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FY 2025 Results 27 August 2025 Authorised by Andrew Bennett Group Chief Executive Officer For personal use only
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FY 2025 Financial Highlights Revenue1 $363.5m EBITDA to shareholders2 $38.4m NPATA to shareholders2 $24.0m EPSA2 12.00 cps 1. Underlying revenue excludes interest income (FY25 $4.2m, FY24 $3.4m). Prior comparative information has been adjusted to conform with reclassifications between Revenue and other profit and loss line items affecting the current year presentation. 2. Underlying basis attributable to shareholders. Excludes profit on sales of assets (FY25 $3.6m, FY24 $0.1m after tax), impairment charge (FY25 $nil, FY24 $4.3m after tax), share-based payment expense in relation to share options issuance to non-executive directors (FY25 $2.4m, FY24 $nil after tax), transaction costs (FY25 $nil, FY24 $0.1m after tax) and COG’s 21.45% and 19.89% proportionate share of Earlypay Limited and Centrepoint Alliance Limited’s (i) amortisation of acquired intangibles (FY25 $0.5m, FY24 $0.2m after tax), (ii) redundancy and restructuring costs (FY25 $nil, FY24 $0.1m after tax), (iii) transaction costs (FY25 $0.2m, FY24 $nil after tax) and (iv) the release of contingent consideration for the acquisition of FAM by CAF (FY25 $0.2m, FY24 $nil after tax). 3. Increase of 4% on pcp, after allowing for the diminished contribution of COG’s TL Commercial lease business in run-off. COG FY 2025 2 +1% on pcp -4% on pcp +4% on pcp +4% on adjusted pcp3 -1% on pcp For personal use only
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Strong growth from our Novated Leasing segment continues. Our primary sectors, infrastructure and construction, within the Finance Broking & Aggregation segment havecontinued to perform well in FY 2025, with Net Assets Financed of $8.4bn despite the end of the instant tax write-off incentive (June 2024). During 2H 25, we have divested from our non-core investments in Earlypay Limited (‘EPY’)’s 21.45% and Centrepoint Alliance Limited (‘CAF’)’s 19.89% as we focuson our core operating segments. Continued execution of our acquisition strategy, wheretargets can be secured at the right price. Acquisitions1 since 1 July 2024 were made for an amount of $15.1m, with the major acquisitions including: • An additional 5% equity interest in QPF , effective 1 July 2024 • 100% of the salary packaging business known as Community Salary Packaging through COG’s subsidiary Paywise, effective 11 July 2024 • 70% of the business and consumer lending finance broker known as AAA Finance and Insurance (Australia) Pty Ltd, effective 1 May 2025 Underlying performance2 was up 4% on PCP after allowing for the diminished contribution of COG’s TL Commercial lease business. NPATA to shareholders is $24.0m(FY24: $24.2m), 1% down on PCP . EPSA is 12.00cps (FY24: 12.56cps). We have declared a final dividend of 3.0 cents. 1. Refer to pages 29 - 31 for details on acquisitions completed. 2. Underlying net profit after tax to shareholders and before amortisation of acquired intangibles. FY 2025 Financial Highlights 3 COG FY 2025 (cont.) For personal use only
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Final Dividend declared of 3.0 cps1 (FY24: 4.4 cps1) Payout ratio of 50.6% (F24: 67.7%2) Dividend yield of 3.8% Dividend yield grossed up for franking benefit of 5.4% Dividends and EPSA 2 Cents per share 3 4 FY 2025 Financial Highlights 4 Nil 7.22 8.30 8.40 8.40 6.00 1.52 5 1. Dividends are fully franked 2. Total dividends divided by NPATA 3. FY25 total dividends divided by the COG closing share price at 30 June 2025 4. FY25 total dividends (grossed up by 30%) divided by the COG closing share price at 30 June 2025 5. Earnings per share adjusted for the amortisation of acquired intangible and calculated using the Weighted Average Number of Outstanding Shares for each FY To continue to ensure effective capital management and efficient funding of business activities, we have lowered our current dividend payout ratio to circa 50% of NPATA. In addition (and in line with the approach applied to the interim dividend), we have suspended the Dividend Reinvestment Plan for the final dividend of 3.0 cents that has been announced today. We note the use of DRP is EPSA dilutive therefore future EPSA has been assisted by its suspension in relation to today's dividend. For personal use only
