Heartland Group Holdings — specialist finance and product record

Heartland Group Holdings Limited (NZX/ASX: HGH) is the listed holding company of a trans-Tasman specialist-finance group. It has a 30 June year-end and prepares consolidated financial statements in NZ$, normally in thousands. This report covers FY2021–FY2025; reports were published 27 September 2021, 28 September 2022, 29 September 2023, 30 September 2024 and 30 September 2025.

The legal architecture predates the selected period. Heartland New Zealand Limited changed its name to Heartland Bank Limited in 2015 in connection with an amalgamation. A 2018 restructure made Heartland Bank Limited (HBL) a wholly owned subsidiary of the new listed parent, HGH. Thus a Heartland Bank document or product is not automatically a parent-company or consolidated result.

FY2024 is a material perimeter break: Challenger Bank was acquired on 30 April 2024, began trading as Heartland Bank Australia (HBA) on 1 May, and changed legal name later in May. FY2024 therefore includes only post-acquisition HBA consolidation; FY2025 is its first full financial year, not five years of unchanged Australian bank history.

Section sources. Heartland Group, 2021 Annual Report, pp. 6 and 108–109; 2022 Annual Report, pp. 23–26 and 143–146; 2023 Annual Report, pp. 4, 16 and 72; 2024 Annual Report, pp. 14–16 and 124–125; 2025 Annual Report, pp. 5, 20–21 and 79–83.

Funding trusts and recourse boundary

Auto Warehouse/HARWT securitises motor loans; Seniors Warehouse/ASF and Atlas finance reverse mortgages; StockCo Trust funds Australian livestock finance. The Group recognises controlled trust assets and borrowings, but annual reports state that relevant trust assets are held for investor benefit and other Group lenders have no recourse where the relevant structure says so.

Section sources. Heartland Group, 2021 Annual Report, pp. 108–109 and 133–134; 2022 Annual Report, pp. 23–26, 78–80, 115–116 and 143–146; 2023 Annual Report, printed pp. 16, 72, 115–117 and 147; 2024 Annual Report, pp. 14–16, 114–115, 116–117, 124–125 and 149; 2025 Annual Report, pp. 5, 20–21, 79, 82 and 169.

Heartland’s record is specialist finance, not a universal major-bank product set. Product labels, entity boundaries and accounting bases changed; product absence is not treated as zero or disposal.

Reverse mortgages are fair value through profit or loss (FVTPL), unlike much of the amortised-cost/ECL finance-receivable book. Securitised portfolio amounts and product dashboards remain distinct from statutory consolidated finance receivables.

Section sources. Heartland Group, 2021 Annual Report, pp. 12–18 and 83–85; 2022 Annual Report, pp. 13–26 and 75–80; 2023 Annual Report, pp. 8–18 and 72; 2024 Annual Report, pp. 20–31 and 75–80; 2025 Annual Report, pp. 20–29 and 79–83.

New Zealand and Australian reverse mortgages are maintained as separate jurisdictional/product rows. Interest capitalises and repayment generally follows the borrower leaving the property; the issuer identifies negative-equity risk and product safeguards including age-based origination LVRs and net-sale-proceeds promise.

NZ$ consolidated and A$ Australian values are not a single comparable geographic series. FVTPL reverse mortgages are not counted as ECL provision balances. FY2025’s country-specific NPL and LVR indicators are not pooled.

Section sources. Heartland Group, 2021 Annual Report, pp. 12–18 and 97; 2022 Annual Report, pp. 13–24 and 75–80; 2023 Annual Report, pp. 8–14 and 72; 2024 Annual Report, pp. 14–16, 20–21 and 109–114; 2025 Annual Report, pp. 20–21 and 79–83.

Motor Finance was the largest named NZ specialist portfolio; FY2025’s NZ$1.69bn includes Wholesale Lending and is therefore not identical to earlier standalone Motor Finance labels. Australian StockCo livestock finance entered the Group only on 31 May 2022 and is never combined with NZ Rural.

Section sources. Heartland Group, 2021 Annual Report, pp. 12–18; 2022 Annual Report, pp. 13–26; 2023 Annual Report, pp. 8–18; 2024 Annual Report, pp. 20–31 and 75–80; 2025 Annual Report, pp. 20–29 and 79–83.

Programme spend, delivery milestone, customer outcome and future target are kept separate. FY2025’s sustainability architecture was environment, people and financial wellbeing, and does not create a five-year financed-emissions or portfolio-emissions series.

Section sources. Heartland Group, 2021 Annual Report, pp. 17–18 and 63–70; 2022 Annual Report, pp. 23–24 and 145–148; 2023 Annual Report, pp. 8, 14, 16, 18–19, 30–46 and 72; 2024 Annual Report, pp. 14–18, 38, 42 and 45; 2025 Annual Report, pp. 5, 20–21, 31–43 and 79–83.

Statutory consolidated figures are the default comparison lane; underlying figures are non-GAAP and are separately labelled. FY2024 acquisition-date and FY2025 HBA outcomes do not create five years of constant Australian-bank comparability.

FY2021 dividend presentation boundary. The FY2021 statement of changes in equity records NZ$37.861m distributions labelled “Dividends paid” (Note 16), whereas its statement of cash flows records NZ$30.337m cash dividends paid. These are different report presentations and neither is relabelled as the other. FY2020 comparators were NZ$62.993m equity distributions and NZ$46.098m cash-flow payments.

