting methodology update ( HBAL only)( $4.5m)-Refer to page 33
‒Other non-recurring income-$0.5m
Net operating income ( NOI)( $ 7.6 m)$0.1m
‒Transaction costs related to the proposed merger of Heartland Bank and TSB$5.5m-Refer to page 10
‒Reverse Mortgage commission accounting methodology update ( HBAL only)( $3.5m)-Refer to page 33
‒One-off regulatory assurance costs arising in relation to the acquisition of ( now) Heartland Bank Australia-$1.5m
‒One-off staff exit costs-$7.3m
‒Other non-recurring costs$0.4m$2.3m
Operating expenses ( OPEX)$2.4m$11.2m
Tax impact$2.3m($3.1m)
Underlying NPAT
1
$90.4m$46.9m
•Going forward, Heartland intends to present its financial results on a reported basis only. Any exceptional items will be disclosed where applicable.

8
Capital
8
Note: Retained earnings include current reported NPAT.
1.The Banking Group includes all of Heartland Bank’s subsidiaries, including Heartland Bank Australia and Marac Insurance.
2.The RBNZ has confirmed that banks may apply any of the new standardised credit risk weights from 1 October 20 26 . The first
annual step change in capital ratios is also taking place on 1 October 20 26.
3.Including ordinary internal buffers.
Heartland capital movement $mCapital ratio
694
6
(52)
93
71
721
451
571
48
16
26
29
1,219
1,337
Jun-25Share capitalDividendsRetained
Earnings
ReservesJun-26
NZ BankingAU BankingNSAHeartl and Group
14.4%
16.6%
2.3%
2.7%
16 .7%
19.3%
HBL Banking Group
( June-26)
HBAL Banking Group
( June-26)
CET1Tier2
Heartland remains well placed to cater for organic growth with excess capital held across the group.
•The RBNZ’s final capital settings announced in December 2025 are expected
to have several benefits to Heartland Bank. Separately, effective 1 March
20 26, the RBNZ reduced Heartland Bank’s transitional capital overlay from
2.0% to 0.5%. See page 22 for more detail.
•In FY2026, the NSA realisation programme released $31.7m of capital, which
has been reallocated to fund growth.
•As at 30 June 20 26, the Banking Group
1
holds approximately $110 m of
regulatory capital in excess of expected regulatory requirements.
Applying Heartland Bank’s expected risk weight changes
2
to the 30 June 20 26
balance sheet, the excess is approximately $160m.
3
•Once the expected risk weight changes are embedded and the proposed
merger of Heartland Bank and TSB is completed ( subject to satisfaction of all
MIA conditions) , Heartland intends to allocate excess capital towards
opportunities that support scale, growth and improved shareholder returns.

9
9
NSA realisation progress
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.
Heartland’s NSA realisation programme has successfully concluded, with a 94% recovery rate.
•As at 30 June 2026, the residual $94.0m NSA portfolio included:
•$38.1m of Home Loans scheduled to run down
•$39.2m of Rural and Business Receivables, all on exit plans and well
provided for
•$16.7m in property and equity investments, with realisation efforts
continuing.
•Since 30 June 2026, the Properties NSA has been successfully realised.
•From 31 December 20 24, when Heartland began NSA reporting, to 30 June
20 26, the total value of NSAs reduced by $374.2m, creating $41.6m of available
capital.
•Heartland no longer intends to report on the NSA realisation programme as
the residual portfolio is no longer considered material and has returned to
business-as-usual management.
2Q253Q254Q251 Q262Q263Q264Q26FY27+
$m
NSA realisation progress
Total ($m) ActualCapital ( $m) ActualTotal ( $m) EstimateCapital ( $m) Estimate
Outstanding balance
AssetNZ( $ m)30 June 202530 June 2026
Rural Relationship
Total ( $m)
112.0
25.2
Capital ( $m)
1 7.14.2
Business Relationship
Total ( $m)
47.8
14.0
Capital ( $m)
6.91.9
Home Loans
1
Total ( $m)
171.7
38.1
Capital ( $m)
10.22.9
Properties
Total ( $m)
16.2
7.5
Capital ( $m)
2.61.2
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
5.1
Capital ( $m)
5.7
5.1
Total NSAs
Total ( $m)
364.894.0
Capital ($m)
47.615.9

10
Proposed merger of Heartland Bank and TSB
The proposed merger will create a New Zealand challenger bank of scale with a regional focus.
•On 2 June 2026, Heartland announced it
had entered into a conditional merger
implementation agreement with Toi
Foundation Holdings Limited and Toi
Foundation to acquire from Toi Foundation
all TSB shares on issue for an aggregate
consideration of $620m.
•Immediately following the acquisition,
Heartland Bank and TSB will merge.
1
•Recognising each bank’s long history and
deep connection to regional New Zealand,
the merged bank will be called TSB
Heartland Bank.
•The expanded Heartland Group will retain
its existing specialist product focus across
New Zealand and Australia, enhanced by
full-service banking capabilities in New
Zealand.
Diversified and differentiated product set
Creation of a full-service capable bank with a cost-effective funding base and lower risk-
weighted product portfolio, differentiated by its specialist product offerings.
Significant shareholder value creation
Expected through increased scale, improved operating leverage and estimated ongoing cost
synergies of approximately $34m per annum before tax once fully realised.
2
Continued regional focus and nationwide presence
It is intended that Taranaki will remain a key operational hub for customer-based banking
services, including maintaining a local branch network and customer-facing roles. TSB
Heartland Bank also intends to retain Heartland Bank’s existing nationwide presence.
Scale drives efficiency opportunities
Greater scale and product diversification are expected to improve financial efficiency and
resilience by providing the ability to leverage a higher fixed cost base across a larger portfolio,
particularly in relation to the cost of technology and compliance.
1Heartland Bank will be the surviving entity following completion of the Proposed Transaction.
2Estimated synergies are management estimates prepared for transaction evaluation purposes and are forward-looking. Cost
synergies ( ~$34m p.a.) represent expected annual pre-tax run-rate benefits anticipated to be progressively realised within three
years post-completion, subject to execution risk, regulatory requirements, market conditions and final integration design. Synergy
estimates have not been audited and may differ materially from actual outcomes.

11
Proposed merger of Heartland Bank and TSB
With a materially increased scale and diversified product set, TSB Heartland Bank will have an
enhanced ability to serve customers throughout their financial lifecycle.
1Heartland Bank’s lending portfolio also includes Home Loans and Unsecured Lending portfolios in addition to core product
portfolios. Home Loans and Unsecured Lending are winding down.
2Business Finance includes Asset Finance and Business Relationship.
3Includes credit card balances and other retail lending (including personal lending which is no longer accepting new applications).
4As at 31 December 2025 for Heartland and TSB per the RBNZ Banking Dashboard. Heartland Bank’s Receivables include NSAs.
5Pro forma combination.
6Including Heartland Bank’s Unsecured Lending portfolio which is winding down.
New Zealand
5
AustraliaHeartl and Group
5
Core lending products
1
Home Loans

44%
Reverse Mortgages

25%
Motor Finance

11%
Commercial Property

7%
Rural

7%
Business Finance
2

5%
Personal
3

1%
6
Receivables
4
NZ$12.3bA$2.5bNZ$15.1b
Total assets
4
NZ$15.1bA$3.1bNZ$18.3b
Funding
4
NZ$13.0bA$2.7bNZ$16.1b
Regulatory capital
4
NZ$1.5bA$0.3bn.a.
Receivables %
The acquisition of TSB provides
requisite scale in New Zealand
home loans which Heartland has
been unable to achieve organically
•The table above uses financial reporting for both Heartland Bank and TSB as at 31 December 20 25, being the most recent date to which publicly available financial
information is available for both banks on a comparable basis.

