Record FY26 reinforces Turners' FY31 strategic targets

Company Announcement
21 May 2026



1
Record FY26 reinforces Turners' FY31 strategic targets
Turners Automotive Group (NZX/ASX: TRA) has delivered a record financial result for the year ended 31 March
2026 (FY26), reinforcing the Group’s trajectory toward the FY31 strategic targets set out at its March 2026
Investor Day.
Turners delivered record normalised net profit before tax (NPBT) of $63.2 million, up 16% on FY25. Each of the
three core automotive divisions (Auto Retail, Finance and Insurance) delivered profit growth, with Q4 a record
quarter for the business.
The result brings forward the Group’s $65 million NPBT target (originally set for FY28) into FY27, which would
mark the third successive multi-year target Turners has met or exceeded ahead of schedule, and lays the
foundation for the new $100 million NPBT target by FY31.
Key Financial Highlights (FY26 vs FY25)
• Revenue: $451.2m, +9%
• Normalised EBIT
¹
: $70.6m, +14%
• Reported NPBT: $55.7m, +3%
• Normalised NPBT: $63.2m, +16%
2

•
Reported NPAT: $38.2m, -1%
2
• Normalised NPAT: $45.6m, +18%
2

• Normalised Earnings per share (EPS): 50.4cps, +16%
2

• Final dividend declared: 9.0cps, fully imputed
• Full year dividend: 33.0cps, +14%
¹ EBIT (non-IFRS measure) normalised for interest expense in Finance, and excludes EC Credit goodwill write-down
2
Excluding EC Credit goodwill write-down of $7.5m
Key Business Highlights
• Auto Retail: Margin expansion through 2H following a tough 1H macro; three new Christchurch branches
opened and now fully operational; Tina 2.0 brand campaign launched in May 2025; total owned units sold
+9%; commercial division strong, supported by lifts in liquidations and damaged vehicle volumes.
• Finance: Loan book grew 27% to $566m; record profit, with NPBT +19%; consumer arrears at 2.5% versus
industry 5.6%; NIM lifted to 5.7%; $200m public securitisation warehouse term out in October 2025,
improving funding rates and reducing capital commitment.
• Insurance: Revenue +5%, NPBT +7%, with growth across all portfolios. Strong premium growth overall
(dealer and finance broker partnerships); D2C offering for comprehensive insurance providing additional
revenue. Claims cost inflation has been well managed.
• Turners Servicing & Repairs: Brand transition from MyAutoShop complete; VTNZ partnership extended to
pre-purchase inspections; technician and van network expanding.
• EC Credit Management: Now positioned as managed for cash. Focus remains on core automotive operations,
with the ECCC business positioned for potential divestment over the medium term.
• People and culture: Top 5% globally for employee engagement; 67% of staff are shareholders; 83% of
leadership roles filled internally.

Company Announcement
21 May 2026



2
FY26 was a year of two distinct halves. The first half was constrained by a soft consumer environment and tight
margins; the second half delivered a strong recovery as consumer confidence improved through the year,
and Turners benefitted from proactive stock management, culminating in a record profit performance in Q4.
In late March, the onset of the Iran-US conflict softened momentum, and Turners has deployed the same
operational playbook applied successfully through the FY24 and FY25 macro downturns.
Reported NPAT of $38.2m, included a non-cash goodwill write-down on EC Credit (ECCC) of $7.5m, consistent with
the $7–9 million indicated in the March 2026 guidance update. Normalised for the ECCC write-down, Normalised
NPAT was $45.6m.
CEO Commentary
Todd Hunter, Group CEO, said:
“This record result is a significant achievement and a credit to the entire team. Demand was soft in the first half,
but our team’s discipline on stock, margin and credit through 2H culminated in a record Q4. Each of our three core
automotive divisions delivered profit growth, and the integrated platform continues to compound as we expand
our network and our customer base. Our Finance division has been a standout result in the last 12 months
growing new lending by over 50% and loan book growth of 27%.
We’ve been clear with the market that we set tough targets, and we love to exceed them. We delivered our $45m
FY24 NPBT target a year early, our $50m FY25 NPBT target a year early, and we now expect to deliver our $65m
FY28 NPBT target a year early as well, in FY27. With the Iran–US conflict softening early FY27 trading, we have
already deployed the same tough macro playbook we ran in FY24 and FY25. This is a business that knows how to
perform and still grow across cycles.”
Financial Summary
Group revenue rose 9% to $451.2m, with growth in Auto Retail (+$27m), Finance (+$9m) and Insurance (+$3m)
more than offsetting a decline in Credit (−$2m). NPBT grew 16% to $63.2m before goodwill write-down, reflecting
margin expansion across the three core divisions, operating leverage in Finance, and lower corporate interest
costs. Normalised NPAT grew 18% to $45.6m and Normalised EPS rose 16% to 50.4cps. Total assets increased to
$1,071m, with finance receivables up $119m and property, plant and equipment up $35m, reflecting the
development of new sites in Napier, Dunedin, Tauranga and Christchurch. Shareholders’ equity grew to $318m,
from $299m a year earlier.
Capital Management
Turners’ capital base now provides clear capacity to support the FY31 strategic plan. The $200m public
securitisation warehouse termed out in October 2025 (the Group’s inaugural public securitisation transaction) has
delivered improved funding rates and a meaningful reduction in capital commitment. New syndicated banking
facilities were signed in March 2026, increasing funding capacity and lowering costs. Receivables funding capacity
is approximately $70m and corporate/property funding capacity is approximately $20m, sufficient to support the
committed branch expansion pipeline. Capital is also being progressively reallocated from non-core operations
(EC Credit) into core automotive operations. The Group will continue to apply the disciplined capital allocation
framework that underpins its 15% ROE target.
Dividend
The Board has declared a final dividend of 9.0 cents per share, fully imputed, taking total FY26 dividends to
33.0cps, up 14% on FY25. This continues a 12-year track record of dividend growth, representing a CAGR of
10.5%. The dividend reinvestment plan (DRP) will apply to the final FY26 dividend.

Company Announcement
21 May 2026



3
Chair Commentary
Grant Baker, Chair, said:
“At our March 2026 Investor Day, we set out the next chapter of Turners’ growth: a target of $100 million NPBT by
FY31, supported by network expansion, lending growth, deeper integration of our automotive platform, and a
discipline of 15% return on equity. FY26 is another confirmation that we are on track towards that ambition.
Capital efficiency is the engine of our compounding shareholder returns. With the new $200m securitisation
warehouse and refreshed banking facilities now in place, Turners has the capital base to grow without
compromise. The board remains committed to the disciplined, through-cycle approach to capital allocation that
has now delivered 12 years of dividend growth.”
Outlook
Q4 FY26 was a record quarter for the business. However, in late March, the onset of the Iran–US conflict softened
consumer demand, and April trading has been similarly subdued. As with all businesses, there is uncertainty as to
how long this will last. However, management has deployed the same operational playbook that has guided
Turners through prior macro downturns since Covid, including disciplined inventory positioning, selective buying,
and the maintenance of credit quality, whilst still continuing to invest in branch expansion.
Despite the softening in Auto Retail transactions, Turners Group benefits from diversification, with continued
momentum from its annuity businesses (Finance and Insurance), and Finance in particular taking market share.
Accordingly, the Group expects to continue to make strong progress towards achieving the FY28 target of $65M
NPBT a year earlier in FY27. Auto Retail will benefit from a full year contribution from the FY26 branch openings;
Finance is positioned to benefit from a materially larger loan book and stable margins. FY27 will be a year of
network groundwork rather than network expansion, with no new retail branches scheduled to open, but four
new branches and two replacement branches currently in development for opening across FY28. Earned
premium is holding up very well and claims ratios are table. Contribution from new distribution arrangements and
direct sales continue to lift.
Looking further out, the progress made during FY26 across all businesses keeps Turners firmly on track toward its
$100m FY31 NPBT target, the next of the four multi-year targets the Group has set since FY21.
Conference Call
Todd Hunter (Group CEO) and Aaron Saunders (Group CFO) will present the FY26 financial results followed by
Q&A at 1030am on 21 May 2026: https://events.teams.microsoft.com/event/ebac50aa-3e47-4b45-b22e-
4eee3e13d688@6a38d3ca-e45b-49d7-8a3d-680a588096ac

