Cog Financial Services Limited · ASX:COG
Cog Financial Services — FY2026 Earnings Presentation
34 slides from Cog Financial Services's earnings presentation, Aug 26, 2026
Slide 1: FY 2026 Performance
FY 2026 PERFORMANCE Authorised by Andrew Bennett Group Chief Executive Officer 26 August 2026
Slide 2: FY 2026 Financial Highlights
FY 2026 Financial Highlights COG FY 2026 – Positive Results for Shareholders 1,3 2,3 2,3 2,3 REVENUE EBITDA TO SHAREHOLDERS FINAL DIVIDEND EPSA $399.8m $51.5m 3.5cps 15.63cps + 9% on pcp +28% on pcp +17% on pcp + 27% on pcp 1. Underlying revenue excludes interest income (FY26 $3.6m, FY25 $2.6m). 2.
Slide 3: Driven by Salary Packaging + Broking & Aggregation
FY 2026 Financial Highlights Driven by Salary Packaging + Broking & Aggregation ▪ Group Net Assets Financed through Salary ▪ Underlying Group revenue +9% on PCP Packaging + Broking & Aggregation +8% on PCP ▪ Underlying Group EBITDA to shareholders +28% on PCP Salary Packaging Segment Broking & Aggre
Slide 4: Strong Underlying EBITDA to Shareholders
FY 2026 Financial Highlights Strong Underlying EBITDA to Shareholders Segments Salary Packaging FY26 ($m) 31.0 FY25 1 ($m) 16.5 PCP Change +88% +28% vs adjusted PCP Broking & Aggregation 24.5 24.5 0% Lending 1.2 1.9 -37% Other (5.2) (2.6) -100% Total 51.5 40.3 +28% 1.Prior comparative information ha
Slide 5: Underlying EBITDA to Shareholders Continues to Grow
FY 2026 Financial Highlights Underlying EBITDA to Shareholders Continues to Grow 60% of Group EBITDAfrom Salary Packaging In $’m + 13% + 28 % 3Ys CAGR 2 on PCP 100% 60% 48% 2% -10% 51.5 36.1 38.7 40.3 35.3 30.8 100% - - - - - - 1 1 1 1 1 61% FY21 FY22 FY23 FY24 FY25 FY26 41% 5% -6% 1. To ensure comp
Slide 6: Strong EPSA and Dividend Growth
FY 2026 Financial Highlights Strong EPSA and Dividend Growth Cents per share Final Dividend declared of 1 3.5 cps (FY25: 3.0 cps1) 8.30 8.40 8.40 7.00 7.22 6.00 Payout ratio of 45.5% 2 (FY25: 49.2%2,4) 3,4 1. Dividends are fully franked 2. Total dividends divided by NPATA to shareholders. 3. Earning
Slide 7: Future Growth
Executing with Excellence Future Growth COG is driving for growth. FY 27 EBITDA to shareholder growth is targeted to be 10% or better. Salary Packaging Broking & Aggregation Continued market share capture Continued investment in the aggregation platform to reduce client churn and deliver Strong volu
Slide 8: Summary Financials
Sy Summary Financials
Slide 9: Financial Results – an Outstanding Year
Executing with Excellence Financial Results – an Outstanding Year (In $’m) FY261 FY251 PCP Change Revenue growth of $34.6m reflects organic growth from the Salary Revenue 2 399.8 365.2 9% Packaging segment of $15.3m and Broking & Aggregation of $5.4m as well as contributions from acquisitions of $17
Slide 10: Underlying EBITDA Growth to Shareholders
Executing with Excellence Underlying EBITDA Growth to Shareholders (In $’m) +22.1% +26.1% -12.9% 1 1. Prior comparative information has been adjusted to ensure comparability with current year (refer to page13 for details). 10
Slide 11: Good Cash Generation Continues
Executing with Excellence Good Cash Generation Continues Members and NCI 1 Members (in $’m) FY26 FY25 Variance FY26 FY25 Variance Underlying EBITDA from core operations 69.3 60.7 8.6 51.5 40.3 11.2 Adjustments for non-cash items related to: Investment in associates - (1.6) 1.6 - (1.6) 1.6 Lending (i
Slide 12: Segment performance
Segment performance 12
