TRIM CAPITAL: Comparison of Harmoney vs. Peers - March 2026

Independent Investment Research: Harmoney Peer Comparison (March 2026)

Harmoney is pleased to provide shareholders with an independent peer comparison report authored by Trim Capital. This report analyzes Harmoney’s performance and valuation metrics against ASX-listed non-bank lenders.

Key Performance Highlights from the Report:

• Cost Efficiency: "HMY's Cost to Income (%) ratio is the lowest across all 7 non-bank lenders".

• Risk-Adjusted Performance: "HMY has the highest RAI yield among similar-sized peers (WZR, MME, PLT) due to higher NIM that more than offset credit losses".

• Profitability: "HMY is earning positive Cash NPAT despite having the smallest loan book".

• Capital Efficiency: "HMY's Cash ROE is second highest, higher than larger peers HUM and LFS that has the benefit of economies of scale". Harmoney's Cash ROE stands at 24.5%.

• Growth Outlook: "HMY showed the highest Cash NPAT growth (%) among its peers" in 1H26.

• Future Guidance: HMY has an "expected Cash NPAT growth of 129% for FY26... the highest among its peers".

Valuation Analysis:

The report observes that "on a risk-adjusted basis, HMY is trading at a discount (1.6x vs 1.6x for similar-size peers) despite having a relatively higher RAI yield". Trim Capital concludes that this data "supports our view for significant share price upside for HMY over the next year".