Mcmillan Shakespeare Limited · ASX:MMS
Mcmillan Shakespeare — FY2025 Earnings Presentation
32 slides from Mcmillan Shakespeare's earnings presentation, Aug 29, 2025
Slide 1: MMS FY25 Results
MMS FY25 Results Rob De Luca, CEO and Managing Director Paul Varro, CFO Friday 29th August 2025
Slide 2: Disclaimer and important information
Disclaimer and important information Disclaimer and important notice This presentation has been prepared by McMillan Shakespeare Limited ABN 74 107 233 983 (“MMS”). It contains summary information about MMS and its subsidiaries and their activities current as at the date of this presentation. The pr
Slide 3: Acknowledgement of Traditional Owners
We acknowledge the Traditional Owners of the lands on which we meet today and pay our respects to Elders past and present. 3
Slide 4: FY25 Highlights
FY25 Highlights Ay es
Slide 5: FY25 Highlights
FY25 Highlights 1 2 Momentum from 3 4 5 Normalised UNPATA Superior digital Onboard Finance Delivering returns for $103.2m. Revenue growth investments in customer solutions for customers and scaled. FY25 last year of Normalisation shareholders across all segments. growth & productivity partners Novat
Slide 6: MMS Strategy for Sustainable Growth
MMS Strategy for Sustainable Growth Making Matters Simple Our Vision To be the trusted partner, providing solutions in making matters simple Excel in customer 1 Drive simplicity and 2 Deliver valued 3 Our Strategic technology enablement Priorities experience solutions to grow trusted relationships t
Slide 7: Delivering on our strategic investments
Delivering on our strategic investments Superior digital solutions for customers and partners, technology-enabled productivity and market expansion Digital & service Data driven Process & systems Partner & market Ai & automation excellence insights simplification expansion Investment examples Data &
Slide 8: FY25 Financial snapshot
FY25 Financial snapshot Sustained revenue growth, increased operating expenses to drive customer growth and productivity Continuing operations ($m) +3.0% Normalised ($m) Revenue 525.8 541.6 Normalised UNPATA Statutory NPAT 471.4 Sustained (4.1%) +6.4% Revenue 107.6 103.2 Growth 90.1 95.8 77.9 FY23 F
Slide 9: Delivering on our Sustainability Strategy
Delivering on our Sustainability Strategy Supporting our customers’ transition to a low carbon future and making a social impact as a responsible business Low carbon economy Social impact Responsible business Educating and supporting our customers Educating and supporting our customers Corporate gov
Slide 10: Segment Performance
Segment Performance 10
Slide 11: GRS: Performance summary
GRS: Performance summary Increased novated lease sales and stable yields. Expense investments to drive customer growth and productivity. Normalised ($m) Novated lease sales 4.1% from order momentum and faster order- +0.3% Revenue to-sale conversion from deliver days. Yields stable ( 0.1%) Short
Slide 12: GRS: Operating performance
GRS: Operating performance Expanding novated opportunity from broader distribution and focus Expanding novated opportunity Serviceable Addressable market GRS Corporate and SME Employees GRS Corporate and SME NL sales Employeesi #’m #’000 % of total +15.8% 29% 530.5 25% 7.9 458.3 22% Other 2.1 379.0
Slide 13: GRS: Onboard Finance
GRS: Onboard Finance Receivables increased to $503m. FY25 is the last year of Normalisation. Growth in receivables providing future recurring income stream Onboard Finance strategic rationale remains Receivables balance $m +54.7% 325.6 503.4 Diversify funding & manage risk $300mPrivate Placement
Slide 14: AMS: Performance summary
AMS: Performance summary Investments in client growth and digital solutions driving increase in Written Down Value (WDV) and remarketing units Continuing operations ($m) Revenue 4.3 % with growth in WDV 6.4% and units 6.5% while yields remain resilient 0.6% against moderation in used vehicle
Slide 15: PSS: Performance summary
PSS: Performance summary Strong customer growth and operating leverage. Continuing to support scheme integrity and sustainability. ($m) EBITDA 20.4% from customer growth 21.5% and productivity from platform +11.5% automation Revenue Customers (#’000) Customers per FTEi (#) 56.5 +21.5% MPS 48.6 5