Slide 13: Underlying EBITDA to Shareholders
Financial Highlights Underlying EBITDA to Shareholders PCP $m) (In $’m) FY26 FY25 change EBITDA to Long-term Elimination of EBITDA to Segment change 4 EBITDA to Interest Segment Segments shareholders Incentive intercompany shareholders % shareholders income2 change4 The Broking & Aggregation (report
Slide 14: Improved Profit Margin Supported by Ongoing Volume Growth
Salary Packaging Improved Profit Margin Supported by Ongoing Volume Growth Revenue growth of $29.9m includes $15.3m in organic growth from existing businesses which (In $’m) FY26 1 FY25 1, 2 Pcp Change continues to be further accelerated by the FBT incentive for electric vehicles and $14.6m Revenue
Slide 15: Rapid Growth Continues
Salary Packaging Rapid Growth Continues +31% on pcp * +98% on pcp * +66% on pcp * The previously disclosed Salary Packaging Customers and Novated Lease Customers as at 31 December 2025 were understated; the graph above reflects the corrected figure. 15
Slide 16: Strong Activity Driven by Organic Growth and Strategic Acquisition
Broking & Aggregation Strong Activity Driven by Organic Growth and Strategic Acquisition (In $’m) FY26 1, 2 FY25 1, 2 Pcp Change Revenue increase of $8.4m is reflective of $5.3m in organic growth from higher volumes (despite compressed brokerage and volume-bonus incentive Revenue 3 273.7 265.3 3% ra
Slide 17: Solid Businesses and Strong Cashflow
Broking & Aggregation Solid Businesses and Strong Cashflow FINANCIAL INTERMEDIARIES BROKING Finance Insurance ❑ COG Aggregation (incl NFC & UFS) ❑ QPF Group ❑ Insurance Broking ❑ Equity-One (Peer-to-Peer Lending) ❑ Linx Group ❑ Mildura Finance (Broking Services) ❑ AAA Finance ❑ Centrepoint Finance ▪
Slide 18: A Steady State Outcome
Lending A Steady State Outcome (In $’m) FY261 FY251,3 Pcp Change Revenue contraction of $3.9m reflects lower contributions from Westlawn of $3.2m primarily Revenue2 38.1 42.0 -9% due to reduced lending activity and TL Commercial Finance of $0.7m due to the book being in run-off. EBITDA 1.5 2.2 -32%
Slide 19: Strong Managed Investment Scheme Growth
Lending Strong Managed Investment Scheme Growth Assets under management (in’ $m) 30 Jun 2026 30 Jun 2025 Westlawn Managed Investment Scheme 124.8 61.0 Westlawn Unsecured Notes 173.7 208.5 Westlawn Warehouse Trust 102.6 135.5 Total 401.1 405.0 Lending Book Funding New lease and loans written in the F
Slide 20: Efficiency Maintained, Non-core Investments Have Been Divested
Other Efficiency Maintained, Non-core Investments Have Been Divested (In $’m) Pcp This Segment captures COG head-office activities as FY26 1 FY25 1, 2 well as the elimination of intercompany transactions. Change In FY25, results included contributions from equity- Revenue 3 (0.7) (0.9) 22% accounted
Slide 21: Future Growth
Executing with Excellence Future Growth COG is driving for growth. FY 27 EBITDA to shareholder growth is targeted to be 10% or better. Salary Packaging Broking & Aggregation Continued market share capture Continued investment in the aggregation platform to reduce client churn and deliver Strong volu
Slide 22: 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 23: Appendices
Appendices 23
Slide 24: Statutory Income Statement
Appendices Statutory Income Statement (In $’m) FY26 FY25 Pcp Change Acquisition-related expenses includes a $1.2m earn- Revenue 1 403.4 367.7 10% out adjustment for the deferred consideration associated with AAA Finance acquisition (May 2025). Underlying EBITDA from core operations 69.3 60.7 14% Acq
