We are pleased to share the latest Trim Capital equity research report, which provides an update on Harmoney's stable performance for the first quarter of FY27.

Key Highlights from the Report:

• Stable 1Q27 Performance: Harmoney's metrics for the first quarter of FY27 were in-line with both 4Q26 and 1Q26, demonstrating continued stability in both margins and credit quality.

• Intermediary Channel Growth: The company has made notable progress with its new Australian intermediary channel, which generated $7m in originations during its first two months.

• Unchanged Guidance: Harmoney's stated priorities and FY27 guidance remain unchanged.

• Industry Resilience: Despite mounting macroeconomic concerns regarding rising inflation, interest rates, and stress within the private credit industry, non-bank lenders continue to perform steadily. The Reserve Bank of Australia (RBA) also highlighted the ongoing resilience of the Australian financial system in its October 2026 Financial Stability Review.

• Valuation Maintained: Trim Capital retains its valuation of Harmoney at $2.06 per share, utilizing a general residual income model. This valuation presents a 192% upside from the current share price.

• Recurring Revenue & Margin Strength: Harmoney’s proprietary Stellare platform enables automated, personalised risk-based pricing, driving peer-leading Risk Adjusted Income (RAI) yields. This direct-to-consumer model creates annuity-like income streams, with returning customers accounting for 45% of FY26 originations at near-zero acquisition costs.

• Future Catalysts: The report identifies several upcoming catalysts, including the deployment of AI to enhance underwriting speed, new distribution partnerships with online auto platforms and the possibility of strategic investments or M&A activity.

For a comprehensive breakdown of the quarterly metrics, detailed valuation models, and updated financial forecasts, please review the full attached document.