Turners 2026 Investor Day Presentation

1• TURNERS AUTOMOTIVE GROUP INVESTOR DAY 2026
2026 Investor Day

2• TURNERS AUTOMOTIVE GROUP INVESTOR DAY 2026
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• TURNERS AUTOMOTIVE GROUP INVESTOR DAY 2026
Agenda for the day
Introduction Grant Baker
Network effect and resilient management through cycle Todd Hunter
Divisions
•Auto Greg Hedgepeth
•Finance Guy Bryden
•Insurance James Searle
•Servicing and RepairsRichard Wafer
Capital allocation and FY31 Road map Aaron Saunders
Q&A

4• TURNERS AUTOMOTIVE GROUP INVESTOR DAY 2026
Investor day framework
What we’ve
achieved:
•5 years of successful execution
•Resilient management through cycle
•A winning culture
•An iconic kiwi brand
Clear pathway for
future growth:
•Market leading platform
•Compelling organic growth
•Disciplined inorganic growth
•Efficient capital allocation
Now we are
positioned for
the next phase

5• TURNERS AUTOMOTIVE GROUP INVESTOR DAY 2026
Chairman’s Perspective
Grant Baker

6• TURNERS AUTOMOTIVE GROUP INVESTOR DAY 2026
One key message today...
“There is a lot more to come...”

7• TURNERS AUTOMOTIVE GROUP INVESTOR DAY 2026
2021 Investor Day...we’ve come a long way since Apr-21

8• TURNERS AUTOMOTIVE GROUP INVESTOR DAY 2026
As at March YEFY10FY21FY25
ShareholderEquity ($M
(3)233298
Total Assets ($M)
109718918
Revenue ($M)
297413
NPBT ($M)
(18)37.454.3
Dividend per Share
-20.029.0
Market Capitalisation ($M)*
4295566
Numbers adjusted for 1-10 share swap in 2016
Note –$777M
as at 23 March 2026
* Market capitalisation as at 31 March each year
TRA Included in
S&P NZX 50 and
Mid Cap Index
from Dec-23
We have made progress since April-2021

9• TURNERS AUTOMOTIVE GROUP INVESTOR DAY 2026
And we unveiled Tina for the first time

10• TURNERS AUTOMOTIVE GROUP INVESTOR DAY 2026
FY19FY20FY21FY22FY23FY24FY25FY26 (F)FY27FY28 (F)
NPBT
29.029.037.043.045.549.154.363.065.0
20.0
25.0
30.0
35.0
40.0
45.0
50.0
55.0
60.0
65.0
70.0
Net Profit Before Tax ($M)
Target #1 set in FY21 for FY24, and Target #2 set in FY22 for FY25
We hold ourselves to account
Target #1 (FY21)
$45M NPBT by FY24 -exceeded
Target #2 (FY23)
$50M NPBT by FY25 -exceeded
Target #3 of $65M NPBT by FY28
On track to achieve in FY27
We are confident in the organic growth trajectory of this business and our ability to execute.
We have published 3 medium term profit targets since Mar-21.
FY26 (F) -NPBT is excluding forecasted goodwill write-down on ECCC

11• TURNERS AUTOMOTIVE GROUP INVESTOR DAY 2026
These are the companies we benchmark ourselves against
•Strong sense of their culture
•Unique company structure
•Power of brand
•Focused leadership
•Ownership mindset
•Position in market
•Growth trajectory
•Sustainability of earnings
•Decisions made for long term value creation
Turners rank #1 is total shareholder return over the last 5 years and #2 over 10 years when
benchmarked against this group of companies.

12• TURNERS AUTOMOTIVE GROUP INVESTOR DAY 2026
•I love cars
•Management, wider team and board “skin in the game”
•Strong culture and highly engaged team, with ownership mindset = powerful combo
•Our used car platform it is extremely difficult to replicate
•A strong focus on growth and opportunities –great businesses that are even better together
•A proven resilient business that is primed to deliver more in a positive environment
Why I continue to like this company

13• TURNERS AUTOMOTIVE GROUP INVESTOR DAY 2026
Turner’s Overview
Todd Hunter

14• TURNERS AUTOMOTIVE GROUP INVESTOR DAY 2026
One key message today...
“Great businesses that are
even better together”

15• TURNERS AUTOMOTIVE GROUP INVESTOR DAY 2026
Repairs & Servicing
$3B market sized
opportunity in NZ
Insurance
$46M premium book
200k policies
Finance
$536M loan book
35k customers
Auto Retail
40k cars
9% market share
32k damaged cars
Credit
Management
Non-core
700+ kiwis building a used car eco-system platform
Overview of Turners Automotive Group

16• TURNERS AUTOMOTIVE GROUP INVESTOR DAY 2026
Why we like used cars
as a segment

