Slide 1: 1H26 Results Presentation
1H26 Results Presentation FleetPartners Group Limited (ASX:FPR) 7 May 2026
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 15 03. Investment case and outlook 24 04. Appendices 28
Slide 5: Performance highlights
01 Performance highlights Damien Berrell Chief Executive Officer and Managing Director
Slide 6: 1H26 financial performance highlights
1H26 financial performance highlights NPATA returned to growth alongside continued strong cash generation – NPATA & NPATA pre EOL grew 2% and 7% respectively on pcp CONTINUED DELIVERING SUSTAINED STRONG ONGOING AUMOF GROWTH CORE INCOME GROWTH SHAREHOLDER RETURNS NBW $367m Core income2 $85m Cash earn
Slide 7: Continued cash EPS growth, with NPATA returning to growth in 1H26
Continued cash EPS growth, with NPATA returning to growth in 1H26 1H26 NPATA grew 2% on pcp, with NPATA pre EOL up 7%, more than offsetting a 3% EOL decline 1H26 NPATA & NPATA pre EOL growth Cash EPS1 NPATA pre EOL per share 1H25 7% (3)% 2% EOL (post-tax) per share 1H26 39.1c 36.5c 37.5c $39m $4
Slide 8: Highly cash generative business model – dividend yield of 13%
Highly cash generative business model – dividend yield of 13%1 $356m of announced capital returns to shareholders since FY21 (represents 50%+ of FPR’s current market capitalisation) – over the last twelve months FPR has deployed $109m of capital to drive returns for shareholders LTM capital allocati
Slide 9: FleetPartners' strategic focus
FleetPartners’ strategic focus Large, underpenetrated, high-returning segments Strategic pillars 2.4m vehicles in AU alone1 <25% FMO penetration2 Attract Retain Large Fleets New customers Existing customers Cash & profit engine Attract new customers through Retain existing customers fit for purpose
Slide 10: Strategic action in Large Fleets is driving momentum
Strategic action in Large Fleets is driving momentum The Large Fleets value proposition and go to market strategy is resonating with customers – our core objective is to leverage relationships, market-leading service and expertise to create partnerships and genuine value for our customers Key invest
Slide 11: Double-digit growth in Small Fleets
Double-digit growth in Small Fleets Omni-channel distribution seeing mixed growth by channel, supplemented by strong success in direct channels Key investments underway Small Fleets NBW continues to scale1 10% 30% Digital calculator Credit Partnership optimisation enablement expansion Tactical areas
Slide 12: Growth recovery in Novated
Growth recovery in Novated Investment and tactical action, coupled with higher market demand for BEV are driving a return to NBW growth Key investments underway Positive lead indicators YTD Novated (ex. Remunerator) NBW pipeline1 90% above Remunerator In-life digital Data to drive Continuous 1H26 av
Slide 13: FleetPartners strategic focus – 1H26 progress
FleetPartners strategic focus – 1H26 progress Focus & 1H26 metrics1 1H26 outcomes Metric 1H26 vs 2H25 Continuing to execute strong pipeline of high conviction tender opportunities in Large Fleets AU Attract NBW growth Completed acquisition of Remunerator – integration implementation on track New
Slide 14: Environmental, social and governance highlights
Environmental, social and governance highlights Supporting customers to transition Managing our environment Our people and communities End-to-end fleet electrification Toitū net carbon zero Endorsed Employer solution recognised by WORK180 as one of the top 5th year achieving certification across our
Slide 15: Financial result
02 Financial result James Owens Chief Financial Officer
Slide 16: New business writings
New business writings 1H26 NBW flat on pcp excluding FX (1% decline including FX), compared with a 13% decline on pcp in 1Q261 NBW Comments Sale and lease-backs • Fleet AU was up 6% as customer ordering activity has increased through 2Q26, $476m $448m whilst Fleet NZ NBW was down 12% compared to p
Slide 17: AUMOF growth for the 7th consecutive half since FY22
AUMOF growth for the 7th consecutive half since FY22 Excluding FX, AUMOF grew 2% organically vs pcp despite flat NBW, and 8% including Remunerator AUMOF Comments AUMOF - Balance sheet 1 • Closing AUMOF grew 6% and average AUMOF grew 4% vs pcp, primarily due to AUMOF - P&A the acquisition of Remunera
Slide 18: Income statement
Income statement NPATA pre EOL up 7% on pcp driven by 4% increase in average AUMOF and Core income $m 1H26 1H25 PCP (%) Comments Core income1 85.4 82.1 4% • Core income increased by 4% driven by the growth in average AUMOF together End of lease income 28.7 29.5 (3)% with stable margins, as the expec
Slide 19: End of lease income
End of lease income 1H26 EOL income per unit remained broadly stable at $5,840 – average sale price per unit in April remained consistent with 1H26 levels Vehicles sold and end of lease income per unit Comments • Used vehicle prices showed a level of stability during 1H26, with EOL per unit EOL char
Slide 20: Portfolio credit quality
Portfolio credit quality Underlying portfolio continues to perform strongly, despite temporary increase in arrears 90+ day arrears1 Comments • 90+ day arrears temporarily elevated due to seasonal peak at calendar year-end Reduced to 76bps at Apr-26 compounded by resourcing changes during 2Q26. Arrea
Slide 21: Funding flexibility enables growth, consistent capital management
Funding flexibility enables growth, consistent capital management Well positioned and diversified funding structures provide capacity for growth and limit exposure to interest rate movements Comments Warehouse capacity and funding mix at Mar-26 • Warehouse funding capability since 2007 and regular A
Slide 22: Cash generation
Cash generation Strong organic cash generation $m 1H26 $m 1H26 Operating cash flow Net cash flow (23.9) Customer receipts 560.0 Add-back capex 2.9 Payment to suppliers and employees (257.2) Add-back acquisition of Remunerator 27.7 Income tax paid (4.2) Add-back change in corporate debt 10.0 Net inte
Slide 23: Capital allocation and returns to shareholders
Capital allocation and returns to shareholders Disciplined capital allocation maximising long-term value and consistent returns for shareholders Capital allocation framework Consistent return of capital Tier 1 Buy-back – completed $356m of capital returned1 to Buy-back – ongoing shareholders sin
Slide 24: Investment case and outlook
03 Investment case and outlook Damien Berrell Chief Executive Officer and Managing Director
Slide 25: Why FleetPartners?
