For personal use only Results Presentation For the full year ended 30 June 2025 Released 25 August 2025 Bendigo and Adelaide Bank Limited ABN 11 068 049 178 For personal use only C2 - Internal Use Only 2 2 Agenda | y | | | | | | | --- | --- | --- | --- | --- | --- | | l n | | | | | | | o e | 01 | 02 | 03 | 04 | 05 | | s | | | | | | | u | | | | | | | l a | Overview | FY25 Results | Strategy Update | Q&A | Summary | | n | | | | | | | o | | | | | | | s r | | | | | | | e | Richard Fennell, Chief Executive Offic ...

Financial Data and Key Metrics Changes - The company achieved a record average of 32.7 visits per clinic per day in Q2 2025, up from 30.6 in Q2 2024, marking a 7% increase [10][21] - Adjusted EBITDA increased to $26.9 million, up $4.7 million from the same quarter last year, with an adjusted EBITDA margin expanding to 17.5% from 16.4% [24][34] - Physical therapy revenues reached $168.3 million, representing a 17.3% increase compared to the prior year [27][28] - Gross profit margin improved to 21.1%, up from 20.1% in Q2 2024 [22][28] Business Line Data and Key Metrics Changes - Injury prevention (IIP) revenues increased by 22.6%, with gross profit rising by 25.8% compared to the prior year [13][29] - The company added over 50 net clinics compared to the prior year period, contributing to the growth in physical therapy visits [14] - Home care visits totaled 28,493 in Q2 2025, marking the first time these visits were reported separately [25] Market Data and Key Metrics Changes - Workers' compensation represented 10.4% of net patient revenues, with visits increasing by 8.4% year over year [27] - The net rate per patient visit was $105.33, slightly up from $105.05 in Q2 2024, despite a 2.9% Medicare rate reduction [26] Company Strategy and Development Direction - The company plans to focus on expanding its injury prevention business and has identified several large contracts in the auto industry [14][18] - The company has initiated a staged rollout of cash-based programs, generating approximately $900,000 in additional revenue [37] - A share repurchase program was authorized, allowing for the repurchase of up to $25 million of shares through December 31, 2026, while acquisitions remain the primary capital allocation priority [33][34] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the demand for services, noting solid demand across most markets despite some staffing challenges [41] - The company raised its full-year 2025 adjusted EBITDA guidance to a range of $93 million to $97 million, reflecting strong performance in the first half of the year [34] - Management acknowledged the impact of Medicare cuts, estimating a $25 million hit to profit lines, but remains positive about future reimbursement rate increases [15][72] Other Important Information - The company is implementing a new enterprise-wide financial and human resources system, with associated costs expected to continue through 2026 [30] - The balance sheet remains strong, with $135 million in term loans and a $175 million revolving credit facility [32] Q&A Session Summary Question: How would you characterize demand for your services? - Demand is solid across most markets, but there are challenges in managing costs while meeting demand [41] Question: How do you view capital deployment for de novo builds? - This year is expected to be one of the strongest for de novo builds, with adjustments made to recruiting efforts [43] Question: Can you provide an update on labor management strategies? - A 25% increase in student clinical rotations has been observed, contributing to lower turnover rates [59][61] Question: What is the expected impact of Medicare rate increases? - The company anticipates a 1% to 1.75% increase in Medicare rates, translating to a potential $2 million to $3 million positive impact on revenue [71][72] Question: How is the IIP segment performing? - The IIP segment is performing ahead of expectations, with strong organic growth and continued capital deployment planned [82] Question: What are the dynamics of the home PT business? - The home PT business is new and will be reported separately, with initial results showing promise [25][52]

Company Overview - As of March 31, 2025, WaFd Bank has total assets of $27.6 billion, total loans held for investment (HFI) of $20.9 billion, total deposits of $21.4 billion, and stockholder equity of $3.0 billion[7] - The bank's efficiency ratio is 58.3%, and the adjusted efficiency ratio is 58.4%[7] - WaFd Bank has 209 branches across 9 western states[7] Market Demographics - WaFd Bank's deposit market share in Washington is 3.97% with deposits of $8,723,693,000[12] - In California, the deposit market share is 0.27% with deposits of $4,073,942,000[12] - The total deposits across all states amount to $21,427,426,000[12] Loan Portfolio - As of March 31, 2025, multifamily loans constitute 23% of the net loan portfolio, with a net balance of $4,840,784,000 and a weighted average current loan-to-value (LTV) of 56%[52] - Single-family residence (SFR) loans make up 39% of the net loan portfolio, with a net balance of $8,223,356,000 and a weighted average current LTV of 38%[52] - Commercial Real Estate (CRE) - Office loans represent 4% of the net loan portfolio, with a net balance of $775,564,000 and a weighted average current LTV of 69%[52] Financial Performance - For the quarter ended March 31, 2025, net income available to common shareholders was $52,596,000, a 330% increase compared to $12,232,000 for the quarter ended March 31, 2024[76] - Net interest income for the quarter ended March 31, 2025, was $160,910,000, a 1% increase compared to $158,597,000 for the quarter ended March 31, 2024[75] - Non-interest income for the quarter ended March 31, 2025, was $18,881,000, a 41% increase compared to $13,392,000 for the quarter ended March 31, 2024[76] Capital Management - In 2025 YTD, $67,293,000 was returned to shareholders through dividends, representing 70% of net income[106] - 815,610 shares were repurchased in 2025 YTD at a weighted price of $30.35, representing 1.3% of outstanding shares at the beginning of the year[108] - The current cash dividend of $0.27 provides a yield of 3.79% based on the current stock price as of April 30[112]