17• TURNERS AUTOMOTIVE GROUP INVESTOR DAY 2026
-30%
-20%
-10%
0%
10%
20%
30%
40%
200320052007200920112013201520172019202120232025 Dec
YTD
Used Car % Change Y on YNew Car & LCV % Change Y on Y
% Change Yron Yr, New Car vs Used Car Sales
Source NZTA
~950k vehicles are > 20
years old (~22% of the
total light fleet)
Used car market resilient, large and needs
based, 1M plus transactions every year

18• TURNERS AUTOMOTIVE GROUP INVESTOR DAY 2026
Peak car is not a thing
Light vehicle fleet size and distance travelled per annum
Source –NZTA Annual Fleet Stats
0.00
5.00
10.00
15.00
20.00
25.00
30.00
35.00
40.00
45.00
50.00
0
500,000
1,000,000
1,500,000
2,000,000
2,500,000
3,000,000
3,500,000
4,000,000
4,500,000
5,000,000
2000200120022003200420052006200720082009201020112012201320142015201620172018201920202021202220232024
Light vehicles live at Dec 31st (*)Light travel (kms Billions)

19• TURNERS AUTOMOTIVE GROUP INVESTOR DAY 2026
2,500
2,700
2,900
3,100
3,300
3,500
3,700
Jan-17
May-17
Sep-17
Jan-18
May-18
Sep-18
Jan-19
May-19
Sep-19
Jan-20
May-20
Sep-20
Jan-21
May-21
Sep-21
Jan-22
May-22
Sep-22
Jan-23
May-23
Sep-23
Jan-24
May-24
Sep-24
Jan-25
May-25
Sep-25
Registered Dealer Numbers NZ (source MBIE)
26% drop
3,518
Feb-18
2,599
Dec-25
Dealer numbers in steady decline, scale is a huge advantage
•​Dealer numbers continue to track down.
•Sourcing becoming increasingly difficult for
sub-scale operators
•Ultimately, scale will be the key determinant
of long-term success in this category.

20• TURNERS AUTOMOTIVE GROUP INVESTOR DAY 2026
Building a used car platform

21• TURNERS AUTOMOTIVE GROUP INVESTOR DAY 2026
Sell a car
Finance
a car
Insure
a car
Service and
repair a car
Buy a car
Building a used car platform

22• TURNERS AUTOMOTIVE GROUP INVESTOR DAY 2026
This is becoming a deeply integrated platform
Market insights
Turners act as test customer
for system changes
Originating finance contracts
Car valuation data to line up car values
Reselling Insurance policies to Oxford clients
Market insights
Cross selling servicing a repairs to Turners customers
TSR give early indication of customers wanting to sell their car
Vehicle insights back to Car Buying team in Auto Retail
TSR selling MBI to repair customers
MBI car servicing referrals

23• TURNERS AUTOMOTIVE GROUP INVESTOR DAY 2026
Outcome is great businesses
that are even better together

24• TURNERS AUTOMOTIVE GROUP INVESTOR DAY 2026
We have a unique platform
that is difficult to replicate

25• TURNERS AUTOMOTIVE GROUP INVESTOR DAY 2026
Large consignment vendors
Retail sales
Trade / wholesale buyers
Retail Consumers
Finance
Insurance
Servicing
and Repairs
Retail Consumers
1. Sourcing2. Selling3. Add-on sales
Vehicle
inventory
pool
Added-value
margin pool
Combining sourcing, selling, and add-ons builds a scalable, competitive platform with strong, stable long-term returns.
Used Car Platform + Add-On Monetisation

26• TURNERS AUTOMOTIVE GROUP INVESTOR DAY 2026
Large consignment vendors
Retail sales
Trade / wholesale buyers
Retail Consumers
Finance
Insurance
Servicing
and Repairs
Retail Consumers
1. Sourcing
2. Selling3. Add-on sales
Vehicle
inventory
pool
Added-value
margin pool
Combining sourcing, selling, and add-ons builds a scalable, competitive platform with strong, stable long-term returns.
Used Car Platform + Add-On Monetisation
PLATFORM
Physical -Delivered using 22 car branches located around NZ
Digital -NZ’s second most visited automotive website (350k+ unique visitors per month up 22% YoY)
Brand -One of NZ’s most loved brands

27• TURNERS AUTOMOTIVE GROUP INVESTOR DAY 2026
Why is the platform unique
•No single point of material dependency on
sourcing or selling ensures steady inventory
and market resilience
•Broad base of suppliers and buyers ensures
market liquidity and growth
•Scale in fragmented markets
•Difficult to replicate the physical and digital
network created
•The platform maximisesthe transaction and
life time value of the customer by owning
the finance/insurance and service and repair
opportunity
•Unprecedented access to a breadth of
customer and transactional data

28• TURNERS AUTOMOTIVE GROUP INVESTOR DAY 2026
Our strong culture is
critical to our success