12
Proposed merger of Heartland Bank and TSB timetable
The Proposed Transaction remains subject to various approvals. Subject to satisfaction of the Toi
Foundation trustee approval condition, Heartland’s shareholder meeting to vote on the Proposed
Transaction will be held on 30 September 20 26.
1Residents are defined as any people residing in the Taranaki region.
2Subject to Toi Foundation trustee approval.
3Prior to 1 December 20 26, TSB is permitted to pay to Toi Foundation dividends of an equivalent amount to those declared or paid by
Heartland in the same period, based on the relative values of TSB and Heartland and, if the merger implementation date is delayed
beyond the 1 December 20 26 target, TSB is permitted to pay to Toi Foundation a dividend of up to $2.4m per full calendar month (pro-
rated for any partial month) from 1 December 2026 to completion, in each case funded solely from TSB’s NPAT generated during the
relevant period.
Key eventIndicative timing
Confirmatory due diligence completed and conditions satisfiedCompleted
Warranties and indemnities insurance obtainedCompleted
TSB FY20 26 financial resultsCompleted
Toi Foundation community consultation period with Taranaki residents
1
Completed
Heartland FY20 26 financial resultsCompleted
Outcome of Toi Foundation trustee decision dueAugust 20 26
RBNZ application submitted
2
August 20 26
Notice of Meeting dispatched to Heartland shareholders
2
August 20 26
Heartland shareholder meeting to vote on proposed transaction
2
30 September 20 26
Targeted merger implementation date
2, 3
December 2026

13
8.2
7.4
0.4
4.9
7.8
6.1
4.6
4.7
16.0
13.5
5.0
9.6
FY23FY24FY25FY26
InterimFinal
12.1%
10.2%
1.9%
7.3%
10.9%
9.8%
6.0%
6.8%
11.9%
9.8%
4.2%
7.1%
FY23FY24FY25FY26
1H2H
Shareholder return
•Heartland has declared a FY20 26 final dividend of 3.5 cps, taking the total FY20 26
dividend to 7.0 cps.
•Due to Heartland’s strong capital position:
•the payout ratio for FY20 26 of 73% is in excess of Heartland’s target dividend payout
ratio of at least 50 % of underlying NPAT
•the DRP will not apply to the final dividend. Shareholders who have previously
elected to participate in the DRP will receive their FY2026 final dividend payment in
cash.
2
1.Total fully imputed dividends divided by the closing share price as at 19 August 2026 of $1.22.
2.Information about the DRP is available on Heartland’s website at
heartlandgroup.info/investor-information/dividends.
3.Underlying ROE refers to ROE calculated using underlying results.
4.Underl ying EPS refers to EPS cal cul ated using underl ying resul ts.
3.5 cps
Final dividend
up 1.5 cps vs FY2025
7.1%
Underlying ROE
2H2026 6.8% vs 1H2026 7.3%
8.0%
1
Dividend yield
Underlying ROE
3
Underlying EPS (cps)
4

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

15
NZ banking: FY2026 summary
Heartland Bank materially met its underlying guidance for all key financial metrics. NIM expanded on
FY2025, asset quality materially improved and Heartland Bank saw strong Reverse Mortgage and
Rural lending performance.
Growth
•Momentum in Reverse
Mortgages saw growth of 16.8%,
supported by the launch of a new
marketing campaign, regional
presence and product process
improvements.
•Strong Rural growth of 10 .8% was
supported by Livestock Finance
partnerships and an expanded
regional footprint.
Quality
•NPL ratio improved 129 bps to
1.92% through targeted Motor
Finance activity and NSA
realisation.
•Motor Finance arrears are at
historical lows for Heartland Bank
as it met its commitment to clear
all NPLs >1 80 DPD.
•The NSA portfolio reduced by
$270.7m in FY2026, releasing
$31.7m of capital and
contributing to overall asset
quality improvement.
Efficiency
•Commenced the technology
programme to improve
operational efficiency and
enhance customer experiences.
Launched the first phase of
Reverse Mortgages on the
platform in June 20 26.
•The 1.5% transitional capital
overlay reduction reflected the
completion of integration
activities in relation to Heartland
Bank A ustral ia, stronger trans-
Tasman oversight arrangements
and an improvement in the
overal l risk profil e of the Banking
Group. See page 22.
FY2026 underlying
financial metrics
NZ Banking
GuidanceResult
NPAT>$45.0m$ 47.0 m
ROE>6.0%6.4%
Average NIM>4.10%4.08%
Exit NIM>4.20%4.15%
OPEX<$1 27.0 m$126.9m
CTI ratio<56.0%55.6%
Impairment expense
ratio
<0.70%0 .67%
FY2026 summary

16
Financial results
Note: See page 2 for a definition of underlying financial metrics. Refer to page 7 for details about FY2026 and FY2025 one-offs.
1.Reported OOI includes fair value gains/losses on investments.
2.Refer to page 7 for details about one-offs in the periods covered in this investor presentation.
3.NIM is calculated using monthly average interest earning assets, a change from prior periods which used a spot-to-spot June
average.
4.Impairment expense as a percentage of average Receivables.
5.Receivables also includes Reverse Mortgages.
6.Equity excluding investment in subsidiaries. ROE is calculated as NPAT/average equity (excl. investment in subsidiaries).
7.Total Assets excluding investment in subsidiaries.
ReportedUnderlying
FY26FY25MovementFY26FY25Movement
Financial
performance
NII$206.8m$212.4m

( $5.6m)(2.6%)$206.8m$212.4m

( $5.6m)(2.6%)
OOI
1
$19.0m$21.3m

( $2.4m)(11.1%)$15.8m$21.3m

( $5.4m)(25.2%)
NOI$225.8m$233.7m

( $ 7.9m)(3.4%)$222.7m$233.7m

($10 .9m)( 4.7%)
OPEX$1 27.4m$131.8m

( $4.5m)( 3.4%)$126.9m$128.1m

( $1.2m)(0.9%)
Impairment expense$30.4m$68.8m

( $38.3m)(55.7%)$30.4m$68.8m

( 38.3m)(55.7%)
GFV provision-$1.5m

( $1.5m)(100.0%)-$1.5m

( $1.5m)(100.0%)
Tax expense$18.2m$9.7m

$8.5m87.1 %$18.3m$1 0 .7m

$7.6m71 .4%
NPAT
2
$49.8m$21.9m

$ 27.9m127.4%$ 47.0 m$24.6m

$22.4m91.3%
NIM
3
4.08%3.91%

17 bps4.08%3.91%

17 bps
CTI ratio55.1%56.4%

( 134 bps)55.6%54.8%

79 bps
Impairment expense ratio
4
0 .67%1.40%

( 73 bps)0 .67%1.40%

( 73 bps)
ROE6.8%3.0%

379 bps6.4%3.4%

30 2 bps
Jun 26Jun 25Movement
Financial
position
Liquid assets$472m$570 m

( $98m)( 1 7.2%)
Receivables
5
$4,589m$4,71 0 m

($121m)(2.6%)
Borrowings$4,402m$4,660m

( $258m)(5.5%)
Equity
6
$735m$737m

( $2m)( 0.3%)
Equity/total assets
7
14.2%13.6%

61 bps

17
Receivables
Reverse Mortgages and Rural
1
delivered strong Receivables growth, while Motor Finance
2
and
Business Finance
3
focused on asset quality and pricing for risk.
Note: FY2026 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.Rural includes Rural Relationship, Rural Direct and Livestock Finance loans. Excludes NSAs.
2.Motor Finance includes Wholesale Lending.
3.Business Finance includes Asset Finance and Business Relationship. Excludes NSAs.
4.Unsecured Lending includes Personal Lending and Open for Business which are winding down.
5.Home Loans includes Online Home Loans and Heartland Bank’s old residential mortgages portfolio that is in run down.
Receivables
$m
4,71 01 ,720
1,441
67563938
4,5123814254,589
5
43
1
2

