Propel Funeral Partners Ltd. · ASX:PFP
Propel Funeral Partners — Shareholder Meeting (November 2025)
48 slides from Propel Funeral Partners's shareholder meeting presentation, Nov 13, 2025
Slide 1: ASX Announcement: 2025 AGM Addresses, Presentation and Trading Update
ASX ANNOUNCEMENT 13 November 2025 2025 AGM Addresses, Presentation and Trading Update Attached are the addresses and accompanying presentation to be delivered by the Chairman and the Co-CEOs of Propel Funeral Partners Limited (Company or Propel) at the Company’s 2025 Annual General Meeting (AGM) com
Slide 2: 2025 Annual General Meeting: Chair's Address
Propel Funeral Partners Limited – 2025 Chair’s and Co-CEO’s Addresses PROPEL FUNERAL PARTNERS LIMITED Thursday, 13 November 2025 (9.30am) 2025 Annual General Meeting Address from the Chairman, Brian Scullin: Slide 3 Good morning everyone. I’m Brian Scullin, Independent Chairman and Non-Executive Dir
Slide 3: Address from the Chairman, Brian Scullin
Propel Funeral Partners Limited – 2025 Chair’s and Co-CEO’s Addresses I’m confident that these Board changes support Propel’s long-term strategy, enhancing its skills mix and governance framework. Subject to my re-election today, I look forward to continuing to serve on the Board as a Non-Executive
Slide 4: Chairman's address: FY25 performance
Propel Funeral Partners Limited – 2025 Chair’s and Co-CEO’s Addresses Slide 7 On behalf of the Board, I would firstly like to acknowledge and thank all our staff for continuing to provide caring funeral and related services throughout FY25, and since. I am pleased to report that Propel continued its
Slide 5: Chairman's address: leadership and outlook
Propel Funeral Partners Limited – 2025 Chair’s and Co-CEO’s Addresses Fraser will touch on these thematics later in the meeting. It would be remiss of me not to mention the recent retirement of Albin Kurti, one of the Co- Founders of Propel. We sincerely thank Albin for his vision, dedication and le
Slide 6: Address from the Co-CEOs
Propel Funeral Partners Limited – 2025 Chair’s and Co-CEO’s Addresses Address from the Co-CEOs, Lilli Rayner and Fraser Henderson: Slide 8 [Lilli] Thanks Brian and good morning everyone. It’s a pleasure to present to you today alongside my fellow Co-Founder and Co-CEO, Fraser Henderson. First and fo
Slide 7: Co-CEOs' address: outlook and business overview
Propel Funeral Partners Limited – 2025 Chair’s and Co-CEO’s Addresses Regarding the outlook, Propel expects to benefit from the growing and ageing population and is well placed to continue its acquisition led growth strategy. Fraser will provide a Q1 trading update towards the end of the presentatio
Slide 8: Co-CEOs' address: cash conversion and industry trends
Propel Funeral Partners Limited – 2025 Chair’s and Co-CEO’s Addresses Slide 15 Cash conversion continues to be a key focus. As you can see from this chart, Propel’s cash conversion has remained consistently high, averaging 99% for over a decade. In FY25, cash conversion remained strong at 102% which
Slide 9: Co-CEOs' address: acquisitions and trading
Propel Funeral Partners Limited – 2025 Chair’s and Co-CEO’s Addresses Slide 18 Since its IPO eight years ago, Propel has committed circa $306 million on acquisitions, which are geographically spread throughout Australia and New Zealand. In FY25 and FY26 year to date, the Company committed $17 millio
Slide 10: Co-CEOs' address: key takeaways
Propel Funeral Partners Limited – 2025 Chair’s and Co-CEO’s Addresses To bring this presentation to a conclusion, we thought it would be helpful to leave you with three key ‘take-aways’: − first, FY25 was another record year for Propel, achieving growth in key financial and operating metrics, despit
Slide 11: 2025 Annual General Meeting
2025 Annual General Meeting 13 November 2025 1
Slide 12: 1. The Chair's introduction
1. The Chair’s introduction PEL FUNERAL
Slide 13: Clearly defined growth strategy
BRIAN SCULLIN Independent Chair & Non-Executive Director “Propel is focussed on a clearly defined growth strategy to acquire and operate assets within the death care industry in Australia and New Zealand.” Great Lakes Funerals – Forster, NSW 3
Slide 14: Your board
Your board Focussed on delivering for stakeholders Brian Scullin Naomi Edwards Jennifer Lang Peter Dowding Independent Chair and Non- Independent NED and Chair of Independent NED and Chair of Independent NED Executive Director (NED) the Remuneration & Nomination the Audit & Risk Committee Committee
Slide 15: Agenda
Agenda 1. The Chair’s introduction 2. Presentation from the Co-CEOs 3. Formal business 4. Questions
