Turners retains FY27 target, but market risks increase

Company Announcement
19 August 2026



1
Turners retains FY27 target, but market risks increase

Turners Automotive Group (NZX/ASX: TRA) releases the presentation to be given at its 2026
Annual Meeting of Shareholders (ASM) today.
The meeting is being held today, Wednesday 19 August 2026, commencing at 10.30am in the
Toroa Room, PwC Tower, Commercial Bay, Level 2, 15 Customs Street West, Auckland.
https://www.youtube.com/live/zWGfSzOuWtQ
The presentation includes an update on trading since 31 March 2026 and on the Group’s
outlook for FY27. The substance of that update is set out below. Shareholders are encouraged
to read the presentation in full.

Outlook
What has changed
• Lower demand: The Middle East conflict has persisted, slowing New Zealand’s economic
recovery and denting consumer confidence. Higher fuel prices have materially reduced
demand for diesel and larger petrol engine vehicles, resulting in trading conditions that are
materially harder in 1H27 than in 1H26 and 1H25.
• Vehicle margin impact more pronounced: Turners repositioned inventory quickly, but the
effect on vehicle margins has been longer and larger than the Group anticipated in May.
• Lower sales volumes of ex-lease cars: The reduction in market prices for diesel utilities
and SUVs has reduced the level of sales as vendors take time to meet market prices.
Consignment units are down 14% July year to date. This is a timing issue and as the lease
vendor's pricing expectations adjust these units to sell through.

What has not changed
• Group profit tracking ahead of last year: The diversification in the Group continues to
deliver, with Finance growth more than offsetting the reduction in Auto Retail profit.
Group profit for the four months to July is 4% ahead of the same period in FY26.
• Finance momentum: Strong loan book growth continues, up a further 7.5% since March
2026, with arrears holding up extremely well despite the pressure on the New Zealand
consumer.
• Insurance and Credit Management: Both broadly in line with last year.
• Confidence in strategy: Turners remains extremely confident in the long term strategy,
and work continues at pace on Auto Retail branch expansion opportunities.

Company Announcement
19 August 2026



2
What it means
• Target unchanged, but short-term risks persist: We continue to target $65m NPBT in
FY27. Without a resolution to the Middle East situation and a recovery in consumer
confidence, sales of large engine vehicles and diesel product are likely to remain
challenging. This short-term uncertainty creates some risk in achieving that target in
FY27, before momentum returns in FY28. Conversely, a faster recovery in confidence and
margins in FY27 would work the other way.

• $100m target reiterated: Nothing has changed management’s conviction in the medium-
term plan. Turners is tracking well towards its $100m NPBT target by FY31.
Annual Meeting of Shareholders
Addresses from the Chairman and Group Chief Executive Officer will be released following the
meeting.
ENDS


About Turners
Turners Automotive Group Limited is an integrated financial services group, primarily operating
in the automotive sector. www.turnersautogroup.co.nz
For further information, please contact:
Todd Hunter, Group CEO, Turners Automotive Group Limited, Mob: +64 21 722 818
Aaron Saunders, Group CFO, Turners Automotive Group Limited, Mob: +64 27 493 8794