Cog Financial Services Limited · ASX:COG
Cog Financial Services — H1 2026 Earnings Presentation
30 slides from Cog Financial Services's earnings presentation, Feb 26, 2026
Slide 1: 1H 2026 Results
1H 2026 RESULTS Authorised by Andrew Bennett Group Chief Executive Officer 26 February 2026
Slide 2: 1H 2026 Financial Highlights
1H 2026 Financial Highlights COG 1H 2026 Revenue1,3 EBITDA to EPSA2,3 shareholders2,3 $196.9m $22.3m 6.61cps +8% on pcp +14% on pcp +7% on pcp 1. Underlying revenue excludes interest income (1H26 $1.6m, 1H25 $1.3m). 2. Underlying basis attributable to shareholders. Refer to page 22 for a reconciliat
Slide 3: 1H 2026 Financial Highlights
1H 2026 Financial Highlights COG 1H 2026 Our Salary Packaging segment continues Continued execution of our to deliver strong growth, driven by acquisition strategy, sustained organic momentum across where targets can be secured existing businesses as well as incremental at the right price. Acquisiti
Slide 4: Dividends and EPSA
1H 2026 Financial Highlights Dividends and EPSA Dividend declared of 3.5 cps 1 Cents per share (1H25: 3.0 cps1) Payout ratio of 2 8.30 8.40 54.4% (1H25: 49.6%2,6) 8.40 7.22 6.00 Dividend yield of 3 3.50 1.7% 1.52 Dividend yield grossed up for franking benefit Nil 5,6 6 2.4%4 1. Dividends are fully f
Slide 5: Looking forward
Executing with Excellence Looking forward The Group’s Salary Packaging segment COG will continue to remain active in continues to deliver outstanding results. the identification of strategic We expect ongoing organic growth as acquisitions (at the right price) to add we continue to capture opportuni
Slide 6: A growing national group of businesses
Executing with Excellence A growing Nationally: national group +7% +4% +53% +17% vs June 25 of businesses 852 1,860 17,270 61,240 Delivering $4.5 billion funded in 1H26 02 02 1,411 3,590 NT QLD 185 540 2,311 4,385 58 144 6,747 34,048 WA 20 50 310 531 SA NSW 283 572 3,622 6,313 & ACT Broker firms 298
Slide 7: Good volume growth
Executing with Excellence Good volume growth (in $m) $4.5bn net assets financed 7,678 8,853 8,388 +10% 3Ys CAGR1 in 1H 2026 6,689 +7% 1H 2H 5,159 vs. PCP 4,519 4,495 4,239 3,128 3,351 2,747 1. Calculated as the Compound Annual Growth Rate (CAGR) for the first half-year periods of last 3 financial ye
Slide 8: Financial results
Executing with Excellence Financial results (In $’m) 1H261 1H251 PCP Change Revenue growth of $15.4m primarily reflects organic growth from the Revenue 2 196.9 181.5 8% Salary Packaging segment of $5.9m and Broking & Aggregation segment of $2.4m, and contributions from acquisitions of $7.1m. EBITDA
Slide 9: Underlying EBITDA to shareholders
Executing with Excellence Underlying EBITDA to shareholders (In $’m) +17.9% +19.0% -12.3% 1 1. Prior comparative information has been adjusted to ensure comparability with current period (refer to page 23 for details). 9
Slide 10: Segment performance
Segment performance 10
Slide 11: Underlying EBITDA to shareholders
Financial Highlights Underlying EBITDA to shareholders $m) (In $’m) 1H 26 1H 25 PCP change Segment change 4 The Broking & Aggregation EBITDA to Long-term EBITDA to EBITDA to Interest Segment segment (formerly known Segments shareholders incentive shareholders % shareholders income 2 change 4 as Fina
Slide 12: Australia's largest asset finance broker and aggregator
Broking & Aggregation Australia’s largest asset finance broker and aggregator % Estimated market share¹ 1. Estimated market share derived from the latest available ABS reported Australia Private New Capital Expenditure Report, assuming circa 39% of that value is originated through brokers, calculate
Slide 13: Strong activity driven by organic growth and strategic acquisition
Broking & Aggregation Strong activity driven by organic growth and strategic acquisition Revenue increase of $4.2m is reflective of $2.4m (In $’m) 1H26 1, 2 1H25 1, 2 Pcp Change in organic growth from higher volumes (despite compressed brokerage and volume-bonus incentive rates from financiers) and
Slide 14: Accelerated growth supported by investment in scale and capability
Salary Packaging Accelerated growth supported by investment in scale and capability Revenue growth of $11.2m includes $5.9m in organic growth from existing businesses which (In $’m) HY26 1 HY25 1, 2 Pcp Change continues to be further accelerated by the FBT incentive for electric vehicles and $5.3m R
Slide 15: Growth continues
Salary Packaging Growth continues +17% vs. pcp +53% vs. pcp +51% vs. pcp 15
