Turners 2025 Annual Meeting

TURNERS ANNUAL MEETING
21 August 2025

1. TITLE SLIDE
Good morning everyone.
My name is Grant Baker and I am the chairman of Turners Automotive Group.
Welcome and thanks for joining us at the 2025 annual meeting of shareholders of
Turners Automotive Group.
A few housekeeping matters before we begin...
In the case of a fire, please exit from the doors you came through head into the foyer
and down the escalators and the fire wardens will direct you from there.
Bathrooms are outside the room here on the right.
The Notice of Meeting and 2025 Annual Report, financial statements have been
circulated and made available to shareholders. And for those here in the room your
complimentary Tina Air Freshener should be on your seat.
A quorum is present and therefore I declare the meeting open.

2. BOARD OF DIRECTORS
Now I’d like to introduce my fellow directors - Matthew Harrison, Alistair Petrie, John
Roberts, Lauren Quaintance, Antony Vriens, Todd Hunter.
Also at the table with us is Aaron Saunders, the company’s CFO.
There are also a number of our senior managers and staff here today. Welcome to
you all.
Also in attendance today are the company’s auditors, Staples Rodway, legal advisors
Chapman Tripp and other advisors. Thank you to all these firms that provide valuable
services to Turners.

3. MEETING AGENDA
Today you’ll hear presentations from myself and Todd covering our business
direction, the opportunities available to us and the progress we are making.
Following the presentations, there will be an opportunity for discussion and any
questions you may have.
We’ll answer questions on the resolutions at the time they are proposed, and there
will be a further opportunity at the end of the meeting to ask any other general
questions about the company and our operations.

6. CHAIR’S ADDRESS – DELIVERING ON OUR PLAN
This is all sounding familiar...but FY25 has been another record result for the business
and importantly we continue to do what we say we will do.
Our business model is standing up to very challenging macro conditions, and our
Turners team continue to do an outstanding job and our confidence in the future
continues to build.

7. TURNERS CONTINUE TO BUILD A STRONG TRACK RECORD
We’ve shown this historic perspective before, and it is important to reflect on the
progress we’ve made.

Apart from Covid impacted FY20 we have delivered growth in every year over the last
11.

Our track record speaks for itself. For me as a substantial shareholder, this is a
fantastic outcome. The best news though, is that this is not a finished product, and
we remain very focused on our growth opportunities.


8. A RECORD RESULT AND POSITIONED FOR FUTURE GROWTH

FY25 is our fifth record result in a row, despite the very challenging macro
environment the business was operating within. It was certainly a year of two halves
as we will go into later.

Our team did a great job of reacting to the challenges, and they remained focused
and motivated. 3 out of our 4 business are materially ahead of the previous year, and
the other business had its second-best year ever.

The value of our diversified business and strong market position continues to be a
major strength.

9. FY24 RESULTS SNAPSHOT
I’m not going to spend time on the FY25 results as these have been well covered by
Aaron and Todd in May when we announced.

10.WE OPERATE TO A SIMPLE FORMULA
Again I feel like I repeat this every year but we operate this business to a simple
formula...these simple concepts do work very well for us.

11.FORMULA
If we provide a quality environment and conditions for our people, this will give us
the best chance of providing a quality experience for our customers, and this should
lead to quality outcomes for you, our shareholders.

I wanted to drill into each of the parts of the equation a little further.

12. FORMULA PROOF POINTS
Our strong culture is a huge strength and a big part of what makes us successful. Our
very high levels of employee engagement combined with our employee share scheme
ownership gives us one of Turners’ super powers. We’ve benchmarked our
engagement scores against some well known NZ companies and we stack up very
well.
We have over 53% of our team owning shares in Turners and we hope to see this
number closer to 60% after we launch the 2025 scheme shortly.
The combination of our highly engaged team, and great customer experiences
underpin the returns we can deliver to you (and me) as shareholders.

13. DIVIDEND GRAPH
I am rather fond of this graph not only as Chairman but as a substantial shareholder
in Turners as well. The Compound Annual Growth Rate is a pretty impressive 14%
over this 11 year period. Not many NZX companies can lay claim to that.
Shareholders should be very happy with their returns over the last 12 months as not
only have they received record levels of dividends but we have had a material uplift
in our share price as well.

