Mcmillan Shakespeare Limited · ASX:MMS
Mcmillan Shakespeare — H1 FY2026 Earnings Presentation
29 slides from Mcmillan Shakespeare's earnings presentation, Feb 23, 2026
Slide 1: MMS 1HFY26 Results
MMS 1HFY26 Results Rob De Luca, CEO and Managing Director Paul Varro, CFO Monday 23rd February 2026
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. Artwork ‘The Next Chapter’ created by LaToya Kennedy 3
Slide 4: 1HFY26 Highlights
1HFY26 Highlights 4
Slide 5: 1HFY26 Highlights
1HFY26 Highlights 1HFY26 results are not Normalised. Comparison to previously reported Normalised financials Growth in financial performance. Increase across all key customer Benefits from strategic Delivering returns for Results no longer Normalised. metrics investments shareholders Revenue Operati
Slide 6: 1HFY26 Financial results
1HFY26 Financial results Revenue and operating income growth Productivity offsetting inflation, Growth in UNPATA and across all segments cost to income ratio improved Statutory NPAT Revenue ($m) Operating expenses ($m) UNPATA ($m) +11.2% +4.1% +1.4% 297.4 125.4 123.8 50.3 276.8 120.4 49.6 45.4 267.4
Slide 7: MMS Strategy progress
MMS Strategy progress Delivering on our strategic investments Our Vision To be the trusted partner, providing solutions made simple Excel in customer 1 Drive simplicity and 2 Deliver valued 3 Our Strategic experience technology enablement solutions Priorities to grow trusted relationships to serve c
Slide 8: Digital investments: GRS apps
Digital investments: GRS apps Enhanced customer experience and productivity improvements Superior digital solutions Satisfied customers Productivity improvements App ratings1 Growth in customers per FTE Customers per FTE2,3 growth vs pcp 4.6★ 4.4★ 4.3★ 29% 24% 16% Q1FY26 Q2FY26 Dec-25 Enhanced and N
Slide 9: Segment Performance
Segment Performance 9
Slide 10: GRS: Performance summary
GRS: Performance summary Financial performance uplift from customer growth, productivity and inclusion of Onboard Finance Revenue +16.6% 167.6 Onboard Finance Novated sales 153.5 Customers 143.7 Receivables ($m) Growth on pcp (%) +31.0% Salary Novated packages leases 539.0 1HFY25 1HFY25 2 1HFY26 Nor
Slide 11: GRS: Novated performance
GRS: Novated performance Focus on customer and expanded market opportunity driving growth and foundations for future opportunities Expanded novated opportunity GRS new novated sales GRS Corporate and SME NL sales outperforming market Serviceable Addressable market GRS Corporate and SME Employees Emp
Slide 12: AMS: Performance summary
AMS: Performance summary Specialist Fleet provider with growth through expanding client reach and group synergies Revenue +6.9% 92.3 98.6 Written down value Fleet units Remarketing profits End of period $m End of period #’k Index to pcp (%) +5.7% +4.4% 1HFY25 1HFY26 368.3 389.4 14.8 15.4 Cost of sal
Slide 13: PSS: Performance summary
PSS: Performance summary Revenue uplift from organic customer growth and inclusion of My Plan Support. Removal of set up fees 1 July 2025 Revenue +5.4% Customer growth Revenue walk Customers (#k) $m 29.3 27.8 +16.1% 2.4 27.8 1.4 29.3 3.8 2.1 2.2 43.0 (2.2) 37.1 (2.3) 1HFY25 1HFY26 MPS MPS (20.8%) 1H
Slide 14: Financials
Financials 14
Slide 15: Financial Overview
Financial Overview Results are no longer Normalised 1HFY26 1HFY25 Variance 1HFY25 Variance Productivity and removal of non-recuring costs $m Normalised offsetting inflation Revenue 297.4 276.8 20.6 267.4 30.0 1HFY26 Operating expenses $m Cost of sales 87.3 77.6 9.7 66.2 21.2 +1.3% Operating income 2
Slide 16: Balance Sheet and Funding
Balance Sheet and Funding Strong and flexible balance sheet with low corporate leverage ($m) Balance Sheet 31-Dec-25 30-Jun-25 Key Metrics Cash at bank 102.4 126.3 Net debt to EBITDA2 Net cash (excl. fleet & Onboard Finance debt)3 Client trust funds (GRS) 485.3 406.5 0.4x vs 0.5x pcp $33.4m vs $82.3
