Propel Funeral Partners Ltd. · ASX:PFP
Propel Funeral Partners — FY2026 Earnings Presentation
34 slides from Propel Funeral Partners's earnings presentation, Aug 25, 2026
Slide 1: FY26 Results Investor Presentation
For personal use only FY26 RESULTS INVESTOR PRESENTATION l 25 AUGUST 2026
Slide 2: Important Notice and Disclaimer
Important Notice and Disclaimer This presentation contains summary information about Propel Funeral Partners Limited As such, undue reliance should not be placed on any such forward looking statement. (ACN 616 909 310) (Propel) and its activities current as at the date of this presentation. Propel N
Slide 3: Presenters
Presenters For personal use only FRASER HENDERSON LILLI RAYNER ARASH NOAEEN Co-Founder and Co-CEO Co-Founder and Co-CEO CFO PFP FY26 INVESTOR PRESENTATION 3
Slide 4: Agenda
Agenda For personal use only 1. FY26 Snapshot 2. Company Overview 3. FY26 Financial Results Detail 4. Industry Trends & Acquisitions 5. Investment Summary & Outlook 6. Q&A Appendices PFP FY26 INVESTOR PRESENTATION 4
Slide 5: FY26 Snapshot
For personal use only 01 FY26 Snapshot PFP FY26 INVESTOR PRESENTATION 5
Slide 6: FY26 Snapshot
FY26 Snapshot Revenue Funeral Volumes Average Revenue Per Funeral For personal use only 1 Trading1 $226.6m 22,854 $6,673 ▲0.3% ▲1.1% ▲~2%2 on a comparable basis Operating EBITDA Operating NPAT Cash Flow Conversion 2 Earnings1 $55.3m $20.7m 100.7% ▼1.6% ▼4.0% ▼150bps Dividend Gearing Ratio Funding Ca
Slide 7: Company Overview
For personal use only 02 Company Overview PFP FY26 INVESTOR PRESENTATION 7
Slide 8: Geographic Presence
Geographic Presence 213 operating locations1 (130 owned / 83 leased), including 42 cremation facilities and 9 cemeteries For personal use only August 2013 August 2026 Queensland Queensland 1 Western 30 Australia South Australia 15 45 New South Wales 10 1 ACT 19 Victoria 65 New Zealand Tasmania 18 10
Slide 9: Brand Portfolio
Brand Portfolio Australia NZ For personal use only Pinegrove Funerals Southern Funeral Home ismore Funeral Services Diversified single and multi-site brands with strong local community awareness Acquisitions completed since 1 July 2025. PFP FY26 INVESTOR PRESENTATION 9
Slide 10: Track Record
Track Record Delivered long term growth in key metrics 225.8 226.6 22,602 22,854 209.2 Funeral Volumes (#) 21,655 Revenue ($m) For personal use only 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 FY
Slide 11: Average Revenue Per Funeral Growth
Average Revenue Per Funeral Growth Compound annual growth rate (CAGR) of ~2.7% since FY15 For personal use only 2%1 (comparable) Total impacted by: $6,721 $6,673 - recent acquisitions $6,635 - foreign exchange impacts CAGR ~2.7% $6,398 $6,038 $5,917 $5,672 $5,585 $5,508 $5,223 $5,099 $4,976 FY15 F
Slide 12: Cash Flow Conversion
Cash Flow Conversion Consistently strong Funeral homes For personal use only ▼ 104.0% 98.9% 103.4% 101.8% 100.2% 102.2% 100.7% ~99% average 97.4% 98.4% 93.7% 96.5% 95.4% (since FY15) FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 PFP FY26 INVESTOR PRESENTATION 12
Slide 13: Diversified Revenue
Diversified Revenue Essential service provider of scale with diversified and defensive revenue streams For personal use only By Country By Market By Operating Business 27% NZ 47% 53% Metro Regional 73% AU PFP FY26 INVESTOR PRESENTATION 13
Slide 14: FY26 Financial Results Detail
For personal use only 03 FY26 Financial Results Detail PFP FY26 INVESTOR PRESENTATION 14
Slide 15: Financial Summary
Financial Summary Statutory Income Statement Revenue • Increased 0.3% on FY25 to $226.6m, reflecting: $ million FY26 FY25 For personal use only – comparable Average Revenue Per Funeral growth of ~2%1 Total revenue 226.6 225.8 Gross profit 158.2 157.7 – comparable funeral volume contraction of ~2% …
Slide 16: Revenue Bridge and Operating EBITDA margin
Revenue Bridge and Operating EBITDA margin 2.6 For personal use only 2.7 (3.2) 226.6 $ millions 225.8 (1.3) FY25 Full Period Acquired FX Impact Organic FY26 Operating EBITDA margin 24.9% 24.4% Total: Organic: Operating EBITDA margin: Funeral Volumes Funeral Volumes Primarily impacted by: +1.1% on
Slide 17: Cash Flow Statement
Cash Flow Statement Statutory Actuals $ million FY26 FY25 Operating activities For personal use only Receipts from customers (inc GST) 251.1 250.5 • Operating Cash Flow of $54.9m (FY25: $56.4m) Payments to suppliers and employees (inc GST) (196.2) (194.1) • Cash Flow Conversion remained strong at 10
Slide 18: Balance Sheet
