Turners 2025 Annual Meeting Presentation

1• 2025 ASM PRESENTATION TURNERS AUTOMOTIVE GROUP
2025 Annual
Meeting
Presentation
21 August 2025

2 • 2025 ASM PRESENTATION TURNERS AUTOMOTIVE GROUP
Board of Directors
Grant Baker
Non-executive Chairman
Matthew Harrison
Non-executive Director
Alistair Petrie
Non-executive Director
Todd Hunter
Group CEO & Managing
Director
Antony Vriens
Independent Director
John Roberts
Independent Director
Lauren Quaintance
Independent Director

3 • 2025 ASM PRESENTATION TURNERS AUTOMOTIVE GROUP
Meeting Agenda
1. Presentations
•Address from the Chair, Grant Baker
•Address from the CEO, Todd Hunter
•Address from Directors up for re-election
2. Shareholder Discussion
3. Resolutions are per Notice of Meeting
•Resolution 1 - That Baker Tilly Staples Rodway be reappointed as auditor of the Company and that the
Directors be authorised to fix the auditor’s remuneration.
•Resolution 2 - That Grant Baker, who retires by rotation pursuant to NZX Main Board Listing Rule 2.7.1
and has offered himself for re-election, be re-elected as a Director of the Company.
•Resolution 3 - That Todd Hunter, who was appointed by the Board since the Company’s last annual
meeting and retires pursuant to NZX Main Board Listing Rule 2.7.1 and, being eligible, has offered
himself for election, to be elected as a Director of the Company.
4. General Business

4 • 2025 ASM PRESENTATION TURNERS AUTOMOTIVE GROUP
Chairman’s Address
Grant Baker
4 • 2025 ASM PRESENTATION TURNERS AUTO GROUP

5 • 2025 ASM PRESENTATION TURNERS AUTOMOTIVE GROUP5 • TURNERS AUTOMOTIVE GROUP FY24 RESULTS

6 • 2025 ASM PRESENTATION TURNERS AUTOMOTIVE GROUP
•Record result caps off a decade of growth
•Resilient model and outstanding team
•Confidence in future growth
6 • 2025 ASM PRESENTATION TURNERS AUTOMOTIVE GROUP

7 • 2025 ASM PRESENTATION TURNERS AUTOMOTIVE GROUP
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

8 • 2025 ASM PRESENTATION TURNERS AUTOMOTIVE GROUP
We delivered on growth, despite the NZ 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.The Turners team remains highly motivated, with strong employee engagement and broad share ownership.
7.Outlook for FY26 is a slowly recovering economy with further growth expected in Turners profits over FY25.

9 • 2025 ASM PRESENTATION TURNERS AUTOMOTIVE GROUP
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
0
100
200
300
400
500
FY19FY20FY21FY22FY23FY24FY25
Millions
2H
1H

10 • 2025 ASM PRESENTATION TURNERS AUTOMOTIVE GROUP
We operate to a simple formula
10 • 2025 ASM PRESENTATION TURNERS AUTOMOTIVE GROUP

11 • 2025 ASM PRESENTATION TURNERS AUTOMOTIVE GROUP
Quality outcomes
for our
shareholders
Quality
environment
for our people
+
Quality
customer
experiences
=
Top 5% globally for levels
of team engagement
Winner of Most Trusted
Used Car Dealership 5
years running
53% of our team
(~350 people) own
shares in Turners
A decade of increasing
dividends and share price
growth for shareholders
(except for 2020)

12 • 2025 ASM PRESENTATION TURNERS AUTOMOTIVE GROUP
Our strong culture is a key advantage for our business
Employee Engagement Scores - How likely is it that you would recommend Turners
Automotive Group as a place to work?
30%
40%
50%
60%
70%
80%
90%
0
1
2
3
4
5
6
7
8
9
10
How likely is it that you would recommend Turners Automotive Group as a place to work?
% Promoters
•83% of leadership roles filled
internally
59
20
19
35
80
Employee Net Promoter Score

