Turners FY26 Annual Report

GREAT
BUSINESSES,
EVEN BETTER
TOGETHER
ANNUAL REPORT
FOR THE YEAR ENDED 31 MARCH 2026

Hillary Barry, Briscoes Lady,
Blow on the pie cop,
Giz’ your Mitsubishi,
Kiri Te Kanawa
Togs versus undies, King Kapisi,
Your Mazda 323, Taika Waititi,
Your V-dub with the flower, Patty Gower!
Sell us your Honda, Rhonda,
Sell us your Ford, Lorde,
Your Nissan Maxima, Dr. Ropata,
Giz’ your red Mahindra, Patrick and Belinda!
Waikikamukau, Paekākāriki,
Hawea and Omaha,
Gizzy Mitsubishi, Subaru Putāruru
With all the Tongan flags on it,
Spinning rims and spoiler kit,
The one your auntie says looks s**t,
You got so fat, the seats don’t fit!
Your sister had a pash in it,
There’s still a Macca’s bag in it,
The cops are looking out for it,
I don’t think the WOF’s legit?
Beep beep! Sell us your car at Turners!
BEEP BEEP
2

Our Business 4
The Used Car Ecosystem 6
FY26 Snapshot 8
FY26 Financial Review 10
From Our Chair and CEO 12
Business Performance 16
A Clear Pathway of Growth 20
Expanding our Footprint 22
Building a Better Business 24
Celebrating Our People 28
Executive Team and Board 34
Financial Statements 39
Welcome to Turners’ Annual Report.
Another year. Another record. Another reason to
say: Beep Beep!
FY26 has been a year of momentum. Across Auto
Retail, Finance, Insurance, and our growing
Turners Servicing & Repairs division, our
diversified model has once again demonstrated
that it was built for the long road – not just the
open stretches, but the potholes, the road cones
and the occasional roundabout that the New
Zealand economy likes to throw at us.
This year, we find ourselves at an interesting
juncture. The hard yards of a decade’s strategic
execution are behind us. What’s ahead is the part
we’ve been building towards: a clear pathway to
future growth, with the foundations already in
place and the engine well and truly warmed up.
We’ll get into the detail of what that looks like,
and why we think the platform we’ve assembled
is genuinely difficult for anyone else to replicate,
in the pages that follow.
To our team, our customers and to you, our
shareholders: thank you. The next chapter is
shaping up to be the best one yet.
Grant Baker Todd Hunter
Chairman Group Chief Executive
Officer & Managing Director
25 June 2026
BEEP BEEP
3
TURNERS AUTOMOTIVE GROUP ANNUAL REPORT 2026

A decade ago, we set out to build
something different. Not just a
used car yard with ambitions, but
a genuine ecosystem, one where
buying, selling, financing, insuring
and now servicing a vehicle all
happen under one trusted roof. Year
by year, deal by deal, big blue wall
by big blue wall, that’s exactly what
we’ve built.
Turners isn’t just New Zealand’s largest buyer and
seller of used vehicles, it’s a deeply integrated
platform built over a decade to serve Kiwi
customers at every stage of their vehicle journey.
From our national network of sites stretching
from Whangarei to Invercargill, to our Finance,
Insurance and Servicing & Repairs businesses,
each part of our group is designed to work better
because of the others. That’s
a combination that takes
years to build, and one that
is genuinely difficult to
replicate.
1
Auto Retail voted New Zealand’s Most Trusted Used
Vehicle Dealership in the Readers Digest Trusted
Brand awards.
2
Turners ranks in the top 5% of consumer businesses
globally using Peakon survey tool.
3
96% of Turners Cars customers surveyed would
recommend Turners to others.
OUR BUSINESS
Network spanning from
Whangarei to Invercargill
More than 700 team
members
Voted Most Trusted Brand

7 years in a row
1

Clear growth plan
67% of employees are
shareholders
Own 18 of 33 Auto Retail
sites in the network

Plus another 4 in development
Strong culture and
highly engaged team
Top 5% globally
2
Positive Customer
Satisfaction
96% of customers would
recommend to others
3

Growing shareholder
returns
4
TURNERS AUTOMOTIVE GROUP ANNUAL REPORT 2026

AUTO RETAIL
■
New Zealand’s largest buyer and seller of vehicles – more than 41,000 cars sold in FY26
■
Combined physical and digital network is strategically important and difficult to replicate
■
Diversified sourcing strategy ensures steady inventory and market resilience
■
50% of vehicles sold through Turner’s retail channels
■
One of New Zealand’s most loved brands and award winning advertising campaigns
FINANCE
■
Targeting high quality consumer and commercial lending – primarily for automotive
customers
■
Loans originated through the Turners Auto Retail network, independent dealers and
brokers
■
Average consumer loan size - $21,500 (based on new lending in FY26)
■
Strong loan book growth driven by high quality lending, up 27% YOY
■
Over 35,000 in current consumer loans at 31 March 2026
■
$566m in gross receivables at 31 March 2026
INSURANCE
■
Motor vehicle, loan protection and life insurance solutions
■
Sold through more than 700 licensed car dealers, finance companies, brokers and
life insurance advisers as well as online
■
5,400+ insurance policies sold every month
■
More than 200,000 active policies
■
Average 1,082 claims paid out monthly; $22.9m paid out in FY26 (excl car insurance)
SERVICING & REPAIRS
■
New Zealand’s largest mobile mechanic, operating in five regions with expansion
plans underway
■
$3 billion market opportunity in New Zealand
■
14,000 completed bookings in FY26
CREDIT MANAGEMENT
■
A recognised leader in debt collection and credit management, for both corporate
and SME customers
■
Provides income diversification for Turners Group
■
$119m in Total Debt loaded in FY26
■
28% average recovery rate
■
$40m collected from debtors in FY26
5
TURNERS AUTOMOTIVE GROUP ANNUAL REPORT 2026

Sourcing is our super power
It starts with sourcing smarter. Our unique mix of consigned and owned stock gives us flexibility
and resilience across market cycles. We are increasingly using brand trust, national branch coverage,
pricing tools and data insights to identify and acquire vehicles that customers actually want – not
just what happens to be available.
Scalable platform
From there, scale does the heavy lifting. More quality stock means more listings. More listings mean
more eyeballs. More eyeballs mean stronger digital and branch traffic. And stronger traffic supports
more branches, more efficiency, and greater national reach. It’s a simple idea that behaves anything
but simply at scale – it becomes a network effect that strengthens our market position.
Add-on sales
That scale then feeds directly into our higher-margin businesses: Oxford Finance and Autosure
Insurance. Every vehicle sold creates multiple opportunities for embedded finance and insurance
products at the point of sale. These are not add-ons in the traditional sense, they are integrated
WHY WE LIKE THE USED CAR
ECOSYSTEM
At Turners, we have a simple philosophy – get the right car, at the
right price and keep the eco system moving. At its core, our auto retail
ecosystem turns sourcing, selling, finance, insurance and servicing into one
reinforcing loop. The strength of the model comes from how each part
improves the next – creating a compounding advantage over time rather
than a one-off transaction.
6
TURNERS AUTOMOTIVE GROUP ANNUAL REPORT 2026

parts of the customer journey that improve affordability, enhance convenience and lift overall
transaction margins.
And we’re extending that model even further with Turners Service & Repairs. This adds another
layer to the ecosystem, keeping customers within the Turners network for longer and increasing
lifetime value.
Investing in our platform
Over the past few years, we’ve deliberately invested across each stage of this loop – improving
data capability, digital experience, pricing discipline and finance penetration. The outcome is a
more efficient, more scalable and more resilient business model that continues to compound
performance.
In short, the used car ecosystem works because every part of it strengthens the next, and great
businesses are even better together.
What we do
SELL A CAR
FINANCE
A CAR
INSURE A CAR
SERVICE &
REPAIR A CAR
BUY A CAR
TURNERS WAIRAKEI ROAD,
CHRISTCHURCH
7
TURNERS AUTOMOTIVE GROUP ANNUAL REPORT 2026

OPERATING ENVIRONMENT
First half year constrained by a soft
consumer environment and tight margins
The second half delivered a strong
recovery as consumer confidence
improved through the year
Disciplined focus on stock, margin and
credit through 2H culminated in a record
Q4
In late-March 2026, the onset of the
Iran-US conflict softened consumer
demand – Turners has deployed the same
operational playbook applied successfully
through the FY24 and FY25 macro
downturns
COMMERCIAL HIGHLIGHTS
Three new Auto Retail Christchurch
branches opened and now fully operational
Further expanded the network with two
commercial branches in Dunedin and
Napier
Highly successful Tina 2.0 brand campaign
launched in May 2025
Finance loan book grew 27%, reflecting
strong market share gains and delivering a
record NPBT
$200m public securitisation warehouse
term out in October 2025, improving
funding rates and reducing capital
commitment
Insurance growth across all portfolios,
delivering increased revenue and NPBT
Direct to consumer offering for
comprehensive insurance providing
additional revenue
Completed rebrand to Turners Servicing
& Repairs
Growing Servicing & Repairs revenue
through cross-sell across the wider
Turners’ customer base, strong industry
partnerships and expanded network
EC Credit Management now positioned
for potential divestment over the medium
term
Turners’ team remain highly motivated,
with high levels of employee engagement
and share ownership
FY26 SNAPSHOT
WINNER:
2020’S BEST AD
AWARDS AND ACKNOWLEDGEMENTS IN FY26
AD IMPACT: NEW
CAMPAIGN WINNER
AD IMPACT:
SUPREME WINNER
#1 FAVOURITE AD
JUNE 2025
MILLIONS OF
VIEWS
10K-PLUS PLAYS
8
TURNERS AUTOMOTIVE GROUP ANNUAL REPORT 2026

9
TURNERS AUTOMOTIVE GROUP ANNUAL REPORT 2026

This financial commentary should be read in conjunction with the full financial statements and
Notes to the Financial Statements in the FY26 Annual Report.
FY26 FINANCIAL REVIEW
FY26 was a landmark year for
Turners Automotive Group. We
delivered a record normalised net
profit before tax of $63.2 million,
up 16% on the prior year, with
each of our three core automotive
divisions – Auto Retail, Finance
and Insurance – delivering profit
growth.
This result brings forward the Group’s $65
million NPBT target (originally set for FY28)
into FY27, and lays the foundation for the new
$100 million NPBT target by FY31.
Group revenue rose 9% to $451.2 million, with
growth across Auto Retail (+$27m), Finance
(+$9m) and Insurance (+$3m), partly offset
by a reduction in EC Credit Control due to
constrained referral volumes (-$2m).
Normalised NPBT grew 16% to $63.2 million,
reflecting margin expansion in our three
core divisions, strong operating leverage in
Finance, and the benefit of lower corporate
interest costs following the refinancing of
our banking facilities and the successful
execution of our inaugural $200 million
public securitisation in October 2025.
Reported NPAT of $38.2 million included a
non-cash goodwill write-down of $7.5 million
relating to EC Credit, consistent with guidance
provided in March 2026. Normalised for this
item, NPAT grew 18% to $45.6 million and
normalised EPS rose 16% to 50.4 cents per
share.
Our balance sheet strengthened materially
during FY26. Total assets grew to $1,071
million, driven by a $119 million increase in
finance receivables and a $35 million increase
in property, plant and equipment as we
continued investing in our branch network.
Shareholders’ equity increased to $318 million
from $298 million a year earlier. The Group’s
capital allocation framework remains anchored
to our 15% return on equity target, and the
capital released through the securitisation is
being progressively redeployed to fund further
growth in Oxford Finance.
The Board declared a final dividend of 9.0
cents per share, fully imputed, bringing the
full-year dividend to 33.0 cents per share —
up 14% on FY25. This represents a compound
annual growth rate of 10.5% in the past 12
years. The dividend reinvestment plan has
been applied to the final FY26 dividend.
10
TURNERS AUTOMOTIVE GROUP ANNUAL REPORT 2026

REVENUE
$451.2M 9%
NORMALISED EBIT
4

$70.6M 14%
NORMALISED NPBT
5

$63.2M 16%
REPORTED NPBT
$55.7M 3%
NORMALISED NPAT
5

$45.6M 18%
REPORTED NPAT
$38.2M 1%
FULL YEAR DIVIDENDS PER SHARE
33 cents 14%
FY26
FY25
FY24
451.2
414.2
417
0100200300400500600700800
0102030
FY26
FY25
FY24
70.6
62.3
58.6
4050607080
7080
FY26
FY25
FY24
55.7
54.3
49.1
0102030405060
7080
FY26
FY25
FY24
38.2
38.6
33.0
0102030405060
7080
FY26
FY25
FY24
33
29
25.5
0102030405060
63.2
45.6
4
EBIT adjusted for interest expense in Finance (non-IFRS measure), and EC Credit Control intangible impairment
5
FY26 Normalised NPBT/NPAT excludes EC Credit Control intangible impairment of $7.47M
11
TURNERS AUTOMOTIVE GROUP ANNUAL REPORT 2026

Dear Shareholder
FY26 has delivered another record result,
and another reason to feel good about where
Turners is headed.
Net profit before tax of $63.2 million
6
was
ahead of our upgraded guidance and we are
tracking to achieve our $65 million FY28 target
a full year in advance, reflecting the strength
of a business that is firing on all cylinders.
A decade of deliberate, disciplined strategy
has brought us to this point: a deeply
integrated platform, a national network that
is genuinely difficult to replicate, and a clear
pathway to the next phase of growth. We’re
not stopping here.
The year in review
“We have performed well in a
down cycle and will perform even
better in an upcycle.”
FY26 demanded resilience, and our team
delivered it. Consumer confidence remained
fragile through much of the year, particularly in
the first half. Demand was subdued, stock was
expensive to source, and we were working in a
market that wasn’t giving anything away. Our
team responded to the challenging conditions
with discipline: careful inventory management,
selective buying, and a focus on credit quality.
That discipline set up a second half that was
the strongest in our history, culminating in a
record fourth quarter with strong vehicle sales
volumes, improved margins in Auto Retail, and
record new lending months in January and
February for the Finance division.
Our Finance business has been one of the
stars of the FY26 result. Growing a loan book
27% while simultaneously tightening credit
standards is not something many lenders can
say. Consumer arrears at 2.5% against the
industry’s 5.6% is a gap that’s
widened over the past two years, a reflection
of how we assess and manage credit risk.
The securitisation warehouse we completed
in October 2025 was a major milestone. It
validates the quality of our loan book in the
capital markets, lowers our cost of funds, and
provides the funding infrastructure to keep
growing.
Working our capital harder
From a funding perspective, we are in a
strong position. The termed-out securitisation
warehouse, combined with new syndicated
banking facilities signed in April 2026,
provides a robust funding platform to support
our FY31 growth ambitions while maintaining
balance sheet discipline.
Importantly, the warehouse term-out and the
extension of our syndicated banking facilities
at higher facility levels are a sign of confidence
from our funders and, ultimately, reflect
positively on the risk profile these funders
attribute to our business.
We’ve also made a clear-eyed decision about
EC Credit. It’s a good business, but it isn’t core
to what Turners is building. We’ve recognised
that through the goodwill write-down.
Targets are meant to be beaten
Since 2021, Turners has set multi-year profit
targets and then gone ahead and hit them
early. We delivered our $45 million FY24
target a year ahead of schedule. We delivered
our $50 million FY25 target a year ahead of
schedule. Based on FY26’s momentum, we
now expect to deliver the $65 million FY28
target a year early, in FY27.
We don’t set targets to manage expectations.
We set them to stretch ourselves, and then
we hold ourselves accountable. At our March
2026 Investor Day, we set the next chapter:
$100 million NPBT by FY31. FY26 was a strong
message of our intent.
FROM OUR CHAIR AND CEO
6
Excluding ECCC write down of goodwill
12
TURNERS AUTOMOTIVE GROUP ANNUAL REPORT 2026

