Fleetpartners Group Limited · ASX:FPR
Fleetpartners — FY2025 Earnings Presentation
31 slides from Fleetpartners's earnings presentation, Nov 17, 2025
Slide 1: 2025 Results Presentation
2025 Results Presentation FleetPartners Group Limited (ASX:FPR) 17 November 2025
Slide 2: Legal disclaimer
Legal disclaimer This Presentation contains summary information about FleetPartners Group Limited (FleetPartners) and its subsidiaries and their activities, current as at the date shown on the front page of this Presentation. The information in this Presentation does not purport to be complete. It s
Slide 3: Acknowledgement of Country
Acknowledgement of Country In the spirit of reconciliation, FleetPartners acknowledges the traditional owners of the lands and waters across the Australian continent and we pay our respects to the many thousands of generations who looked after the lands and waters where we currently live and work to
Slide 4: Agenda
Agenda 01. Performance highlights 5 02. Financial result 11 03. Investment case and outlook 18 04. Appendices 23 4
Slide 5: Performance highlights
01 Performance highlights Damien Berrell Chief Executive Officer and Managing Director 5
Slide 6: FY25 financial performance highlights
FY25 financial performance highlights Stable core income1 growth and strong cash generation maintained despite lower NBW, highlighting the defensiveness of the Group CONTINUED PORTFOLIO DELIVERING SUSTAINED STRONG ONGOING GROWTH AGAINST LOWER NBW CORE INCOME GROWTH SHAREHOLDER RETURNS NBW $778m Core
Slide 7: Acquisition of Remunerator
Acquisition of Remunerator Remunerator is a salary packager and novated lease provider with over 3 decades of industry experience – the acquisition provides FleetPartners with an enhanced go to market proposition in novated leasing Acquisition rationale Acquisition metrics Acquisition of new salary
Slide 8: Market opportunity supported by long-term industry tailwinds
Market opportunity supported by long-term industry tailwinds Large Fleets Small Fleets Novated AUSTRALIA ~$138bn1 ~$124bn1 ~15m employed Australians3 TAM 2.4m vehicles2 2.2m vehicles2 Sector penetration Sector penetration FPR penetration of employees of FPR clients 24% 76% 5% 95% 4% FPR 96% PENETRAT
Slide 9: FleetPartners strategic focus
FleetPartners strategic focus Focus & 2H25 metrics1 FY25 outcomes FY26 growth initiatives Metric 2H25 outcome ✓ Highly successful tendering period for Large Fleets Attract NBW growth ✓ Launched Small Fleets online calculator 1. Integration of Remunerator acquisition New customers ✓ Enhanced automate
Slide 10: Environmental, social and governance highlights
Environmental, social and governance highlights Supporting customers to transition Managing our environmental impact Our people and communities 60% of Novated NBW in FY25 was for 42% reduction in our Scope 1 & 2 38% women in senior management electric and plug-in hybrids vehicles emissions since FY2
Slide 11: Financial result
02 Financial result James Owens Chief Financial Officer 11
Slide 12: NBW and AUMOF
NBW and AUMOF Despite lower NBW, AUMOF grew 2% compared to pcp (+3% excluding FX), with growth in balance sheet funded AUMOF1 of 9% NBW Comments ◼ Sale and lease-back $0.6m $8.5m • NBW was 16% below pcp primarily due to the strong performance in FY24, which $1.9m benefited from the unwind of the ele
Slide 13: Income statement
Income statement NPATA pre EOL up 9% on pcp driven by 6% increase in average AUMOF and operating expense control $m FY25 FY24 PCP (%) Comments Core income1 168.9 158.7 6% • Core income increased by 6% driven by the growth in average AUMOF together End of lease income 60.7 70.6 (14)% with stable marg
Slide 14: End of lease income
End of lease income As used car prices appear to have broadly stabilised, EOL income is expected to remain stronger over the medium term before normalising Vehicles sold and end of lease income per unit Comments EOL charges per unit ($) • Whilst used vehicle prices remain above historical levels, pr
Slide 15: Portfolio credit quality remains high
Portfolio credit quality remains high Underlying portfolio continues to perform strongly 90+ day arrears1 (bps) Portfolio exposure Administrative Building construction, Underlying food services and retail 6% Other Industries Primarily due to administrative delays in processing activations, 60 extens
Slide 16: Cash generation
Cash generation Returned to net cash position, supported by strong organic cash generation and resolution of temporary Accelerate funding requirements $m FY25 $m FY25 Operating cash flow Net cash flow 38.0 Customer receipts 1,000.7 Add-back capex 12.7 Payment to suppliers and employees (480.9) Add-b
Slide 17: Funding and liquidity
Funding and liquidity Diversified funding structures with capacity for growth and limited exposure to interest rate movements Comments Warehouse capacity and funding mix at Sep-25 • Warehouse funding capability since 2007 and regular ABS issuer since 2010, with a proven Undrawn Warehouse ability to
Slide 18: Investment case and outlook
03 Investment case and outlook Damien Berrell Chief Executive Officer and Managing Director 18
Slide 19: Why FleetPartners?
