Plenti Group (ASX: PLT) has achieved its $3 billion portfolio target in January 2026, two months ahead of its original 31 March 2026 deadline. The fintech lender’s loan portfolio reached $2.98 billion as at 31 December 2025, representing 24% year-on-year growth and positioning the company to exceed its strategic objective substantially earlier than planned.
The milestone achievement caps a period of consistent operational execution for the ASX-listed lender. This marks the fifth consecutive quarter of record loan originations, with the company delivering $480 million in new loans during the three months ended 31 December 2025.
“Plenti has delivered another exceptional quarter, achieving a fifth consecutive quarterly loan originations record of $480 million,” said Adam Bennett, Chief Executive Officer. “In addition to very strong third quarter results, it has been fantastic to hit our FY26 loan portfolio target of $3 billion, well ahead of our original anticipated timing. This was an ambitious strategic goal when we set it in early calendar 2025 and achieving it in January 2026 is a testament to the hard work of the entire Plenti team.”
The early delivery of the portfolio target signals momentum that may require management to revise growth expectations upward for the remainder of FY26.
Fifth consecutive record quarter delivers $480 million in originations
Plenti Group (ASX: PLT) reported $480 million in loan originations for the quarter ended 31 December 2025, representing 25% growth above the prior corresponding period. The result came despite the quarter containing 5% fewer business days than the previous quarter, suggesting a more substantial uplift in the per-day origination run-rate.
The performance demonstrates consistency in Plenti’s growth trajectory, with originations reaching $480 million compared to $475 million in the prior quarter and $384 million in the prior corresponding period. All three lending verticals contributed to the result, though performance varied by segment.
| Segment | 3Q26 Originations | YoY Growth | Key Driver |
|---|---|---|---|
| Automotive | $250 million | +29% | Commercial channel strength |
| Renewable Energy | $65 million | +33% | Government incentive programmes |
| Personal Loans | $165 million | +18% | API integrations and re-lend journeys |
Automotive lending delivered the largest absolute contribution at $250 million, with particularly strong performance in the commercial automotive channel. Growth in active referring brokers and increased loan share among large referrers drove solid results, offsetting a reduction in the more volatile electric vehicle lending channel.
Renewable energy loans reached a record $65 million for the quarter, supported by federal and state government incentive programmes including the Cheaper Home Batteries Programme and the WA Battery Scheme. While market feedback suggests battery supply has improved to meet demand, constraints remain in availability of resources to install systems, creating growth potential as installation capacity grows.
Personal loan originations grew 18% year-on-year to $165 million, with technology improvements to API integrations with affiliates and enhanced borrower journeys for customer re-lend driving direct channel performance. Plenti also invested in operational capacity to continue to support fast and efficient loan processing in the period.
Credit quality remains a standout
Credit performance continued to strengthen during the quarter, with both net losses and arrears declining year-on-year despite portfolio growth. The results demonstrate disciplined underwriting as Plenti scales its loan book.
- Annualised net credit losses: 91 basis points (down from 103 basis points prior corresponding period and 94 basis points prior quarter)
- 90+ day arrears: 41 basis points (down from 47 basis points prior corresponding period)
- Weighted average Equifax score: 849
The improvement in credit metrics addresses a common investor concern regarding whether fast-growing lenders maintain loan quality during expansion. Plenti’s arrears level of 41 basis points remained only marginally above the 39 basis points recorded in the prior quarter, suggesting stable performance as portfolio size increases.
The loan portfolio’s weighted average Equifax credit score of 849 reflects Plenti’s continued focus on prime credit customers. This credit positioning supports the low loss and arrears rates while enabling competitive pricing in target market segments.
How fintech lenders like Plenti generate income
Understanding Plenti’s funding model provides context for why the company’s latest securitisation pricing matters to profitability. Fintech lenders generate income through net interest margin, which represents the difference between interest charged to borrowers and the cost of funding those loans.
Plenti funds its loan originations through two primary mechanisms: warehouse facilities and asset-backed securities (ABS). Warehouse facilities provide short-term funding while loans are accumulated, then those loans are packaged and sold to investors through securitisation transactions. The ABS process converts the loan portfolio into tradeable securities backed by the underlying borrower repayments.
