Turners Maintains Momentum - Record First Half Performance

20 November 2025

Turners Maintains Momentum with Record First Half Performance
Turners Automotive Group (NZX: TRA) has again demonstrated its ability to perform in a
challenging market, delivering a record first-half result, despite subdued consumer conditions.
The diversified and resilient business model continues to generate sustainable growth and
strong shareholder returns.
Turners has continued to make progress and grow profits in each core businesses. While the
broader economy shows tentative signs of recovery, Turners’ deliberate strategy and capital
discipline position it to drive further growth across its core divisions through FY26.

Key Financial Highlights (HY26 vs HY25):
• Revenue: $219.0m, +5%
• EBIT¹: $34.1m, +10%
• NPBT: $30.4m, +13%
• NPAT: $21.9m, +13%
• Earnings per share (EPS): 24.2 cps, +11%
• Interim dividend declared: 8.0 cps, fully imputed

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

Key Business Highlights:
• Auto Retail: Significant uplift in brand marketing spend with launch of Tina2.0 brand
campaign. Drove margin growth on owned stock and improved operational efficiency
despite patchy demand. Inventory sourcing remains challenging, but margins
benefited from disciplined buying and tighter inventory management.
• Finance: Biggest growth engine during the half, with 18% YoY profit growth. Loan book
grew 13%, supported by strong origination and improving credit quality. Net interest
margin remained stable, aided by easing funding rates.
• Insurance: Solid growth continues. Continued premium growth (+10%), underpinned
by partnerships with NZ AA and Vero. Claims ratios stable, reflecting effective risk
pricing.
• Servicing and Repairs: Rebranded to Turners Servicing & Repairs, leveraging strong
brand recognition. Expansion continues with new VTNZ partnerships.
• Credit Management: Corporate debt load down and lower than expected. Consumers
finding it harder to consistently meet payment arrangements reflecting the weaker
economic environment.

The first half result reflects the broader dynamics of the used vehicle market, which continues
to show resilience despite significant structural change. Registered dealer numbers have fallen
to their lowest level since 2012, highlighting ongoing consolidation and pressure across the
sector. Transaction volumes have stabilised and are beginning to recover, although vehicle
supply remains constrained and sourcing stock continues to be challenging.
Against this backdrop, Turners’ scale, brand strength, and diversified business model have
again proven to be key competitive advantages, enabling the Group to expand margins in Auto
Retail, grow its Finance and Insurance portfolios, and maintain steady overall performance
during a period when more industry participants left the market.
Recognising this shifting environment, the Board and management are prioritising capital
efficiency and disciplined allocation to ensure the business remains agile and focused on the
highest-returning opportunities. The recently completed $200 million securitisation term-out
has improved funding costs and reduced capital requirements, further strengthening the
balance sheet. A deeper capital management framework is being developed across the
business, optimising finance structures, reallocating surplus capital from low-return areas, and
driving targeted growth in Auto Retail and Finance.
These initiatives, supported by a strong culture and engaged workforce with 67% of the team
participating in the employee share scheme, position Turners well to capture further upside
as market conditions improve.

Financial Performance
Group Revenue rose 5% to $219 million, with growth across Auto Retail, Finance, and
Insurance more than offsetting softness in Credit Management. EBIT increased 10% to $34.1
million, reflecting stronger divisional performance, improved vehicle margins, and continued
cost discipline. NPBT grew 13% to $30.4 million, while NPAT lifted 13% to $21.9 million.
Turners is able to deliver reliable profit growth through operational leverage and
diversification.
Cash generation was strong, and Turners continues to fund growth initiatives from internal
resources. The Board declared a fully imputed interim dividend of 8.0 cps, maintaining its
policy of paying out 60–70% of NPAT.
Chairman Grant Baker said: “Delivering record profit in a challenging economic environment
is a significant achievement. It reflects the strength of our diversified model and disciplined
execution across every part of the business. Turners continues to grow shareholder returns
while investing for the future, and our balance sheet gives us the flexibility to keep building
on this momentum. With a track record of growing dividends for more than a decade, Turners’
blend of consistent performance, prudent funding, and strong cash returns continues to
deliver enduring value for shareholders.”

Outlook for FY26
The two-speed economy is expected to persist into calendar year 2026, bringing some
uncertainty around the pace of recovery in consumer demand and the broader economic
rebuild. Despite this backdrop, Turners remains well positioned, with its diversified model and
focussed management approach providing continued stability and earnings momentum. The
Group is on track to deliver another record full-year result, with NPBT forecast around $60
million, supported by solid operational performance and further gains in capital efficiency.
Turners is focussed on predictable, sustainable returns for all shareholders. Inline with
dividend policy, $60m NPBT could result in a full year dividend of at least 32 cps (which
compares to 29 cps last year, and 20 cps five years ago).
Across the business, growth opportunities continue to build. In Auto Retail, branch expansion
and a recovering lease market are expected to lift volumes, with improving vehicle pricing
likely to support margins as the economy strengthens. Finance remains focused on growing
the loan book whilst maintaining credit quality, benefitting from lower funding costs and
improved interest margins. Insurance continues to perform well, with stable claims ratios and
incremental contribution from new distribution channels and direct digital sales. Credit
Management’s contribution is expected to remain negligible, with repayment capacity
remaining constrained. As a result, the carrying value of the business will be reviewed at year
end based on 2H performance and outlook.
Group CEO Todd Hunter commented: “Our business has performed exceptionally well through
the first half. We’ve strengthened every part of our model, from sourcing and lending quality
to capital efficiency. As the economy starts to recover, Turners is well positioned to deliver
further record years, underpinned by our brand strength, motivated team, and reliable
execution.”

Note – Management will be holding an investor day in mid-March 2026.

ENDS
Contacts:
Todd Hunter, Group CEO – +64 21 722 818 | todd.hunter@turners.co.nz
Aaron Saunders, Group CFO – +64 27 493 8794 | aaron.saunders@turners.co.nz

---

1




Results
announcement


Results for announcement to the market
Name of issuer Turners Automotive Group Limited
Report period 6 months to 30 September 2025
Previous reporting period 6 months to 30 September 2024
Currency NZD
Amount (000s) Percentage change
Revenue from continuing operations $218,275 5%
Total revenue $218,972 5%
Net profit from continuing operations $21,856 13%
Total net profit $18,846
Interim dividend
Amount per quoted equity security $0.08000000
Imputed amount per quoted security $0.03111111
Record date
12 January 2026
Dividend payment date
29 January 2026

Interim dividend Current period Prior comparable period
Net tangible assets per quoted
security $1.75 $1.57
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
announcement Todd Hunter
Contact phone number 021 722 818
Contact email address Todd.Hunter@turners.co.nz
Date of release through MAP
20 November 2025


Unaudited financial statements accompany this announcement

Turners Automotive Group Limited
Condensed consolidated statement of comprehensive income
for the six months ended 30 September 2025

2



Six months Six months Year

ended ended ended

30/09/2025 30/09/2024 31/03/2025

Unaudited Unaudited Audited
Notes $’000 $’000 $’000


Revenue

4 218,275 207,324 412,904
Other income

4 697 435 1,263

Cost of goods sold

(87,839) (84,021) (167,501)
Interest expense

(13,689) (13,957) (27,451)
Impairment provision expense

4 (1,962) (1,615) (4,649)
Subcontracted services expense

(9,538) (8,950) (15,757)
Employee benefits

(35,917) (34,572) (68,065)
Commission

(6,621) (5,284) (10,817)
Advertising expense

(3,571) (2,794) (6,408)
Depreciation and amortisation expense

4 (5,793) (5,719) (11,651)
Systems maintenance

(2,661) (2,706) (5,517)
Claims

(11,342) (11,031) (21,231)
Other expenses

(9,537) (10,177) (20,654)
Profit before share of equity accounted loss 30,502 26,933 54,466
Share of loss of equity-accounted investee, net of tax

(99) - (192)
Profit before taxation 30,403 26,933 54,274
Taxation expense

(8,547) (7,633) (15,687)
Profit for the period 21,856 19,300 38,587

Other comprehensive income/(loss) for the year (which may subsequently be
reclassified to profit/loss), net of tax

Cash flow hedges

(2,991) (5,286) (5,444)
Revaluation of financial assets at fair value through OCI

- (157) (157)
Foreign currency translation differences

(19) - (7)
Total other comprehensive income/(loss) (3,010) (5,443) (5,608)