13 • 2025 ASM PRESENTATION TURNERS AUTOMOTIVE GROUP
Turners has built a strong and sustainable business with
a proven track record...
•“Skin in the game” (30% shares owned
around board table, 53% participation
from employees).
•Quarterly dividend payments.
•Our dividend reinvestment plan (DRP)
remains in place.
•FY25 dividend of 29.0cps, +14% on
prior year, capping off a decade of
consistent increases.).
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
Dividend per Share ($)
CAGR 14%
since FY15
10cps
29cps

14 • 2025 ASM PRESENTATION TURNERS AUTOMOTIVE GROUP
Future Growth
Opportunities

15 • 2025 ASM PRESENTATION TURNERS AUTOMOTIVE GROUP
MyAutoShop rebranded to Turners Servicing and Repairs
•Rebrand under way to Turners Servicing
and Repairs to leverage strong brand
awareness and equity in “Turners”
brand.
•Turners Servicing and Repairs is now
nearing break-even, and we continue to
investment aggressively for growth.
•Marketing campaign launching Sept-25
to drive awareness of the ease and
convenience of mobile servicing.

16 • 2025 ASM PRESENTATION TURNERS AUTOMOTIVE GROUP

17 • 2025 ASM PRESENTATION TURNERS AUTOMOTIVE GROUP
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 our medium term FY28 target earlier
Net Profit Before Tax ($M)
Target #1 (FY21) of $45M NPBT by FY24 -
Achieved
Target #2 (FY22) of $50M NPBT by FY25 -
Achieved
Target #3 (FY24) 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

18 • 2025 ASM PRESENTATION TURNERS AUTOMOTIVE GROUP
Key takeaways...
•Scale player, in a big market, operating off a platform of trust (in a market that stands for the
opposite).
•Proven track record with over a decade of profit and dividend growth.
•“Skin in the game” with directors and management owning significant shares (30%).
•Growth to come – well on track for our $65M target by FY28.
•Servicing and repairs a big opportunity and first time we are leveraging the Turners brand into a new
category.
•People focused business...strong culture and highly engaged team, with ownership mindset =
powerful combo.

19 • 2025 ASM PRESENTATION TURNERS AUTOMOTIVE GROUP
A new Tina campaign and a new number one...
•This is the first time since December 2023
that there has been someone new at
number one, with ASB and ANZ having
continuously occupied the top two spots.
•3.3M views on YouTube 60 sec (56 sec
viewing)
•2.7M views on YouTube 90 sec (78 sec
viewing time)
•Additional $600k investment in media July-25
YTD compared to July-24 YTD

20 • 2025 ASM PRESENTATION TURNERS AUTOMOTIVE GROUP
CEO’s Update
Todd Hunter
20 • 2025 ASM PRESENTATION TURNERS AUTOMOTIVE GROUP

21 • 2025 ASM PRESENTATION TURNERS AUTOMOTIVE GROUP
Used car market demonstrating resilience
% Change Yr on Yr, New Car vs Used Car Sales
Source NZTA
-30%
-20%
-10%
0%
10%
20%
30%
40%
20032004200520062007200820092010201120122013201420152016201720182019202020212022202320242025 Jun YTD
Used Car % Change Y on YNew Car & LCV % Change Y on Y

22 • 2025 ASM PRESENTATION TURNERS AUTOMOTIVE GROUP
2,500
2,700
2,900
3,100
3,300
3,500
3,700
Jan-17
Apr-17
Jul-17
Oct-17
Jan-18
Apr-18
Jul-18
Oct-18
Jan-19
Apr-19
Jul-19
Oct-19
Jan-20
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
Apr-25
Dealer numbers in freefall
Registered Dealer Numbers NZ (source MBIE)
25% drop
3,518
Feb-18
2,631
Jul-25
•​Dealer numbers starting to track down
again with weak demand, and difficulty
in importing cars from Japan.
•Ultimately, scale will be the key
determinant of long-term success in this
category.