18
4.13%
4.08%
4.11%
4.02%
4.15%
4.18%
4.06%
4.12%
4.09%
4.09%
>4.05%
4Q20251 Q20 262Q20263Q20264Q2026FY2027
Outlook
Exit NIMAvg. NIM
Underlying NIM
1
Average NIM
FY2025 NIM
Avg. 3.91%
FY2026 NIM
Avg. 4.08%
> 4.10%
FY2026 summary
•NIM benefitted from a low cost of funds
throughout FY2026 due to lower funding
requirements.
•Average NIM increased 17 bps to 4.0 8%
despite challenging competitive conditions in
Motor Finance and Business Finance.
•The FY20 26 exit NIM increased 2 bps to
4.15%.
FY2027 outlook
•NIM is expected to remain stable through
FY2027. The average NIM outlook for
Heartland Bank is >4.0 5%.
4.08%
3.91%
(0.03%)
(0.80%)
1.00%
FY2025LiquidsGross Yield &
Portfolio Mix
Cost of
Funds
FY2026FY2027
Outlook
Note: NI M is calculated as NII/average gross interest earning assets.
1.NIM is calculated using monthly average interest earning assets, a change from prior periods which used a spot-to-spot June average.
>4.05%

19
(1.3)
(2.2)
(1.9)
128.1
1.2
129.3
2.2
1.8
0.9
1.9
(3.8)
126.9
FY2025Staff
Tfrs
FY2025
( Rebase)
Staff
Costs
IT &
Comms
Technology
Programme
MarketingLegal
Fees
Debt
Collection
Other
incl
Depn
Mgmt
Fees
FY2026
33.5
31.1
31.5
32.4
32.0
56.9%
52.4%
55.3%
57.7%57.4%
4Q20251 Q20 262Q20263Q20264Q2026FY2027
Outlook
OpexCTI %
Underlying OPEX
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.
Underl ying OPEX & CTI ratio ( $ m)
$2.3m (-1.8%)
$1.2m (0.9%)
1
<58.4%
2
FY2025
54.8%
FY2026
55.6%
FY2026 summary
•Total underlying OPEX of $126.9m, down
$1.2m (0.9%).
•Increased staff costs were primarily due to
restructuring costs and the re-introduction
of a LTI Scheme ( $0.6m) .
•Increased investment in technology and
Reverse Mortgage marketing was offset by
a reduction in legal fees and debt collection
costs.
•Despite cost reduction, Heartland Bank’s
underl ying CTI ratio increased from 54.8% in
FY2025 to 55.6% in FY2026 due to the
income impact of NSA realisation, amplified
by lower growth in Motor Finance and
Business Finance.
FY2027 outlook
•OPEX is expected to be <$135m, with a CTI
ratio of <58.4%.
•OPEX is expected to increase in FY2027 due
to investment in committed technology and
compliance projects.

20
Impairment and provisioning
Impairment expense ratio
Impairment expense ( $m)
Total provisions and coverage ($m)
FY2025
1.40%
FY2026
0.67%
(4.6)
(2.8)
(4.2)
(0.8)
(9.9)
4.0
6.1
4.7
6.2
8.2
14.1
4.7
4.6
6.6
13.0
(5.2)
(1.0)
( 0 .7)
(1.1)
( 3.1)
8.3
7.1
4.4
10.8
8.1
4Q20251Q20262Q20263Q20264Q2026
Collective provision expenseSpecific provision expenseWrite-offsRecovery
46.7
43.9
39.6
40.7
30.7
20.7
26.8
25.7
21.6
18.5
1.94%
2.13%
2.09%
1 .97%
1.60%
Jun-25Sep-25Dec-25Mar-26Jun-26
Collective ProvisionSpecific ProvisionCoverage Ratio
1.I ndustry average arrears are based on auto arrears as at June 20 26 , reported by Centrix in its Credit I nsights Report, Jul y 2026. See page 46.
0.70%
0.61%
0.39%
0.98%
0 .71 %
<0.48%
4Q20251Q20262Q20263Q20264Q2026FY2027
Outlook
Overall asset quality materially improved in FY2026,
supported by the reduction of Motor Finance arrears and
the realisation of NSAs.
•Motor Finance arrears improved across al l NPL cohorts, with al l NPLs >1 80 DPD
now cl eared. The portfol io’s arrears continue to outperform the industry
average of 5.2%
1
and are at historical lows for Heartland Bank.
•The FY20 27 impairment expense ratio outlook is expected to be <0 .48%. This
reflects continued stabilisation in impairment expenses through FY20 27 and
the conclusion of the NSA realisation programme.

21
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 Reverse Mortgages, Motor Finance, Rural, and Business Finance.
2.Motor Finance includes Wholesale Lending.
3.Rural includes Rural Relationship, Rural Direct, and Livestock Finance. Excludes NSAs.
4.Business Finance includes Asset Finance and Business Relationship. Excludes NSAs.
Asset quality
NPL ratios
1
3.21%
3.22%
3.04%
2.81%
1.92%
2.40%
2.36%
2.0 7%
2.06%
1.38%
30-Jun-202530-Sep-202531-Dec-202531-Mar-202630-Jun-2026
Total Bank NPLCore Portfolio NPL
Motor Finance
2
( $m)
1
Rural
3
( $m)
Business Finance
4
( $m)
1.5%,
$24.7
1.3%,
$22.0
1.3%,
$19.1
1.1%,
$19.0
0 .7%,
$11.9
0.8%,
$13.2
0.6%,
$9.8
0.6%,
$8.9
0.4%,
$7.3
24.4%
, $9.2
26.0% ,
$8.4
27.8%,
$7.9
28.4%,
$7.6
29.0%,
$3.5
2.2%, $ 37.9
1.9%, $32.3
1.7%, $28.0
1.6%, $26.4
0 .7%, $11.9
NPLsProvisionsNPLsProvisionsNPLsProvisionsNPLsProvisionsNPLsProvisions
30-Jun-202530-Sep-202531-Dec-202531-Mar-202630-Jun-2026
Non-Performing, 90 -179DPDNon-Performing, 180 -364DPDNon-Performing, 365+DPD
0.1%, $0.5
0.3%,
$1.6
0.1%, $0.8
0.5%,
$2.9
0.1%, $0.5
0.2%,
$1.3
0.1%, $0.8
0.1%, $0.8
0.1%, $0.8
0.6%,
$3.7
0.6%,
$3.4
0.6%,
$3.6
0.5%,
$2.8
0.5%,
$3.3
23.9%,
$1.3
22.5%,
$1.3
24.2%,
$1.2
21 .7%
$1.4
62.0%,
$2.4
0.9%, $5.5
1.0%, $5.8
0.9%, $5.1
1.1%, $6.5
0.6%, $3.9
NPLsProvisionsNPLsProvisionsNPLsProvisionsNPLsProvisionsNPLsProvisions
30-Jun-202530-Sep-202531-Dec-202531-Mar-202630-Jun-2026
Non-Performing, 90 -179DPDNon-Performing, 180 -364DPDNon-Performing, 365+DPD
1.9%,
$15.2
2.6%,
$19.4
1 .7%,
$11.8
2.3%,
$16.1
1.1%, $6.9
2.3%,
$1 7.6
1.3%,
$9.8
1.6%
$11.4
1.6%,
$11.0
2.0%,
$12.8
3.3%,
$25.6
4.4%,
$32.0
4.2%,
$29.0
4.1%,
$28.5
3.9%,
$25.1
32.4%,
$18.9
33.9%,
$20.8
33.0 %,
$1 7.3
33.5%,
$18.6
30 .4%,
$13.6
7.5%, $58.3
8.3%, $61.2
7.6 %, $52.2
8.1%, $55.6
7.0 %, $44.8
NPLsProvisionsNPLsProvisionsNPLsProvisionsNPLsProvisionsNPLsProvisions
30-Jun-202530-Sep-202531-Dec-202531-Mar-202630-Jun-2026
Non-Performing, 90 -179DPDNon-Performing, 180 -364DPDNon-Performing, 365+DPD