Total comprehensive income for the period 18,846 13,857 32,979


Earnings per share (cents per share)

Basic earnings per share

7.2 24.23 21.79 43.37

Diluted earnings per share

7.2 24.20 21.72 43.32

Turners Automotive Group Limited
Condensed consolidated statement of changes in equity
for the six months ended 30 September 2025

3



Share capital
Share
options
Translation
reserve
Revaluation
of financial
assets at FV
though OCI
Cash flow
hedge
reserve
Retained
earnings Total
Notes $’000 $’000 $’000 $’000 $’000 $’000 $’000
Balance at 31 March 2024 (audited)

213,222 243 (18) (1,249) 1,774 64,252 278,224

Transactions with shareholders in their capacity as owners

Dividend reinvestment plan 7.1 1,594 - - - - - 1,594
Employee share-based payments 7.1 701 (66) - - - - 635
Dividend paid 7.3 - - - - - (6,634) (6,634)
Total transactions with shareholders in their capacity as owners 2,295 (66) - - - (6,634) (4,405)
Comprehensive income

Profit

- - - - - 19,300 19,300
Other comprehensive income/(loss)

- - - (157) (5,286) - (5,443)
Total comprehensive income for the year, net of tax - - - (157) (5,286) 19,300 13,857
Balance at 30 September 2024 (unaudited) 215,517 177 (18) (1,406) (3,512) 76,918 287,676
Transactions with shareholders in their capacity as owners

Dividend reinvestment plan 7.1 2,924 - - - - - 2,924
Employee share-based payments 7.1 473 (115) - - - - 358
Dividend paid 7.3 - - - - - (11,587) (11,587)
Total transactions with shareholders in their capacity as owners 3,397 (115) - - - (11,587) (8,305)
Comprehensive income

Profit

- - -

- 19,287 19,287
Other comprehensive income/(loss)

- - (7) - (158) - (165)
Total comprehensive income for the year, net of tax - - (7) - (158) 19,287 19,122

Balance at 31 March 2025 (audited) 218,914 62 (25) (1,406) (3,670) 84,618 298,493

Transactions with shareholders in their capacity as owners

Dividend reinvestment plan 7.1 3,186 - - - - - 3,186
Employee share-based payments 7.1 100 - - - - - 100
Dividend paid 7.3 - - - - - (14,466) (14,466)
Total transactions with shareholders in their capacity as owners 3,286 - - - - (14,466) (11,180)
Comprehensive income

Profit

- - -

- 21,856 21,856
Other comprehensive income/(loss)

- - (19) - (2,991) - (3,010)
Total comprehensive income for the year, net of tax - - (19) - (2,991) 21,856 18,846

Balance at 30 September 2025 (unaudited) 222,200 62 (44) (1,406) (6,661) 92,008 306,159

Turners Automotive Group Limited
Condensed consolidated statement of financial position
as at 30 September 2025
4


30/09/2025 30/09/2024 31/03/2025

Unaudited Unaudited Audited
Notes $’000 $’000 $’000
Assets

Cash and cash equivalents

8 20,395 16,680 22,039
Financial assets at fair value through profit or loss

- Insurance

85,545 72,694 79,156
- Other

307 75 307
Trade receivables

7,830 6,874 7,533
Inventories

19,138 16,115 22,189
Finance receivables

5 492,878 430,852 447,218
Other receivables, deferred expenses and contract assets

14,294 13,317 13,983
Financial assets at fair value through OCI

1,000 1,000 1,000
Reverse annuity mortgages

1,548 1,351 1,429
Property, plant and equipment

142,903 130,271 137,715
Right-of-use assets

18,584 19,885 18,720
Investment in associate

3,184 3,350 3,158
Intangible assets

163,056 163,059 163,325
Total assets 970,662 875,523 917,772

Liabilities

Other payables

49,064 47,443 56,001
Contract liabilities

1,003 972 967
Tax payables

1,987 3,186 7,004
Deferred tax

15,469 14,808 14,493
Derivative financial instruments

6,652 3,507 3,673
Borrowings

6 496,962 425,574 446,059
Lease liabilities

22,137 23,851 22,120
Life investment contract liabilities

7,469 7,361 7,062
Insurance contract liabilities

63,760 61,145 61,900
Total liabilities 664,503 587,847 619,279

Shareholders’ equity

Share capital

7.1 222,200 215,517 218,914
Other reserves

(8,049) (4,759) (5,039)
Retained earnings

92,008 76,918 84,618
Total shareholders’ equity 306,159 287,676 298,493
Total shareholders’ equity and liabilities 970,662 875,523 917,772

Total assets per share ($)

10.73 9.84 10.21

Net tangible assets per share ($)

1.75 1.57 1.66

Turners Automotive Group Limited
Condensed consolidated statement of cash flows
for the six months ended 30 September 2025

5


Six months Six months Year

ended ended ended

30/09/2025 30/09/2024 31/03/2025

Unaudited Unaudited Audited
Notes $’000 $’000 $’000

Cash flows from operating activities

Interest received

35,185 31,478 62,809
Receipts from customers

184,456 176,623 351,345
Interest paid - borrowings

(14,242) (13,558) (25,819)
Interest paid - lease liabilities

(693) (728) (1,451)
Payment to suppliers and employees

(172,714) (153,141) (310,506)
Income tax paid

(12,810) (9,890) (14,596)
Net cash outflow from operating activities before changes in operating assets
and liabilities 19,182 30,784 61,782


Net increase in finance receivables

(44,208) (2,215) (20,062)
Net decrease in reverse annuity mortgages

- 1,235 1,237
Net increase of financial assets at fair value through profit or loss

(5,757) (2,917) (9,737)
Net (withdrawals)/contributions from life investment contracts

(94) 36 (21)
Changes in operating assets and liabilities arising from cash flow movements (50,059) (3,861) (28,583)

Net cash (outflow)/inflow from operating activities

2 (30,877) 26,923 33,199

Cash flows from investing activities

Proceeds from sale of property, plant, equipment and intangibles

2,969 2,456 6,456
Purchase of property, plant, equipment and intangibles

(9,455) (18,403) (32,136)
Purchase of investments

(125) (4,350) (4,350)
Net cash inflow/(outflow) from investing activities (6,611) (20,297) (30,030)

Cash flows from financing activities

Net bank loan advances

72,492 16,630 50,760
Net non-bank loan repayments

(21,589) (16,374) (30,019)
Principal elements of lease payments

(3,931) (3,217) (6,676)
Proceeds from the issue of shares

100 534 985
Dividend paid

(11,228) (5,042) (13,703)
Net cash inflow/(outflow) from financing activities 35,844 (7,469) 1,347

Net movement in cash and cash equivalents

(1,644) (843) 4,516
Add opening cash and cash equivalents

22,039 17,523 17,523
Closing cash and cash equivalents 20,395 16,680 22,039

Represented By:

Cash at bank

8 20,395 16,680 22,039

Closing cash and cash equivalents 20,395 16,680 22,039

Turners Automotive Group Limited
Notes to the condensed financial statements
for the six months ended 30 September 2025

6

1. Accounting policies and significant judgement, estimates and assumptions
The same accounting policies included in the Group’s Annual Report for the year ended 31 March 2025 have been applied when preparing
these consolidated condensed financial statements.

These consolidated condensed financial statements have been prepared in accordance with Generally Accepted Accounting Practice in
New Zealand ('NZ GAAP'). They comply with New Zealand equivalents to International Accounting Standard 34 Interim Financial reporting
('NZ IAS 34') and International Accounting Standard 34 Interim Financial Reporting ('IAS 34'). The Group is a Tier 1 for-profit entity in
accordance with XRB A1 Application of the Accounting Standards Framework.

The same significant judgments, estimates and assumptions (including basis of segmentation and the fair value measurement) included
in the notes to the financial statements in the Group's Annual Report for the year to 31 March 2025 have been applied to these financial
statements. The business does not experience notable seasonal variations. There has been no change to the basis of segmentation from
that applied at 31 March 2025.

