Cog Financial Services Limited · ASX:COG
Cog Financial Services — FY2025 Earnings Presentation
37 slides from Cog Financial Services's earnings presentation, Sep 9, 2025
Slide 1: FY2025 Results Presentation (Updated)
9 September 2025 The Manager – Listings Australian Securities Exchange Limited Exchange Centre 20 Bridge Street Sydney NSW 2000 FY2025 Results Presentation (Updated) COG Financial Services Limited (ASX: COG) attaches an updated FY25 Results Presentation as For personal use only released to the ASX o
Slide 2: FY 2025 Results
For personal use only FY 2025 RESULTS Authorised by Andrew Bennett Group Chief Executive Officer 2 7 A U G U S T 2 0 2 5
Slide 3: FY 2025 Financial Highlights
FY 2025 Financial Highlights COG FY 2025 For personal use only Revenue¹ EBITDA to NPATA to EPSA² shareholders² shareholders² $363 .5m $38.4m $24.0m 12 .00 cps $587 .8m +1% on pcp $44.8m +4% on pcp $98.5m +4% on adjusted pcp³ -1% on pcp 79 .05 cps-4% on pcp $849 .6m $93.6m $79.3m 95 .09 cps $626 .7m
Slide 4: FY 2025 Financial Highlights
FY 2025 Financial Highlights COG FY 2025 Two Core Profit drivers represent 95 plus % of profit For personal use only Salary Broking Packaging Aggregation Core Broking Peer to Peer Both are exciting and developing sections of the Australia economy Both have produced solid NPATA results in FY 2025 FY
Slide 5: Acquisition of Easi Fleet
FY 2025 Financial Highlights Acquisition of Easi Fleet For personal use only Key Metrics $17m $6.0m $5.7m $0.0 2cps FY25 FY25 EBITDA to COG EPSA Contribution 78m 4.8m 4.8m 4.6 38m Revenue EBITDA Shareholders assuming funding Strategic Fit 96m 1.2m 1.2m 1.0 82m 67m 0.5m 0.5m 0.7 65m Continues to buil
Slide 6: FY 2025 Financial Highlights
FY 2025 Financial Highlights COG FY 2025 Strong growth from our Novated Continued execution of our For personal use only Leasing segment continues. acquisition strategy, where targets can be secured at the right price. Acquisitions2 Our primary sectors, infrastructure and since 1 July 2024 were made
Slide 7: Dividends and EPSA
FY 2025 Financial Highlights Dividends and EPSA Final Dividend declared of For personal use only 3.0 cps1 Cents per share (FY24: 4.4 cps1) 13.94 12.55 12.56 Payout ratio of 12.01 12.00 50.6%2 (F24: 67.7%2) 8.30 8.40 8.40 7.22 Dividend yield of 3.8%3 5.95 5.72 6.00 4.80 4.70 4.40 6.00 3.00 Nil 1.52 D
Slide 8: Executing with Excellence: Looking forward
Executing with Excellence Looking forward For personal use only The Group’s Novated Leasing segment COG will continue to continues to deliver outstanding results. remain active in the We expect ongoing organic growth as identification of strategic we continue to capture opportunities acquisitions (a
Slide 9: Outlook
Outlook COG FY 2025 For personal use only Driving to improve competitiveness Growth in Sound acquisition in each business unit: core business solid opportunities Broking Market grows at GPD plus asset price inflation Internal Year to year more variable Equity one Interest rate declines helps FY 2026
Slide 10: Acquisitions and integration success
Executing with Excellence Acquisitions and integration success For personal use only Growth from core verticals Broking & Novated Asset Lending Aggregation Leasing Management Growth by going deeper into each vertical Linx beCarWise Equity-One Westlawn Heritage Fleet Network - - Sovereign Paywise - -
Slide 11: A maturing national group of business
Executing with Excellence A maturing national group of business For personal use only NT 01 01 1,146 3,183 QLD 176 510 1,055 3,182 38 145 4,687 30,315 WA 22 45 256 456 SA NSW 264 548 2,394 5,601 & ACT Nationally: 286 531 1,670 8,332 VIC 794 1,792 11,277 52,184 Broker firms Delivering Brokers 07 12 6
Slide 12: Solid volumes, despite lapping the instant tax asset write-off
Executing with Excellence Solid volumes, despite lapping the instant tax asset write-off that ended in FY 24 (in $ millions) For personal use only +8% -5% $8.4bn vs. PCP 3Ys CAGR1 net assets financed in FY 2025 4,532 4,185 1H 2H 4,274 3,405 2,154 2,917 2,198 1,604 1,720 1,403 4,321 4,203 3,284 3,404