Slide 16: Proxies received prior to the cut-off time
Proxies received prior to the cut-off time A total of 187 valid proxy forms were received, and respective shareholdings were accumulated and are summarised below: Resolution For Open Against Abstain 1 51,128,614 403,425 554,918 847,171 2 71,650,434 403,425 247,643 37,880 3 72,428,809 350,671 187,
Slide 17: The Chairman's introduction
The Chairman’s introduction 1. Continued growth in FY25 Relative share price and index performance (23 November 2017 to 12 November 2025) 2. Dividends: 14.4cps fully franked in connection with FY25 (FY24: 14.4cps) 125% • • 94.7cps fully franked since IPO (~$1.35 per share, grossed up for tax) 100% P
Slide 18: 2. Presentation from the Co-CEOs
2. Presentation from the Co-CEOs
Slide 19: FY25 was another record year for Propel
FRASER HENDERSON AND LILLI RAYNER Co-Founders & Co-CEOs “FY25 was another record year for Propel, which continued its track record of delivering revenue and earnings growth.” Davis Funerals - Pakuranga, New Zealand 9
Slide 20: Key Highlights of FY25
Key Highlights of FY25 1 TRADING1 $225.8m 22,602 $6,721 4.4% 2.3% on a comparable basis 2 EARNINGS1 $56.2m $21.6m 102.2% 2.2% 380bps CAPITAL 3 14.4 cps 27.1% $140m MANAGEMENT2 FY24: 14.4 cps NLR: 2.1x Acquisitions3 4 GROWTH2 205 $306m NZ 9 Committed since IPO Expecting to benefit from: 5 OUTLOOK • f
Slide 21: Geographic Presence
Geographic Presence 208 operating locations1 (126 owned / 82 leased), including 41 cremation facilities and 9 cemeteries 1 August 2013 2 November 2025 Queensland Queensland 1 Western 30 Australia South Australia 15 46 New South Wales 10 1 ACT 19 Victoria 60 New Zealand Tasmania 18 9 Geographic footp
Slide 22: Brand Portfolio
Brand Portfolio Diversified single and multi-site brands with strong local community awareness Australia NZ Pinegrove Funerals ismore Funeral Services Southern Funeral Home Acquisitions completed and announced during and since FY25. 12
Slide 23: Track Record
Track Record Propel has maintained a strong growth trajectory 225.8 22,602 Funeral volumes (#) 21,655 Revenue ($m) 209.2 7.9% 4.4% 18,029 168.5 16,537 145.2 13,916 13,299 120.4 11,304 110.8 10,111 95.1 80.9 6,054 46.1 2,967 1,625 22.4 10.9 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY
Slide 24: Average Revenue Per Funeral Growth
Average Revenue Per Funeral Growth Compound annual growth rate (CAGR) of ~3.1% since FY15 $6,721 ~2.3% (comparable) $6,635 $6,398 (total up 1.3%) CAGR ~3.1% $6,038 $5,917 $5,672 $5,585 $5,508 $5,223 $5,099 $4,976 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 14
Slide 25: Cash Flow Conversion
Cash Flow Conversion Consistently strong 104.0% 98.9% 103.4% 101.8% 100.2% 98.4% 102.2% ~99% average 97.4% (since FY15) 96.5% 95.4% 93.7% FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 15
Slide 26: Increasing Number of Deaths
Increasing Number of Deaths Number of deaths is the most significant driver of revenue in the death care industry 1 Australia 2 New Zealand 2.4% CAGR 60,000 1.8% CAGR (2036-2045) 350,000 (2036-2045) 2.0% CAGR 2.8% CAGR (2026-2035) 300,000 (2025-2035) 50,000 1.0% CAGR (1990-2025) 250,000 40,000 1.2 %
Slide 27: Market Share Estimate (Funeral Volumes)
Market Share Estimate (Funeral Volumes) Propel has increased its market share in the highly fragmented Australian funeral industry 1 CY151 2 CY242 InvoCare InvoCare ~21% ~25% Others ~74% Others ~70% ~1% ~9% 1. Note: 159,052 actual deaths (ABS data) for market size, 1,920 funerals performed by Propel
Slide 28: Acquisitions
Acquisitions ~$17 million1 committed in FY25 and FY26 YTD (~$306 million1 since IPO) 1 FY25: 1. Decra Jul-24 Christchurch, NZ Consideration: ~$13m Revenue: ~$7m 2. Twentymans Funeral Services Feb-25 Thames, NZ Locations: 9 (3 freehold) 3. Richmond Funeral Home Apr-25 Carterton, NZ Cremation faciliti
Slide 29: Trading Update
Trading Update A record quarter Q1 FY261: ✓ Revenue: ~$63.5m ~3% on the PCP ✓ Operating EBITDA: ~$17.0m ~3% on the PCP ✓ ARPF (comparable) growth: ~2.7% over the PCP ✓ Funeral volumes: ~6,200 ~1% on the PCP, noting that: – death volumes fluctuate over short time horizons and Q1 is typica
Slide 30: 3. Formal business
3. Formal business PEL FUNERAL
Slide 31: Formal business: Item 1
Formal business: Item 1 Item 1: Financial report, directors’ report and auditors’ report “To receive and consider the Company’s financial report, director’s report and auditor’s report for the year ended 30 June 2025.” Note: there is no requirement for shareholders to approve these reports 21
Slide 32: Formal business: Item 2