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Looking forward • The Group’s Novated Leasing segment continues to deliver outstanding results. We expect ongoing organic growth as we continue to capture opportunities driving uptake with current partners, assisted by current government incentives on electric vehicles. • COG will continue to remain active in the identification of strategic acquisitions (at the right price) to add to the organic trajectory of our business segments. • COG is continuing to invest in key operational areas of its business particularly in functional improvements within the broker aggregation space and on cyber security. • COG expects to continue to pay a fully franked dividend at a similar payout ratio • Insurance Broking will be an area of increased focus. • In future periods COG advises that our performance analysis will focus on EBITDA rather than thehistoric focus on NPATA. 5 Executing with Excellence For personal use only
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Broking & Aggregation Novated Leasing Asset Management Lending Linx beCarWise Equity-One Westlawn Heritage Fleet Network …. …. Sovereign Paywise …. …. QPF Community Salary Packaging …. …. Security Allied Finance …. …. …. Access Capital …. …. …. Chevron …. …. …. Centrepoint …. …. …. COG Aggregation …. …. …. Platform …. …. …. UFS & NFC …. …. …. COG Car Select …. …. …. AAA Finance …. …. …. Growth from core verticals Growth by going deeper into each vertical Continued acquisitions and integration success 6 Executing with Excellence For personal use only
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NSW & ACT 264 Broker firms 548 Brokers 2,394 Novated Lease Customers 5,601 Salary Packaging Customers VIC 286 Broker firms 531 Brokers 1,670 Novated Lease Customers 8,332 Salary Packaging CustomersTAS 7 Broker firms 12 Brokers 69 Novated Lease Customers 1,115 Salary Packaging Customers Executing with Excellence A maturing national group of business Nationally: 794 Broker firms 1,792 Brokers 11,277 Novated Lease Customers 52,184 Salary Packaging Customers Delivering: $8.4 billion funded in FY25 7 WA 38 Broker firms 145 Brokers 4,687 Novated Lease Customers 30,315 Salary Packaging Customers NT 1 Broker firm 1 Broker 1,146 Novated Lease Customers 3,183 Salary Packaging Customers QLD 176 Broker firms 510 Brokers 1,055 Novated Lease Customers 3,182 Salary Packaging Customers SA 22 Broker firms 45 Brokers 256 Novated Lease Customers 456 Salary Packaging Customers For personal use only
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$8.4bn net assets financed in FY 2025 Solid volumes, despite lapping the instant tax asset write-off that ended in FY 24 2H 1H In $ millions +8% 3Ys CAGR1 Executing with Excellence 8 - 5% vs PCP 1. Calculated as the Compound Annual Growth Rate (CAGR) for the last 3 financial years For personal use only
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Executing with Excellence Financial results Revenue growth of $4.6m includes organic growth from the Novated Leasing segment (+$10.2m), an increased contribution from Asset Management & Lending activities (+$6.4m) and contributions from acquisitions (+$1.0m), partially offset by revenue contraction in Finance Broking & Aggregation businesses (-$10.0m), a lower contribution from the Westlawn insurance broking business (-$0.8m) and the diminishing run-off of the TL Commercial book (-$2.2m). FY25 EBITDA margin remains stable at 16.1% (FY24:16.1%) reflecting, (i) increased volume bonus incentive rates on higher volumes on the Novated Leasing segment, (ii) a higher contribution from CAF versus pcp (+$0.4m); (iii) compressed lending margins on the lending by Westlawn and (iv) investments in people and systems. Depreciation & amortisation includes $11.8m for amortisation of identified intangibles on acquisition of controlled entities (FY24: $13.4m) and $2.6m depreciation of right-of-use lease assets (FY24: $1.9m). EBITDA to shareholders comprises increases of +$3.4m from Novated Leasing segment and +$0.7m from Other segment (includes CAF and EPY’s benefit), offset by decreases of -$1.1m from Finance Broking & Aggregation segment and -$1.7m from Asset Management & Lending segment. Effective tax rate of 29% (FY24: 30%) based on normalised NPBT. 1. Underlying basis attributable to shareholders. Excludes profit