Propel Funeral Partners Ltd. · ASX:PFP
Propel Funeral Partners — H1 2026 Earnings Presentation
34 slides from Propel Funeral Partners's earnings presentation, Feb 24, 2026
Slide 1: FY26 First Half Results
FY26 First Half Results Investor Presentation 24 February 2026 1
Slide 2: Important Notice and Disclaimer
Important Notice and Disclaimer This presentation contains summary information about Propel Funeral Partners Limited guarantee of future performance. As such, undue reliance should not be placed on any (ACN 616 909 310) (Propel) and its activities current as at the date of this presentation. such fo
Slide 3: Presenters
Presenters Fraser Henderson Lilli Rayner Arash Noaeen Co-CEO Co-CEO CFO 3
Slide 4: Agenda
Agenda 1. 1H FY26 summary 2. Company overview 3. 1H FY26 financial results detail 4. Industry trends and acquisitions 5. Platform for continued growth and outlook 6. Q&A Appendices
Slide 5: 1. 1H FY26 Summary
1. IH FY26 Summary PEL FUNERAL
Slide 6: 1H FY26 Summary
1H FY26 Summary 1 TRADING1 $118.8m 11,898 $6,729 3.1 3.0% ~2%2 on a comparable basis 2 EARNINGS1 $30.3m $12.4m ~95% 1.2% 70bps CAPITAL 3 7.5 cps ~29% $182m MANAGEMENT3 1H FY25: 7.4 cps Net Leverage Ratio: 2.0x4 Acquisitions5 4 GROWTH3 208 $306m NZ 3 Deployed since IPO • Propel is cycling a -3% contr
Slide 7: 2. Company Overview
2. Company Overview PEL FUNERAL
Slide 8: Geographic Presence
Geographic Presence 208 operating locations (126 owned / 82 leased), including 41 cremation facilities and 9 cemeteries 1 August 2013 2 February 2026 Queensland Queensland 1 Western 30 Australia South Australia 15 45 New South Wales 10 1 ACT 19 Victoria 61 New Zealand Tasmania 18 9 Geographic footpr
Slide 9: Brand Portfolio
Brand Portfolio Diversified single and multi-site brands with strong local community awareness Australia NZ Pinegrove Funerals ismore Funeral Services Southern Funeral Home Acquisitions completed since 1 July 2025 9
Slide 10: Track Record
Track Record Delivered strong long term growth in key metrics 225.8 209.2 22,602 21,655 Funeral volumes (#) Revenue ($m) 168.5 18,029 16,537 145.2 13,299 13,916 120.4 115.2 118.8 3.1% 11,304 11,549 11,898 3.0% 95.1 110.8 10,111 80.9 6,054 46.1 2,967 22.4 1,625 10.9 FY15 FY16 FY17 FY18 FY19 F
Slide 11: Average Revenue Per Funeral Growth
Average Revenue Per Funeral Growth Compound annual growth rate (CAGR) of ~2.8% since FY15 $6,635 $6,727 $6,729 ~2%1 (comparable) CAGR ~2.8% $6,398 (total in line with PCP) $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 1H FY25 1H FY26 11
Slide 12: Cash Flow Conversion
Cash Flow Conversion Consistently strong 104.0% 103.4% 101.8% 98.9% 96.5% 97.4% 100.2% 98.4% ~99% average 95.4% 96.1% 95.4% 93.7% (since FY15) FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 1H FY25 1H FY26 12
Slide 13: Performance Summary Since IPO
Performance Summary Since IPO Propel’s share price has outperformed the ASX300 since the IPO in November 2017 Relative share price and index performance (23 November 2017 to 31 December 2025) 125% Total shareholder return3 ~88% 100% Propel 75% +82.2%1 Total shareholder value accretion4 50% ~$391m 25
Slide 14: 3. 1H FY26 Financial Results Detail
3. 1H FY26 Financial Results Detail
Slide 15: Financial Summary
Financial Summary Statutory Income Statement Comments $ million 1H FY26 1H FY25 Revenue Total revenue 118.8 115.2 • Increased 3.1% on the PCP to $118.8m, reflecting: Gross profit 82.8 80.6 – comparable Average Revenue Per Funeral growth of ~2%1 … margin 69.7% 70.0% – comparable funeral volumes in li
Slide 16: Revenue Bridge and Operating EBITDA margin
Revenue Bridge and Operating EBITDA margin Revenue growth of ~3%, reflecting acquisition contributions (~2%) and organic growth (~1%) 1.1 118.8 2.3 $ millions 0.2 115.2 1H FY25 Full Period Acquired Organic 1H FY26 Operating EBITDA margin 26.0% 25.5% Comments Total: Organic: Operating EBITDA margin:
Slide 17: Cash Flow Statement
Cash Flow Statement Statutory actuals Comments $ million 1H FY26 1H FY25 Receipts from customers (inc GST) 131.2 128.6 Operating activities Payments to suppliers and employees (inc GST) (102.9) (101.0) • Operating Cash Flow increased 2.6% on the PCP 28.3 27.6 • Cash Flow Conversion remained healthy,
