Mcmillan Shakespeare Limited · ASX:MMS
Mcmillan Shakespeare — FY2026 Earnings Presentation
30 slides from Mcmillan Shakespeare's earnings presentation, Aug 28, 2026
Slide 1: MMS FY26 Results
MMS FY26 Results Rob De Luca, CEO and Managing Director Paul Varro, CFO Friday 28th August 2026
Slide 2: Disclaimer and important information
Disclaimer and important information Disclaimer and important notice This presentation has been prepared by McMillan Shakespeare Limited ABN 74 107 233 983 (“MMS”). It contains summary information about MMS and its subsidiaries and their activities current as at the date of this presentation. The pr
Slide 3: Acknowledgement of Traditional Owners
We acknowledge the Traditional Owners of the lands on which we meet today and pay our respects to Elders past and present. Artwork ‘The Next Chapter’ created by LaToya Kennedy 3
Slide 4: Key messages
Key messages Record UNPATA and Underlying EPS ↑ 13.8%. GRS UNPATA ↑ 24.9% Customer growth across all segments with strong digital engagement and satisfaction Strategy execution delivering superior customer experiences, enhanced distribution and improved operating margin up 250bps Attractive returns
Slide 5: FY26 Financial highlights
FY26 Financial highlights Record UNPATA and Underlying EPS ↑13.8% Revenue Operating Income EBITDA UNPATA $602.1m $435.2m $180.7m $107.9m ↑6.8% ↑7.2% ↑14.1% ↑13.8% Statutory NPAT Underlying EPS ROCE Fully-franked dividend $106.7m $1.55 per share 62.1% $1.32 per share Interim dividend 62cps ↑11.4% ↑13
Slide 6: FY26 Customer highlights
FY26 Customer highlights Growth across all segments with strong digital engagement and satisfaction Group Remuneration Asset Management Plan and Support Services (GRS) Services (AMS) Services (PSS) Salary packages Novated leases Fleet units Customers 402k 90k 16k 44k ↑7.1% ↑13.5% ↑3.3% ↑3.0% NPS CSA
Slide 7: FY26 Strategy execution highlights
FY26 Strategy execution highlights Investments delivering superior customer experiences, enhanced distribution & improved operating margin up 250bps 1 Excel in customer and partner 2 Deliver simplified and scalable 3 Drive technology and capability experience solutions enablement to grow trusted rel
Slide 8: FY26 Sustainability strategy highlights
FY26 Sustainability strategy highlights Responsible Social impact Low carbon business economy MSCI ESG ‘AAA’ rating Bravery Trust 100% Upgraded from ‘AA’ in sponsorship supporting of MMS sites transferred to Mar-26 Veterans financial wellbeing GreenPower or renewable electricity 105.6% Mentoring peo
Slide 9: Segment Performance
Segment Performance 9
Slide 10: GRS Performance highlights
GRS Performance highlights A leader in salary packaging and novated leasing, with strong customer growth and operating leverage Customers Operational Metrics Financial Performance Salary Novated NL sales NL yield Revenue packages leases (NL) Sales vs pcp Yield vs pcp $351.0m 11.2% 402k 90k 8.4%
Slide 11: AMS Performance highlights
AMS Performance highlights Specialist Fleet Manager, growing customers Customers Operational Metrics Financial Performance Fleet units Remarketing units Remarketing yield Revenue 16k Units vs pcp Yield vs pcp $188.4 1.3% 3.3% 107% 99% 110% 91% Highlights FY25 FY26 FY25 FY26 Operating income +20
Slide 12: PSS Performance highlights
PSS Performance highlights #2 Plan Manager1, well positioned to support NDIS reforms Customers Operational Metrics Financial Performance Revenue walk 44k ($m) Revenue $59.8m 5.9% 4.7 3.0 59.8 3.0% 56.5 (4.4) Highlights MPS NDIS acquisition removal of FY26 EBITDA FY25 Growth set up fees 5.9% Re
Slide 13: Financials
Financials 13
Slide 14: Financial Overview
Financial Overview Revenue growth and productivity delivering operating leverage FY26 FY25 Variance Variance $m $m % Productivity delivering operating leverage Revenue 602.1 563.9 38.2 6.8% FY26 Operating expenses $m Cost of sales 166.8 158.0 8.8 5.6% +2.8% Operating income 435.2 405.8 29.5 7.2% Ope
Slide 15: Balance Sheet and Funding
Balance Sheet and Funding Strong and flexible balance sheet with low corporate leverage ($m) Balance Sheet 30-Jun-26 30-Jun-25 Key Metrics Cash at bank 95.9 126.3 Client trust funds (GRS) 470.2 406.5 Net debt to EBITDA2 Interest times cover3 Other current assets 71.6 55.5 0.4x vs 0.5x pcp 11.9 vs 10
Slide 16: Cashflow