Slide 13: Financial results ($m)
Executing with Excellence Financial results ($m) Revenue growth of $4.6m includes organic growth from the Novated Leasing segment (+$10.2m), an increased contribution from Asset Management & Lending activities (+$6.4m) and contributions from FY251 FY241 PCP Change acquisitions (+$1.0m), partially of
Slide 14: Building blocks of underlying NPATA to shareholders
Executing with Excellence Building blocks of underlying NPATA FY 24 FY 25 to shareholders (in $ millions) For personal use only 10.5 10.3 9.5 8.5 3.3 3.2 2.5 1.7 1.6 1.6 Novated leasing & Finance broking & Insurance Peer to Peer Lending & Other Salary packaging aggregation broking lending AM&L activ
Slide 15: Underlying NPATA to shareholders
Executing with Excellence Underlying NPATA to shareholders (in $ millions) For personal use only $35.0 +13.3% +2.1% +5.4% $30.0 0.5 1.3 3.2 (4.2) $25.0 $20.0 (1.0) $15.0 $10.0 24.2 +4% 24.0 $5.0 $0.0 FY24 NPATA Organic Acquisition Share of results Investment in people TL Commercial FY25 NPATA to Sha
Slide 16: Segment performance
For personal use only Segment performance 15
Slide 17: Underlying NPATA to shareholders by segment
Executing with Excellence Underlying NPATA to shareholders For personal use only In $ millions FY25 FY24 (-) Less diminishing NPATA to shareholders (-) Less diminishing NPATA to shareholders NPATA to NPATA to Segment contribution from TL before the contribution contribution from TL before the contri
Slide 18: Finance Broking & Aggregation
Finance Broking & Aggregation Australia’s largest asset finance broker and aggregator For personal use only % Estimated market share¹ 1. Estimated market share derived based on the latest available ABS reported Australia Private New Capital Expenditure Report, assuming circa 39% of that value is ori
Slide 19: Finance Broking & Aggregation
Finance Broking & Aggregation Strong activity despite the end of the instant tax asset write-off For personal use only incentive in FY 24 Revenue contraction of $10m is reflective of tightened brokerage and volume-bonus incentive commission rates from financiers coupled with FY251 ($m) FY241 ($m) Pc
Slide 20: Novated Leasing: Continued strong momentum
Novated Leasing Continued strong momentum Revenue growth of $10.7m includes organic For personal use only FY251 ($m) FY241 ($m) Pcp Change growth (+$10.2m) which continues to be further accelerated by the FBT incentive for electric Revenue 2 58.8 48.1 22% vehicles and contribution from acquisition (
Slide 21: Novated Leasing: Growth continues
Novated Leasing Growth continues 52,184 For personal use only 42,957 31,022 11,277 8,637 6,727 4,642 5,575 3,458 FY 23 FY 24 FY 25 Salary Packaging Customers Novated Lease Customers Novated Settlements 20
Slide 22: Asset Management & Lending
Asset Management & Lending Growing assets under management1 Revenue growth of $3.9m reflects an increased For personal use only FY252 ($m) FY242 ($m) Pcp Change contribution from asset management & lending activities (+$6.4m) and contribution from an Revenue3 71.5 67.6 6% acquisition (+$0.5m). This
Slide 23: Asset Management & Lending: NPATA to shareholders
Asset Management & Lending NPATA to shareholders Asset management In $ millions Equity-One Mortgage Fund Limited has continued to contribute (FY25: $4.6m, For personal use only FY24: $4.7m EBITDA to shareholders). Assets under management of $954.8m are up 2% on this time last year. 10.1 Assets under
Slide 24: Lending focused on asset backed contracts
Asset Management & Lending Lending focused on asset backed contracts For personal use only Lending Book Funding New lease and loans written in the FY25 totalled The unsecured notes program operated by Westlawn $106.9m (FY24: $152.0m). Finance Limited continues to provide a reliable source of TL Comm
Slide 25: Other: Sale of non-core assets completed
