Slides
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FY26 Results Presentation31 August 2026
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Contents01Business highlights02Financial results03Strategy & outlook04Q&A
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01Business highlightsLachlan MacGregor, CEO
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Key performance highlightsGross profit doubled, with units up 86% and revenue up 59%.01 Business highlights Units delivered1 5,416↑ 86% vs FY25 Revenue ($m)$113.8m↑ 59% vs FY25 Gross profit ($m)$10.5m↑ 102% vs FY25 Pro Forma EBITDA margin2 (26.5%)↑ 1,248bps vs FY25 1,3002,0602,1013,156217344807 2,260 1,5172,4042,908 5,416 0 1,000 2,000 3,000 4,000 5,000 6,000 FY23FY24FY25FY26RetailWholesale 48.068.971.4 113.8 0.0 20.0 40.0 60.0 80.0 100.0 120.0 FY23FY24FY25FY26 1.80.9 5.2 10.5 0.0 2.0 4.0 6.0 8.0 10.0 12.0 FY23FY24FY25FY26 -56.9% -45.7% -38.9% -26.5% -60 .0% -5 0.0% -40 .0% -3 0.0% -20.0 % FY23FY24FY25FY26 1.Represents the number of vehicles delivered to retail or wholesale customers, net of returns.2.Earnings before interest, tax, depreciation and amortisation. EBITDA, Pro forma EBITDA and Pro Forma loss after tax reconciliations included in annexure. NB. All percentage movements are calculated on unrounded figures.4
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Key operational highlightsVehicles purchased through Sell-to Carma grows 3.5x and reconditioning throughput doubled.01 Business highlights Vehicles purchased 6,235↑ 127% vs FY25 Retail units reconditioned3,743↑ 99% vs FY25 Retail units reconditioned per shift15.1↑ 101% vs FY25 Online inventory days 36↓ 4 days vs FY25 2966891,571 5,577 1,7171,5471,170 658 2,0132,2362,741 6,235 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 FY23FY24FY25FY26Sell-to Carma (in cl. trade-ins)Other sources 1,7491,7731,885 3,743 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 FY23FY24FY25FY26 7.07.17.5 15.1 0.0 2.0 4.0 6.0 8.0 10.0 12.0 14.0 16 .0 FY23FY24FY25FY26 163 97 403602040608010012014016 018 0 FY23FY24FY25FY26 5
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FY26 strategic goals delivered step-change improvementsDelivery against our FY26 goals has laid the foundations for growth into FY27.01 Business highlights 6 Sell-to Carma Scaling production Higher GPU Strong growth Building brand IPO funding •Completion of major upgrades to 35,000m2St Peters facility•Retail units reconditioned in FY26 doubled over FY25•Exiting the year at a record retail vehicles reconditioned per shift (21.7) •Direct and proprietary vehicle sourcing channel•Nine Sell-to Carma locations across New South Wales at 30 June 2026•Accounts for 89% of all vehicle purchases •Greater utilization at St Peters facility reducing reconditioning cost per car•Wholesale contribution driven by Sell-to Carma expansion and growth•Implementation of sophisticated market and vehicle pricing model •Strong retail and wholesale unit growth despite a challenging market•Revenue growth of 59% due to a lower ASP but maintained strong GPU•Gross profit growth of 102% over FY25 to $10.5m•Brand awareness (prompted and spontaneous) continue to grow•Major partnership with the NRMA (exclusive preferred used car dealership)•Direct channels driving over 50% of retail deliveries•Successful completion of $100m offer ($70m primary, $30m secondary)•Listed on ASX with first day of trading on 5thNovember 2025•Funding growth in inventory and major initiatives across the business
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Nine in ten cars now come direct from consumersSell-to Carma supplied 89% of purchased vehicles, with nine centres open at year end.01 Business highlights •Sell-to Carma centres provide customers with a fast and easy way to complete the sale of their vehicle at accessible locations•Geographical expansion beyond Sydney in with centres in Newcastle (Kotara) and Wollongong (Albion Park)•Nine centres currently open. Low cost to operate and fast to spin up to meet demand •Sell-to Carma has grown rapidly and has become the exclusive acquisition channel for 89% of all vehicles purchased in FY26•Margins on cars purchased direct from consumers typically deliver greater profitability than other traditional sources•Carma’s ability to offer and purchase any car is also fuelling growth in the wholesale business Sell-to Carma networkEnhanced by data and AIPrimary vehicle source •Carma’s in-house pricing models have been significantly enhanced to optimise acquisition prices and stay highly responsive to market movements•AI matching deployed to solve the issue of Australia’s unusually diverse range of makes and models. Carma builds an advantage over other players as it’s able to more accurately price vehicles based on limited data 2502604216409091,1421,4702,056 05001,0001,5002,0002,500 Q1 FY25Q2Q3Q4Q1 FY26Q2Q3Q4 7