2. Cash flow reconciliation
Reconciliation of net surplus with cash flows from operating activities

Six months Six months Year

ended ended ended

30/09/2025 30/09/2024 31/03/2025

Unaudited Unaudited Audited
$’000 $’000 $’000
Reconciliation of net surplus with cash flows from operating activities


Profit for the year

21,856 19,300 38,587

Adjustment for non-cash and other items

Impairment charge on finance receivables, reverse annuity mortgages and other
receivables 1,962 1,613 4,649
Net profit on sale fixed assets

(647) (136) (539)
Depreciation and amortisation

5,795 5,719 11,651
Capitalised bank interest

(229) (422) (761)
Capitalised reverse annuity mortgage interest

(79) (97) (177)
Deferred revenues

2,252 1,140 2,522
Fair value adjustments on assets/liabilities at fair value through profit and loss (651) (294) (200)
Net annuity and premium change to policyholders' accounts

568 205 28
Non-cash adjustments to finance receivables effective interest rates

- - (46)
Deferred expenses

(3,791) (233) (2,288)

Adjustment for movements in working capital

Net increase receivables and pre-payments

(832) (1,446) (767)
Net decrease in inventories

3,050 8,936 2,863
Net decrease in investment in associate

99 - 192
Net (decrease)/increase in payables

(5,949) (919) 5,842
Net increase/(decrease) in contract liabilities

36 (325) (1,008)
Net increase in finance receivables

(44,208) (2,215) (20,062)
Net decrease in reverse annuity mortgages

- 1,235 1,237
Net increase of insurance assets at fair value through profit or loss

(5,757) (2,917) (9,737)
Net withdrawals from life investment contracts

(94) 36 (21)
Net increase/(decrease) in deferred tax liability

761 (261) (669)
Net (decrease)/ increase in tax payable

(5,019) (1,996) 1,903
Cash flows from operating activities (30,877) 26,923 33,199

Turners Automotive Group Limited
Notes to the condensed financial statements
for the six months ended 30 September 2025

7

3. Segment information
Five reportable segments have been identified as follows:
 Auto retail - remarketing (motor vehicles, trucks, heavy machinery and commercial goods) and purchasing goods for sale.
 Finance - provides finance to consumers and SME's.
 Insurance - marketing and administration of a range of life and consumer insurance products.
 Credit management - collection services, credit management and debt recovery services to the corporate and SME sectors. Geographically the collections services segment business
activities are in New Zealand and Australia.
 Corporate & other - corporate centre.

3.1 Operating Segments

Revenue Total Inter-segment Customer Total
Inter-
segment Customer Total
Inter-
segment Customer

30/09/2025 30/09/2025 30/09/2025 30/09/2024 30/09/2024 30/09/2024 31/03/2025 31/03/2025 31/03/2025

Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Audited Audited Audited
$'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000
Automotive retail 155,384 (2,742) 152,642 147,094 (799) 145,068 290,166 (2,299) 287,867
Finance 36,965 - 36,965 33,560 - 33,560 68,312 - 68,312
Insurance 25,566 (849) 24,717 24,539 (868) 23,671 49,260 (1,714) 47,546
Credit management 4,629 - 4,629 5,368 - 5,368 10,291 - 10,291
Corporate & other 19 - 19 92 - 92 151 - 151
222,563 (3,591) 218,972 210,653 (1,667) 207,759 418,180 (4,013) 414,167

Operating profit

30/09/2025 30/09/2024 31/03/2025

Unaudited Unaudited Audited
$'000 $'000 $'000
Automotive retail

15,995 14,694 29,124
Finance

9,500 8,081 16,009
Insurance

8,405 7,739 16,167
Credit management

1,061 1,823 3,454
Corporate & other (4,459) (5,404) (10,288)
Profit before share of equity accounted profit/(loss)

30,502 26,933 54,466
Share of loss of equity-accounted investee, net of tax (99) - (192)
Profit before taxation

30,403 26,933 54,274
Income tax

(8,547) (7,633) (15,687)
Profit attributable to shareholders 21,856 19,300 38,587

Turners Automotive Group Limited
Notes to the condensed financial statements
for the six months ended 30 September 2025

8


Interest revenue Interest expense Depreciation and amortisation expenses

30/09/2025 30/09/2024 31/03/2025 30/09/2025 30/09/2024 31/03/2025 30/09/2025 30/09/2024 31/03/2025

Unaudited Unaudited Audited Unaudited Unaudited Audited Unaudited Unaudited Audited
$'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000
Automotive retail 240 273 668 (2,079) (1,806) (3,482) (4,734) (4,632) (9,510)
Finance 32,511 29,385 59,704 (9,936) (9,923) (19,659) (401) (423) (824)
Insurance 2,139 1,990 4,033 (13) (20) (37) (483) (476) (950)
Credit management 25 25 59 (18) (17) (37) (99) (103) (202)
Corporate & other 19 66 87 (1,695) (2,253) (4,469) (76) (85) (165)

34,934 31,739 64,551 (13,741) (14,019) (27,684) (5,793) (5,719) (11,651)
Eliminations (52) (62) (233) 52 62 233 - - -
34,882 31,677 64,318 (13,689) (13,957) (27,451) (5,793) (5,719) (11,651)

Other material non-cash items

30/09/2025 30/09/2024 31/03/2025

Unaudited Unaudited Audited
$'000 $'000 $'000
Finance - impairment provisions (2,002) (1,615) (4,649)


3.2 Segment assets and liabilities

Assets

Liabilities

30/09/2025 30/09/2024 31/03/2025 30/09/2025 30/09/2024 31/03/2025

Unaudited Unaudited Audited Unaudited Unaudited Audited
$'000 $'000 $'000 $'000 $'000 $'000
Automotive retail

188,376 160,584 190,668 165,392 138,647 169,220
Finance

512,723 457,237 475,283 412,980 352,568 365,351
Insurance

166,520 152,004 159,184 83,574 80,271 82,343
Credit management

27,760 37,337 27,362 2,189 3,737 2,536
Corporate & other 299,205 260,354 275,056 106,662 89,388 100,506

1,194,584 1,067,516 1,127,553 770,797 664,611 719,956
Eliminations

(223,922) (191,993) (209,781) (106,294) (76,764) (100,677)
970,662 875,523 917,772 664,503 587,847 619,279

Turners Automotive Group Limited
Notes to the condensed financial statements
for six months ended 30 September 2025

9

4. Revenue and expenses

Six months Six months Year

ended ended ended

30/09/2025 30/09/2024 31/03/2025

Unaudited Unaudited Audited
$’000 $’000 $’000
Revenue from continuing operations includes:

Interest income

34,882 31,677 64,318
Sales of goods

107,569 100,614 202,268
Commission and other sales revenue

47,389 46,795 90,333
Loan fee income

1,527 1,382 2,772
Insurance and life investment contract income

20,434 19,715 39,725
Collection income

4,604 5,343 10,233
Bad debts recovered

914 956 1,636
Reinsurance recoveries

836 719 1,374
Other revenue

120 123 245
218,275 207,324 412,904

Other income comprises:

Gain on sale of property, plant and equipment

647 264 570
Rental income

38 148 201
Other

12 23 492
697 435 1,263

Revenue from contracts with customers

Over time

Auto retail

Commission and other sales revenue

10,686 10,135 21,169
Finance

Other sales revenue 2,013 1,837 3,771

At a point in time

Auto retail

Sales of goods

107,569 100,614 202,268
Auction commissions

33,534 33,699 63,225
Credit management

Collection income

4,604 5,043 9,863
Voucher income

- 300 370
Insurance

Motor vehicle insurance commissions 1,156 1,124 2,168

Movement in impairment provisions

Provisions for:

Specific impaired finance receivables

111 311 601
Collective impairment provision for finance receivables

2,307 1,340 4,160
Movement in economic overlay provision

(518) (196) (396)
Collective impairment on reverse annuity mortgages

(40) - -
Finance receivables bad debts written off

102 160 284
Movement 1,962 1,615 4,649

Turners Automotive Group Limited
Notes to the condensed financial statements
for six months ended 30 September 2025

10


Six months Six months Year

ended ended ended

30/09/2025 30/09/2024 31/03/2025

Unaudited Unaudited Audited
$’000 $’000 $’000
Depreciation

- Buildings

303 211 466
- Plant, equipment & motor vehicles

443 726 1,239
- Leasehold improvements, furniture, fittings & office equipment

447 472 996
- Computer equipment

394 436 878
- Signs & flags

118 80 165

Amortisation of right-of-use asset

3,369 3,116 6,563

Intangible amortisation

- Amortisation of software

459 418 824
- Amortisation of customer relationships

260 260 520
5,793 5,719 11,651

5. Finance receivables

Securitisation
The Group has Trusts under which it securitises finance receivables. The Trusts are special purpose entities set up solely for the purpose
of purchasing finance receivables originated by the finance sector. The New Zealand Guardian Trust Company Limited has been
appointed Trustee and NZGT Security Trustee Limited as the security trustee for the Trusts. The Group is the sole beneficiary of the
Trusts.