A short results video is also available at: https://www.turnersautogroup.co.nz/investor-centre
ENDS
About Turners
Turners Automotive Group Limited is an integrated financial services group, primarily operating in the automotive
sector. www.turnersautogroup.co.nz
For further information, please contact:
Todd Hunter, Group CEO, Turners Automotive Group Limited, Mob: +64 21 722 818
Aaron Saunders, Group CFO, Turners Automotive Group Limited, Mob: +64 27 493 8794

Company Announcement
21 May 2026



4
Appendix: Update by Business
Auto Retail (Revenue $315.3m +10%, Segment NPBT $32.6m +12%)
The first half saw constrained sourcing and tight margins as consumer demand was soft. Through the second half,
sourcing initiatives, pricing optimisation and stock discipline established in 1H delivered strong margin expansion.
Total owned units sold lifted 9%, with continued focus on the lower-priced segment where demand has been
most resilient. Operational efficiency gains supported higher stock turn and lower working capital. The three new
Christchurch branches opened in 1H FY26 are now fully operational and have driven a 22% increase in local units
sold through the Christchurch region, a clear validation of the branch rollout economics. The Tina 2.0 brand
campaign launched in May 2025 lifted media spend by 15% to $5.1m, with messaging now spanning both
sourcing and selling. The commercial division performed strongly, with damaged/end-of-life and Trucks &
Machinery revenues up 10% and 8% respectively.
Finance (Revenue $77.0m +13%, Segment NPBT $19.2m +19%)
Finance delivered a record result. The loan book grew 27% to $566m (from $447m), driven by consumer lending
growth, whilst credit policy remained disciplined and indeed was tightened through the year. Premium tier
lending (CCR score 735+) now represents 59% of the ledger, up from 56% at March 2025. Consumer arrears were
2.5% at March 2026, compared with the industry average of 5.6%, among the widest gaps the business has ever
recorded. Net Interest Margin lifted to 5.7%, supported by stabilising cost of funds and continued repricing of the
book. The hedged portion of finance borrowings has increased to ~85%, reducing earnings volatility. Operating
leverage was a defining feature of the year, with lending volumes rising materially while headcount grew at a
slower rate. The $200m public securitisation warehouse term out in October 2025 has lowered funding costs and
reduced capital commitment, with further capital efficiency gains expected as the rating process completes.
Insurance (Revenue $50.2m +5%, Segment NPBT $17.3m +7%)
Insurance continued its steady growth over recent years, with strong premium growth overall. Key dealer and
finance broker partnerships remained the primary driver of premium growth, providing scale and consistency.
Direct to consumer offering for Comprehensive Motor vehicle insurance providing another useful diversified
revenue stream. Claims cost inflation has been well managed despite ongoing global supply chain pressures. MBI
loss ratios have edged up slightly but remain consistent with long-term historical trends. MBI Loss ratio 58% FY26
(57% FY25) Digital distribution capability was strengthened during the year, including the launch of a new MBI
product for the ‘private to private’ car market. Early sales activity has been encouraging and this validates this
channel as a complementary, scalable growth opportunity. New partners were also added during the year (VTNZ,
Gaspy and Quashed) increasing Autosure’s digital footprint.
Turners Servicing & Repairs
Completed rebrand to Turners Servicing and Repairs to leverage strong brand awareness and equity in “Turners”
brand. Branding partnership with VTNZ to provide a “WoF Wizard” (WoF failures made simple for ~240k failures
p.a). Cross sell, upsells and reminders with Turners wider customer base are starting to contribute (eg. service
plans sold with cars). TSR is continuing to roll out mobile mechanics in locations to mirror the Turners network.

Company Announcement
21 May 2026



5
EC Credit Management (Revenue $8.5m −17%, Segment NPBT $1.8m −49% excluding EC Credit goodwill write-
down)
Referral volumes were constrained throughout the year as several large corporate clients placed temporary holds
on debt referrals during major system implementations, while consumers found it harder to consistently meet
payment arrangements. Collections performance remained resilient, with debt collected broadly in line with FY25
and ahead of FY24, supported by a +9% lift in the payment arrangement bank. As flagged in the 19 March 2026
guidance update, the carrying value of the business was reviewed and a non-cash goodwill write-down of $7.5m
was made, consistent with guidance at the time. EC Credit is non-core to Turners’ integrated automotive platform
strategy. Going forward, the business will be managed for cash, with capital progressively reallocated to higher-
returning core operations

ENDS

---

1• TURNERS AUTOMOTIVE GROUP FY25 RESULTS
FY26 Results Presentation
For the period ending 31 March 2026

2• TURNERS AUTOMOTIVE GROUP FY26 RESULTS
Disclaimer
Turners Automotive Group (the company) is solely responsible for the content of this document. This document is not an investment
statement or prospectus and does not constitute an offer of securities.
This document or any other written or oral statements made by, or on behalf of, the company may include forward-looking statements that
reflect the company’s current views with respect to future events and financial performance. These forward-looking statements are subject to
uncertainties and other factors that could cause actual results to differ materially from such statements. These uncertainties and other factors
include, but are not limited to:
I. Uncertainties relating to government and regulatory policies;
II. The occurrence of catastrophic events with a frequency or severity exceeding our estimates;
III. The legal environment;
IV. Loss of services of any of the company’s officers;
V. General economic conditions; and
VI. The competitive environment in which the company, its subsidiaries and its customers operate; and other risks inherent in the company’s
industry
The words “believe,” “anticipate,” “investment,” “plan,” “estimate,” “expect,” “intend,” “will likely result,” or “will continue” and other
similar expressions identify forward-looking statements. Recipients of this document are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of their dates. The company undertakes no obligation to update or revise any forwardlooking
statements, whether as a result of new information, future events or otherwise.

3 • TURNERS AUTOMOTIVE GROUP FY26 RESULTS
•Record result with resilient used car market
•Staying on the front foot with expansion plans
•Increased funding headroom at lower rates
•Battle-tested playbook re-deployed (proven in 2024–25)
3 • TURNERS AUTOMOTIVE GROUP FY26 RESULTS

4 • TURNERS AUTOMOTIVE GROUP FY26 RESULTS
Successful strategy and execution continues to deliver
record results
* Dividends fully imputed from FY17 onwards
Operating profit contribution by segment ($M)
Dividend per Share ($)
0
10
20
30
40
50
60
70
80
FY15FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25FY26
Operating Profit ($M)
Automotive retailFinanceInsuranceCredit management
0.100
0.130
0.145
0.155
0.170
0.140
0.200
0.2300.230
0.255
0.290
0.330
0.00
0.05
0.10
0.15
0.20
0.25
0.30
0.35
FY15FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25FY26
Note - the FY26 EC Credit Control Operating Result excludes intangible impairment of $7.47M

5 • TURNERS AUTOMOTIVE GROUP FY26 RESULTS
Turners continues to deliver on its growth commitments...
1.The result extends our track record of resilience, by again delivering another record, despite an extremely challenging consumer
environment.
2.FY26 dividend of 33.0 cps up +14 % on FY25 and continues the run of strongly growing dividends over 12 years.
3.The big three auto related divisions deliver strong growth year on year, gains from Auto Retail, Finance, and Insurance offset
by a small reduction in Credit Management.
4.A story of improving consumer confidence through the year. Business delivered a record profit performance in Q4, however
momentum has slowed due to the Middle East conflict in March.
5.Business is in an excellent position from a funding perspective. New facilities with the banks, a termed out securitisation
warehouse have improved our pricing, increased our capacity and reduced our capital requirements.
6.Turners team are highly motivated, with high levels of employee engagement and share ownership
7.Diversified earnings a strength, we expect our annuity businesses to continue to perform but the auto retail business could be
affected by the continuation of the Iran war.

