Turners FY25 result caps off a decade of sustainable growth

1

26 May 2025

Turners’ FY25 result caps off a decade of sustainable growth

Turners Automotive Group (NZX/ASX: TRA) has further strengthened its track record of
resilience through the cycle by delivering another record profit and dividend for the financial
year to March 31, 2025 (FY25).

The result caps off a decade of sustainable growth. Turners has grown dividends almost
threefold, from 10 cps in FY15 to 29 cps in FY25.

The resilience of this result demonstrates a diversified platform to navigate extremely
challenging economic conditions. With strong momentum in place, the business now moves
into its next stage of growth and is on track to reach its FY28 targets earlier than expected.

Key Financial Highlights:
● Revenue $414.2m -1%
● EBIT
1
$62.3m +6%
● NPBT $54.3m +10%
● NPAT $38.6m +17%
● Earnings per share (EPS) 43.3 cps +17%
● Final dividend declared of 9.0 cps
● Full year dividend of 29 cps +14%

1
EBITadjusted for interest expense in Finance (non-IFRS measure)

Key Business Highlights:
● Auto Retail revenue and profit was down for the year, reflecting NZ’s economic downturn
and a tough consumer environment. However, margins and volumes improved in the second
half, supported by disciplined pricing, a shift to domestic sourcing and repositioning
inventory to lower priced cars.
● Finance achieved strong revenue and profit growth, as the interest rate environment
became a tailwind with net interest margin building. Arrears remained well below market
levels and the loan book continued to expand with improving quality metrics and a prudent
provisioning buffer maintained.
● Insurance delivered solid revenue and profit growth, with momentum building in the
digital / direct to consumer platform. Claims performance was well managed and policy sales
remained resilient despite the challenging environment, due to effective risk-based pricing.
● Servicing and Repairs is a new business stream, soon to be rebranded to the Turners
brand, with a growing mobile van network and focus on cross selling into Turners customers.
● Credit Management has continued to see debt load building in-line with tightening
economy particularly in SMEs.
● Developing and maintaining a strong culture remains a key competitive advantage, with
Turners ranking in the top 5% of consumer businesses globally using Peakon (an employee
engagement tool), with a 9.4 / 10 score for diversity and inclusion and 9.1% for health and

2
wellbeing. The company’s employee share scheme is now three years old with around 53%
of team members participating, highlighting strong internal alignment.
● Outlook for FY26 points to a recovering NZ economy cementing a return to margin growth
with anticipated further growth in profits in FY26.

Despite an extremely challenging consumer environment and ongoing regulatory changes,
Turners Automotive Group has delivered a robust result, achieving a 10% increase in net
profit before tax (NPBT) to $54.3 million. This performance further underscores the
resilience and strength of the company’s diversified business model, with expanding annuity
revenue streams effectively moderating fluctuations in Auto Retail market conditions.

FY25 was a year of two distinct halves. The first half was impacted by economic contraction
and depressed consumer sentiment, which led to reduced vehicle margins. In contrast, the
second half demonstrated a strong recovery, with all four core business divisions returning
to year-on-year growth, driven by improved margins and significant momentum in the
Finance, Insurance, and Credit Management segments. This turnaround enabled Turners to
achieve another record financial performance, reinforcing the company's ability to navigate
market cycles successfully.

Todd Hunter, CEO, said: “Our team has worked incredibly hard to ensure that some of the
toughest economic conditions we’ve faced didn’t derail our growth strategy.

Auto Retail remains our largest division, and the pressure it faced in the first half was no
small matter. But even in worse conditions than the GFC, we proved that demand for used
vehicles is resilient and though margins were squeezed for a period, our ability to proactively
manage margins during the recovery in H2 was pleasing. With Auto Retail now firmly back in
growth mode, we enter FY26 with strong momentum across all segments. We are on track to
reach our FY28 targets earlier than expected. Our Tina brand refresh and new campaign
launch reflect continued investment in a proven formula that is delivering strongly.”

Financial results
Turners continued to achieve record financial results in FY25. EBIT was up 6% to $62.3m. It
lifted NPBT 10% on the previous year to $54.3m. NPAT rose 17% to $38.6m. Earnings per
share was 43.3cps, up 17%.

After a final dividend of 9.0 cps, annual dividends reached 29 cps, up 14% on the previous
year. This represents a yield of approximately 6.6% per annum based on a $6.10 share price.

Grant Baker, Chairman, said: “We‘ve always believed that used auto sales are less cyclical
than many retail segments, and that by deliberately diversifying the business we could create
a sustainable, profitable business for our shareholders.

This result caps a decade of steadily improving returns to shareholders – from 10 cps in FY15
to 29 cps in FY25 – demonstrating the resilience of our business model, and the scope for
growth that exists in this sector.

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With the economic cycle returning to a more positive mode, and with our competitive
advantages, we are well positioned with a dedicated team, leading brand, robust balance
sheet, and growing physical and digital retail channels. We are confident this platform will
continue to generate shareholder value well into the future– including for the many team
members who are now shareholders themselves.”

FY26 Outlook

While New Zealand’s economic recovery is expected to be gradual, Turners anticipates
continued strong progress towards our medium-term goal of $65M in the next twelve
months. The business will continue to benefit from the tail wind of reducing interest rates as
will the NZ economy which will translate into more robust demand for cars. We also expect
to see material benefits from our new branches in Christchurch and our other branch
expansion plans. Ongoing market share gains and branch rollout for Auto Retail, supportive
conditions and continued efficiency gains for its annuity businesses (Finance and Insurance),
and increasing operating leverage across the group provide a solid foundation for continued
profit growth.

Outlooks by segment are available in the investor presentation also announced today.

Roadmap to $65m (FY25-FY28 Growth model)
The company’s FY25-FY28 growth model is underpinned by five key areas:

● Auto Retail - Branch expansion and continued investment in brand
● Auto Retail - Retail optimisation (transition of unit sales from wholesale auctions to retail)
● Finance – Grow premium lending as economic cycle eases, interest costs start to reduce
● Insurance – Grow market share and direct to consumer distribution opportunities;
● Credit Management – Grow by rebuilding the payment bank as debt load increases.

Turners is on track to reach its FY28 target of $65m NPBT earlier than expected.

Turners FY25 Results Call
Todd Hunter (Group CEO) and Aaron Saunders (Group CFO) will present the FY24 financial
results followed by Q&A at 10:30am on 21 May 2024.
https://events.teams.microsoft.com/event/2e3c8675-78a9-4892-a5ce-
b5afd35dc1b7@6a38d3ca-e45b-49d7-8a3d-68 0a588096ac

Results Video

For further commentary on the FY24 results, a short video is available at
https://www.turnersautogroup.co.nz/invest

Results by segment

Refer to Appendix

4
About Turners

Turners Automotive Group Limited is an integrated financial services group, primarily
operating in the automotive sector www.turnersautogroup.co.nz

For further information, please contact:

Todd Hunter, Group CEO, Turners Automotive Group Limited, Mob: +64 21 722 818
Aaron Saunders, Group CFO, Turners Automotive Group Limited, Mob: +64 27 493 8794

5
Appendix: Division Results

Auto Retail: Revenue $287.9m –4%, NPBT $29.1m –8%
Despite tough macroeconomic conditions, Turners grew market share with total owned unit
sales up 6% in FY25. Retail units rose 4% to ~21,000, while wholesale auction units increased
1% to ~20,000. Margins were under severe pressure in H1 (down 16% YoY) but recovered
through Q3 via Turners’ pricing and sourcing improvements, coupled with early sector
recovery. Finance attach rates held steady at 32%. Importantly, efficiency gains supported
stock turn and working capital. The Commercial division saw uplift from more liquidations in
H2. Turners’ shift from wholesale to retail continued, with eight new dealerships targeted to
be open by the end of FY27. A refreshed brand campaign for Tina will lift media spend 15%
to $5.1m in FY26.

Finance: Revenue $68.3m +9%, NPBT $16m +31%
Finance was a strong performer in FY25 with arrears below industry norms, quality of
lending continuing to improve, net interest margins expanding and some ledger growth
achieved towards the end of the financial year. Despite challenging economic conditions, the
total ledger has increased from $427m (Mar24) to $442m (Mar25). This growth has come
largely from an increase in consumer lending. The ledger’s weighted average interest rate is
13.62% (end of FY25) up from 13.07% at the end of the previous year. Loan arrears continue
to perform materially better than the market average. Net Interest Margin (NIM) increased
further in H2 as cost of funds stabilised and the loan book has been repriced. The hedged
portion of Finance borrowings has increased to approximately ~80%. The medium term run
rate NIM is expected to consolidate around 6.0%.