29• TURNERS AUTOMOTIVE GROUP INVESTOR DAY 2026
19.0
21.6
24.6
31.1
29.0
29.1
37.4
43.0
45.5
49.1
54.3
63.0
FY15FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Todd Hunter –Group CEO
Aaron Saunders –Group CFO
Maryanne Burns –
People & Culture GM
Alistair Petrie -Director
Matt Gannaway –CEO ECCC
Grant Baker –Chairman
Jeremy Rooke -CDO
Matt Harrison –Director
Antony Vriens -Director
Lauren Quaintance –Director
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
James Searle –CEO
AutosureInsurance
Greg Hedgepeth –CEO
Auto Retail
Guy Bryden –CEO
Oxford Finance
NPBT
Tenure and consistency across the organisation is key
John Roberts -Director
(F)

30• TURNERS AUTOMOTIVE GROUP INVESTOR DAY 2026
Quality
outcomes for
our shareholders
Quality
environment
for our people
Quality
customer
experiences
+=

31• TURNERS AUTOMOTIVE GROUP INVESTOR DAY 2026
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
6 years running
67% of our team
~350 people own
shares in Turners
A decade of increasing
dividends and share price
growth for shareholders
(except for 2020)

32• TURNERS AUTOMOTIVE GROUP INVESTOR DAY 2026
We have performed well in a
down cycle and will perform
even better in an upcycle.

33• TURNERS AUTOMOTIVE GROUP INVESTOR DAY 2026
We have gone well in a tough economy and we will go
better in an improving economy
•Recovery in consumer confidence drives higher transaction
volumes which benefit sourcing, sales, finance and insurance,
and servicing and repairs
•Opportunity for further structural share gains as barriers rise and
smaller players continue to exit
•Clear strategic pathway forward for each division
•We will continue to expand our physical and digital networks
with a well proven formula
•Platform scale, footprint expansion, and capital-efficient growth
support a new medium term target
Improving consumer confidence, a stronger new car market, relaxation of used import restrictions will
lead to more transactions in the used car market.
Improving consumer confidence
More transaction in new
and used car market
More opportunities for sourcing
cars, selling cars, finance, insurance
and maintenance

34• TURNERS AUTOMOTIVE GROUP INVESTOR DAY 2026
What are we aiming for now?

35• TURNERS AUTOMOTIVE GROUP INVESTOR DAY 2026
35
On track to achieve FY28 target earlier
We have published 3 multi-year profit targets since Mar-22. After achieving our first two targets ahead of time,
we are on track to achieve our latest FY28 target early as well.
FY19FY20FY21FY22FY23FY24FY25FY26 (F)FY27FY28 (F)
NPBT
29.029.037.043.045.549.154.363.065.0
20.0
25.0
30.0
35.0
40.0
45.0
50.0
55.0
60.0
65.0
70.0
Net Profit Before Tax ($M)
Target #1 (FY21)
$45M NPBT by FY24 -exceeded
Target #2 (FY23)
$50M NPBT by FY25 -exceeded
Target #3 of $65M NPBT by FY28
On track to achieve in FY27
FY26 (F) -NPBT is excluding forecasted goodwill write-down on ECCC

36• TURNERS AUTOMOTIVE GROUP INVESTOR DAY 2026
FY19FY20FY21FY22FY23FY24FY25FY26FFY27FY28FFY28FY29FY30FY31
NPBT
29.029.037.043.045.549.154.363.065.0100.0
20
30
40
50
60
70
80
90
100
Net Profit Before Tax ($M)
New 5 year target of $100M NPBT by FY31
Target #4 of $100M NPBT by FY31
•50% organic growth on top of the FY26
result + a small amount of additional
inorganic growth will get us to the
$100M
•Continued organic growth will come
from Auto Retail with new branches
planned plus growth in Finance
business, direct to consumer growth in
Insurance, and growth in Turners
Servicing and Repairs

37• TURNERS AUTOMOTIVE GROUP INVESTOR DAY 2026
Auto Retail Overview
Greg Hedgepeth

38• TURNERS AUTOMOTIVE GROUP INVESTOR DAY 2026
NZ’s #1
most trusted used vehicle dealership
brand 6years in a row
4mins
Turners sell 1 car every 4minutes,
Or ~115 carsper day
#1
NZ’s largest buyer and seller of
vehicles
26,800
Total Cars purchased
81
Auto Retail Employee
Net Promoter Score
550
Kiwis employed across
the Auto Retail business
32,500
Damaged vehicles sold
32
Locations in NZ from Whangarei
to Invercargill
98%
Customers ‘that would recommend
Turners’ via CX platform
Auto Retail -Today
Based on FY25 data

39• TURNERS AUTOMOTIVE GROUP INVESTOR DAY 2026
One key message today...
“Sourcing used cars is our
super power”

40• TURNERS AUTOMOTIVE GROUP INVESTOR DAY 2026
Auto Retail Net Profit before Tax ($M)
Auto retail is a growth engine for the business
89% bottom line growth in
last 5 years driven by:
•Network growth
•Sourcing capability
•Brand strengthening
•Digital progress
•Margin expansion
15.4
19.4
25
31.8
29.1
0
5
10
15
20
25
30
35
FY21FY22FY23FY24FY25