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Successful St Peters facility upgrade unlocks throughputDedicated 35,000m2site with state-of-the-art equipment, reconditioning used cars at scale.01 Business highlights The St Peters upgradeRetail units reconditioned (FY26) 7237439551,322 02004006008001,0001,2001,400 Q1Q2Q3Q4 Retail units reconditioned per shift (FY26) 11.012.415.721.7 0.05.010.015.020.025.0 Q1Q2Q3Q4 8 üThree sites consolidated into one 35,000m² facilityüPurpose-built line on lean manufacturing principlesüRapid paint facilities installedüDedicated reconditioning and mechanical baysüSell-to Carma and Carma Collect on siteüManaged step by step, with time standards and cost monitoringüRegulatory approvals and infrastructure in place for a second production line
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More Australians are turning to CarmaEye-catching campaigns driving brand awareness and customer acquisition direct through Carma website01 Business highlights BrandDestination Trust Experience •Carma’s brand awareness in Sydney and NSW continues to grow strongly•Direct traffic to website has increased significantly•Reduced reliance on third party classifieds sites •Renown for high quality cars and designated as the NRMA’s exclusive preferred used car dealership •Large and growing selection of high quality used cars•Providing all car owner with an easy way to sell any car•Greater selection improves conversion rates and reduces CAC •Carma’s focus on experience reflected in consistently high NPS scores in its retail and sell-to operations as well as over 1,000 5-star reviews on Google and Productreview.com.au 9
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02Financial resultsJames Solomon, CFO
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Higher volumes and margins deliver higher gross profits02 Financial results Retail units1 3,156↑ 50% vs FY25 Retail GPU2 $2.5k↑ 22% vs FY25 Wholesale units3 2,260↑ 180% vs FY25 Wholesale GPU4 $0.4k↑ 95% vs FY25 1. Represents the number of vehicles delivered to retail customers, net of returns. 2. Represents total gross profit, less wholesale and other gross profit and vehicle write-downs, divided by retail units delivered.3. Represents the number of vehicles delivered to wholesale customers, net of returns. 4. Represents wholesale gross profit divided by wholesale units delivered. 1,300 2,060 2,101 3,156 - 500 1,000 1,500 2,000 2,500 3,000 3,500 FY23 FY24 FY25 FY26 1.6 1.3 2.1 2.5 - 0.5 1.0 1.5 2.0 2.5 3.0 FY23 FY24 FY25 FY26 217 344 807 2,260 - 500 1,000 1,500 2,000 2,500 FY23 FY24 FY25 FY26 (0.2)(0.0) 0.2 0.4 (0.4) (0.3) (0.1) 0.1 0.2 0.4 0.5 FY23 FY24 FY25 FY26 11
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Increased profitability per unit while scalingTotal GPU increased by 35% over FY25 paired with 86% unit growth02 Financial results Impacts in Q4Carma’s leversSharp increases in fuel prices from March 2026 resulted in:•a drop in wholesale demand from dealers•declining used car prices•slower turnover of inventory Carma was able to mitigate against these changes and achieve growth to hit record deliveries in Q4 by controlling:•Pricing models adjusting rapidly Reconditioning output•Shift marketing to direct channels •Total GPU increased by 35% over FY25 driven by material improvements across all margin contributors•Retail GPU increased to $2.5k in FY26 through further reconditioning cost efficiencies and the shift in sourcing to Sell-to Carma•Significant growth in wholesale units (due to the scaling of Sell-to Carma) and positive gross margin on wholesale units transformed wholesaleinto a material contributor to GPU for the first three quarters•Other GPU (consisting primarily of finance and extended coverage income) delivered steady increases in contribution as fee structures were optimised•Write-downs remained low due to Carma’s effective in-house pricing models and fast inventory turnover•Macroeconomic pressures in Q4 did present some margin pressure and impacted overall GPU for the year despite it being a record quarter for retail and wholesale deliveries 12 Gross profit per unit 1.Retail average selling price excludes remarketing revenue and units. Percentages are calculated on unrounded numbers. 1