23 • 2025 ASM PRESENTATION TURNERS AUTOMOTIVE GROUP
Business
Divisions

24 • 2025 ASM PRESENTATION TURNERS AUTOMOTIVE GROUP
Auto Retail Division
Strong brand ​
Smart sourcing​
Operational agility

25 • 2025 ASM PRESENTATION TURNERS AUTOMOTIVE GROUP
Auto Retail - Summary
•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.​
•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.
13.8
15.4
19.4
25.0
31.8
29.1
0
5
10
15
20
25
30
35
FY20FY21FY22FY23FY24FY25
Operating Profit Contribution Auto Retail ($M)

26 • 2025 ASM PRESENTATION TURNERS AUTOMOTIVE GROUP
Entering the next phase for ongoing growth push
LocationBranchSizeTiming
Expected additional
profit contribution
Tauranga – Tauriko
(COMPLETED)
Commercial7,900m2Q2 FY25$400k
Invercargill (COMPLETED)Cars5,500m2Q1 FY26$400k
Christchurch – Hornby
(COMPLETED)
Cars15,500m2Q1 FY26$400k
1
Christchurch – City Centre
(COMPLETED)
Cars6,700m2Q1 FY26$500k
1
Christchurch – Airport
(COMPLETED)
Cars12,000m2Q2 FY26$300k
1
Napier
(COMPLETED)
Commercial6,000m2Q1 FY26$200k
Roscommon Rd - ManukauCars10,000m2Q3 FY26$700k
2
Tauranga - GreertonCars7,600m2Q4 FY27$600k
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.
3
larger site with increased rent somewhat revenue gains due to better profile.
More opportunities to purchase sites at attractive valuations (stage of interest rate cycle).
We own 17 of our sites with
a cost value of $130M+
“Live” conditional offers
•Drury –Commercial site
18,000m2
•Whanganui –Cars 3,500m2
•Takanini –Cars 8,0000m2
•Ormiston –Cars 7,200m2
“Opportunities” pipeline
New locations
•Albany north
•North East Christchurch
•Lower Hutt
Existing locations expansion
•New Plymouth

27 • 2025 ASM PRESENTATION TURNERS AUTOMOTIVE GROUP
Entering the next phase for ongoing growth push
“Live” conditional offers
•Drury –Commercial site
18,000m2
•Whanganui –Cars 3,500m2
•Takanini –Cars 8,0000m2
•Ormiston –Cars 7,200m2
“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.
3
larger site with increased rent somewhat revenue gains due to better profile.
More opportunities to purchase sites at attractive valuations (stage of interest rate cycle).
We own 17 of our sites with
a cost value of $130M+

28 • 2025 ASM PRESENTATION TURNERS AUTOMOTIVE GROUP
Turners Cars
(Invercargill)

29 • 2025 ASM PRESENTATION TURNERS AUTOMOTIVE GROUP
Turners Cars
Wairakei
Turners Cars
Hornby
Turners Cars
Moorhouse
Turners Cars Christchurch
1 into 3

30 • 2025 ASM PRESENTATION TURNERS AUTOMOTIVE GROUP
Turners Cars Hornby
(Christchurch West)

31 • 2025 ASM PRESENTATION TURNERS AUTOMOTIVE GROUP
Turners Cars Moorhouse
(Christchurch CBD)

32 • 2025 ASM PRESENTATION TURNERS AUTOMOTIVE GROUP
Turners Cars Wairakei
(Christchurch Airport)

33 • 2025 ASM PRESENTATION TURNERS AUTOMOTIVE GROUP
Finance Division
Strong brand ​
Smart sourcing​
Operational agility

34 • 2025 ASM PRESENTATION TURNERS AUTOMOTIVE GROUP
Finance - Summary
•Total ledger is growing again.
•Through challenging economic
conditions, 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.
12.2
15.8
18.0
15.0
12.2
16.0
0
2
4
6
8
10
12
14
16
18
20
FY20FY21FY22FY23FY24FY25
Operating Profit Contribution Finance ($M)