41• TURNERS AUTOMOTIVE GROUP INVESTOR DAY 2026
Our combined physical anddigital network drives our success
www.turners.co.nzhas 350k+ unique visitors per month

42• TURNERS AUTOMOTIVE GROUP INVESTOR DAY 2026
The Turners brand goes from strength to strength

43• TURNERS AUTOMOTIVE GROUP INVESTOR DAY 2026
The Turners brand goes from strength to strength

44• TURNERS AUTOMOTIVE GROUP INVESTOR DAY 2026
+
95%
The Turners brand goes from strength to strength
Sourcing leads generated per year
2020: 42,718
2025: 83,294

45• TURNERS AUTOMOTIVE GROUP INVESTOR DAY 2026

46• TURNERS AUTOMOTIVE GROUP INVESTOR DAY 2026
•Lead generation program
•Omnichannel experience
•Data enhanced decision making
•Proprietary lead management
•L&D performance improvement
0
5,000
10,000
15,000
20,000
25,000
30,000
FY21FY22FY23FY24FY25
Import units soldLocal Units sold
Owned cars sold through Turners (units)
And we are getting better at buying cars every year...

47• TURNERS AUTOMOTIVE GROUP INVESTOR DAY 2026
Network expansion
Sourcing initiatives
Continued
Wholesale > Retail
Growing commercial
business
FY31NPBT target
$50.0m
FY25 NPBT $29.1M
•Ongoing branch retail optimisation
•New regional opportunities
•Further penetration into metro areas
•Retail branch rollout ongoing
•Investment in consumer brand
•Data enabled channel decisions
•Ageing NZ fleet delivers more end of life vehicles
•T&M / DVA synergized network expansion
•Lead generation campaign
•Partnership opportunities
•Conversion rateoptimisation
5 year key initiatives
Note -this target includes profit contribution
from 50% ownership of Turners Servicing
and Repairs ($1.9M) and Turners Property
Holdings ($2.6M)

48• TURNERS AUTOMOTIVE GROUP INVESTOR DAY 2026
Key initiative -we are targeting 15 new branches
Branch viability assessment process:
Auto market data:
•NZTA Change of ownership data –new & used
•Segment analysis –type of vehicles sold
•Competition –number of registered dealers
Other site-specific considerations:
•Length of road frontage (m)
•Traffic count (cars / day)
•Complementary neighbourse.g. Big box retail profile
Census data:
•City and regional population data, Demographic profile, future
population Growth
Economic data:
•Regional economic indicators, employment, credit profiling

49• TURNERS AUTOMOTIVE GROUP INVESTOR DAY 2026
Small Branch
2025Invercargill
FY25 profit$430k
Time to Profit1 Month
Size in m
2
2,000
Key initiative-Examples of branch network developments
Medium BranchLarge Branch
2022Rotorua
FY25 profit$970k
Time to Profit2 Months
Size in m
2
5,500
2020Westgate
FY25 profit$1.4m
Time to Profit3 Months
Size in m
2
8,500

50• TURNERS AUTOMOTIVE GROUP INVESTOR DAY 2026
Lead generation initiatives:
•Machine Learning Car Valuation tool –
ongoingdevelopment and growth
•Partner Integration e.g. VTNZ co-locations
for cay buying and solutions for failed WoF
vehicles
Margin Retention initiatives:
•Real time dynamic pricing –system will
update vehicle pricing based on current
market and activity levels.
•AI tools to automate vehicle imagery &
features presentation to improve the level
of detail and appeal
Key initiative -Data and digital investments
will deepen our sourcing advantage
-
5.00
10.00
15.00
20.00
25.00
Feb-25Mar-25Apr-25May-25Jun-25Jul-25Aug-25Sep-25Oct-25Nov-25Dec-25Jan-26Feb-26Mar-26
Valuation tool leads per day

51• TURNERS AUTOMOTIVE GROUP INVESTOR DAY 2026
•Access to vehicle mechanical data to guide
profitable purchasing decisions
•Sourcing opportunities e.g. Turners Servicing
and Repairs (TSR)
•Wholesale repairs completed on Turners sites
by TSR delivering significant operational
efficiencies
•Brand strength –One of NZs most loved
•Scale in a highly fragmented market
•Diversified vehicle sourcing channels
•Improving capability to scale sourcing
•Digital and physical network combination
•Highly engaged team and exceptional CX
Auto Retail –Why we win
Competitive advantages:
Group synergies:

52• TURNERS AUTOMOTIVE GROUP INVESTOR DAY 2026
Finance Overview
Guy Bryden

53• TURNERS AUTOMOTIVE GROUP INVESTOR DAY 2026
$536m
Gross receivables less impairments
@ Feb-26
92
Number of full time employees as at
Feb-26 (89 as at Feb-25)
35,000
Number of open loans
@ Feb-26
$21,473
Average loan size for
new lending in FY26
209
Number of dealers and brokers who have
originated business with Oxford in FY26
88%
Customer NPS score in FY26
+23%
Ledger has grown by$102m
from Feb-25 to Feb-26
16%
% of new lending generated by Turners
Auto Retail (FY26)
92%
Employee NPS score in FY26
Finance Today

