Ann: Investor Presentation - Market Update, page-5

The key metrics of the US PDL biz are still well behind peers and the shrinking Aus PDL biz, they are framing that as an opportunity for improvement, bull case certainly relies on hitting those targets in the US and that becoming segment the lion share of earnings.

The turn around of the Aus PDL biz is on the never, never. You would think credit card usage will climb in Aus as pandemic savings dwindle and higher rates bite, certainly seeking some retail downgrades now. However, I've been saying that for a while and have been wrong.

Pioneer is upgrading purchasing guidance, so obviously they're onto a decent vien somewhere, or overpaying, or both. Happy days with the Aus PDL market over there....

Back of the envelope on the lending segment has NPAT from that in the mid 40s in FY25 from a standing start. Caveat there being an increase in bad debts, which although they're tightening standards, seems inevitable.