22
Regulatory 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 what is now Heartland Bank Australia.
•Heartland Bank’s regulatory capital ratio increased to 1 6.68% as of 30 June 20 26 ( 30 June 20 25: 1 6.46%) , due to capital released
from NSAs. The total capital ratio for the NZBG increased to 16.57% from 15.88% during the same period.
1.The New Zealand Banking Group consists of the NZ bank and its NZ subsidiaries, excluding Marac Insurance Limited.
2.Current reported NPAT for the NZ Banking Group.
3.The exact timing of the RBNZ’s review of reverse mortgage risk weights has not yet been confirmed.
4.The RBNZ has confirmed that banks may apply any of the new standardised credit risk weights from 1 October 20 26 . The first
annual step change in capital ratios is also taking place on 1 October 20 26.
5.Including ordinary internal buffers.
2
Heartland Bank is well positioned for
future growth, with capital well above
regulatory minimums.
•During FY2026, the NSA realisation programme released $31.7m of
capital, which has been redirected to fund growth.
RBNZ capital review
•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.
•The RBNZ is expected to review reverse mortgage risk weights in the
second half of calendar year 20 26, and Heartland Bank intends to
participate in this review.
3

•Effective 1 March 20 26, the RBNZ 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 30 June 20 26, the Banking Group holds approximately $110 m of
regulatory capital in excess of expected regulatory requirements.
Applying Heartland Bank’s expected risk weight changes
4
to the 30
June 2026 balance sheet, the excess is approximately $160m.
5
2
13.63%
1.12%
( 1 .27%)
0.36%
0.68%
(0.19%)
14.32%
8.0%
2.25%
2.25%
2.0%
2.5%
0.5%
Jun-25NPATDividendsReserves
and Net
Adjustments
NSA
realisation
Net RWA
Movement
Jun-26RBNZ
Requirements
CET1Tier2Tier1Overl ay
645
50
(56)
16
667
42
11
41
59
Jun-25NPATDividendsReserves and Net
Adjustments
Jun-26
Capital RequiredNSACapital for Growth
2

23
NZ lending performance: Motor Finance
1
1.Motor Finance includes Motor Wholesale lending.
2.Motor Lending includes Intermediary and Direct distribution channels.
•Dealer retracted 5.1%, reflecting Heartland Bank’s deliberate shift from lower
qual ity broker and non-franchise lending towards higher quality franchise lending.
•Jaguar Land Rover global production disruption from late 1H2026 into early 2H2026
also elevated demand volatility.
•New business volumes improved in 2H2026 as vehicle supply levels returned ( up
3.6% from 1H2026 to $399.4m in 2H2026), supported by record EV lending volumes
in March 2026 and an expanded wholesale funding partnership with key branded
partner Kia.
•Direct-to-consumer lending increased by 25.7% in FY2026.
Outlook
•FY2027 growth: >3.5%
Includes $1,511m Motor Lending
2
and $209m Wholesale Lending
$
1,720m
Receivables as at 30 Jun 20 26
+$25m, 1.5%
2
since 30 Jun 2025
Includes $70.1m Motor Lending
2
and $3.6m Wholesale Lending
$
73.7m
NOI as at 30 Jun 20 26
-2.0% vs FY2025
44%
46%
47%
49%
50%
34%
33%
33%
32%
31%
23%
22%
22%
21%
20%
Jun-25Aug-25Oct-25Dec-25Feb-26A pr-26Jun-26
FranchiseBrokerNon-Franchise
Dealer Receivables mix

24
NZ lending performance: Reverse Mortgages
1.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 30 June 20 26, this included 5 loans with a total value of $0 .9m and a
weighted average LVR ( using indexed valuation) of 40.3%.
Outlook
•FY2027 growth: > 18.0%
•Reverse Mortgage Receivables growth was supported by increased investment in
market awareness, regional presence and product process improvements.
•Annualised growth increased from 14.0% in the first quarter to 18.5% in the fourth
quarter.
•Asset quality within Reverse Mortgages remains strong with an NPL

ratio of
0.06%
1
, average current loan size of $163k and weighted average current LVR of
27.5%.
Receivables growth
$
65.9m
$
1,441m
Receivables as at 30 Jun 20 26
+$ 20 7m, 16.8% since 30 Jun 2025
NOI as at 30 Jun 20 26
+13.0 % vs FY2025
13.8%
14.0%
15.8%
15.1%
18.5%
1 9.7%
19.6%
21 .7%
20.2%
25.7%
4Q251 Q262Q263Q264Q26
Qtrly New Business VolumeQtrly Annualised Growth Rate
Qtrly Annualised New Business Rate

25
NZ lending performance: Rural
1
1.Rural includes Rural Relationship, Rural Direct and Livestock Finance. Excludes NSAs.
2.Rural Lending includes Rural Relationship and Rural Direct excluding NSAs.
3.As reported by RBNZ, the annual sector growth rate for agricul tural l ending increased from 0 .5% to 1 .8% in June 20 26 .
Outlook
•FY2027 growth: > 5.0%
•Rural growth exceeded Heartland Bank’s guidance and was ahead of sector growth
of 1.8%.
3
•Growth was supported by strengthened Livestock Finance intermediary
partnerships and improved market optimism.
•Through FY20 26, to address demand and strengthen its commitment to specialist
rural lending, Heartland Bank expanded its regional presence.
374
374
380
386
390
397
385
390
235
211
184
189
210
251
285
Jun-25Aug-25Oct-25Dec-25Feb-26A pr-26Jun-26
Rural LendingLivestock
Rural
1
Receivables ($m)
Includes $390m Rural Lending
2
and $285m Livestock Finance
$
675m
Receivables as at 30 Jun 20 26
+$66m, 10.8%
2
since 30 Jun 2025
Includes $19.3m Rural Lending
2
and $10.5m Livestock Finance
$
29.7m
NOI as at 30 Jun 20 26
-3.3% vs FY2025

26
NZ lending performance: Business Finance
1
1.Business Finance includes Asset Finance and Business Relationship. Excludes NSAs.
•Business Finance includes Asset Finance which helps small-to-medium
businesses purchase assets such as trucks, trailers, machinery and other
equipment used in day-to-day operations, rather than refinance existing assets.
•The Business Finance retraction is within guidance and reflects Heartland Bank’s
continued focus on asset quality and pricing for risk amid subdued demand and
ongoing economic challenges, particularly in construction and transport which are
key lending industries for Heartland Bank.
Outlook
•FY2027 growth: <-7.5%
$
36.2m
$
639m
Receivables as at 30 Jun 20 26
-$141m, -18.1% since 30 Jun 2025
NOI as at 30 Jun 20 26
-18.4% vs FY2025
Includes $519m Asset Finance and $120m Business Relationship
Includes $27.0m Asset Finance and $9.2m Business Relationship
608
578
577
568
551
550
549
519
1 72
158
145
138
132
124
120
Jun-25Aug-25Oct-25Dec-25Feb-26A pr-26Jun-26
Asset FinanceBusiness Relationship
Business Finance
1
Receivables ($m)