54• TURNERS AUTOMOTIVE GROUP INVESTOR DAY 2026
One key message today...
“We expect to grow our high
quality loan book by a further 50%
without adding any more capital”

55• TURNERS AUTOMOTIVE GROUP INVESTOR DAY 2026
We are expecting a record profit result for
Finance in FY26:
•Strong loan book growth at the
premium end of the market
•Improved NIM from repricing loan book
and a stabilisation in cost of funds
•Improved operating cost to income ratio
•Stability of earnings supported by
increased hedging percentage
12.2
15.8
18.0
15.0
12.2
16.0
-
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
20.0
FY20FY21FY22FY23FY24FY25
Finance Net Profit before Tax ($M)
On track for a record profit result in FY26

56• TURNERS AUTOMOTIVE GROUP INVESTOR DAY 2026
Receivables by month (excl. impairments)
$102m (+23%) loan book
growth since Feb-25
Aggressive re-pricing in rising interest
rate environment
Strong loan book growth driven by high quality lending

57• TURNERS AUTOMOTIVE GROUP INVESTOR DAY 2026
Average Centrix credit score for new loans
Avg NZ auto loanCCR
score
Consumer Customer +3 Day Arrears (Loan Balance)
Source –Centrix
Credit quality is a non-negotiable for us

58• TURNERS AUTOMOTIVE GROUP INVESTOR DAY 2026
•Growth in Turners lending through network expansion
•Growth in Direct lending
•Continue to build market share in new products
•Competitive pricing against much larger books
•Improved credit quality = more capital efficient
•Low capital requirement to grow the book
•High quality lending delivers us operating
leverage / economies of scale
5 year key initiatives
FY31NPBT target
$30.0m
FY25 NPBT $16.0M
Book growth
Funding optimisation
Operating leverage

59• TURNERS AUTOMOTIVE GROUP INVESTOR DAY 2026
•As at Jan 2026 there are
approximately 140,000 active
personal loans in NZ with a Centrix
CCR score above 650
•The opportunity is to grow this
lending in line with our auto-loan
market share
1,400
-
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
Number of active PLs (650+ CCR score)Number of Oxford's active PLs
Number of active personalloan accounts in NZ with CCR score of 650+
Source –Centrix
Opportunity
Key Initiative –Material opportunity in personal loans
There is a significant growth opportunity to target high quality borrowers in the personal lending category.

60• TURNERS AUTOMOTIVE GROUP INVESTOR DAY 2026
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
•Oxford now has the headroom to grow the loan
book by another 50% without any requirement to
introduce further capital
•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 was
1.4%
•The improved capital effectiveness of this structure
supports ourgrowth objectives
Key Initiative -Our growth plans are supported by efficient funding

61• TURNERS AUTOMOTIVE GROUP INVESTOR DAY 2026
FY24 to FY26 operating cost-to-income improvements
•Operating cost to income ratio
has reduced from 51% (H124)
to 39% (H226 forecast), as a
result of operational efficiency
gains and NIM expansion.
•Driven by system & process
enhancements, and improved
lending quality.
•56% increase in lending and
only a 5% increase in
headcount through FY26
Key Initiative -Lending strategy + digital initiatives =
operating leverage

62• TURNERS AUTOMOTIVE GROUP INVESTOR DAY 2026
•Speed of credit decisions and ease of
application process
•Proprietary loan origination platform
built in-house
•Broad and deep user of
Comprehensive Credit Reporting data
•Improved decisions on the back of
advanced data analytics
•Captive Turners Auto Retail network
growing market share, 70%-80% of Turners
loans get originated through Oxford.
•The Turners originated loans perform better
on an arrears basis.
•Fast feedback loop on system
enhancements from Turners, enabling us to
roll out changes to wider network faster
with more impact.
•Reseller of AutosureMBI policies through
direct channel
Finance -Why we win
Competitive advantages:
Group synergies:

63• TURNERS AUTOMOTIVE GROUP INVESTOR DAY 2026
Insurance Overview
James Searle

64• TURNERS AUTOMOTIVE GROUP INVESTOR DAY 2026
5,500+
Number of insurance policies sold
per month
2,750+
Mechanical Breakdown Insurance policies
sold per month
$21m
Value of paid claimspaidin last 12
months (excl. CAR Insurance)
200,000+
Number of active policies
80
Autosureemployee
Net Promoter Score
45
We employ 45kiwis across the
Insurance business
$43m
Value of Autosurenew business policies
sold in last 12 months
33%
15 staff have been with Autosure
for 10 or more years
$18m
Value of new business policiessold
in last 12 months for CAR Insurance
Insurance Today
LTM to Dec-25

65• TURNERS AUTOMOTIVE GROUP INVESTOR DAY 2026
One key message today...
“We want people to think of
mechanical breakdown insurance
like pet insurance for their car”