Insurance: Revenue $47.5m +3%, NPBT $16.2m +13%
Insurance delivered strong profit growth in FY25, driven by all portfolios and key dealer and
finance broker partnerships. The Comprehensive Motor Insurance portfolio (underwritten by
Suncorp NZ) grew 25% year-on-year, supported by strong customer acquisition and
retention. Turners launched its CONNECT digital platform, enhancing direct-to-consumer
reach and enabling growth via partners like MyAutoShop, Quashed, and NZ AA. CONNECT
also supports the intermediated channel, with volumes expected to grow as adoption scales.
Focus now shifts to optimising product design and customer experience for this channel.
Claims cost inflation is stabilising, with scale helping reduce repair costs. The MBI claims
ratio has slightly improved, reflecting effective claims and pricing management.

Credit Management: Revenue $10.3m +5%, NPBT $3.5m +11%
As the economic conditions declined, demand for credit management services increased.
Debt referrals are up across all sectors, with corporate debt load +52% and SME +8% in FY25.
Total debts under arrangement rose 17%, while debt collected increased 12% to $42m.
Deteriorating credit metrics nationwide continue to drive growth in this division..

6
Investments - Servicing and Repair: MyAutoShop & Quashed
Turners is expanding into adjacent areas of vehicle ownership where it sees synergies and
growth potential. In August 2024, it acquired 50% of My Auto Shop for $3.35m—a servicing
platform with 300+ MTA-approved repairers and branded mobile vans. It also invested $1m
for a 13% stake in Quashed, a fast-growing Kiwi platform helping consumers manage
insurance across multiple categories.

My Auto Shop is being integrated into Turners' retail network, with servicing now offered
onsite in Hamilton, Tauranga, and Wellington. A rebrand to Turners Servicing and Repairs is
underway, with a focus on cross-selling to Turners’ customer base. Break-even is targeted for
FY26, and continued investment is planned.

Quashed complements Turners' partnership strategy, adding customer value. Its user base
doubled to over 60,000 in FY25, with policy sales and commissions also more than doubling.

ENDS

---

1• TURNERS AUTOMOTIVE GROUP FY25 RESULTS
FY25 Results
Presentation
For the period ending
31 March 2025

2• TURNERS AUTOMOTIVE GROUP FY25 RESULTS
Disclaimer
Turners Automotive Group the (company) is solely responsible for the content of this document. This document is not an investment
statement or prospectus and does not constitute an offer of securities.
This document or any other written or oral statements made by, or on behalf of, the company may include forward-looking statements that
reflect the company’s current views with respect to future events and financial performance. These forward-looking statements are subject to
uncertainties and other factors that could cause actual results to differ materially from such statements. These uncertainties and other factors
include, but are not limited to:
I. Uncertainties relating to government and regulatory policies;
II. The occurrence of catastrophic events with a frequency or severity exceeding our estimates;
III. The legal environment;
IV. Loss of services of any of the company’s officers;
V. General economic conditions; and
VI. The competitive environment in which the company, its subsidiaries and its customers operate; and other risks inherent in the company’s
industry
The words “believe,” “anticipate,” “investment,” “plan,” “estimate,” “expect,” “intend,” “will likely result,” or “will continue” and other
similar expressions identify forward-looking statements. Recipients of this document are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of their dates. The company undertakes no obligation to update or revise any forwardlooking
statements, whether as a result of new information, future events or otherwise.

3 • TURNERS AUTOMOTIVE GROUP FY25 RESULTS3 • TURNERS AUTOMOTIVE GROUP FY24 RESULTS

4 • TURNERS AUTOMOTIVE GROUP FY25 RESULTS
•Record result caps off a decade of growth
•Resilient model and outstanding team
•Confidence in future growth
4 • TURNERS AUTOMOTIVE GROUP FY25 RESULTS

5 • TURNERS AUTOMOTIVE GROUP FY25 RESULTS
Record result caps off a decade of growth
* Dividends fully imputed from FY17 onwards
Operating profit contribution by segment ($M)
0.10
0.13
0.145
0.155
0.17
0.14
0.20
0.230.23
0.255
0.29
0.00
0.05
0.10
0.15
0.20
0.25
0.30
0.35
FY15FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
DPS ($)
Dividend per Share ($)
0
10
20
30
40
50
60
70
FY15FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Operating Profit ($M)
Automotive retailFinanceInsuranceCredit management

6 • TURNERS AUTOMOTIVE GROUP FY25 RESULTS
Diversified model with widespread growth
AutoRetail
Volume growth and margin gains expected from a focus on domestic sourcing and 3x new
Christchurch branches opening, with new branch pipeline building well.
Finance
Solid loan book growth expected and quality metrics will continue to improve. Provision
buffer maintained.
Credit Management
New large corporate customer onboarded and business improving as debt load increases as
wider environment deteriorates.
Insurance
Expand digital distribution through partnership strategy, grow the direct to consumer
offer and continue to enhance risk pricing and product features.
Servicing and Repairs
Rebranding to Turners, building our network of vans and cross selling into Turners customers

7 • TURNERS AUTOMOTIVE GROUP FY25 RESULTS
We delivered on growth, despite the economy ...
1.The result extended our track record of resilience, by again delivering another record, despite an extremely
challenging consumer environment.
2.FY25 dividend of 29.0 cps up 14% on pcp and caps off a decade of strongly growing dividends from 10 cps in
FY15.
3.Earning diversification proven again, with well signalled lower Auto Retail revenue offset by gains from Finance,
Insurance and Credit Management, as expected.
4.Consumer sentiment downturn put pressure on vehicle prices, reducing margins during 1H. But 2H showed
strong recovery in Auto Retail, and all 4 business divisions showed growth over 2H24.
5.NZ used car market volumes have remained resilient, despite the economic conditions.
6.Turners team remain highly motivated, with high levels of employee engagement and share ownership
7.Outlook for FY26 is a slowly recovering economy with further growth expected in Turners profits over FY25.

8 • TURNERS AUTOMOTIVE GROUP FY25 RESULTS
Our strong culture is a key advantage for our business
•Turners rank in the top 5% of consumer businesses
globally using the Peakon survey tool.
•We have now run our Employee Share Scheme for 3
years and take up is ~53%.
•Turners scores 9.4 for Diversity and Inclusion. This
measures our efforts to maintain a diverse workforce
and create an environment where every individual
feels included.
•Turners scores 9.1 for Health and Wellbeing. This
measures how satisfied employees are with Turners
efforts to help them cope with stress and stay
mentally, socially, and physically healthy.
Peakon Employee Engagement Scores
Across nearly 700 employees we are averaging 9/10 to the question “How
likely is it that you would recommend Turners Auto Group as a place to
work?”
30%
40%
50%
60%
70%
80%
90%
7.0
7.5
8.0
8.5
9.0
9.5
How likely is it that you would recommend Turners Automotive Group as a place to work?
% Promoters

9 • TURNERS AUTOMOTIVE GROUP FY25 RESULTS
1. FY25
Results

10 • TURNERS AUTOMOTIVE GROUP FY25 RESULTS
FY25 Results snapshot
Revenue
Net profit aftertax
Revenue
$414.2M-1%
Shareholders’Equity
$298Mas at 31March 25
Net Profit BeforeTax
$54.3M+10%
Final Dividend 9.0cps (fully imputed)
FY Div29.0 cps +14%
EBIT
1
$62.3M +6%
Earnings PerShare
2
43.3cps+17%
Net Profit After Tax
2
$38.6M +17%
1
EBITadjusted for interest expense in Finance (non-IFRS measure)
2
The effective tax rate for FY25 reverted to 29%. In FY24 there was a one-off legislative change to remove depreciation on
commercial buildings which increased the effective tax rate to 33%.
0
10
20
30
40
50
FY19FY20FY21FY22FY23FY24F25
Millions
2H
1H
-
100.0
200.0
300.0
400.0
500.0
FY19FY20FY21FY22FY23FY24FY25
Millions
2H
1H

11 • TURNERS AUTOMOTIVE GROUP FY25 RESULTS
FY24 to FY25 Revenuebridge
•Auto Retail revenues have decreased from selling
lower value vehicles particularly in 1H25 as we
positioned stock for where demand in the market was.
Also fewer damaged vehicles sold due to benign
weather environment.
•Finance book revenues reflect improving Net Interest
Margin and continued growth in premium borrower
segment.
•Insurance revenues up off better policy sales.
•Credit Management revenues have increased as a
result of increasing debt load increasing the payment
bank of arrangements.
Revenue flat from $417.0M to $414.2M
Revenue Bridge FY24 to FY25 ($M)
417.0
(10.7)
5.9
1.5
0.5
-
414.2
FY24
Auto Retail
Finance
Insurance
Credit
Corporate & Other
FY25
300
320
340
360
380
400
420