27
NZ technology programme
Building on prior investment in its modern technology foundations, Heartland Bank is adding an AI-
enabled automation and integration layer with Pega – creating simpler, faster, fully digital journeys.
Programme benefits over time
•Better experiences: Fully digital, end-to-end
journeys with simpl er, faster outcomes for
customers, intermediaries and employees.
•Increased agility and speed: Faster approvals,
product changes and easier customer
servicing.
•Greater operational efficiency: Automated
workflows and streamlined work for employees.
•Simplified technology landscape: Reduce
complexity, cost and risk with a modern,
integrated platform.
•Lower long-term cost: Retire legacy systems
and reduce software licensing.
•Drive sustainable growth: I mproved
conversion and capacity to serve more
customers.
FY23
– FY25
FY26
– FY28
Simple, digital and seamless experiences across every channel
Core banking
Modern, scalable,
Oracl e core
banking platform
Customer
channels
Voice and secure
messaging
Data & Analytics
Trusted data,
insights and AI
Finance
Modern financial
management
People
Empowered people
and culture
AI-enabled automation and integration platform
Automate, orchestrate and make smarter decisions
Modern foundations
Resilient, secure, scalable platforms
Common Group platforms

28
NZ technology programme: Progress report
Overall status
•On track.
•No change to delivery timetable.
•Commenced Motor Finance discovery phase.
Milestones achieved
•Completed initial production deployment of the Pega platform.
•Launched the first phase of Reverse Mortgages on the platform in June 20 26.
Outcomes
Partial retirement of legacy Reverse Mortgage origination systems.
Automated Reverse Mortgage loan approvals, reducing turnaround from 10 days to 48
hours for straight-through processing.
10 0 % of new Reverse Mortgage applications are being initiated on the platform.
Implementation
investment
•$3.3m invested in external implementation costs in FY20 26.
•Within implementation budget expectations ( estimated to be ≤$11m over a three-year
period) .
Programme delivery
FY2026 progress
FY2027 focus
Deliverables and objectives
•Complete Reverse Mortgage back-
book migration and bring loan
settlement and servicing inhouse.
•Improved Reverse Mortgage customer
self-service experience, including
mobile app access.
•Deploy Motor Finance on the platform,
with benefits expected to include:
- loan conversion improvement
- handling efficiencies
- savings through decommissioning
legacy systems
- automation of loan approvals.
•Reverse Mortgage benefits begin to
realise, including:
- faster application times
- higher conversion leading to growth.
FY2026FY2027FY2028
Indicative implementation timeline
Note: The timeline and sequencing of implementation is indicative only and subject to change.
PlanningReverse Mortgages
Motor FinanceSavings &
Deposits
Rural, Asset Finance,
Collections

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

30
AU banking: FY2026 summary
Heartland Bank Australia materially met its underlying guidance for all key financial metrics.
Continued strong Reverse Mortgage growth lifted profitability and contributed to NIM expansion
and CTI ratio improvement.
FY2026 summary
Business growth
•Delivered 19.7% Reverse
Mortgage growth while
simultaneously executing the
transformation programme.
•Retained >40% total reverse
mortgage market share and
approximately 55% new
business market share,
reinforcing market l eadership
despite increased competitor
activity.
Service excellence
•Achieved an 85% Customer
Satisfaction Score and a Net
Promoter Score of +49 in
Reverse Mortgages.
•Commenced a strategic
transformation programme to
simplify the bank’s technology
infrastructure and strengthen
operational scalability. Reverse
Mortgage origination launched
on the platform in July 20 26.
•Maintained high customer
service standards despite a
46% increase in annual call
volume, increasing answered
calls by an average of 11.9%
month-on-month.
Diversify distribution
•Accelerated distribution by
strengthening strategic partner
networks and broker
engagement across the
reverse mortgage market.
Broker relationships expanded
more than 20 %, contributing to
increased Reverse Mortgage
origination volumes and
improving visibility with key
aggregator and referral
partners.
•Signed 13 new livestock service
providers, deepening key
industry partnerships across
regional markets.
FY2026 underlying
financial metrics
AU Banking
GuidanceResult
NPAT>A$ 37.0 mA$38.4m
ROE>8.0%8.7%
Average NIM>3.70 %3.81%
Exit NIM>3.75%3.95%
OPEX<A$58.0mA$57.6m
CTI ratio<50.0%48.6%
Impairment expense
ratio
<0.10%0.11%

31
Financial results
Note: Al l figures are in AUD$m. See page 2 for a definition of underlying financial metrics. Refer to page 7 for details about FY20 26 and
FY2025 one-offs.
1.Reported OOI includes the impact of the change in accounting methodology for Heartland Bank Australia Reverse Mortgage
commissions. See page 33 for more information.
2.Refer to page 7 for details about one-offs in the periods covered in this investor presentation.
3.NIM is calculated using monthly average interest earning assets, a change from prior periods which used a spot-to-spot June
average.
4.Impairment expense as a percentage of average Receivables.
5.Receivables also includes Reverse Mortgages.
ReportedUnderlying
FY26FY25MovementFY26FY25Movement
Financial
performance
NII$112.5m$86.5m

$26.1m30.1%$114.5m$86.5m

$28.1m32.4%
OOI
1
$6.3m$2.7m

$3.7m1 37.5%$0.6m$2.7m

( $2.0m)( 76.5%)
NOI$118.9m$89.1m

$ 29.7m33.3%$115.2m$89.1m

$26.0m29.2%
OPEX$54.8m$47.7m

$7.1 m14.9%$57.6m$46.4m

$11.2m24.2%
Impairment expense$2.6m$2.7m

( $0.1m)( 0 .7%)$2.6m$2.7m

( $0.1m)( 0 .7%)
Tax expense$18.5m$11.6m

$6.8m58.6%$16.5m$12.0m

$4.5m37.3%
NPAT
2
$43.0 m$27.2m

$15.8m58.2%$38.4m$28.1m

$10 .3m36 .7%
NIM
3
3.74%3.08%

66 bps3.81%3.08%

73 bps
CTI ratio44.7%53.5%

( 877 bps)48.6%52.0%

( 342 bps)
Impairment expense ratio
4
0.11%0.13%

( 2 bps)0.11%0.13%

( 2 bps)
ROE9.7%6.6%

311 bps8.7%6.8%

185 bps
Jun 26Jun 25Movement
Financial
position
Liquid assets$596m$51 7m

$79m15.3%
Receivables
5
$2,638m$2,265m

$373m16.4%
Borrowings$2,919m$2,499m

$420m16.8%
Equity$462m$424m

$39m9.1%
Equity/total assets13.5%14.4%

( 86 bps)

32
Receivables
Note: All figures in AUD$m.
1.Other AU includes Home Loans and Consumer & Other loan portfolios acquired through the ADI which are in run down.
Continued strength in Reverse Mortgage growth underpinned Heartland Bank Australia’s 16.4%
lift in Receivables.
Receivables
( AUD $m)
2,2652,371250172,638
2,265
391
(4)(14)
2,638
Jun-25
Reverse
Mortgages AU
Livestock
Finance AU
Other A UJun-26
A$373m ( 16.4%)
1
(44.4%)
(1.7%)
1 9.7%

