Propel Funeral Partners Ltd. · ASX:PFP
Propel Funeral Partners — FY2025 Earnings Presentation
34 slides from Propel Funeral Partners's earnings presentation, Aug 26, 2025
Slide 1: FY25 Results Investor Presentation
FY25 Results Investor Presentation 26 August 2025 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. (ACN 616 909 310) (Propel) and its activities current as at the date of this presentation. As such, undue reliance should not be placed on any such fo
Slide 3: Presenters
Presenters Albin Kurti Lilli Rayner Fraser Henderson Managing Director Chief Financial Officer Head of M&A, General Counsel and Company Secretary 3
Slide 4: Agenda
Agenda 1. Key highlights of FY25 2. Company overview 3. FY25 financial results detail 4. Industry trends and acquisitions 5. Summary and outlook 6. Q&A Appendices
Slide 5: 1. Key Highlights of FY25
1. Key Highlights of FY25
Slide 6: Key Highlights of FY25
Key Highlights of FY25 1 TRADING1 $225.8m 22,602 $6,721 4.4% 2.3% on a comparable basis 2 EARNINGS1 $56.2m $21.6m 102.2% 2.2% 320bps CAPITAL 3 14.4 cps 27.1% $143m MANAGEMENT2 FY24: 14.4 cps Net Leverage Ratio: 2.1x Acquisitions4 4 GROWTH2 205 $302m NZ 9 Deployed since IPO Expecting to benefit from:
Slide 7: 2. Company Overview
2. Company Overview
Slide 8: Geographic Presence
Geographic Presence 205 operating locations1 (124 owned / 81 leased), including 41 cremation facilities and 9 cemeteries 1 August 2013 2 August 2025 Queensland Queensland 1 Western 30 Australia South Australia 15 46 New South Wales 11 1 ACT 19 Victoria 65 New Zealand Tasmania 18 Geographic footprint
Slide 9: Brand Portfolio
Brand Portfolio Diversified single and multi-site brands with strong local community awareness Australia NZ Pinegrove Funerals ismore Funeral Services Southern Funeral Home Acquisitions completed and/or announced since 1 July 2024. 9
Slide 10: Track Record
Track Record Propel has maintained a strong growth trajectory 225.8 22,602 Funeral volumes (#) 21,655 Revenue ($m) 209.2 7.9% 4.4% 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 FY23 FY24 FY25 F
Slide 11: Average Revenue Per Funeral Growth
Average Revenue Per Funeral Growth Compound annual growth rate (CAGR) of ~3.1% since FY15 $6,721 ~2.3% (comparable) $6,635 $6,398 (total up 1.3%) CAGR ~3.1% $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 FY25 11
Slide 12: Cash Flow Conversion
Cash Flow Conversion Consistently strong 104.0% 103.4% ~99% average 101.8% 102.2% 98.9% 96.5% 97.4% 100.2% 99.0% (since FY15) 93.7% 95.4% FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 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 30 June 2025) 125% Total shareholder return3 ~73% 100% 75% Propel +67.8%1 Total shareholder value accretion4 50% ~$324m 25% AS
Slide 14: 3. FY25 Financial Results Detail
3. FY25 Financial Results Detail
Slide 15: Financial Summary
Financial Summary Statutory Income Statement Comments $ million FY25 FY24 Revenue Total revenue 225.8 209.2 • Increased 7.9% on FY24 to $225.8m, reflecting: Gross profit 157.7 146.0 – contributions from 131 acquisitions completed during FY24 and FY25 … margin 69.8% 69.8% – comparable Average Revenue
Slide 16: Revenue Bridge and Operating EBITDA Margin
Revenue Bridge and Operating EBITDA margin Revenue growth of ~8%, reflecting acquisition contributions (~6.5%) and organic growth (~1.5%) 3.0 225.8 4.6 8.9 $ millions 209.2 FY24 Full Period Acquired Organic FY25 Operating EBITDA margin 26.5% 24.9% Comments Total: Organic: Operating EBITDA margin: Fu
Slide 17: Cash Flow
Cash Flow Statutory actuals Comments $ million FY25 FY24 Receipts from customers (inc GST) 250.5 228.1 Operating activities Payments to suppliers and employees (inc GST) (194.1) (174.1) • Operating Cash Flow increased 4.4% on FY24 56.4 54.0 • Cash Flow Conversion remained strong at 102.2% Income tax