12 • TURNERS AUTOMOTIVE GROUP FY25 RESULTS
FY24 to FY25 Net profit before tax (NPBT) bridge
•Auto Retail profit growth decreased due to difficult 1H
trading period. Improved momentum as vehicle pricing
stabilised and margins improved with 2H25 profits ahead
of 2H24.
•Finance result benefits from strong discipline around
credit quality and low arrears and increase in Net Interest
Margin from gains made on funding arrangements.
•Insurance result reflects improvements in risk pricing,
investment returns, claims ratios and cost base.
•Credit Management result is driven off increased debt
load and commissions generated from this.
•Corporate costs have reduced largely due to lower
interest costs.
NPBT increased from $49.1M to $54.3M
NPBT Bridge FY24 to FY25 ($M)
49.1
(2.7)
3.8
1.9
0.3
1.954.3
0
10
20
30
40
50
60

13 • TURNERS AUTOMOTIVE GROUP FY25 RESULTS
0.10
0.13
0.145
0.155
0.17
0.14
0.20
0.230.23
0.255
0.29
0.00
0.05
0.10
0.15
0.20
0.25
0.30
0.35
FY15FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Turners has delivered sustainable dividend growth
Dividend per Share ($)
Note - Dividends fully imputed from FY17 onwards
•6.6% gross dividend yield based on a $6.10 share price.
•Continued the track record of delivering strong,
sustainable and growing dividends in the business
(CAGR 14% over 11 years).
•Directors have declared a final dividend of 9.0 cents per
share taking full FY25 dividends to 29.0 cents per share
fully imputed.
•Dividend payout ratio is 60-70% of NPAT.
•Dividend reinvestment plan (DRP) will apply to the final
FY25 dividend
COVID
impacted year

14 • TURNERS AUTOMOTIVE GROUP FY25 RESULTS
Balance sheet has capacity to support growth
•Inventory levelsreflect lower value units and gains from a
focus on operational efficiencies to improve stock turn.
•Finance receivables ledger growing over FY24, but still
prioritising margin and credit quality.
•Property, plant and equipment increase due to
development of sites in Napier, Tauranga and Christchurch.
•Borrowings reflects receivables growth and property
development/acquisition progress.
($M)FY25FY24
Cash and cash equivalents
2218
Financial assets at fair value
7970
Inventory
2225
Finance receivables
447430
Property, plant and equipment
138114
Right of use Assets
1921
Intangible asset
163163
Other assets
2825
Total Assets
918866
Borrowings
446425
Other payables
5648
Deferred tax
1415
Insurance contract liabilities
6260
Lease liabilities
2225
Other Liabilities
2015
Total Liabilities
620588
Shareholders Equity
298278

15 • TURNERS AUTOMOTIVE GROUP FY25 RESULTS
Business has funding capacity for growth plans
Borrowings
Borrowings by asset class ($M)
•A new securitisation warehouse created for new funders ($100M ABS Trust in September 2023) has amortised down to
$37M at March 2025.
•Oxford capacity is expected to support lending over the next 12 months.
•Corporate funding capacity is sufficient to support current committed branch expansion plans in Auto Retail.
($M)LimitDrawn
Receivables –Securitisation(BNZ/ACC)
399322
Receivables –Banking Syndicate(ASB/BNZ/Westpac)
5027
Less Cash
(8)
Net Receivables Funding
449341
Receivables Funding Capacity
108
Corporate & Property
11097
Working Capital (ASB & BNZ)
200
Less Cash
(14)
Net Corporate Borrowings
13083
Corporate and Property Funding Capacity
47
0
50
100
150
200
250
300
350
400
450
500
Finance Receivables
(78% of total borrowings)
Property
(22% of total borrowings)
Inventory
(0% of total borrowings)
AssetBorrowings

16 • TURNERS AUTOMOTIVE GROUP FY25 RESULTS
2. Segment Results

17 • TURNERS AUTOMOTIVE GROUP FY25 RESULTS
FY25 by segment
Revenue ($M)
Automotive
Retail
FinanceInsuranceCredit
1H25146.3 (6%)33.611%23.74%5.42%
2H25141.6 (1%)34.78%23.92%4.99%
FY25 Total287.9 (4%)68.39%47.63%10.35%
NPBT ($M)
Automotive
Retail
FinanceInsuranceCredit
1H2514.7 (18%)8.159%7.78%1.82%
2H2514.4 4%7.911%8.518%1.722%
FY25 Total29.1 (8%)16.0 31%16.213%3.511%

18 • TURNERS AUTOMOTIVE GROUP FY25 RESULTS
Auto Retail Division
Strong brand ​
Smart sourcing​
Operational agility

19 • TURNERS AUTOMOTIVE GROUP FY25 RESULTS
Auto Retail - Summary
Revenue $287.9M-4%, Segment Profit $29.1M-8%
•FY25 NZ auto market conditions were challenging, in line with the macroeconomic environment.​
•Our sourcing initiatives, pricing optimisation and stock management discipline during 1H set us up for margin expansion in
2H.​
•Operational efficiency gains lead to higher stock turn and lower working capital requirements and mitigates effect of
market pricing shifts.
•Damaged/end-of-life segment dropped on the previous year, due to more benign weather.​
•Commercial division benefited from increased liquidations and receiverships, particularly in 2H.​
•Continuing to expand our network andgrow our market share.

20 • TURNERS AUTOMOTIVE GROUP FY25 RESULTS
Disciplined approach to stock management
•Overall units sold up +3% to 41,300 units. Retail
(BuyNow) unit sales +4% to ~21,200, Same store
BuyNow units +2%.​
•Demand for lower-priced stock remains steady,
and the business has successfully repositioned
inventory to meet demand.​
•Ensuring our stock pricing remains "on market" by
improving stock turn and being disciplined around
stock management was key to our quick recovery.​
Average Vehicle Margin
1
by Quarter
667
696
975
977
1,082
970
953
958
704
688
987
953
600
650
700
750
800
850
900
950
1000
1050
1100
1Q232Q233Q234Q231Q242Q243Q244Q241Q252Q253Q254Q25
Margin $
Margin$
1
Margin calculated after selling fees

21 • TURNERS AUTOMOTIVE GROUP FY25 RESULTS
Used car market slowly recovering...
•​Overall transaction levels grew +1% in FY25.​
•The last year saw a material impact on the used import market with
continued changes in government regulation.​
•​NZ saw a 21% decrease in used overseas imports registered in FY25
to 93k units, with a 30% reduction in the number of units coming
over the border from Japan.​
•Demand is still strong for lower value cars, expect this price point to
lift as the economy recovers.​
•​Turners car unit sales +3% FY25 v FY24.​
•​Registered dealer numbers continue to reduce, down 2% from Mar24
NZ Used Car Change of Ownerships (000s)
Source NZTA
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
800
850
900
950
1,000
1,050
1,100
1,150
FY19FY20FY21FY22FY23FY24FY25
No. of transactions (000s)
Financial Year
NZ MarketTurners Sales

22 • TURNERS AUTOMOTIVE GROUP FY25 RESULTS
Local sourcing continues to deliver growth, margin and
address customer need
•Total “owned” units sold in FY25 +6% to
26,767 and overall margin per unit on cars
we own is down 16% for FY25.​
•​Business pivoted to lower priced stock units
to reflect where demand is (-14% reduction
in average cost per vehicle over FY24). Value
of inventory down but stock units up.
•Margins quickly recovered back to F24 levels
in 3Q25. ​
Owned cars sold through Turners + Average Margin
1
1
Margin calculated after selling fees
0
200
400
600
800
1,000
1,200
0
5,000
10,000
15,000
20,000
25,000
30,000
FY19FY20FY21FY22FY23FY24FY25
Avergae margin ($)
Units Sold
Local Units soldImport units soldMargin

23 • TURNERS AUTOMOTIVE GROUP FY25 RESULTS
Entering the next phase for ongoing growth push
LocationBranchSizeTiming
Expected additional
profit contribution
Tauranga – Tauriko
(COMPLETED)
Commercial7,900m22Q25$400k
Invercargill (COMPLETED)Cars5,500m21Q26$300k
Christchurch – Hornby
(COMPLETED)
Cars15,500m21Q26$400k
1
Christchurch – City CentreCars6,000m21Q26$500k
1
Christchurch – Burnside (Airport
precinct)
Cars10,000m22Q26$300k
1
Napier Commercial6,000m22Q26$200k
Roscommon Rd - ManukauCars10,000m21Q27$700k
2
Tauranga - GreertonCars7,600m24Q27$600k
“Live” conditional offers
•Drury –Commercial site 18,000m2
•Whanganui –Cars 3,500m2
•Takanini –Cars 8,0000m2
“Opportunities” pipeline
New locations
•Albany north
•North East Christchurch
•Lower Hutt
Existing locations expansion
•New Plymouth
Committed development pipeline
1
additional profit contribution over and above the current operating profit of Christchurch operations of ~$4M
2
initially geared as a processing branch to replace Auckland service center with some retailing.
We own 17 of our sites
with a cost value of $129M
More opportunities to purchase sites at appropriate valuations (stage of interest rate cycle).