Cashflow Strong underlying cash conversion 111%, excluding temporary tax timing difference $m FY26 FY25 Strong Underlying Cashflows UNPATA (Continuing operations) 107.9 94.8 UNPATA adjustments & discontinued operations (1.8) 0.5 Underlying cash conversion remains strong at 111% excluding tax Statuto
Slide 17: Strategy and outlook
Strategy and outlook 17
Slide 18: MMS Strategy to deliver sustainable growth
MMS Strategy to deliver sustainable growth Making Matters Simple Our OurVision Vision Trusted partner, providing solutions that make matters simple Excel in customer and 1 Deliver simplified and 2 Drive technology and 3 Our Strategic partner experience scalable solutions capability enablement Priori
Slide 19: MMS Investment proposition
MMS Investment proposition A trusted and scale provider with attractive financial characteristics Leading player with Trusted partner with Scalable and digitally Attractive financial significant reach sustained relationships enabled platform characteristics 402k +50 $8.0bn 41.5% Salary packages GRS
Slide 20: Strong performance and attractive returns for shareholders
Strong performance and attractive returns for shareholders Since setting strategy in 2023 Revenue $m ROCE1 % +9.1% CAGR ↑ 26.4%pts 602.1 61.0% 62.1% 563.9 53.6% 521.0 464.0 35.7% FY23 FY24 FY25 FY26 FY23 FY24 FY25 FY26 UNPATA $m Underlying EPS $ +17.6% +18.9% CAGR CAGR 107.9 1.55 94.8 1.30 1.36 90.4
Slide 21: FY27 Outlook
FY27 Outlook MMS enters FY27 from a position of strength ▪ Supportive environment for business growth ▪ July 2026 novated lease sales momentum, up 8% ▪ Certainty on EV FBT exemption and shifting vehicle preference towards EVs in novated and fleet ▪ Demand for salary packaging with continued cost of
Slide 22: Appendix
Appendix 22
Slide 23: Endnotes - definitions
Endnotes - definitions Continuing operations. All financial information and metrics in this presentation are from continuing operations only unless otherwise stated. Discontinued operations comprise of costs related to the former Australian Asset Finance Aggregation and UK businesses. Normalised ref
Slide 24: Segment financials – vs FY25
Segment financials – vs FY25 $m GRS AMS PSS Unallocated MMS FY26 FY25 Var FY26 FY251 Var FY26 FY25 Var FY26 FY25 Var FY26 FY25 Var Revenue 351.0 315.8 11.2% 188.4 185.9 1.3% 59.8 56.5 5.9% 2.9 5.7 (49.9%) 602.1 563.9 6.8% Cost of sales 30.2 24.8 21.9% 136.6 133.2 2.6% - - - - - - 166.8 158.0 5.6% Op
Slide 25: Segment financials – vs Normalised FY25
Segment financials – vs Normalised FY25 $m GRS AMS PSS Unallocated MMS FY26 FY25 Var FY26 FY25 Var FY26 FY25 Var FY26 FY25 Var FY26 FY25 Var Norm.1 Norm. 1 Norm. 1 Revenue 351.0 293.4 19.6% 188.4 185.9 1.3% 59.8 56.5 5.9% 2.9 6.3 (54.3%) 602.1 542.0 11.1% Cost of sales 30.2 - n/a 136.6 133.2 2.6% -
Slide 26: Segment financials FY26 with half splits
Segment financials FY26 with half splits $m GRS AMS PSS Unallocated MMS 1HFY26 2HFY26 FY26 1HFY261 2HFY26 FY26 1HFY26 2HFY26 FY26 1HFY26 2HFY26 FY26 1HFY26 2HFY26 FY26 Revenue 167.6 183.4 351.0 98.9 89.5 188.4 29.3 30.5 59.8 1.9 1.0 2.9 297.7 304.4 602.1 Cost of sales 15.9 14.3 30.2 71.6 65.0 136.6
Slide 27: GRS: Bridge FY25 Normalised to FY26
GRS: Bridge FY25 Normalised to FY26 Revenue +19.6% P&L change by category 351.0 $m FY25 FY25 FY26 315.8 FY25 FY26 293.4 Normalised Normalisation1 Change Revenue 293.4 22.4 315.8 35.3 351.0 Cost of sales - 24.8 24.8 5.3 30.2 FY25 Normalised FY25 FY26 Operating income 293.4 (2.5) 290.9 30.0 320.8 Cost
Slide 28: Funding details
Funding details Local Currency Australian Dollars ($m) Amount Amount Currency Facility size Facility size Duration drawn undrawn Asset Financing Australia Revolving A$ 210.5 210.5 162.6 47.9 (A$48m) 30 June 2028 (A$78.6m) 30 September 2028 Asset Financing New Zealand Revolving NZ$ 23.0 18.9 15.7 3.2
Slide 29: Reconciliation between UNPATA and Statutory NPAT
Reconciliation between UNPATA and Statutory NPAT ($m) FY26 FY25 Var % UNPATA Continuing operations 107.9 94.8 13.8% UNPATA Adjustments Amortisation of acquired intangible assets acquired on (0.6) (0.3) 93.2% business combination Software and other asset write offs - (1.1) 100% Tax adjustments relati
Slide 30: Key Dates
Key Dates Final Results presentation Friday 28th August 2026 Ex-dividend Thursday 10th September 2026 Record date Friday 11th September 2026 Payment date Friday 25th September 2026 30