Turners Automotive Group Ltd · NZX:TRA
Turners Automotive — FY2026 Earnings Presentation
50 slides from Turners Automotive's earnings presentation, May 2026
Slide 1: FY26 Results Presentation
FY26 Results Presentation For 1 • the period TURNERS endingGROUP AUTOMOTIVE 31 March 2026 FY25 RESULTS
Slide 2: Disclaimer
Disclaimer Turners Automotive Group (the company) is solely responsible for the content of this document. This document is not an investment statement or prospectus and does not constitute an offer of securities. This document or any other written or oral statements made by, or on behalf of, the com
Slide 3: Record result with resilient used car market
• Record result with resilient used car market • Staying on the front foot with expansion plans • Increased funding headroom at lower rates • Battle-tested playbook re-deployed (proven in 2024–25) 3 • TURNERS TURNERS AUTOMOTIVE AUTOMOTIVE GROUP GROUP FY26 FY26 RESULTS RESULTS
Slide 4: Successful strategy and execution continues to deliver record results
Successful strategy and execution continues to deliver record results Operating profit contribution by segment ($M) Dividend per Share ($) 80 0.35 0.330 70 0.290 0.30 60 0.255 0.25 0.230 0.230 Operating Profit ($M) 50 0.200 0.20 40 0.170 0.155 0.145 0.140 30 0.15 0.130 0.100 20 0.10 10 0.05 0 FY15 F
Slide 5: Turners continues to deliver on its growth commitments
Turners continues to deliver on its growth commitments… 1. The result extends our track record of resilience, by again delivering another record, despite an extremely challenging consumer environment. 2. FY26 dividend of 33.0 cps up +14 % on FY25 and continues the run of strongly growing dividends o
Slide 6: Diversified model with widespread growth
Diversified model with widespread growth Auto Retail Stable cars volume with margin growth off the back of improving economy. New Christchurch branches successfully opened with new branch pipeline continuing to fill up. Finance Material growth in loan book, quality metrics continue to improve. Arrea
Slide 7: Our strong culture is a key advantage for our business
Our strong culture is a key advantage for our business Employee Net Promoter Score (eNPS) - How likely is it that you would recommend Turners Automotive Group as a place to work? 9.5 90% 85% 9.0 80% 75% 8.5 70% • 67% share ownership from employees 65% 8.0 60% • 83% of leadership roles filled 55% int
Slide 8: 1. FY26 Results
1. FY26 Results 8 • TURNERS AUTOMOTIVE GROUP FY25 RESULTS
Slide 9: FY26 Results snapshot
FY26 Results snapshot Revenue Revenue Normalised EBIT 1 500.0 $451.2M +9% $70.6M +14% 400.0 Reported Net Profit Before Tax Reported Net Profit After Tax Millions 300.0 2H $55.7M +3% $38.2M -1% 200.0 1H 100.0 Normalised Net Profit Before Tax 2 Normalised Net Profit After Tax 2 - FY20 FY21 FY22 FY23 F
Slide 10: FY25 to FY26 Revenue bridge
FY25 to FY26 Revenue bridge Revenue increased from $414M to $451M Revenue Bridge FY25 to FY26 ($M) • Auto Retail revenues have increased from selling a higher proportion of owned vehicles during FY26. Stronger commercial revenues resulted as the economy showed signs of improvement. • Finance book re
Slide 11: FY25 to FY26 Normalised net profit before tax (NPBT) bridge
FY25 to FY26 Normalised net profit before tax (NPBT) bridge Normalised NPBT increased from $54.3M to $63.2M NPBT Bridge FY25 to FY26 ($M) • Auto Retail profit growth increased from new branches, higher proportion of owned vehicles and an improvement in gross margins on those vehicles. 2H26 was much
Slide 12: Turners has delivered sustainable dividend growth