6 • TURNERS AUTOMOTIVE GROUP FY26 RESULTS
Diversified model with widespread growth
AutoRetail
Stable cars volume with margin growth off the back of improving economy. New
Christchurch branches successfully opened with new branch pipeline continuing to fill up.
Finance
Material growth in loan book, quality metrics continue to improve. Arrears out performance
(at around half the industry level). Strong operating leverage, with funding structures and
capital in place to support 50% further growth in the loan book.
Insurance
Expanding digital distribution through partnership strategy, building traction in the
direct to consumer offer and continuing to grow premium.
Servicing and Repairs
Building out a network of vans, ramping up cross selling into Turners customer base, exciting
VTNZ partnership in place.
Credit Management
Debt referral restricted by large system projects for large clients, collection performance
strong off lower referral levels. Intangible impairment reflects revised medium-term earnings
expectations in light of current trading conditions

7 • TURNERS AUTOMOTIVE GROUP FY26 RESULTS
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?
•67% share ownership from
employees
•83% of leadership roles filled
internally
40%
45%
50%
55%
60%
65%
70%
75%
80%
85%
90%
7.0
7.5
8.0
8.5
9.0
9.5
How likely is it that you would recommend Turners Automotive Group as a place to work?% Promoters

8 • TURNERS AUTOMOTIVE GROUP FY25 RESULTS
1. FY26 Results

9 • TURNERS AUTOMOTIVE GROUP FY26 RESULTS
FY26 Results snapshot
Revenue
Net profit aftertax
2
Revenue
$451.2M+9%
Normalised EBIT
1
$70.6M +14%
Reported Net Profit BeforeTax
$55.7M+3%
Reported Net Profit After Tax
$38.2M -1%
Normalised Net Profit Before Tax
2
$63.2M +16%
Normalised Net Profit After Tax
2

$45.6M +18%
Shareholders’ Equity
$318M as at 31 March 26
Final Dividend 9.0cps (fully imputed)
FY26Div33.0 cps +14%
Earnings PerShare
2
50.4cps+16%
1
EBIT adjusted for interest expense in Finance (non-IFRS measure), and EC Credit Control intangible impairment
2
the FY26 Normalised NPBT/NPAT excludes EC Credit Control intangible impairment of $7.47M
-
100.0
200.0
300.0
400.0
500.0
FY20FY21FY22FY23FY24FY25FY26
Millions
2H
1H
-
10.0
20.0
30.0
40.0
50.0
FY20FY21FY22FY23FY24FY25FY26
Millions
2H
1H

10 • TURNERS AUTOMOTIVE GROUP FY26 RESULTS
FY25 to FY26 Revenuebridge
•Auto Retail revenues have increased from selling a
higher proportion of owned vehicles during FY26.
Stronger commercial revenues resulted as the economy
showed signs of improvement.
•Finance book revenues reflect significant growth in the
loan book.
•Insurance revenues up off improved policy sales.
•Credit Management revenues have decreased as a
result of less debt load due to system projects in the
large banking client base.
Revenue increased from $414M to $451M
Revenue Bridge FY25 to FY26 ($M)
414.2
27.4
8.7
2.6
(1.7)
-
451.2
FY25
Auto Retail
Finance
Insurance
Credit
Corporate & Other
FY26
300.0
320.0
340.0
360.0
380.0
400.0
420.0
440.0
460.0

11 • TURNERS AUTOMOTIVE GROUP FY26 RESULTS
FY25 to FY26 Normalised net profit before tax (NPBT) bridge
•Auto Retail profit growth increased from new branches,
higher proportion of owned vehicles and an improvement
in gross margins on those vehicles. 2H26 was much
stronger than 1H26 off the back of improving consumer
confidence.
•Finance result benefits from strong discipline around
credit quality, low arrears and strong growth in the loan
book..
•Insurance result reflects improvements in risk pricing,
and growth in the direct to consumer channel.
•Credit Management result is driven off lower debt load
and commissions generated from this.
•Corporate costs have reduced largely due to lower
interest costs.
Normalised NPBT increased from $54.3M to $63.2M
NPBT Bridge FY25 to FY26 ($M)
54.3
3.4
3.2
1.1
(1.6)
2.863.2
FY25
Auto Retail
Finance
Insurance
Credit
Corporate & Other
FY26
-
10.0
20.0
30.0
40.0
50.0
60.0
70.0
Note - the FY26 Operating Result excludes EC Credit Control intangible impairment of $7.47M

12 • TURNERS AUTOMOTIVE GROUP FY26 RESULTS
10.0
13.0
14.5
15.5
17.0
14.0
20.0
23.023.0
25.5
29.0
33.0
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
FY15FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25FY26
Turners has delivered sustainable dividend growth
Dividend per Share ($)
Note - Dividends fully imputed from FY17 onwards
•Continued the track record of delivering strong,
sustainable and growing dividends in the business
(CAGR 10.5% over 12 years).
•Directors have declared a final dividend of 9.0 cents per
share taking full FY26 dividends to 33.0 cents per share
fully imputed.
•Dividend reinvestment plan (DRP) will apply to the final
FY26 dividend
COVID
impacted year

13 • TURNERS AUTOMOTIVE GROUP FY26 RESULTS
Balance sheet has capacity to support growth
•Inventory levelshave increased as a result of a specific
focus on conversion rates and to support improving
demand in Q3 and Q4. It was also required to make up for
a decrease in consignment units.
•Finance receivables ledger has grown significantly over
FY25 with a focus on maintaining credit quality.
•Intangible Asset impacted by write down of EC Credit
Control goodwill of $7.5M.
•Property, plant and equipment increase due to
development of sites in Napier, Dunedin, Tauranga and
Christchurch.
•Borrowings reflects receivables growth and property
development/acquisition progress.
($M)FY26FY25
Cash and cash equivalents2022
Financial assets at fair value8479
Inventory2722
Finance receivables566447
Property, plant and equipment173138
Right of use Assets1719
Intangible asset155163
Other assets2928
Total Assets1,071918
Borrowings586446
Other payables5156
Deferred tax1614
Insurance contract liabilities6362
Lease liabilities2022
Other Liabilities1719
Total Liabilities753619
Shareholders Equity318299

14 • TURNERS AUTOMOTIVE GROUP FY26 RESULTS
Business has funding capacity for growth plans
Borrowings
Borrowings by asset class ($M)
•In Oct-25 a new $200M warehouse was established in an inauguralpublic term out transaction.
•Significant improvements in funding rates and reduced capital commitment from the new NZ$200m warehouse
securitisation deal. Further improvements in capital commitment expected from rating process being undertaken currently.
•Syndicated banking facilities extended in April-26, increasing funding capacity and reducing costs.
•Corporate funding capacity is more than sufficient to support committed branch expansion plans in Auto Retail.
($M)LimitDrawn
Receivables –Securitisation(BNZ/Other investors)
456404
Receivables –Banking Syndicate(ASB/BNZ/Westpac)
5045
Less Cash
(13)
Net Receivables Funding
506436
Receivables Funding Capacity
70
Corporate & Property
150137
Less Cash
(7)
Net Corporate Borrowings
150130
Corporate and Property Funding Capacity
20
566
164
27
449
137
0
0
100
200
300
400
500
600
Finance Receivables
(77% of total borrowings)
Property
(23% of total borrowings)
Inventory (0% of total
borrowings)
AssetBorrowings

15 • TURNERS AUTOMOTIVE GROUP FY25 RESULTS
2. Segment Results

16 • TURNERS AUTOMOTIVE GROUP FY26 RESULTS
FY26 by segment
Revenue ($M)
Automotive
Retail
FinanceInsuranceCredit
1H26
152.64%37.010%24.74%4.6-15%
2H26
162.715%40.015%25.57%3.9-20%
FY26 Total
315.310%77.013%50.25%8.5-17%
Operating Profit
($M)
Automotive
Retail
FinanceInsuranceCredit
1H26
16.09%9.517%8.49%1.0-44%
2H26
16.615%9.721%8.96%0.8-53%
FY26 Total
32.612%19.219%17.37%1.8-49%
Note - the FY26 Operating profit for Credit excludes EC Credit Control intangible impairment of $7.47M

17 • TURNERS AUTOMOTIVE GROUP FY26 RESULTS
Auto Retail Division
Brand strength​
Agile sourcing​
Cost focus

18 • TURNERS AUTOMOTIVE GROUP FY26 RESULTS
Auto Retail - Summary
Revenue $315.3M+10%, Segment Profit $32.6M+12%
•FY26 NZ auto market conditions were challenging in 1H26 but improved throughout 2H26.​
•Our sourcing initiatives, pricing optimisation and stock management discipline during 1H set us up for margin expansion in
2H.​
•Operational efficiency gains lead to higher stock turn and mitigates the effect of market pricing shifts.
•Strong performance from the commercial divisions with Damaged/end-of-life revenues up 10% on FY25 and Trucks and
Machinery revenues up 8%.​
•Commercial division benefited from increased liquidations and receiverships, particularly in 2H.​
•Continuing to expand our network andgrow our market share.