Slide 16: Financials
Financials 16
Slide 17: Financial Overview
Financial Overview Normalised Continuing Investing for customer growth and productivity Operations ($m) FY25 FY24 Variance Variance % Costs 6.9% Ex Growth Revenue $20.8m 541.6 525.8 15.8 3.0% Inv’ments2.9% FY25 Normalised expenses Cost of Sales 132.9 126.5 (6.3) (5.0%) $m 6.3 372.8 Operating Incom
Slide 18: Balance Sheet and Funding
Balance Sheet and Funding ($m) Balance Sheet 30-Jun-25 30-Jun-24 Key Metrics Cash at bank 126.3 153.0 Net debt to EBITDAiii Net cash (excl. fleet & Onboard Finance debt)iv Client trust funds (GRS) 406.5 403.4 0.5x vs 0.5x pcp $53.2m vs $86.7m pcp Other current assets 55.3 51.0 Total fleet and novate
Slide 19: FY26 Outlook
FY26 Outlook 19
Slide 20: FY26 Outlook
FY26 Outlook MMS enters FY26 with business momentum and a clear strategy for growth Expected market conditions ▪ Auto supply and used car values remain broadly consistent with 2HFY25 ▪ Exemption on battery EVs to continue with Federal Government committed to review by mid-2027 ▪ NDIS removal of set
Slide 21: Company overview
Company overview 21
Slide 22: MMS History and Evolution
MMS History and Evolution Page reflects Continuing operations only. 22
Slide 23: MMS Investment Proposition
MMS Investment Proposition 1 Complimentary businesses in large markets 2 Loyal, satisfied customers 3 Compelling Financials Group Remuneration Asset Management Plan and Support Services (“GRS”) Services (“AMS”) Services (“PSS”) Sustained customer satisfaction Delivering shareholder value Trusted and
Slide 24: Key macro thematics
Key macro thematics Well positioned to capture opportunities shaping our business Increased government spending Accelerated advancement and use of Ai, with commitment of $1.4Ti over the technology and analytics, enhancing next 4 years in Health, Disability and customer experience and efficiency Aged
Slide 25: Demonstrated long-term growth
Demonstrated long-term growth Strong fundamentals for growth in Novated leasing and PSS customers Novated Lease (NL) Plan & Support Services (PSS) customers NL unit growth of 6.7% CAGR since 2014 PSS Customers (#’000) growth of 81% CAGR since FY18 +6.7% avg. My Plan CAGR Support Plan 42.6 +81% avg.
Slide 26: Appendix
Appendix 26
Slide 27: Endnotes - definitions
Endnotes - definitions Continuing operations. All financial information and metrics in this presentation are from continuing operations only unless otherwise stated. Discontinued operations relate to non-operating entities, and in the prior year included losses from the divestments of Aggregation an
Slide 28: GRS: Removal of Normalisation
GRS: Removal of Normalisation Current Normalised ($m) Normalisation in FY25 was ~$(8.4m) Normalisation removedi +9.5% UNPATA Normalisation $m +0.3% Revenue (1.7) Revenue 287.7 315.2 292.5 293.4 (8.4) (11.5) (17.2) FY24 FY25 FY24 FY25 FY22 FY23 FY24 FY25 Cost of funds (11.6) (24.8) Operating Income 2
Slide 29: Funding details
Funding details ▪ Onboard Finance facilities continue to diversify with $300m private placement in 1HFY25 ▪ The novated receivables warehouse facility was increased by $202m and extended to 1 March 2027, post balance date ▪ Revolving Asset Management facilities stable Local Currency Australian Dolla
Slide 30: Segment financials
Segment financials $m GRS AMS PSS MSL MMS Normalised Continuing Operations FY25 FY24 Var FY25 FY24 Var FY25 FY24 Var FY25 FY24 Var FY25 FY24 Var Revenue 293.4 292.5 0.9 185.5 177.8 7.7 56.5 50.6 5.8 6.3 4.8 1.4 541.6 525.8 15.8 Cost Of Sales - - - 132.9 126.5 (6.3) - - - - - - 132.9 126.5 (6.3) Oper
Slide 31: Reconciliation between Normalised UNPATA Continuing operations and Statutory NPAT
Reconciliation between Normalised UNPATA Continuing operations and Statutory NPAT ($m) FY25 FY24 % Normalised UNPATA Continuing operations 103.2 107.6 (4.1%) Warehouse adjustment (8.4) (17.2) 51.2% UNPATA Continuing operations 94.8 90.4 4.9% UNPATA Adjustments Amortisation of acquired intangible ass
Slide 32: Key Dates
Key Dates Final Results presentation Friday 29th August 2025 Ex-dividend Thursday 11th September 2025 Record date Friday 12th September 2025 Payment date Friday 26th September 2025 32