66• TURNERS AUTOMOTIVE GROUP INVESTOR DAY 2026
•We operate within a structurally lower-risk
segment of insurance:
•Annuity-style earnings, with an average
customer lifetime of ~3 years
•Consistent revenue growth and
profitability, not reliant on big swings
•Disciplined performance driven by
targeted risk pricing and active risk
management
•Operational efficiency and tight claims
management, supported by strong
procurement
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
FY19FY20FY21FY22FY23FY24FY25
UW ProfitInvestment Income
Insurance has been a very consistent performer
Insurance Net Profit before Tax ($M)

67• TURNERS AUTOMOTIVE GROUP INVESTOR DAY 2026
•Our loss ratio has improved for MBI, driven by
disciplined risk pricing and smarter portfolio
management
•We aim for a loss ratio between ~56% -58%, well
controlled and predictable
•Ongoing improvement delivered through:
•Risk-based pricing
•Procurement initiatives
•Data and trend analysis across all vehicle
categories
•Industry expertise and relationships
50%
51%
52%
53%
54%
55%
56%
57%
58%
59%
60%
FY21FY22FY23FY24FY25
MBI Loss Ratio
Stable insurance portfolio, coupled
with improving performance
Mechanical Breakdown Insurance Loss Ratio

68• TURNERS AUTOMOTIVE GROUP INVESTOR DAY 2026
•Solid growth in new business premium for
our motor vehicle insurance policies
•TheAutosure POSsystem integration allows
agentsto sell more effectively at point of
sale
•Direct to Consumer Offering on our Autosure
website has been positive with good sales
volumes adding a diversified revenue stream
•Reminder:No underwriting risk for
Autosure —this product is underwritten by
Vero NZ
0
5
10
15
20
25
30
35
40
FY21FY22FY23FY24FY25
MV Insurance NB GWPIn-force GWP
Motor Vehicle Insurance is a strong growth driver
Motor Vehicle Insurance Gross Written Premium per annuum and in-force ($M)

69• TURNERS AUTOMOTIVE GROUP INVESTOR DAY 2026
•Create a new MBI category –similar to Pet insurance
for your car
•Targeted investment in lead generation to build
awareness and demand
•Use our valuable vehicle risk insights tofocus on
lower-risk segments
•Fine tune our pricing to the risk, improving customer
value and returns
•Digitally targeting the 50% of the used car market
that is traded “private to private”
•Leverage our partnerships with trusted,
high-impact brands
FY31NPBT target
$22.5m
FY25 NPBT $16.2M
5 year key initiatives
Build out and
grow digital distribution
Reposition the MBI
product
Leverage our data assets

70• TURNERS AUTOMOTIVE GROUP INVESTOR DAY 2026
485,498
700
0
100,000
200,000
300,000
400,000
500,000
600,000
No. of P2P TransactionsNo. of Autosure policies sold via
digital (self-serve) channels
•Expand our distribution beyond the dealer network to
target private vehicle sales and existing car owners
•Re-position MBI as “Health Insurance for Your Car”
mirroring the way consumers already understand
health and pet insurance.
•Unlock a large, under-penetrated market –the light
vehicle fleet in NZ is 4.5M cars
•Tailored product design for private owners ensuring
strong product-market fit
•Partnership-led rollout to build the category
accelerating awareness and credibility
Opportunity
Number of usedvehicle change of ownerships Private to
Private in CY25
Source -NZTA
Key initiative -significant opportunity to sell MBI
into the “private to private” used car market

71• TURNERS AUTOMOTIVE GROUP INVESTOR DAY 2026
•Strong position in auto add-on insurance
market
•Our extensive dataset provides a
significant advantage in understanding
and pricing risk
•Our broad distribution network (dealers
and brokers + digital) gives us enormous
reach.
•Our scale, buying power and strong
relationships with the repairer network
help manage claims costs.
•As the Turners Auto Retail network grows,
this results in more policies being sold.
•Fast feedback loop on system
enhancements from Turners, enabling us to
roll out changes to wider network faster
with more impact.
•Turners and Oxford Finance are significant
resellers of AutosureMBI policies through
direct channel.
•Deeper vehicle insights and market
understanding from being part of a large
automotive platform business.
Insurance -Why we win
Competitive advantages:
Group synergies:

72• TURNERS AUTOMOTIVE GROUP INVESTOR DAY 2026
Turners Servicing and Repairs
(TSR) Overview
Richard Wafer

73• TURNERS AUTOMOTIVE GROUP INVESTOR DAY 2026
One key message today...
“Mobile mechanics are going
to disrupt the traditional
mechanic workshop”

74• TURNERS AUTOMOTIVE GROUP INVESTOR DAY 2026
Mobile repair is a growth category internationally