19 • TURNERS AUTOMOTIVE GROUP FY26 RESULTS
Used car market slowly recovering...dealer numbers
continue to drop
NZ Used Car Change of Ownerships (000s)
Source NZTA
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
800
850
900
950
1,000
1,050
1,100
1,150
FY19FY20FY21FY22FY23FY24FY25FY26
Turners Sales
NZTA Change of Ownerships (000’s)
NZ MarketTurners Sales
•​Overall transaction levels grew +3% in FY26.​
•The used import market continued to struggle with
registrations dropping 7% last year or 14% p.a. over the last 2
years under the Clean Car Standard.
•Challenges with sourcing out of Japan forced dealers to look
at sourcing vehicles locally via the public or wholesale
through other dealers.
•​Turners car unit sales remained flat in FY26 compared to FY25
while owned unit sales have increased 9%.
•​Registered dealer numbers continue to reduce, down 9% from
March 25.

20 • TURNERS AUTOMOTIVE GROUP FY26 RESULTS
Stock management key to consistent margins.
•While retail sales have been challenging,
demand for lower-priced vehicles remains
strong, most of which are owned inventory.​
•Disciplined focus on aging, stock turn and
speed to sale and “meeting the market” has
helped maintain strong margins through a
faster recovery once trading conditions
improve.
1
Margin calculated after selling fees
Average Vehicle Margin
1
by Quarter
Margin improvement driven
by Auckland flood vehicle
replacement demand
600
700
800
900
1000
1100
1200
1Q232Q233Q234Q231Q242Q243Q244Q241Q252Q253Q254Q251Q262Q263Q264Q26
Margin $

21 • TURNERS AUTOMOTIVE GROUP FY26 RESULTS
Local sourcing continues to grow
Owned cars sold through Turners + Average Margin
1
1
Margin calculated after selling fees
-
200
400
600
800
1,000
1,200
-
5,000
10,000
15,000
20,000
25,000
30,000
35,000
FY19FY20FY21FY22FY23FY24FY25FY26
Average margin ($)
Units Sold
Local Units SoldImport Units SoldAverage Margin
•Total “owned” units sold in FY26 +9% and
overall margin per unit on cars we own is up
3% for FY26.​
•Keeping our focus on the lower price
segment, the business grew its sourcing
capabilities while maintaining margins and
improving stock turn.
•Margins remained steady through the year,
following more of a seasonal pattern,
dipping in the first quarter and growing
through winter towards the stronger retail
months over summer. ​

22 • TURNERS AUTOMOTIVE GROUP FY26 RESULTS
Branch expansion pipeline
“Opportunities” pipeline
New locations
•Mt Roskill Auckland
•Ormiston Auckland
•NE Christchurch
•Hamilton South
Regional targets
• Cambridge
• Taupo
• Gisborne
• Masterton
• Kapiti Coast
• Upper Hutt
• Blenheim
• Central Otago
Committed development pipeline
1
additional profit contribution over and above the current operating profit of Christchurch operations of ~$4M
2
initially geared as a processing branch to replace Auckland service center with some retailing.
We own 23 of our sites
with a carrying value of
$164M
No new branches come onstream in FY27, but the pipeline is building well
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
Dunedin (COMPLETED)Commercial5,000m2Q3 FY26$200k
Roscommon Rd - ManukauCars10,000m2Q4 FY28$700k
2
Tauranga - GreertonCars7,600m2Q1 FY28$600k
WhanganuiCars3,400m2Q1 FY28$500k
Hastings Cars4,300m2Q1 FY28$600K
Drury (replacement)Commercial18,000m2Q2 FY28$200k
Hamilton Te Rapa (replacement)Cars8,000m2Q3 FY28$400k

23 • TURNERS AUTOMOTIVE GROUP FY26 RESULTS
-50%
-40%
-30%
-20%
-10%
0%
10%
20%
30%
40%
50%
Apr-25May-25Jun-25Jul-25Aug-25Sept-25Oct-25Nov-25Dec-25Jan-26Feb-26Mar-26
NZ (excl Chc)South Region (excl Chc)Christchurch Region
Hornby
City Centre
Airport
Christchurch branch expansion
Year on year growth in “sourcing” leads
•The rationale for more branches in
Christchurch was to be closer to people
to generate more sourcing leads.
•Overall with 3 locations operating
through part of the year we have driven
an increase of 15% more “sourcing leads”
over the single branch operating for the
full year.
•This has driven a 22% increase in local
units sold through the Christchurch
region
A case study of being closer to customers results in more opportunities to purchase vehicles

24 • TURNERS AUTOMOTIVE GROUP FY26 RESULTS
Finance Division
Loan book in growth mode
Funding in place to support growth
Generating operating leverage

25 • TURNERS AUTOMOTIVE GROUP FY26 RESULTS
200
250
300
350
400
450
500
550
600
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
Dec-25
Mar-26
Millions
Receivables by month (excl. impairments)
•Reflecting strong market share gains, the total
ledger has increased to $566M, from $447M in
March 2025.
•Consumer lending has increased while commercial
lending has decreased. Our credit policies have
continued to be tightened over the last 12 months.
•New unsecured lending product performing well.
•Positive operating leverage demonstrated in FY26.
Finance - Summary
Revenue $77.0M +13%, Segment Profit $19.2M +19%

26 • TURNERS AUTOMOTIVE GROUP FY26 RESULTS
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
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
Oct-25
Jan-26
Total consumer arrears (Oxford)Industry arrears (Centrix)
Consumer arrears vs auto-loan industry (Centrix)
•Consumer loan arrears continue to perform materially
better than market data (see chart at left).
•Hardship applications had improved through 2H26.
Applications on the rise through 2nd half of March and
April.
•Total arrears are at 2.5%, down from 3.0% at Mar 25.
•We still have maintain an “economic overlay” provision
buffer of $1M, above BAU arrears provisioning, to
allow for further economic uncertainty.
HardshipAs at
Mar26
As at
Mar25
As at
Mar24
COVID
peak in
FY22
Customers in
hardship
9611158511
Total Oxford
customers
35,90030,00028,40027,600
Balance
(NZ$M)
2.22.21.112.2
Arrears well below industry due to continued
focus on credit quality
5.6%
Mar-26
2.5%
Mar-26

27 • TURNERS AUTOMOTIVE GROUP FY26 RESULTS
NIM % (after originator commission)
Highest net interest margin (NIM) in 3 years
7.1%
6.2%
5.1%
4.9%
5.6%
5.7%
0%
1%
2%
3%
4%
5%
6%
7%
8%
FY21FY22FY23FY24FY25FY26
•NIM has stabilised and should remain at
current levels moving forward
•However we are prepared to trade away
some margin to continue our growth path.
•The hedged portion of Finance borrowings
has increased to approximately 85% (79%
Mar-25).

28 • TURNERS AUTOMOTIVE GROUP FY26 RESULTS
Unsecured lending tracking well
•Oxford limit unsecured loans to
higher quality Premium and Tier 1
risk clients only.
•Total arrears (+3 days) running at
3.5% as at the end of Mar-26.
•Based on business case modelling
with Centrix, arrears are tracking
below our forecasted levels.
•Comfortable with risk adjusted
returns being achieved over and
above the secured lending, which is
helping to stabilise our overall NIM.
8.8
10.5
12.2
13.6
14.9
17.2
20.0
21.8
23.5
24.9
25.9
27.2
28.0
0.00%
0.50%
1.00%
1.50%
2.00%
2.50%
3.00%
3.50%
4.00%
0.0
5.0
10.0
15.0
20.0
25.0
30.0
Apr-25May-25Jun-25Jul-25Aug-25Sep-25Oct-25Nov-25Dec-25Jan-26Feb-26Mar-26Apr-26
Loan balance31+ arrears %
Unsecured Lending Loan Book ($M) and 31+ day arrears %

29 • TURNERS AUTOMOTIVE GROUP FY26 RESULTS
Insurance Division
Stable and consistent business
Distribution networks strategically important
Digital direct platform building

30 • TURNERS AUTOMOTIVE GROUP FY26 RESULTS
Insurance
•Strong premium growth overall with key dealer and
finance broker partnerships remaining the primary driver
of premium growth, providing scale and consistency.
•Direct to consumer offering for Comprehensive Motor
vehicle insurance providing another useful diversified
revenue stream.
•Claims cost inflation has been well managed despite
ongoing global supply chain pressures. MBI loss ratios
have edged up slightly but remain consistent with
long-term historical trends. MBI Loss ratio 58% FY26 (57%
FY25)
Gross Written Premium (GWP) FY25 to FY26 ($000’s)
MBI – Mechanical Breakdown Insurance
GAP – Guaranteed Asset Protection Insurance
PPI - Payment Protection Insurance
LPI – Loan Protection Insurance
Revenue $50.2M +5%, Segment Profit $17.3M +7%
41.8
0.7
-0.6
0.7
1.6
0.344.5
FY25MBIGAPPPILPILifeFY26
40.0
40.5
41.0
41.5
42.0
42.5
43.0
43.5
44.0
44.5
45.0