33
Reverse Mortgage commission accounting methodology update
Heartland Bank Australia has refined the accounting methodology used for
Reverse Mortgage commissions.
1
•Heartland Bank Australia’s accredited Reverse
Mortgage brokers and intermediaries are
remunerated through upfront and ongoing trail
commissions for the duration of a Reverse Mortgage
loan.
•Commission costs previously recognised upfront are
now recognised progressively over the expected life
of the loan, better aligning cost recognition with
expected loan cash flows and customer behaviour.
•The FY2026 reported result includes both the
ongoing impact of the revised methodology and a
life-to-date revaluation of the existing portfolio of
A$5.7m.
•The impact of this change has been removed from
Heartland Bank Australia’s underlying performance
for FY2026.
•The change affects the timing of earnings
recognition only and has no impact on Heartland
Bank Australia’s cash flows, regulatory capital
position or portfolio economics.
Underlying
Accounting
change
ReportedComments
NII
A$114.5m( A$2.0m)A$112.5m
Commission expense unwind through the
duration of the loan.
OOI
A$0.6mA$5.7mA$6.3m
Fair value benefit from applying the revised
commission methodology to existing loans.
NOI
A$115.2mA$ 3.7mA$118.9m
OPEX
A$57.6m( A$2.9m)A$54.8m
Commission expense no longer accounted
for within operating expenses.
Impairment
expense
A$2.6m-A$2.6m
Tax expense
A$16.5mA$2.0mA$18.5m
NPAT
A$38.4mA$4.6mA$43.0 m
NIM
3.81%( 7 bps)3.74%
CTI ratio
48.6%( 392 bps)44.7%
Improved due to lower reported operating
expenses under revised methodology.
1.Refer to “Changes in accounting estimates” in Note 20 – Fair Value of Heartland’s Financial Statements for the year ended 30 June 2026.

34
3.59%
3.50 %
4.01%3.97%
3.95%
3.47%
3.62%
3.74%
4.00%
3.88%
4Q20 251 Q20 262Q20263Q20264Q20 26FY2027
Outlook
Exit NIMAvg NIM
> 3.68%
Underlying NIM
1
Average NIM
3.08%
(0.07%)
0.05%
0 .75%
3.81%
FY2025Liquids
( HQLA)
Gross Yield
& Portfolio
Mix
Cost of
Funds
FY2026
Underlying
FY2027
Outlook
> 3.68%
FY2025 NIM
Avg. 3.08%
FY2026 NIM
Avg. 3.81%



FY2026 summary
•NIM reflected the full year benefit of the
deposit funding strategy, with legacy
wholesale funding arrangements replaced by
lower-cost deposits.
•The one-off Reverse Mortgage accounting
methodology change resulted in an
adjustment in fair value and recognition of
commissions through NII (previously OPEX) –
see page 33.
FY2027 outlook
•Some NIM compression is expected from
competitive lending pressures within Reverse
Mortgages, offset marginally by diversification
of funding mix with NCDs, deposit channel
diversification and improved liquids
management.
•The FY2027 average NIM is expected to be
>3.68% compared to 3.74% in FY2026 on a like-
for-like basis.
Note: NI M is calculated as NII/average gross interest earning assets in $AUD.
1.NIM is calculated using monthly average interest earning assets, a change from prior periods which used a spot-to-spot June
average.

35
Underlying OPEX
Note: All figures in AUD$m. CTI ratio is calculated as OPEX/NOI. Underlying CTI ratio excludes one-off impacts . See page 2 for definition
of underlying financial measures. Refer to page 7 for details about one-offs in the periods covered in this investor presentation.
1.Including intercompany group charges.
2.Excluding intercompany group charges.
Underl ying OPEX & CTI ratio (A$m)
2.4
46.4
5.0
0.7
2.8
( 0 .7)
1.0
57.6
FY2025Staff
Costs
Technology
Programme
MarketingReverse
Mortgage
Fees
Other
Expenses
Management
Fee
FY2026
12.1
13.8
14.1
14.2
15.5
47.7%
49.5%
53.5%
44.8%
47.6 %
4Q20251 Q20 262Q20263Q20264Q2026FY2027
Outlook
OpexCTI %
$11.2m (24.1%)
<47.2%
12
FY2025
52.0%
FY2026
48.6%
FY2026 summary
•Underlying OPEX was up A$11.2m on FY2025
primarily due to increased staff costs driven by
the full-year impact of FTE hired in FY20 25, and
additional FTE in FY20 26 to support Reverse
Mortgage volume growth, the transformation
programme, and to ensure customer
experience was not impacted while
implementing the new platform.
•Reverse Mortgage earnings momentum
contributed to an improvement in the
underl ying CTI ratio.
FY2027 outlook
•OPEX is expected to be <A$65m, with a CTI
ratio of <47.2%.
•OPEX is expected to increase in FY2027,
reflecting duplicate platform and operating costs
as the bank implements its transformation
programme ( see page 40) .

36
Funding & liquidity
1,454
1,495
2,014
2,310
2,451
809
595
335
324
418
403
323
100
0
50
50
50
50
50
2,715
2,462
2,499
2,684
2,919
Jun 24Dec 24Jun 25Dec-25Jun-26
DepositSecuritised fundingMTNs Tier 2
313
12
5050
125
347
196
142102
162
1
646
431
369
354
437
1,30 6
639
561
506
724
Jun 24Dec 24Jun 25Dec 25Jun 26
Undrawn limitCashSecurities
30-Jun-2530-Jun-26
MLH
1
MLH
1
Heartland Bank Australia 19.4%19.3%
Note: All figures in AUD$m. Heartland Bank acquired what is now Heartland Bank Australia on 30 April 20 24. Prior to that, Heartland’s
Australian businesses operated as Heartland Australia Group, which did not have an ADI licence or access to deposit funding in
Australia.
Liquid assets (securities) are HQLA APRA eligible securities.
1.Minimum Liquidity Holdings ( MLH) for Heartland Bank Australia has been measured on an APRA level 2 consolidated basis, i.e.
including Heartland Australia Bank and its’ subsidiaries.
Funding composition A$m
Liquidity composition A$m
•Deposits increased to A$2.45b, representing 84% of total funding ( June
20 25: 81%) , further strengthening the funding mix and reducing reliance
on wholesale funding.
•Heartland Bank Australia completed the early repayment of its final
A$10 0 m MTN, using deposit funding.
•Liquidity increased to A$724m, with the MLH ratio maintained at 19.3%.

37
Regulatory capital
20.41%
1 .87%
( 3.01%)
19.27%
Jun-25Current year
NPAT
Net RWA
Movement
Jun-26
275
43
(8)
310
50
50
Jun-25Retained
Earnings
Reserves and
Net Adjustments
Jun-26
CET1Tier Two
Heartland Bank Australia - Capital movement A$m
Heartland Bank Australia – Total capital ratio
Heartland Bank Australia
maintains a strong capital
position while supporting
portfolio growth.
•Total capital increased to A$360 m, driven by
retained earnings of A$43m.
•The total capital ratio was 19.3% at FY20 26.
Capital generated during the year was
reinvested to support continued growth in
Reverse Mortgages and associated risk-
weighted assets, while maintaining capital
strength.
Note: All figures in AUD$m.