Why FleetPartners? Highly predictable, cash generative business operating in a resilient asset class – growth opportunities supported by sector leading capability and underpenetrated target segments Investing for growth in large and underpenetrated segments • Operating in underpenetrated, high-retur
Slide 26: Geopolitical and macroeconomic implications and mitigants
Geopolitical and macroeconomic implications and mitigants Actively managing geopolitical dynamics – no direct exposure to fuel prices; funding availability and liquidity remain strong Current direct Area of focus impact to FPR Potential risk factor Mitigating actions and variables Fuel prices and su
Slide 27: Outlook
Outlook FleetPartners remains resilient with momentum expected to continue building through 2H26 Outlook unchanged with marginal growth in NBW targeted for FY26 While we expect customers may continue to delay decisions to replace the existing fleet, impacts to NBW will be offset by continued extensi
Slide 28: Appendices
FP FleetPartners 04 Appendices
Slide 29: FY26 expectation analysis
FY26 expectation analysis Core income expected to grow broadly in line with average AUMOF FY26 FY25A Comments (changes to expectation comments indicated in italics) (expectation) Core income $168.9m • Growth in average AUMOF against broadly stable Core margin • Current dynamics are seeing elevated d
Slide 30: Used vehicle market update
Used vehicle market update Average sale price per unit in April remained consistent with 1H26 levels, despite temporary softening demand for ICE vehicles Weekly average used vehicle prices by fuel type indexed to Jan-201 Support for EOL outcomes 160% • While higher fuel prices have led to a recent s
Slide 31: Electric Vehicles – uptake by segment
Electric Vehicles – uptake by segment Acceptance and uptake continues to be strongest in Novated, with the Corporate transition still at early stages Novated NBW Fleet Australia NBW Fleet New Zealand NBW 80.0 80% 80.0 40% 80.0 40% Average lease value ($k) Average lease value ($k) Average lease value
Slide 32: 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 <25% 75% c.5% 95% <3% FPR 97% PENE
Slide 33: Fleet Australia
Fleet Australia Core income down 2% driven by Core margin normalisation partially offset by average AUMOF growth $m 1H26 1H25 PCP (%) Comments Core income1 45.1 46.2 (2)% End of lease income 20.1 20.0 0% • NBW for 1H26 was 6% above pcp as customer activity has picked up late in 1H26 and due to the p
Slide 34: Fleet New Zealand
Fleet New Zealand Core income up 1% driven by Core margin expansion, partially offset by lower AUMOF including FX impact $m 1H26 1H25 PCP (%) Comments Core income1 18.5 18.4 1% • NBW for 1H26 was 12% below pcp (down 8% excluding FX) as macroeconomic End of lease income 8.1 8.7 (7)% conditions remain
Slide 35: Novated
Novated Core income up 24% driven by average AUMOF growth, Core margin expansion and the acquisition of Remunerator $m 1H26 1H25 PCP (%) Comments Core income1 21.8 17.5 24% • NBW for 1H26 was 2% lower than pcp, relative to 17% lower as at 1Q26 – detail End of lease income 0.6 0.7 (21)% of drivers is
Slide 36: Balance sheet
Balance sheet Balance sheet remains strong, with disciplined capital management $m 31 Mar 2026 30 Sep 2025 % Comments Assets Cash and cash equivalents 69.5 102.9 (32)% • Cash position a result of strong organic cash generation offset by payment of the Restricted cash and cash equivalents 212.0 205.7
Slide 37: Balance sheet & liquidity
Balance sheet & liquidity Unique funding model differentiates FPR, providing certainty of access to funding and growth capacity Balance sheet funded (own credit) Third party Principal & Agency / Warehouse ABS market Cash brokered arrangements Primary source of funding Tactical use of ABS issuance Wo
Slide 38: 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 1H26 1H25 $m 1H26 1H25 Net operating income per the statement of profit and loss 115.9 109.7 NPATA 39.6 38.9 Credit provisions (bad and doubtful debts) (3.0) (
Slide 39: Glossary
Glossary Term Definition ABS Asset-backed securitisation AUMOF Assets under management or financed Core income / margin Net operating income pre EOL and provisions / Core income divided by Average AUMOF for the relevant period CAGR Compound annual growth rate EOL End of lease EV / BEV / PHEV / ICE E
Slide 40: Thank you
Thank you FleetPartners.com.au