Cog Financial Services Limited · ASX:COG
Cog Financial Services — FY2025 Earnings Presentation
32 slides from Cog Financial Services's earnings presentation, Aug 27, 2025
Slide 1: FY 2025 Results
FY 2025 Results 27 August 2025 Authorised by Andrew Bennett Group Chief Executive Officer
Slide 2: FY 2025 Financial Highlights
FY 2025 Financial Highlights COG FY 2025 Revenue1 EBITDA to shareholders2 $363.5m $38.4m +1% on pcp +4% on pcp NPATA to shareholders2 EPSA2 $24.0m 12.00 cps +4% on adjusted pcp3 -4% on pcp -1% on pcp 1. Underlying revenue excludes interest income (FY25 $4.2m, FY24 $3.4m). Prior comparative informati
Slide 3: FY 2025 Financial Highlights (cont.)
FY 2025 Financial Highlights COG FY 2025 (cont.) Strong growth from our Novated Leasing segment continues. Our primary sectors, infrastructure and construction, within the Finance Broking & Aggregation segment have continued to perform well in FY 2025, with Net Assets Financed of $8.4bn despite the
Slide 4: Dividends and EPSA
FY 2025 Financial Highlights Dividends and EPSA Cents per share Final Dividend declared of 3.0 cps (FY24: 4.4 cps ) 1 1 Payout ratio of 8.30 8.40 8.40 2 7.22 6.00 50.6% (F24: 67.7% ) 2 Dividend yield 3 3.8% Nil 1.52 of Dividend yield grossed up for franking benefit 5.4% 4 To continue to ensure effec
Slide 5: Looking forward
Executing with Excellence Looking forward • The Group’s Novated Leasing segment continues to deliver outstanding results. We expect ongoing organic growth as we continue to capture opportunities driving uptake with current partners, assisted by current government incentives on electric vehicles. • C
Slide 6: Continued acquisitions and integration success
Executing with Excellence Continued acquisitions and integration success Growth from core verticals Broking & Novated Asset Lending Aggregation Leasing Management Linx beCarWise Equity-One Westlawn Heritage Fleet Network …. …. Sovereign Paywise …. …. Growth QPF Community Salary Packaging …. …. by go
Slide 7: A maturing national group of business
Executing with Excellence A maturing national group of business Nationally: 794 Broker firms 1,792 Brokers 11,277 Novated Lease Customers 52,184 Salary Packaging Customers NT 1 Broker firm 1 Broker 1,146 Novated Lease QLD Delivering: Customers 176 Broker firms 3,183 Salary Packaging Customers 510 Br
Slide 8: Solid volumes, despite lapping the instant tax asset write-off
Executing with Excellence Solid volumes, despite lapping the instant tax asset write-off that ended in FY 24 +8% 3Ys CAGR1 In $ millions - 5% vs PCP $8.4bn net assets financed in FY 2025 2H 1H 1. Calculated as the Compound Annual Growth Rate (CAGR) for the last 3 financial years 8
Slide 9: Financial results
Executing with Excellence Financial results FY25 1 FY24 1 Pcp Revenue growth of $4.6m includes organic growth from the $m $m Change Novated Leasing segment (+$10.2m), an increased contribution 2 from Asset Management & Lending activities (+$6.4m) and Revenue 363.5 358.9 1% contributions from acquisi
Slide 10: Building blocks of underlying NPATA to shareholders
Executing with Excellence Building blocks of underlying NPATA to shareholders In $ millions 10
Slide 11: Underlying NPATA to shareholders
Executing with Excellence Underlying NPATA to shareholders In $ millions +4% +5.4% +13.3% +2.1% - 4.2 3.2 0.5 1.3 - 1.0 24.2 24.0 11
Slide 12: Segment performance
Segment performance 12
Slide 13: Underlying NPATA to shareholders
Executing with Excellence Underlying NPATA to shareholders In $ millions FY25 FY24 (-) Less NPATA to (-) Less NPATA to diminishing shareholders before diminishing shareholders before NPATA to contribution from the contribution NPATA to contribution from the contribution 1 1 Segment shareholders TL C
Slide 14: Australia's largest asset finance broker and aggregator
Finance Broking & Aggregation Australia’s largest asset finance broker and aggregator 25% Estimated market share1 1 Estimated market share derived based on the latest available ABS reported Australia Private New Capital Expenditure Report, assuming circa 39% of that value is originated through broke
Slide 15: Strong activity despite the end of the instant tax asset write-off
Finance Broking & Aggregation Strong activity despite the end of the instant tax asset write-off incentive in FY 24 FY25 1 FY24 1 Pcp Revenue contraction of $10m is reflective of tightened $m $m Change brokerage and volume-bonus incentive commission rates from Revenue 2 233.2 243.2 -4% financiers co
Slide 16: Continued strong momentum
Novated Leasing Continued strong momentum 1 1 FY25 FY24 Pcp Revenue growth of $10.7m includes organic growth (+$10.2m) $m $m Change which continues to be further accelerated by the FBT incentive Revenue 2 58.8 48.1 22% for electric vehicles and contribution from acquisition (+$0.5m). EBITDA 22.1 17.