24 • TURNERS AUTOMOTIVE GROUP FY25 RESULTS

25 • TURNERS AUTOMOTIVE GROUP FY25 RESULTS
Tina 2.0
•New integrated campaign launched May 2025
•90"/60"/30" brand TVCs with 8 other executions –
total of $700K production
•+15% increase in media investment from $4.2M in
FY25 to $5.1M in FY26
•Expanding campaign messaging from sourcing to
now include selling ads
•Content generated for multi-year campaign roll out.

26 • TURNERS AUTOMOTIVE GROUP FY25 RESULTS
Finance Division
Net interest margin expanding
Arrears stayed flat and well below industry
Well positioned for growth

27 • TURNERS AUTOMOTIVE GROUP FY25 RESULTS
Finance - Summary
Revenue $68.3M +9%, Segment Profit $16.0M +31%
•Total ledger is growing again.
•During extreme economic hardship, our arrears have remained substantially below industry norms.
•Quality continues to improve with credit scores lifting and reduced higher risk commercial lending.
•Net interest margin is expanding as OCR shifts from headwind to tailwind.
•Increased percentage of Turners “controlled” lending.

28 • TURNERS AUTOMOTIVE GROUP FY25 RESULTS
Receivables by month (excl. impairments)
Strong Q4 growth in loan book
•Despite challenging economic conditions, the total active
receivables have increased from $427m (Mar24) to $442m
(Mar25)
•The growth has largely come from an increase in consumer
lending, as Oxford’s credit policy for commercial loans
remains tight
•Turners “consumer” lending loan balance at $109M ($101M
Mar24)
•Weighted Average Interest Rate (WAIR) on the ledger is
13.62% (Mar25), up from 13.07% (Mar24).
•Increased conversion rate from application to paid-out loan,
demonstrating cost to income improvements.
200
250
300
350
400
450
500
Mar-20
May-20
Jul-20
Sep-20
Nov-20
Jan-21
Mar-21
May-21
Jul-21
Sep-21
Nov-21
Jan-22
Mar-22
May-22
Jul-22
Sep-22
Nov-22
Jan-23
Mar-23
May-23
Jul-23
Sep-23
Nov-23
Jan-24
Mar-24
May-24
Jul-24
Sep-24
Nov-24
Jan-25
Mar-25
Millions
Pricing
discipline
Largest
monthly
growth ($7m)
since May22

29 • TURNERS AUTOMOTIVE GROUP FY25 RESULTS
Consumer arrears vs auto-loan industry (Centrix)
•Consumer loan arrears continue to perform materially
better than market data (see chart at left).
•Hardship applications have consistently increased through
FY25, peaking in August 2024. Applications have since
dropped.
•Total arrears are at 3.0%, down from 3.1% at Mar24.
•We still have a buffer of $1.9M, above BAU arrears
provisioning, to allow for further economic uncertainty.
HardshipAs at Mar25As at Mar24COVID peak
in FY22
Number11158511
% of total
customers
0.4%0.2%2%
Balance
(NZ$M)
2.21.112.2
Arrears well below industry due to continued
focus on credit quality
0%
1%
2%
3%
4%
5%
6%
7%
8%
Apr-20
Jul-20
Oct-20
Jan-21
Apr-21
Jul-21
Oct-21
Jan-22
Apr-22
Jul-22
Oct-22
Jan-23
Apr-23
Jul-23
Oct-23
Jan-24
Apr-24
Jul-24
Oct-24
Jan-25
Total consumer arrearsIndustry arrears (Centirx)
5.8%
Mar-25
3.0%
Mar-25

30 • TURNERS AUTOMOTIVE GROUP FY25 RESULTS
•NIM has increased further in 2H25 as cost of funds have
stabilised and the loan book has been repriced
•The pace of recovery is expected to be slower than the
pace of decline, as Oxford continues to target high quality
borrowers
•We expect medium term run rate NIM to consolidate
around 6.0%
•The hedged portion of Finance borrowings has increased
to approximately ~80%.
NIM % (after originator commission)
Highest net interest margin (NIM) in 3 years
7.4%
6.8%
6.6%
5.9%
5.4%
4.8%
4.6%
5.2%
5.5%
5.8%
0%
1%
2%
3%
4%
5%
6%
7%
8%
1H212H211H222H221H232H231H242H241H252H25

31 • TURNERS AUTOMOTIVE GROUP FY25 RESULTS
Improving conversion demonstrates operating leverage
and reduces cost to income measures
•Cost to income ratio has reduced from 65% to
60%, as a result of operational efficiency gains.
•Loan conversion rates reached 50% for the first
time in Feb25 and Mar25 (up from 33% in
Mar23).
•This improvement was driven by system
enhancements, process adjustments and
improved lending quality.
Opened loans as a percentage of total applications (above 500 CCR)
30%
35%
40%
45%
50%
55%
60%
65%
70%
75%
30%
35%
40%
45%
50%
55%
Conversion RateAuto Approval Rate

32 • TURNERS AUTOMOTIVE GROUP FY25 RESULTS
Insurance Division
Stable and consistent business
Distribution networks remain strategically important
Digital sales platform gaining momentum

33 • TURNERS AUTOMOTIVE GROUP FY25 RESULTS
Insurance
•Strong GWP growth across all insurance portfolios with
key distribution partnerships continuing to deliver
significant value (large dealer and finance broker
partnerships)
•Comprehensive Motor Insurance portfolio (underwritten
by Suncorp NZ) has increased by +25% over FY24, with
sustained customer acquisition and retention.
•New digital platform launched, enhancing our direct-to-
consumer capabilities including NZ AA Digital Partnership
successfully launched and showing promising early
performance.
•New product that combines and extends benefits of GAP
and PPI launches Q1 FY26.
•AM Best upgraded Autosure’s Long-Term Issuer Credit
Rating (ICR) to ‘bbb+’ from ‘bbb’, reflecting the business's
track record of strong and stable operating performance
metrics
Revenue $47.6M +3%, Segment Profit $16.2M +13%
Gross Written Premium (GWP) FY24 to FY25 ($000’s)
39,812
546
8
1,173
28741,826
FY24MBIGAPPPILifeFY25
38,000
38,500
39,000
39,500
40,000
40,500
41,000
41,500
42,000
MBI – Mechanical Breakdown Insurance
GAP – Guaranteed Asset Protection Insurance
PPI - Payment Protection Insurance

34 • TURNERS AUTOMOTIVE GROUP FY25 RESULTS
•Claims Cost inflation stabilising.
•MBI Claims Ratio showing a slight reduction and
holding steady, reflecting our effective claims
management and pricing alignment.
•Autosure’s continuous risk pricing enhancements are
helping manage loss ratios effectively. Recently
implemented automated system pricing and
underwriting for older, higher-risk vehicles, improving
risk selection and operational efficiency.
•Scale enables us to fix vehicles more cost effectively.
Mechanical Breakdown Insurance (MBI) Loss Ratio Performance
Combination of risk pricing and procurement have
helped us moderate claims ratios
60%
58%
58%
58%
57%
FY21FY22FY23FY24FY25

35 • TURNERS AUTOMOTIVE GROUP FY25 RESULTS
Credit Management Division
Strong growth in both debt referred and collected
Economic conditions are a tailwind
Well positioned for further growth

36 • TURNERS AUTOMOTIVE GROUP FY25 RESULTS
Credit Management - Summary
Revenue $10.3M +5%, Segment Profit $3.5M +11%
•Debt referred has increased in all sectors with both corporate and SME businesses feeling the impact of the economy on their
arrears.
•NZ wide credit metrics continue to deteriorate across 2024, and are tracking at the highest levels for the last 7 years.
•Lower repayment amounts and extended payment arrangements due to diminished customer repayment capacity.
•Payment arrangement "bank" growing as consumer debt load increases.
•Our clients remain “reputation-sensitive”, though there are signs of a shift further towards more “outsourced” and active collections
strategies.
•Demand for our services is growing among small businesses as defaults and liquidations increase.
•Resource constraints have been unlocked through accessing experienced people offshore, leading to improved costs and increased
levels of activities.