Turners has delivered sustainable dividend growth Dividend per Share ($) 35.0 33.0 30.0 COVID 29.0 • Continued the track record of delivering strong, impacted year 25.5 sustainable and growing dividends in the business 25.0 23.0 23.0 (CAGR 10.5% over 12 years). 20.0 20.0 17.0 • Directors have declar
Slide 13: Balance sheet has capacity to support growth
Balance sheet has capacity to support growth ($M) FY26 FY25 Cash and cash equivalents 20 22 • Inventory levels have increased as a result of a specific Financial assets at fair value 84 79 focus on conversion rates and to support improving Inventory 27 22 demand in Q3 and Q4. It was also required to
Slide 14: Business has funding capacity for growth plans
Business has funding capacity for growth plans Borrowings Borrowings by asset class ($M) ($M) Limit Drawn 600 566 Receivables – Securitisation (BNZ/Other investors) 456 404 500 449 Receivables – Banking Syndicate (ASB/BNZ/Westpac) 50 45 Less Cash 400 (13) Net Receivables Funding 506 436 300 Receivab
Slide 15: 2. Segment Results
2. Segment Results 15 • TURNERS AUTOMOTIVE GROUP FY25 RESULTS
Slide 16: FY26 by segment
FY26 by segment Automotive Revenue ($M) Finance Insurance Credit Retail 1H26 152.6 4% 37.0 10% 24.7 4% 4.6 -15% 2H26 162.7 15% 40.0 15% 25.5 7% 3.9 -20% FY26 Total 315.3 10% 77.0 13% 50.2 5% 8.5 -17% Operating Profit Automotive Finance Insurance Credit ($M) Retail 1H26 16.0 9% 9.5 17% 8.4 9% 1.0 -44
Slide 17: Auto Retail Division
Auto Retail Division Brand strength Agile sourcing Cost focus 17 • TURNERS AUTOMOTIVE GROUP FY26 RESULTS
Slide 18: Auto Retail - Summary
Auto Retail - Summary Revenue $315.3M +10%, Segment Profit $32.6M +12% • FY26 NZ auto market conditions were challenging in 1H26 but improved throughout 2H26. • Our sourcing initiatives, pricing optimisation and stock management discipline during 1H set us up for margin expansion in 2H. • Operatio
Slide 19: Used car market slowly recovering, dealer numbers continue to drop
Used car market slowly recovering…dealer numbers continue to drop NZ Used Car Change of Ownerships (000s) 1,150 45,000 • Overall transaction levels grew +3% in FY26. 40,000 1,100 • The used import market continued to struggle with 35,000 registrations dropping 7% last year or 14% p.a. over the las
Slide 20: Stock management key to consistent margins
Stock management key to consistent margins. Average Vehicle Margin 1 by Quarter 1200 Margin improvement driven by Auckland flood vehicle replacement demand 1100 • While retail sales have been challenging, demand for lower-priced vehicles remains strong, most of which are owned inventory. 1000 Margi
Slide 21: Local sourcing continues to grow
Local sourcing continues to grow Owned cars sold through Turners + Average Margin 1 35,000 1,200 • Total “owned” units sold in FY26 +9% and 30,000 overall margin per unit on cars we own is up 1,000 3% for FY26. 25,000 800 • Keeping our focus on the lower price segment, the business grew its sourcin
Slide 22: Branch expansion pipeline
Branch expansion pipeline No new branches come onstream in FY27, but the pipeline is building well Committed development pipeline Expected additional “Opportunities” pipeline Location Branch Size Timing profit contribution Invercargill (COMPLETED) Cars 5,500m2 Q1 FY26 $400k New locations • Mt Roskil
Slide 23: Christchurch branch expansion
Christchurch branch expansion A case study of being closer to customers results in more opportunities to purchase vehicles Year on year growth in “sourcing” leads 50% • The rationale for more branches in 40% Christchurch was to be closer to people 30% to generate more sourcing leads. Airport 20% Hor
Slide 24: Finance Division
