TRIM CAPITAL: 3Q26 reaffirms the growth story

Following the release of Harmoney’s third-quarter trading update, Trim Capital has published a new equity research report titled "3Q26 reaffirms the growth story". The report provides an in-depth analysis of Harmoney’s performance for the nine months ending 31 March 2026, noting that the company "remains on track to achieve FY26 cash NPAT guidance".

According to the analysis, Harmoney’s 3Q26 performance was characterized by "accelerating loan growth" and "improving credit quality". Key highlights identified in the report include:

• Financial Guidance Reaffirmed: Management has confirmed its cash NPAT guidance of A$13m for FY26.

• Strong Originations: Group originations surged by 29% year-over-year, led by a 53% increase in New Zealand.

• Robust Margins: Net Interest Margins (NIM) remained stable and healthy at 10.3%.

• Efficiency Gains: The cost-to-income ratio improved to 18.2%, demonstrating the "Stellare platform's solid credit underwriting and processes".

• Credit Quality: 90+ day arrears improved to 0.62%, which the report describes as a "strong" profile compared to the broader lending industry.

Looking forward, Trim Capital points to several catalysts, including the "extension of the share buyback program by 12 months" and the upcoming "rollout of revolving loan product" in FY27. Based on these factors, Trim Capital has maintained its valuation of $2.90, suggesting a "258% upside from current share price".