on sales of assets (FY25 $3.6m, FY24 $0.1m after tax), impairment charge (FY25 $nil, FY24 $4.3m after tax), share-based payment expense in relation to share options issuance to non-executive directors (FY25 $2.4m, FY24 $nil after tax), transaction costs (FY25 $nil, FY24 $0.1m after tax) and COG’s 21.45% and 19.89% proportionate share of Earlypay Limited and Centrepoint Alliance Limited’s (i) amortisation of acquired intangibles (FY25 $0.5m, FY24 $0.2m after tax), (ii) redundancy and restructuring costs (FY25 $nil, FY24 $0.1m after tax), (iii) transaction costs (FY25 $0.2m, FY24 $nil after tax) and (iv) the release of contingent consideration for the acquisition of FAM by CAF (FY25 $0.2m, FY24 $nil after tax). 2. Underlying revenue excludes interest income (FY25 $4.2m, FY24 $3.4m). Prior comparative information has been adjusted to conform with reclassifications between Revenue and other profit and loss line items affecting the current year presentation. 3. NPATA is NPAT adjusted for amortisation of identified intangibles on acquisition of controlled entities (after tax). 9 FY251 $m FY241 $m Pcp Change Revenue 2 363.5 358.9 1% EBITDA 58.4 57.8 1% Net interest income / (expense) 0.3 0.9 -67% Depreciation (4.8) (3.6) 33% Amortisation (13.0) (14.2) -8% NPBT 40.9 40.9 0% Tax (11.9) (12.2) -2% NPAT 29.0 28.7 1% Minority interests (10.9) (11.2) -3% NPAT to shareholders 18.1 17.5 3% EBITDA to shareholders 38.4 37.1 4% NPATA to shareholders 3 24.0 24.2 -1% EPSA to shareholders (cps) 12.00 12.56 -4% For personal use only
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Executing with Excellence Building blocks of underlying NPATA to shareholders In $ millions 10 For personal use only
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Underlying NPATA to shareholders In $ millions 11 +13.3% +5.4% +2.1% +4% 24.2 0.53.2 - 1.0 24.0 1.3 - 4.2 Executing with ExcellenceFor personal use only
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Segment performance 12 For personal use only
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Executing with Excellence Underlying NPATA to shareholders In $ millions 1. Reflects the diminished contribution of COG’s TL Commercial lease business in run-off. 2. Increase of 4% on pcp, after allowing for the diminished contribution of COG’s TL Commercial lease business in run-off. 13 +4% vs adjusted PCP 2 -1% on pcp Segment NPATA to shareholders (-) Less diminishing contribution from TL Commercial1 NPATA to shareholders before the contribution from TL Commercial NPATA to shareholders (-) Less diminishing contribution from TL Commercial1 NPATA to shareholders before the contribution from TL Commercial Finance Broking & Aggregation 9.8 - 9.8 11.1 - 11.1 Novated Leasing 10.5 - 10.5 8.5 - 8.5 Asset Management & Lending 6.1 (0.4) 5.7 6.7 (1.4) 5.3 Other (2.4) - (2.4) (2.1) - (2.1) Total 24.0 (0.4) 23.6 24.2 (1.4) 22.8 FY25 FY24 For personal use only
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1 Estimated market share derived based on the latest available ABS reported Australia Private New Capital Expenditure Report, assuming circa 39% of that value is originated through brokers. Australia’s largest asset finance broker and aggregator 25% Estimated market share1 Finance Broking & Aggregation 14 For personal use only
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FY251 $m FY241 $m Pcp Change Revenue 2 233.2 243.2 -4% EBITDA 26.8 29.2 -8% Net Interest (1.7) (1.0) 70% Depreciation (2.7) (2.2) 23% Amortisation (excl. acquired intangibles) (0.5) (0.6) -17% NPBT (before amortisation of acquired intangibles) 21.9 25.4 -14% Amortisation of acquired intangibles (4.8) (5.8) -17% NPBT 17.1 19.6 -13% EBITDA to shareholders 17.6 18.7 -6% Finance Broking & Aggregation Strong activity despite the end of the instant tax asset write-off incentive in FY 24 Revenue contraction of $10m is reflective of tightened brokerage and volume-bonus incentive commission rates from financiers coupled with slightly lower volumes. EBITDA margin contracted to 11.5% (FY24: 12.0% 2) due to investment in people across the broking and aggregation entities, paving the way for future growth. Depreciation and amortisation includes $4.8m amortisation of identified intangibles on acquisitions of controlled entities (FY24: $5.8m) and $1.5m depreciation of right-of-use lease assets (FY24: $1.2m). EBITDA to shareholders includes $0.6m from increased equity holdings in controlled entities, net of disposals (FY24: $1.6m). 1. Underlying basis before tax – excluding transaction costs (FY25 $nil, FY24 $0.2m). 2. Underlying revenue excludes interest income (FY25 $0.3m, FY24 $0.4m). Prior comparative information has been adjusted to conform with reclassifications between Revenue and other profit and loss line items affecting the current year presentation. 3. Recognised as ‘depreciation’ and ‘interest expense’ under AASB 16 Leases, both below the EBITDA line. 15 For personal use only
