Smartgroup Corporation Ltd · ASX:SIQ
Smartgroup — Investor Presentation (February 2026)
33 slides from Smartgroup's investor presentation, Feb 26, 2026
Slide 1: 2025 Full Year Results
Smart Group Smartgroup. CY 2025 Investor Presentation 2025 Full Year Results Scott Wharton Jason King Managing Director and CEO Chief Financial Officer
Slide 2: Acknowledgement of Country
Smart Group Acknowledgement of Country Artist Statement Smartgroup acknowledges the Custodians of Country throughout Australia. Co-existing with Mother Earth from the first days of understanding of kinship and the importance of caring for Country. Preparing for the future and prospering by We pay ou
Slide 3: Contents
Smart Contents 01 — 2025 Full Year Highlights 02 — Strategic Priorities Update 03 — 2025 Full Year Performance 04 — Summary and Outlook
Slide 4: 2025 Full Year Highlights
Smart Group Smartgroup. CY 2025 Investor Presentation 01 — 2025 Full Year Highlights
Slide 5: 2025 Financial Highlights
Smart Group 2025 Financial Highlights Revenue EBITDA NPATA1 $329.3m $135.3m $80.2m +8% +14% +11% v pcp v pcp v pcp Return on Equity2 EBITDA Margin Total Dividends3 30% 41% 53cps +1ppt +2ppt +9% v pcp v pcp v pcp 1. NPATA is net profit after tax, adjusted to exclude significant non-operating items. R
Slide 6: 2025 Operational Highlights
Smart Group 2025 Operational Highlights Customer Growth Novated Leasing Strategic Priorities Sustainability • 491,000 active customers at December, • +7% growth in leasing settlements v pcp • Delivered 16%1 improvement in • ESG risk rating of 11.1, ranked 96th customers per operations FTE v pcp perc
Slide 7: Investment proposition
Smart Group Investment proposition Industry leading digital platform • Continued investment in capability and technology 1,6451 customers / operations • Market leading scale FTE • Demonstrated improvements in operating efficiency and superior customer experience (up 16% on pcp) Large addressable mar
Slide 8: Disciplined execution
Smart Group Disciplined execution Consistent delivery of strong financial performance since launch of Strategic Priorities Revenue ($m) CAGR: 14% EBITDA ($m) CAGR: 16% NPATA ($m) CAGR: 13% +31% +35% +27% 329.3 135.3 80.2 305.8 72.4 118.7 63.2 251.6 100.3 CY 2023 CY 2024 CY 2025 CY 2023 CY 2024 CY 20
Slide 9: Strategic Priorities Update
Smart Group Smartgroup. CY 2025 Investor Presentation 02 — Strategic Priorities Update
Slide 10: Our Strategic Priorities and focus
Smart Group Our Strategic Priorities and focus Our ambition Smarter Benefits for a Smarter Tomorrow Simplifying benefits and adding value to our clients and customers, while enabling businesses to attract and retain great teams as we build a more sustainable Australia. Our focus Smarter Experiences
Slide 11: Strategic roadmap
Smart Group Strategic roadmap Realise scale benefits – Feb 24 Announced targeting mid-40s EBITDA Strategic Priorities margin during the year 2024 2025 2026 2027 2028+ Phase1: Focus on growth and demand generation through digital marketing, improved digital assets and excellent customer experience Ph
Slide 12: Phase 1: Our digital investments
Smart Group Phase 1: Our digital investments Delivered in CY24 and CY25 CY26 New digital home smart.com.au New digital packaging journey New App Enhanced rewards platform Enhanced Car Leasing Portal 12 Smartgroup. CY 2025 Investor Presentation
Slide 13: Phase 2: Our scalable platform
Smart Group Phase 2: Our scalable platform CY23 Current state Target state (CY28) Smartsalary, Smartleasing, Rationalising AccessPay, Advantage, Autopia, Smart, AccessPay, Autopia, Smartfleet, Payroll Solutions, Smart Brands Smartfleet Health-e Workforce Aligning Streamlined, de-duplicated and AI Co
Slide 14: Delivering Smarter benefits for a Smarter tomorrow
Smart Group Delivering Smarter benefits for a Smarter tomorrow Disciplined execution of Strategic Priorities in 2025 Customer-focused, digital and Leadership in Novated Leasing Innovation of propositions to Targeted investment in fleet efficient salary packaging offering via EVs meet growing custome
Slide 15: Growing customer relationships and scalability
Smart Group Growing customer relationships and scalability Increase in eligible customer Relative improvement in Relative improvement in product base1 since announcing customer uptake2 since uptake since announcing Strategic Priorities announcing Strategic Priorities Strategic Priorities +14% +9% +1
Slide 16: 2025 Full Year Performance
Smart Group Smartgroup. CY 2025 Investor Presentation 03 — 2025 Full Year Performance
Slide 17: Record customer numbers across all key product lines
Smart Group Record customer numbers across all key product lines Active salary packages Novated leases Fleet managed under management vehicles +10% 491,0001 +15% +46,000 445,000 85,300 +9% 74,300 +11,000 35,200 396,000 32,300 +2,900 61,100 30,400 CY 2023 CY 2024 CY 2025 CY 2023 CY 2024 CY 2025 CY 20