Slide 18: Balance Sheet
Balance Sheet Statutory actuals Comments $ million 31-Dec-25 30-Jun-25 Cash and cash equivalents 9.1 9.0 Cash and net debt position Contract assets 76.1 75.8 • $9.1m of cash (30 June 2025: $9.0m) Other current assets 22.1 19.2 • $151.9m of drawn senior debt (30 June 2025: $141.1m) Total Current Asse
Slide 19: Capital Management
Capital Management $182 million of funding capacity (including the Accordion Facility1) with significant debt covenant headroom Debt refinance Debt covenant summary • maturity date extended to October 2029 (previously October 2027) Net Leverage Ratio 5 (must be < 5.0x) 2.0x ✓ • established a new $50
Slide 20: 4. Industry Trends and Acquisitions
4. Industry Trends and Acquisitions
Slide 21: 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 350,000 (2036-2045) (2036-2045) 2.0% CAGR 2.9% CAGR (2026-2035) 300,000 (2026-2035) 50,000 0.9% CAGR (1990-2025) 250,000 40,000 1.1 %
Slide 22: Market Share Estimate (Funeral Volumes)
Market Share Estimate (Funeral Volumes) Propel has increased its combined market share in the highly fragmented AU and NZ funeral markets 1 CY151 2 CY252 Others ~99% Others ~1% ~89% ~10% 1. AU - 159,052 actual deaths (ABS data) and NZ - 31,638 actual death (NZ Stats Data), for market size. Propel pe
Slide 23: Acquisitions
Acquisitions Propel completed 2 acquisitions in 1H FY26, and deployed ~$306 million1 since its IPO 1 FY26 acquisitions completed: Consideration: ~$4m2 1. Jones & Co. and Broadway Nov-25 Tauranga/Matamata, NZ Revenue: ~$4m Locations: 6 (2 freehold) 2. Jacobsen Memorials Dec-25 Auckland, NZ Cremation
Slide 24: 5. Platform for Continued Growth and Outlook
5. Platform for Continued Growth and Outlook
Slide 25: Platform for Continued Growth
Platform for Continued Growth Growth track record, defensive market position and attractive sector thematic 1 Long term growth profile • Strong growth track record (>18 fold increase in Revenue and Operating EBITDA since FY15) • Growth in key operating metrics (funeral volumes, Average Revenue Per F
Slide 26: Outlook
Outlook Demand for essential funeral services is underpinned by favourable demographics Propel is cycling a -3% contraction in comparable funeral volumes in the PCP, which included a material contraction in Australia in the three months ended 30 April 2025. The Company expects to benefit from: • fav
Slide 27: 6. Q&A
6. Q&A PrP PROPEL FUNERAL PARTNERS
Slide 28: Appendices
Appendices PEL FUNERAL
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. Adjusted Effective Tax Rate means income tax expense divided net profit before tax, adjusted for non de
Slide 30: Propel’s ESG Journey
Propel’s ESG Journey Propel acknowledges the importance of ESG considerations in today’s corporate and social landscape Environmental Social Sustainability Price Transparency Community participation Working towards a more sustainable future: ▪ multi-brand portfolio = meaningful identity within ▪ pri
Slide 31: Income Statement Analysis
Income Statement Analysis $ million 1H FY26 1H FY25 Comments Funeral operations 104.5 101.1 Cemetery, crematoria and memorial gardens 12.3 12.4 Revenue segments: Other trading revenue 2.0 1.7 • 87.9% generated from funeral operations (1H FY25: 87.8%) Total revenue 118.8 115.2 Cost of sales (36.0) (3
Slide 32: NPAT to Operating NPAT
NPAT to Operating NPAT Reconciliation $ million 1H FY26 1H FY25 Statutory net profit after tax 12.5 11.8 Add: Acquisition costs 0.8 0.5 Add: Net foreign exchange losses 0.1 0.1 Add: Net loss/(gain) on disposal of assets 0.6 (0.0) Less/Add: Net other income and expenses (0.5) 0.2 Less/Add: Net financ
Slide 33: Distributable Earnings and Dividend
Distributable Earnings and Dividend Reconciliation $ million 1H FY26 1H FY25 Net profit/(loss) after tax 12.5 11.8 Distributable Earnings calculation Acquisition costs 0.5 0.3 Net financing income/charge on prepaid contracts (0.2) 0.1 Deferred tax adjustment on sale of property (0.4) (0.2) Distribut
Slide 34: Propel Funeral Partners
PROPEL FUNERAL PARTNERS PrP
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