The Group has power over the Trusts, exposure, or rights, to variable returns from its involvement with the Trusts and the ability to use
its power over the Trusts to affect the amount of the Group's returns from the Trusts. Consequently, the Group controls the Trusts and
has consolidated the Trusts into the Group's financial statements.

The Group retains substantially all the risks and rewards relating to the finance receivables sold and therefore the finance receivables do
not qualify for derecognition and remain on the Group's consolidated statement of financial position.

Turners Marque Warehouse Trust 1 (the Trust)
The Trust has a wholesale funding facility with the Bank of New Zealand (BNZ) which is secured by finance receivables sold to the Trust.
The facility is $377m and with a 1-year term that will be renewed annually. BNZ fund up to 92% (30 September 2024 & 31 March 2025:
90%) of the purchase price of the finance receivables with the balance funded by sub-ordinated notes from the Group.

During the reporting period the Trust purchased $138.1m finance receivables from the finance sector (30 September 2024: $105.6m; 31
March 2025: $218.4m) and $23.0m loans from the Turners Marque ABS 2023-1 Trust. As at 30 September 2025 the carrying value of
finance receivables in the Trust was $392.8m (30 September 2024: $307.4m; 31 March 2025: $332.8m).

Turners Marque ABS 2023-1 Trust (the 2023-1 Trust)
During the 2024 financial year, the Group established the 2013-1 Trust, a closed pool trust that acquired $100 million of receivables from
the Trust. The acquisition was funded through the issuance of $100 million in notes. In September 2025, the 2013-1 Trust sold all its
financial receivables back to the Trust and fully repaid the outstanding notes. Consequently, as at 30 September 2025, the carrying value
of finance receivables held by the 2013-1 Trust was $nil (30 September 2024: $52.1 million; 31 March 2025: $34.8 million).


30/09/2025 30/09/2024 31/03/2025

Unaudited Unaudited Audited
$’000 $’000 $’000
Gross finance receivables

485,919 429,221 444,507
Deferred fee revenue and commission expenses

14,545 10,120 11,325
Impairment provisions

(6,190) (6,375) (6,700)
Economic overlay provision

(1,396) (2,114) (1,914)
492,878 430,852 447,218

Fair value 491,869 432,915 450,967

Turners Automotive Group Limited
Notes to the condensed financial statements
for six months ended 30 September 2025

11

6. Borrowings

30/09/2025 30/09/2024 31/03/2025

Unaudited Unaudited Audited
$’000 $’000 $’000
Secured bank borrowings

496,962 390,340 424,470
Non-bank borrowings - 35,234 21,589
Total borrowings 496,962 425,574 446,059

Fair value 503,614 429,128 449,721

Secured bank borrowings
At September 2025, the Group has a syndicated funding facility, including a working capital facility, with the Bank of New Zealand, ASB
Bank and Westpac New Zealand and a securitisation facility with the Bank of New Zealand.

The bank borrowings are secured by a first-ranking general security agreement over the assets of the Company and its subsidiaries,
excluding Autosure Insurance Limited, Turners Finance Limited and EC Credit (Aust.) Limited. The bank funded securitisation financing
arrangement is described under finance receivables.

Non-bank borrowings
The Group's non-bank securitisation arrangement with the Accident Compensation Corporation has been repaid.

7. Shareholders’ equity

7.1 Share capital

30/09/2025 30/09/2024 31/03/2025
Unaudited Unaudited Audited
Number of ordinary shares

Opening balance

89,893,783 88,353,689 88,353,689
Shares issued for staff options

50,000 175,000 490,230
Shares issued for employee share scheme

- 70,352 70,352
Shares issued under DRP

517,563 377,773 979,512
Total issued and authorised capital 90,461,346 88,976,814 89,893,783

Dollar value of ordinary shares ($,000)

Opening balance

218,914 213,222 213,222
Shares issued for staff options

100 423 939
Shares issued for employee share scheme

- 310 310
Shares issued under DRP

3,238 1,594 4,518
Share issue costs

(52) (32) (75)
Total issued capital 222,200 215,517 218,914

7.2 Earnings per share

Basic earnings per share
The calculation of basic earnings per share at 30 September and 31 March was based on the profit attributable to ordinary shareholders
and weighted average number of ordinary shares outstanding, as follows:


30/09/2025 30/09/2024 31/03/2025
Unaudited Unaudited Audited
Profit for the year ($'000)

21,856 19,300 38,587
Weighted average number of ordinary shares

90,202,374 88,584,975 88,978,618
Basic earnings per share (cents per share)

24.23 21.79 43.37

Weighted number of shares

Opening balance

89,893,783 88,353,689 88,353,689
Shares issued for staff options

34,426 81,585 152,346
Shares issued for employee share scheme

- 13,455 41,826
Shares issued under DRP

274,165 136,246 430,757
90,202,374 88,584,975 88,978,618

Turners Automotive Group Limited
Notes to the condensed financial statements
for six months ended 30 September 2025

12


Diluted earnings per share
The calculation of diluted earnings per share at 30 September and 31 March was based on the diluted profit attributable to shareholders
and a diluted weighted average number of ordinary shares outstanding as follows:


30/09/2025 30/09/2024 31/03/2025

Unaudited Unaudited Audited
$’000 $’000 $’000
Continuing operations

21,856 19,300 38,587
Add: Long term incentive expense related to options

- 8 8
Profit for the year 21,856 19,308 38,595

Weighted number of ordinary shares (diluted)

Weighted average number of shares (basic)

90,202,374 88,584,975 88,978,618
Effect of the exercise of options

103,992 305,249 115,573
Weighted average number of shares (diluted) 90,306,366 88,890,224 89,094,191

Diluted earnings per share (cents per share)

24.20 21.72 43.32

7.3 Dividends

Six months Six months Year

ended ended ended

30/09/2025 30/09/2024 31/03/2025

Unaudited Unaudited Audited
$’000 $’000 $’000
Quarterly dividend for the year ended 31 March 2025 of $0.06 per fully paid ordinary
share, imputed, paid on 30 October 2024. - - 5,338

Quarterly dividend for the year ended 31 March 2025 of $0.07 (per fully paid ordinary
share, imputed, paid on 29 January 2025. - - 6,249

Quarterly dividend for the year ended 31 March 2025: $0.07 per fully paid ordinary
share, imputed, paid on 29 April 2025. 6,291 - -

Final dividend for the year ended 31 March 2025 of $0.09 (31 March 2024: $0.075)
per fully paid ordinary share, imputed paid on 29 July 2025 (2024: 26 July 2024.) 8,175 6,634 6,634
14,466 6,634 18,221

Dividend not recognised at 30 September:
In addition to the above dividends, after 30 September directors have recommended the payment of the following dividends:
Quarterly dividend for the year ended 31 March 2025: $0.07 per fully paid ordinary
share, imputed, paid on 29 April 2025. - - 6,291

Final dividend of $0.09 for the year ended 31 March 2025 per fully paid ordinary
share, imputed, payable on 29 July 2025.
- - 8,175

Quarterly dividend for the year ended 31 March 2026 of $0.07 (31 March 2025: $0.06)
per fully paid ordinary share, imputed, paid on 30 October 2025 (2025: 30 October
2024).
6,392 5,358 -

Quarterly dividend for the year ended 31 March 2026 of $0.08 (31 March 2025: $0.07)
per fully paid ordinary share, imputed, paid on 29 January 2026 (2025: 29 January
2025).
7,264 6,249 -

Turners Automotive Group Limited
Notes to the condensed financial statements
for six months ended 30 September 2025

13

8. Cash and cash equivalents

30/09/2025 30/09/2024 31/03/2025

Unaudited Unaudited Audited
$’000 $’000 $’000
Autosure Insurance Limited

2,140 873 1,382
Turners Marque Warehouse Trust 1

4,396 4,669 4,968
Turners Marque ABS 2023-1 Trust

2 3,537 2,940
Other 13,857 7,601 12,749
20,395 16,680 22,039

Cash and cash equivalents in the Group’s insurance business and securitisation trusts may not be available for use by the wider Group.