Slide 25: Reconciliation of Statutory EBITDA to Underlying EBITDA
Appendices Reconciliation of Statutory EBITDA to Underlying EBITDA Members and NCI 1 Members FY26 FY25 Variance FY26 FY25 Variance $m $m $m $m $m $m Statutory EBITDA from core operations 67.3 60.5 6.8 49.8 40.1 9.7 Adjustments (pre-tax): Acquisition-related expenses 1.6 - 1.6 1.3 - 1.3 Redundancy an
Slide 26: Prior year adjustments
Appendices Prior year adjustments The following adjustments were made to the reported FY25 (prior comparative year) to conform with the current year presentation: FY25 FY25 (In $’m) Adjustments Reported Restated Revenue includes interest income earned on cash available for Revenue 363.5 1.6 365.2 le
Slide 27: Statement of Financial Position
Appendices Statement of Financial Position 2 As at 30 Jun 2026 ($m) 30 Jun 2025 ($m) Cash and cash equivalents 187.0 149.3 Cash and cash equivalents increased by $37.7m primarily reflecting Trade and other receivables 25.6 20.0 higher salary packaging clients’ funds held at year end. Contract assets
Slide 28: Statement of Cash Flows
Appendices Statement of Cash Flows (In $m) FY26 FY252 Receipts from customers 459.5 407.8 Net cash inflow from operating activities includes $30.7m Payments to suppliers and employees (343.4) (323.4) (FY25: $31.6m) relating to the lease and loan products offered Dividends received 0.1 1.5 through th
Slide 29: Efficient Capital Management
Appendices Efficient Capital Management Disciplined allocation supporting strategic growth & shareholder returns Proportionate share of unrestricted cash Capital Expenditure (Capex) $73.7m as at 30 June 2026 1 $2.9m spent in FY26 (vs FY25: $6.2m) The Group has generated significant cash over the yea
Slide 30: Capital Management: Debt & Equity Activity
Appendices Capital Management: Debt & Equity Activity Targeted capital placement supporting strategic expansion in the Salary Packaging segment Debt Equity ACQUISITION FINANCE FACILITY LTI ISSUANCE COG CAPITAL PLACEMENT $27.9m $1.9m $20.0m Utilised 10.0m Shares 1.435m Shares Finance Facility Long-Te
Slide 31: Capital Management: Investments
Appendices Capital Management: Investments Strategic capital deployment and equity transactions MAJOR ACQUISITION FLEET NETWORK STAKE INCREASE Easifleet (100%) 74.59% → 92.38% $36.5m cash consideration via Paywise Controlling interest expanded across 2 steps Effective Date Acquired or Disposed Acqui
Slide 32: Capital Management: Investments (cont’d)
Appendices Capital Management: Investments (cont’d) Strategic capital deployment and equity transactions Effective Date Acquired or Disposed Acquiring Entity Impact of Acquiring Consideration & Funding Structure Entity/ Business within the Group Entity’s Ownership Heritage Corporate Partnership Linx
Slide 33: 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 Salary Packaging 93.7 77.6 16.1 14.9 Broking & Aggregation 25.9 6.7 19.2 12.8 Lending 2 44.5 13.8 30
Slide 34: A Growing National Group of Businesses
Appendices Broking & Aggregation Nationally: A Growing National Represented by Group of Businesses +3% on pcp 819 +5% on pcp 1,885 Broker firms Brokers (individuals) Delivering +5% on pcp $8.5 bn funded in FY26 1 2 NT QLD 180 559 56 152 WA 15 55 SA NSW 271 576 & ACT Broker firms 291 531 VIC Brokers
COG Financial Services — FY2026 Earnings Presentation on 6ix