Track record of dividend growth
“We aim to provide shareholders
with a reliable and growing cash
return while retaining enough
capital to fund growth.”
The Board has declared a final dividend of 9.0
cents per share, fully imputed, taking the full-
year dividend to 33.0 cents per share, up 14%
on last year. That’s a compound annual rate of
10.5% over the past twelve years. Sustaining
this return of value to our shareholders
requires the same discipline in capital
allocation that has characterised this business
from the beginning, and the Board remains
firmly committed to it.
Every division pulling in the same direction
Auto Retail continued to build on its position
as New Zealand’s largest buyer and seller
of used vehicles. Our sourcing strategy,
increasingly focused on domestic supply, is
proving a genuine competitive advantage,
and the ongoing expansion of our physical
network is reinforcing our presence in key
markets. We also saw strong performance
from our commercial divisions, damaged and
end-of-life revenues. Strategically, the biggest
opportunity remains expanding the branch
network and we have kept up our momentum
despite the macro backdrop.
Finance delivered another strong result, with
the loan book growing in both volume and
quality. Consumer lending has increased while
commercial lending has decreased, and a new
unsecured lending product is performing well.
Arrears remained well below market levels,
a testament to our disciplined approach to
credit.
Insurance continued to build momentum,
particularly through our digital and direct-
to-consumer channels. Early sales activity
following the launch of a new MBI product for
the ‘private to private’ car market has been
encouraging and validates this channel as a
complementary, scalable growth opportunity.
Turners Servicing & Repairs, still in its early
stages, is already contributing and positioning
us to capture a meaningful share of a $3 billion
market that sits right alongside everything else
we do.
As flagged earlier in the year, we reviewed
the carrying value of the EC Credit business,
resulting in a non-cash goodwill write down
of $7.5m. EC Credit is the smallest part of
our Group and is non-core to our automotive
platform strategy.
Our focus, capital and energy are firmly
pointed at the automotive ecosystem where
we see the most compelling long-term
opportunity. We will keep investing in our
people, our property, our technology and our
brands to ensure that the platform we’ve built
remains the one Kiwis turn to when it comes
to buying, selling, financing, insuring and
servicing their vehicles.
You can read more on individual business
performance on pages 16 to 19.
Growing the Network
Dealer numbers across New Zealand have
been declining for years, and that trend is
accelerating. Sourcing vehicles is becoming
harder and more expensive for smaller
operators. The compliance burden is rising.
The investment required to compete digitally
is substantial. These are headwinds for the
industry, but they are tailwinds for Turners. As
barriers rise and sub-scale operators continue
to exit, our network, our brand and our
integrated platform become more valuable.
We are well placed to continue gaining market
share, and we intend to do so.
We remain firm believers that being closer
to our customers drives sales and generates
more sourcing leads.
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TURNERS AUTOMOTIVE GROUP ANNUAL REPORT 2026

We now own 18 of 33 sites nationwide with a
cost value of $166 million, and have more in
active development. The pipeline is building
well and we continue to see opportunities to
purchase sites at attractive valuations as we
move through the interest rate cycle.
The Christchurch branch expansion is the
clearest example of our rollout economics in
action. Three new branches, a 15% increase
in sourcing leads and a 22% increase in local
units sold. The model works, and is exactly the
operating leverage we’re aiming to replicate as
the network expands and we locate branches
closer to key population catchment areas.
We have four more new branches plus two
replacement branches in development
for FY28. FY27 will be a year of building
and preparing rather than opening, laying
important groundwork for the next wave of
growth.
Tina 2.0
This year, Tina expanded her horizons
considerably, casting her net from Paekākāriki
to Putāruru, from Gizzy to Omaha. We
increased our media investment to $5.1 million,
and the campaign did something clever - it
worked both sides of the business, supporting
vehicle sourcing as well as retail sales.
The results speak for themselves. Tina took
out both the Kantar Ad Impact Award and the
Supreme Kantar Ad Impact Award in 2025 —
recognition that the campaign isn’t just loved,
it’s working. The song has racked up over
14,000 plays on Spotify, which is remarkable
for any track and almost unheard of for a radio
ad. It made the quarter-finals of ZM’s Unofficial
National Anthem competition, where it was
narrowly edged out by Poi-E, and it was the
winner of the Marketing Association’s 2020s
Best Ad.
More importantly, the campaign delivered
where it really counts: lead volumes lifted
and cars bought lifted. Tina isn’t just
entertainment, she’s helping our team of 700
to drive the business forward.
The campaign keeps working because it keeps
being true. New Zealanders have cars they
love, cars they’ve grown out of, and cars with
a Macca’s bag in the back that’s been there
longer than anyone’s admitting. We’re here for
all of them.
People and Purpose
Behind every result in this report is a team
that shows up, cares deeply about what
they’re doing, and increasingly has skin in
the game. More than 65% of our team are
shareholders through our Employee Share
Scheme, a statistic we are genuinely proud of,
and one that speaks to the culture we have
built. Employee engagement remains very
strong, with scores in the top 5% of consumer
businesses globally. Importantly, we continue
to promote from inside our business, reflecting
the calibre of the people who work at
Turners. Our culture is the result of deliberate
investment in our people and one of the most
important competitive advantages we have.
On behalf of the Board, we want to
acknowledge the Turners team. FY26 was
demanding in the first half and exhilarating
in the second. The people who navigated
both halves with the same focus and
professionalism are the reason we’re writing
about a record result.
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TURNERS AUTOMOTIVE GROUP ANNUAL REPORT 2026

Looking Ahead
Late March 2026 brought fresh uncertainty
as geopolitical events weighed on consumer
sentiment, and April trading in Auto Retail has
been subdued. We’ve seen this before.
In Auto Retail, we have implemented the
same “tough macro” playbook used in FY24
and FY25: strong cost focus, more selective
buying, and positioning inventory for where
demand is — including cheaper smaller engine
vehicles and increased purchasing of smaller
hybrids.
In the meantime, Finance and Insurance keep
building. They’re annuity businesses - they
don’t stop when a car yard gets quiet. That
diversification is enormously valuable in
periods like this.
We remain confident in our trajectory and
expect to deliver the $65 million FY28 target a
year early, in FY27. That will be the third time
we’ve beaten a multi-year target ahead of
schedule. And after that, we’ll have our sights
firmly set on $100 million by FY31.
The platform is built, the team is exceptional
and we have a five-year strategy which we
believe is credible, funded and executable.
We have great businesses that are even better
together - each part of our business makes
the others stronger, and the platform we have
assembled is one that cannot be quickly or
easily replicated. That’s what the next chapter
is about - not building something new from
scratch, but unlocking the full potential
of what we’ve already built - and we are
genuinely excited about what that looks like.
To our team, our customers, and to you, our
shareholders: thank you. The best is yet to
come.
Beep beep!
Grant and Todd
15
TURNERS AUTOMOTIVE GROUP ANNUAL REPORT 2026

HOW OUR BUSINESSES
PERFORMED
Auto Retail remains the biggest driver of Turners’ performance, delivering
the majority of revenue and a strong share of profit in FY26. Its strength
comes from scale and a simple but powerful idea: more good cars in, more
customers through the system, and more value captured across finance,
insurance and services. It’s a model that keeps moving and keeps improving.
SEGMENT REVENUE
SEGMENT NPBT (NORMALISED)
AUTO RETAIL
Revenue $315.3M 10%
Segment Profit $32.6M 12%
Auto Retail demonstrated exactly the resilience and discipline we believe distinguishes Turners
from the broader used vehicle market.
A tough first half, characterised by subdued consumer demand and constrained vehicle sourcing,
gave way to a significantly stronger second half in which our proactive stock management and
pricing optimisation delivered the margin expansion we had been positioning for.
Whilst overall volumes were flat, total owned units sold lifted 9% on the prior year. Our deliberate
focus on the lower-priced vehicle segment, where demand proved most resilient, was a key
commercial lever. By maintaining tight control over acquisition costs and stock turn, we were able to
protect margin without sacrificing volume.
The Tina 2.0 brand campaign, launched in May 2025, supported both sourcing and retail activity,
with total media investment increasing 15% to $5.1 million, a signal of our confidence in the Turners
brand as a genuine competitive advantage.
Our branch network expansion continued at pace during FY26. Three new Christchurch branches
opened during the first half and moved to full operational capacity over the course of the year.
The results speak for themselves: Christchurch locally purchased units sold increased 22% versus
previous year in the single branch location, validating our branch rollout economics and giving us
FY22FY22FY23FY23FY24FY24FY25FY25FY26FY26
500
400
300
200
100
0
80
60
40
20
0
■ Credit Management ■ Insurance ■ Finance ■ Automotive Retail
16
TURNERS AUTOMOTIVE GROUP ANNUAL REPORT 2026

confidence in the broader national network build-out programme. We have four new branches and
two replacement branches currently in development, scheduled for opening across FY28, with FY27
serving as a period of preparation rather than opening.
The commercial division was a standout performer. Damaged and end-of-life vehicle revenues grew
10%, and our Trucks & Machinery segment expanded 8%, both benefiting from stronger liquidation
activity and improved sourcing of commercial inventory. This segment continues to provide useful
counter-cyclicality to the broader retail business, as commercial fleet activity tends to be less
sensitive to consumer sentiment.
The combination of network expansion, brand investment and commercial diversification positions
Auto Retail well for the next phase of growth.
FINANCE
Loan Book $566M 27%
Segment Profit $19.2M 19%
Finance delivered a record result in FY26, and it is a business we are particularly proud of. The loan
book grew 27% to $566 million, driven by a 50%-plus increase in new consumer lending volumes,
all achieved while we simultaneously tightened our credit policy. That combination of accelerating
growth and improving credit quality is not a coincidence: it reflects the sustained investment we
have made in our proprietary origination platform and the compounding benefits of our integrated
automotive ecosystem.
Credit quality metrics remain exceptional and, in our view, are among the strongest in the New
Zealand consumer finance market. Consumer arrears stood at 2.5% at 31 March 2026, compared
with an industry average of 5.6%
7
– a gap that has widened over the past two years. Premium tier
lending now accounts for 59% of the ledger, up from 56% a year earlier. We tightened credit policy
during the year and the book continues to season well.
Net Interest Margin
8
improved to 5.7%, supported by stabilising cost of funds and continued
repricing of the loan book. We increased our hedged borrowing ratio to approximately 85%,
reducing earnings volatility and providing a more predictable funding cost environment as we grow.
Unsecured lending is a new product area for Oxford Finance, with unsecured loans limited to higher
quality Premium and Tier 1 risk clients only. The product is performing well and arrears are tracking
below forecast levels in the early period. Risk-adjusted returns are being achieved over and above
the secured lending, which is helpful in stabilising our overall margin profile.
The single most significant capital management milestone of FY26 was the term-out of our $200
million public securitisation warehouse in October 2025, the Group’s inaugural public securitisation
transaction. This has lowered our funding costs, reduced our capital commitment, and demonstrated
capital market access that supports the long-term ambitions of the Finance business.
Operating leverage was a defining feature of the year. Lending volumes rose materially while
headcount grew at a slower rate, producing strong incremental margin on new business. New
syndicated banking facilities signed in April 2026 have further increased our receivables funding
capacity. With a materially larger loan book entering FY27 and stable margins, Finance is positioned
to again be a key earnings driver as we advance toward our FY31 targets.
7
Source - Centrix industry data
8
Net Interest Margin – the difference between what we pay to borrow funds vs what we receive in interest on loans net of origination costs
17
TURNERS AUTOMOTIVE GROUP ANNUAL REPORT 2026

INSURANCE
Revenue $50.2M 6%
Segment Profit $17.3M 7%
Insurance continued to build on its track record of steady, compounding growth in FY26. Revenue
grew 6% to $50.2 million and segment NPBT rose 7% to $17.3 million, with growth across all
portfolios. The business benefits from the structural advantage of its deep integration into our
automotive platform: when a customer buys a vehicle from Turners and finances it through our
Finance division, Insurance is a natural next step and our conversion rates reflect that.
Our core dealer and finance broker partnerships remained the primary driver of premium growth,
providing the scale and consistency that underpin the Insurance business model. During FY26,
we added several new distribution partners — including VTNZ, Gaspy and Quashed — which
meaningfully extended Autosure’s digital footprint and introduced our products to new customer
segments. These partnerships validate the quality of our product and the strength of the Autosure
brand within the broader automotive ecosystem.
We continued to invest in digital distribution capability, with the launch of a new Mechanical
Breakdown Insurance product targeting the private-to-private vehicle market. This is an exciting
development: the private sale market represents a significant and historically underserved
opportunity for MBI. Early sales activity has been encouraging, and we see this channel as a
scalable, complementary growth opportunity with minimal incremental capital requirement. Our
direct-to-consumer comprehensive motor vehicle offering also added a useful diversified revenue
stream during the year.
Claims cost inflation – a challenge across the global insurance sector – has been well managed. MBI
loss ratios edged up to 58% (from 57% in FY25), a modest movement that remains consistent with
long-term historical trends and well within acceptable bounds. Earned premium is holding up very
well, and claims ratios are stable. The combination of new distribution channels, digital capability
investment and the structural tailwind of a growing auto retail and finance network positions
Insurance for continued progress in FY27 and beyond.
TURNERS SERVICING & REPAIRS
Turners Servicing & Repairs (TSR) represents a long-term growth opportunity within our
integrated automotive platform, and FY26 was a year of meaningful strategic progress for the
business.
The most important step was the completion of our rebrand from MyAutoShop to Turners Servicing
& Repairs – a decision that reflects our conviction that the highly trusted Turners brand carries
significant awareness and equity with New Zealand consumers, and that we should be leveraging it
fully across every customer touchpoint in our ecosystem.
The partnership with VTNZ was expanded during FY26 to include pre-purchase inspections.
Together, we also developed the WoF Wizard, a tool designed to simplify and demystify the WoF
process for vehicle owners. This creates a natural entry point into TSR’s broader service offering –
and, critically, into the wider Turners’ customer relationship.
18
TURNERS AUTOMOTIVE GROUP ANNUAL REPORT 2026