38
AU lending performance: Reverse Mortgages
Receivables as at 30 Jun 20 26
+A$391m, 19.7% since 30 Jun 2025
A$
2,371m
A$
79.8m
Outlook
•FY2027 growth:>20.0%
NOI as at 30 Jun 20 26
A$63.8m 30 Jun 2025
•Reverse Mortgages continued to deliver strong growth, supported by ongoing
customer demand and continued momentum across both direct and intermediary
channels.
•Heartland Bank Australia maintained its leading position in the Australian reverse
mortgage market, with market share of more than 40 %, supported by a diversified
broker network and marketing activity.
•Asset quality remains strong with an NPL ratio of 0 .74%
1
, average current loan size
of A$223k and weighted average current LVR of 24.8%.
1.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 30 June 20 26, this included 63 loans with a total value of A$1 9.97m and a
weighted average LVR ( using indexed valuation) of 28.15%.
Receivables growth
20.4%
1 7.3%
19.6%
1 7.9%
18.9%
26.4%
22.1%
28.8%
24.6%
27.7%
4Q251 Q262Q263Q264Q26
Qtrly New Business VolumeQtrly Annualised Growth Rate
Qtrly Annualised New Business Rate

39
AU lending performance: Livestock Finance
A$
15.1m
Receivables as at 30 Jun 20 26
-A$4.3m, -1.7% since 30 Jun 2025
A$
250m
•Livestock Finance saw good customer trading activity through FY20 26, funding a
high volume of livestock purchases and sales across the portfolio.
•Receivables were down 1.7% with livestock sales exceeding purchases over the
year despite general l y supportive industry conditions, particul arl y across cattl e
markets.
•NOI increased 20% to A$15.1m ( from A$12.6m in FY2025) , reflecting improved
funding costs and portfolio quality, with average Receivables remaining stable.
•Active portfolio management and customer support strategies reduced NPLs by
A$10.4m, from A$36.9m as at 30 June 2025 to A$26.5m as at 30 June 2026.
Outlook
•FY2027 growth: >10.0%
NOI as at 30 Jun 20 26
A$12.6m at 30 Jun 2025
253.8
250.6
238.0
231.7
242.2
249.1
272.9
274.2
271.8
246.7
246.9
255.3
249.6
Jun-25Jul-25Aug-25Sep-25Oct-25Nov-25Dec-25Jan-26Feb-26Mar-26Apr-26May-26Jun-26
Receivables (A$m)

40
AU transformation programme
Programme benefits over time
•Improved customer, broker and employee
experience through faster decisioning,
streamlined digital workflows and greater
automation.
•Reduced operational risk through the retirement
of manual processes, stronger embedded controls
and enhanced compliance capability.
•Greater scalability, with higher Reverse Mortgage
volumes and future product growth supported
without a corresponding increase in FTE.
•Efficiency benefits over time from a simplified
cloud-based technology architecture, reduced
vendor complexity, legacy system
decommissioning and lower cost to serve.
•Improved operating leverage and CTI ratio
following migration completion and full adoption of
the target operating model.
Heartland Bank Australia has partnered with Constantinople to consolidate multiple platforms into a
single core banking system, simplifying operations and enabling scalable growth.
Reverse Mortgages
Livestock Finance
Deposits
Reverse Mortgages | Livestock Finance | Deposits
1x core banking system ( Constantinople)
•The programme will simplify Heartland Bank Australia’s technology infrastructure,
reducing platform complexity, manual processes and operational risk.
•Once fully operational, the platform and improved operating model will enable
scalable growth through greater automation, faster decisioning and a lower cost to
serve.

41
AU transformation programme: Progress report
Overall status
•On track.
•No change to delivery timetable.
Milestones achieved
•Completed initial production deployment of the Constantinople platform.
•Launched the first phase of the Reverse Mortgage platform in July 20 26.
Outcomes
Established the foundation for increased automation, enhanced digital workflows and
future migration from legacy systems.
Approximately 40% of new Reverse Mortgage origination volumes are now being
processed on the platform.
Improved customer, broker and employee experience as manual and fragmented
processes begin to transition to digital workflows.
Implementation
investment
•A$2.4m invested in external implementation costs in FY20 26.
•Within budget expectations ( estimated to be ≤A$5m over a three-year period) .
Programme delivery
FY2026FY2027FY2028
Indicative implementation timeline
PlanningReverse MortgagesSavings & Deposits
Note: The timeline and sequencing of implementation is indicative only and subject to change.
FY2027 focus
Deliverables and objectives
•Transition existing Reverse Mortgage
broker channels to the platform.
•100% of new Reverse Mortgage
originations are processed on the
platform.
•Retire legacy Reverse Mortgage
systems.
•Complete Reverse Mortgage back-
book migration.
•Deploy additional functionality and
digital capability to further streamline
Reverse Mortgage processes and
improve decisioning.
•Introduce new and migrate existing
Savings and Deposit products.
FY2026 progress
Livestock Finance

Andrew Dixson Chief Executive Officer, Heartland Group
04
Outlook

43
Accelerating growth in core portfolios,
with Reverse Mortgage growth targets
>18% in both countries.
FY2027 strategic focus
Continue to improve shareholder return by growing ROE to at least 7.5% and lifting
profitability to at least $102m.
Through FY20 26, Heartland reset its core strategic foundation. This included restoring NIM and asset quality to target
levels as Heartland Bank’s enhanced collections, recoveries and write-off strategies were embedded as business-as-usual,
and the NSA realisation programme successfully concluded.
FY2027 will use this foundation to focus on building and acquiring scale through:
This will be supported by:
These activities provide the opportunity for Heartland to optimise capital held within the business.
Commencing merger integration
( subject to completion of the
Proposed Transaction).
Executing the next phase of Heartland
Bank and Heartland Bank Australia’s
technology transformation programmes to
enhance operating leverage and unlock
future growth.
Successfully completing the Proposed
Transaction ( subject to satisfaction of all
MIA conditions).

44
Heartland expects FY20 27 NPAT to be at least $10 2m, excluding any costs related
to the Proposed Transaction.
It is expected that transaction costs relating to the Proposed Transaction of approximately $9.5m will be expensed and
reflected in Heartland’s NPAT for FY2027 ( subject to the Proposed Transaction completing in FY2027) .
Subject to satisfaction of all MIA conditions, as the proposed merger nears completion, guidance will be updated to reflect
the impact of TSB merging with Heartland Bank.
Financial metrics
FY20 27 guidance
1
HeartlandNZ BankingAU Banking
NPAT
≥$102m>$48m>A$46m
ROE
≥7.5%>6.3%>9.3%
Average NIM
>3.88%>4.05%>3.68%
OPEX
<$212m<$135m<A$65m
CTI ratio
<55.7%<58.4%<47.2%
Impairment expense ratio
<0.32%<0.48%<0.10%
The Board continues to target a total dividend payout ratio of at least 50 % of NPAT in FY20 27.
2
1.FY20 27 guidance is provided by Heartland on a reported basis, not an underlying basis. Heartland intends to take this approach to
guidance and the presentation of its financial results going forward, with any exceptional items disclosed where applicable.
2.The dividend payout ratio will be determined based on reported NPAT excluding any exceptional items disclosed where applicable,
and is subject to the Board considering Heartland’s capital needs, ROE accretive growth opportunities, balance sheet flexibility and
financial performance.
3.The FX rate of 1.2055 is based on a published forecast from a New Zealand economist.
FY2027 guidance
Note: Heartland’s
FY2027 guidance
has been set using a
FX rate of 1.2055.
3

Appendix
Additional
information

46
Motor Finance arrears vs. auto industry average
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 1 4 DPD) .
•Auto industry arrears are sourced from the Centrix Credit I ndicator Report, where 31 /1 2/20 24, 31 /0 3/20 25, 30 /0 6 /20 25, 30 /0 9/2025,
31/12/2025, 31/03/2026 and 30/06/2026 uses the January, April, July, October 2025, and January, April and July 2026 Insights Reports,
respectively.
•Consumer Motor are Motor Finance loans to individuals rather than businesses.
5.4%5.4%
5.1%
5.8%
5.6%
5.2%
6.3%
5.9%
5.2%
4.6%
4.5%
4.0%
3.0 %
6.1%
5.8%
5.0%
4.3%
4.2%
3.7%
2.8%
2.5%
3.0 %
3.5%
4.0%
4.5%
5.0%
5.5%
6.0%
6.5%
31/12/202431/0 3/20 2530/06/202530/09/202531/12/202531/0 3/20 2630/06/2026
Market Arrears ( Centrix Market Report)Total Motor ( HBL)Consumer Motor (HBL)