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FY251 $m FY241 $m Pcp Change Revenue 2 58.8 48.1 22% EBITDA 22.1 17.4 27% Net Interest 0.1 0.3 -67% Depreciation (1.2) (0.6) 100% Amortisation (excl. acquired intangibles) (0.4) (0.3) 33% NPBT (before amortisation of acquired intangibles) 20.6 16.8 23% Amortisation of acquired intangibles (2.4) (2.8) -14% NPBT 18.2 14.0 30% EBITDA to shareholders 16.5 13.1 26% Revenue growth of $10.7m includes organic growth (+$10.2m) which continues to be further accelerated by the FBT incentive for electric vehicles and contribution from acquisition (+$0.5m). EBITDA margin increased to 37.6% (FY24: 36.2% 2) due to an increase in volume bonus incentive rates on higher volumes, partially offset by investment in people and systems, which is linked to the increase in business activity and paves the way for future growth. Depreciation and amortisation includes $2.4m amortisation of identified intangibles on acquisition of controlled entities (FY24: $2.8m). EBITDA to shareholders includes $0.2m from an acquisition (FY24: $2.9m). Novated Leasing Continued strong momentum 1. Underlying basis before tax. 2. Underlying revenue excludes interest income (FY25 $1.5m, FY24 $1.2m). Prior comparative information has been adjusted to conform with reclassifications between Revenue and other profit and loss line items affecting the current year presentation. 3. Recognised as ‘depreciation’ and ‘interest expense’ under AASB 16 Leases, both below the EBITDA line. 16 For personal use only
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Novated Leasing Growth continues 17 For personal use only
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FY252 $m FY242 $m Pcp Change Revenue 3 71.5 67.6 6% EBITDA 12.7 15.1 -16% Net Interest 2.0 1.5 33% Depreciation (0.7) (0.6) 17% Amortisation (excl. acquired intangibles) (0.2) (0.2) 0% NPBT (before amortisation of acquired intangibles) 13.8 15.8 -13% Amortisation of acquired intangibles (4.7) (4.5) 4% NPBT 9.1 11.3 -19% EBITDA to shareholders 7.5 9.2 -18% Asset Management & Lending Growing assets under management Revenue growth of $3.9m reflects an increased contribution from asset management & lending activities (+$6.4m) and contribution from an acquisition (+$0.5m). This growth was partially offset by lower contributions from the Westlawn insurance broking business (-$0.8m) and TL Commercial Finance (-$2.2m) due to the book in run-off. EBITDA margin contracted to 17.8% (FY24: 22.3%) largely due to compressed lending margins. In addition, continued investments in technology infrastructure have occurred. Depreciation and amortisation includes $4.7m amortisation of identified intangibles on acquisitions (FY24: $4.5m). EBITDA to shareholders includes $0.5m contribution from TL Commercial Finance (FY24: $2.0m) and $0.1m contribution from an acquisition (FY24: $nil). 1. Asset Management & Lending includes 75% of Westlawn (FY24: 75%) and 100% of TL Commercial (FY24: 100%). 2. Underlying basis before tax. 3. Underlying revenue excludes interest income (FY25 $2.0m, FY24 $1.4m). 4. Recognised as ‘depreciation’ and ‘interest expense’ under AASB 16 Leases, both below the EBITDA line. 18 1 For personal use only
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1.5 4.1 3.9 4.1 3.6 2.6 1.4 1.6 3.8 3.4 1.4 0.4 FY22 FY23 FY24 FY25 Asset management Equity-One Mortgage Fund Limited has continued to contribute (FY25: $4.6m, FY24: $4.7m EBITDA to shareholders). Assets under management of $954.8m are up 2% on this time last year. Westlawn positioned for growth The COG broker network continued to consolidate as the main distribution channel of Westlawn’s loan products. TL Commercial The credit performance of the run-off book continues to remain strong. NPATA to shareholders Asset Management & Lending 19 In $ millions 8.9 6.7 10.1 6.1 Assets under management 30 June 2025 $m 30 June 2024 $m Equity-One Contributory Mortgage Scheme 549.8 574.7 Westlawn Unsecured Notes 208.5 208.8 Westlawn Managed Assets 196.5 152.8 Total 954.8 936.3 For personal use only