Slide 17: Capital allocation and returns to shareholders
Capital allocation and returns to shareholders Strong history of returns to shareholders Well positioned balance sheet 1HFY26 fully franked dividend Capital allocation framework with history of strong returns and on-market buy-back considerations Strong liquidity position, with $33.4m significant he
Slide 18: Cash flow
Cash flow Strong underlying cash conversion 88%, excluding temporary tax timing difference $m 1HFY26 1HFY25 Strong Underlying Cashflows UNPATA (Continuing operations) 50.3 45.4 UNPATA adjustments & discontinued operations (0.9) (0.1) Underlying cash conversion remains strong at 88% excluding tax Sta
Slide 19: 2HFY26 Outlook
2HFY26 Outlook 19
Slide 20: 2HFY26 Outlook
2HFY26 Outlook ▪ UNPATA for 2HFY26 to benefit from: • Customer growth across all segments • Increased Onboard Finance Receivables • Efficiencies from prior year strategic investments ▪ Review of Electric Car Discount underway ▪ NDIS annual pricing review outcomes are expected ▪ Continued disciplined
Slide 21: Appendix
Appendix 21
Slide 22: Endnotes - definitions
Endnotes - definitions Continuing operations. All financial information and metrics in this presentation are from continuing operations only unless otherwise stated. Discontinued operations comprise of costs related to the former Australian Asset Finance Aggregation and UK businesses. Normalised ref
Slide 23: Funding details
Funding details ▪ Increase of novated receivables warehouse facility to $411.5m and extension of maturity date to 1 March 2029 ▪ Utilisation of revolving Asset Management facilities stable Local Currency Australian Dollars ($m) Facility Facility Amount Amount Currency Duration size size drawn undraw
Slide 24: Segment financials – vs 1HFY25
Segment financials – vs 1HFY25 $m GRS AMS PSS Unallocated MMS 1HFY26 1HFY25 Var 1HFY26 1HFY25 Var 1HFY26 1HFY25 Var 1HFY26 1HFY25 Var 1HFY26 1HFY25 Var Revenue 167.6 153.5 14.1 98.6 92.3 6.3 29.3 27.8 1.5 1.9 3.3 (1.4) 297.4 276.8 20.6 Cost of sales 15.9 11.4 4.5 71.4 66.2 5.2 - - - - - - 87.3 77.6
Slide 25: Segment financials – vs Normalised 1HFY25
Segment financials – vs Normalised 1HFY25 GRS AMS PSS Unallocated MMS $m 1HFY26 1HFY25 Var 1HFY26 1HFY25 Var 1HFY26 1HFY25 Var 1HFY26 1HFY25 Var 1HFY26 1HFY25 Var 1 1 1 Normalised Normalised Normalised Revenue 167.6 143.7 23.9 98.6 92.3 6.3 29.3 27.8 1.5 1.9 3.6 (1.7) 297.4 267.4 30.0 Cost of sales
Slide 26: Segment financials FY25 with half splits
Segment financials FY25 with half splits GRS AMS PSS Unallocated MMS $m 1HFY25 2HFY25 FY25 1HFY25 2HFY25 FY25 1HFY25 2HFY25 FY25 1HFY25 2HFY25 FY25 1HFY25 2HFY25 FY25 Revenue 153.5 162.3 315.8 92.3 93.3 185.5 27.8 28.7 56.5 3.3 2.4 5.7 276.8 286.7 563.5 Cost of sales 11.4 13.4 24.8 66.2 66.7 132.9 -
Slide 27: GRS: Bridge 1HFY25 Normalised to 1HFY26
GRS: Bridge 1HFY25 Normalised to 1HFY26 Revenue +16.6% P&L change by category 167.6 143.7 153.5 $m 1HFY25 1HFY25 1HFY26 1HFY25 1HFY26 Normalised Normalisation1 Change Revenue 143.7 9.8 153.5 14.1 167.6 1 1HFY25 1HFY25 1HFY26 Cost of sales - 11.4 11.4 4.5 15.9 Normalised - (11.4) (15.9) Operating inc
Slide 28: Reconciliation between UNPATA and Statutory NPAT
Reconciliation between UNPATA and Statutory NPAT ($m) 1HFY26 1HFY25 % UNPATA Continuing operations 50.3 45.4 11.0% UNPATA Adjustments Amortisation of acquired intangible assets acquired on (0.3) (0.1) >(100%) business combination Restructure and redundancy costs (0.2) - >(100%) My Plan Support integ
Slide 29: Key Dates
Key Dates Interim Results presentation Monday 23rd February 2026 Ex-dividend Thursday 12th March 2026 Record date Friday 13th March 2026 Payment date Friday 27th March 2026 Final1 Results presentation Friday 28th August 2026 Ex-dividend Thursday 10th September 2026 Record date Friday 11th September
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