14.POSITIONING OURSELVES FOR FUTURE GROWTH
We have talked previously about our level of confidence in our organic growth plan.
We are executing well and there is still plenty of runway for delivering on this plan.
I try and take a 100 year view on this company. Turners has been around since 1967
and we want to be making decisions now that position it for the next 50 years. We try
and bring a similar mindset to the team at Mainfreight...we are not into short term
value creation, we are highly motivated by long term value creation for all
shareholders

15. MY AUTO SHOP
Which leads me into MyAuto Shop or Turners Servicing and Repairs as it is now called.
We are mid-rebrand at the moment and are excited about the momentum we are
seeing.
We have started selling multi-year service plans through the Turners branch network
and are very pleased with the early take up of these.
We are also just about to launch a material marketing campaign in Auckland using
Tina and the Turners brand to create some awareness of the mobile service offering.
We believe this is a very good example of an investment that makes long term
strategic sense for the Turners Automotive Group of businesses. Vehicle repairs is a
big business in NZ and we want a big part of it.

17. NEW PROFIT TARGET
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. In what
were arguably conditions worse 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 those 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, and we believe we are on track to reach our FY28 targets earlier than
expected. There is a lot to feel good about.

18. KEY TAKEAWAYS
We are leveraging our scale to our advantage.
Our track record speaks for itself and there is more to come.
The business has stood up incredibly well to the challenges of the economy.
We have a special culture in the Turners business. Very customer focused, highly
engaged and with 53% of our team owning shares this only super charges the “care”
factor.
We have some big growth opportunities and everyone involved in this business is
aligned.

19. NEW TINA CAMPAIGN
I can’t finish this talk without mentioning Tina of course. Tina 2.0 dropped in April and
we have been running the song since then. We now have 3.3M views of the 60 second
ad on Youtube and 2.7M views of the 90 second version. It has been a phenomenal
success which often doesn’t happen with updated ads. We have spent a material
amount more in media spend over April/May as well as June which has no doubt
helped contribute to us knocking ANZ and ASB off their top spot for the first time since
Dec-23 as NZ’s favourite ad. And the good news is that we have more Tina content to
come out over the next couple of years.
Before I hand over to Todd I’d like to acknowledge the efforts of our team, from our
Board of Directors, through to our operational teams who deliver day in day out for
our customers, and for our shareholders. This group of people have been totally
committed, are always prepared to go above and beyond. We are very lucky to have
such a talented and hard-working group of people in this business. I will now hand
over to Todd.
[HAND OVER TO TODD]

20.CEO’S PRESENTATION
Good morning everyone great to be with you all! Let me kick things off with a few
slides about what we are seeing in the used car market.

21.USED CAR MARKET DEMONSTRATING RESILIENCE
Pleased to be in the used car market and not in the new car market. As you can see
from this graph used cars are very resilient category in NZ. Although people are
spending less on cars there are still large numbers of used cars changing hands in NZ.
Overall used car volumes April to August this year are tracking around 3% ahead of
the same period in 2024. However, with continued pressure on household budgets
we are still seeing demand for lower value cars at the expense of higher value cars.
This will revert as the economy improves.

22.DEALER NUMBERS
The overall trend is clear in that there are significantly less registered dealers now
than there were 5 years ago. There tends to be a reasonable correlation between
dealer numbers and used imports coming into the country and it is getting
increasingly difficult to make used imports work either because of government
regulation or international competition for these cars. Our expectation is that these
dealer numbers will continue to drop and that ultimately scale operators will
dominate.

23.BUSINESS DIVISIONS

25.AUTO RETAIL
Our Turners brand is strong, we have continued to improve the way we source
vehicles, we continue to speed up our operations to give us agility.
Auto Retail revenue and profit wee ere down for the year, reflecting NZ’s economic
downturn and a tough consumer environment. After a very tough first half last year
we saw margins and volumes improve in the second half, supported by disciplined
pricing, a shift to a higher proportion of domestic sourcing and repositioning

inventory to lower priced cars. This is the 2nd highest operating profit contribution
from the Auto Retsil division just to put this result into some perspective.

26.BRANCH EXPANSION
We have delivered on 2 new commercial branches and 4 new Car branches in the last
12 months or so. Our proprety team and operational teams have been very busy.
They have done a greta job of delivering these projects and have demonstrated we
have some real capacity and capability to manage multiple projects at once if we need
to.
Our focus now shifts to new opportunities. We have a number of live offers we are
either negotiating on or completing due diligence on plus a number of new targets.
We are confident our expansion pipeline will fill nicely.