37 • TURNERS AUTOMOTIVE GROUP FY25 RESULTS
Debt referred/collected growing, steadily
•First referral corporate debt load increased in FY25, +52% driven
by government and banking clients.
•Higher yielding SME clients debt load increased +8% in FY25
reflecting impacts of recession.
•Debt value collected lifted+12% to $42m (lower growth than the
increase in referral values due to extended payment
arrangements caused by diminished customer repayment
capacity).
•Tail winds from a worsening economy means we are in a strong
position to assist clients.
Total debt collected for FY25 (NZ$M)
Total debt referred for FY25 (NZ$M)
$0
$50
$100
$150
$200
$250
FY19FY20FY21FY22FY23FY24FY25
$0
$10
$20
$30
$40
$50
$60
$70
FY19FY20FY21FY22FY23FY24FY25

38 • TURNERS AUTOMOTIVE GROUP FY25 RESULTS
•Total debts under arrangement up +17% in the last 12-
months and building.
•Cost-of-living pressures are resulting in longer repayment
arrangements to resolve outstanding debts.
•The 'promises to pay kept' rate has remained steady at
77.5% with 33% of all calls received result in a promise (up
from 31% in FY24).
•Nationwide credit metrics continue to deteriorate.
Strong growth in payment arrangement bank
Debts under repayment arrangement
6,000
6,200
6,400
6,600
6,800
7,000
7,200
7,400
7,600
Apr 24
May 24
Jun 24
Jul 24
Aug 24
Sep 24
Oct 24
Nov 24
Dec 24
Jan 25
Feb 25
Mar 25

39 • TURNERS AUTOMOTIVE GROUP FY25 RESULTS
Servicing and Repairs

40 • TURNERS AUTOMOTIVE GROUP FY25 RESULTS
Focus on integration, brand transition and co-marketing
•Recap - Turners invested $3.35M for 50% of My Auto Shop in
August 2024 an early stage growth opportunity.
•Turners supports growth by integrating My Auto Shop into its
Auto Retail network, creating significant synergies by conducting
servicing work onsite at Turners branches $430k new revenue
generated for MyAutoShop from Oct-24 to Mar-25
•My Auto Shop has opened in Hamilton, Tauranga, Wellington.
•Rebrand under way to Turners Servicing and Repairs to leverage
strong brand awareness and equity in “Turners” brand.
•Cross selling and targeting Turners consumer database key
priority for FY26.
•We expect to pass through break even in FY26 but will be
continuing to invest for growth.
The goal is simple, to make vehicle repairs easier.

41 • TURNERS AUTOMOTIVE GROUP FY25 RESULTS
3. Looking
forward ...

42 • TURNERS AUTOMOTIVE GROUP FY25 RESULTS
ChallengeMitigationMar22Mar23Sept23Mar24Sept24Mar25
Funding and
Interest rate
movements
•Diversifying funding sources
•Increase volume of higher margin
direct lending
•Increase hedging
•Operate the business
conservatively against funding
covenants
HighMediumLowLowLowLow
Recession
•Agility to reposition inventory to
lower value vehicles to meet
where demand is
•Continued discipline of credit
policy and conservative
provisioning
HighMediumMediumMedium +MediumMedium
Regulatory
Eg. Clean Car
Standard
•Continue to strengthen local
sourcing position in NZ market
MediumLowLowLowLowLow
Our key risks are narrowing...

43 • TURNERS AUTOMOTIVE GROUP FY25 RESULTS
•Group –Our expectations are to see continued strong progress towards ourFY28goal of $65M NPBT over the next twelve months. The business
will continue to benefit from the tailwind of reducing interest rates as will theNZ economy which willtranslate into more robust demand for cars.
Wealso expect to see material benefits from our new branches in Christchurch and our otherbranch expansion plans.
•Automotive Retail – Impact of new Christchurch branch footprint to flow in 2H26. We will continue to push hard for the transition of wholesale
to retail, although this is taking longer than initially thought. Vehicle pricing has stabilised and expect margins to be consistent with 2H25. Overall
sales volumes continue to track ahead of FY25.
•Finance – Maintaining credit discipline remains a key priority. We expect solid book growth for FY26 and further improvement in interest margin
with a medium term run rate NIM to consolidate around 6.0%.
•Insurance – Earned premium holding up very well and claims ratios stable. Contribution from new distribution arrangements and direct sales
expected in FY26. Motor vehicle insurance portfolio (underwritten by Vero) to continue to grow strongly.
•Credit Management – Our payment bank is rebuilding as debt load increases from the tightening economic conditions and the resultant impact
on consumer arrears. We have onboarded a large new corporate customer in April and we remain well positioned for the next stage of the NZ
credit cycle.
Outlook

44 • TURNERS AUTOMOTIVE GROUP FY25 RESULTS
29.029.0
37.0
43.0
45.5
49.1
54.2
65.0
20
25
30
35
40
45
50
55
60
65
70
FY19FY20FY21FY22FY23FY24FY25FY26FY27FY28
Target
On track to achieve FY28 target earlier
Net Profit Before Tax ($M)
Target #1 of $45M NPBT by FY24 - Achieved
Target #2 of $50M NPBT by FY25 - Achieved
Target #3 of $65M NPBT by FY28
•Assumes organic growth out of Auto Retail with new
branches planned plus continued wholesale to retail
transition. Recovery in Finance business and Credit
management + direct to consumer growth in Insurance.
Target #1 set in FY21 for FY24, and Target #2 set in FY22 for FY25

45 • TURNERS AUTOMOTIVE GROUP FY25 RESULTS
Results Video:
A short video is available summarising the FY25 results at...
https://www.turnersautogroup.co.nz/investor-centre

46 • TURNERS AUTOMOTIVE GROUP FY25 RESULTS
Questions
46 • TURNERS AUTOMOTIVE GROUP FY25 RESULTS

47 • TURNERS AUTOMOTIVE GROUP FY25 RESULTS
Contact
ToddHunter
Group CEO
T: 64 21 722818
E: todd.hunter@turners.co.nz
Aaron Saunders
Group CFO
T: 64 27 493 8794
E: aaron.saunders@turners.co.nz
47 • TURNERS AUTOMOTIVE GROUP FY25 RESULTS

48 • TURNERS AUTOMOTIVE GROUP FY25 RESULTS
Appendices
48 • TURNERS AUTOMOTIVE GROUP FY25 RESULTS

49 • TURNERS AUTOMOTIVE GROUP FY25 RESULTS
Transition of wholesale to retail is progressing.
•BuyNow units increased by 4.4% to 21,200 in
FY25. A strong result in a recessionary market.
•20,100 units sold through auction in FY25
v19,800sold in FY24 a 1.5% increase (increase
in low value trade-ins and repos).
•For each additional vehicle sold through retail
(not auction) Turners makes another $1,000
per vehicle in margin.
•Proportion of lease consignment through
Retail Channel improved to 37% of all units
received (FY24 35%)
•We have sourced more owned stock, and we
have increased our retail % and capacity
through branch expansion.
FY24FY25
22,40023,000
56%56%
SOURCINGSELLING
RETAIL
OWNED
CONSIGNMENT
FY24FY25
17,70018,300
44%44%
FY24FY25
20,30021,200
50.6%51.3%
FY24FY25
19,80020,100
49.4%48.5%
WHOLESALE
Note – Additional “owned” sales through Damaged and End
of Life Vehicle Division 2,900 FY24and 3,700 FY25.

50 • TURNERS AUTOMOTIVE GROUP FY25 RESULTS
Damaged vehicle volumes down with no material weather
events
Damaged and end of life (DEL) vehicle units sold through Turners
•Volumes are down -5% or 1,700 units in comparison
to the previous year which had the benefit of
weather damaged vehicles in Auckland and the
Hawkes Bay.​
•The overall trend shows increasing flows of damaged
and end-of-life vehicles from New Zealand's aging
fleet.​
•The ageing fleet is also now flowing in through our
sourcing of lower value vehicles.​
•However, insurance write-offs are softening as parts
costs have eased off and insurers look to repair more.​
•20% of the NZ vehicle fleet are more than 20 years
old​.
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
FY19FY20FY21FY22FY23FY24FY25
Insurance Written Off VehiclesGeneral End of Life Vehicles

51 • TURNERS AUTOMOTIVE GROUP FY25 RESULTS
619
630
635
632
634
650
659
674
699
703
702
712
722
730
729
735
740
742
560
580
600
620
640
660
680
700
720
740
Average consumer CENTRIX credit score
Avg NZ auto
loan portfolio
Underwriting quality continues to improve
Average Centrix credit score for loans on-boarded
•In FY25 premium tier lending (CCR score of 735+)
made up 60% of our new lending (54% in FY24).
•Our credit policy has continually been refined over
the last 24 months.
•T2 (lowest quality risk tier) has been switched off for
FY26.