Slide 16: Solid delivery based on disciplined lending
Lending Solid delivery based on disciplined lending Revenue growth of $0.5m reflects a stronger contribution from Westlawn of $0.7m, partially offset by lower contribution from TL Commercial Finance (In $’m) 1H261 1H251,2 Pcp Change of $0.2m due to the book being in run-off. Revenue 20.0 19.5 3% EBI
Slide 17: Lending focused on asset backed contracts
Lending Lending focused on asset backed contracts Assets under management (in’ $m) 31 Dec 2025 31 Dec 2024 Westlawn Managed Investment Scheme 97.7 48.8 Westlawn Unsecured Notes 187.4 206.5 Westlawn Warehouse Trust 128.9 132.5 Total 414.0 387.8 Lending Book Funding New lease and loans written in the
Slide 18: Result reflects strategic disposal of non-core investments
Other Result reflects strategic disposal of non-core investments (In $’m) Pcp This Segment captures COG head-office 1H26 1 1H25 1, 2 activities as well as the elimination of Change intercompany transactions. In the 1H25, results Revenue 3 (0.5) - n/a included contributions from equity-accounted non-
Slide 19: Disclaimer
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 should consult circumstance
Slide 20: Appendices
Appendices 20
Slide 21: Statutory income statement
Appendices Statutory income statement (In $’m) 1H26 1H25 Pcp Change Adjustment related to associates reflects COG’s 21.45% and 19.89% proportionate share of EPY and CAF’s (i) Revenue 1 198.5 182.8 9% amortisation of acquired intangibles (1H26 $nil, 1H25 Underlying EBITDA from core operations 31.7 29
Slide 22: Reconciliation of statutory EBITDA to underlying EBITDA
Appendices Reconciliation of statutory EBITDA to underlying EBITDA Members and NCI 1 Members 1H26 1H25 Variance 1H26 1H25 Variance $m $m $m $m $m $m Statutory EBITDA from core operations 31.1 28.6 2.5 21.7 18.8 2.9 Adjustments (pre-tax): Acquisition-related expenses 0.1 0.1 - 0.1 - 0.1 Redundancy co
Slide 23: Prior period adjustments
Appendices Prior period adjustments The following adjustments were made to the reported 1H 25 (prior comparative period) to conform with the current period presentation: 1H25 1H25 (In $’m) Adjustments Reported Restated Revenue has been adjusted to reflect: Revenue 2 251.0 (69.5) 181.5 (i) the Group’
Slide 24: Statement of financial position
Appendices Statement of financial position 2 Cash and cash equivalents increased by $34.1m primarily reflecting higher salary packaging clients’ funds held at period As at 31 Dec 2025 ($m) 30 Jun 2025 ($m) end. Cash and cash equivalents 183.4 149.3 Trade and other receivables 18.2 20.0 Contract asse
Slide 25: Statement of cash flows
Appendices Statement of cash flows (In $m) 1H26 1H252 Receipts from customers 241.1 224.6 Payments to suppliers and employees (180.9) (173.5) Net cash inflow from operating activities includes Dividends received - 0.8 $16.5m (1H25: $17.2m) relating to the lease and loan Finance costs paid (10.5) (9.
Slide 26: Efficient capital management
Appendices Efficient capital management Cash and cash equivalents Dividend The Group has generated significant cash over the period and the The Company’s dividend policy permits a payout ratio of up to 70% of proportionate share of unrestricted cash and term deposits attributable NPATA to members. t
Slide 27: Capital management
Appendices Capital management Capital raising 17 September 2025 17 October 2025 The Company issued 20,042 fully paid ordinary shares totalling $43k as The Company issued 10,000,000 fully paid ordinary shares totalling $20m to fund the majority of part of the Group’s FY23 Long-term incentive (LTI) pl
Slide 28: Capital management
Appendices Capital management Investments During the period ended 31 December 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 September 2025 1 September 2025 1 October 2025 1 Decem
Slide 29: Capital management
Appendices Capital management Investments Subsequent to the period ended 31 December 2025, the following corporate activities involving existing subsidiaries of the Group occurred: 1 January 2026 1 January 2026 PCG acquired an additional 10.25% equity interest in Vehicle and Equipment Finance Westla
Slide 30: Share of unrestricted cash - attributable to members
Appendices Share of unrestricted cash - attributable to members Total Restricted Unrestricted Proportionate share of unrestricted Segment's name (In $’m) cash cash1 cash cash attributable to Members3 Broking & Aggregation 22.3 4.8 17.5 11.4 Salary Packaging 78.3 66.4 11.9 11.0 Lending 2 64.5 7.0 57.
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