Amount: $1.21M pre-tax profit (unaudited) for FY26; $1.50M EBITDA (unaudited) Revenue: $21.67M for FY26, up 10.0% year-on-year Cash receipts: $7.57M for Q4 FY26, up 28% on prior corresponding period Operating cash flow: $14.32M net inflow for Q4 FY26 Cash position: $22.92M as at 30 June 2026 Lending capacity: ~$400M total accessible

N1 Holdings (ASX: N1H) reported unaudited pre-tax profit of $1.21 million for the twelve months to 30 June 2026, with EBITDA of $1.50 million, as the property-backed private credit lender recorded consecutive record quarters for settlement volumes.

Full-year revenue reached $21.67 million, a 10.0% increase on the prior corresponding period. The SME lending division, including management fees from the separately-managed One Lending Fund, accounted for 96% of quarterly cash receipts.

Cash receipts from customers for the June quarter totalled $7.57 million, up 28% on the same quarter last year. Net operating cash inflow was $14.32 million for the period, lifting the company's cash balance to $22.92 million at quarter end, more than double the $8.90 million held at the start of the quarter.

The operating cash result reflects $12.03 million in net cash from commercial lending activities during the quarter, alongside controlled operating expenses. Staff costs were $610,000, administration and corporate costs $274,000, and advertising and marketing $84,000.

N1H noted it continued to optimise its funding structure during the quarter, reducing overall cost of funds through increased utilisation of lower-cost facilities as settlement volumes rose. The company's total accessible lending capacity stands at approximately $400 million, comprising $27 million in balance sheet capital, $355 million across debt facilities, and $18 million from One Lending Fund.

Gross revenue for Q4 FY26 was $5.71 million (unaudited), up 13.2% on the prior corresponding quarter. One Lending Fund, which is managed by N1 Venture Pty Ltd but not consolidated into N1H's financial statements, generated $564,000 in revenue for the quarter.

Payments to related parties totalled $230,000 for the quarter, comprising $194,000 in executive director salaries and superannuation and $37,000 for services from director-related entities at arm's length rates.

The company welcomed ASIC's continued scrutiny of governance, valuation practices and investor disclosures across the private credit sector, stating it remains committed to robust compliance and risk management standards. N1H emphasised its lending is secured against established Australian properties only, with no construction lending exposure.

Outlook

The unaudited FY26 result marks a return to profitability after the company navigated elevated interest rates and restrictive monetary policy through the period. The consecutive record settlement quarters and 28% lift in quarterly cash receipts suggest origination momentum, though the sustainability of this pace warrants monitoring as RBA policy settings evolve. The next material event is the audited FY26 annual report and any accompanying guidance on FY27 lending targets.