Finance Division Loan book in growth mode Funding in place to support growth Generating operating leverage 24 • TURNERS AUTOMOTIVE GROUP FY26 RESULTS
Slide 25: Finance - Summary
Finance - Summary Revenue $77.0M +13%, Segment Profit $19.2M +19% Receivables by month (excl. impairments) 600 Millions 550 • Reflecting strong market share gains, the total 500 ledger has increased to $566M, from $447M in March 2025. 450 • Consumer lending has increased while commercial 400 lending
Slide 26: Arrears well below industry due to continued focus on credit quality
Arrears well below industry due to continued focus on credit quality • Consumer loan arrears continue to perform materially Consumer arrears vs auto-loan industry (Centrix) better than market data (see chart at left). 8.0% • Hardship applications had improved through 2H26. Applications on the rise t
Slide 27: Highest net interest margin (NIM) in 3 years
Highest net interest margin (NIM) in 3 years NIM % (after originator commission) 8% 7.1% 7% 6.2% 6% 5.7% 5.6% • NIM has stabilised and should remain at 5.1% 4.9% current levels moving forward 5% 4% • However we are prepared to trade away some margin to continue our growth path. 3% • The hedged porti
Slide 28: Unsecured lending tracking well
Unsecured lending tracking well Unsecured Lending Loan Book ($M) and 31+ day arrears % 30.0 4.00% 28.0 27.2 • Oxford limit unsecured loans to 25.9 24.9 3.50% higher quality Premium and Tier 1 25.0 23.5 risk clients only. 21.8 3.00% 20.0 20.0 • Total arrears (+3 days) running at 2.50% 17.2 3.5% as at
Slide 29: Insurance Division
Insurance Division Stable and consistent business Distribution networks strategically important Digital direct platform building 29 • TURNERS AUTOMOTIVE GROUP FY26 RESULTS
Slide 30: Insurance
Insurance Revenue $50.2M +5%, Segment Profit $17.3M +7% Gross Written Premium (GWP) FY25 to FY26 ($000’s) • Strong premium growth overall with key dealer and finance broker partnerships remaining the primary driver of premium growth, providing scale and consistency. • Direct to consumer offering for
Slide 31: Digital distribution gaining momentum
Digital distribution gaining momentum Digital Direct - Policy Sales by Quarter 700 600 • Digital distribution capability was strengthened during the year, including the launch of a new MBI 500 product for the ‘private to private’ car market. Early Count of Policies Sold 400 sales activity has been e
Slide 32: Turners Servicing and Repairs
Turners Servicing and Repairs Brand change Growing the customer base Growing the network 32 • TURNERS AUTOMOTIVE GROUP FY26 RESULTS
Slide 33: Turners Servicing and Repairs
Turners Servicing and Repairs Total job bookings by FY • Significant opportunity to develop a scale player in the highly fragmented $3B auto repair market in NZ. 16,000 • Rebrand completed to Turners Servicing and Repairs 14,000 to leverage strong brand awareness and equity in 12,000 “Turners” brand
Slide 34: Credit Management Division
Credit Management Division Challenging environment Payment bank rebuilding Growing SME business 34 • TURNERS AUTOMOTIVE GROUP FY26 RESULTS
Slide 35: Credit Management - Summary
Credit Management - Summary Revenue $8.5M -17%, Normalised Segment Profit $1.8M 1 -49% Total debt referred for FY26 (NZ$M) $250 • Referral volumes were constrained throughout the year due to several large clients placing temporary holds on debt referrals while $200 undertaking major system implement
Slide 36: 3. Looking forward …
3. Looking forward … 36 • TURNERS AUTOMOTIVE GROUP FY25 RESULTS
Slide 37: Our key risks remain consistent