Slide 18: Resilient leasing demand and yield sustained
Smart Group Resilient leasing demand and yield sustained H1 2025 H2 2025 H2 2025 v CY 2025 v v H2 2024 v H1 2025 pcp pcp Strong customer demand Volume • Continued customer interest in novated leasing New lease vehicle orders1 +10% -2% +8% +13% • Enhanced marketing activities across multiple channels
Slide 19: Momentum Continues: EV and ICE new orders rising
Smart Group Momentum Continues: EV and ICE new orders rising New-vehicle orders growth (PHEV, BEV, ICE) +4% • Availability of EVs remains good, with new models expected throughout the year +49% • From 1st April 2025, the Discount Policy ceased applying to PHEVs • The decline in PHEV demand has been
Slide 20: Strong earnings growth, from sustained revenue uplift
Smart Group Strong earnings growth, from sustained revenue uplift $m Revenue CY 20251 329.3 CY 2024 305.8 Change % 8% Product costs (cost of sales) (11.3) (13.9) (19%) Net revenue 318.0 291.9 9% • Revenue growth driven by novated leasing and new clients Staff expenses (127.8) (124.1) 3% Other expens
Slide 21: High cash conversion at 122% of NPATA
Smart Group High cash conversion $m CY 20251 CY 2024 Change % at 122% of NPATA Receipts from customers (inc GST) 388.3 352.5 10% Payments to suppliers and employees (inc GST) (263.2) (243.9) 8% Interest received from operations 7.5 7.3 3% Interest paid (4.9) (5.0) (1%) Interest paid on lease liabili
Slide 22: Strong and flexible balance sheet with 0.3x leverage
Smart Group Strong and flexible $m 31 Dec 2025 31 Dec 2024 balance sheet with Cash 43.4 34.6 Other current assets1 309.4 285.5 0.3x leverage Current assets Non-current assets 352.8 355.7 320.1 333.2 Total assets 708.5 653.4 Current liabilities1 342.9 313.2 Borrowings 80.7 79.2 Other non-current liab
Slide 23: Disciplined approach to maximising shareholder returns
Smart Group Disciplined approach to maximising shareholder returns Return on Equity1 (ROE) Digital and technology simplification 30.0% Allocate capital for medium Investments Customer experience improvements 28.8% 25.9% 26.1% and long-term growth 24.1% Potential acquisitions or partnerships Operatin
Slide 24: Summary and Outlook
Smart Group Smartgroup. CY 2025 Investor Presentation 04 — Summary and Outlook
Slide 25: 2025 Summary
Smart Group 2025 Summary Revenue Salary Packages NL volume Conversion $329.3m +46,000 7% 122% +8% v pcp v pcp of NPATA from existing clients growth in operating cash flow v pcp and client wins leasing settlements conversion NPATA1 Leases CY25 dividends Strong $80.2m +11,000 53 cps progress on v pcp
Slide 26: Outlook
Smart Group Outlook CY 2026 • Supportive environment for further growth - demand for novated leasing remains robust – January 2026 new lease vehicle orders and settlements increased on pcp • January yield increased on pcp • Continuing to build novated leasing distribution partnerships to drive growt
Slide 27: Appendix
Smart Group Smartgroup. CY 2025 Investor Presentation 05 — Appendix
Slide 28: Operating cashflow conversion ($m)
Smart Group Operating cashflow conversion ($m) 97.8 1.5 4.7 7.6 1.4 1.5 79.4 7.5 Statutory NPAT Amortisation Depreciation Finance costs Gain on sale Net working Share-based Net cash from of non-current capital movement payments operating assets activities 28 Smartgroup. CY 2025 Investor Presentation
Slide 29: BEV orders continue to grow across all segments
Smart Group BEV orders continue to grow across all segments BEV1% of new car orders (excludes used and refinanced) 70.0% 60.0% 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% H1 H2 H1 H2 H1 H2 H1 H2 2022 2022 2023 2023 2024 2024 2025 2025 Hospital and PBI Education Government Corporate 1. Includes BEVs below the
Slide 30: Reconciliation of earnings to statutory financial statements
Smart Group Reconciliation $m CY 2025 CY 2024 of earnings Net revenue Operating EBITDA 318.0 135.3 291.9 118.7 to statutory One-off costs Segment results 135.3 - (0.5) 118.2 financial Net finance costs (4.1) (3.4) Depreciation expense (7.6) (6.6) statements Amortisation expense (7.5) (4.2) Gain on s
Slide 31: Balance sheet
Smart Group 31 Dec 2025 31 Dec 2024 Balance $m statutory statutory Cash 43.4 34.6 Restricted cash 269.3 245.1 sheet Trade and other current assets Current assets 40.1 352.8 40.4 320.1 Property and equipment 4.4 2.7 Smartgroup funded vehicles 22.9 18.4 Right-of-use assets – other 10.3 2.5 Intangible
Slide 32: Important notice and disclaimer
Smart Group Important notice and disclaimer Disclaimer This presentation has been prepared by Smartgroup Corporation Ltd (ACN 126 266 831) (“Smartgroup”) and is general background information about Smartgroup’s activities current as at the date of this presentation. The information is given in summa
Slide 33: Investor contact
Smart Group Smartgroup. CY 2025 Investor Presentation Investor contact Aline van Deventer ir@smartgroup.com.au 0423 553 434