Slide 1: H1 FY26 Results Presentation
H1 FY26 Results Presentation 27 February 2026
Slide 2: Contents
Contents 01 Business and strategy update 02 H1 FY26 Financial Results 03 Trading update 04 Q&A
Slide 3: Business and strategy update
01 Business and strategy update Lachlan MacGregor, CEO
Slide 4: Key performance highlights
01 Business and strategy update Key performance highlights Strong unit and revenue growth delivers a 102% increase in gross profit. +49% Retail +17%, Wholesale +165% +34% +102% +600bps Units delivered1 Revenue ($m) Gross profit ($m) EBITDA2 ($m) 2,500 5 60 0 0% 2,225 2,000 4 48 -3 -10% 846 1,498 1,5
Slide 5: Key operational highlights
01 Business and strategy update Key operational highlights Units purchased through Sell-to Carma fuelling increase in reconditioned retail units. +97% Sell-to Carma (incl. Trade-ins) +289%, Other -49% +50% +53% -36% Units purchased Retail units Retail units Online inventory days1 reconditioned recon
Slide 6: Disrupting $118 billion used car market
01 Business and strategy update Disrupting $118 billion used car market Carma is operating in a massive addressable market: The Australian used car industry is highly fragmented: The traditional experience is challenging for consumers: • $118 billion p.a. domestic used car market • Over 4,000 dealer
Slide 7: Strong execution against strategic goals
01 Business and strategy update Strong execution against strategic goals Scaling Sell-to Expanding Improving unit Elevate the Sustain strong Carma reconditioning economics Carma brand balance sheet 7 Sell-to Carma locations today Roadmap to ~$1 billion retail $3,400 GPU, up 73% Growing brand awarene
Slide 8: Scaling Sell-to Carma
01 Business and strategy update Scaling Sell-to Carma Providing more Australians with a fast, safe and easy way to sell their car. New locations AI pricing model enhancements Better customer experience • Six locations operating by December 2025, seventh • Improved pricing accuracy through advanced m
Slide 9: Expanding reconditioning
01 Business and strategy update Expanding reconditioning Average retail vehicles reconditioned per shift St Peters facility upgrade • Stage 1 upgrade completed in August 2025 20 Q3 FY26 TD1 • Consolidation of operations across three separate sites into one single 16.2 35,000m2 facility in St Peters
Slide 10: Growth opportunities in NSW and nationwide
01 Business and strategy update Growth opportunities in NSW and nationwide St Peters facility capacity roadmap Geographic expansion leverages technology and infrastructure NSW market alone is ~$34 billion1. Eastern mainland markets represent 85% of the Australian population (~$100bn market). Interst
Slide 11: Improving unit economics
01 Business and strategy update Improving unit economics Gross Profit Per Unit Sell-to Carma channel driving unit economic H1 FY25 H1 FY26 #/$ Change % Change improvements Units sold (#) • Record 2,225 total units delivered. Due to increased vehicles reconditioned and scaling Retail units 1,179 1,37
Slide 12: H1 FY26 Financial Results
02 H1 FY26 Financial Results James Solomon, CFO
Slide 13: Revenue growth and margin improvement driving 102% increase in gross profit
02 H1 FY26 Financial Results Revenue growth and margin improvement driving 102% increase in gross profit Profit and loss summary A$m H1 FY25 H1 FY26 $ Change % Change • Total revenue for H1 FY26 +34% vs pcp, reflecting a Retail revenue 35.1 41.6 6.5 19% 49% increase in total units sold to 2,225 Whol
Slide 14: Robust balance sheet with $58.3m in cash
02 H1 FY26 Financial Results Robust balance sheet with $58.3m in cash Balance sheet summary A$m 30 Jun 25 31 Dec 25 $ Change % Change • Group remains well funded with $58.3m in cash and Cash and cash equivalents 6.3 58.3 52.0 825% cash equivalents Inventories 14.5 16.0 1.5 10% • PPE increase of $2.1
Slide 15: Operating leverage driving improvements in operating cash flow
02 H1 FY26 Financial Results Operating leverage driving improvements in operating cash flow Cash flow summary A$m H1 FY25 H1 FY26 $ Change EBITDA (excluding IPO costs) (12.6) (13.7) (1.1) • $58.3m cash and cash equivalents at period end – Change in working capital (excluding vehicle inventory) (1.1)
Slide 16: Trading update
03 Trading update Lachlan MacGregor, CEO
Slide 17: Trading update
03 Trading update Trading update Since listing in November 2025, Carma has continued to scale in line with the growth and financial On track for Prospectus forecasts performance outlined in the Prospectus and we are on track to deliver the key result metrics for the FY26 financial year. Revenue from
Slide 18: Q&A
04 Q&A
Slide 19: Annexure: EBITDA reconciliation
Annexure Reconciliation of reported results and non-IFRS EBITDA reconciliation measures (EBITDA) H1 FY26 H1 FY25 Non-IFRS (International Financial Reporting Standards) #039;000 #039;000 measures, such as EBITDA, have been included as the Loss after tax (30,588) (15,981) directors believe they provide usef
Slide 20: Annexure: Loss after tax reconciliation
Annexure Loss after tax reconciliation H1 FY26 H1 FY25 #039;000 #039;000 Loss after tax (30,588) (15,981) Convertible note costs 1 10,044 66 IPO transactions costs 3,233 _ 1 Loss after tax (adjusted for IPO and convertible note (17,311) (15,915) costs) Loss after tax (adjusted for IPO and convertible note
Slide 21: Disclaimer
Disclaimer This presentation has been prepared by Carma Limited (ASX:CMA) (Company or Carma). Each recipient of this presentation is deemed to have agreed to accept the qualifications, limitations and disclaimers set out below. The information in this presentation is intended to be general informati
Slide 22: For all investor enquiries
For all investor enquiries: For all media enquiries: Lachlan MacGregor, CEO Sling & Stone (02) 8319 3210 (02) 8073 5390 ir@carma.com.au carma@slingstone.com carma.com.au