Cross-sell and upsell activity with Turners’ broader customer base is beginning to contribute
meaningfully. Service plans sold with vehicles at point of sale are an early example of the integration
we are building across the group. The expansion of our mobile mechanic network – deployed in
locations that mirror the Turners retail branch footprint – is underway and extends our service reach
without the capital intensity of fixed-site premises. TSR remains in its early commercial phase, but
the foundations being laid in FY26 position it well to become an increasingly meaningful contributor
to the Group as the network scales.
CREDIT MANAGEMENT
Revenue $8.5M 17%
Normalised Segment Profit $1.8M 49%
EC Credit Management is no longer considered a core part of the Turners Group strategy, and
FY26 accelerated our thinking on the appropriate path forward for this business.
Revenue declined 17% to $8.5 million and normalised segment NPBT fell 49% to $1.8 million
(excluding the goodwill write-down), as referral volumes were constrained throughout the year.
Several large corporate clients placed temporary holds on debt referrals during significant system
implementations, while tougher consumer conditions made it harder for debtors to consistently
maintain payment arrangements.
Collections performance remained resilient in the circumstances, with debt collected broadly in line
with FY25 and ahead of FY24, supported by a 9% lift in the payment arrangement bank. However,
the structural headwinds facing the business – in combination with its non-core status within our
integrated automotive platform – prompted a review of the carrying value of the business. As a
result, a non-cash goodwill write-down of $7.5 million was recorded, consistent with the $7 to $9
million range indicated in the March 2026 guidance update.
Going forward, the ECCC business is positioned for potential divestment over the medium term.
19
TURNERS AUTOMOTIVE GROUP ANNUAL REPORT 2026

TARGETING $100M NPBT BY FY31
A CLEAR PATHWAY OF
GROWTH
With our FY28 NPBT target of $65 million now looking likely to be
achieved a year early in FY27, the Turners team is already looking further
down the road. The business remains firmly on track toward its FY31 NPBT
target of $100 million, the latest milestone in a series of multi-year targets
set since FY21.
NET PROFIT BEFORE TAX ($M)
110.0
100.0
90.0
80.0
70.0
60.0
50.0
40.0
30.0
20.0
Note: the FY26 NPAT result excludes Intangible Impairment of $7.47M
NPBT Target
FY24 $45mExceeded
FY25 $50mExceeded
FY28 $65mOn track to achieve in FY27
FY31 $100mFirmly on track
FY19FY20FY21FY22FY23FY24FY25FY26FY27
FY28
(F)
FY29FY30FY31
NPAT29.029.037.043.045.549.154.363.265.0100.0
20
TURNERS AUTOMOTIVE GROUP ANNUAL REPORT 2026

GROWTH DRIVERS
Continued organic growth from Auto Retail, driven by planned new branches, plus growth in
Finance, direct to consumer growth in Insurance and growth in Servicing & Repairs.
Auto RetailFinanceInsuranceServicing & Repairs
Network expansion
– 15 planned new
branches
Sourcing initiatives
including data and
digital
Continued wholesale
→ retail shift
Growing commercial
business
Book growth
through network
expansion, direct to
consumer and new
products
Funding optimisation
Operating leverage/
economies of scale
Build out and grow
digital distribution
Reposition the MBI
product
Leverage our data
assets to optimise
targeting and risk
Network expansion
to mirror the core
Turners network
Partnerships eg
VTNZ WOF repairs
21
TURNERS AUTOMOTIVE GROUP ANNUAL REPORT 2026

MORE BRANCHES. MORE
LEADS. MORE CHRISTCHURCH.
During FY26, Turners added three new branches across Christchurch.
The early results suggest the strategy is doing exactly what it was designed
to do: getting us closer to customers and generating more sourcing leads.
TURNERS HORNBY,
CHRISTCHURCH
22
TURNERS AUTOMOTIVE GROUP ANNUAL REPORT 2026

Christchurch is one of New Zealand’s largest and fastest-growing cities, so having a stronger local
presence simply makes sense. More branches mean more visibility, more convenience, and more
opportunities for customers to buy, sell, trade or finance their next vehicle closer to home.
With three locations operating through part of the year, sourcing leads across the region increased
by 15% compared to operating a single branch for the full year. That increased activity helped drive
a 22% lift in locally sourced units sold across the Christchurch region.
The expansion also created opportunities for internal promotion, with experienced Turners team
members stepping up to lead the new branches with real pride, helping establish the branches as
part of their local communities from day one.
The Christchurch rollout continues to validate our broader network expansion strategy: be closer
to customers, source more vehicles locally, and create a bigger, more connected ecosystem around
every branch.
50%
40%
30%
20%
10%
0%
-10%
-20%
-30%
-40%
-50%
Apr-25May-25Jun-25Jul-25Aug-25Sep-25Oct-25Nov-25Dec-25Jan-26Feb-26Mar-26
CHRISTCHURCH BRANCH EXPANSION
YEAR ON YEAR GROWTH IN ‘SOURCING’ LEADS
HORNBY
CITY CENTRE
AIRPORT
23
TURNERS AUTOMOTIVE GROUP ANNUAL REPORT 2026

BUILDING A BETTER
BUSINESS
At Turners, we believe building a better business means creating long-term
value in a way that supports our customers, our people, our communities
and the future of New Zealand’s transport sector.
Our approach is focused on two areas where
we believe we can make the greatest impact:

Supporting the transition of the
New Zealand light vehicle fleet to a lower
emission future.

Enhancing the wellbeing of our staff,
customers, stakeholders, and the
communities in which we operate.
As one of New Zealand’s largest automotive
retailers and finance providers, we recognise
the important role we can play in helping New
Zealanders access newer, safer and more fuel-
efficient vehicles. Through the scale of our
network, the breadth of our vehicle offering
and the support of finance and insurance
solutions, we continue to help customers make
practical and affordable vehicle choices.
At the same time, we remain focused
on creating a positive and supportive
environment for our people and customers,
while contributing meaningfully to the
communities we serve across New Zealand.
This includes ongoing investment in safety,
wellbeing, community partnerships, and
initiatives that strengthen our culture and
customer experience.
Climate-related Disclosures
The pending amendments to the climate
reporting legislation will mean that Turners
Automotive Group will not be required to
prepare climate reporting as our market
capitalisation is under the new $1bn market
capitalisation threshold. In recognition of the
incoming legislation, the Financial Markets
Authority has granted “no action” relief to
affected issuers. Consequently, after carefully
evaluating the administrative complexity
and costs of complying with the Climate
Standards, we have elected to discontinue
the publication of a formal Climate-Related
Disclosures report. Turners continues to
monitor climate risks and opportunities and
track key metrics including Scope 1 and 2
emissions.
Climate-related risks and opportunities
Turner’s Audit, Risk Management and
Sustainability Committee has completed its
annual review of climate-related risks and
opportunities. As no material changes have
been identified since the previous reporting
period, these disclosures are not restated here.
For full details, please refer to pages 12-16 of
the Turners 2025 Climate-related Disclosures
report.
SUPPORTING THE
TRANSITION OF
THE NEW ZEALAND
LIGHT VEHICLE
FLEET TO A
CLEANER, LOWER
EMISSION FUTURE
Turners operates at the centre of New Zealand’s
used vehicle market, giving us a unique oppor-
tunity to support the gradual transition toward
a lower-emission light vehicle fleet.
We recognise that meaningful change will
happen over time and needs to remain
practical and affordable for everyday New
Zealanders. As one of the country’s largest
used vehicle retailers, we play an important
role in helping customers move from older, less
fuel-efficient vehicles into newer vehicles with
24
TURNERS AUTOMOTIVE GROUP ANNUAL REPORT 2026

improved fuel economy, lower emissions and
enhanced safety features.
More than 90% of the vehicles we sell are
sourced from within New Zealand’s existing
vehicle fleet, meaning our business is closely
connected to the ongoing renewal and
improvement of the national car park.
Through our damaged and end-of-life vehicle
operations, we also help remove older and
higher-emitting vehicles from the road,
supporting the natural replacement cycle of
the fleet.
Customer demand for lower-emission vehicles
continues to grow. During FY26, sales of
electric and hybrid vehicles increased by 2.3
percentage points, reflecting both increased
consumer acceptance and greater availability
of these vehicles within the used market. This
has driven the electric and hybrid vehicles
segment to 14.2% of our total light vehicle
sales mix, up from 11.9% in the previous
financial year.
Within our own operations, we remain focused
on areas where we can influence outcomes.
This includes the continued transition of our
company vehicle fleet toward Low Emission
Vehicles (LEVs
9
) – now at 83%, up from 74% at
March 2025.
We believe this practical and measured
approach supports long-term value creation
while contributing positively to New Zealand’s
evolving lower-emission transport future.
INTENSITY MEASURES
The intensity measures provide insight
into emission trends for targeted subsets
of Turners’ CO₂e
10
footprint. This does not
represent all of Turners’ CO₂e operational
footprint.
Scope 1 and 2 emissions per vehicle sold
11

Turners’ direct and indirect operational
emissions intensity (Scope 1 and 2 emissions
per vehicle sold (kg CO₂e)), based on
data recorded since FY23. This represents
approximately 90% of all Turners’ operational
CO₂e footprint. It includes all Scope 1 & 2
emissions from Turners Group NZ Limited
(Turners Auto Retail Division), it does not
include emissions from other companies in the
group, that don’t sell vehicles, such as Oxford
Finance and Autosure Insurance.
Average remaining lifetime emissions per
vehicle imported
Average remaining lifetime emissions from the
expected use of vehicles imported by Turners,
based on data recorded since FY24. Expected
lifetime emissions are calculated using
Ministry of Transport estimates for average
annual distance travelled and expected
vehicle remaining life and do not include any
emissions from their ultimate disposal.
9
Low-emitting vehicles (LEVs) include Hybrid Electric Vehicles (HEVs), Plug-in Hybrid Electric Vehicles (PHEVs), and Battery Electric Vehicles (BEVs).
10
CO
2
e (carbon dioxide equivalent), as defined by the Greenhouse Gas Protocol, includes emissions from other greenhouse gases such as methane
(CH4) and nitrous oxide (N2O), as well as emissions from electricity consumption by PHEVs and BEVs.
11
Scope 1 emissions include the fuel purchased to maintain operational fuel levels for in-stock vehicles. These are calculated based on the type and
volume of fuel purchased, applying the relevant Ministry for the Environment (MfE) emission factors for the respective year.
40
35
30
25
20
15
FY23FY24FY25FY26
28.0
31.1
33.2
35.1
kg CO
2
e
21.0
20.5
20.0
19.5
19.0
18.5
18.0
FY24FY25FY26
19.4
19.5
t CO
2
e
20.8
25
TURNERS AUTOMOTIVE GROUP ANNUAL REPORT 2026

ENHANCING THE WELLBEING OF OUR
PEOPLE, CUSTOMERS, STAKEHOLDERS AND
THE COMMUNITIES IN WHICH WE OPERATE
OUR GOALS

Maintain employee engagement in the
top 5% category

Promote a diverse and inclusive culture
across the organisation
Having a strong culture and an engaged team
is very important to us and a key advantage
for our business. Our people deliver day in, day
out for our customers and for our shareholders
— and the numbers continue to prove it.
Our formula remains simple but powerful: a
quality environment for our people leads to
quality customer experiences, which leads to
quality outcomes for our shareholders. Every
metric we track on our people tells us that
formula is working.
One of the clearest indicators of that
connection is share ownership. More than 67%
of our team are now shareholders through our
Employee Share Scheme, up from 53% the
previous year. When our people own a piece of
what they’re building, they show up differently
and it shows.
Turnover continued to fall, reaching 17% in
FY26, down from 21% the prior year. Put
simply, people love working for Turners.
That’s not something we take for granted, it’s
something we work hard to earn, every year.
Training and development remain a
cornerstone of our investment in people.
We logged more than 21,000 training hours
in FY26, reflecting our belief that growing
our people’s capability is one of the best
investments we can make. Nowhere is that
more visible than in our leadership pipeline:
12 of 14 leadership positions were filled
internally this year, demonstrating our genuine
commitment to development and to providing
real career pathways for our people. That does
not happen by accident. It is the result of years
of deliberate investment in talent management
and succession planning.
This year, 33 of our people graduated from our
Aspiring Leaders programme, taking our total
number of graduates to more than 130 over
the past four years. We are incredibly proud of
what this programme represents, not just the
26
TURNERS AUTOMOTIVE GROUP ANNUAL REPORT 2026

skills developed, but the message it sends to
our entire team: there is a path forward here,
and we will back you on it.
We continue to provide all team members with
access to EAP services, helping them navigate
challenges at work or at home and supporting
their general health and wellbeing. We have
promoted this service heavily again this year
and are pleased to see our team take full
advantage of this valuable support.
The results across all of these measures
reinforce something we’ve long believed –
that investing in our people isn’t just the right
thing to do, it’s a genuine business advantage.
A team that feels valued, supported and
connected to the success of the business
delivers better outcomes for customers,
and better outcomes for shareholders. That
virtuous cycle is at the heart of everything
we do.
PEOPLE METRICSFY25FY26
Development hours 22,000+ 21,800+
Turnover21% 17%
Number of sessions accessed through EAP services171 152
Notifiable injury/incidentsNil Nil
Health and safety reportable injury incidents108110
27
TURNERS AUTOMOTIVE GROUP ANNUAL REPORT 2026