The margin earned on each loan depends partly on funding costs. When Plenti secures cheaper funding through improved ABS pricing, that cost reduction flows directly to profitability on new originations. This explains why the company’s $559 million automotive ABS transaction completed in November 2025 carries material significance beyond simply accessing capital.
Record $559 million securitisation at tightest pricing since 2021
Plenti completed its largest securitisation transaction to date in November 2025, issuing $559 million in automotive loan-backed securities with strong institutional investor demand. The transaction achieved the tightest pricing since 2021 despite significant competing supply in primary debt markets during the period.
The weighted average margin on the notes reached 1.02%, materially lower than the 1.24% weighted margin achieved in the Automotive 2025-1 ABS completed earlier in 2025. This pricing improvement represents approximately 22 basis points of funding cost reduction, which directly enhances margins on loans funded through this transaction.
The deal marked Plenti’s sixth automotive loan ABS and eleventh ABS transaction overall. Total issuance across Plenti’s public securitisation programmes now exceeds $4.3 billion, demonstrating consistent access to capital markets and growing institutional confidence in the company’s loan quality.
The pricing achievement signals market validation of Plenti’s credit performance and origination standards. Institutional investors purchasing ABS notes conduct thorough due diligence on underlying loan characteristics, making the improved pricing a third-party assessment of portfolio quality.
Revenue run-rate approaches $320 million annually
Plenti reported quarterly revenue of $79.9 million for the three months ended 31 December 2025, representing 22% growth above the prior corresponding period. The result implies an annualised revenue run-rate approaching $320 million based on current quarterly performance.
Revenue growth tracked closely with loan portfolio expansion of 24% year-on-year, reflecting the asset-based nature of Plenti’s lending operations. As the loan portfolio grows, interest income increases proportionally, subject to margin variations across different origination periods.
The company provided an update on progress against its FY26 objectives:
- $3 billion loan portfolio (Achieved in January 2026)
- Cash NPAT growth in 2H26 versus 1H26 (On track)
- Cost to net margin below 57% (On track)
The early achievement of the portfolio target positions Plenti ahead of its original timeline, with the profitability and efficiency objectives tracking to plan based on third-quarter performance.
NAB partnership gaining traction
The “NAB powered by Plenti” automotive loan portfolio reached $90.1 million at the end of December 2025, up from $66.7 million at the prior quarter end. This represented 35% quarter-on-quarter portfolio growth, though daily origination values remained flat across the two periods.
Several initiatives launched in December aimed at driving increased application volumes and improved conversion rates have begun delivering benefits. Plenti and NAB have agreed additional initiatives for coming quarters designed to accelerate loan originations, with some likely to require investment from Plenti to support growth.
The partnership represents a distribution channel with significant scale potential if conversion improvements continue. NAB’s retail banking network provides access to a large customer base, with Plenti’s technology platform powering the loan origination and servicing infrastructure behind the scenes.
What’s next for Plenti
Plenti faces near-term margin pressures following market funding cost increases during the quarter, though management has responded with pricing adjustments. From mid-October to mid-December, the market component of Plenti’s funding costs increased by approximately 50 basis points, driven by changing expectations regarding Reserve Bank of Australia rate decisions.
As a result of this change, Plenti saw an approximate 14 basis points reduction in the average margin on new originations in 3Q26 against 2Q26. The company responded with customer pricing adjustments through December, recovering approximately 25 basis points of margin by January. Application and origination volumes remained robust despite the price changes implemented.
Management continues to assess opportunities to recover further margin in the current quarter while monitoring competitive dynamics. Given the size of Plenti’s existing loan portfolio, which is continually hedged against market swap cost fluctuations, the impact of variance in margins on new originations for a few months is relatively minor. The overall loan portfolio margin was also supported by benefits from improved warehouse pricing agreed in recent months and completion of the automotive ABS transaction in November 2025.
Miles Drury resigned as Chief Financial Officer after six years with the company, including leading Plenti through its September 2020 IPO. He will remain in the role during his four-month contractual notice period to ensure an orderly transition and deliver the full-year FY26 results in May 2026. A comprehensive search for a replacement CFO with appropriate commercial, financial services and ASX-listed experience is well advanced, with an announcement expected within days.
The proactive response to funding cost changes and orderly CFO transition suggest operational discipline remains intact as Plenti scales toward its revised portfolio targets.
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