35 • 2025 ASM PRESENTATION TURNERS AUTOMOTIVE GROUP
200
250
300
350
400
450
500
Mar-20
May-20
Jul-20
Sept-20
Nov-20
Jan-21
Mar-21
May-21
Jul-21
Sept-21
Nov-21
Jan-22
Mar-22
May-22
Jul-22
Sept-22
Nov-22
Jan-23
Mar-23
May-23
Jul-23
Sept-23
Nov-23
Jan-24
Mar-24
May-24
Jul-24
Sept-24
Nov-24
Jan-25
Mar-25
May-25
Jul-25
Millions
Receivables by month (excl. impairments)
Our finance business is back in growth mode
Pricing discipline
5% book growth
in first 4 months
of FY26

36 • 2025 ASM PRESENTATION TURNERS AUTOMOTIVE GROUP
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
1H172H171H182H181H192H191H202H201H212H211H222H221H232H231H242H241H252H25
Average consumer CENTRIX credit score
Avg NZ auto
loan portfolio
We maintain our focus on credit quality
Average Centrix credit score for loans on-boarded
•Oxford FY26 YTD score
at 745
•Premium borrower risk
tier makes up 56.4% at
July-25 (51.5% Jul-24)

37 • 2025 ASM PRESENTATION TURNERS AUTOMOTIVE GROUP
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
Apr-20
Jun-20
Aug-20
Oct-20
Dec-20
Feb-21
Apr-21
Jun-21
Aug-21
Oct-21
Dec-21
Feb-22
Apr-22
Jun-22
Aug-22
Oct-22
Dec-22
Feb-23
Apr-23
Jun-23
Aug-23
Oct-23
Dec-23
Feb-24
Apr-24
Jun-24
Aug-24
Oct-24
Dec-24
Feb-25
Total consumer arrearsIndustry arrears (Centirx)
Quality lending is something we don’t compromise on
Low point
of 2.0%
Consumer arrears
Oxford
Finance
June 2.6%
Centrix Auto
Loan Portfolio
June-25 - 5.4%

38 • 2025 ASM PRESENTATION TURNERS AUTOMOTIVE GROUP
Insurance Division
Stable and consistent business
Distribution networks remain strategically important
Digital sales platform gaining momentum

39 • 2025 ASM PRESENTATION TURNERS AUTOMOTIVE GROUP
Insurance
•Comprehensive Motor Insurance portfolio
(underwritten by Suncorp NZ) has increased
by +25% over FY24, with sustained customer
acquisition and retention.
•Winning dealer / broker market share
•New digital platform launched, enhancing
our direct-to-consumer capabilities. The
private-to-private car market represents a
significant opportunity to capture share.
•NZ AA Digital Partnership successfully
launched and showing promising early
performance.
6.2
9.4
11.6
12.5
14.3
16.2
-
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
FY20FY21FY22FY23FY24FY25
Operating Profit Contribution Insurance ($M)

40 • 2025 ASM PRESENTATION TURNERS AUTOMOTIVE GROUP
•Claims Cost inflation stabilising.
•Autosure’s continuous risk pricing
improvements, moved from 7 risk
categories in FY24 to 14 risk categories in
FY25. Allowing us to price our risk much
more accurately.
•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

41 • 2025 ASM PRESENTATION TURNERS AUTOMOTIVE GROUP
Credit Management Division
Strong growth in both debt referred and collected
Economic conditions are a tailwind
Well positioned for further growth

42 • 2025 ASM PRESENTATION TURNERS AUTOMOTIVE GROUP
Credit Management - Summary
•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 track at
the highest levels for the last 8 years.
•Lower repayment amounts and extended
payment arrangements due to diminished
customer repayment capacity.
•Payment arrangement "bank" growing as
consumer debt load increases.
6.5
5.1
3.0
2.9
3.1
3.5
-
1.0
2.0
3.0
4.0
5.0
6.0
7.0
FY20FY21FY22FY23FY24FY25
Operating Profit Contribution Credit ($M)