AUDREY WIKIRIWHI
ACCOUNTANT, AUTOSURE
Behind the scenes of the Turners Group are a lot of moving parts
keeping everything running smoothly. At Autosure Insurance,
accountant Audrey Wikiriwhi is proof that loyalty, continuous
learning and a bit of competitive spirit can go hand in hand.
With service across the wider Turners Group dating back to
2009 (and earlier experience with DPL Insurance and Dorchester
Pacific from 1999), Audrey has developed a deep understanding
of how the Group fits together. Not one to stand still, she
recently completed a Diploma in Business Leadership and
Management, with the support and encouragement of Turners
CEO Todd Hunter.
Outside work, Audrey’s competitive streak comes to life on the
water. She is an accomplished Dragon Boat and Waka Ama
competitor who has represented New Zealand internationally,
including serving as the contingent flag bearer at the 2025
World Club Crew Championships in Germany. Recent highlights
include winning seven gold medals at the 2026 Australian State
and Oceania Dragon Boat Championships, while also collecting
multiple medals at world championship events in Germany and
Hawaii in previous years.
When she’s not racing, Audrey can be found on Auckland’s
North Shore, often loading her outrigger canoe onto her trusty
Nissan Wingroad, a practical Turners purchase that perfectly
suits her active lifestyle.
CELEBRATING OUR PEOPLE
At Turners, great teams are built by great people. That’s why we continue
to invest in our team, back internal promotion, and grow leaders from
within the business. Employee engagement remains very strong, and
through our employee share ownership programme, our people don’t just
work here, they have real skin in the game.
Strong culture, strong capability and strong leadership across the Group all
combine to deliver a better experience for customers. And when customers
have a great experience, shareholders do too. It’s not complicated, but it is
powerful when it’s done well.
This section celebrates four team members who reflect exactly what we
mean. From new leadership in our Christchurch branches – all promoted
from within the group - to the wider Turners ecosystem, each of these
stories is a reminder that experience, passion and a bit of personality go a
long way here. Meet the people behind the results.
28
TURNERS AUTOMOTIVE GROUP ANNUAL REPORT 2026

SCOTT STEWART
AUTO RETAIL BRANCH MANAGER, WAIRAKEI/CHRISTCHURCH
AIRPORT
If you’ve ever spent time around Turners Wairakei, chances are
you’ve crossed paths with Scott Stewart. And chances are, he’s
been there longer than most of the cars have had birthdays!
Scott joined Turners back in 1998 at just 18 years old, kicking
off his career in operations. From there, he’s pretty much done
the full tour of the business, from EOT inspection to Sales and
Sourcing, then Sourcing Manager, and now leading the new
Wairakei branch in Christchurch as Branch Manager.
Scott is all about people. His focus is simple: bring out the best
in his team and make Turners a place where people actually
want to come to work. He leads through our values, and it shows
in the culture on the ground.
Highlights? A “Most Engaged” team award, and a top five
BuyerScore result in the region.
Outside of work, Scott has been part of the Turners story for
most of his life, following in his father’s footsteps who also
worked here in the early 1980s. These days, life is family-focused
with his wife (who he met at Turners) and their two boys. When
he’s on the road, he’s in a hybrid RAV4 with the music up – and
fuel use down.
CODY O’NEILL
AUTO RETAIL BRANCH MANAGER, MOORHOUSE AVENUE
Some people build a career at Turners. Others practically grow
up here.
Nearly 13 years ago, at just 16 years old and fresh out of school,
Cody walked through the doors of Turners for his first job.
Today, he leads one of our newest Christchurch branches as
Branch Manager of Turners Moorhouse.
His journey is a great example of the opportunities available
within the business. Starting in the key booth, Cody progressed
through Buy Now Sales, CashNow Consultant and Dealer
Consultant roles before stepping into branch leadership. Along
the way, he developed a strong understanding of both the
business and the people behind it. A highlight of his career has
been winning the FY26 Emerging Leader Award and completing
the Aspiring Leaders Programme.
Now responsible for the day-to-day running of the branch across
sales, operations and finance,
After nearly 13 years, what keeps him at Turners is simple: the
people. Cody thrives on the variety that comes with the role and
the chance to help his team succeed.
Outside work, he enjoys spending time with family and friends,
and making the most of Canterbury’s outdoors on his motorbike
or jet ski.
29
TURNERS AUTOMOTIVE GROUP ANNUAL REPORT 2026

ANDREY DYBLENKO
AUTO RETAIL REGIONAL MANAGER, CANTERBURY
For Andrey, success isn’t measured by the number of cars sold.
It’s measured by the people around him succeeding.
Approaching 12 years with the Turners group, his journey began
when the company he worked for was acquired by Turners.
Since then, he has built a career across sales and leadership
roles, in both Auckland and Christchurch.
Today, Andrey leads the Hornby branch and helps oversee the
Canterbury region. His role is centred on supporting his team,
customers and stakeholders, removing roadblocks and creating
an environment where people can thrive. It’s a philosophy that
aligns closely with what he enjoys most about Turners: watching
people build confidence, grow and achieve more than they
thought possible.
One of his proudest moments was seeing the Christchurch
branch receive the Sustained Success Award, recognising years
of consistently strong performance. For him, the achievement
reflected the dedication of a team committed to delivering
results together, consistently year in and year out.
Outside work, life revolves around family, including two young
daughters with endless energy, and a newfound passion
for running and events like Hyrox. His Toyota RAV4 Hybrid
comfortably handles both family duties and the occasional
soundtrack of “Baby Shark” on full volume.
30
TURNERS AUTOMOTIVE GROUP ANNUAL REPORT 2026

A WINNING BID FOR A GOOD CAUSE
The Gut Cancer Foundation funds vital research into the
prevention, detection, diagnosis and treatment of gut cancers,
while also working hard to raise awareness of symptoms that
can save lives. With 17 New Zealanders diagnosed every day, its
work continues to have real impact across Kiwi communities.
At Turners, we’ve been proud to support the Foundation for
many years. In 2026, we decided to put our auction expertise to
good use and bring together two longstanding relationships in a
way only an auction house could.
We’ve backed Liam Lawson since he was 16 and continue to
follow his rise as one of New Zealand’s most exciting motorsport
talents. As part of our ongoing support for the Foundation,
Turners held a special charity auction which saw a miniature
replica of Liam Lawson’s 2025 Formula 1 racing helmet go
under the hammer, with all proceeds donated to the Gut Cancer
Foundation.
It was a simple idea with strong results: great item, great cause,
and a winning bid that went straight back into supporting the
Gut Cancer Foundation’s important work. Alongside other
team activities, Turners raised over $57,000 for the Foundation
in 2026, taking the total donated since 2021 to more than
$250,000.
SUPPORTING THE NEXT GENERATION
First Foundation helps talented young New Zealanders from
challenging backgrounds achieve their potential through
scholarships, mentoring, paid work experience and ongoing
support throughout their tertiary studies. It is a programme that
creates opportunities, builds confidence and helps young people
take the next step towards their future careers.
In 2026, Turners was proud to welcome a second scholarship
winner, Wynter-Harlin Puru-Peri-Looker. Wynter is currently in
Year 13 at Onehunga High School and plans to begin a Bachelor
of Biomedical Science at the University of Auckland in 2026.
Meanwhile last year’s inaugural scholarship recipient, Jordan
Etei-Michael is now in his first year of a Bachelor of Business at
the University of Auckland and is tracking well in his studies.
Alongside university, he works part-time with Turners Auto
Retail as a Customer Support Consultant, gaining valuable
workplace experience while continuing his education.
For Turners, supporting First Foundation is about more than
scholarships. It is about helping young people realise their
potential and providing opportunities that can make a lasting
difference in their lives and communities.
SUPPORTING OUR COMMUNITIES
31
TURNERS AUTOMOTIVE GROUP ANNUAL REPORT 2026

32
TURNERS AUTOMOTIVE GROUP ANNUAL REPORT 2026

TURNING TREES INTO WISHES
Make-A-Wish New Zealand brings hope and joy
to children living with critical illnesses by granting
wishes that create lasting memories for them and
their families. It is simple in idea, but powerful in
impact, giving children something magical to look
forward to during incredibly tough times.
Turners has been proud to support Make-A-Wish
for many years, and each Christmas we add
a little extra sparkle through the Trees of Joy
initiative – creating one-of-a-kind trees, decorated
to capture each child’s personality, passions and a
little bit of magic. It’s one of those campaigns that
perfectly suits the Turners’ team, turning festive
generosity into real outcomes for Kiwi kids.
This Christmas, the Auckland team came together
to decorate a Tree of Joy for Lucie, a brave five-
year-old who has battled cancer, and her three-
year-old sister Sophie. The tree was designed
especially for Lucie, bringing her personality
and imagination to life with bunnies, rainbows,
clouds, pink bows, colourful baubles and even her
favourite food-themed decorations.
It was a simple act, but one filled with meaning,
and a reminder that our Trees of Joy initiative is
about more than festive decoration, it’s way of
bringing joy to those who deserve it most.
33
TURNERS AUTOMOTIVE GROUP ANNUAL REPORT 2026

OUR LEADERSHIP TEAM
TODD HUNTER | Group CEO and Managing Director
Todd is a strong and experienced senior executive, with a background
in marketing, sales and accounting in both large global and domestic
businesses. Before joining Turners Auctions in 2006 Todd worked for
Microsoft NZ and Ernst and Young. He was appointed CEO of NZX listed
Turners Auctions in 2013, and took on the CEO role for the wider Turners
Automotive Group in 2016. In 2023 Todd was appointed to the Chair role for
the Financial Services Federation, which represents the non-bank lending
industry in NZ. Todd is a chartered accountant and holds a Bachelor and
Diploma of Commerce from Auckland University.
AARON SAUNDERS | Group Chief Financial Officer
Aaron joined Turners Group NZ in 2006. He has a strong background in
financial and management accounting, at both a strategic and operating
level in local and international markets. Over the last 30 years, Aaron has
worked across a broad range of company sizes and industries including
vehicle importation and distribution, broadcasting and the finance
sector. Aaron is a full member of the New Zealand Institute of Chartered
Accountants and holds a Bachelor of Commerce from Auckland University.
GREG HEDGEPETH | CEO Turners Auto Retail
Greg joined Turners in 2017 as CEO of the Automotive Retail division, with
responsibility for Turners Cars, Trucks & Machinery, and the Damaged
& End of Life business. He is an experienced automotive executive that
has previously held a number of senior roles in both OEM and retail
organisations. With a Bachelor of Commerce majoring in marketing from
Auckland University he has successfully completed numerous marketing
roles, followed by a number of years working for Saatchi & Saatchi in NZ
and other advertising agencies overseas. Greg brings a customer focused,
strategic sales and marketing focus to his current role.
JAMES SEARLE | CEO Autosure Insurance
James Searle joined Turners in 2011 and leads the Autosure business’
growth strategy and focus on customer outcomes. With more than 35
years’ experience in New Zealand’s insurance sector, he has held senior
roles across sales, underwriting, distribution, and portfolio acquisitions. He
is actively involved in industry governance and advocacy and serves on the
Executive Committee of the Financial Services Federation and the Council
of the Imported Motor Vehicle Industry Association. James holds a Diploma
of Business (Marketing) from Auckland University.
34
TURNERS AUTOMOTIVE GROUP ANNUAL REPORT 2026

JEREMY ROOKE | Group Chief Digital Officer
Jeremy joined Turners Automotive Group in 2009. His current role
involves leading the operation of our group technology services and
product functions, as well as leading the adoption of new technologies,
business models, and channels to transform Turners’ digital capabilities.
Jeremy brings more than 25 years of experience, including several large
transformational technology programmes across NZ and Australia
prior to Turners. Jeremy holds degrees in Law and Arts from Auckland
University.
MARYANNE BURNS | Group General Manager People & Culture
Maryanne joined Turners in 2019. She has 20 years of experience as
a Human Resources Professional in a broad range of industries in
New Zealand. These include automotive, financial services, insurance,
environmental solutions, importation and distribution. Maryanne has
led multiple transformational people projects across a number of
businesses.
GUY BRYDEN | CEO Oxford Finance
Guy joined Oxford Finance in 2018 as Finance Manager, later becoming
COO in 2020, and ultimately CEO in 2024. Guy is a strong finance
professional, with over a decade of banking and finance experience
across the NZ and UK markets prior to joining Turners. Guy is a
chartered accountant and holds a Bachelor of Commerce from Otago
University.
MATTHEW GANNAWAY | CEO EC Credit Control
Since joining EC Credit Control in 2003, Matt Gannaway has built a rich
and varied career across multiple facets of the business. His journey
through diverse roles has equipped him with a deep understanding
of the company’s operations, culminating in his appointment as
Chief Executive Officer in 2021. Matt holds a business degree from
Massey University and is known for his forward-thinking approach,
particularly in leveraging technology to drive innovation and deliver
better outcomes for clients and teams alike. With over two decades
of experience in the credit management industry, he brings a wealth
of expertise, strategic insight, and a commitment to excellence that
continues to shape the future of EC Credit Control.
35
TURNERS AUTOMOTIVE GROUP ANNUAL REPORT 2026

OUR BOARD
The Turners Board brings together a strong mix of hands-on industry
experience and broad governance capability, reflecting the diverse nature
of our business across finance, insurance, digital platforms and vehicle
retailing.
Our Directors collectively bring deep expertise in financial
services, debt management, insurance and operational
leadership, alongside strong backgrounds in governance,
entrepreneurship, sales, digital marketing and business
growth. This combination ensures robust oversight while
keeping the Board closely connected to the commercial
realities of the Group.
As at 31 March 2026, the Board comprised seven directors,
including a non-executive Chair, a Managing Director,
three independent directors, and two non-executive
directors. In May 2025, Group CEO Todd Hunter joined the
Board as an executive director, further strengthening the
alignment between governance and day-to-day execution,
and reinforcing our focus on long-term, future-focused
leadership.
At Turners, we value a Board that is both independent
and commercially grounded. That balance ensures strong
governance discipline while supporting informed, practical
decision-making as we continue to grow and evolve the
business.
GRANT BAKER
Non-executive Chairman
Appointed September
2009
36
TURNERS AUTOMOTIVE GROUP ANNUAL REPORT 2026

MATTHEW HARRISON
Non-executive Director
Appointed December 2012
TODD HUNTER
Executive Director
Appointed May 2025
ALISTAIR PETRIE
Non-executive Director
Appointed February 2016
ANTONY VRIENS
Independent Director
Appointed January 2015
JOHN ROBERTS
Independent Director
Appointed July 2015
LAUREN QUAINTANCE
Independent Director
Appointed April 2023
37
TURNERS AUTOMOTIVE GROUP ANNUAL REPORT 2026

38
TURNERS AUTOMOTIVE GROUP ANNUAL REPORT 2026

FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
40 Independent Auditor’s Report
45 Consolidated Statement of Comprehensive Income
46 Consolidated Statement of Changes in Equity
47 Consolidated Statement of Financial Position
48 Consolidated Statement of Cash Flows
49 Notes to the Financial Statements
39
TURNERS AUTOMOTIVE GROUP ANNUAL REPORT 2026

Level 12, 23-29 Albert Street, Auckland 1010 T: +64 9 309 0463
PO Box 3899, Auckland 1140 E: auckland@bakertillysr.nz
New Zealand W: www.bakertillysr.nz


40
INDEPENDENT AUDITOR’S REPORT
To the Shareholders of Turners Automotive Group Limited
Report on the Audit of the Consolidated Financial Statements

Opinion
We have audited the consolidated financial statements of Turners Automotive Group Limited and its subsidiaries
('the Group') on pages 45 to 80, which comprise the consolidated statement of financial position as at 31 March 2026,
and the consolidated statement of comprehensive income, consolidated statement of changes in equity and
consolidated statement of cash flows for the year then ended, and notes to the consolidated financial statements,
including material accounting policy information.