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Carma’s unique model delivers material competitive advantages, even in challenging market conditions02 Financial results Unusual market conditions Carma’s unique model advantages 13 From March 2026the automotive industry faced material changes in market conditions due to the conflict in Iran.This resulted in:•Higher petrol and diesel prices across the country•Lower consumer confidence•Reductions in the market values of ICE vehicles•Reduced overall demand üIn-house pricing models trained on live market dataüAbility to scale Sell-to Carma up and down to meet market conditionsüAbility to adjust inventory levels based on turnover ratesüMultiple marketing channels and dynamically shift budgetüLimited dependency on third party classifieds sites Impact Action Outcome •Slower vehicle turnover resulted in more cars available on market•Softer consumer sentiment resulted in a reduction in the aggregate number of leads•Mostdealers experienced a reduction in leads per car from classifieds sites •Carma was able to continue increasing cars reconditioned per shift and available inventory selection•Carma was able to shift and increase marketing budget to its direct channels to offset reduction from classifieds partners •Record1,003retail units delivered,+30%on Q3 FY26•Retail gross profitin line with the first half•Inventory turnover days increased to 52 in the quarter
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•Record 5,416 unitsdelivered grew total revenue to $113.8m •89% Sell-to Carma sourcing drove lower average selling prices •Sell-to Carma also drove lower purchase prices, supporting +196bps in GP margin to 9.2%•Additional resources to support 89% Sell-to Carma sourcing, +10% exit run-ratein vehicles reconditioned per shift and lower software capitalisation rates•Marketing expenses per unit improved through Q3, pressure following unusual market conditions in Q4, split:•Marketing expenses (Retail) -$1.5k•Marketing expenses (Sell-to Carma) -$0.6k 02 Financial resultsSignificant improvements in gross profitPro Forma1profit and loss summary 1.EBITDA, Pro forma EBITDA and Pro Forma loss after tax reconciliations included in annexure. Numbers presented may not add duetorounding. Percentages are calculated on unrounded numbers14
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02 Financial resultsStrong balance sheet following IPO positions Carma for future growthBalance sheet summary1 15 •Group remains well funded with $41.3min available funding •$32.1m vehicle inventory, funded mainly through cash, positions Carma well for FY27 with 625 vehicles available for sale at year end•PPE increase of $2.4m driven by the completion of the Stage 1 upgradeat St Peters, providing reconditioning capacity of ~60 retail units/day, across two shifts•Bailment finance facility drawn to $0.4m, with $25.3m of unused facility available 1 1.Numbers presented may not add due to rounding. Percentages are calculated on unrounded numbers2.The amount that can be drawn at any point is limited to the vehicle inventory on hand at an 80% Loan-to-Value Ratio (“LVR”). Based on vehicle inventory at FY26, the undrawn capacity was $25.3m. 2
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02 Financial resultsOperating cash outflow held flat, with inventory funded from cashCash flow summary 1.Pro Forma cash flow before corporate financing activities included in annexure. Numbers presented may not add due to rounding. Percentages are calculated on unrounded numbers16 •$18.3m investment in inventory funded through cash •Vehicle inventory can be funded by the bailment financed facility with any movements presented in finance activities •Positive impacts of interest rates and capital management practices resulting in net positive interest received•Cash + unused finance facilities available of $41.3m at year end 1
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Strengthened operating leverage Underpinned by volume growth and efficiency gains02 Financial results Gross profit margin1 +2.0ppsvs FY25 Pro Forma EBITDA margin2 +12.5ppsvs FY25 Pro Forma operating cash flow margin3 +13.2ppsvs FY25 1.Represents gross profit divided by total revenue2.EBITDA, Pro forma EBITDA reconciliations included in annexure3.Represents Pro Forma operating cash flow (before vehicle inventory) divided by revenue 3.8% 1.4% 7.3% 9.2% 0.0% 2.5% 5.0% 7.5% 10.0% FY23 FY24 FY25 FY26 -56.9% -45.7% -38.9% -26.5% -6 0.0% -50.0% -4 0.0% -30.0% -20.0% FY23 FY24 FY25 FY26 -47.9% -41.4% -35.8% -22.6% -50.0% -4 2.5% -35.0% -27.5% -20.0% FY23 FY24 FY25 FY26 17 COVID price declines