31 • TURNERS AUTOMOTIVE GROUP FY26 RESULTS
•Digital distribution capability was strengthened
during the year, including the launch of a new MBI
product for the ‘private to private’ car market. Early
sales activity has been encouraging and validates this
channel as a complementary, scalable growth
opportunity.
•New partners added during the year: VTNZ, Gaspy
and Quashed.
Digital Direct - Policy Sales by Quarter
Digital distribution gaining momentum
0
100
200
300
400
500
600
700
Q1 FY25Q2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26Q3 FY26Q4 FY26
Count of Policies Sold

32 • TURNERS AUTOMOTIVE GROUP FY26 RESULTS
Turners Servicing and Repairs
Brand change
Growing the customer base
Growing the network

33 • TURNERS AUTOMOTIVE GROUP FY26 RESULTS
Turners Servicing and Repairs
•Significant opportunity to develop a scale player in the
highly fragmented $3B auto repair market in NZ.
•Rebrand completed to Turners Servicing and Repairs
to leverage strong brand awareness and equity in
“Turners” brand.
•VTNZ WoF Wizard, WoF failures made simple for
~240k (or 40%) failures p.a.
•Cross sell opportunities with Turners wider customer
base Eg. Service Plans sold with cars, repair and
servicing offers into existing customer base.

•Establish mobile mechanics in locations to mirror the
core Turners network
Total job bookings by FY
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
FY21FY22FY23FY24FY25FY26

34 • TURNERS AUTOMOTIVE GROUP FY26 RESULTS
Credit Management Division
Challenging environment
Payment bank rebuilding
Growing SME business

35 • TURNERS AUTOMOTIVE GROUP FY26 RESULTS
Total debt referred for FY26 (NZ$M)
$0
$50
$100
$150
$200
$250
FY19FY20FY21FY22FY23FY24FY25FY26
•Referral volumes were constrained throughout the year due to
several large clients placing temporary holds on debt referrals while
undertaking major system implementations.
•Collections performance remained resilient, with total debt
collected broadly in line with the prior year and ahead of FY24.
Supported by a growing arrangement book, which helped offset
lower referral inflows.
•Total debts under arrangement have increased +9% over the past
12 months, demonstrating strong underlying repayment
engagement despite lower referral inflows.
•Economic pressure is extending repayment durations, with more
customers opting for longer-term arrangements to manage
affordability.
•Intangible impairment reflects revised medium-term earnings
expectations in light of current trading conditions
Credit Management - Summary
$15.0
$17.0
$19.0
$21.0
$23.0
$25.0
$27.0
May 24Jul 24Sept 24Nov 24Jan 25Mar 25May 25Jul 25Sept 25Nov 25Jan 26Mar 26
Millions
Total Value under repayment arrangement
Revenue $8.5M -17%, Normalised Segment Profit $1.8M
1
-49%
1
- the FY26 Operating Result excludes EC Credit Control intangible impairment of $7.47M

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

37 • TURNERS AUTOMOTIVE GROUP FY26 RESULTS
ChallengeMitigationMar23Sept23Mar24Sept24Mar25Sep-25Mar26
Funding and
Interest rate
movements
•Diversifying funding sources
•Increase volume of higher
margin direct lending
•Increase hedging
•Operate the business
conservatively against
funding covenants
MediumLowLowLowLowLowMedium
Recession
•Agility to reposition inventory
to lower value vehicles to
meet where demand is
•Continued discipline of credit
policy and conservative
provisioning
MediumMediumMedium +MediumMediumMediumMedium +
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
LowLowLowLowLowLowLow
Our key risks remain consistent ...

38 • TURNERS AUTOMOTIVE GROUP FY26 RESULTS
Net Profit Before Tax ($M)
New 5 year target of $100M NPBT by FY31
•Target #1 (FY21)
$45M NPBT by FY24 - exceeded
•Target #2 (FY23)
$50M NPBT by FY25 - exceeded
•Target #3 of $65M NPBT by FY28
Now on track to achieve in FY27
•Target #4 of $100M NPBT by FY31
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
FY19FY20FY21FY22FY23FY24FY25FY26FY27
FY28
(F)
FY29FY30FY31
NPBT
29.029.037.043.045.549.154.363.265.0100.0
20.0
30.0
40.0
50.0
60.0
70.0
80.0
90.0
100.0
110.0
Note - the FY26 NPBT Result excludes intangible impairment of $7.47M

39 • TURNERS AUTOMOTIVE GROUP FY26 RESULTS
•4Q26 performance strong, but progressively weakened from late March.
•April is typically a seasonally challenging month, however, softness has been amplified by the impact of the Iran/US conflict.
•Auto Retail: We have implemented our “tough macro” play book again from FY24/FY25...we have been here before!
•Strong cost focus
•More selective buying approach should help margins going forward
•Building inventory for where the demand is (cheaper smaller engine vehicles)
•Maintaining quality metrics in the finance book credit decisioning is non-negotiable
•Continue to invest in branch expansion (these are multi decade investments)
•Upping purchasing of smaller hybrids out of Japan to meet demand
•Finance book growth a standout, continued market share gains is a real highlight. Small increase in hardship applications through April which isn’t
a surprise.
•Insurance continues to perform well, and is a direct beneficiary of higher fuel prices: less km driven = lower claims frequency; annuity book
continuing to grow.
•Branch rollout will continue to be project specific, but we continue to push hard despite macro and are securing sites. No new sites come on
stream in FY27, but 4 new sites plus 2 replacement sites are expected in FY28.
March / April performance

40 • TURNERS AUTOMOTIVE GROUP FY26 RESULTS
•Group –Our expectations are to see continued strong progress towards achieving ourFY28goal of $65M NPBT a year earlier. Whilst
Q4 was a record for the business the US/Iran conflict has slowed things down. There is some uncertainty as to how long this will last.
We will have the full year impact of new branches in Christchurch and Invercargill and the benefit of a much larger finance book.
•Automotive Retail – Focus in on positioning stock for where the demand is, continuing to ensure inventory is turning at high levels
so we are in a strong position for when the macro improves. Damaged vehicle volumes are lifting which is something we haven’t seen
for a number of years.
•FY27 is a year of network groundwork rather than network expansion. No new retail branches are scheduled to open in FY27. 4 new
sites and 2 replacement sites currently in development for opening across FY28.
•Finance – Maintaining credit discipline remains a key priority. We expect solid book growth again for FY27 with interest margin stable.
•Insurance – Earned premium holding up very well and claims ratios stable. Contribution from new distribution arrangements and
direct sales continue to lift.
•Servicing and Repairs – Focus on network expansion, cross selling efforts into the Turners database and on leveraging the VTNZ
partnership.
Outlook

41 • TURNERS AUTOMOTIVE GROUP FY26 RESULTS
Results Video:
A short video is available summarising the FY26 results at...
https://www.turnersautogroup.co.nz/investor-centre

42 • TURNERS AUTOMOTIVE GROUP FY25 RESULTS
Questions

43 • TURNERS AUTOMOTIVE GROUP FY26 RESULTS
Contact
ToddHunter
Group CEO
T: 64 21 722818
E: todd.hunter@turners.co.nz
Aaron Saunders
Group CFO
T: 64 27 493 8794
E: aaron.saunders@turners.co.nz

44 • TURNERS AUTOMOTIVE GROUP FY25 RESULTS
Appendices

45 • TURNERS AUTOMOTIVE GROUP FY26 RESULTS
Transition of wholesale to retail is progressing.
•Sourcing "owned units" has been a key
area of focus as consignment units
reduced due to more lease customers
going into inertia therefore less Lease
units flowing into resale market.
•2H26 was a low supply environment
and more lease cars went through
auction channel. As a result the
proportion of lease consignment
through Retail Channel decreased to
33% of all units received (FY25 37%)
FY25FY26
23,00024,400
56%59%
SOURCINGSELLING
RETAIL
OWNED
CONSIGNMENT
FY25FY26
18,30016,800
44%41%
FY25FY26
21,20020,500
51.3%49.8%
FY25FY26
20,10020,700
48.5%50.2%
WHOLESALE
Note – Additional “owned” sales through Damaged and End
of Life Vehicle Division 3,700 FY25 and 4,500 FY26

46 • TURNERS AUTOMOTIVE GROUP FY26 RESULTS
Damaged vehicle volumes up slightly
Damaged and end of life (DEL) vehicle units sold through Turners
•Volumes are up +2% in comparison to the previous
year.
•The overall trend shows increasing flows of damaged
and end-of-life vehicles from New Zealand's aging
fleet.​
•The aging fleet is also now flowing in through our
sourcing of lower value vehicles.​
•However, insurance write-offs are softening as parts
costs have eased off and insurers look to repair more.​
•20% of the NZ vehicle fleet is more than 20 years old​.
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
FY19FY20FY21FY22FY23FY24FY25FY26
Insurance Written Off VehiclesGeneral End of Life Vehicles

47 • TURNERS AUTOMOTIVE GROUP FY26 RESULTS
Average CCR score for customers onboarded in each HY
Average credit score of new customers continues to
improve
619
630
635
632
634
650
659
674
699
703
702
712
722
730
729
735
740
742
743
746
560
580
600
620
640
660
680
700
720
740
760
1H172H171H182H181H192H191H202H201H212H211H222H221H232H231H242H241H252H251H262H26
•Premium Tier lending (CCR score of 735+)
makes up 59% of our ledger at Mar26 up
from 56% in Mar25.
•Our credit policy is the tightest it has ever
been. Maintaining credit quality continues to
be a non-negotiable for us.