Other Sale of non-core assets completed Pcp This Segment includes COG head office For personal use only FY251 ($m) FY241 ($m) activities and our investments in Earlypay Change Limited (ASX: EPY) and Centrepoint Alliance Revenue 2 - - -% Limited (ASX: CAF). Both non-core investments were fully dispos
Slide 26: Disclaimer
For personal use only Disclaimer COG Financial Services Limited ('COG’) has not considered the financial position or needs of the The forward-looking statements made in this Presentation relate only to events and recipient in providing this presentation ('Presentation'). Persons needing advice shoul
Slide 27: Appendices
For personal use only Appendices 26
Slide 28: Statutory income statement
Appendices Statutory income statement FY25 ($m) FY24 ($m) Pcp Change Profit on disposal of assets are in relation to the gain on sale of EPY and CAF shares. For personal use only Revenue1 367.7 362.3 1% Underlying EBITDA from core operations 58.4 57.8 1% Impairment - (4.3) -100% Adjustment related t
Slide 29: Reconciliation statutory NPAT to underlying NPATA
Appendices Reconciliation statutory NPAT to underlying NPATA For personal use only Members and NCI 1 Members FY25 FY24 Variance FY25 FY24 Variance $m $m $m $m $m $m Statutory NPAT 29.7 24.2 5.5 18.8 12.9 5.9 Adjustments (after tax): Impairment - 4.3 (4.3) - 4.3 (4.3) Profit on disposal of assets (3.
Slide 30: Statement of financial position
Appendices Statement of financial position 2 Cash and cash equivalents increased by $23.6m primarily reflecting the residual proceeds from the sale of EPY and As at 30 Jun 2025 ($m) 30 Jun 2024 ($m) CAF which were not used to extinguish debt and higher Cash and cash equivalents 149.3 125.7 Trade and
Slide 31: Statement of cash flows
Appendices Statement of cash flows (All amounts in $m) FY25 FY24 Net cash inflow from operating activities includes Receipts from customers 407.8 399.8 +$31.6m (FY24: +$25.2m) relating to the lease and loan Payments to suppliers and employees (323.4) (325.2) products offered through the Asset Manage
Slide 32: Efficient capital management
Appendices Efficient capital management For personal use only Cash and cash equivalents Dividend The Group has generated significant cash over the year and the The Company’s dividend policy permits a payout ratio of up to 70% of NPATA proportionate share of unrestricted cash and term deposits attrib
Slide 33: Capital management: capital raising and investments
Appendices Capital management Capital raising For personal use only 25 July 2024 26 September 2024 2 October 2024 29 January 2025 The Company issued 1,555,719 fully paid ordinary The Company issued 43,499 The Company issued 2,695,588 fully The Company issued 2,684,209 fully shares totalling $1.8m as
Slide 34: Capital management: Investments
Appendices Capital management Investments For personal use only During the year ended 30 June 2025, the Group also acquired (or disposed of) additional interests from minority shareholders in the following entities, which were already controlled by the Group: 1 July 2024 1 July 2024 1 November 2024
Slide 35: Acquisition history
Appendices Acquisition history Date Company Activity Acquirer Interest acquired Price Consideration Dec/15 Platform Consolidated Group (PCG) Aggregation platform and finance broker COG 60.0% $22.9m 76% cash / 24% equity For personal use only Oct/16 Consolidated Finance Group Independent equipment fi
Slide 36: Acquisition history (cont.)
Appendices Acquisition history (cont.) Date Company Activity Acquirer Interest acquired Price Consideration Jan/22 PCG Acquisition of minority interests COG 0.1% $- 100% cash For personal use only Mar/22 Equity-One Mortgage Fund Funds management and contributory mortgage scheme Westlawn 70.0% $24.8m
Slide 37: Share of unrestricted cash - attributable to members
Appendices Share of unrestricted cash - attributable to members For personal use only Total Restricted Unrestricted Proportionate share of unrestricted Segment's name cash cash1 cash cash attributable to Members3 Finance Broking & Aggregation 13.1 - 13.1 9.5 Novated Leasing 44.2 (36.9) 7.3 5.5 Asset
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