In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the
consolidated financial position of the Group as at 31 March 2026, and its consolidated financial performance and its
consolidated cash flows for the year then ended in accordance with New Zealand Equivalents to International
Financial Reporting Standards ('NZ IFRS') and International Financial Reporting Standards ('IFRS').

Our report is made solely to the Shareholders of the Group. Our audit work has been undertaken so that we might
state to the Shareholders of the Group those matters we are required to state to them in an auditor’s report and for
no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other
than the Shareholders of the Group as a body, for our audit work or for our report.

Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (New Zealand) ('ISAs (NZ)'). Our
responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the
Consolidated Financial Statements section of our report. We are independent of the Group in accordance with
Professional and Ethical Standard 1 International Code of Ethics for Assurance Practitioners (including International
Independence Standards) (New Zealand) issued by the New Zealand Auditing and Assurance Standards Board and
the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants
(including International Independence Standards) (‘IESBA Code’), and we have fulfilled our other ethical responsibilities
in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our opinion.


Other than in our capacity as auditor, we have no relationship with, or interests in, Turners Automotive Group Limited
or any of its subsidiaries.

Key Audit Matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the
consolidated financial statements of the current year. These matters were addressed in the context of our audit of
the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a
separate opinion on these matters.
40
TURNERS AUTOMOTIVE GROUP ANNUAL REPORT 2026
INDEPENDENT AUDITOR’S REPORT
for the year ended 31 March 2026

41
Key Audit Matter How our audit addressed the key audit matter
Impairment of Goodwill and Other
Indefinite Life Intangible Assets
As disclosed in Note 7 of the Group’s
consolidated financial statements
the Group has goodwill of $92.5m
allocated across four of the Group’s
cash-generating units (‘CGUs’) and
brand assets of $67.1m allocated
across two of those CGUs.

Goodwill and brand assets were
significant to our audit due to the
size of the assets and the
subjectivity, complexity and
uncertainty inherent in the
measurement of the recoverable
amount of these CGUs for the
purpose of the required annual
impairment test. The measurement
of a CGUs recoverable amount
includes the assessment and
calculation of its ‘value in-use’.
Management has completed the
annual impairment test for each of
these four CGUs as at 31 March
2026.

This annual impairment test involves
complex and subjective estimation
and judgement by Management on
the future performance of the CGUs,
discount rates applied to the future
cash flow forecasts, the terminal
growth rates, and future market and
economic conditions.

Management has also engaged an
external valuation expert to assist in
the annual impairment testing of the
four CGUs.
Our audit procedures among others included:
• Understanding and evaluating the Group’s internal controls relevant to the accounting
estimates used to determine the recoverable value of the Group’s CGUs.
• Evaluating Management’s determination of the Group’s four CGUs based on our
understanding of the nature of the Group’s business and the economic environment in
which the CGUs operate. We also analysed the internal reporting of the Group to assess
how the CGUs are monitored and reported.
• Evaluating the competence, capabilities, objectivity and expertise of Management's
external valuation expert and the appropriateness of the expert's work as audit evidence
for the relevant assertions.
• Challenging Management’s assumptions and estimates used to determine the
recoverable value of its indefinite life intangible assets, including those relating to
forecasted revenue, cost, capital expenditure and discount rates, by adjusting for future
events and corroborating the key market related assumptions to external data in
accordance with NZ IAS 36 Impairment of Assets.
Procedures included:
o Evaluating the logic of the value-in-use calculations supporting Management’s
annual impairment test and testing the mathematical accuracy of these
calculations;
o Evaluating Management’s process regarding the preparation and review of
forecasts;
o Comparing forecasts to Board approved forecasts;
o Evaluating the historical accuracy of the Group’s forecasting to actual historical
performance;
o Challenging and evaluating the forecast growth assumptions;
o Evaluating the inputs to the calculation of the discount rates applied;
o Engaging our own internal valuation experts to evaluate the logic of the value-in-use
calculation and the inputs to the calculation of the discount rates applied;
o Evaluating the forecasts, inputs and any underlying assumptions with a view to
identifying Management bias;
o Evaluating Management’s sensitivity analysis for reasonably possible changes in
key assumptions; and
o Performing our own sensitivity analysis for reasonably possible changes in key
assumptions, the two main assumptions being: the discount rate and forecast
growth assumptions.
• Evaluating the related disclosures (including the material accounting policy information
and accounting estimates) about indefinite life intangible assets which are included in
Note 7 in the Group’s consolidated financial statements.
Valuation of Finance Receivables
As disclosed in Note 4 of the Group’s
consolidated financial statements,
the Group has finance receivable
assets of $553.0m.
Finance receivable assets were
significant to our audit due to the
size of the assets and the
subjectivity, complexity and
uncertainty inherent in the
recognition of expected credit losses
and the amount of those expected
credit losses.
Our audit procedures among others included:
• Understanding and evaluating the Group’s internal controls relevant to the accounting
estimates used to determine the recoverable value of the Group’s finance receivables.
• Evaluating the design and operating effectiveness of the key controls over finance
receivable origination, ongoing administration and expected credit loss impairment
model data and calculations.
• Evaluating and challenging the logic, key assumptions, and calculation of Management’s
expected credit loss provision for each finance receivable, examining those finance
receivables and forming our own judgements as to whether the expected credit loss
provision recognised by Management is appropriate.
Procedures included:
o Agreeing a representative sample of finance receivables to the signed loan
agreement and client acceptance documents;
41
TURNERS AUTOMOTIVE GROUP ANNUAL REPORT 2026
INDEPENDENT AUDITOR’S REPORT cont.
for the year ended 31 March 2026

42
Key Audit Matter How our audit addressed the key audit matter
Management has prepared expected
credit loss models to complete its
assessment of expected credit
losses for the Group’s finance
receivables as at 31 March 2026
(including an economic overlay of
$1.1m).

This assessment involves complex
and subjective estimation and
judgement by Management on credit
risk and the future cash flows of the
finance receivables.
o Inspecting security documentation to ensure that the Group holds a valid charge on
security;
o Evaluating the logic of the discounted cash flow calculations supporting
Management’s expected credit loss provision and testing the mathematical
accuracy of these calculations;
o Evaluating the key assumptions and inputs into these discounted cash flow
calculations;
o Evaluating and challenging Management’s sensitivity analysis’ for reasonably
possible changes in key assumptions and inputs into the discounted cash flow
calculations; and
o Inspecting the borrowers' payment history for indicators of difficulties in the
borrowers' ability to meet the loan obligations.
• Evaluating the selection of estimation methods, inputs and any underlying assumptions
with a view to identifying Management bias.
• For individually assessed finance receivables, examining those finance receivables and
forming our own judgements as to whether the expected credit loss provision recognised
by Management was appropriate.
• For the collectively assessed finance receivables, challenging and evaluating the logic of
Management’s expected credit loss models and the key assumptions used with our own
experience. Also, testing key inputs used in the expected credit loss models and the
mathematical accuracy of the calculations within the models.
• Evaluating the changes made to the provisioning model to capture the effect of the
changing economic environment as at 31 March 2026 compared to the economic
environment at the date when the historical data used to determine the expected credit
loss was collected (described in Note 4 to the Group’s consolidated financial
statements).
• Evaluating the related disclosures (including the material accounting policy information
and accounting estimates) about finance receivable assets, and the risks attached to
them, which are included in Note 4 and 12 in the Group’s consolidated financial
statements.
Valuation and completeness of
Insurance Contract Liabilities
As disclosed in Note 9 of the Group’s
consolidated financial statements
the Group has insurance contract
liabilities of $63.5m.

The Group’s insurance contract
liabilities were significant to our audit
due to the size of the liabilities and
the subjectivity, complexity and
uncertainty inherent in estimating the
impact of claims events that have
occurred but for which the eventual
outcome remains uncertain.

Management has engaged an
external actuarial expert to estimate
the Group’s insurance contract
liabilities as at
31 March 2026.
Our audit procedures among others included:
• Understanding and evaluating the Group’s internal controls relevant to the accounting
estimates used to determine the valuation of the Group’s insurance policyholder
liabilities.
• Evaluating the design and operating effectiveness of the key controls over insurance
contract origination, ongoing administration, claims management and reporting and the
integrity of the related data.
• Evaluating the competence, capabilities, objectivity and expertise of Management's
external actuarial expert and the appropriateness of the expert's work as audit evidence
for the relevant assertions.
• Agreeing the data provided to Management's external actuarial expert to the Group’s
records.
• Engaging our own actuarial expert to assist in understanding and evaluating:
o the work and findings of the Group’s external actuarial expert engaged by
Management; and
o the Group’s actuarial methods and assumptions to assist us in challenging the
appropriateness of actuarial methods and assumptions used by Management.
• Evaluating the selection of methods and assumptions with a view to identifying
Management bias.
• Evaluating the related disclosures (including the material accounting policy information
and accounting estimates) about insurance contract liabilities, and the risks attached to
them, which are included in Note 9 in the Group’s consolidated financial statements.

42
TURNERS AUTOMOTIVE GROUP ANNUAL REPORT 2026
INDEPENDENT AUDITOR’S REPORT cont.
for the year ended 31 March 2026

43

Other Information
The Directors are responsible for the other information. The other information comprises the information included in
the Group’s annual report for the year ended 31 March 2026 (but does not include the consolidated financial
statements and our auditor’s report thereon).


Our opinion on the consolidated financial statements does not cover the other information and we do not express
any form of audit opinion or assurance conclusion thereon.

In connection with our audit of the consolidated financial statements, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent with the consolidated
financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated.

If, based on the work we have performed, we conclude that there is a material misstatement of this other information,
we are required to report that fact. We have nothing to report in this regard.

Responsibilities of the Directors for the Consolidated Financial Statements
The Directors are responsible on behalf of the Group for the preparation and fair presentation of the consolidated
financial statements in accordance with NZ IFRS and IFRS, and for such internal control as the Directors determine
is necessary to enable the preparation of the consolidated financial statements that are free from material
misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, the Directors are responsible on behalf of the Group for assessing
the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and
using the going concern basis of accounting unless the Directors either intend to liquidate the Group or to cease
operations, or have no realistic alternative but to do so.

Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole
are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our
opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in
accordance with ISAs (NZ) will always detect a material misstatement when it exists. Misstatements can arise from
fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to
influence the economic decisions of users taken on the basis of these consolidated financial statements.


A further description of the auditor’s responsibilities for the audit of the consolidated financial statements is located
at the External Reporting Board’s website at:
https://www.xrb.govt.nz/standards/assurance-standards/auditors-responsibilities/audit-report-1-1/.
This description forms part of our auditor’s report.



43
TURNERS AUTOMOTIVE GROUP ANNUAL REPORT 2026
INDEPENDENT AUDITOR’S REPORT cont.
for the year ended 31 March 2026

44
Matters Relating to the Electronic Presentation of the Audited Consolidated Financial Statements
This audit report relates to the consolidated financial statements of Turners Automotive Group Limited and its
subsidiaries for the year ended 31 March 2026 included on Turners Automotive Group Limited’s website. The
Directors of Turners Automotive Group Limited are responsible for the maintenance and integrity of Turners
Automotive Group Limited’s website. We have not been engaged to report on the integrity of Turners Automotive
Group Limited’s website. We accept no responsibility for any changes that may have occurred to the consolidated
financial statements since they were initially presented on the website.


The audit report refers only to the consolidated financial statements named above. It does not provide an opinion on
any other information which may have been hyper linked to or from these consolidated financial statements. If
readers of this report are concerned with the inherent risks arising from electronic data communication they should
refer to the published hard copy of the audited consolidated financial statements and related audit report dated
25 June 2026 to confirm the information included in the audited consolidated financial statements presented on this
website.


Legislation in New Zealand governing the preparation and dissemination of consolidated financial statements may
differ from legislation in other jurisdictions.


The engagement partner on the audit resulting in this independent auditor’s report is S N Patel.


BAKER TILLY STAPLES RODWAY AUCKLAND
Auckland, New Zealand

25 June 2026

44
TURNERS AUTOMOTIVE GROUP ANNUAL REPORT 2026
INDEPENDENT AUDITOR’S REPORT cont.
for the year ended 31 March 2026
The accompanying notes form part of these financial statements

45
TURNERS AUTOMOTIVE GROUP ANNUAL REPORT 2026
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
for the year ended 31 March 2026
Turners Automotive Group Limited
Consolidated statement of comprehensive income for the year ended 31 March 2026

45



2026 2025
Notes $’000 $’000

Revenue

3.1 450,171 412,904
Other income

3.1 1,033 1,263

Cost of goods sold

(189,066) (167,501)
Interest expense

3.2 (28,067) (27,451)
Impairment provision expense

3.2 (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 expense

3.2 (11,097) (11,651)
Systems maintenance

(5,634) (5,517)
Claims

(22,443) (21,231)
Intangibles impairment

7.2 (7,474) -
Other expenses

(20,757) (20,654)
Profit before share of equity accounted loss 55,970 54,466
Share of loss of equity-accounted investee, net of tax

11.8 (220) (192)
Profit before taxation 55,750 54,274
Taxation expense

11.1 (17,578) (15,687)
Profit for the year 38,172 38,587

Other comprehensive income/(loss) for the year (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 other comprehensive income/(loss) 2,317 (5,608)

Total comprehensive income for the year 40,489 32,979


Earnings per share (cents per share)

Basic earnings per share

10.5 42.17 43.37

Diluted earnings per share

10.5 42.15 43.32













The accompanying notes from part of these financial statements
The accompanying notes form part of these financial statements

46
TURNERS AUTOMOTIVE GROUP ANNUAL REPORT 2026
The accompanying notes form part of these financial statements
Turners Automotive Group Limited
Consolidated statement of changes in equity for the year ended 31 March 2026

46


Revaluation


of financial


assets at


fair value Cash


Share Share Translation through flow Retained


capital options reserve OCI hedge earnings Total
Notes $’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 plan

4,518 - - - - - 4,518
Employee share based payments 10.3 1,174 (181) - - - - 993
Dividend paid 10.4 - - - - - (18,221) (18,221)
Total transactions with shareholders in their capacity as owners 5,692 (181) - - - (18,221) (12,710)

Comprehensive income

Profit

- - - - - 38,587 38,587
Other comprehensive income/(loss)

- - (7) (157) (5,444) - (5,608)
Total comprehensive income for the year, 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 plan

6,030 - - - - - 6,030
Employee share based payments 10.3 909 (47) - - - - 862
Dividend paid/payable
10.4
- - - - - (28,008) (28,008)
Total transactions with shareholders in their capacity as owners 6,939 (47) - - - (28,008) (21,116)