48 • TURNERS AUTOMOTIVE GROUP FY26 RESULTS
Consumer arrears reflecting improved resilience, although the impacts of
the Middle East conflict are not yet evident
Source – Centrix Credit Bureau

49 • TURNERS AUTOMOTIVE GROUP FY26 RESULTS
Reconciliation of Normalised to reported NPBT and NPAT
Normalised net profit before tax $63.2M
Less EC Credit Control intangible impairment ($7.5M)
Reported net profit before tax $55.7M
Normalised net profit after tax $45.6M
Less EC Credit Control intangible impairment ($7.5M)
Reported net profit after tax $38.1M

50 • TURNERS AUTOMOTIVE GROUP FY25 RESULTS

---

Results announcement
Results for announcement to the market
Name of issuerTurners Automotive Group Limited
Report period12 months to 31 March 2026
Previous reporting period12 months to 31 March 2025
CurrencyNZD
Amount (000s)Percentage change
Revenue from continuing operations$450,1719.0%
Total revenue$451,2048.9%
Net profit from continuing operations$38,172-1.1%
Total net profit $40,48922.8%
Final dividend
Amount per quoted equity security$0.09000000
Imputed amount per quoted security$0.03500000
Record date14 July 2026
Dividend payment date29 July 2026
Current periodPrior comparable period
Net tangible assets per quoted security$1.96$1.66
A brief explanation of any of the figures
above necessary to enable the figures to
be understood
Please refer to accompanying Group Announcement
Authority for this announcement
Name of person authorised to make this
announcement
Barbara Badish
Contact person for this announcementTodd Hunter
Contact phone number021 722 818
Contact email addressTodd.Hunter@turners.co.nz
Date of release through MAP21/05/2026
This announcement is based on audited results.
1

TURNERS AUTOMOTIVE GROUP LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the year ended 31 March 2026
20262025
Note$'000$'000
Revenue2
450,171
412,904
Other income 2
1,033
1,263
Cost of goods sold
(189,066)
(167,501)
Interest expense
(28,067)
(27,451)
Impairment provision expense2
(4,846)
(4,649)
Subcontracted services expense
(15,096)
(15,757)
Employee benefits
(69,712)
(68,065)
Commission
(14,223)
(10,817)
Advertising expense
(6,819)
(6,408)
Depreciation and amortisation expense2
(11,097)
(11,651)
Systems maintenance
(5,634)
(5,517)
Claims
(22,443)
(21,231)
Intangibles impairment
(7,474)
-
Other expenses
(20,757)
(20,654)
Profit before share of equity accounted loss55,970
54,466
Share of loss of equity-accounted investee, net of tax
(220)
(192)
Profit before taxation55,750
54,274
Taxation expense
(17,578)
(15,687)
Profit from continuing operations 38,172
38,587
Other comprehensive income for the period (which may subsequently be
reclassified to profit/loss), net of tax
Cash flow hedges
2,366
(5,444)
Revaluation of financial assets at fair value through OCI
-
(157)
Foreign currency translation differences
(49)
(7)
Total comprehensive income for the period40,489
32,979
Earnings per share (cents per share)
Basic earnings per share 3
42.17
43.37
Diluted earnings per share 3
42.15
43.32
2

TURNERS AUTOMOTIVE GROUP LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the year ended 31 March 2026

Share
Capital
Share
Options
Reserve
Translation
Reserve
Revaluation of
financial
assets at
fair value
through OCI
Cash flow
reserve
Retained
EarningsTotal
$’000$’000$’000$’000$’000$’000$’000
Balance at 31 March 2024 213,222 243 (18) (1,249) 1,774 64,252 278,224
Transactions with shareholders in their capacity as owners
Dividend reinvestment plan3 4,518 - - - - - 4,518
Employee share based payments31,174(181)---- 993
Dividend paid8-----(18,221)(18,221)
5,692 (181) - - - (18,221) (12,710)
Comprehensive income
Profit
----38,587 38,587
Other comprehensive income
--(7)(157)(5,444)-(5,608)
Total comprehensive income for the period, net of tax
- - (7) (157) (5,444) 38,587 32,979
Balance at 31 March 2025 218,914 62 (25) (1,406) (3,670) 84,618 298,493
Transactions with shareholders in their capacity as owners
Dividend reinvestment plan3
6,030 - - - - - 6,030
Employee share based payments3
909(47)---- 862
Dividend paid/payable8
-----(28,008)(28,008)
6,939 (47) - - - (28,008) (21,116)
Comprehensive income
Profit
----38,172
38,172
Other comprehensive income
--(49)-2,366-
2,317
Total comprehensive income for the period, net of tax
- - (49) - 2,366 38,172 40,489
Balance at 31 March 2026
225,853 15 (74) (1,406) (1,304) 94,782 317,866
3

TURNERS AUTOMOTIVE GROUP LIMITED
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 31 March 2026
20262025
Note$'000$'000
Assets
Cash and cash equivalents4
20,243
22,039
Financial assets at fair value through profit or loss
83,679
79,463
Trade receivables
7,961
7,533
Inventories
26,904
22,189
Finance receivables5
566,023
447,218
Other receivables, deferred expenses and contract assets
15,467
13,983
Financial assets at fair value through OCI
1,000
1,000
Reverse annuity mortgages
1,313
1,429
Property, plant and equipment
172,704
137,715
Right-of-use assets
17,000
18,720
Investment in associate
3,063
3,158
Intangible assets
155,228
163,325
Total assets
1,070,585
917,772
Liabilities
Other payables
51,461
56,001
Contract liabilities
954
967
Tax payable
5,894
7,004
Deferred tax
15,986
14,493
Derivative financial instruments
1,313
3,673
Borrowings6
586,322
446,059
Lease liabilities
20,065
22,120
Life investment contract liabilities
7,248
7,062
Insurance contract liabilities
63,476
61,900
Total liabilities
752,719
619,279
Shareholders' equity
Share capital3
225,853
218,914
Other reserves
(2,769)
(5,039)
Retained earnings
94,782
84,618
Total shareholders' equity
317,866
298,493
Total shareholders' equity and liabilities
1,070,585
917,772
Total assets per share ($)11.76 10.21
Net tangible assets ($)1.96 1.66
4

TURNERS AUTOMOTIVE GROUP LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
For the year ended 31 March 2026
20262025
$'000$'000
Cash flows from operating activities
Interest received 71,292 63,242
Receipts from customers 381,076 349,549
Interest paid - borrowings(27,872) (25,819)
Interest paid - lease liabilities(1,325) (1,451)
Payment to suppliers and employees(361,044) (309,030)
Income tax paid(17,512) (14,451)
Net cash inflow/(outflow) from operating activities before
changes in operating assets and liabilities 44,615 62,040
Net increase in finance receivables(116,121) (20,062)
Net decrease in reverse annuity mortgages 297 1,237
Net increase of financial assets at fair value through profit or loss(3,643) (9,737)
Net (withdrawal)/contribution from life investment contracts(129) (21)
Changes in operating assets and liabilities arising from
cash flow movements(119,596) (28,583)
Net cash inflow/(outflow) from operating activities(74,981) 33,457
Cash flows from investing activities
Proceeds from sale of property, plant, equipment and intangibles 3,304 6,456
Purchase of property, plant, equipment and intangibles(41,700) (32,136)
Purchase of investments(125) (4,350)
Net cash inflow/(outflow) from investing activities(38,521) (30,030)
Cash flows from financing activities
Net bank loan (repayments)/advances 5,792 51,660
Net non-bank loan repayments 134,471 (30,919)
Principal elements of lease payments(6,944) (6,676)
Proceeds from the issue of shares 364 727
Dividend paid(21,977) (13,703)
Net cash inflow/(outflow) from financing activities 111,706 1,089
Net movement in cash and cash equivalents(1,796) 4,516
Add opening cash and cash equivalents 22,039 17,523
Closing cash and cash equivalents20,243 22,039
5