47
NZ Reverse Mortgage portfolio analytics
$1.44b
NZ Reverse Mortgages
+$20 7m ( +1 6.8%)

vs June 2025
$285m
(+$74.4 vs FY2025)
FY2026 origination
2
73
Average age of youngest borrower
( new customers)
3
17.1
%
Compound annual
growth rate
4
$162,963
Average current
loan size
2
$88,173
A verage initial
loan amount
9.1
%
Weighted average
initial LVR
3
27.5
%
Weighted average current LVR
( indexed valuation)
1,5
$182m
(+$24.9m vs FY2025)
Total repayments in FY2026
2
13.6
%
(vs 14.8% in FY2025)
FY2026 repayment rate
2
6.40 years
Average term
at repayment
80
%
Voluntary
repayment
20
%
Involuntary
repayment
6
Note: All figures are in $NZD unless otherwise stated.
1.Across all time on whole book.

2.As at 30 June 2026.
3.Rolling 12 months as at 30 June 2026.
4.Compound annual growth rate for the period 1 July 20 20 – 30 June 2026.
5.Indexed valuation.
6.Due to death or moving to aged care.

48
A$2.37b
AU Reverse Mortgages
+A$390.9m (+19.7%)

vs June 2025
A$548.2m
( +A$144.5m vs FY2025)
Total originations in FY2026
72
Average age of youngest borrower
( new customers)
3
18.2
%
Compound annual
growth rate
1
A$222,843
Average current
loan size
2
A$161,557
A verage initial
loan amount
3
14.0
%

Weighted average
initial LVR
4
24.8
%

Weighted average current LVR
( indexed valuation)
4,5
A$353m
(+A$92m vs FY2025)
Total repayments in FY2026
16.2
%
(vs 15.6% in FY2025)
FY2026 repayment rate
5.3 years
Average term at repayment
76
%
Voluntary
Repayments
24
%
Involuntary
Repayments
6
AU Reverse Mortgage portfolio analytics
4
8
Note: All figures are in $AUD unless otherwise stated.
1.Compound annual growth rate for the period 1 July 20 20 – 30 June 2026.
2.As at 30 June 2026.
3.New drawdowns in rolling 12 months as at 30 June 2026.
4.Indexed valuation.
5.Across all time on whole book.
6.Due to death or moving to aged care.

49
Glossary
ADIAuthorised deposit-taking institutionNPLNon-performing loan
APRAAustralian Prudential Regulation AuthorityNSANon-strategic assets
Banking Group
The Banking Group includes all of the NZ bank’s subsidiaries, including
the AU bank and Marac Insurance.
NZ Banking Group, NZBG
The New Zealand Banking Group consists of the NZ Bank and its NZ subsidiaries,
excluding Marac Insurance.
bpsBasis pointsOOIOther Operating Income
CET1Common Equity Tier 1OPEXOperating expenses
cpsCents per shareProposed Transaction
The proposed acquisition by Heartland of all TSB shares on issue from Toi
Foundation, and subsequent merger of Heartland Bank and TSB
CTI ratioCost-to-income ratioRBNZReserve Bank of New Zealand
DPDDays past dueReceivablesGross Finance Receivables ( includes Reverse Mortgages)
DRPDividend Reinvestment PlanROEReturn on Equity
EPSEarnings per shareRWARisk weighted assets
Exit NIMNIM for the last month of the reporting period.TSBTSB Bank Limited
FTEFull-time employeeFY2028Financial year ending 30 June 2028 ( 1 July 2027 to 30 June 2028)
FXForeign currency exchangeFY27+FY20 27 and onwards
GFV Guaranteed Future ValueFY2027Financial year ending 30 June 2027 ( 1 July 2026 to 30 June 2027)
Heartland, Heartland Group, HGHHeartl and Group Hol dings Limited or the Company4Q2026, 4Q26Fourth quarter of FY20 26 ( 1 April to 30 June 20 26 )
Heartland Bank, HBL, NZ Bank,
NZ Banking
Heartland Bank Limited3Q2026, 3Q26Third quarter of FY20 26 ( 1 January to 31 March 20 26 )
Heartland Bank Australia, HBAL,
AU Bank, AU banking
Heartland Bank Australia Limited2Q2026, 2Q26Second quarter of FY2026 ( 1 October to 31 December 2025)
LTI SchemeLong-term incentive scheme1Q2026, 1Q26First quarter of FY20 26 ( 1 Jul y to 30 September 20 25)
LVRLoan-to-value ratioFY2026, FY26Financial year ended 30 June 2026 (1 July 2025 to 30 June 2026)
MI AMerger implementation agreement4Q2025, 4Q25Fourth quarter of FY2025 (1 April to 30 June 2025)
MLHMinimum Liquidity Holdings3Q2025, 3Q25Third quarter of FY2025 (1 January to 31 March 2025)
NCDsNegotiable Certificates of Deposit2Q2025, 2Q25Second quarter of FY2025 ( 1 October to 31 December 2024)
NIINet interest incomeFY2025, FY25Financial year ended 30 June 2025 (1 July 2024 to 30 June 2025)
NIMNet interest marginFY2024, FY24Financial year ended 30 June 2024 (1 July 2023 to 30 June 2024)
NOINet operating incomeFY20 23, FY23Financial year ended 30 June 2023 (1 July 2022 to 30 June 2023)
NPATNet profit after tax

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 12 months to 30 June 2026
Previous Reporting Period 12 months to 30 June 2025
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$361,924 12.1%
Total Revenue $361,924 12.1%
Net profit/(loss) from
continuing operations
$93,227 140.2%
Total net profit/(loss) $93,227 140.2%
Interim/Final Dividend
Amount per Quoted Equity
Security
$ 0.03500000
Imputed amount per Quoted
Equity Security
$ 0.01361111
Record Date 28/08/2026
Dividend Payment Date 11/09/2026
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$1.10 $0.99
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Please refer to the audited 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 027 345 6809
Contact email address nicola.foley@heartland.co.nz
Date of release through MAP

20/08/2026

Audited 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 X Quarterly
Half Year Special
DRP applies
Record date 28/08/2026
Ex-Date (one business day before the
Record Date)
27/08/2026
Payment date (and allotment date for
DRP)
11/09/2026
Total monies associated with the
distribution
1

$33,082,265.26
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)
N/A
Start date and end date for
determining market price for DRP
N/A N/A
Date strike price to be announced (if
not available at this time)
N/A
Specify source of financial products to
be issued under DRP programme
(new issue or to be bought on market)
N/A
DRP strike price per financial product
N/A
Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms
N/A
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 027 345 6809
Contact email address nicola.foley@heartland.co.nz
Date of release through MAP

20/08/2026






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

---

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


NZX/ASX release
20 August 2026

ASX Listing Rule 1.15.3 Statement

Heartland Group Holdings Limited (Heartland) (NZX/ASX: HGH) (an ASX Foreign Exempt Listing)
confirms, for the purposes of ASX Listing Rule 1.15.3, that it has complied with and continues to
comply with the Listing Rules of NZX Limited, which is its overseas home exchange.

– ENDS –

The person(s) who authorised this announcement:

Andrew Dixson
Chief Executive Officer

For further information, 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

---

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