Balance Sheet Statutory Actuals Cash and net debt position $ million 30-Jun-26 30-Jun-25 For personal use only Cash and cash equivalents 12.5 9.0 • $12.5m of cash (30 June 2025: $9.0m) Contract assets 75.7 75.8 • $163.7m of drawn senior debt (30 June 2025: $141.1m) Other current assets 19.2 19.2 • $
Slide 19: Capital Management
Capital Management $169 million of funding capacity (including the Accordion Facility1) with significant debt covenant headroom For personal use only Debt refinance (announced February 2026) Debt covenant summary • maturity date extended to October 2029 (previously October 2027) Net Leverage Ratio 5
Slide 20: Industry Trends & Acquisitions
For personal use only 04 Industry Trends & Acquisitions PFP FY26 INVESTOR PRESENTATION 20
Slide 21: Industry Fragmentation Leading to Acquisitions
Industry Fragmentation Leading to Acquisitions Industry Fragmentation Acquisitions Propel is the #2 operator in the highly fragmented AU/NZ For personal use only 1 1 During and since FY26, Propel completed: funeral services industry, with ~10% market share Significant consolidation runway remains, w
Slide 22: Demographic Tailwinds in an Evolving Market
Demographic Tailwinds in an Evolving Market Structural Tailwinds Market Trends 3.5 Australian Fertility Rate Demographic wave imminent For personal use only First of the ‘baby boomer’ generation, born in 1946: 3.0 - aged ~80yo in 2026 - median age of death steady at 81-82 Baby Boomers 2.5 Evolving p
Slide 23: Capturing Growth in an Evolving Market
Capturing Growth in an Evolving Market Long term demand backdrop remains favourable and Propel is positioning to capture growth Inorganic Organic For personal use only Acquisition Digital & Client Service & Product Operational Led Focus Offerings Discipline • highly fragmented • digital marketing an
Slide 24: Investment Summary & Outlook
For personal use only 05 Investment Summary & Outlook PFP FY26 INVESTOR PRESENTATION 24
Slide 25: Investment Summary
Investment Summary Scale: #2 provider in a highly fragmented essential services For personal use only 1 industry, with ~10% market share 2 Long Term ‘Tailwinds’: growing and ageing population in AU and NZ Defensive footprint: diversified network of 213 locations (130 owned properties, 3 valued at de
Slide 26: Outlook
Outlook 1 Expected growth drivers: For personal use only • favourable demographics in AU and NZ • a strong funding position • acquisitions completed to date and other potential acquisitions in what is a highly fragmented industry 2 Recent trading: In the month of July 2026, Propel generated Revenue
Slide 27: Q&A
For personal use only 06 Q&A PFP FY26 INVESTOR PRESENTATION 27
Slide 28: Appendices
For personal use only Appendices PFP FY26 INVESTOR PRESENTATION 28
Slide 29: Definitions
Definitions Accordion Facility means the new $50 million accordion facility announced on 24 February 2026, drawdown of which is subject to satisfaction of customary conditions precedent/approvals. ABS means Australian Bureau of Statistics. Adjusted Effective Tax Rate means income tax expense divided
Slide 30: Environmental Social Governance
Environmental Social Governance Sustainability: Supporting Families: AASB S2 Climate-related Disclosures: Working towards a more sustainable future: ▪ Client families receive an itemised estimate ▪ Group 2 reporter and is progressing with before services are performed. disclosure readiness for its 2
Slide 31: Income Statement Analysis
Income Statement Analysis $ million FY26 FY25 Revenue segments Funeral operations 198.4 198.0 • 87.6% generated from funeral operations (FY25: 87.7%) For personal use only Cemetery, crematoria and memorial gardens 24.0 24.2 Other trading revenue 4.2 3.6 • 10.6% generated from cemetery, crematoria an
Slide 32: NPAT to Operating NPAT Reconciliation
NPAT to Operating NPAT Reconciliation For personal use only $ million FY26 FY25 Statutory net profit after tax 19.9 20.4 Add: Acquisition costs 1.3 1.0 Add: Net foreign exchange losses 0.2 0.0 Add: Net financing charge on pre-paid contracts 0.1 0.5 Add/(Less): Net loss/(gain) on disposal of assets 0
Slide 33: Distributable Earnings and Dividend Reconciliation
Distributable Earnings and Dividend Reconciliation For personal use only $ million FY26 Net profit/(loss) after tax 19.9 Distributable Earnings calculation Acquisition costs 0.9 Net financing income/charge on prepaid contracts 0.1 Deferred tax adjustment on sale of property (0.4) Distributable Earni
Slide 34: Propel Funeral Partners
Py | PROPEL FUNERAL PARTNERS
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