43 • 2025 ASM PRESENTATION TURNERS AUTOMOTIVE GROUP
NZ credit arrears metrics track at 8 year lows
Consumer Arrears Trend
Source – Centrix Credit Bureau

44 • 2025 ASM PRESENTATION TURNERS AUTOMOTIVE GROUP
Business has funding capacity for growth plans
Borrowings by asset class ($M)
•Strong credit appetite from our panel
of funders, and pricing moving in a
favourable direction.
•Oxford capacity is expected to support
lending over the next 12 months
~$100m in funding capacity.
•Corporate funding capacity is sufficient
to support current committed branch
expansion plans in Auto Retail ~$50M
in funding capacity
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

45 • 2025 ASM PRESENTATION TURNERS AUTOMOTIVE GROUP
Looking
forward ...
45 • 2025 ASM PRESENTATION TURNERS AUTOMOTIVE GROUP

46 • 2025 ASM PRESENTATION TURNERS AUTOMOTIVE GROUP
Segment Outlook
Automotive Retail
•Swap out of consignment cars for owned cars in 1H.
•Some profit impact of Christchurch transition in Q1.
•Additional cost of upweighted media for new Tina campaign in H1 ($600k).
•Expect 2H26 to deliver stronger vehicle margins and volumes as overall demand improves.
•Impact of new Tina campaign and benefits of new Christchurch branch footprint to flow in 2H26.
Finance
•Maintaining credit discipline remains a key priority.
•We expect solid book growth for FY26 at stable margins.

47 • 2025 ASM PRESENTATION TURNERS AUTOMOTIVE GROUP
Segment Outlook
Insurance
•Earned premium holding up very well and claims ratios stable.
•Contribution from new distribution arrangements and direct sales gaining momentum.
•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.

48 • 2025 ASM PRESENTATION TURNERS AUTOMOTIVE GROUP
•The economy is still patchy and consumer confidence has declined since Liberation Day. Interest rates
are still restrictive and unemployment is increasing.
•Despite these challenges we are still expecting a record first half performance, HY26 NPBT
expected to be at least +10% ahead.
•Still on track to achieve our mid-term target of $65M NPBT in FY28 early.
Guidance

49 • 2025 ASM PRESENTATION TURNERS AUTOMOTIVE GROUP
Shareholder
Discussion
49 • 2025 ASM PRESENTATION TURNERS AUTOMOTIVE GROUP

50 • 2025 ASM PRESENTATION TURNERS AUTOMOTIVE GROUP
Resolutions
50 • 2025 ASM PRESENTATION TURNERS AUTOMOTIVE GROUP

51 • 2025 ASM PRESENTATION TURNERS AUTOMOTIVE GROUP
Resolutions
ORDINARY RESOLUTIONS:
Resolution 1
That Baker Tilly Staples Rodway be reappointed as auditor of the Company and that the Directors be
authorised to fix the auditor’s remuneration.
Resolution 2
That Grant Baker, who retires by rotation pursuant to NZX Main Board Listing Rule 2.7.1 and has offered
himself for re-election, be re-elected as a Director of the Company.
Resolution 3
That Todd Hunter, who was appointed by the Board since the Company’s last annual meeting and
retires pursuant to NZX Main Board Listing Rule 2.7.1 and being eligible, has offered himself for
election, be elected as a Director of the Company.

52 • 2025 ASM PRESENTATION TURNERS AUTOMOTIVE GROUP
Voting
Resolution: Proxies FORAGAINST
PROXY
DISCRETION
1. Auditor’s reappointment / remuneration25,548,120 122,0652,382,960
2. Re-election of Grant Baker19,679,6264,115,5222,299,329
3. Re-election of Todd Hunter25,736,33023,0742,293,240
Total proxies received in respect of 28,053,145shares representing 31.01% of total shares on issue.
Voting on each resolution will be by way of poll.

53 • 2025 ASM PRESENTATION TURNERS AUTOMOTIVE GROUP
Close of
meeting
53 • 2025 ASM PRESENTATION TURNERS AUTOMOTIVE GROUP