Why FleetPartners? Highly predictable, cash generative business operating in a defensive asset class – growth opportunities supported by sector leading capability and underpenetrated target markets Investing for growth in large and underpenetrated markets • Operating in underpenetrated, high-returni
Slide 20: Cash earnings per share
Cash earnings per share Cash EPS1 has grown at a 6% CAGR since FY23 despite EOL normalisation largely due to buy-back program – excluding EOL, Cash EPS has grown at a CAGR of 15% Cash EPS Comments ◼ NPATA pre EOL per share ◼ EOL (post-tax) per share FleetPartners has delivered consistent growth in C
Slide 21: Increasing capital payout ratio range and returning to dividends
Increasing capital payout ratio range and returning to dividends Announcement of the completion of the buy-back program and transition to dividends Cumulative $310m of capital paid out since FY21 Comments Buy-back • Reflecting both market factors and the Group’s strong capital position and cash Anno
Slide 22: Outlook
Excluding Outlook Remunerator acquisition FleetPartners sees clear opportunities in under-penetrated markets – momentum to build into 2H26 Conditions expected to remain challenging through 1H26, noting December and January are seasonally the quietest months for NBW Unpredictable geopolitical environ
Slide 23: Appendices
FD FleetPartners 04 Appendices 23
Slide 24: FY26 expectation analysis
Excluding FY26 expectation analysis Remunerator acquisition Core income expected to grow broadly in line with average AUMOF as margin headwinds from prior years dissipate FY26 FY25A Comments (expectation) • Growth in average AUMOF partially offset by reduction in management fees as extensions reduce
Slide 25: Electric Vehicles – uptake by segment
Electric Vehicles – uptake by segment Acceptance and uptake continues to be strongest in Novated, with the Corporate transition still at early stages Novated NBW Fleet Australia NBW Fleet New Zealand NBW $62.2k 70.0 80% 20% 20% $58.1k 60.0 $52.4k 60.0 Average leave value ($k) Average leave value ($k
Slide 26: Fleet Australia
Fleet Australia Core income up 2% driven by average AUMOF growth partially offset by core margin normalisation $m FY25 FY24 PCP (%) Comments Core income1 93.9 91.7 2% • NBW for FY25 was 21% below pcp primarily due to the strong performance in FY24, which benefited from the unwind of the elevated pip
Slide 27: Fleet New Zealand
Fleet New Zealand Core income up 3% driven by core margin expansion $m FY25 FY24 PCP (%) Comments Core income1 36.9 35.7 3% • NBW for FY25 was 12% below pcp primarily due to the strong performance in FY24, which benefited from the unwind of the elevated pipeline that built up End of lease income 18.
Slide 28: Novated
Novated Core income up 21% driven by average AUMOF growth and core margin expansion $m FY25 FY24 PCP (%) Comments Core income1 38.0 31.3 21% • NBW for FY25 was 12% below pcp primarily due to the strong performance in FY24, which benefited from the unwind of the elevated pipeline that built up End of
Slide 29: Balance sheet
Balance sheet Balance sheet remains strong, with disciplined capital management $m 30 Sep 2025 30 Sep 2024 % AUMOF Comments Assets • Cash position a result of strong organic cash generation offset by the share buy- Cash and cash equivalents 102.9 91.3 13% back and Accelerate capital expenditure Rest
Slide 30: Reconciliation of non-IFRS measures
Reconciliation of non-IFRS measures FleetPartners uses a number of non-IFRS measures1 which are reconciled to the statutory results below $m FY25 FY24 $m FY25 FY24 Net operating income per the statement of profit and loss 227.8 226.5 NPATA 84.1 87.7 Credit provisions (bad and doubtful debts) (4.9) (
Slide 31: Thank you
Thank you Fleetpartners.com.au 31