Formal business: Item 2 Item 2 (resolution 1): Remuneration report “That the remuneration report that forms part of the directors’ report of the Company for the financial year ended 30 June 2025 be adopted.” Note: this resolution is advisory only and does not bind the directors of the Company. 22
Slide 33: Formal business: Item 3
Formal business: Item 3 Item 3 (resolution 2): Re-election of existing Director “That Ms Lilli Rayner, being a director of the Company who, in connection with her appointment as the Company’s Co-CEO, was appointed as a new director since the last annual general meeting, offers herself for re- electi
Slide 34: Formal business: Item 4
Formal business: Item 4 Item 4 (resolution 3): Re-election of existing Director “That Mr Neil Little, being a director of the Company who was appointed as a new director since the last annual general meeting, offers himself for re-election under rule 6.2(b) of the Company’s constitution, and being e
Slide 35: Formal business: Item 5
Formal business: Item 5 Item 5 (resolution 4): Re-election of existing Director “That Mr Brian Scullin, being a director of the Company who retires by rotation under rule 6.7(b) of the Company’s constitution, and being eligible, is re-elected as a director of the Company.” 25
Slide 36: Formal business: Item 6
Formal business: Item 6 Item 6 (resolution 5): Ratification of the issuance of ordinary shares (acquisition of Richmond Funeral Home) “That, for the purposes of Listing Rule 7.4 and for all other purposes, approval is given to ratify the prior issue of 15,245 fully paid ordinary shares in the capita
Slide 37: Formal business: Item 7
Formal business: Item 7 Item 7 (resolution 6): Ratification of the prior issue of performance rights under the PFP Equity Incentive Plan “That, for the purposes of Listing Rule 7.4 and for all other purposes, approval is given to ratify the prior issue of 188,194 performance rights issued under the
Slide 38: Formal business: Item 8
Formal business: Item 8 Item 8 (resolution 7): Grant of performance rights to Fraser Henderson (or his nominee) for FY2025 “That, for the purposes of Listing Rule 10.14 and for all other purposes, approval is given to the grant of 80,657 performance rights under the PFP Equity Incentive Plan to Fras
Slide 39: Formal business: Item 9
Formal business: Item 9 Item 9 (resolution 8): Grant of performance rights to Fraser Henderson (or his nominee) for FY2026 “That, for the purposes of Listing Rule 10.14 and for all other purposes, approval is given to the grant of 125,986 performance rights under the PFP Equity Incentive Plan to Fra
Slide 40: Formal business: Item 10
Formal business: Item 10 Item 10 (resolution 9): Grant of performance rights to Lilli Rayner (or her nominee) for FY2026 “That, for the purposes of Listing Rule 10.14 and for all other purposes, approval is given to the grant of 40,812 additional performance rights under the PFP Equity Incentive Pla
Slide 41: Formal business: Item 11
Formal business: Item 11 Item 11 (resolution 10): Issue of equity securities under the PFP Equity Incentive Plan “That, for the purposes of Listing Rule 7.2, Exception 13(b) and for all other purposes, approval is given to issue equity securities (as defined in the ASX Listing Rules) under the PFP E
Slide 42: Formal business: Item 12 (Conditional Item)
Formal business: Item 12 (Conditional Item) Item 12 (resolution 11): Conditional Spill Resolution "That, subject to and conditional on at least 25% of the votes validly cast on agenda item 2 (resolution 1) being cast against the adoption of the 2025 Remuneration Report: a) an extraordinary general m
Slide 43: 4. Questions
4. Questions PEL FUNERAL
Slide 44: Votes to be counted
Votes to be counted 34
Slide 45: Meeting close — thank you
Meeting close — thank you PEL FUNERAL,
Slide 46: Definitions
Definitions ABS means the Australian Bureau of Statistics. Average Revenue Per Funeral means revenue from funeral operations, excluding direct disbursements (such as third party cemetery fees and third party cremation fees) and delivered pre-paid impacts, divided by the number of funerals in the rel
Slide 47: Important Notice and Disclaimer
Important Notice and Disclaimer This presentation contains summary information about Propel Funeral Partners Limited guarantee of future performance. (ACN 616 909 310) (Propel) and its activities current as at the date of this presentation. As such, undue reliance should not be placed on any such fo
Slide 48: Propel Funeral Partners
PROPEL FUNERAL PARTNERS PrP
Propel Funeral Partners — Shareholder Meeting (November 2025) on 6ix