Our key risks remain consistent … Challenge Mitigation Mar23 Sept23 Mar24 Sept24 Mar25 Sep-25 Mar26 • Diversifying funding sources • Increase volume of higher Funding and margin direct lending Interest rate • Increase hedging Medium Low Low Low Low Low Medium movements • Operate the business conserv
Slide 38: New 5 year target of $100M NPBT by FY31
New 5 year target of $100M NPBT by FY31 • Target #1 (FY21) Net Profit Before Tax ($M) $45M NPBT by FY24 - exceeded 110.0 100.0 • Target #2 (FY23) 90.0 $50M NPBT by FY25 - exceeded 80.0 70.0 • Target #3 of $65M NPBT by FY28 Now on track to achieve in FY27 60.0 50.0 • Target #4 of $100M NPBT by FY31 4
Slide 39: March / April performance
March / April performance • 4Q26 performance strong, but progressively weakened from late March. • April is typically a seasonally challenging month, however, softness has been amplified by the impact of the Iran/US conflict. • Auto Retail: We have implemented our “tough macro” play book again from
Slide 40: Outlook
Outlook • Group – Our expectations are to see continued strong progress towards achieving our FY28 goal of $65M NPBT a year earlier. Whilst Q4 was a record for the business the US/Iran conflict has slowed things down. There is some uncertainty as to how long this will last. We will have the full yea
Slide 41: Results Video
Results Video: A short video is available summarising the FY26 results at… https://www.turnersautogroup.co.nz/investor-centre 41 • TURNERS AUTOMOTIVE GROUP FY26 RESULTS
Slide 42: Questions
Questions 42 • TURNERS AUTOMOTIVE GROUP FY25 RESULTS
Slide 43: Contact
Contact Todd Hunter Group CEO T: 64 21 722 818 E: todd.hunter@turners.co.nz Aaron Saunders Group CFO T: 64 27 493 8794 E: aaron.saunders@turners.co.nz 43 • TURNERS AUTOMOTIVE GROUP FY26 RESULTS
Slide 44: Appendices
Appendices 44 • TURNERS AUTOMOTIVE GROUP FY25 RESULTS
Slide 45: Transition of wholesale to retail is progressing
Transition of wholesale to retail is progressing. FY25 FY26 FY25 FY26 23,000 24,400 OWNED 21,200 20,500 RETAIL • Sourcing "owned units" has been a key 56% 59% 51.3% 49.8% area of focus as consignment units reduced due to more lease customers going into inertia therefore less Lease units flowing into
Slide 46: Damaged vehicle volumes up slightly
Damaged vehicle volumes up slightly Damaged and end of life (DEL) vehicle units sold through Turners 40,000 35,000 • Volumes are up +2% in comparison to the previous year. 30,000 • The overall trend shows increasing flows of damaged 25,000 and end-of-life vehicles from New Zealand's aging fleet. 20
Slide 47: Average credit score of new customers continues to improve
Average credit score of new customers continues to improve Average CCR score for customers onboarded in each HY 760 746 740 742 743 740 735 730 729 722 720 712 • Premium Tier lending (CCR score of 735+) 703 702 699 700 makes up 59% of our ledger at Mar26 up 680 674 from 56% in Mar25. 659 660 650 635
Slide 48: Consumer arrears reflecting improved resilience
Consumer arrears reflecting improved resilience, although the impacts of the Middle East conflict are not yet evident Source – Centrix Credit Bureau 48 • TURNERS AUTOMOTIVE GROUP FY26 RESULTS
Slide 49: Reconciliation of Normalised to reported NPBT and NPAT
Reconciliation of Normalised to reported NPBT and NPAT Normalised net profit before tax $63.2M Normalised net profit after tax $45.6M Less EC Credit Control intangible impairment ($7.5M) Less EC Credit Control intangible impairment ($7.5M) Reported net profit before tax $55.7M Reported net profit af
Slide 50: 50 • TURNERS AUTOMOTIVE GROUP FY25 RESULTS
50 • TURNERS AUTOMOTIVE GROUP FY25 RESULTS
Turners Automotive Group — FY2026 Earnings Presentation on 6ix