Slide 18: Balance Sheet
Balance Sheet Statutory actuals Comments $ million 30-Jun-25 30-Jun-24 Cash and cash equivalents 9.0 7.3 Cash and net debt position Contract assets 75.8 77.2 • $9.0m of cash (30 June 2024: $7.3m) Other current assets 19.2 18.9 • $141.1m of drawn senior debt (30 June 2024: $113.2m) Total Current Asse
Slide 19: Capital Management
Capital Management Available funding capacity of $143 million with significant debt covenant headroom Funding Capacity Dividend summary (cps)4 14.40 14.40 $ million 14.00 Senior debt facility limit 275.0 12.25 11.75 Net Debt as at 30 June 20251 (132.0) 10.00 Funding capacity 2 143.0 Debt covenant su
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) 1.9% CAGR 2.8% CAGR (2025-2035) 300,000 (2025-2035) 50,000 1.0% CAGR (1990-2024) 250,000 40,000 1.2 %
Slide 22: Market Share Estimate (Funeral Volumes)
Market Share Estimate (Funeral Volumes) Propel has increased its market share in the highly fragmented Australian funeral industry 1 CY151 2 CY242 InvoCare InvoCare ~21% ~25% Others ~74% Others ~70% ~1% ~9% 1. Note: 159,052 actual deaths (ABS data) for market size, 1,920 funerals performed by Propel
Slide 23: Acquisitions
Acquisitions Propel completed or announced ~$13 million1 on 3 acquisitions in FY25 (~$302 million1 since its IPO) 1 FY25 acquisitions completed: 1. Decra Jul-24 Christchurch, NZ Consideration: ~$13m Revenue: ~$7m 2. Twentymans Funeral Services Feb-25 Thames, NZ Locations: 9 (3 freehold) Cremation fa
Slide 24: 5. Summary and Outlook
5. Summary and Outlook
Slide 25: Summary
Summary Growth track record, proven management team, 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) • Consistent growth in key operating metrics (funeral volumes, Average
Slide 26: Outlook
Outlook Demand for essential funeral services is underpinned by favourable demographics 1 Expected growth drivers for FY26: • favourable demographics in Australia and NZ • a strong funding position • acquisitions completed to date and other potential acquisitions in what is a highly fragmented indus
Slide 27: 6. Q&A
6. Q&A PROPEL FUNERAL, PARTNERS PrP
Slide 28: Appendices
Appendices
Slide 29: Definitions
Definitions Adjusted Effective Tax Rate means income tax expense divided net profit before tax, adjusted for non deductible and non assessable items. Average Effective Interest Rate means the average interest rate on senior debt, including the interest rate swap (where relevant) and establishment fe
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 Community participation Price Transparency Working towards a more sustainable future: multi-brand portfolio = meaningful identity within pri
Slide 31: Income Statement Analysis
Income Statement Analysis $ million FY25 FY24 Comments Funeral operations 198.0 186.6 Cemetery, crematoria and memorial gardens 24.2 20.3 Revenue segments: Other trading revenue 3.6 2.4 • 87.7% generated from funeral operations (FY24: 89.2%) Total revenue 225.8 209.2 • 10.7% generated from cemetery
Slide 32: NPAT to Operating NPAT
NPAT to Operating NPAT Reconciliation $ million FY25 FY24 Statutory net profit after tax 20.4 17.8 Add: Acquisition costs 1.0 3.3 Add: Net other income and expenses 0.4 0.3 Add: Net financing charge on pre-paid contracts 0.5 0.5 Add: Net foreign exchange losses 0.0 0.1 Less: Net gain on disposal of
Slide 33: Distributable Earnings and Dividend
Distributable Earnings and Dividend Reconciliation $ million FY25 Net profit/(loss) after tax 20.4 Distributable Earnings calculation Acquisition costs 0.7 Net financing charge on prepaid contracts 0.5 Deferred tax adjustment on sale of property (0.2) Distributable Earnings 21.3 Dividend payout rati
Slide 34: Propel Funeral Partners
PROPEL FUNERAL PARTNERS PrP
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