Comprehensive income

Profit

- - - - - 38,172 38,172
Other comprehensive income/(loss)

- - (49) - 2,366 - 2,317
Total comprehensive income for the year, 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














The accompanying notes from part of these financial statements
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
for the year ended 31 March 2026

47
TURNERS AUTOMOTIVE GROUP ANNUAL REPORT 2026
TURNERS LIMITED
Consolidated statement of financial position for the year ended 31 March 2016
2016
2015
Notes
$’000
$’000
Assets
Cash and cash equivalents10
13,810
12,339
Financial assets at fair value through profit or loss11
18,455
17,350
Trade receivables12
9,575
7,394
Inventory13
14,156
8,984
Finance receivables14
167,598
142,827
Other receivables and deferred expenses15
8,505
5,946
Reverse annuity mortgages16
9,734
13,253
Property, plant and equipment19
11,108
8,319
Tax receivables
-
433
Deferred tax asset20
4,024
8,532
Intangible assets21
105,338
103,595
Total assets362,303
328,972
Liabilities
Other payables22
22,270
17,790
Deferred revenue23
6,049
7,476
Tax payables
990
71
Derivative financial instruments
49
-
Borrowings24
174,816
156,995
Life investment contract liabilities32
15,629
16,378
Insurance contract liabilities32
12,688
9,260
Total liabilities232,491
207,970
Shareholders’ equity
Share capital25
136,127
135,294
Other reserves
(52)
(23)
Retained earnings
(6,263)
(14,269)
Total shareholders’ equity129,812
121,002
Total shareholders’ equity and liabilities362,303
328,972
For and on behalf of the Board

G.K. BakerP.A. Byrnes
Chairman DirectorExecutive Director
Authorised for issue on 22 June 2016
The accompanying notes from part of these financial statements
The accompanying notes form part of these financial statements
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
for the year ended 31 March 2026
Turners Automotive Group Limited
Consolidated statement of financial position as at 31 March 2026
47


2026 2025
Notes $’000 $’000
Assets

Cash and cash equivalents

11.2

20,243 22,039
Financial assets at fair value through profit or loss

11.3

83,679 79,463
Trade receivables

11.4

7,961 7,533
Inventories

11.5

26,904 22,189
Finance receivables

4

566,023 447,218
Other receivables, deferred expenses and contract assets

11.6

15,467 13,983
Financial assets at fair value through OCI

1,000 1,000
Reverse annuity mortgages

11.7

1,313 1,429
Property, plant and equipment

5

172,704 137,715
Right-of-use assets

6

17,000 18,720
Investment in associate

11.8

3,063 3,158
Intangible assets

7

155,228 163,325
Total assets 1,070,585 917,772

Liabilities

Other payables

11.9

51,268 56,001
Contract liabilities

11.10

1,147 967
Tax payables

5,894 7,004
Deferred tax

11.1

15,986 14,493
Derivative financial instruments

1,313 3,673
Borrowings

8

586,322 446,059
Lease liabilities

6

20,065 22,120
Life investment contract liabilities

12.3.1

7,248 7,062
Insurance contract liabilities

9

63,476 61,900
Total liabilities 752,719 619,279

Shareholders’ equity

Share capital

10

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


For and on behalf of the Board


G.K. Baker
Director
J.A. Roberts
Director

Authorised for issue on 25 June 2026






The accompanying notes from part of these financial statements

48
TURNERS AUTOMOTIVE GROUP ANNUAL REPORT 2026
The accompanying notes form part of these financial statements
Turners Automotive Group Limited
Consolidated statement of cash flows for the year ended 31 March 2026

48


2026 2025
Notes $’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 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 withdrawals from life investment contracts

(129) (21)
Changes in operating assets and liabilities arising from cash flow movements (119,596) (28,583)

Net cash (outflow)/inflow from operating activities

11.13 (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 outflow from investing activities (38,521) (30,030)

Cash flows from financing activities

Net bank loan 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 equivalents 20,243 22,039

Represented By:

Cash at bank

11.2 20,243 22,039

Closing cash and cash equivalents 20,243 22,039









The accompanying notes from part of these financial statements
CONSOLIDATED STATEMENT OF CASH FLOWS
for the year ended 31 March 2026

49
TURNERS AUTOMOTIVE GROUP ANNUAL REPORT 2026
Turners Automotive Group Limited
Notes to the financial statements for the year ended 31 March 2026


49

1. GENERAL INFORMATION

1.1 Basis of Preparation

Reporting Entity
The consolidated financial statements are for Turners Automotive Group Limited and its subsidiaries (together ‘the Group’).

The Group's principal activities are:
• Auto retail (secondhand vehicle retailer)
• Finance and insurance (loans and insurance products); and
• Credit management (collection services).

Statutory Basis and Statement of Compliance
Turners Automotive Group Limited, ('the Company') is incorporated and domiciled in New Zealand. The Company is registered under the
Companies Act 1993 and is an FMC reporting entity for the purposes of the Financial Markets Conduct Act 2013. The Company is listed on
the NZX Main Board (‘NZX’). The consolidated financial statements have been prepared in accordance with the requirements of the NZX
and Part 7 of the Financial Conducts Act 2013.

These financial statements have been prepared in accordance with Generally Accepted Accounting Practice in New Zealand ('NZ GAAP').
They comply with New Zealand Equivalents to International Financial Reporting Standards ('NZ IFRS') and other applicable Financial
Reporting Standards, as appropriate for for-profit entities. These financial statements also comply with International Financial Reporting
Standards ('IFRS'). The Group is a Tier 1 for-profit entity in accordance with XRB A1 Application of the Accounting Standards Framework.

The consolidated statement of financial position for the Group is presented on a liquidity basis where the assets and liabilities are presented
in the order of their liquidity. Due to the diverse nature of the Group’s activities presentation on the liquidity basis gives a clearer
representation of the financial position of the Group.

Functional and Presentation Currency
These financial statements are presented in New Zealand Dollars ($) which is the Group's functional currency. All values are rounded to the
nearest thousand ($000), except when otherwise indicated.

Basis of measurement
The financial report has been prepared under the historical cost convention, as modified by revaluations for certain classes of assets and
liabilities to fair value and life insurance contract liabilities and related assets to net present value as described in the accounting policies.

Key Accounting Estimates and Judgements
The Board and management are required to make judgements, estimates and assumptions about the carrying values of assets and
liabilities that are not readily apparent from other sources. Actual results could differ from those estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in
which the estimate is revised and in any future periods affected. The areas involving a higher degree of judgement or complexity, or areas
where assumptions and estimates are significant to the consolidated financial statements are described in the following notes:
• Fair value measurement (note 1.2.1);
• Provision for impairment of finance receivables (note 4);
• Right-of-use assets and lease liabilities – determining lease term (note 6);
• Impairment of goodwill and corporate brands (note 7); and
• Liabilities arising under insurance contracts (note 9).

Climate related risks
Climate-related risks are managed within the Group’s enterprise risk management framework and are subject to the same identification,
assessment and monitoring processes as other material risks. The Group continues to monitor its exposure to climate-related risks and
associated regulatory requirements.

New and Amended Accounting Standards and Interpretations
All mandatory new and amended standards and interpretations have been adopted in the current year. The new and amended standards
and interpretations that have had an impact on the Group have been described below. The Group has not adopted any new standards,
amendments or interpretations to existing standards that are not yet effective.

Climate Related Disclosures
Following changes to the Climate-related Disclosures (CRD) regime, the Group no longer meets the definition of a Climate Reporting Entity
under the Financial Sector (Climate-related Disclosures and Other Matters) Amendment Act 2021 and is therefore not required to prepare
climate-related disclosures in accordance with XRB Climate Standards (NZ CS 1–3). Accordingly, the Group has elected not to publish
climate-related disclosures for the current reporting period.

Accounting Standards issued but not yet effective
A number of new accounting standards are effective for annual reporting periods beginning after 1 January 2025 and earlier application is
permitted. The Group has not early adopted the following new or amended accounting standards in preparing these consolidated financial
statements.

NZ IFRS 18 Presentation and Disclosure in Financial Statements (NZ IFRS 18)
NZ IFRS 18 will replace NZ IAS 1 Presentation of Financial Statements and introduces new requirements aimed at improving the
presentation and disclosure of information in the financial statements. The standard introduces defined subtotals in the statement of profit or
loss, including operating profit, enhanced guidance on aggregation and disaggregation of information, and new disclosures relating to
management-defined performance measures. NZ IFRS 18 also introduces limited changes to the statement of cash flows.
The accompanying notes form part of these financial statements
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2026

50
TURNERS AUTOMOTIVE GROUP ANNUAL REPORT 2026
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2026
Turners Automotive Group Limited
Notes to the financial statements for the year ended 31 March 2026


50


NZ IFRS 18 is effective for annual reporting periods beginning on or after 1 January 2027. The Group is currently assessing the impact of
the standard on its financial statements. While the standard does not introduce changes to recognition or measurement, it is expected to
have a material impact on the presentation and disclosure of the Group’s financial statements.

The Group is also assessing the impact on how information is grouped in the financial statements, including items currently labelled as
‘other.’

Other accounting standards.

There are a number of other new and amended accounting standards issued but not yet effective. These are not expected to have a
significant impact on the Group’s consolidated financial statements.

None of the other new and amendments to standards and interpretations are expected to have a material impact on the Group.

1.2 Material Accounting Policy Information
Material accounting policies which are relevant to understanding the consolidated financial statements are disclosed in each of the
applicable notes. They have been applied on a consistent basis across all periods presented in these consolidated financial statements.

Two other relevant policies are provided as follows:

1.2.1 Fair Value Measurement
For financial reporting purposes, 'fair value' is the price that would be received to sell an asset, or paid to transfer a liability, in an orderly
transaction between market participants (under current market conditions) at the measurement date, regardless of whether that price is
directly observable or estimated using another valuation technique.

When estimating the fair value of an asset or liability, the Group uses valuation techniques that are appropriate in the circumstances and for
which sufficient data is available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of
unobservable inputs. Input to valuation techniques used to measure fair value are categorised into three levels according to the extent to
which the inputs are observable:

Level 1 the fair value is calculated using quoted prices in active markets.
Level 2 the fair value is estimated using inputs other than quoted prices in level 1 that are observable for the assets or liabilities, either
directly (as prices) or indirectly (derived from prices).
Level 3 the fair value is estimated using inputs for the asset or liability that are not based on observable market data.

Further information about assumptions made in measuring fair values is included in note 12.5.

1.2.2 Derivative financial instruments
The Group enters derivative financial instruments (interest rate swaps and foreign exchange contracts) to manage its exposure to interest
rate and foreign exchange rate risks.

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair
value at each reporting date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and
effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge
relationship.

A derivative with a positive fair value is recognised as a financial asset whereas a derivative with a negative fair value is recognised as a
financial liability. Derivatives are not offset in the financial statements unless the Group has both legal right and intention to offset.

Hedge accounting
The Group designates certain derivatives as hedging instruments in respect of foreign currency and interest rate risk in cash flow hedges.

Further information about assumptions made in measuring the fair value of financial derivatives is included in note 12.5.

51
TURNERS AUTOMOTIVE GROUP ANNUAL REPORT 2026
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2026
Turners Automotive Group Limited
Notes to the financial statements for the year ended 31 March 2026


51

2. SEGMENT INFORMATION

Management has determined the operating segments based on the components of Turners Automotive Group Limited and its subsidiaries
(‘the Group’) that engage in business activities, which have discrete financial information available and whose operating results are reg
ularly
reviewed by the Group's chief operating decision maker. The chief operating decision maker has been identified as the Board of Directors.
The Board of Directors makes decisions about how resources are allocated to the segments and assesses their performance.
Geographically the Group's business activities are in New Zealand and Australia.

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

Revenue

Total Inter-segment Customer Total Inter-segment Customer

2026 2026 2026 2025 2025 2025
$’000 $’000 $’000 $’000 $’000 $’000
Auto 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

Revenue from external customers reported to the Board of Directors is measured on the same basis as revenue reported in the profit of
loss. Inter-segment transactions are done on an arm’s length basis. The Group has no customers representing 10% or more of the Group's
revenues.

Operating profit

2026 2025
$’000 $’000
Auto 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 loss

55,970 54,466
Share of loss of equity-accounted investee, net to tax (220) (192)
Profit before taxation

55,750 54,274
Income tax

(17,578) (15,687)
Net profit attributable to shareholders 38,172 38,587


Depreciation and

Interest revenue Interest expense amortisation expense

2026 2025 2026 2025 2026 2025
$’000 $’000 $’000 $’000 $’000 $’000
Auto retail

410 668 (4,442) (3,482) (9,010) (9,510)
Finance

68,169 59,704 (20,699) (19,659) (814) (824)
Insurance

4,180 4,033 (23) (37) (961) (950)
Credit management

44 59 (35) (37) (226) (202)
Corporate & other 93 87 (2,948) (4,469) (86) (165)
72,896 64,551 (28,147) (27,684) (11,097) (11,651)
Eliminations

(80) (233) 80 233 - -
72,816 64,318 (28,067) (27,451) (11,097) (11,651)

Other material non-cash items

2026 2025
$'000 $'000
Finance - impairment provisions

(4,886) (4,649)
Credit management - intangibles impairment (7,474) -

52
TURNERS AUTOMOTIVE GROUP ANNUAL REPORT 2026
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2026
Turners Automotive Group Limited
Notes to the financial statements for the year ended 31 March 2026


52


Segment assets and liabilities

Assets Liabilities

2026 2025 2026 2025
$’000 $’000 $’000 $’000
Auto retail

222,379 190,668
197,494 169,220
Finance

592,935 475,283 481,954 365,351
Insurance

167,228 159,184 84,023 82,343
Credit management

20,893 27,362
2,268 2,536
Corporate & other 334,384 275,056
139,850 100,506

1,337,819 1,127,553 905,589 719,956
Eliminations

(267,234) (209,781) (152,870) (100,677)
1,070,585 917,772 752,719 619,279

Acquisition of property, plant & equipment, intangible assets and other non-current assets

2026 2025
$’000 $’000
Auto retail

40,818 32,389
Finance

593 372
Insurance

405 104
Credit management

160 26
Corporate & other

68 27

42,044 32,918
Eliminations

- -
42,044 32,918

3. OPERATING PERFORMANCE

3.1 Revenue

Accounting policy information

(i) Revenue from material contracts with customers
Sales of goods
Sales of goods comprise sales of motor vehicles and commercial goods owned by the Group. Sales of goods are recognised when the
customer gains control of the goods and the sole performance obligation is met. This normally occurs on full payment or approval of
financing.

Sales‑related warranties associated with goods cannot be purchased separately and they serve as an assurance that the products sold
comply with agreed‑upon specifications and cover the standard period established by legislation. There is no material amount of variable
consideration under these contracts nor is there the existence of a significant financing component.