75• TURNERS AUTOMOTIVE GROUP INVESTOR DAY 2026
"The acquisition of RepairSmithcreates meaningful
After-Sales business opportunities, including utilizing
another channel to provide service to AutoNation's
existing Customer base and introduce additional
vehicle owners who have purchased vehicles outside
the AutoNation dealer network.
RepairSmithwill serve as a resource for reconditioning
and internal services to increase AutoNation's speed
to frontline readiness and expedite vehicle delivery to
Customers."
AutoNation Completes the Acquisition of RepairSmith

76• TURNERS AUTOMOTIVE GROUP INVESTOR DAY 2026
•Already NZ's largest & "most loved" mobile mechanic
•Auckland, Hamilton, Tauranga, Wellington (&
Christchurch inspections only)
•Auckland based parts distribution and workshop
•All techs are employees no franchisees or contractors
•>90% of all mechanical repairs
What is Turners Servicing & Repairs?

77• TURNERS AUTOMOTIVE GROUP INVESTOR DAY 2026
36,000
Number of completed bookings
4.9/5
Customer score on Google
(>4,300 reviews)
$240+
PPI ARPU
13,000
Pre-purchase Inspections
completed
5
Number of regions in which we operate
mobile mechanics
>530
Service and repairs completed for
Turners per month
300+
MTA approved garage partners
on the MAS Marketplace
>$200k
Monthly quote request value
18
# of employed mechanics
Turners Servicing and Repairs today

78• TURNERS AUTOMOTIVE GROUP INVESTOR DAY 2026
Growth driven by:
•Regional expansion
•Integration with Turners branches
•Rebranding to TSR
•Establishment of small fleet solution
The business is growing and expanding
0
2000
4000
6000
8000
10000
12000
14000
FY21FY22FY23FY24FY25FY26 Apr - Feb
Remote bookings by Tech

79• TURNERS AUTOMOTIVE GROUP INVESTOR DAY 2026
•Online booking 24/7
•Quoting and costing tools
•Transparent pricing
•Scheduling & route planning
•In-house technician app
•Online parts retailing
Transparent and intuitive online platform

80• TURNERS AUTOMOTIVE GROUP INVESTOR DAY 2026
FY31NPBT target
$3.9m
•Establish mobile mechanics in locations to
mirror the core Turners network
•Cross sell, upsells and reminders with Turners
wider customer base Eg. Service Plans sold with
cars
•VTNZ WoFWizard, WoFfailures made simple
for ~240k (or 40%) failures p.a.
5 year key initiatives
Network expansion
Partnerships
LTV improvements
Note -this is the target for the “whole”
business, Turners group profit contribution
needs to be adjusted for 50% shareholding.

81• TURNERS AUTOMOTIVE GROUP INVESTOR DAY 2026
Auckland = 11 techs
Hamilton = 3 techs
Wellington = 1 tech
Christchurch= 1 tech
Ability to quickly launch in new regions and scale
Playbook for launching new regions:
•Turners branch presence:Existing branch to anchor
demand and support operations
•Demand signals:Strong enquiry volume, WOF failures, or
underserved customer base
•Limited competition:Weak or fragmented incumbent
repair providers
•VTNZ proximity:Access to WOF failure volume to drive
repair work
Tauranga = 2 techs
Key initiative -Network Expansion / Regional rollout

82• TURNERS AUTOMOTIVE GROUP INVESTOR DAY 2026
Key initiative -VTNZ WoFWizard Partnership
VTNZ WoFFailure Sheet
Ai generated explanation of technical WoFreport
•600k WoFperformed per annum by
VTNZ, with ~40% fail rate
•VTNZ are the largest vehicle inspection
company in NZ

83• TURNERS AUTOMOTIVE GROUP INVESTOR DAY 2026
•Turner's ecosystem effect (incl. brand)
•First mover to scale in the mobile space
•Superior customer experience to
traditional mechanics
•Transparent and consistent CX
•Key external partnerships
•Significant wholesale work for
Turners Auto Retail division.
•Material cross selling opportunities
across the group for mechanical
services
•Sharing of vehicle repair data into
insurance and auto retail
•Increasing the touchpoints with
customers through the lifetime
ownership of a vehicle
Turners Servicing & Repairs -Why we win
Competitive advantages:
Group synergies:

84• TURNERS AUTOMOTIVE GROUP INVESTOR DAY 2026
Capital, Funding and FY31
Aaron Saunders

85• TURNERS AUTOMOTIVE GROUP INVESTOR DAY 2026
One key message today...
“Capital-efficient growth of
profits and dividends”

86• TURNERS AUTOMOTIVE GROUP INVESTOR DAY 2026
Capital Management Framework
Sources of Capital
Use of Capital
TARGET BENCHMARKS
Target Return on Equity (ROE)15% or greater
Last 5 years average ROE12.5%
Dividend FrequencyQuarterly
1.Dividends
(Paid out quarterly)
2.Digital initiatives
(Above and beyond BAU)
3.Auto Retail
network growth
4.Finance book
growth
Group’s Dividend
Reinvestment Plan (DRP)
Capital
Allocation
Ensuring sustainable dividend
returns to shareholders while
supporting the further growth
ambitions of the business
1.Retained Profits