52 • TURNERS AUTOMOTIVE GROUP FY25 RESULTS
Turners Auto Retail finance attach rates and Turners
originated loan ledger with Oxford
10.1
29.8
44.5
57.8
64.3
66.7
73.7
79.6
83.3
86.3
94.7
101.1
106.8
108.7
20%
22%
24%
26%
28%
30%
32%
34%
36%
0
20
40
60
80
100
120
H1 19H2 19H1 20H2 20H1 21H2 21H1 22H2 22H1 23H2 23H1 24H2 24H1 25H2 25
Turners Controlled ledgerLoan Attach %
Turners Ledger and Loan Attach Rate

53 • TURNERS AUTOMOTIVE GROUP FY25 RESULTS
Tailwind effect of NZ wide credit metrics still deteriorating year on year
Consumer arrears trend
Source – Centrix Credit Bureau

---

Results announcement
Results for announcement to the market
Name of issuerTurners Automotive Group Limited
Report period12 months to 31 March 2025
Previous reporting period12 months to 31 March 2024
CurrencyNZD
Amount (000s)Percentage change
Revenue from continuing operations$412,904-0.8%
Total revenue$414,167-0.7%
Net profit from continuing operations$38,58717.1%
Total net profit $32,97914.5%
Final dividend
Amount per quoted equity security$0.09000000
Imputed amount per quoted security$0.03500000
Record date14 July 2025
Dividend payment date29 July 2025
Current periodPrior comparable period
Net tangible assets per quoted security$1.66$1.47
A brief explanation of any of the figures
above necessary to enable the figures to
be understood
Please refer to accompanying Company Announcement
Authority for this announcement
Name of person authorised to make this
announcement
Barbara Badish
Contact person for this announcementTodd Hunter
Contact phone number021 722 818
Contact email addressTodd.Hunter@turners.co.nz
Date of release through MAP26/05/2025
This announcement is based on audited results.

TURNERS AUTOMOTIVE GROUP LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31 March 2025
20252024
Note$'000$'000
Revenue2
412,904
416,145
Other income 2
1,263
823
Cost of goods sold
(167,501)
(177,175)
Interest expense
(27,451)
(27,842)
Impairment provision expense2
(4,649)
(4,616)
Subcontracted services expense
(15,757)
(15,466)
Employee benefits
(68,065)
(66,365)
Commission
(10,817)
(11,070)
Advertising expense
(6,408)
(5,650)
Depreciation and amortisation expense2
(11,651)
(11,968)
Systems maintenance
(5,517)
(5,384)
Claims
(21,231)
(21,901)
Other expenses
(20,654)
(20,392)
Profit before share of equity accounted loss54,466
49,139
Deferred expenses
(192)
-
Profit before taxation54,274
49,139
Taxation expense
(15,687)
(16,173)
Profit from continuing operations 38,587
32,966
Other comprehensive income for the period (which may subsequently be
reclassified to profit/loss), net of tax
Cash flow hedges
(5,444)(4,118)
Revaluation of financial assets at fair value through OCI
(157)(73)
Foreign currency translation differences
(7)21
Total comprehensive income for the period32,979
28,796
Earnings per share (cents per share)
Basic earnings per share 3
43.37
37.01
Diluted earnings per share 3
43.32
36.91

TURNERS AUTOMOTIVE GROUP LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 31 March 2025

Share
Capital
Share
Options
Reserve
Translation
Reserve
Revaluation of
financial
assets at
fair value
through OCI
Cash flow
reserve
Retained
EarningsTotal
$’000$’000$’000$’000$’000$’000$’000
Balance at 31 March 2023 207,076 284 (39) (1,176) 5,892 58,376 270,413
Transactions with shareholders in their capacity as owners
Dividend reinvestment plan3 5,106 - - - - - 5,106
Employee share based payments31,040(41)---- 999
Dividend paid8-----(27,090)(27,090)
6,146 (41) - - - (27,090) (20,985)
Comprehensive income
Profit-----32,966 32,966
Other comprehensive income--21(73)(4,118)-(4,170)
Total comprehensive income for the period, net of tax - - 21 (73) (4,118) 32,966 28,796
Balance at 31 March 2024 213,222 243 (18) (1,249) 1,774 64,252 278,224
Deferred expenses
Transactions with shareholders in their capacity as owners
Dividend reinvestment plan3
4,518 - - - - - 4,518
Employee share based payments3
1,174(181)---- 993
Dividend paid/payable8
-----(18,221)(18,221)
5,692 (181) - - - (18,221) (12,710)
Comprehensive income
Profit
----38,587
38,587
Other comprehensive income
--(7)(157)(5,444)-
(5,608)
Total comprehensive income for the period, net of tax
- - (7) (157) (5,444) 38,587 32,979
Balance at 31 March 2025
218,914 62 (25) (1,406) (3,670) 84,618 298,493

TURNERS AUTOMOTIVE GROUP LIMITED
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 31 March 2025
20252024
Note$'000$'000
Assets
Cash and cash equivalents4
22,039
17,523
Financial assets at fair value through profit or loss
79,463
69,558
Trade receivables
7,533
7,277
Inventories
22,189
25,051
Finance receivables5
447,218
430,299
Other receivables, deferred expenses and contract assets
13,983
13,782
Derivative financial instruments
-
1,774
Financial assets at fair value through OCI
1,000
157
Reverse annuity mortgages
1,429
2,489
Property, plant and equipment
137,715
113,948
Right-of-use assets
18,720
20,716
Imvestment in associate
3,158
-
Intangible assets
163,325
163,084
Total assets
917,772
865,658
Deferred expenses
Liabilities
Other payables
56,001
48,352
Contract liabilities
967
1,297
Tax payable
7,004
5,183
Deferred tax
14,493
15,037
Derivative financial instruments
3,673
-
Borrowings6
446,059
425,318
Lease liabilities
22,120
24,924
Life investment contract liabilities
7,062
7,188
Insurance contract liabilities
61,900
60,135
Total liabilities
619,279
587,434
Shareholders' equity
Share capital3
218,914
213,222
Other reserves
(5,039)
750
Retained earnings
84,618
64,252
Total shareholders' equity
298,493
278,224
Total shareholders' equity and liabilities
917,772
865,658
Total assets per share ($)10.21 9.80
Net tangible assets ($)1.66 1.47

TURNERS AUTOMOTIVE GROUP LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
For the year ended 31 March 2025
20252024
$'000$'000
Cash flows from operating activities
Interest received 62,809 56,183
Receipts from customers 351,345 359,265
Receipt of government subsidies - 13
Interest paid - borrowings(25,058) (25,954)
Interest paid - lease liabilities(1,451) (1,483)
Payment to suppliers and employees(310,506) (330,265)
Income tax paid(14,596) (15,259)
Net cash inflow/(outflow) from operating activities before
changes in operating assets and liabilities 62,543 42,500
Net increase in finance receivables(20,062) (11,117)
Net decrease in reverse annuity mortgages 1,237 673
Net increase of financial assets at fair value through profit or loss(9,737) (2,293)
Net (withdrawal)/contribution from life investment contracts(21) (92)
Deferred expenses
cash flow movements(28,583) (12,829)
Net cash inflow/(outflow) from operating activities 33,960 29,671
Cash flows from investing activities
Proceeds from sale of property, plant, equipment and intangibles 6,456 3,180
Purchase of property, plant, equipment and intangibles(32,897) (18,641)
Purchase of investments(4,350) -
Sale of investments - 5,526
Net cash inflow/(outflow) from investing activities(30,791) (9,935)
Cash flows from financing activities
Net bank loan (repayments)/advances 20,741 13,283
Principal elements of lease payments(6,676) (6,303)
Proceeds from the issue of shares 985 918
Dividend paid(13,703) (21,956)
Net cash inflow/(outflow) from financing activities 1,347 (14,058)
Net movement in cash and cash equivalents 4,516 5,678
Add opening cash and cash equivalents 17,523 11,845
Closing cash and cash equivalents22,039 17,523