Section sources. Heartland Group, 2021 Annual Report, pp. 15, 71–73, 83, 85 and 110; 2022 Annual Report, pp. 13–14, 75–76, 87–90 and 115–116; 2023 Annual Report, pp. 4, 14 and 72; FY2023 audited comparatives are also reproduced on FY2024 p. 83; 2024 Annual Report, pp. 75–76, 83, 85, 109, 118 and 155; 2025 Annual Report, pp. 10–11, 19, 79 and 84–160.

Deposits, other borrowings, securitised borrowings, facility capacity and contractual maturities are different measures. Consolidated accounts are NZ$, but Australian funding may be A$ and is not added unless the issuer provides an NZ$ display basis.

Contractual cash flows are undiscounted principal and interest, not balance-sheet carrying values. ALCO (FY2021–FY2023) and GALCO (FY2024 onward) manage funding, liquidity, FX and capital under Board frameworks. No consistent five-year LCR, NSFR, deposit-beta, duration-gap, interest-rate sensitivity or Group FX net-open-position series was separately captured.

Section sources. Heartland Group, 2021 Annual Report, pp. 75–76, 85, 108–109 and 129–134; 2022 Annual Report, pp. 23–24, 79–80, 115–116 and 133–140; 2023 Annual Report, printed pp. 14, 72, 115–117 and 133–146; 2024 Annual Report, pp. 14–15, 85, 114–115, 115–117, 139–145, 149 and 153; 2025 Annual Report, pp. 20–21, 79–83 and 84–160.

Amortised-cost receivables, FVTPL reverse mortgages, structured-entity assets, portfolio diagrams, impairment expense and credit exposure are not interchangeable. ECL uses three stages: 12-month ECL at Stage 1 (up to 30 days past due), lifetime ECL at Stage 2 (more than 30 but fewer than 90 days), and lifetime ECL at Stage 3 (90+ days / credit-impaired). Reverse mortgages are a separate FVTPL class.

Security is product-specific: reverse/residential mortgages typically first residential mortgages; business/rural typically property/business security; motor/other personal primarily vehicle/boat; smaller personal lending predominantly unsecured. FY2025 NPL indicators include HBL 3.21% (2.40% excluding non-strategic assets/unsecured), NZ Motor 2.24%, NZ Rural 0.90%, NZ Business NZ$58m, and AU livestock A$36.4m/1.62%. They are not a single Group loss rate.

Section sources. Heartland Group, 2021 Annual Report, pp. 97, 104–105 and 125–126; 2022 Annual Report, pp. 75–80, 113–114 and 133–136; 2023 Annual Report, printed pp. 72, 110–114 and 137–141; 2024 Annual Report, pp. 75–76, 109 and 139–143; 2025 Annual Report, pp. 79–83 and 162–164.

HBL is the New Zealand bank; HBA is the Australian ADI acquired in FY2024. NZ$ consolidation does not make their capital, funding or liquidity interchangeable. The post-acquisition risk framework addresses both HBA APRA requirements and HGH/HBL RBNZ requirements without turning HBL into an APRA entity.

FY2025 reported NZ$9.8m capital released through NSA realisation, Marac run-off/licence cancellation and reduction of Harmoney holding below 10%; a further NZ$4m expected in 1H26 is forward-looking. Depositor Compensation Scheme began 1 July 2025 after balance date. FY2025 governance disclosure also reported non-compliance with NZX Code Recommendation 2.9 on an independent chair; unconditional full-code compliance is not asserted.

Climate disclosure developed over time. FY2021 restated FY2020 operational emissions of 955 tCO2e and set a 2025 35% reduction target from FY2019; this was not an FY2021 achievement. FY2024 was the first statutory climate-reporting year and included FY2025 targets. FY2025 describes climate considerations in larger-customer credit practices and low-emission-vehicle finance, but does not provide a comparable financed-emissions, portfolio-alignment or climate-scenario performance series.

Section sources. Heartland Group, 2021 Annual Report, pp. 6, 63–68, 76 and 122–124; 2022 Annual Report, pp. 75–80, 131–140 and 145–148; 2023 Annual Report, printed pp. 4, 8, 16, 30–46 and 133–146; 2024 Annual Report, pp. 14–16, 33–46, 116, 121 and 134; 2025 Annual Report, pp. 20–21, 30–43, 45, 53, 77, 79–85 and 161–166.

This record uses five annual reports for years ended 30 June 2021–2025. It retains stated reporting currency, Group/Bank/HBA/trust boundaries, FVTPL/ECL measurement distinctions, acquisition-date effects and reported versus underlying labels. Missing comparable measures are identified rather than estimated.

Primary official sources

• Heartland Group 2021 Annual Report
• Heartland Group 2022 Annual Report
• Heartland Group 2023 Annual Report
• Heartland Group 2024 Annual Report
• Heartland Group 2025 Annual Report
• Heartland Group — Results & reports

This is general factual and educational information only, not investment, legal, tax, accounting or other professional advice. It contains no recommendation, valuation, target price or buy/sell/hold view. Past reported information is not a prediction. Verify material points in Heartland’s primary disclosures and obtain independent advice where appropriate.

MII welcomes specific corrections supported by an official primary source. This AI-assisted report may contain errors, omissions or changed information. To the maximum extent permitted by law, MII disclaims liability arising from reliance on this material. Heartland names and source materials remain their owners’ property; original explanatory text and newly arranged tables are © 2026 MII Research. No proprietary issuer charts, logos or photographs are reproduced.