87• TURNERS AUTOMOTIVE GROUP INVESTOR DAY 2026
Our dividend is an important part of our value proposition to
shareholders...
•“Skin in the game” (30% shares owned
around board table).
•Dividend policy is to pay out 60-70% of
normalised Net Profit after tax
•Quarterly dividend payments
•Dividend reinvestment plan (DRP)
introduced in 2023.
Dividend per Share ($)
0.10
0.13
0.145
0.155
0.17
0.14
0.20
0.230.23
0.255
0.29
0.33
0
0.05
0.1
0.15
0.2
0.25
0.3
0.35
FY15FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25FY26 (F)

88• TURNERS AUTOMOTIVE GROUP INVESTOR DAY 2026
Improving capital effectiveness is still a priority
•Improving return on capital metrics is a key focus for management and the board.
•‘Stay in business’ capital expenditure broadly in line by depreciation
•Capital allocation within the group is currently focused on the highest returning initiatives:
1.Digital initiatives
2.Auto Retail network expansion
•Three key opportunities identified to further improve capital effectiveness over the next 12-24 months:
1.More capital efficient finance structures within Oxford Finance i.e. additional public securitization
transactions
2.Reallocate excess solvency capital within Autosure
3.Recycle capital out of non-core assets

89• TURNERS AUTOMOTIVE GROUP INVESTOR DAY 2026
Borrowings byasset class at Sep-25 (NZ$M)
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
Funding mixoptimised to support growth
•In October 2025 a new $200M receivables warehouse was
established in our inauguralpublic securitisation transaction.
•The new warehouse deal is has delivered significant
improvements in funding rates as well as a reduced capital
commitment.
•Interest rate risk in Oxford is managed using interest rate
swaps (borrowings 85% hedged at Feb 2026).
•Corporate funding is provided by a syndicate of banks,
current capacity is sufficient to support committed branch
expansion plans in Auto Retail (Hamilton, Tauranga and
Whanganui).
•Corporate debt hedging is provided by a combination of
interest rate swaps and the natural offset provided by
Autosureterm deposits
80% of our borrowings relate to Finance Receivables, and we can grow the book ~50% without
further capital

90• TURNERS AUTOMOTIVE GROUP INVESTOR DAY 2026
Property ownership = both a growth enabler and risk mitigator
•Property cost in March 2015 after takeover of Turners Auctions by Dorchester Pacific
= $4.2M
•Property carrying value in March 2026 = $160M+, all funded through retained
earnings and bank facilities
•Property ownership ensures we are not priced out of key strategic locations. The
primary reason for the Group to own a growing proportion of its sites is that we are
often not the highest value use for a well-located parcel of industrial land i.e.
landlords and developers prefer higher building coverage
•Other benefits of ownership include:
1.Opportunity to ‘capitalize’ our own goodwill in high profile locations
2.A medium term hedge against inflation
3.Cost and operational flexibility and
4.Ability to recycle capital at some future point

91• TURNERS AUTOMOTIVE GROUP INVESTOR DAY 2026
Roadmap to $100M of NPBT
•The majority of growth comes from the Auto Retail
(including property and half share of TSR) and
Finance segments where we expect profits to
growth organically by over 50%
•Over 70% of the growth in Auto Retail profits
expected to come from network expansion, and of
the 15new branches planned we anticipate owning
up to 60% of these, with the balance being leased
sites
•Autosure also expected to continue to deliver profit
growth of around 32% over the five year forecast
horizon
•Inorganic will need to be synergistic/bolt on
acquisition, would need to be adjacent to the used
car eco system eg.parts, finance book etc
Note:
1.Profit projections based on current Group structure
2.Corporate & Other segment includes EC Credit
FY26 to FY31 Bridge
* Current guidance excluding projected ECCC write down of goodwill
*

92• TURNERS AUTOMOTIVE GROUP INVESTOR DAY 2026
Wrap up
Todd Hunter

93• TURNERS AUTOMOTIVE GROUP INVESTOR DAY 2026
Grant Baker -Chairman
Todd Hunter –Group CEO
Servicing
and Repairs
Wrap up
“Sourcing used cars is our superpower”
Auto Retail
“We expect to grow our high quality loan book by a
further 50% without adding any more capital”
“We want people to think of mechanical breakdown
insurance like pet insurance for their car”
“Mobile mechanics are going to disrupt the
traditional mechanic workshop”
Insurance
Finance
“There is a lot more to come ...”
“Great businesses that are even better together”

94• TURNERS AUTOMOTIVE GROUP INVESTOR DAY 2026
ToddHunter
Group CEO
T: 64 21 722818
E:todd.hunter@turners.co.nz
Aaron Saunders
Group CFO
T: 64 27 4938794
E: aaron.saunders@turners.co.nz
Contact
94• TURNERS AUTOMOTIVE GROUP INVESTOR DAY 2026