9. Assets and liabilities carried at fair value
The fair value of financial assets and liabilities carried at fair value are summarised in the table below. The methods used to calculate fair
value are the same as those applied when preparing the Group's Annual Report for the year ended 31 March 2025 (refer note 12.5 in the
Annual Report for the year ended 31 March 2025). During the period there were no movements of fair value assets or liabilities between
levels of the fair value hierarchy.

Level 1 Level 2 Level 3 Total
$’000 $’000 $’000 $’000
30/09/2025

Fair value assets:

Financial assets at fair value through profit or loss - insurance

- 7,845 - 7,845
Financial assets at fair value through profit or loss - term deposits 77,932 - - 77,932
77,932 7,845 - 85,777

Fair value liabilities:

Derivative financial instruments - 6,652 - 6,652

30/09/2024

Fair value assets:

Financial assets at fair value through profit or loss - insurance

- 7,569 - 7,569
Financial assets at fair value through profit or loss - term deposits 65,125 - - 65,125
65,125 7,569 - 72,694

Fair value liabilities:

Derivative financial instruments - 3,507 - 3,507

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 72,107 - - 72,107
72,107 7,281 - 79,388

Fair value liabilities:

Derivative financial instruments - 3,673 - 3,673

10. Commitments

Capital expenditure:
At the reporting date the Group had a capital commitment of $263,000 for the development of two sites (2025: $4.5m for the development of
one site).

11. Events subsequent to reporting date
In October 2025, the Group established the Turners Marque ABS 2025-1 Trust, a closed pool trust formed to purchase $200m of financial
receivables from the Turners Marque Warehouse Trust 1. The acquisition was funded through the issuance of $200m in notes, comprising
$197.2m of rated Class A to D Notes (rated by Fitch Australia Limited) and $2.8m of unrated Class E Notes, which are held by the Group.

---

1• 1H26RESULTS PRESENTATION
1H26 Results
Presentation
For the sixmonthsending
30 September 2025

2 • 1H26 RESULTS PRESENTATION
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:
1.Uncertainties relating to government and regulatory policies;
2.The occurrence of catastrophic events with a frequency or severity exceeding our estimates;
3.The legal environment;
4.Loss of services of any of the company’s officers;
5.General economic conditions; and
6.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 forward looking
statements, whether as a result of new information, future events or otherwise.

3 • 1H26 RESULTS PRESENTATION
Resilient used car market
Diversified business model
Improving capital effectiveness

4 • 1H26 RESULTS PRESENTATION
We delivered on growth, despite the economy ...
1.The result extended our track record of resilience, by delivering another record result, despite an extremely challenging
consumer environment.
2.NZ used car market continues to show resilience, despite registered dealer numbers declining to lowest level since May
2012. Inventory sourcing is challenging right across the industry.
3.Our three largest business have all grown on last year, vehicle margins continue to improve in Auto Retail, and we have solid
growth in Finance and Insurance revenues.
4.Improving capital effectiveness and capital allocation focuses on the highest-return initiatives with Auto Retail growthand
Finance book growthprioritised.
5.Turners team remain highly motivated with high levels of employee engagement and record level of share ownership.
6.Whilst we are still waiting for a broad based recovery in FY26 we are on track to achieve another record full year result of
around $60M in NPBT, with an expected dividend payout of at least 32cps.

5 • 1H26 RESULTS PRESENTATION
Diversified model with widespread growth
AutoRetail
Vehicle margins up on owned stock. Lease and import unit sales down. Demand has
been patchy, consistent with two speed economy.
Finance
Strong growth in origination, interest rate environment supportive, with net interest
margin stable as we push for market share growth.
Credit Management
Corporate debt load down and lower than expected. Consumers finding it harder to
consistently meet payment arrangements reflecting the weaker economic
environment.
Insurance
Growth in premiums from digital distribution, market share gains and claims
levels stable.
Servicing and Repairs
Rebrand completed to Turners Servicing and Repairs to leverage strong brand
awareness and equity in “Turners” brand.

6 • 1H26 RESULTS PRESENTATION
Source: NZTA Total Change of Ownerships for Used Vehicles in NZ by HY
NZ used car transaction volumes (Apr to Sep)
Used car market continues to show resilience
•​Overall used car transaction levels for 1H26 +4% on 1H25.
•Used import registrations -13.5% on 1H25.
•Pressure on securing stock due to fewer imports coming
into NZ will reduce with recently announced relaxation to
the Clean Car Standard.
―More replacements → more DEOL sales
―Lower prices → higher demand & write-offs
―More transactions → more Oxford & Autosure sales
―Less displaced importer competition for local stock →
stronger margins
•Older "in-fleet" vehicles staying on the road longer and
causing fleet age to increase. NZ fleet average currently
15.1 years, up from 14.3 in 2021.
•Expect used car prices to lift as demand improves.
300,000
350,000
400,000
450,000
500,000
550,000
600,000
HY18HY19HY20HY21HY22HY23HY24HY25HY26

7 • 1H26 RESULTS PRESENTATION
2,500
2,700
2,900
3,100
3,300
3,500
3,700
Jan-17
Jun-17
Nov-17
Apr-18
Sept-18
Feb-19
Jul-19
Dec-19
May-20
Oct-20
Mar-21
Aug-21
Jan-22
Jun-22
Nov-22
Apr-23
Sept-23
Feb-24
Jul-24
Dec-24
May-25
Registered dealer numbers lowest since May 2012
Registered Motor Vehicle Trader Numbers (NZ)
Source: NZTA
Since “peak-dealer” in
November 2017 at 3,535
the number of dealers in
NZ has dropped by 27%

8 • 1H26 RESULTS PRESENTATION
1H26 Financial
Performance...
8 • 1H26 RESULTS PRESENTATION

9 • 1H26 RESULTS PRESENTATION
Revenue
$219.0M+5%
Shareholders’Equity
$306Mas at 30Sept2025
EBIT
1
$34.1M +10%
Q2 Fully Imputed Dividend 8.0 cps
ProjectedFY fully imputed
Divof at least 32.0 cps
+10%
Net Profit BeforeTax
$30.4M+13%
1H26 Earnings PerShare
24.2 cps
(1H25 21.8 cps,+11%)
Net Profit After Tax
$21.9M+13%
Revenue
Net ProfitAfterTax
1H26 Results snapshot
1
EBIT adjusted for interest expense in Finance
(non-IFRS measure)
0
50
100
150
200
250
300
350
400
450
FY20FY21FY22FY23FY24FY25FY26
NZ$M
2H
1H
0
5
10
15
20
25
30
35
40
FY20FY21FY22FY23FY24FY25FY26
NZ$M
2H
1H

10 • 1H26 RESULTS PRESENTATION
•Auto Retail profit lifted on improved
owned-stock margins and a stronger
commercial business.
•Finance profit increased as market-share
gains drove loan-book growth, along with
improving NIM.
•Insurance result reflects good growth in
premium base from market share gains and
digital direct growth.
•Credit Management profit down due to
lower debt load levels and product sales.
•Corporate costs reduced due to lower
funding costs.
NPBT increased +13% to $30.2M
1H25: 1H26 Net profit before tax (NPBT) bridge
NPBT Bridge 1H25 to 1H26
26.9
1.3
1.4
0.7
(0.7)
0.830.4
NZ$M
0
5
10
15
20
25
30
35

11 • 1H26 RESULTS PRESENTATION
•Inventory levels have grown but remain low
relative to historical levels.
•Good growth in Finance receivables due to
strong market share gains in the originator
base. Quality of loan book continues to
improve.
•Property, plant and equipment increase due
to completion of new sites in Napier and
Christchurch and purchase of newDunedin
site.
•Borrowings have increased in-line with
finance receivables with no additional capital
required to support the increased lending.
NZ$M1H261H25
Cash and cash equivalents
20.4 16.7
Financial assets at fair value
85.5 72.7
Inventory
19.1 16.1
Finance receivables
492.9 430.9
Property, plant and equipment
142.9 130.3
Other Assets
28.2 25.9
Right of use asset
18.6 19.9
Intangible assets
163.1 163.1
Total Assets
970.7875.5
Borrowings
497.0 425.6
Trade & other payables
49.1 47.4
Deferred tax
15.5 14.8
Insurance contract liabilities
63.8 61.1
Lease liabilities
22.1 23.9
Other Liabilities
17.1 15.0
Total Liabilities
664.5 587.8
Robust balance sheet