TURNERS AUTOMOTIVE GROUP LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONT)
For the year ended 31 March 2025
RECONCILIATION OF NET SURPLUS WITH CASH FLOWS FROM OPERATING ACTIVITIES
20252024
$'000$'000
RECONCILIATION OF NET SURPLUS WITH CASH FLOWS FROM OPERATING ACTIVITIES
Profit/(loss) 38,587 32,966
Adjustment for non-cash items
Impairment charge on finance receivables, reverse annuity mortgages and other receivables
4,649 4,627
Net loss/(profit) on sale fixed assets
(539) (204)
Depreciation and amortisation
11,651 11,968
Capitalised reverse annuity mortgage interest
(177) (291)
Deferred revenues
2,522 713
Fair value adjustments on assets/liabilities at fair value through profit and loss
(200) (573)
Net annuity and premium change to policyholders accounts
28 394
Non-cash long term employee benefits
(46) -
Deferred expenses
(2,288) 765
Adjustment for movements in working capital
Net increase receivables and pre-payments(767) (1,870)
Net decrease in inventories 2,863 389
Net decrease in investment in associate 192 -
Net increase/(decrease) in payables 5,842 (7,033)
Net decrease in contract liabilities(1,008) (265)
Net increase in finance receivables(20,062) (11,117)
Net decrease in reverse annuity mortgages 1,237 673
Net increase of insurance assets at fair value through profit or loss(9,737) (2,293)
Net withdrawals from life investment contracts(21) (92)
Net (decrease)/increase in deferred tax liability(669) 2,327
Net increase/(decrease) in tax payable 1,903 (1,413)
Net cash inflow/(outflow) from operating activities 33,960 29,671

TURNERS AUTOMOTIVE GROUP LIMITED
1. SEGMENTAL INFORMATION
OPERATING SEGMENTS
RevenueRevenueRevenue
TotalInter-fromTotalInter-from
segmentsegmentexternalsegmentsegmentexternal
revenuerevenuecustomersrevenuerevenuecustomers
202520252025202420242024
$'000$'000$'000$'000$'000$'000
Automotive retail 290,166 (2,299) 287,867 300,366 (1,750) 298,616
Finance 68,312 - 68,312 62,416 - 62,416
Insurance 49,260 (1,714) 47,546 47,838 (1,765) 46,073
Credit management 10,291 - 10,291 9,794 (10) 9,784
Corporate & other 151 - 151 79 - 79
418,180 (4,013) 414,167 420,493 (3,525) 416,968
Operating profit20252024
$'000$'000
Automotive retail 29,124 31,807
Finance 16,009 12,228
Deferred expenses 16,167 14,287
Credit management 3,454 3,121
Corporate & other(10,288) (12,304)
Profit before share of equity accounted loss54,46649,139
Share of loss of equity-accounted investee, net to tax(192) -
Profit before taxation54,27449,139
Taxation expense(15,687) (16,173)
Profit attributable to shareholders 38,587 32,966
202520242025202420252024
$'000$'000$'000$'000$'000$'000
Automotive retail668687(3,482)(3,583)(9,510)(9,700)
Finance59,70454,551(19,659)(18,399)(824)(775)
Insurance4,0333,505(37)(50)(950)(1,173)
Credit management595(37)(9)(202)(162)
Corporate & other8731(4,469)(6,174)(165)(158)
64,55158,779(27,684)(28,215)(11,651)(11,968)
Eliminations(233)(373)233373--
64,31858,406(27,451)(27,842)(11,651)(11,968)
Other material non-cash items
20252024
$'000$'000
Finance - impairment provisions(4,649)(4,562)
SEGMENT ASSETS AND LIABILITIES
2025202420252024
$'000$'000$'000$'000
Automotive retail190,668163,917169,220143,360
Finance475,283457,041365,351341,668
Insurance159,184151,00282,34380,008
Credit management27,36235,4322,5363,083
Corporate & other275,056255,178100,506100,562
1,127,5531,062,570719,956668,681
Eliminations(209,781)(196,912)(100,677)(81,247)
917,772865,658619,279587,434
Depreciation and
amortisation expenses
Revenue/(expenses)
Segment liabilitiesSegment assets
Interest revenueInterest expense

TURNERS AUTOMOTIVE GROUP LIMITED
Five reportable segments have been identified as follows:
Automotive retail -remarketing (motor vehicles, trucks, heavy machinery and commercial goods) and purchasing goods for sale.
Finance -provides asset based finance to consumers and SME's.
Insurance -
Credit management -
Corporate & other -corporate centre.
2. PROFIT BEFORE TAX
Revenue from continuing operations includes:20252024
$'000$'000
Interest income
Bank accounts, short term deposits and investments
4,778 3,891
Finance receivables
59,363 54,224
Reverse annuity mortgages
177 291
Total interest income 64,318
58,406
Sales of goods
202,268 215,054
Commission and other sales revenue
90,333 87,549
Loan fee income
2,772 2,669
Insurance and life investment contract income
39,725 39,181
Collection income
10,233 9,810
Bad debts recovered
1,636 1,879
Other revenue
1,619 1,597
Total operating revenue
348,586 357,739
Revenue from continuing operations
412,904
416,145
Other income includes:
Gain on sale of property, plant and equipment
570 233
Rental income
201 386
Other
492 204
1,263 823
Over time
Automotive retail
Commission and other sales revenue
21,169
21,874
Finance
Other sales revenue
3,771
3,306
At a point in time
Automotive retail
Sales of goods
202,268
215,054
Auction commissions
63,225
60,640
Credit management
Collection income
9,863
9,510
Voucher income
370
300
Insurance
Motor vehicle insurance commissions
2,168
1,729
marketing and administration of a range of life and consumer insurance and saving products.
collection services, credit management and debt recovery services to the corporate and SME sectors. Geographically the collections services segment business
activities are located in New Zealand and Australia.

TURNERS AUTOMOTIVE GROUP LIMITED
Net operating profit includes the following specific expenses
20252024
$'000$'000
Depreciation
- Buildings 466
380
- Plant, equipment & motor vehicles 1,239
1,456
- Leasehold improvements, furniture, fittings & office equipment 996
1,027
- Computer equipment 878
1,427
- Signs & flags 165
145
Intangible amortisation
Amortisation of software 824
834
Amortisation of customer relationships 520
520
Amortisation of right-of-use asset 6,563
6,179
11,651
11,968
Movement in impairment provisions
Provisions for:
Specific impaired finance receivables
601
1,333
Collective impairment provision for finance receivables
4,160
2,699
Movement in economic overlay provision
(396)
345
Collective impairment on reverse annuity mortgages
-
57
Finance receivables bad debts written off
284
182
Movement 4,649
4,616
3. SHARE CAPITAL AND EARNINGS PER SHARE
20252024
$'000$'000
Number of ordinary shares
Opening balance
88,353,689
86,700,247
Shares issued for staff options
490,230
300,000
Shares issued for employee share scheme
70,352
95,305
Shares issued under dividend reinvestment plan
979,512
1,258,137
89,893,783 88,353,689
Basic earnings per share
20252024
$'000$'000
Profit for the Period ($'000)
38,587
32,966
Weighted average number of ordinary shares at the end of the period
88,978,618
89,076,747
Basic earnings per share (cents per share)
43.37
37.01
Weighted number of shares
Opening balance
88,353,689
88,353,689
Shares issued for staff options
152,346
211,858
Shares issued for employee share scheme
41,826
56,246
Shares issued for Dividend Reinvestment Plan
430,757
454,954
88,978,618 89,076,747
The calculation of basic earnings per share at 31 March was based on the profit attributable to ordinary shareholders and weighted average number of ordinary shares outstanding, as follows:

TURNERS AUTOMOTIVE GROUP LIMITED
Diluted earnings per share
20252024
$'000$'000
Continuing operations ($'000)
38,587
32,966
Add: Long term incentive expense relation to options ($'000)
8
55
Profit for the year ($'000)
38,595
33,021
Weighted number of ordinary shares (diluted)
Weighted average number of shares (basic)
88,978,618
89,076,747
Effect of the exercise of options
115,573
376,944
Weighted average number of shares (diluted)89,094,19189,453,691
Diluted earnings per share (cents per share)
43.32
36.91
4. CASH AND CASH EQUIVALENTS
20252024
$'000$'000
Cash and cash equivalents
22,03917,523
5. FINANCE RECEIVABLES
20252024
$'000$'000
Gross finance receivables
444,507
429,400
Deferred fee revenue and commission expenses
11,325
10,111
Provision for impairment
(6,700)
(6,902)
Economic overlay provision
(1,914)
(2,310)
447,218
430,299
Fair value
450,857
432,065
Securitisation
Turners Marque Warehouse Trust 1 (the Trust)
The fair values are based on cash flows discounted using a weighted average interest rate of 13.61% (2024: 13.07%).
TheGrouphastwoTrustsunderwhichitsecuritisesfinancereceivables.TheTrustsarespecialpurposeentitiessetupsolelyforthepurposeofpurchasingfinancereceivablesoriginatedby
thefinancesector.TheNewZealandGuardianTrustCompanyLimitedhasbeenappointedTrusteeandNZGTSecurityTrusteeLimitedasthesecuritytrusteeforbothTrusts.TheCompany
is the sole beneficiary of both Trusts.
TheGrouphasthepowerovertheTrusts,exposure,orrights,tovariablereturnsfromitsinvolvementwiththeTrustsandtheabilitytouseitspowerovertheTruststoaffecttheamountofthe
Group's returns from the Trusts. Consequently the Group controls the Trusts and has consolidated the Trusts into the Group's financial statements.
Thecalculationofdilutedearningspershareat30Septemberand31Marchwasbasedonthedilutedprofitattributabletoshareholdersandadilutedweightedaveragenumberofordinary
shares outstanding as follows:
TheGroup'sinsurancebusinessisrequiredtocomplywiththesolvencystandardsforlicensedinsurersissuedbytheReserveBankofNewZealand.Thesolvencystandardsspecifythelevel
ofassetstheinsurancebusinessisrequiredtoholdinordertomeetsolvencyrequirements,consequentlyallcashandcashequivalentsheldintheinsurancebusinessmaynotbeavailable
for use by the wider Group. The Group's insurance business' cash and cash equivalents at 31 March 2025 were $1.4m (2024: $2.1m).
TheGroupretainssubstantiallyalltherisksandrewardsrelatingtothefinancereceivablessoldandthereforethefinancereceivablesdonotqualifyforderecognitionandremainonthe
Group's consolidated statement of financial position.
Cashandcashequivalentsat31March2025of$7.9m(2024:$6.7m)belongstotheTurnersMarqueWarehouseTrust1andtheTurnersMarqueABS2023-1Trustandarenotallavailable
to the Group.
TheTrusthasawholesalefundingfacilitywiththeBankofNewZealand(BNZ)whichissecuredbyfinancereceivablessoldtotheTrust.Thefacilityisfor$355mandwitha1yeartermthat
will be renewed annually. BNZ fund up to 90% (2023: 85%) of the purchase price of the finance receivables with the balance funded by sub-ordinated notes from the Group.
Duringthereportingperiod$218.4mfinancereceivablesweresoldtotheTrust(31March2024:$202.4m)andtheyearending31March2024,theTrustsold$100.0mfinancereceivablesto
the Turners Marque ABS 2023-1 Trust. As at 31 March 2025 the carrying value of finance receivables in the Trust was $332.8m (2024: $281.2m).

TURNERS AUTOMOTIVE GROUP LIMITED
Turners Marque ABS 2023-1 Trust (the 2023-1 Trust)
6. BORROWINGS
20252024
$'000$'000
Secured bank borrowings
424,470
373,710
Non bank borrowings 21,589 51,608
Total borrowings 446,059 425,318
Fair value 449,720 423,539
Secured bank borrowings
Non bank borrowings
The Group's non bank securitisation arrangement with the Accident Compensation Corporation is described under finance receivables.
7. FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS
Level 1Level 2Level 3Total
$'000$'000$'000$'000
31/03/2025
Fair value assets:
Financial assets at fair value through profit or loss - insurance
- 7,281- 7,281
Financial assets at fair value through profit or loss - term deposits 72,182-
-
72,182
72,182 7,281
-
79,463
Fair value liabilities
Derivative financial instruments
- 3,673 - 3,673
31/03/2024
Fair value assets:
Financial assets at fair value through profit or loss - insurance
- 7,508- 7,508
Financial assets at fair value through profit or loss - term deposits
62,050-- 62,050
Derivative financial instruments
- 1,774- 1,774
62,050 9,282- 71,332
AtMarch2025theGrouphasasyndicatedfundingfacility,includingaworkingcapitalfacility,withtheBankofNewZealand,ASBBankandWestpacNewZealandandasecuritisationfacility
with the Bank of New Zealand.
Thebankborrowingsaresecuredbyafirst-rankinggeneralsecurityagreementovertheassetsoftheCompanyanditssubsidiaries,excludingAutosureInsuranceLimited,TurnersFinance
Limited and EC Credit (Aust.) Limited. The bank funded securitisation financing arrangement is described under finance receivables.
Thefairvalueoffinancialassetsandliabilitiescarriedatfairvaluearesummarisedinthetablebelow.Themethodsusedtocalculatefairvaluearethesameasthoseappliedwhenpreparing
the Group's Annual Report for the year ended 31 March 2023 (refer note 5.5 in the Annual Report for the year ended 31 March 2023). During the period there were no movements of fair value
Duringtheyearended31March2024theGroupcreatedthe2023-1Trust.The2023-1Trust,isaclosedpooltrust,andissued$100mnotescomprising$70mClassA1notesand$20.7m
ClassA2notesbothratedAAAsf(Fitch)and$9.3munratedClassBnotes,theClassA2notesandBnotesareheldbytheGroup.The2023-1Trustpurchased$100.0mfinancereceivables
from the Trust. As at the 31 March 2025 the carrying value of finance receivables in the 2023-1 Trust was $34.8m (31 March 2024: $72.9m).

TURNERS AUTOMOTIVE GROUP LIMITED
8. DIVIDENDS
20252024
$’000
$’000
-
5,202
6,635 6,085
5,338 5,251
6,248 5,267
- 5,285
18,22127,090
Dividends not recognised at year end
In addition to the above dividends, after year end the directors recommended the payment of the following dividend:
6,292-
8,1086,627
Final dividend for the year ended 31 March 2025 of $0.09 (31 March 2024: $0.075) per fully paid ordinary share, imputed, payable on 29 July 2025
(2024: 26 July 2024).
Quarterly dividend for the year ended 31 March 2024: $0.06 per fully paid ordinary share, imputed, paid on 27 March 2024.
Quarterly dividend for the year ended 31 March 2025 of $0.07 (31 March 2024: $0.06) per fully paid ordinary share, imputed, paid on 29 January
2025 (2024: 26 January 2024).
Final dividend for the year ended 31 March 2024 of $0.075 (31 March 2023: $0.07) per fully paid ordinary share, imputed paid on 26 July 2024
(2023: 28 July 2023).
Quarterly dividend for the year ended 31 March 2025 of $0.06 (31 March 2024: $0.06) per fully paid ordinary share, imputed, paid on 30 October
2024 (2024: 27 October 2023).
Quarterly dividend for the year ended 31 March 2025 of $0.07 per fully paid ordinary share, imputed, paid on 29 April 2025 .
Quarterly dividend for the year ended 31 March 2023 of $0.06 per fully paid ordinary share, imputed, paid on 27 April 2023.

---

Distribution Notice
Name of issuer
Financial product name/description
NZX ticker code
ISIN
Type of distributionFull YearXQuarterly
(Please mark with an X in the Half YearSpecial
relevant box/es)
DRP appliesX
Record date
Ex-Date(onebusinessdaybefore
the Record Date)
Payment date
Totalmoniesassociatedwiththe
distribution
8,107,813.17$
Source of distribution
Currency
Gross distribution
Total cash distribution
Excluded amount (applicable to listed
PIEs)
Supplementary distribution amount
Is the distribution imputed
Iffullyorpartiallyimputed,please
state imputation rate as % applied
Imputationtaxcreditsperfinancial
product
Resident Withholding Tax per
financial product
DRP % discount (if any)
Start date and end date for
determining market price for DRP
Date strike price to be announced (if
not available at this time)
Specify source of financial products
to be issued under DRP programme
(new issue or to be bought on
market)
New issue
DRP strike price per financial product
Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms
Name of person authorised to make
this announcement
Contact person for this
announcement
Contact phone number
Contact email address
Date of release through MAP
Todd.Hunter@turners.co.nz
26 May 2025
Fully imputed
28%
$0.03500000
$0.00625000
Section 4: Authority for this announcement
Barbara Badish
Section 4: Distribution re-investment plan (if applicable)
2%
18 July 2025
15 July 2025
11 July 202517 July 2025
Todd Hunter
021 722 818
Section 3: Imputation credits and Resident Withholding Tax
14 July 2025
11 July 2025
29 July 2025
Retained earnings
NZD
Section 2: Distribution amounts per financial product
$0.12500000
$0.09000000
n/a
$0.01588235
Section 1: Issuer information
Turners Automotive Group Limited
Ordinary shares
TRA
NZVNLE0001S1