TURNERS AUTOMOTIVE GROUP LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONT)
For the year ended 31 March 2026
RECONCILIATION OF NET SURPLUS WITH CASH FLOWS FROM OPERATING ACTIVITIES
20262025
$'000$'000
RECONCILIATION OF NET SURPLUS WITH CASH FLOWS FROM OPERATING ACTIVITIES
Profit/(loss) 38,172 38,587
Adjustment for non-cash items
Impairment charge on finance receivables, reverse annuity mortgages and other receivables
4,846 4,649
Intangibles impairment charge
7,474 -
Net loss/(profit) on sale fixed assets
(654) (539)
Depreciation and amortisation
11,097 11,651
Capitalised bank interest
(339) (761)
Capitalised reverse annuity mortgage interest
(141) (177)
Deferred revenues
3,640 2,522
Fair value adjustments on assets/liabilities at fair value through profit and loss
(573) (200)
Net annuity and premium change to policyholders accounts
440 28
Non-cash long term employee benefits
(345) (139)
Deferred expenses
(9,088) (2,288)
Adjustment for movements in working capital
Net increase receivables and pre-payments(2,406) (602)
Net decrease in inventories(4,715) 2,863
Net decrease in investment in associate 220 192
Net increase/(decrease) in payables(3,937) 6,028
Net decrease in contract liabilities 858 (1,008)
Net increase in finance receivables(116,121) (20,062)
Net decrease in reverse annuity mortgages 297 1,237
Net increase of insurance assets at fair value through profit or loss(3,643) (9,737)
Net withdrawals from life investment contracts(129) (21)
Net (decrease)/increase in deferred tax liability 1,180 (669)
Net increase/(decrease) in tax payable(1,114) 1,903
Net cash inflow/(outflow) from operating activities(74,981) 33,457
6

1. SEGMENTAL INFORMATION
OPERATING SEGMENTS
RevenueRevenueRevenue
TotalInter-fromTotalInter-from
segmentsegmentexternalsegmentsegmentexternal
revenuerevenuecustomersrevenuerevenuecustomers
202620262026202520252025
$'000$'000$'000$'000$'000$'000
Automotive retail 321,204 (5,884) 315,320 290,166 (2,299) 287,867
Finance 76,999 - 76,999 68,312 - 68,312
Insurance 51,908 (1,688) 50,220 49,260 (1,714) 47,546
Credit management 8,564 - 8,564 10,291 - 10,291
Corporate & other 101 - 101 151 - 151
458,776 (7,572) 451,204 418,180 (4,013) 414,167
Operating profit20262025
$'000$'000
Automotive retail 32,567 29,124
Finance 19,245 16,009
Insurance 17,290 16,167
Credit management(5,634) 3,454
Corporate & other(7,498) (10,288)
Profit before share of equity accounted loss55,97054,466
Share of loss of equity-accounted investee, net of tax(220) (192)
Profit before taxation55,75054,274
Taxation expense(17,578) (15,687)
Profit attributable to shareholders 38,172 38,587
202620252026202520262025
$'000$'000$'000$'000$'000$'000
Automotive retail410668(4,442)(3,482)(9,010)(9,510)
Finance68,16959,704(20,699)(19,659)(814)(824)
Insurance4,1804,033(23)(37)(961)(950)
Credit management4459(35)(37)(226)(202)
Corporate & other9387(2,948)(4,469)(86)(165)
72,89664,551(28,147)(27,684)(11,097)(11,651)
Eliminations(80)(233)80233--
72,81664,318(28,067)(27,451)(11,097)(11,651)
Other material non-cash items
20262025
$'000$'000
Finance - impairment provisions(4,846)(4,649)
Autosure - reverse annuity impairment provisions(40)-
Credit management - intangibles impairment(7,474)-
SEGMENT ASSETS AND LIABILITIES
2026202520262025
$'000$'000$'000$'000
Automotive retail222,379190,668197,494169,220
Finance592,935475,283481,954365,351
Insurance167,228159,18484,02382,343
Credit management20,89327,3622,2682,536
Corporate & other334,384275,056139,850100,506
1,337,8191,127,553905,589719,956
Eliminations(267,234)(209,781)(152,870)(100,677)
1,070,585917,772752,719619,279
Depreciation and
amortisation expenses
Revenue/(expenses)
Segment liabilitiesSegment assets
Interest revenueInterest expense
7

Five reportable segments have been identified as follows:
Automotive retail -remarketing (motor vehicles, trucks, heavy machinery and commercial goods) and purchasing goods for sale.
Finance -provides asset based finance to consumers and SME's.
Insurance -
Credit management -
Corporate & other -corporate centre.
2. PROFIT BEFORE TAX
Revenue from continuing operations includes:20262025
$'000$'000
Interest income
Bank accounts, short term deposits and investments
4,740 4,778
Finance receivables
67,935 59,363
Reverse annuity mortgages
141 177
Total interest income
72,816
64,318
Sales of goods
226,698 202,268
Commission and other sales revenue
92,547 90,333
Loan fee income
2,996 2,772
Insurance and life investment contract income
41,584 39,725
Collection income
8,511 10,233
Bad debts recovered
1,464 1,636
Other revenue
3,555 1,619
Total operating revenue
377,355 348,586
Revenue from continuing operations
450,171
412,904
Other income includes:
Gain on sale of property, plant and equipment
684 570
Rental income
98 201
Other
251 492
1,033 1,263
Over time
Automotive retail
Commission and other sales revenue
20,618
21,169
Finance
Other sales revenue
4,138
3,771
At a point in time
Automotive retail
Sales of goods
226,698
202,268
Auction commissions
65,577
63,225
Credit management
Collection income
8,511
9,863
Voucher income
-
370
Insurance
Motor vehicle insurance commissions
2,214
2,168
marketing and administration of a range of life and consumer insurance and saving products.
collection services, credit management and debt recovery services to the corporate and SME sectors. Geographically the collections services segment business
activities are located in New Zealand and Australia.
8

Net operating profit includes the following specific expenses
20262025
$'000$'000
Depreciation
- Buildings 703
466
- Plant, equipment & motor vehicles 871
1,239
- Leasehold improvements, furniture, fittings & office equipment 853
996
- Computer equipment 807
878
- Signs & flags 241
165
Intangible amortisation
Amortisation of software 983
824
Amortisation of customer relationships 520
520
Amortisation of right-of-use asset 6,119
6,563
11,097
11,651
Movement in impairment provisions
Provisions for:
Specific impaired finance receivables
617
601
Collective impairment provision for finance receivables
5,083
4,160
Movement in economic overlay provision
(855)
(396)
Finance receivables bad debts written off
41
284
Collective impairment on reverse annuity mortgages
(40)
-
Movement 4,846
4,649
3. SHARE CAPITAL AND EARNINGS PER SHARE
20262025
$'000$'000
Number of ordinary shares
Opening balance
89,893,783
88,353,689
Shares issued for staff options
150,000
490,230
Shares issued for employee share scheme
93,076
70,352
Shares issued under dividend reinvestment plan
888,406
979,512
91,025,265 89,893,783
Basic earnings per share
20262025
$'000$'000
Profit for the Period ($'000)
38,172
38,587
Weighted average number of ordinary shares at the end of the period 90,522,523
88,978,618
Basic earnings per share (cents per share) 42.17
43.37
Weighted number of shares
Opening balance
89,893,783
88,353,689
Shares issued for staff options
65,753
152,346
Shares issued for employee share scheme
45,645
41,826
Shares issued for Dividend Reinvestment Plan
517,341
430,757
90,522,523 88,978,618
Thecalculationofbasicearningspershareat31Marchwasbasedontheprofitattributabletoordinaryshareholdersandweightedaveragenumberofordinarysharesoutstanding,as
follows:
9

