Slide 1: FY26 Results Presentation
FY26 Results Presentation 31 August 2026
Slide 2: Contents
Contents 01 Business highlights 02 Financial results 03 Strategy & outlook 04 Q&A
Slide 3: Business highlights
01 Business highlights Lachlan MacGregor, CEO
Slide 4: Key performance highlights
01 Business highlights Key performance highlights Gross profit doubled, with units up 86% and revenue up 59%. Units delivered1 Revenue ($m) Gross profit ($m) Pro Forma EBITDA margin2 5,416 $113.8m $10.5m ↑ 86% vs FY25 ↑ 59% vs FY25 ↑ 102% vs FY25 (26.5%) 120.0 12.0 ↑ 1,248bps vs FY25 6,000 5,416 -20
Slide 5: Key operational highlights
01 Business highlights Key operational highlights Vehicles purchased through Sell-to Carma grows 3.5x and reconditioning throughput doubled. Vehicles purchased Retail units Retail units Online inventory days reconditioned reconditioned per shift 6,235 3,743 15.1 36 ↑ 127% vs FY25 ↑ 99% vs FY25 ↑ 101
Slide 6: FY26 strategic goals delivered step-change improvements
01 Business highlights FY26 strategic goals delivered step-change improvements Delivery against our FY26 goals has laid the foundations for growth into FY27. • Direct and proprietary vehicle sourcing channel Sell-to Carma • Nine Sell-to Carma locations across New South Wales at 30 June 2026 • Accoun
Slide 7: Nine in ten cars now come direct from consumers
01 Business highlights Nine in ten cars now come direct from consumers Sell-to Carma supplied 89% of purchased vehicles, with nine centres open at year end. Sell-to Carma network Primary vehicle source Enhanced by data and AI 2,500 2,000 1,500 1,000 2,056 1,470 500 1,142 909 640 250 260 421 0 Q1 FY2
Slide 8: Successful St Peters facility upgrade unlocks throughput
01 Business highlights Successful St Peters facility upgrade unlocks throughput Dedicated 35,000m2 site with state-of-the-art equipment, reconditioning used cars at scale. The St Peters upgrade Retail units reconditioned (FY26) 1,400 ü Three sites consolidated into one 1,200 35,000m² facility 1,000
Slide 9: More Australians are turning to Carma
01 Business highlights More Australians are turning to Carma Eye-catching campaigns driving brand awareness and customer acquisition direct through Carma website Brand Destination • Carma’s brand awareness in Sydney • Large and growing selection of high and NSW continues to grow quality used cars st
Slide 10: Financial results
02 Financial results James Solomon, CFO
Slide 11: Higher volumes and margins deliver higher gross profits
02 Financial results Higher volumes and margins deliver higher gross profits Retail units1 Retail GPU2 Wholesale units3 Wholesale GPU4 3,156 $2.5k 2,260 $0.4k ↑ 50% vs FY25 ↑ 22% vs FY25 ↑ 180% vs FY25 ↑ 95% vs FY25 3,500 3.0 2,500 0.5 3,000 2.5 0.4 2,000 2,500 2.0 0.2 0.4 2,000 1,500 0.2 1.5 0.1 1,
Slide 12: Increased profitability per unit while scaling
02 Financial results Increased profitability per unit while scaling Total GPU increased by 35% over FY25 paired with 86% unit growth Gross profit per unit • Total GPU increased by 35% over FY25 driven by material improvements across all margin contributors • Retail GPU increased to $2.5k in FY26 thr
Slide 13: Carma's unique model delivers material competitive advantages
02 Financial results Carma’s unique model delivers material competitive advantages, even in challenging market conditions • Slower vehicle turnover resulted in more cars available Unusual market on market Carma’s unique model conditions Impact • Softer consumer sentiment resulted in a reduction in t
Slide 14: Significant improvements in gross profit
02 Financial results Significant improvements in gross profit Pro Forma1 profit and loss summary • Record 5,416 units delivered grew total revenue to $113.8m • 89% Sell-to Carma sourcing drove lower average selling prices • Sell-to Carma also drove lower purchase prices, supporting +196bps in GP mar
Slide 15: Strong balance sheet following IPO positions Carma for future growth
02 Financial results Strong balance sheet following IPO positions Carma for future growth Balance sheet summary1 • Group remains well funded with $41.3m in available funding • $32.1m vehicle inventory, funded mainly through cash, positions Carma well for FY27 with 625 vehicles available for sale at
Slide 16: Operating cash outflow held flat, with inventory funded from cash
02 Financial results Operating cash outflow held flat, with inventory funded from cash Cash flow summary • $18.3m investment in inventory funded through cash • Vehicle inventory can be funded by the bailment financed facility with any movements presented in finance activities • Positive impacts of i
Slide 17: Strengthened operating leverage
02 Financial results Strengthened operating leverage Underpinned by volume growth and efficiency gains Gross profit margin1 Pro Forma EBITDA margin2 Pro Forma operating cash flow margin3 +2.0pps +12.5pps +13.2pps vs FY25 vs FY25 vs FY25 10.0% -20.0% -20.0% 9.2% -22.6% -26.5% 7.5% -30.0% -27.5% 7.3%
Slide 18: Strategy & outlook