Slide 17: Growth continues
Novated Leasing Growth continues 17
Slide 18: Growing assets under management
Asset Management & Lending Growing assets under management 1 FY25 2 FY24 2 Pcp Revenue growth of $3.9m reflects an increased contribution $m $m Change from asset management & lending activities (+$6.4m) and Revenue 3 contribution from an acquisition (+$0.5m). This growth was 71.5 67.6 6% partially o
Slide 19: NPATA to shareholders
Asset Management & Lending Asset management Equity-One Mortgage Fund Limited has continued to contribute (FY25: $4.6m, FY24: $4.7m EBITDA to shareholders). NPATA to shareholders Assets under management of $954.8m are up 2% on this time last year. In $ millions 30 June 30 June 10.1 2025 2024 Assets u
Slide 20: Lending focused on asset backed contracts
Asset Management & Lending Lending focused on asset backed contracts Funding Lending book • New lease and loans written in the FY25 totaled $106.9m • The unsecured notes program operated by Westlawn (FY24: $152.0m). Finance Limited continues to provide a reliable source of funding. • TL Commercial i
Slide 21: Sale of non-core assets completed
Other Sale of non-core assets completed FY251 FY241 Pcp This Segment includes COG head office activities and $m $m Change our investments in Earlypay Limited (ASX: EPY) and Revenue 2 - - -% Centrepoint Alliance Limited (ASX: CAF). Both non-core EBITDA (3.2) (3.9) -18% investments were fully disposed
Slide 22: Disclaimer
Disclaimer COG Financial Services Limited ('COG’) has not considered the financial COG will not undertake any obligation to release publicly any revisions position or needs of the recipient in providing this presentation or updates to these forward-looking statements to reflect events, ('Presentatio
Slide 23: Appendices
Appendices 23
Slide 24: Statutory income statement
Appendices Statutory income statement FY25 FY24 Pcp Profit on disposal of assets are in relation to the gain on sale $m $m Change of EPY and CAF shares. Revenue 1 367.7 362.3 1% Adjustment related to associates reflects COG’s 21.45% Underlying EBITDA from core operations 58.4 57.8 1% and 19.89% prop
Slide 25: Reconciliation statutory NPAT to underlying NPATA
Appendices Reconciliation statutory NPAT to underlying NPATA 1 Members and NCI Members FY25 FY24 Variance FY25 FY24 Variance $m $m $m $m $m $m Statutory NPAT 29.7 24.2 5.5 18.8 12.9 5.9 Adjustments (after tax): Impairment - 4.3 (4.3) - 4.3 (4.3) Profit on disposal of assets (3.6) (0.3) (3.3) (3.6) (
Slide 26: Statement of financial position
Appendices Statement of financial position As at 30 Jun 2025 30 Jun 2024 2 $m $m Cash and cash equivalents increased by $23.6m primarily reflecting the residual Cash and cash equivalents 149.3 125.7 proceeds from the sale of EPY and CAF which were not used to extinguish debt and Trade and other rece
Slide 27: Statement of cash flows
Appendices Statement of cash flows (All amounts in $m) FY25 FY24 Receipts from customers 407.8 399.8 Net cash inflow from operating activities includes +$31.6m (FY24: +$25.2m) Payments to suppliers and employees (323.4) (325.2) relating to the lease and loan products offered through the Asset Manage
Slide 28: Efficient capital management
Capital management Dividend (continued) For the year ended 30 June 2025, the Board declared a final dividend of Efficient capital management 3.0 cents per fully paid ordinary share (FY24: 4.4 cents per fully paid ordinary share). The total dividend of $6.1m will be paid on 1 October 2025 out of the
Slide 29: Capital management
Capital management Capital raising During the year ended 30 June 2025, the Group also acquired (or disposed of) additional interests • On 25 July 2024, the Company issued 1,555,719 fully paid ordinary shares totalling from minority shareholders in the following entities, which were already controlle
Slide 30: Acquisition history
Appendices Acquisition history Date Company Activity Acquirer Interest acquired Price Consideration Dec-15 Platform Consolidated Group (PCG) Aggregation platform and finance broker COG 60.0% $22.9m 76% cash / 24% equity Oct-16 Consolidated Finance Group Independent equipment finance aggregator COG 8
Slide 31: Acquisition history (cont.)
Appendices Acquisition history (cont.) Date Company Activity Acquirer Interest acquired Price Consideration Jul-22 Chevron Equipment Finance Finance broker (QLD) QPF 70% $7.1m 40% equity / 60% debt Sep-22 Australian Car Packaging Novated lease Fleet Network 100% $0.2m 100% cash Sep-22 Fleet Avenue M
Slide 32: Share of unrestricted cash - attributable to members
Appendices Share of unrestricted cash - attributable to members $ millions Proportionate share of Total Restricted Unrestricted unrestricted cash Segment's name cash cash1 cash attributable to Members 3 Finance Broking & Aggregation 13.1 - 13.1 9.5 Novated Leasing 44.2 (36.9) 7.3 5.5 Asset Managemen
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