28. PROPERTY UPDATE
I did want to show you the newest branches in the network. Invercargill we have
gone from a 2,000m2 site to a 5,500m2 site and the move has delivered a significant
uplift in trading.
We have also brought our new Christchurch branches on stream progressively from
April through to July. This is where we have gone from 1 super sized site in Chc to
three spread around the city.
Here are a couple of short clips to give you a sense for the look and feel of these
new sites.
Again early trading results are looking very promising.

33.FINANCE
Finance has been a very strong performer for us in FY25. We have continued to
maintain our discipline around credit quality and seen further improvements in
overall lending quality metrics.

The ledger’s weighted average interest rate is up and loan arrears continue to perform
materially better than the market average.

35.LOAN BOOK GROWH
After a significant period of low or no growth, we have seen a good lift in loan
origination with the loan book growing 5% in the in the first 4 months of the year.

36.QUALITY OF FINANCE
Being focused on the quality end of the market remains core to our strategy. And as
you can see with the average credit scores of loans originated continue to increase.
Premium (super prime) borrowers make up over 56% of the loan book. In more recent
months premium borrower lending has been at more than 60% of new originations.

37.QUALITY LENDING STRATEGY
It is no surprise that with our focus on bringing better quality borrowers into the loan
book our arrears levels have outperformed the broader market.
We also continue to carry an additional economic uncertainty provision buffer of $2M
over and above BAU arrears provisioning.

39.INSURANCE RETURNS IMPROVING
Insurance has had strong GWP growth across all insurance portfolios with key
distribution partnerships continuing to deliver significant value (large dealer and
finance broker partnerships)
Our comprehensive Motor Insurance portfolio (underwritten by Suncorp NZ) has
increased by +25% over FY24, and we have launched our new digital platform
launched, enhancing our direct-to-consumer capabilities including NZ AA Digital
Partnership successfully launched and showing promising early performance

40.INSURANCE RETURNS IMPROVING
Claims ratios have come down in the last year reflecting our effective claims
management and pricing alignment. Our focus on continuous risk pricing
enhancements are helping manage loss ratios effectively. We have moved from
effectively 6 risk categories in FY24 to 14 risk categories in FY25 which is allowing us
to price our risk much more accurately.

42.CREDIT MANAGEMENT
In Credit Management we continue to see the business rebuild from the low point in
2023. Revenue is up 5% and profit is up 11%. We have continued to see debt load
building in-line with a tightening economy particularly in SMEs, but also seeing it
come through in corporate load as well now.
We have recently onboarded a major new corporate customer and are seeing a
material increase in the “first referrer” debt we get from some of our corporate
customers. We expect to see EC Credit benefit from the “tail winds” of a struggling
economy for at least another 2-3 years.

43.CENTRIX DATA
This is data from credit bureau Centrix. NZ credit metrics continue to perform at the
worst levels seen in the last 8 years. There are no real signs of improvement in these
numbers. We expect debt load levels to increase as a result.

44.FUNDING
Key message around funding is that our banks are being very supportive. We have
funding capacity in place to support current committed branch expansion plans and
to support Oxford lending over the next 12 months.

52. SEGMENT OUTLOOK
We have seen a change in mix between consignment cars and owned cars in 1H with
our lease volumes down as a result of many customers extending leases we have been
able to make up for this drop by purchasing more cars. We have also seen some profit
impact of Christchurch transition in Q1, and we have absorbed the additional cost of
the new Tina campaign in 1H of $600k additional media spend.
However we expect 2H26 to deliver stronger vehicle margins and volumes as overall
demand improves as the economy recovers and we will see positive impact from the
Tina investment and benefits of new Christchurch branch footprint.

In Finance we will be maintaining our credit discipline. This is a non-negotiable for us.
And we expect solid book growth for FY26 at stable margins.
In Insurance our Earned premium is holding up very well and claims ratios are stable.
We are expecting to see traction in our digital sales.
And finally in Credit Management our payment bank is rebuilding as debt load
increases from the tightening economic conditions and the resultant impact on
consumer arrears.

53. OUTLOOK
The economy is still patchy and we have certainly seen consumer confidence
deteriorate since Liberation Day. With Interest rates still restrictive and
unemployment increasing, we think the economy is still bouncing along the bottom.
Despite these challenges we are still expecting a record first half performance, and
we are guiding HY26 NPBT to be at least 10% ahead. We should be operating in a
more positive environment in H2 with the RBNZ dropping rates further.
Still on track to achieve our mid-term target of $65M NPBT in FY28 early. I will now
hand back to Grant for discussion in relation to the annual report or today’s
presentations.