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03Strategy & outlookLachlan MacGregor, CEO
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An untapped $118 billion market that is still highly fragmented03 Strategy & outlook Carma is operating in a massive addressable market:•$118 billion p.a. domestic used car market•~3.6 million used cars sold each year with an average transaction value of ~$32.7k•Carma’s focus currently on the NSW market which is ~$34 billion 1216172829141118 67 050100150200FurnitureConsumer electronicsDo mestic appliancesClothingQuick service restaurantsGroceryRetail automotiveKey consumer markets in Australia by market size ($ bn, 2024)1 The Australian used car industry is highly fragmented:•Over 4,000 dealers operating in the country with no strong nationwide brand•Largest dealer group has < 2% market share2 8147666326326195802516202004006008001000 USAustraliaGermanyJapanCanadaUKChinaIndia Motor vehicles per 1,000 people3 The traditional experience is challenging for consumers:•Used car buyers are frequently concerned of buying a lemon•Buying or selling is a vexing and time-consuming process•Legitimate fears of being ripped off, or of personal security –particularly in the C2C market•Buyers and sellers looking for faster and more convenient online options 43%28%28%8%14%0%10%20%30%40%50% ElectronicsFashionFurnitureGroceryTo tal Australia Online share of retail sales by category4 The Carma solution Exclusive preferred dealershipof the NRMA 1.Frost & Sullivan Market Report (6 August 2025) analysis. New car market size estimate is from 2023.2.Based on Eagers Automotive, AutosportsGroup and Peter Warren Automotive used car revenues disclosed in their most recent annual reports respectively, divided by the $118 billion used car automotive retail market.3.Management estimates. Sourced using the latest available data from governmental agencies. Data used in this analysis includesall motor vehicles excluding buses and motorcycles, except for China which is cars only.4.CBRE for total Australia (2025), ECDB for other categories (2024). Large inventory selectionEnd-to-end digital experienceInspection and reconditioning 7-day returnsIntegrated financing Fair and transparent pricing 19
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Carma’s vision In an industry that has traditionally made transacting difficult, Carma is redefining it to make it easy.03 Strategy & outlook 20
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Strategic focus on the levers that improve unit economicsCarma is uniquely positioned to drive towards profitability by capturing scale benefits across the business. Shorter term Longer term RetailWholesaleFinance & Value AddsMarketing expenseOperating expenseGrow dealer bidder network Pricing model improvements for wholesale vehicles Larger and more frequent auctions Higher ratio of wholesale to retail units sold Sell-to Carma halo effect Greater vehicle range increases conversion rates and reduces CAC Broad brand awareness results in significant organic traffic Repeats and referrals compounding AI opportunities for automations and efficiency Scale over costs (employment, property, technology) Cost out opportunities from expensive platforms Network of Carma Collect sites and delivery optimisation Pricing model improvements of buying and selling prices Brand premium for vehicle quality Lower reconditioning costs Continued expansion of Sell-to Carma network to become nationwide Broaden lender panel to increase attach rates Additional financial products and services Direct lending Additional point of sale offerings 03 Strategy & outlook 21
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Three strategic priorities for FY27 #1 Apollo program#2 AI and platform reinvention Two streams: the core moving off third-party SaaS onto our own services, and AI-native systems built in-house –18 live since March. Whole-of-company program of operational improvements to deliver a step change unit economics, ahead of our next doubling. Carma re-examined from first principles and with the current scale. Launched July 2026. Rebuilding the Carma technology platform on our own stack, with AI doing real work at every step of the business. Underway since February 2026; core migration H1 FY27. #3 Scaling into built capacity A second line, already designed and with regulatory approval, would double again to ~120 a day (~$1bn p.a.) Second shift on existing St Peters line doubles reconditioning capacity to ~60 retail units per operating day (~$500m revenue p.a.). Second shift launches March Quarter FY27. 22 1.Estimate based on two production lines operating across two shifts reconditioning approximately 120 retail units per day, five days per week at an average contract value of $33,000.A step change in unit economics and scale in the next 12 months 03 Strategy & outlook