Diluted earnings per share
20262025
$'000$'000
Continuing operations ($'000)
38,172
38,587
Add: Long term incentive expense relation to options ($'000)-
8
Profit for the year ($'000)
38,172
38,595
Weighted number of ordinary shares (diluted)
Weighted average number of shares (basic)
90,522,523
88,978,618
Effect of the exercise of options
36,326
115,573
Weighted average number of shares (diluted)90,558,84989,094,191
Diluted earnings per share (cents per share)
42.15
43.32
4. CASH AND CASH EQUIVALENTS
20262025
$'000$'000
Autosure Insurance Limited 4,592
1,382
Turners Marque Warehouse Trust 1 2,957
4,968
Turners Marque ABS 2023-1 Trust-
2,940
Turners Marque ABS 2025-1 Trust 9,447
-
Other 3,247
12,749
20,243
22,039
5. FINANCE RECEIVABLES
20262025
$'000$'000
Gross finance receivables 554,707
444,507
Deferred fee revenue and commission expenses 18,740
11,325
Provision for impairment (6,365)
(6,700)
Economic overlay provision (1,059)
(1,914)
566,023
447,218
Fair value 560,156 450,967
Securitisation
Turners Marque Warehouse Trust 1 (the Trust)
Thecalculationofdilutedearningspershareat31Marchwasbasedonthedilutedprofitattributabletoshareholdersandadilutedweightedaveragenumberofordinarysharesoutstanding
as follows:
TheGroupretainssubstantiallyalloftherisksandrewardsofownershipofthefinancereceivablestransferredtothetrusts.Accordingly,thereceivablesdonotqualifyforderecognitionand
continue to be recognised in the Group’s consolidated statement of financial position.
TheTrusthasawholesalefundingfacilitywithBankofNewZealand(BNZ),securedoverfinancereceivablessoldtotheTrust.Thefacilitylimitis$300mwithaone-yeartermandis
renewed annually. BNZ advances up to 92% (2025: 90%) of the purchase price of the finance receivables, with the remainder funded by subordinated notes issued to the Group.
Duringthecurrentfinancialyear,theTrustpurchasedfinancereceivablesof$287.3m(2025:$218.4m)fromthefinancesectorandfinancereceivablesof$21.9mfromtheTurnersMarque
ABS2023-1Trustandsoldfinancereceivablesof$200.0mtotheTurnersMarqueABS2025-1Trust.Asat31March2026,thecarryingvalueoffinancereceivablesheldbytheTrustwas
$269.7m (2025: $332.8m).
Autosure Insurance and the Trusts' cash and cash equivalents may not be available to the Group.
The fair values are based on cash flows discounted using a weighted average interest rate of 13.21% (2025: 13.61%).
TheGroupmaintainstruststhroughwhichitsecuritisesfinancereceivables.EachtrustisaspecialpurposeentityestablishedsolelytoacquirefinancereceivablesoriginatedbytheGroup’s
finance segment.
TheGroupcontrolsthetrustsasithaspowerovertherelevantactivities,isexposed(orhasrights)tovariablereturnsfromitsinvolvement,andhastheabilitytouseitspowertoaffectthose
returns. Accordingly, the trusts are consolidated in the Group’s financial statements.
10

Turners Marque ABS 2023-1 Trust (the 2023-1 Trust)
Turners Marque ABS 2025-1 Trust (the 2025-1 Trust)
6. BORROWINGS
20262025
$'000$'000
Secured bank borrowings 430,262
424,470
Non bank borrowings 156,060 21,589
Total borrowings 586,322 446,059
Fair value 587,602 449,720
Secured bank borrowings
Non bank borrowings
The Group's non bank securitisation arrangements are described under finance receivables.
7. FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS
Level 1Level 2Level 3Total
$'000$'000$'000$'000
31/03/2026
Fair value assets:
Financial assets at fair value through profit or loss - insurance
- 7,404- 7,404
Financial assets at fair value through profit or loss - term deposits 76,275-
-
76,275
76,275 7,404
-
83,679
Fair value liabilities
Derivative financial instruments
- 1,313 - 1,313
31/03/2025
Fair value assets:
Financial assets at fair value through profit or loss - insurance
- 7,281- 7,281
Financial assets at fair value through profit or loss - term deposits 72,182-- 72,182
72,182 7,281- 79,463
Fair value liabilities
Derivative financial instruments
- 3,673 - 3,673
The Group had a syndicated funding facility with Bank of New Zealand, ASB Bank and Westpac New Zealand, and a securitisation facility with Bank of New Zealand.
Bankborrowingsaresecuredbyafirst-rankinggeneralsecurityagreementovertheassetsoftheCompanyanditssubsidiaries,excludingAutosureInsuranceLimited,TurnersFinance
Limited and EC Credit (Aust.) Limited. The BNZ securitisation funding arrangement is described in the finance receivables note.
The fair value of financial assets and liabilities carried at fair value are summarised in the table below.
The2023-1TrustwasaFitch-ratedclosed-pooltrustthatissued$100.0mofnotesinSeptember2023,comprising$70.0mClassA1notesand$20.7mClassA2notes(bothratedAAAsf),
and$9.3munratedClassBnotes.TheGroupretainedtheClassA2andClassBnotes.Allnoteswererepaidon10September2025andthe2023-1Trustwassubsequentlyterminated.As
at 31 March 2025, the carrying amount of finance receivables held by the 2023-1 Trust was $34.8m.
The2025-1TrustisaFitch-ratedclosed-pooltrustthatissued$200.0mofnotesinOctober2025,comprising$170.0mClassAnotesratedAAAsf,$22.0mClassBnotesratedAA+sf,$2.0m
ClassCnotesratedAAsf,$3.2mClassDnotesratedAsfand$2.8munratedClassEnotes.TheGroupretainedtheClassEnotes.The2025-1Trustacquiredfinancereceivablesof
$200.0m from the Trust. As at 31 March 2026, the carrying amount of finance receivables held by the 2025-1 Trust was $151.5m.
11

8. DIVIDENDS
20262025
$’000
$’000
6,291
-
8,110 6,635
6,339 5,338
7,268 6,248
28,00818,221
Dividends not recognised at year end
In addition to the above dividends, after year end the directors recommended the payment of the following dividend:
8,1956,291
8,2168,110
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).
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).
Quarterly dividend for the year ended 31 March 2026 of $0.09 (31 March 2025: $0.07) per fully paid ordinary share, imputed, paid on 29 April
2026 (2025: 29 April 2025) .
Quarterly dividend for the year ended 31 March 2025 of $0.07 per fully paid ordinary share, imputed, paid on 29 April 2025.
Final dividend for the year ended 31 March 2026 of $0.09 (31 March 2025: $0.09) per fully paid ordinary share, imputed, payable on 29 July 2026
(2025: 26 July 2025).
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).
12

---

Distribution Notice Updated
Name of issuer
Financial product name/description
NZX ticker code
ISIN
Type of distributionFull YearXQuarterly
(Please mark with an X in the Half YearSpecial
relevant box/es)
DRP appliesX
Record date
Ex-Date(onebusinessdaybeforethe
Record Date)
Payment date
Totalmoniesassociatedwiththe
distribution
8,215,900.92$
Source of distribution
Currency
Gross distribution
Total cash distribution
Excluded amount (applicable to listed
PIEs)
Supplementary distribution amount
Is the distribution imputed
Iffullyorpartiallyimputed,please
state imputation rate as % applied
Imputationtaxcreditsperfinancial
product
Resident Withholding Tax per
financial product
DRP % discount (if any)
Start date and end date for
determining market price for DRP
Date strike price to be announced (if
not available at this time)
Specify source of financial products to
be issued under DRP programme
(new issue or to be bought on market)
New issue
DRP strike price per financial product
Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms
Name of person authorised to make
this announcement
Contact person for this announcement
Contact phone number
Contact email address
Date of release through MAP
Section 1: Issuer information
Turners Automotive Group Limited
Ordinary shares
TRA
NZVNLE0001S1
021 722 818
Section 3: Imputation credits and Resident Withholding Tax
14 July 2026
13 July 2026
29 July 2026
Retained earnings
NZD
Section 2: Distribution amounts per financial product
$0.12500000
$0.09000000
n/a
$0.01588235
Todd.Hunter@turners.co.nz
21 May 2026
Fully imputed
28%
$0.03500000
$0.00625000
Section 4: Authority for this announcement
Barbara Badish
Section 4: Distribution re-investment plan (if applicable)
2%
20 July 2026
15 July 2026
13 July 202617 July 2026
Todd Hunter