03 Strategy & outlook Lachlan MacGregor, CEO
Slide 19: An untapped $118 billion market that is still highly fragmented
03 Strategy & outlook An untapped $118 billion market that is still highly fragmented Carma is operating in a massive addressable market: The Australian used car industry is highly fragmented: The traditional experience is challenging for consumers: • $118 billion p.a. domestic used car market • Ove
Slide 20: Carma's vision
03 Strategy & outlook Carma’s vision In an industry that has traditionally made transacting difficult, Carma is redefining it to make it easy. 20
Slide 21: Strategic focus on the levers that improve unit economics
03 Strategy & outlook Strategic focus on the levers that improve unit economics Carma is uniquely positioned to drive towards profitability by capturing scale benefits across the business. Retail Wholesale Finance & Marketing Operating Value Adds expense expense Lower reconditioning Grow dealer bidd
Slide 22: Three strategic priorities for FY27
03 Strategy & outlook Three strategic priorities for FY27 1. A step change in unit economics and scale in the next 12 months Estimate based on two production lines operating across two shifts reconditioning approximately 120 retail units per day, five days per week at an average contract value of $3
Slide 23: #1 - Apollo program
03 Strategy & outlook #1 - Apollo program A step change in unit economics, in preparation for our next doubling. What it is Opportunity by line Increase revenue Improve leverage Scale Enabler Actions identified¹ A whole-of-company program to deliver a step Business lines change in unit economics — i
Slide 24: #2 - AI and Platform reinvention
03 Strategy & outlook #2 - AI and Platform reinvention Two streams of work: the core moving onto our own stack, and AI-native systems doing real work. Feb Mar Apr May Jun Jul Aug Sep 1 · Consolidating the core onto our own stack A B C D E F G 2 · AI-native systems, built in-house 1 2 3 4 5 6 7 8 10
Slide 25: AI is a structural advantage for Carma's business model
03 Strategy & outlook AI is a structural advantage for Carma’s business model We buy software and sell cars — and, unlike a physical dealership, we can put AI to work at every step of the process AI is an advantage, not a risk Unlike a physical dealership, Carma is structurally advantaged to benefit
Slide 26: #3 - Scaling into built capacity
03 Strategy & outlook #3 - Scaling into built capacity One shift took us from 7.5 to 24 units a day. The second shift doubles the ceiling to ~60 — the range where we expect to reach breakeven Retail units reconditioned per operating day What the second shift needs People, not buildings. The line, th
Slide 27: Current trading and market conditions
03 Strategy & outlook Current trading and market conditions We continue to experience strong demand for Carma’s offerings despite softer consumer sentiment. Strong start to FY27. Retail deliveries booked in from 1 July to 31 Quarterly retail gross profit cohorts (per unit by days online of deposited
Slide 28: FY27 outlook
03 Strategy & outlook FY27 outlook As we continue to observe the used car market stabilise despite the macroeconomic Revenue to grow over 80% headwinds, we expect to deliver ongoing unit growth across our retail and wholesale businesses resulting in FY27 revenue growth of over 80%. Second shift to d
Slide 29: Q&A
04 Q&A
Slide 30: Appendix
Appendix
Slide 31: Annexure: EBITDA reconciliation
Annexure EBITDA reconciliation Reconciliation of reported results and non-IFRS measures Non-IFRS (International Financial Reporting Standards) measures, such as EBITDA, underlying EBITDA and Pro Forma EBITDA have been included as the Directors believe they provide useful information to assist the re
Slide 32: Annexure: Loss after tax reconciliation
Annexure Loss after tax reconciliation 1 2 3 Pro Forma loss after tax has been calculated by removing: 1. The impact of convertible notes which were converted into ordinary shares as a consequence of the IPO. This includes the elimination of the fair value adjustments recognised through profit and l
Slide 33: Annexure: Pro Forma cash flow reconciliation
Annexure Pro Forma cash flow before corporate financing activities reconciliation 1 2 3 Pro Forma operating cash flow before corporate financing activities has been calculated by removing: 1. The impact of transaction costs related to the convertible notes which were converted into ordinary shares a
Slide 34: Disclaimer
Disclaimer This presentation has been prepared by Carma Limited (ASX:CMA) (Company or Carma). Each recipient of this presentation is deemed to have agreed to accept the qualifications, limitations and disclaimers set out below. The information in this presentation is intended to be general informati
Slide 35: For all investor enquiries
For all investor enquiries: For all media enquiries: Lachlan MacGregor, CEO Sling & Stone (02) 8319 3210 (02) 8073 5390 ir@carma.com.au carma@slingstone.com carma.com.au