Business Development Manager

Plenti Group Limited, which is listed on the ASX, has priced a record $450 million asset-backed securities (ABS) deal backed by personal loans and renewable energy receivables. It is the largest such deal the company has issued, and its third ABS transaction of 2026. Moody's rated the deal. Credit support for the A tranche fell to 18.50% from 20.00% in the February 2026 deal, reflecting strong credit performance and borrower quality. The weighted average margin was 1.33%, the second tightest of any Plenti personal loan and renewable deal. Pricing held despite geopolitical instability, uncertainty before the US mid-term elections, and worries over European government debt. Plenti's lifetime ABS issuance now exceeds $5.8 billion. The deal is expected to settle on or around October 22, 2026.

Plenti (ASX:PLT) clocks record A$536m quarter and the A$600m target looks conservative. Investment Case Summary * Record A$536m in quarterly originations puts the A$600m FY27 exit target within easy reach. * Renewables grew 77% on PCP and a new NSW Government program extends that tailwind for years. * Margin slipped to 5.3% on new originations, making product mix the one line to watch closely. June alone did A$221m, up 28% on the prior monthly record, and credit losses barely moved. Plenti Group (ASX:PLT) just posted the kind of quarter that forces a reset on how the market values digital lenders. Loan originations hit A$536 million for 1Q27, up 22% on the prior corresponding period and 13% on the prior quarter. Every one of the three lending verticals set its own record. The June monthly number is the one to sit with. A$221 million in a single month, up 39% on June last year and 28% above the previous monthly record set in May. That kind of acceleration usually shows up alongside a credit blow-up. Here it did not. Annualised net credit losses came in at 98 basis points excluding a A$2.2 million debt sale, roughly flat on the 96bps in the prior quarter. 90-plus day arrears sit at 46bps. The weighted average Equifax score on the book is 851. Prime is still prime. Cash PBT of A$10.7 million for the quarter, with the loan book now at A$3.28 billion. The FY27 exit target of A$600 million per quarter, which looked ambitious three months ago, now looks like the floor rather than the ceiling. Stocks Down Under Pitt Street Research · AFSL 1265112 * Updated 23 Jul 2026 * INSIDER CONVICTION TRADES FY26 ASX insiders bought these 5 stocks. The market hasn't noticed yet. Disclosed by law. Missed by most investors. 129 trades tracked by us. * Director buys & sells tracked * Buy / Hold / Sell verdict on every stock * Technical analysis included Renewables did the heavy lifting nobody was pricing in. Automotive is still the biggest vertical at A$281 million of originations. But the standout is renewable energy, which grew 77% on PCP to A$86 million. The WA Residential Battery Scheme alone drove more than 9,900 rebates through Plenti's systems during the quarter. The NSW Government has now appointed Plenti as an inaugural finance provider for its A$480 million Home Energy Saver program. That is a multi-year distribution channel handed to the company by a state government, and it lands right as the federal battery scheme continues to pull demand forward. We think this is the vertical the market is most likely to underestimate. Renewables originations have gone from A$49 million in 1Q26 to A$86 million in 1Q27, a 75% lift in twelve months. The compounding here is quiet but real. The margin trade-off is the one number to watch. Net interest margin on new originations slipped to roughly 5.3%, slightly below the prior quarter. Management points to product mix and end-of-financial-year promotions. Both are fair explanations, but this is now the line item where the growth story could get complicated. The bull case is that scale and the A$3.3 billion book absorb the mix shift, particularly as the higher-margin personal loan vertical continues to grow off repeat and cross-sell. The bear read is that competition in auto lending is starting to bite, and margin drift is the price of hitting A$600 million a quarter. For now the trade-off is working. Cash PBT is growing, the cost-to-net-margin target of below 55% is intact, and the operating leverage story is doing what management said it would. NAB powered by Plenti is starting to matter. The NAB partnership book grew 26% quarter-on-quarter to A$153 million, with daily origination run-rate up 35%. Plenti carries no credit risk on this book. It is pure fee and technology revenue riding on NAB's balance sheet. This is the part of the story that structurally re-rates the business over time. A digital lender that can also be the technology stack for a Big Four bank is not the same animal as a monoline consumer finance company. The market has not fully worked that out yet. The investors takeaway for Plenti Group. Plenti walked into FY27 with a record quarter, stable credit, growing NAB revenue, and a state government contract that extends the renewables tailwind by years. If June's A$221 million monthly run-rate holds, the A$600 million quarterly exit is arithmetic, not aspiration. The risks are real. Margin compression is the one to track, and any softening in prime consumer credit would matter given the pace of book growth. But at 851 average Equifax and 46bps of 90-plus arrears, there is little in the current data to worry about. Investors can find more coverage of ASX-listed digital lenders and fintech names at stocksdownunder. The next data point that matters is the 2Q27 update, which will tell us whether the June acceleration was a financial year-end sugar hit or the new baseline. Charlie is an Associate Equity Research Analyst covering ASX small caps across technology, mining and industrials. His investing journey began in 2020 with large-cap US technology stocks, before he went on to complete a Commerce degree in Finance and Marketing at UTS, the Wall Street Prep Financial Modelling course, and Columbia Business School's Value Investing course. Charlie's goal is to make investing clear, digestible and genuinely useful for everyday retail investors, helping them make better decisions with more confidence.