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#1 -Apollo program 23 What it isA whole-of-company program to deliver a step change in unit economics—in preparation for our next doubling, from roughly 500 to over 1,000 retail cars a month. Why nowAlmost every process was designed for a smaller, earlier Carma,andbefore the AI tooling that now exists. The mindset“If we were designing this process today —knowing what we now know, with AI available to do real work, and at our current scale —what would we build?” A huge leverage opportunity: new scale, and AI to reinvent the processes that run it. Opportunity by lineIncrease revenueImprove leverageScale EnablerActions identified¹Business linesBuying 44Production 32Retail Sales 31Retail CX 38Retail Finance 36Wholesale Sales 32FunctionsMarketing 21Technology 4People 2Finance 5Property 3Logistics 3Pricing 13Legal 2Total 266 1. Actions identified in the Apollo register as at 26 August 2026; excludes merged duplicates. Early days —first delivery sprint complete; benefits are identified, not yet measured. Heat shading is management’s assessment of where the opportunity sits,not a forecast. A step change in unit economics, in preparation for our next doubling.03 Strategy & outlook
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#2 -AI and Platform reinvention 24 Two streams of work: the core moving onto our own stack, and AI-native systems doing real work.FebMarApr MayJunJul AugSep1 · Consolidating the core onto our own stack2 · AI-native systems, built in-houseA B D EFG 123 456 789101112 131415 Consolidating the coreAI-native systems, built in-houseSo whatAFebAccess controls as code —the same centralised rules for team members and AI agentsBJunPlan to replace the launch commerce platform with our own services DJulFinance Hub off third-party toolEAugAuthentication and vehicle data live on our own servicesFAugContacts and emails live; product catalogue, payments, finance and orders in testingGSep →Trade-ins, watchlists and Sell-to Carma; Dynamics; through H1 FY27 1MarRadar —market intelligence of all vehicle listings, pricing2MarPricing Models —rebuilt AI pricing systems3AprBookings —Sell-to Carma buying appointments and capacity4MayLogistics —vehicle and key movement and coordination5MayValuation Agents —AI review of vehicle match and offers6JunAI Sales Coaching —calls scored against our training base7JulValuations —automated valuations integrated with expert review8JulOnboarding, Inspect, Seller documents —inspections & compliance9JulStudio —AI orchestrated videos for every vehicle listing10JulApollo —program management with scoring and actions11JulRequests —anyone asks, AI builds, the owner promotes12JulAccess, Watchdog —app access; infrastructure auto-fix agents13AugCitizen Developer —anyone builds a tool, secure environment14AugPeople, Crew, Roster —HRIS and rostering (in testing)15SepAI Voice —outbound calls for routine interactions (launching) Core onto own stack: built API-first and with secure governed access control for team and AI agentsBuilt fast: first AI native system in March, eighteenth in August; many live within days of the first commitReimagined with AI at the core: AI-first systems with AI working autonomously & collaborativelyAI improves it: 49 user-specified releases shipped to production systems, median 2.6 hours from user request to live in production; anyone can improve a toolCitizen Developer platform: secure platform infrastructure so that anyone can build a tool18AI-native systems live, Mar–Aug 2026 2.6 hmedian change request to production Dates are approximate first production use. System metrics are internal operating measures, unaudited. 03 Strategy & outlook CJunData: secure vault for collection and storage of sensitive documents C