Sales of service
Auction commission is recognised at a point in time in the accounting period in which the service is rendered. Payment for services is
normally deducted from the proceeds from the sale. Other than those provided by legislation, no warranties are provided by the Group.
There is no material amount of variable consideration under these contracts nor is there the existence of a significant financing component.

Other sales revenue comprises services rendered preparing the assets for sale and commission earned on the sale of third-party products.
Services rendered while preparing the assets for sale are recognised over time in which the service is rendered, and a contract asset is
recognised for amounts relating to services rendered not yet invoiced. Payment for services rendered is either deducted from the proceeds
from the sale or raised as a trade receivable. Other than those provided by legislation, no warranties are provided by the Group. There are
no rebates or volume discounts. Commissions earned on the sale of third-party products are recognised at a point in time when the sale is
made. Payment is usually received when the sale is made.

(ii) Finance Receivables
Interest income and expense
Interest income and expense is recognised in the profit or loss using the effective interest method.

(iii) Insurance Contracts
Premium income and acquisition costs
Revenue on funeral plan and annuity insurance life contracts for each year includes the changes in the liabilities for remaining coverage that
relate to services for which the Group expects to receive consideration and an allocation of premiums that relate to recovering insurance
acquisition cash flows.

Other insurance contracts revenue is recognised based on an allocation of expected premium receipts to each period of coverage, which is
based on the passage of time.

53
TURNERS AUTOMOTIVE GROUP ANNUAL REPORT 2026
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2026
Turners Automotive Group Limited
Notes to the financial statements for the year ended 31 March 2026


53



2026 2025
$’000 $’000
Revenue includes:


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

Operating revenue

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 operations 450,171 412,904

Other income comprises:

Gain on sale of property, plant and equipment

684 570
Rental income

98
201
Other

251
492
1,033 1,263

Revenue from contracts with customers

Over time

Auto retail

Commission and other sales revenue

20,618 21,169
Finance

Other sales revenue 4,138 3,771

At a point in time

Auto 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

3.2 Expenses

2026 2025
Note $’000 $’000
Interest expense

Bank borrowings and other 28,067 27,451

Movement in impairment provisions

Provisions for:

Specific impaired finance receivables

4 617 601
Collective impairment provision for finance receivables

4 5,083 4,160
Movement in economic overlay provision

4 (855) (396)
Collective impairment on reverse annuity mortgages

11.7 (40) -
Finance receivables bad debts written off

41 284
Movement 4,846 4,649

54
TURNERS AUTOMOTIVE GROUP ANNUAL REPORT 2026
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2026
Turners Automotive Group Limited
Notes to the financial statements for the year ended 31 March 2026


54



2026 2025
$’000 $’000
Net operating profit includes the following specific expenses

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

Amortisation of right-of-use asset

6,119 6,563

Intangible amortisation

- Amortisation of software

983 824
- Amortisation of customer relationships

520 520
11,097 11,651

Tax advisory fees

290 252
Donations

40 48
Directors’ fees

908 825
Post-employment benefits

1,887 1,832
Loss on sale of property, plant and equipment (30) 54

Fees paid to auditor

Baker Tilly Staples Rodway Auckland (auditor of the Group)

Assurance engagements

Audit of annual financial statements

572 527
Assurance Engagements (ISAE) 3000 (Revised), Assurance Engagements Other Than Audits or
Reviews of Historical Financial Information (‘ISAE (NZ) 3000 (Revised)’) on Autosure Insurance
Limited's Annual Solvency Return 13 12
Assurance Engagements (SAE) 3100 (Revised), Compliance Engagements (SAE 3100 (Revised)) in
relation to the EC Credit Control Limited trust account 7 7
Total assurance engagements

592 546
Other non-assurance engagements

Australian payroll tax compliance services provided to EC Credit Australia by Pitcher Partners
Melbourne, network firm of Baker Tilley Staples Rodway Auckland (one-off, non-recurring). - 3
Total fees 592 549

4. FINANCE RECEIVABLES

4.1 Accounting policy information
Finance receivables are initially recognised at fair value and subsequently measured at amortized cost using the effective interest rate
method. The company assesses impairment at each reporting date. Finance receivables are derecognised when the contractual rights to
cash flows expire, or the receivables are transferred along with substantially all the risks and rewards of ownership. Finance receivables are
generally secured over the assets they finance.

Impairment of finance receivables
The Group assesses finance receivables for impairment using a forward-looking expected credit loss (ECL) model. Finance receivables are
classified into three categories to determine the allowance for credit losses:

• Performing finance receivables with 12-month ECL.
• Finance Receivables with a significant increase in credit risk, recognising lifetime ECL.
• Credit-impaired receivables with lifetime ECL

Lifetime ECL represents the expected credit losses that will result from all possible default events over the expected life of a finance
receivable. 12‑month ECL represents the portion of lifetime ECL that is expected to result from default events on a finance receivable that
are possible within 12 months after the reporting date. Homogeneous finance receivables are assessed on a collective basis (collective
impairment provision) and non-homogeneous finance receivables are assessed individually (specific impairment provision).

(i) Significant increase in credit risk
The Group assesses whether a significant increase in credit risk has occurred for finance receivables at each reporting date. This
assessment is based on quantitative and qualitative indicators:
• Quantitative Criteria: for non-homogenous loans significant changes in the value of collateral supporting the loan and for all finance
receivables when contractual payments are more than 30 days past due, unless the Group has reasonable and supportable
information that demonstrates otherwise, such as outstanding insurance payments for damaged collateral.

55
TURNERS AUTOMOTIVE GROUP ANNUAL REPORT 2026
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2026
Turners Automotive Group Limited
Notes to the financial statements for the year ended 31 March 2026


55

• Qualitative Criteria: factors such as significant adverse changes in the borrower’s operating results and industry-specific economic
conditions.
The Group regularly monitors the effectiveness of the criteria used to identify whether there has been a significant increase
in credit risk and
revises them as appropriate to ensure that the criteria can identify significant increase in credit risk before the amount becomes past due.

(ii) Definition of default
The Group considers that default has occurred when a finance receivable is more than 90 days past due unless the Group has reasonable
and supportable information to demonstrate that another default criteria is more appropriate, such as borrower bankruptcy.

(iii) Credit‑impaired finance receivables
Credit-impaired finance receivables are identified based on a combination of quantitative and qualitative criteria, including significant
financial difficulty of the borrower, default or delinquency in payments, loss of security and observable market indicators of credit risk
deterioration.

(iv) Write‑off policy
The Group writes off a finance receivable when they are 180+ days in arrears or have not made a payment for 180 days and earlier if there
is information indicating that the borrower is in severe financial difficulty and there is no realistic prospect of recovery, e.g. when the
borrower has been placed under liquidation or has entered bankruptcy proceedings. Finance receivables written off may still be subject to
enforcement activities under the Group’s recovery procedures, considering legal advice where appropriate. Any recoveries made are
recognised in profit or loss.

v) Measurement and recognition of ECL
The measurement of expected credit losses is a function of the probability of default, loss given default (i.e. the magnitude of the loss if
there is a default) and the exposure at default. The assessment of the probability of default and loss given defaul
t is based on historical data
adjusted by forward‑looking information as described above.

The exposure at default is the finance receivable’s gross carrying amount at the reporting date. No further advances are allowed against
finance receivables in default.

The expected credit loss for a finance receivable is estimated as the difference between all contractual cash flows that are due to the Group
in accordance with the contract and all the cash flows, after collection/realisation costs, that the Group expects to receive, discounted at the
original effective interest rate.

If the Group has measured the loss allowance for a finance receivable at an amount equal to lifetime ECL in the previous reporting period
but determines at the current reporting date that the conditions for lifetime ECL are no longer met, the Group measures the loss allowance
at an amount equal to 12‑month ECL at the current reporting date.

The Group recognises an impairment gains or losses in profit or loss for all finance receivables with a corresponding adjustment to their
carrying amount through an impairment provision account.

4.2 Key Accounting Estimates and Judgements
When measuring ECL the Group uses reasonable and supportable forward-looking information, which is based on forecasts of economic
conditions employment and their expected impacts on the ability of borrowers to service their debt. The probability of default calculations, a
key input in measuring ECL, includes historical data, assumptions and expectations of future conditions. The estimate of the expected loss
arising on default, is based on the difference between the contractual cash flows due and those that the Group expects to receive,
considering cash flows from collateral and integral credit enhancements.

Economic overlay provision
Due to the uncertain economic environment, management have retained the economic overlay provision relating to the impairment for
finance receivables. The provision has decreased from $1.9m to $1.1m.

4.3 Finance Receivables

2026 2025
$’000 $’000
Commercial loans

33,738 46,085
Consumer loans

518,984 395,970
Property development & investment loans 1,985 2,452
Gross finance receivables

554,707 444,507
Deferred fee revenue and commission expenses

18,740 11,325
Specific impairment provision

(618) (1,488)
Collective impairment provision

(5,747) (5,212)
Economic overlay provision

(1,059) (1,914)
566,023 447,218

Current

223,501 188,004
Non-current

342,522 259,214
566,023 447,218

56
TURNERS AUTOMOTIVE GROUP ANNUAL REPORT 2026
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2026
Turners Automotive Group Limited
Notes to the financial statements for the year ended 31 March 2026


56




2026 2025
$’000 $’000
Gross financial receivables are summarised as follows:

Performing

549,173 437,680
Doubtful

2,293 3,188
In default

3,241 3,639
554,707 444,507

Movement in receivables subject to specific impairment assessment:

Opening balance

2,719 2,849
Additions

521 1,623
Amounts recovered

(894) (1,001)
Amounts written off

(1,488) (752)
858 2,719

The aging of loans specifically assessed are as follows:

2026 2025
$’000 $’000
Past due up to 30 days

391 1,138
Past due 30 – 60 days

78 348
Past due 60 – 90 days

191 89
In default

198 1,144
858 2,719

The following table shows the Group's provision matrix for finance receivables collectively assessed for impairment. The provision for loss
allowance based on past due status is not presented by customer segments as the Group's historical credit loss experience does not show
significantly different loss patterns for different customer segments.

31 March 2026

Gross Collective

Expected finance impairment

loss rate receivables provision
% $’000 $’000
Current

0.52 540,433 2,805
Past due up to 30 days

6.43 8,350 537
Past due 30 – 60 days

17.48 1,516 265
Past due 60 – 90 days

25.20 508 128
In default

66.14 3,042 2,012
553,849 5,747

31 March 2025

Gross Collective
Current

0.50 428,395 2,151
Past due up to 30 days

6.82 8,148 556
Past due 30 – 60 days

18.33 2,100 385
Past due 60 – 90 days

24.88 651 162
In default

78.51 2,494 1,958
441,788 5,212

If the ECL rates on performing financial receivables increased/(decreased) by 1%, the loss allowance on receivables would be $5.5m
higher/($2.9m lower) (2025: $4.4m higher/($2.3m lower)).

57
TURNERS AUTOMOTIVE GROUP ANNUAL REPORT 2026
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2026
Turners Automotive Group Limited
Notes to the financial statements for the year ended 31 March 2026


57




2026 2025
$’000 $’000
Movement in the impairment provisions:

Specific impairment provision

Opening balance

1,488 1,639
Impairment charge/(release) through profit or loss

617 601
Amounts written off

(1,487) (752)
618 1,488

Collective impairment provision

Opening balance

5,212 5,263
Impairment charge/(release) through profit or loss

5,083 4,160
Amounts written off

(4,548) (4,211)
5,747 5,212

Economic overlay provision

Opening balance

1,914 2,310
Impairment charge/(release) through profit or loss

(855) (396)
1,059 1,914

Total impairment provision 7,424 8,614

Interest rate and foreign exchange risk
A summarised analysis of the sensitivity of finance receivables to interest rate risk can be found in note 12.3.2.

The Group's finance receivables are all denominated in NZD.

Fair value and credit risk

Carrying Fair Carrying Fair

amount value amount value

2026 2026 2025 2025
$’000 $’000 $’000 $’000

Finance receivables 566,023 560,156 447,218 450,967

The fair values are based on cash flows discounted using a weighted average interest rate of 13.21% (2025: 13.61%).

The maximum exposure to credit risk is represented by the carrying amount of finance receivable which is net of any provision for
impairment. The reported credit risk exposure does not consider the fair value of any collateral, in the event of the counterparties failing to
meet their contractual obligation.

Refer to note 12 for more information on the risk management policies of the Group.

Securitisation
The Group maintains trusts through which it securitises finance receivables. Each trust is a special purpose entity established solely to
acquire finance receivables originated by the Group’s finance segment.

The Group controls the trusts as it has power over the relevant activities, is exposed (or has rights) to variable returns from its involvement,
and has the ability to use its power to affect those returns. Accordingly, the trusts are consolidated in the Group’s financial statements.

The Group retains substantially all of the risks and rewards of ownership of the finance receivables transferred to the trusts. Accordingly, the
receivables do not qualify for derecognition and continue to be recognised in the Group’s consolidated statement of financial position.

Turners Marque Warehouse Trust 1 (the Trust)
The Trust has a wholesale funding facility with Bank of New Zealand (BNZ), secured over finance receivables sold to the Trust. The facility
limit is $300m with a one-year term and is 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.

During the current financial year, the Trust purchased finance receivables of $287.3m (2025: $218.4m) from the finance sector and finance
receivables of $21.9m from the Turners Marque ABS 2023-1 Trust and sold finance receivables of $200.0m to the Turners Marque ABS
2025-1 Trust. As at 31 March 2026, the carrying value of finance receivables held by the Trust was $269.7m (2025: $332.8m).

Turners Marque ABS 2023-1 Trust (the 2023-1 Trust)
The 2023-1 Trust was a Fitch-rated closed-pool trust that issued $100.0m of notes in September 2023, comprising $70.0m Class A1 notes
and $20.7m Class A2 notes (both rated AAAsf), and $9.3m unrated Class B notes. The Group retained the Class A2 and Class B notes. All

58
TURNERS AUTOMOTIVE GROUP ANNUAL REPORT 2026
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2026
Turners Automotive Group Limited
Notes to the financial statements for the year ended 31 March 2026


58

notes were repaid on 10 September 2025 and the 2023-1 Trust was subsequently terminated. As at 31 March 2025, the carrying amount of
finance receivables held by the 2023-1 Trust was $34.8m.

Turners Marque ABS 2025-1 Trust (the 2025-1 Trust)
The 2025-1 Trust is a Fitch-rated closed-pool trust that issued $200.0m of notes in October 2025, comprising $170.0m Class A notes rated
AAAsf, $22.0m Class B notes rated AA+sf, $2.0m Class C notes rated AAsf, $3.2m Class D notes rated Asf and $2.8m unrated Class E notes.
The Group retained the Class E notes. The 2025-1 Trust acquired finance receivables of $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.