[HAND BACK TO GRANT]

54.SHAREHOLDER DISCUSSION
Are the any questions on the presentation or results?
There will be an opportunity to ask questions about each resolution as they are put
to shareholders to vote.
If you have a question please feel free to direct it to any one of the panel up here.
Could you clearly state your name if you are a shareholder, or, if you are a proxy
holder or corporate representative, please state the interest you represent.

55.RESOLUTIONS
I would now like to move to the resolutions before the meeting. These were notified
in the Notice of Meeting and explanatory notes have been provided.
Voting on each of the resolutions in the Notice of meeting will be by way of poll.
Baker Tilly Staples Rodway, the company’s auditors, will act as scrutineers.
Please use the voting paper you used in the mail or were given when you registered
for this meeting,
If you do not have a voting paper, you will be able to request one from scrutineers
when the voting takes place.
Only shareholders, proxy holders or corporate representatives of a shareholder may
vote on today’s resolutions.

56.RESOLUTIONS
Resolution 1
The first resolution is to record the re-appointment of Staples Rodway as auditors of
the Company and authorise the directors to fix the auditor’s remuneration.
Are there any matters for discussion or questions from the floor?

I would like to move this motion. Do I have a seconder? Thank you.

Resolutions 2, 3 and 4: Re-election of Directors
The next two resolutions are in regards to director elections for myself and Todd
Hunter.
I’ll invite John Roberts up to talk through the resolution for my own re-election.
[John to address meeting]
We believe that having Directors with relevant industry, commercial and governance
skills is essential for the continuing success of the Turners’ group. Diversity of thought
in particular and broader commercial acumen, are also taken into consideration by
the Board when reviewing Board positions.
We currently have Directors with hands on experience in the finance, insurance and
debt management sectors as well as Directors with expertise in governance and very
diverse experience and entrepreneurial skills in sales, digital marketing and
communications and business growth.
I will ask Grant to come up and address the meeting in support of his election.
[Grant to address meeting and then hand back to John]
OK thanks for that everyone we will now deal with the specific resolution...
Resolution 2 is in relation to the re-election of Grant Baker who retires by rotation
and has offered himself for re-election. Are there any questions?
I would like to move this motion. Do I have a seconder? Thank you.
Thanks everyone I will now hand back to Grant.
[handback to Grant]
Ok now on to Resolution 3 which is in relation to the re-election of Todd Hunter who
retires by rotation and has offered himself for re-election.

I thought it would be useful to give a little background to Todd’s appointment to the
Board in May of this year. One of the reasons Turners has been successful has been
due to the continuity of management and board and ensuring there is internal
succession if it makes sense.
Todd’s appointment reflects Turners' ongoing commitment to strong governance and
alignment between management and shareholders, and particularly with a view to
succession and continuity plans for the board.
I’ll invite Todd to address the meeting now in support of his re-election.
[Todd to address meeting and then hand back to Grant]

OK thanks for that Todd, we will now deal with the specific resolutions...
Resolution 3 is in relation to the re-election of Todd Hunter who retires by rotation
and has offered himself for re-election. Are there any questions?
I would like to move this motion. Do I have a seconder? Thank you.

57. VOTING
Many shareholders, who are not attending this meeting have voted by proxy.
I wish to advise that proxies have been received for 28,053,145 shares representing
31.01% of total shares on issue.
Please complete your voting paper by ticking “FOR”, “AGAINST” , or “ABSTAIN” in the
appropriate place on the form and ensure you have signed the form. Please do not
tick the “DISCRETION” box.
If you have any difficulty, or do not have a voting paper, please raise your hand and
someone will assist you.
Once everyone has finished voting, scrutineers will collect the voting papers.
[3 minute pause]
Scrutineers will now collect the voting papers. Could shareholders please pass their
voting papers to the scrutineers?
The results of today’s voting will be posted to the NZX as soon as possible.

58.OTHER BUSINESS AND CLOSE OF MEETING
That brings the formal part of the meeting to a close.
Is there any other business shareholders would like to discuss in regards to today’s
presentations or Turners’ progress?
I therefore call the 2025 annual meeting of shareholders closed.
Thank you all for your attendance today.
I would like to invite you to join Board and management for refreshments.