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AI is a structural advantage for Carma’s business model 25 03 Strategy & outlook We buy software and sell cars —and, unlike a physical dealership, we can put AI to work at every step of the process Who AI is hurtingSellers of software: the product AI makes cheap. The sector was hit hard in early 2026 on the view that AI agents would do the work the seats were sold for. Public software still trades at about 4x forward revenue against about 6x two years ago.Sellers of the introduction: marketplaces and classifieds, marked down on the prospect of AI agents making the match. Classifieds multiples roughly halved in the year to April 2026. Carma sells cars.We buy direct from the consumer, recondition them on our own line, price them, sell them and deliver them. We have no software revenue to defend, no matching fee to lose, and the customer deals with us directly. Carma buys software.And building our own has just become cheap. Since March we have built 18 AI-native systems in-house, moved changes into production in a median of 2.6 hours, and replaced third-party platforms with our own. Where AI can do real work, step by stepStep in the car’s journeyCarma —one digital operation, own data and systems Physical dealership —site-by-site, vendor toolsFind and value the carAI reviews every buying offer; own national market dataVendor valuation feedPrice itOwn pricing models, retrained monthlyVendor price guide and judgementInspect, onboard, documentAI document extraction with human reviewPaper and emailReconditionOne lean production line; software guiding every step; AI-planned second shiftLargely outsourced, workshop by workshopMarket and sellAI sales assistance; every sales call scored; video for every car; voice agentsChatbot and email follow-upBook, move, deliverAI agents run bookings and vehicle movementsManualRun the businessProgramme register; request → AI build; own HRIS Add-ons to a shared dealer systemWhy the difference is structural: 4,000+ dealerships, the largest under 2% of the market, at a ~1.5% bottom line, mostly on one shared vendor system. AI reaches them as a vendor feature. In the US, 82% of dealers say they use AI; 22% see revenue from it. Carma owns every step, so every step can be rebuilt around AI. Management’s view. Shading reflects how much of each step AI can do given who owns the data, the system and the process. Software-market figures: Bloomberg, Goldman Sachs. Dealer figures: AADA, Deloitte (Australia); dealer AI adoption: Cox Automotive (US),August 2026. AI is an advantage, not a riskUnlike a physical dealership, Carma is structurally advantaged to benefit
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03 Strategy & outlook#3 -Scaling into built capacityOne shift took us from 7.5 to 24units a day. The second shift doubles the ceiling to ~60 —the range where we expect to reach breakevenRetail units reconditioned per operating day 45–60 per operating dayrange in which company expects it can crossover to positive EBITDA 0 15 30 45 60 One shift · ~30 per operating day Two shifts · ~60 per operating day 7.5 FY25average 15.1 FY26average 21.7 Q4 FY26exit run-rate Q3 FY27second shift launches Expect >35 exiting FY27 then scalingrapidly toward ~60timing not shown FY27 onward What the second shift needsPeople, not buildings. The line, the site and the approvals already exist; the second shift runs on the same St Peters equipment.A second production line has regulatory approval —~120 a day, or roughly $1bn of revenue a year. Limited working capital, not capexA second shift requires limited addition inventory for reconditioning as same WIP feeds both shifts.Volume adds more cars online, funded from cash or the bailment facility at 80% of value. $41.3mavailable funding at 30 June. Minimal capex. Sourcing is ready with excess capacityNine Sell-to Carma centressupplied 89%of FY26 purchases. The supply engine for the second shift is already running.Sell-to Carma operating with >40% spare capacity, with further ability to add more inspectors per site.Retail units reconditioned per operating day = retail units reconditioned ÷production days operated; identical to units per shift while one shift operates (definitions in annexure). FY25 and FY26 are full-year averages; Q4 FY26 is the June-quarter run-rate; July is July 2026 average. ~30 / ~60 are approximate shift capacities. Second-shift timing, the ramp and the breakeven range are forward-looking, subject to staffing, market conditions and the disclaimer. 26 24.0 July