12 • 1H26 RESULTS PRESENTATION
Fundingmix optimised to support growth
BorrowingsBorrowings by asset class (NZ$M)
•Post HY balance date a new $200M warehouse has been established in an inauguralpublic term out transaction.
•Significant improvements in funding rates and reduced capital commitment from the new NZ$200m warehouse
securitisation deal.
•Corporate funding capacity is more than sufficient to support committed branch expansion plans in Auto Retail
(Auckland, Tauranga, Whanganui and Dunedin).
(NZ$M)LimitDrawn
Receivables – Securitisation Trusts
377361
Receivables –Banking Syndicate(ASB/BNZ)
5030
Less Cash
(6)
Net Receivables Funding
427385
Receivables Funding Capacity
42
Corporate & Property
130106
Working Capital (ASB & BNZ)
20-
Less Cash
(14)
Net Corporate Borrowings
15092
Corporate Funding Capacity
58
493
133
19
391
106
0
0
100
200
300
400
500
600
Finance Receivables
(79% of total
borrowings)
Property
(21% of total
borrowings)
Inventory
(0% of total borrowings)
AssetBorrowings

13 • 1H26 RESULTS PRESENTATION
Spotlight – Securitisation warehouse term out
•Turners termed out $200M ofsecuritisedreceivables
from the warehouse funded by BNZ to new investors
in an inaugural public deal.
•The final book consisted of 13 unique investors from
NZ and Australia, indicating broad interest and
confidence.
•Importantly the Turners' capital requirement
reduced from 8% to 1.4%.
•The improved capital effectiveness of this structure
supports ourgrowth objectives in Oxford without
any requirement to introduce further capital
Source – BNZ Capital Markets
115
120120
105
85
70
155
185
160
155
140
145
130
125
122
114
115
100100
0
20
40
60
80
100
120
140
160
180
200
FleetPartners
MTFMTF
FleetPartners
MTF
UDC
FleetPartners
UDC
MTF
Turners
UDC
Avanti
MTF
UDC
FleetPartners
UDC
Speirs
Turners
MTF
Jun-
17
Sep-
17
Aug-
19
Sep-
19
Jun-
21
Oct-
21
Aug-
22
Dec-
22
Feb-
23
Sep-
23
Dec-
23
Dec-
23
Mar-
24
Jun-
24
Nov-
24
Jun-
25
Jul-
25
Oct-
25
Oct-
25
Margin on AAA rated Motor Vehicle ABS Securitisation Deals

14 • 1H26 RESULTS PRESENTATION
Improving capital effectiveness is a priority
•Improving return on capital metrics is a focus for
management and the board.
•Capital allocation within the group will focus on the highest
returning initiatives:
―Auto Retail growth
―Finance book growth
•All capital initiatives are benchmarked against the revised
internal return targets.
•We have identified opportunities that will help improve this
over the next 6-12 months:
1.Implementing more capital efficient finance structures
within Oxford Finance
2.Reallocating excess solvency capital within Autosure
3.Recycle capital out of non-core assets
New Turners Moorhouse Ave Branch Christchurch

15 • 1H26 RESULTS PRESENTATION
10.0
13.0
14.5
15.5
17.0
14.0
20.0
23.023.0
25.5
29.0
32.0
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
FY15FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25FY26 F
Note - Dividends fully imputed from FY17 onwards
•Proven track record of delivering consistent and
growing dividends.
•The dividend payout ratio remains between our
target ration of 60-70% of NPAT.
•Quarterly dividend payments remain in place.
•2Q26 fully imputed dividend declared at 8.0 cps
•Based on the projection of“at least” 32.0 cents
per share dividendand a share price of $7.70
this is a gross yield of 5.8% pa.
•Our Dividend Reinvestment Plan (DRP) will
continue for the Jan-26 dividend.
COVID
impacted year
Growing dividends for over a decade
Dividend (cps)

16 • 1H26 RESULTS PRESENTATION
Segment
Results
16 • 1H26 RESULTS PRESENTATION

17 • 1H26 RESULTS PRESENTATION
1H26 by segment
NZ$MAutomotive RetailFinanceInsuranceCredit
Revenue
152.65%3710%24.74%4.6-14%
Segment Profit
169%9.518%8.49%1.1-42%

18 • 1H26 RESULTS PRESENTATION
Operating profit contribution by segment ($M)
The business has a diverse and resilient earnings base
7.8
10.2
11.1
18.0
14.7
16.0
7.6
9.9
9.1
5.1
8.1
9.5
4.5
5.8
6.3
7.1
7.7
8.4
3.0
2.1
1.4
1.8
1.8
1.1
-
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
HY21HY22HY23HY24HY25HY26
NZ$M
Auto RetailFinanceInsuranceCredit management

19 • 1H26 RESULTS PRESENTATION
Auto Retail Division
Strong brand
Smarter sourcing
Operational efficiency

20 • 1H26 RESULTS PRESENTATION
Auto Retail - Summary
Revenue 152.6M +5%, Segment Profit $16.0M +9%
•More local units purchased and margin improvement on owned stock as a result of more disciplined buyingand
improved stock turn.
•Additionalmarketing investment ($600k) in 1H forlaunch of brand campaign Tina 2.0.
•Consignment units down as more lease customers choose “inertia” over renewing leases, combined with leases
being extended leading to more wear and tear on cars meaning non-suitable for retail channel. This is a timing
issue and we expect consignment volume to ramp up as economy recovers.
•Vendors have alsoprioritised speed to sale (auction wholesale channel) over returns (slower retail channel) in a
challenging demand environment.
•Higher numbers of older vehicles being purchased resulting in less retail suitable units, and more volume
through the Damaged and End of Life channel.
•Operational impact as we grew from one to three Christchurch sites.
•Pipeline of new sites continues to fill up.
•My Auto Shop rebranded to Turners Service and Repairs.
•Despite these macro challenges the division has delivered margin and profit growth.

21 • 1H26 RESULTS PRESENTATION
•Good recovery in 1H26 margins over 1H25
with more disciplined buying and tighter
aged inventory management.
•Continued growth in owned stock with
sales +5% on 1H25.
•Fewer imports being purchased due to
challenges with the Clean Car Standard
program -29% for 1H26.
•Since 1H21 the average age of an owned
car has gone from 11.5 years old to 13.8
years old in 1H26.
1
Cost price of inventory excl GST
Margins have improved 1H26 v 1H25
Average margin
1
($) and units of “owned” vehicles sold
1H192H191H202H201H212H211H222H221H232H231H242H241H252H251H26
Import Units Sold
1,1431,4061,4431,0671,9851,8521,9151,9921,5307778597051,034636738
Local Units Sold
6,8476,5647,1677,4095,9797,9368,4439,79910,01511,73911,90411,82012,53812,54713,506
Average Margin ($)
4554814405736868148737596889761,026956695970814
-
200
400
600
800
1,000
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
Avergae Margin ($)
Units Sold
Local Units SoldImport Units SoldAverage Margin ($)

22 • 1H26 RESULTS PRESENTATION
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
20,000
HY15HY16HY17HY18HY19HY20HY21HY22HY23HY24HY25HY26
Insurance Written Off VehiclesGeneral End of Life Vehicles
Damaged and End of Life volumes stable
Damaged and end of life (DEL) vehicle units sold through Turners
•An increasing number of “end of life”
cars are sourced outside of the
traditional insurance accident write-
offs. This is +100% in 5 years from 2k in
1H22 to 4k in 1H26.
•A small drop in vehicles coming through
from the insurance channel due to
lower levels of motor claims, and more
vehicles being repaired.
•The rapid aging of the NZ Fleet has
resulted in moreEnd of Lifecars being
purchased which are unsuitable for
retail. This is a growing opportunity for
the Damaged and End of Lifebusiness.
Cyclone Gabrielle
and Auckland
weather event