5. PROPERTY, PLANT AND EQUIPMENT

5.1 Accounting policy information
Property, plant and equipment are recognised in the statement of financial position at cost less accumulated depreciation and impairment
losses. Land is not depreciated. Depreciation is calculated on all other property, plant and equipment on a diminishing value or straight-line
basis to allocate the costs, net of any residual amounts, over their useful lives.

The rates for the following asset classes are:
Diminishing value Straight line
Buildings - 50 & 33.3 years
Leasehold improvements, furniture and
fittings, office equipment

7.5 - 60.0%

3 - 15 years
Computer equipment 31.2 - 48.0% 3 - 5 years
Motor vehicles and equipment 26.0 - 31.2% 3 - 7 years
Signs and flags - 3 - 12 years

5.2 Property, plant and equipment

Land &
buildings

Plant,
equipment &
motor
vehicles
Leasehold
improvements,
furniture,
fittings & office
equipment
Computer
equipment
Signs &
flags Total
$’000 $’000 $’000 $’000 $’000 $’000
2026

Opening cost

130,330 5,792 9,964 6,203 1,677 153,966
Accumulated depreciation

(1,682) (2,377) (6,107) (5,248) (837) (16,251)
Opening carrying amount 128,648 3,415 3,857 955 840 137,715

Additions

38,128 810 676 1,063 419 41,096
Disposals (2,162) (385) (51) (26) (8) (2,632)
Depreciation

(703) (871) (853) (807) (241) (3,475)
Closing carrying amount 163,911 2,969 3,629 1,185 1,010 172,704

Closing cost

166,195 5,598 9,544 6,960 1,968 190,265
Accumulated depreciation

(2,284) (2,629) (5,915) (5,775) (958) (17,561)
Closing carrying amount 163,911 2,969 3,629 1,185 1,010 172,704
WIP included above

1,595 - 60 49 34 1,738

2025

Opening cost

100,954 11,152 9,720 6,181 1,307 129,314
Accumulated depreciation

(1,217) (3,502) (5,165) (4,800) (682) (15,366)
Opening carrying amount 99,737 7,650 4,555 1,381 625 113,948

Additions

29,377 3,188 306 462 383 33,716
Disposals - (6,151) (41) (10) (3) (6,205)
Depreciation

(466) (1,272) (963) (878) (165) (3,744)
Closing carrying amount 128,648 3,415 3,857 955 840 137,715

Closing cost

130,330 5,792 9,964 6,203 1,677 153,966
Accumulated depreciation

(1,682) (2,377) (6,107) (5,248) (837) (16,251)
Closing carrying amount 128,648 3,415 3,857 955 840 137,715
WIP included above

14,695 - 94 160 296 15,245

59
TURNERS AUTOMOTIVE GROUP ANNUAL REPORT 2026
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2026
Turners Automotive Group Limited
Notes to the financial statements for the year ended 31 March 2026


59

6. LEASES

6.1 Accounting policy information

Right-of-use Assets
Right-of-use assets are measured at cost (adjusted for any remeasurement of the associated lease liability), less accumulated depreciation
and any accumulated impairment loss.

Right-of-use assets are depreciated over the shorter of the lease term and the estimated useful life of the underlying asset, consistent with
the estimated consumption of the economic benefits embodied in the underlying asset.

Lease Liabilities
Lease liabilities are initially recognised at the present value of the future lease payments (i.e., the lease payments that are unpaid at the
commencement date of the lease). These lease payments are discounted using the interest rate implicit in the lease, if that rate can be
readily determined, or otherwise using the Group's incremental borrowing rate.

Subsequent to initial recognition, the lease liability is measured at amortised cost using the effective interest rate method. Interest expense
on lease liabilities is recognised in profit or loss (as a component of finance costs). Lease liabilities are remeasured to reflect changes to
lease terms, changes to lease payments and any lease modifications not accounted for as separate leases.

Variable lease payments not included in the measurement of lease liabilities are recognised as an expense when incurred.

Leases of 12 Months or less and leases of low value assets
Lease payments made in relation to leases of 12-months or less and leases of low value assets (for which a lease asset and a lease liability
has not been recognised) are recognised as an expense on a straight-line basis over the lease term.

6.2 Key accounting estimates and judgements
Extension and termination options are included in several leases across the Group. These terms are used to maximise the operational
flexibility of contracts. Most of the extension and termination options are exercisable only by the Group and not by the respective lessor. The
Group has 26 lease extension options covering 16 sites which have
been assessed as more likely than not, but not reasonably certain, to be
renewed.

The Group applied incremental borrowing rates of 3.06% to 7.72% (2025: 3.06% to 8.28%), with maturities up to 9 years (2025: up to 9
years). 1 new lease was entered into during the year (2025:1) and 12 leases were modified or cancelled during the year (2025: 5).

6.3 Right-of-use assets

2026 2025
$’000 $’000
Properties

17,000 18,717
Equipment

- 3
17,000 18,720

Opening balance

18,720 20,716
Additions

- 671
Modifications and reassessments

4,398 3,896
Depreciation

(6118) (6,563)
Closing carrying amount 17,000 18,720

6.4 Lease Liabilities

2026 2025
$’000 $’000

Lease liabilities 20,065 22,120

Current

5,155 5,534
Non-current

14,910 16,586
20,065 22,120

The carrying amounts of the lease liabilities are denominated in the following currencies:


2026 2025
$’000 $’000
Australian dollars

67 33
New Zealand dollars

19,998 22,087
20,065 22,120

Interest expense in profit or loss 1,325 1,451

60
TURNERS AUTOMOTIVE GROUP ANNUAL REPORT 2026
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2026
Turners Automotive Group Limited
Notes to the financial statements for the year ended 31 March 2026


60

7. INTANGIBLE ASSETS

7.1 Accounting policy information
Intangible assets comprise goodwill, acquired separable corporate brands, acquired customer relationships and computer software.
Goodwill and corporate brands are indefinite life intangibles subject to annual impairment testing.

Corporate brands and customer relationships acquired as part of a business combination are capitalised separately from goodwill as
intangible assets if their value can be measured reliably on initial recognition and it is probable that the expected future economic benefits
that are attributable to the asset will flow to the Group.

Goodwill and corporate brands are allocated to cash-generating units for the purpose of impairment testing. The allocation is made to those
cash-generating units or groups of cash-generating units that are expected to benefit from the business combination in which the goodwill
and corporate brands arose, identified according to operating segment.

Corporate relationship assets are amortised on the straight-line basis over the expected life (10 years) of the relationship and are
recognised in the statement of financial position at cost less accumulated amortisation and impairment losses.

Computer software is recognised in the statement of financial position at cost less accumulated amortisation and impairment losses.

Direct costs associated with the purchase and installation of software licences and the development of software for internal use are
capitalised where project success is probable, and the capitalisation criteria is met. Cost associated with planning and evaluating computer
software and maintaining a system after implementation are expensed. Computer software costs are amortised on a diminishing value basis
(rate of 50%) or on a straight-line basis (one to five years).

7.2 Key accounting estimates and judgements

Goodwill and brand are allocated to four cash-generating units (CGU’) as follows:

2026 2025
$’000 $’000
Goodwill

Allocated to the insurance CGU/segment

12,777 12,777
Allocated to collection services CGU/segment

16,832 23,968
Allocated to the finance CGU/segment

9,272 9,272
Allocated to the auto retail CGU/segment

46,487 46,487
85,368 92,504

Brand

Allocated to the insurance CGU/segment

21,500 21,500
Allocated to the auto retail CGU/segment 45,600 45,600
67,100 67,100

The recoverable amount of each CGU has been determined based on value-in-use calculations. These calculations use five-year pre-tax
cash flow projections, comprising Board-approved budgets for year one and forecast cash flows for the subsequent years. Cash flows
beyond the five-year period have been extrapolated using the estimated long-term growth rates set out below. Cash flows for the Auto Retail
and Collection Services CGUs represent free cash flows to the firm, while cash flows for the Insurance and Finance CGU represent free
cash flows to equity. Based on the assessment of the Collection Services CGU, management determined that its recoverable amount was
lower than its carrying amount. Accordingly, an impairment loss of $7.5m was recognised in the statement of profit or loss for the year
ended 31 March 2026. Of this amount, $0.4m was allocated to customer relationships and $7.1m to goodwill. For each CGU containing
goodwill and brand assets, the key assumptions, long-term growth rates and discount rates used in the value-in-use calculations are set out
below.

2026 Forecast cash flow growth rates (%)

Year 2 Year 3 Year 4 Year 5
Auto retail CGU (weighted average cost of capital)

(6.8) 18.1 4.4 11.1
Insurance CGU (cost of equity)

0.8 8.2 7.8 8.0
Finance CGU (cost of equity)

13.0 6.1 8.5 7.4
Collection services CGU (weighted average cost of capital)

18.2 26.0 16.9 13.0

2025 Forecast cash flow growth rates (%)

Year 2 Year 3 Year 4 Year 5
Auto retail CGU (weighted average cost of capital)

26.5 6.5 7.6 7.5
Insurance CGU (cost of equity)

16.8 13.3 7.0 6.3
Finance CGU (cost of equity)

6.3 5.6 6.7 7.0
Collection services CGU (weighted average cost of capital) 36.2 14.7 17.4 13.4

Key assumptions:
Sales, price and operating cost assumptions were based on the Board’s best estimate of the range of economic conditions the CGUs are
likely to experience during the forecast period. The forecasts for each CGU cover a period of a minimum of 5 years. Annual capital
expenditure, the expected cash costs in CGUs, was based on historical experience and planned expenditure.

61
TURNERS AUTOMOTIVE GROUP ANNUAL REPORT 2026
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2026
Turners Automotive Group Limited
Notes to the financial statements for the year ended 31 March 2026


61

2026 2025
Long-term growth rate

2.10% 2.05%
Pre-tax discount rate

Auto retail CGU (weighted average cost of capital)

12.00% 12.00%
Insurance CGU (cost of equity)

11.40% 11.40%
Finance CGU (cost of equity)

18.10% 19.70%
Collection services CGU (weighted average cost of capital) 19.00% 18.70%

The long-term growth rate is the weighted average growth rate used to extrapolate cash flows beyond the forecast period and is based on
the current implied inflation rates and does not exceed the long-term average growth rate for the products, industries, or country or
countries
in which the CGUs operate. The discount rates were established by considering the specific attributes and size of the CGUs.

In assessing the impairment of the goodwill and brand value in the CGUs, a sensitivity analysis for reasonably possible changes in key
assumptions was performed. This included increasing and reducing the terminal growth rate by 0.25% (2025: 0.25%) and increasing and
decreasing the discount rate by 1% (2025: 1%).

These reasonably possible changes in rates did not cause any additional impairment in the CGUs.

7.3 Intangible assets

2026 2025
$’000 $’000
Brand

Carrying amount 67,100 67,100

Goodwill

Opening carrying amount at cost

92,504 92,509
Foreign exchange adjustment

(48) (5)
Impairment write off

(7,088) -
Closing carrying amount 85,368 92,504

Software

At cost

8,360 7,457
Accumulated amortisation

(6,065) (5,928)
Opening carrying amount 2,295 1,529

Additions

949 1,601
Disposals

(21) (11)
Amortisation

(983) (824)
Closing carrying amount 2,240 2,295

At cost

9,744 8,360
Accumulated amortisation

(7,504) (6,065)
Closing carrying amount 2,240 2,295

Corporate relationships

At cost

6,510 6,510
Accumulated amortisation

(5,084) (4,564)
Opening carrying amount 1,426 1,946

Amortisation

(520) (520)
Impairment write off

(386) -
Closing carrying amount 520 1,426

At cost

6,510 6,510
Accumulated amortisation and impairment provision

(5,990) (5,084)
Closing carrying amount 520 1,426

Total intangible assets carrying amount 155,228 163,325
WIP included in software

149 676

The amortisation and impairment charges are recognised in other operating expenses in profit or loss.

62
TURNERS AUTOMOTIVE GROUP ANNUAL REPORT 2026
NOTES TO THE FINANCIAL STATEMENTS
for the year ended 31 March 2026
Turners Automotive Group Limited
Notes to the financial statements for the year ended 31 March 2026


62

8. BORROWINGS

8.1 Accounting policy information
Borrowings are initially measured at fair value and subsequently at amortised cost. Any difference between the proceeds (net of transaction
costs) and the redemption amount is recognised in profit or loss over the period of the borrowing, using the effective interest method.

8.2 Borrowings

2026 2025
$’000 $’000
Secured bank borrowings

430,262 424,470
Non-bank borrowings - Turners Marque ABS 2023-1 Trust

- 21,589
Non-bank borrowings - Turners Marque ABS 2025-1 Trust

156,060 -
Total borrowings 586,322 446,059

Current

79,692 16,343
Non-current

506,630 429,716
586,322 446,059

Secured bank borrowings
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.

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

Syndicated funding facility covenants
As at 31 March 2026, the $182.0m (2025: $124.5m) drawn on the facility is classified as a non-current liability. The facility is subject to
financial covenants, tested and reported quarterly. These include interest cover and leverage ratios, calculated both including and excluding
the impact of NZ IFRS 16. Additional covenants specific to the Oxford Finance facility include limits on receivables-based borrowings,
arrears levels, and loan concentration. Based on management’s financial forecasts, the Group expects to remain in compliance with all
covenants for at least the next 12 months.

Bank of New Zealand securitisation facility
As at 31 March 2026 $248.3m (2025: $300.0m) drawn on the facility is classified as a non-
current liability. The notes issued by the Trust are
not subject to early repayment at the discretion of noteholders and are repaid in line with the amortisation of the underlying loan receivables.
A significant deterioration in arrears metrics could trigger a stop-funding event which would suspend further advances to the Trust,
management has assessed that there is no material risk of such an event occurring within 12 months of the reporting date.

Non-bank securitisation
The non-bank securitisation is a closed pool trust. The notes issued by the Trust are not subject to early repayment at the discretion of
noteholders and are repaid in line with the amortisation of the underlying loan receivables.

Foreign currency risk
All the Group's borrowings are in NZD.

Fair value

Carrying Fair Carrying Fair

amount value amount value

2026 2026 2025 2025

$’000 $’000 $’000 $’000
Borrowings 586,322 587,602 446,059 449,721

The fair values are based on cash flows discounted using a weighted average borrowing rate of 5.43% (2025: 5.58%). The fair value of
borrowings considers the impact of interest rate swaps as referred to in note 12.3.2.
Contractual repricing dates

2026 2025
$’000 $’000
1 year or less

248,262 -
Over 1 to 2 years

182,000 424,470
Over 2 to 5 years

- -
Over 5 years

156,060 21,589
586,322 446,059