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Current trading and market conditionsWe continue to experience strong demand for Carma’s offerings despite softer consumer sentiment. 27 05001,0001,5002,0002,5003,0003,500 0-30 Days30-60 Days60+ DaysQ1–Q4 FY26Q1 FY27 to 30August 2026 Q1 FY27 to date: highest 30-day cohort on record Quarterly retail gross profit cohorts(per unit by days online of deposited vehicle; retail GP only, excludes wholesale and other gross profit)56% of vehicles sold24% of vehicles sold20% of vehicles sold 03 Strategy & outlook Strong start to FY27. Retail deliveries booked in from 1 July to 31 August are up 120% on the same period last year. Sell-to Carma retail purchasing has continued at the rate achieved in the June quarter, and reconditioning output in July exceeded the Q4 FY26 record. August is on track to be Carma’s largest month to date for retail deliveries.Market stabilising and margins recovering. Carma experienced margin pressure in Q4 FY26 due to the extraordinary conditions resulting in vehicles being bought and sold into shifting markets. Carma has observed market conditions stabilise during Q1 FY27. When prices stabilise, Carma buys and sells in the same market, and gross margin recovers. Vehicles sold within 30 days of listing (56% of vehicles sold) earned approximately $3,300 retail gross profit per unit in the September quarter to date, the highest on record. Vehicles held for over 60 days earned less, as the effect of the March softening worked through that stock.
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Second shift to double reconditioning capacityThe launch of the second shift at our St Peters facility during the March Quarter of FY27 will allow us to increase retail unit reconditioning capacity to 60 per operating day with minimal additional capital expenditure. FY27 to exit at ~750 retail units per month Path to profitability In the final quarter of FY26, we were reconditioning 21.7 units per operating day. With the second shift in operation, Carma expects to exit FY27 reconditioning more than 35 retail units per operating day (approximately 750 retail units per month) and scaling rapidly. Carma currently expects that the company can crossover to positive EBITDA when reconditioning in the range of 45-60 retail units per operating day on average. Carma expects to be in this range before the end of calendar 2027. FY27 outlookRevenue to grow over 80%As we continue to observe the used car market stabilise despite the macroeconomic headwinds, we expect to deliver ongoing unit growth across our retail and wholesale businesses resulting in FY27 revenue growth of over 80%. 28 03 Strategy & outlook
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04Q&A
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Appendix
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Annexure 31 EBITDA reconciliationReconciliation of reported results and non-IFRS measuresNon-IFRS (International Financial Reporting Standards) measures, such as EBITDA, underlying EBITDA and Pro Forma EBITDA have been included as the Directors believe they provide useful information to assist the reader’s understanding of the Group’s financial performance. Carma Limited considers that certain costs incurred during FY26 are not representative of the underlying and future financial performance of the Group, and as a result the statutory financial statements reduce the comparability of financial performance across reporting periods. To improve comparability of Carma Limited’s financial performance for FY26 with FY25 and with future periods, the results of the Group have been reconciled on a Pro Forma basis reflecting the underlying EBITDA and loss after tax by removing one-off costs associated with the successful IPO and impacts of the convertible notes. Underlying EBITDA and loss after tax have further been adjusted by adding listed company costs to both FY26 and FY25, so that in each period the listed company results reflect the Group’s cost base as if it was listed for the full period. Pro Forma EBITDA has been calculated by removing:1.The impact of convertible notes which were converted into ordinary shares as a consequence of the IPO. This includes the elimination of the fair value adjustments recognised through profit and loss and associated transaction costs.2.Costs associated with the IPO. 3.Incremental listed public company costs relate to estimated costs expected to be incurred by the Group as a listed public company. The pro forma adjustment includes $3.0 million of estimated listed company costs that would otherwise have been incurred for the year ended 30 June 2025 had the Group been listed for the full period. These costs were not actually incurred during the year ended 30 June 2025 12 3