23 • 1H26 RESULTS PRESENTATION
Entering the next phase for ongoing growth
LocationBranchSizeTiming
Expected additional
profit contribution
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
DunedinCommercial5,000m2Q3 FY26$200k
Roscommon Rd - ManukauCars10,000m2Q2 FY27$700k
2
Tauranga - GreertonCars7,600m2Q4 FY27$600k
WanganuiCars3,400m2Q1FY28$500k
Committed development pipeline
1
additional profit contribution over and above the previous operating profit of Christchurch operations of ~$4M
2
initially geared as a processing branch to replace Auckland service center with some retailing.
More opportunities to secure sites (stage of interest rate cycle and economy).
We own 19 of our sites with
a cost value of $133M+
In progress negotiations
•Tauranga –Mt Maunganui 8,000m2
(purchase of existing strategic site)
•Drury –Commercial site 18,000m2
(agreement to lease)
•Takanini –Cars 8,000m2 (agreement to
lease)
•Ormiston –Cars 7,200m2 (conditional
purchase)
“Opportunities” pipeline
New locations
•Tauranga -Papamoa
•Albany North
•North East Christchurch
•Lower Hutt
Existing locations expansion
•New Plymouth

24 • 1H26 RESULTS PRESENTATION
Finance Division
Loan book in growth mode
Credit quality continues to improve
Generating operating leverage

25 • 1H26 RESULTS PRESENTATION
Finance - Summary
Revenue $37.0M +10%, Segment Profit $9.5M, +18%
•Ledger in growth mode +13% on 1H25.
•Quality has now been stress-tested. Arrears are substantially below industry norms.
•Quality continues to improve with credit scores lifting and reduced commercial lending.
•Net interest margin (NIM) rose +12bps from March-25 to 5.9% supported by lower funding costs and stable pricing
•Funding structures in place to support future growth

26 • 1H26 RESULTS PRESENTATION
Receivables by month (excl. impairments)
Lending book starting to grow again
•Despite industry contraction, the total ledger has
increased to $483M, from $426M in September
2024.
•Consumer lending has increased while commercial
lending has decreased. Our credit policies have
continued to be tightened over the last 12 months.
•Weighted Average Interest Rate (WAIR) on the
ledger is 13.0%, down from 13.9% in September
2024 reflects quality and risk pricing.
•Positive operating leverage.
200
250
300
350
400
450
500
Mar-20
Jun-20
Sept-20
Dec-20
Mar-21
Jun-21
Sept-21
Dec-21
Mar-22
Jun-22
Sept-22
Dec-22
Mar-23
Jun-23
Sept-23
Dec-23
Mar-24
Jun-24
Sept-24
Dec-24
Mar-25
Jun-25
Sept-25
Millions

27 • 1H26 RESULTS PRESENTATION
619
630
635
632
634
650
659
674
699
703
702
712
722
730
729
735
740
742
744
560
580
600
620
640
660
680
700
720
740
1H172H171H182H181H192H191H202H201H212H211H222H221H232H231H242H241H252H251H26
Avg NZ auto loan
portfolio
Underwriting quality continues to improve
Average Centrix credit score for loans on-boarded
•Premium Tier lending (CCR score of 735+)
makes up 57% of our ledger in Sep-25 up
from 52% in September 24.
•Our credit policy has continually been refined
over the last 12 months.

28 • 1H26 RESULTS PRESENTATION
Consumer arrears vs auto-loan industry (Centrix)
•Loan arrears continue to perform materially better
than market data.
•Hardship applications have averaged 55 per month in
1H26 down from 67 per month in 1H25.
•We have transitioned a portion ($500k) of the
economic overlay provision buffer to support the level
of BAU arrears provisioning as a result of the impact of
the economic conditions. Buffer is now at $1.4M.
HardshipAs at 1H26As at 1H25COVID peak
in FY22
Number100108511
% of total
customers
0.3%0.4%2%
Balance
(NZ$M)
1.92.212.2
Arrears well below industry due to quality lending
-2.0%
0.0%
2.0%
4.0%
6.0%
8.0%
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
Jul-25
DifferenceTotal consumer arrearsIndustry arrears (Centrix)
5.10%
2.60%
2.50%

29 • 1H26 RESULTS PRESENTATION
•NIM has stabilised with the interest rate cycle
becoming a tailwind.
•Our forward view is that NIM will stabilise
around 6.0%.
•The hedged portion of Finance borrowings
has increased to approximately 88%.
NIM % (after originator commission)
Net interest margin (NIM) on the rise
7.38%
6.77%
6.61%
5.89%
5.42%
4.78%
4.59%
5.17%
5.45%
5.81%
5.93%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
1H212H211H222H221H232H231H242H241H252H251H26

30 • 1H26 RESULTS PRESENTATION
Insurance Division
Stable and consistent business
Distribution networks strategically important
Digital direct platform delivering

31 • 1H26 RESULTS PRESENTATION
Insurance - Summary
Revenue $24.7M +4%, Segment Profit $8.4M, +9%
•Gross Written Premium (GWP) +10%.
•Claims ratio is being well managed.
•Claims cost inflation has eased.
•The digital direct platform has launched and offers substantial upside over time.
•Distribution strategy focuses on a high-growth, high-margin MVI premium portfolio.

32 • 1H26 RESULTS PRESENTATION
Premiums written increasing and distribution grows
•Gross written premium (GWP) +10% to $22.8M for 1H26 with
Gross earned premium (GEP) up slightly at $18.9M v $18.5M
for 1H25.
•Total overheads flat at $4.4M, investment income up $200k to
$2.9M, overall claims costs flat at $10.1M
•Risk pricing is becoming more sophisticated. Leading to
improving claims ratios and quality of the portfolio.
•Significant progress in distribution with digital direct platform
launched in partnership with NZ AA.
•MVI premium portfolio with Vero NZ is at $25M for 1H26 +6%
on 1H25.
Gross Written Premium 1H25 to 1H26 ($000’s)
20,660
70
(118)
2,049
12722,788
HY25MBIGAPLPILifeHY26
18,000
19,000
20,000
21,000
22,000
23,000
24,000
IncreaseDecreaseTotal

33 • 1H26 RESULTS PRESENTATION
MVI premium continues to grow well
Motor Vehicle Insurance Gross Written Premium ($)
8.7
9.2
10.5
16.0
23.6
25.0
-
5
10
15
20
25
30
HY21HY22HY23HY24HY25HY26
$M
•MVI premium continues to grow well
•Autosure resell Vero MVI product, which Vero take
the underwriting risk for.

34 • 1H26 RESULTS PRESENTATION
Digital direct distribution growing well
No. of policies sold via digital direct
•Significant lift in policies sold direct online.
•Distribution partnerships with NZ AA and Quashed
gaining momentum.
108
143
165
418
0
50
100
150
200
250
300
350
400
450
3Q254Q251Q262Q26

35 • 1H26 RESULTS PRESENTATION
•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.
Mechanical Breakdown Insurance (MBI) Loss
Ratio Performance
Claims are being well managed
Mechanical Breakdown Insurance (MBI) Average
Claims Cost
$1,071
$1,211
$1,320
$1,386
HY23HY24HY25HY26
Average Claims Cost - MBI ($)
58%
59%
58%
57%
HY23HY24HY25HY26
MBI Loss Ratio

36 • 1H26 RESULTS PRESENTATION
Credit Management Division
Challenging environment
Payment bank rebuilding
Growing SME business

37 • 1H26 RESULTS PRESENTATION
Credit Management - Summary
Revenue $4.6M -14%, Segment Profit $1.1M, -42%
•Reduction in debt load due to a number of major clients undertaking system upgrades resulting in several months of
debt load being paused.
•Commission revenue inline with 1H25 but product sales to SMEs -23% due to challenging economic conditions.
•Increasing economic pressures are expected to create a tailwind and we are seeing an increase in the number of
arrangements.
•The economic environment is having an impact on consumers ability to meet arrangements.
•The challenging trading conditions are resulting in a slower turnaround in this business than expected. As a result we
will review the carrying value of the business at year end based on the 2H performance and momentum.