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Annexure 32 Loss after tax reconciliation12 3 Pro Forma loss after tax has been calculated by removing:1.The impact of convertible notes which were converted into ordinary shares as a consequence of the IPO. This includes the elimination of the fair value adjustments recognised through profit and loss and associated transaction costs.2.Costs associated with the IPO. 3.Incremental listed public company costs relate to estimated costs expected to be incurred by the Group as a listed public company. The pro forma adjustment includes $3.0 million of estimated listed company costs that would otherwise have been incurred for the year ended 30 June 2025 had the Group been listed for the full period. These costs were not actually incurred during the year ended 30 June 2025Numbers presented may not add due to rounding
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Annexure 33 Pro Forma cash flow before corporate financing activities reconciliation123 Pro Forma operating cash flow before corporate financing activities has been calculated by removing:1.The impact of transaction costs related to the convertible notes which were converted into ordinary shares as a consequence of the IPO2.Incremental listed public company costs relate to estimated costs expected to be incurred by the Group as a listed public company. The pro forma adjustment includes $3.0 million of estimated listed company costs that would otherwise have been incurred for the year ended 30 June 2025 had the Group been listed for the full period. These costs were not actually incurred during the year ended 30 June 20253.Costs associated with the IPO.
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Disclaimer 34 This presentation has been prepared by Carma Limited (ASX:CMA) (Companyor Carma). Each recipient of this presentation is deemed to have agreed to accept the qualifications, limitations and disclaimers set out below.The information in this presentation is intended to be general information on Carma and its subsidiaries’ activities, currentasat the date of this presentation. The information is provided in summary form and does not purport to be complete. Information in this presentation is not intended to be relied upon as advice or a recommendation to investors or potential investors in relation to holding, purchasing or selling securities and does not take into account the investment objectives, financial situation or particular needs of individual investors. Prior to making a decision in relation to Carma’s securities, products or services investors or potential investors should consider their own investment objectives, financial situation and needs and obtain professional advice. The material contained in this presentation may include information derived from publicly available sources that has not beenindependently verified. No representation or warranty, express or implied, is made as to the accuracy, completeness or reliability of the information or the opinions and conclusions containedinthis presentation. To the maximum extent permitted by law, none of Carma, its directors, employees or agents, nor any other person accepts any liability, including without any limitation, any liability arising out of fault or negligence for any loss arising from the use of the information contained in this presentation. Forward-looking statementsAll amounts are in Australian dollars unless otherwise indicated.This presentation contains certain forward-looking statements which may be identified by words such as "believe", "estimate", "plan", "project", "anticipate", "expect", “goal”, “target”, "intend", “likely”, "may", "will", “could” or "should" or, in each case, their negative or other variations or other similar expressions, or by discussions of strategy, plans, objectives, targets, goals, future events or intentions. Indications of, and guidance on, future earnings and financial position and performance are also forward-looking statements. Such forward-looking statements are based on Carma’s current views and assumptions held as at the date of this presentation. Forward-looking statements contained in this presentation are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of Carma. Readers should not place unduereliance on any forward-looking statements. Actual results or performance may differ materially from those expressed in, or implied by, any forward-looking statements. There can be no assurance that actual outcomes will not differ materially from these statements. The Company does not undertake to update any forward-looking statements contained in this presentation.
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For all investor enquiries:Lachlan MacGregor, CEO(02) 8319 3210ir@carma.com.au For all media enquiries:Sling & Stone(02) 8073 5390carma@slingstone.com carma.com.au