38 • 1H26 RESULTS PRESENTATION
Debt referred and collected
•Reduction in debt load due to a number of major clients
undertaking system upgrades resulting in several months of
debt load being paused.
•Despite the -24% reduction in debt loaded, the team have
delivered higher collections for our customers (debt value
collected is +2% to $20M).
•Whilst debt load should improve with the systems projects
being completed the economic environment is having an
impact on consumers ability to meet arrangements.
•We continue to see lower repayment amounts, extended
payment arrangements due to diminished customer payment
capacity.
Total debt collected for 1H25 (NZ$M)
Total debt referred for 1H26 (NZ$M)
$0
$20
$40
$60
$80
$100
$120
$140
HY18HY19HY20HY21HY22HY23HY24HY25HY26
$0
$5
$10
$15
$20
$25
$30
$35
$40
HY18HY19HY20HY21HY22HY23HY24HY25HY26
30/09/2430/09/25
$ value of arrangements$20.2m$20.3m
No. of arrangements3,4963,751
Kept promise rates77.9%71.6%

39 • 1H26 RESULTS PRESENTATION
NZ wide credit metrics showing no material signs of improvement
Consumer arrears trend
Source – Centrix Credit Bureau

40 • 1H26 RESULTS PRESENTATION
Turners Servicing and Repairs
Brand change
Growing the customer base
Growing the network

41 • 1H26 RESULTS PRESENTATION
MyAutoShop to Turners Servicing and Repairs
•Significant opportunity to develop a scale player in the
highly fragmented $3B auto repair market in NZ.
•Significant partnership developing with VTNZ, TSR have
taken over pre-purchase inspections for VTNZ.
•Total number of technicians has lifted from 11 (1H25) to
17 (1H26).
•Rebrand completed to Turners Servicing and Repairs to
leverage strong brand awareness and equity in
“Turners” brand.
•We are continuing to invest for growth.
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
Total number of bookingsTotal service & repairs
HY25HY26
Bookings and Service / Repair Jobs by HY

42 • 1H26 RESULTS PRESENTATION
Google reviews

43 • 1H26 RESULTS PRESENTATION
Outlook
43 • 1H26 RESULTS PRESENTATION

44 • 1H26 RESULTS PRESENTATION
ChallengeMitigationMar22Mar23Sept23Mar24Sept24Mar25Sep-25
Funding and
Interest rate
movements
•Diversifying funding sources
•Increase volume of higher
margin direct lending
•Increase hedging
•Operate the business
conservatively against
funding covenants
HighMediumLowLowLowLowLow
Recession
•Agility to reposition inventory
to lower value vehicles to
meet where demand is
•Continued discipline of credit
policy and conservative
provisioning
HighMediumMediumMedium +MediumMediumMedium
Regulatory
Eg. Clean Car
Standard,
CoFI, CCCFA,
Climate
Reporting
Disclosures
•Continue to strengthen local
sourcing position in NZ
market, implemented CoFI,
and prepared for CCCFA
changes
MediumLowLowLowLowLowLow
Our key risks remain consistent ...

45 • 1H26 RESULTS PRESENTATION
•Automotive Retail – continuation of branch expansion plans, recovery in lease units and improvement in retail numbers as
economy continues to track out of recession. Vehicle pricing is expected to lift which will be supportive of margins.
•Finance – Maintaining credit discipline remains a key priority. We are seeing the expected improved performance in FY26 as a
result of lower than expected impairments and credit losses and improvements in interest margin. Seeing continued growth in
origination in 3Q26.
•Insurance – Growth in gross written premiums will flow into forward earnings. Claims ratios are stable and further contribution
from new distribution arrangements and direct sales expected in 2H26.
•Credit Management – The challenging conditions remain. As a result we will review the carrying value of the business at year
end based on 2H performance and outlook.
•Turners Servicing and Repairs - Rebrand completed to Turners Servicing and Repairs to leverage strong brand awareness and
equity in “Turners” brand. We are continuing to invest for growth in this business.
Segment Outlook

46 • 1H26 RESULTS PRESENTATION
The two-speed economy is expected to persist into 2H26, moderating the pace of consumer recovery.
We are on track to achieve another record full year result of around $60M in NPBT, with an expected dividend
payout of at least 32cps.
Guidance

47 • 1H26 RESULTS PRESENTATION
•A record 1H26 result demonstrated the Group’s resilience and agility, keeping TRA on track to deliver another record full-
year outcome
•1H26 unfolded differently than expected, with slower demand recovery and lower consignment volumes, and more
competition for local NZ stock.
•Our teams have continued to press forward regardless of the challenges to keep expanding the branch network, growing the
loan book in size and quality and growing insurance revenues.
•Trading conditions in 2H26 are expected to be more favourable than H1 as the economy improves, although there is
sensitivity on the speed of recovery.
•The pipeline of branch expansion opportunities is growing, and the development phase of new branches is progressing
well.
•Turners has created significant strength in its brand, systems, technology, and people, that position Turners Servicing
and Repairs for scalable growth.
Summary

48 • 1H26 RESULTS PRESENTATION
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
Contact
48 • 1H26 RESULTS PRESENTATION

49 • 1H26 RESULTS PRESENTATION
Transition of wholesale to retail remains a big opportunity
•Retail sales have been challenging with
sluggish demand environment.
•The rapid aging of the NZ Fleet has
resulted in more End of Life cars being
purchased which are unsuitable for
retail. This is a growing opportunity for
the Damaged and End of Life business.
•Lease BuyNow % has dropped from 38%
in 1H25 to 31% in 1H26 as consignment
vendors prioritising speed of sale.
(auction) versus return plus older cars
being returned more suitable for
wholesale.
•Vendors prioritising speed of sale
(auction wholesale) over return.
•We would expect retail volumes to grow
as economy improves.
1H251H26
11,62912,018
55%58%
SOURCINGSELLING
RETAIL
OWNED
CONSIGNMENT
1H251H26
9,5068,706
45%42%
1H251H26
11,0489,974
52%48%
1H251H26
10,08710,750
48%52%
WHOLESALE
Note – Additional “owned” sales through Damaged and End
of Life Vehicle Division 2,226 1H26 and 1,876 1H25

50 • 1H26 RESULTS PRESENTATION
Wholesale to retail transition slowed by stock mix
and economic conditions
Owned cars sold by channel (HY)Consigned cars sold by channel (HY)
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
1H192H191H202H201H212H211H222H221H232H231H242H241H252H251H26
Buy NowAuctionDVA
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
1H192H191H202H201H212H211H222H221H232H231H242H241H252H251H26
BuyNowAuction

51 • 1H26 RESULTS PRESENTATION
Source: NZTA Total Change of Ownerships for Used Vehicles in NZ by HY
NZ Ex-Overseas Registrations (CY 2006 to 2025 Sep YTD)
Spotlight – Ex Overseas Imported Registrations
•Recent changes to the Clean Car Discount
Standard will benefit Turners in the
following way:
•More replacements mean older units exit
the fleet, feeding sales through our
Damaged and End of Life Vehicle Division
(DEOL).
•Lower used car prices boost demand and
increase insurance write-offs, benefiting
DEOL.
•Higher dealer transactions create more
financing opportunities for Oxford and
MBI/MVI sales for Autosure.
•Reduced competition from displaced
import dealers supports margins.
0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
180,000
0607080910111213141516171819202122232425
Sep
YTD

52 • 1H26 RESULTS PRESENTATION
Our strong culture is a key advantage for our business
Employee Net Promoter Score (eNPS) - 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
•67% share ownership from
employees
•83% of leadership roles filled
internally
59
20
19
35
82
Latest Published Employee Net
Promoter Score

---

Distribution Notice
Name of issuer
Financial product name/description
NZX ticker code
ISIN
Type of distributionFull YearQuarterlyX
(Please mark with an X in the Half YearSpecial
relevant box/es)
DRP appliesX
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7,263,553.28$
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PIEs)
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Iffullyorpartiallyimputed,please
state imputation rate as % applied
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financial product
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not available at this time)
Specify source of financial products
to be issued under DRP programme
(new issue or to be bought on
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Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms
Name of person authorised to make
this announcement
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announcement
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Date of release through MAP
Section 1: Issuer information
Turners Automotive Group Limited
Ordinary shares
TRA
NZVNLE0001S1
021 722 818
Section 3: Imputation credits and Resident Withholding Tax
12 January 2026
9 January 2026
29 January 2025
Retained earnings
NZD
Section 2: Distribution amounts per financial product
$0.11111111
$0.08000000
n/a
$0.01411765
Todd.Hunter@turners.co.nz
20 November 2025
Fully imputed
28%
$0.03111111
$0.00555556
Section 4: Authority for this announcement
Barbara Badish
Section 4: Distribution re-investment plan (if applicable)
2%
16 January 2026
13 January 2026
9 January 202615 January 2026
Todd Hunter