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Lending focused on asset backed contracts • The unsecured notes program operated by Westlawn Finance Limited continues to provide a reliable source of funding. • Westlawn Managed Investment Scheme has grown strongly over the year, with a current balance of $61.0m (FY24: $37.6m). Lending book • New lease and loans written in the FY25 totaled $106.9m (FY24: $152.0m). • TL Commercial is currently in run-off with the total lease and loan receivables of $0.3m as at 30 June 2025 representing the present value of lease and loan instalments and related unguaranteed residual values expected to be received over the next year. • The lending book continues to perform strongly, ECL provisions have increased slightly from1.4% in June 2024 to 1.8% in June 2025. Funding 20 Asset Management & Lending For personal use only
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FY251 $m FY241 $m Pcp Change Revenue 2 - - -% EBITDA (3.2) (3.9) -18% Net Interest (0.1) 0.1 -200% Depreciation (0.2) (0.2) 0% Amortisation (excl. acquired intangibles) - - -% Net (Loss)/PBT (before amortisation of acquired intangibles) (3.5) (4.0) -13% Amortisation of acquired intangibles - - -% Net (Loss)/PBT (3.5) (4.0) -13% (Loss)/EBITDA to shareholders (3.2) (3.9) -18% Sale of non-core assets completed This Segment includes COG head office activities and our investments in Earlypay Limited (ASX: EPY) and Centrepoint Alliance Limited (ASX: CAF). Both non-core investments were fully disposed of on 22 May 2025 and 21 May 2025, respectively. They were equity accounted for up until the date of disposal. EBITDA to shareholders improved by +$0.7m and largely reflects +$0.4m increase in share of results from CAF . COG corporate costs continue to be tightly managed with choices made as to where to invest effort and energy to ensure efficiency. 1. Underlying basis before tax – excluding profit on disposal of assets (FY25 $3.6m, FY24 $nil), impairment charge (FY25 $nil, FY24 $4.3m), share-based payment expense in relation to share options issuance to non-executive directors (FY25 $2.4m, FY24 $nil), transaction costs (FY25 $nil, FY24 $0.1m) and COG’s 21.45% and 19.89% proportionate share of Earlypay Limited and Centrepoint Alliance Limited’s (i) amortisation of acquired intangibles (FY25 $0.7m, FY24 $0.2m), (ii) redundancy and restructuring costs (FY25 $nil, FY24 $0.2m), (iii) transaction costs (FY25 $0.2m, FY24 $0.1m) and (iv) the release of contingent consideration for the acquisition of FAM by CAF (FY25 $0.2m, FY24 $nil). 2. Underlying revenue excludes interest income (FY25 $0.4m, FY24 $0.4m). 21 Other For personal use only
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Disclaimer COG Financial Services Limited ('COG’) has not considered the financial position or needs of the recipient in providing this presentation ('Presentation'). Persons needing advice should consult their stockbroker, bank manager, solicitor, attorney, accountant or other independent financial or legal adviser. This Presentation includes certain 'forward-looking statements' which are not historical facts but rather are based on COG’s current expectations, estimates and projections about the industry in which COG operates, and beliefs and assumptions regarding COG’s future performance. Words such as ‘anticipates’, 'expects', 'intends', 'plans', 'believes', 'seeks', 'estimates' and similar expressions are intended to identify forward-looking statements. These statements are not guarantees, representations or warranties of future performance and are subject to known and unknown risks, uncertainties and other factors (some of which are beyond the control of COG), are difficult to predict, and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. COG cautions shareholders and prospective shareholders not to place undue reliance on these forward-looking statements, which reflect the view of COG only at the date of this Presentation. The forward-looking statements made in this Presentation relate only to events and circumstances as of the date on which the statements are made. COG will not undertake any obligation to release publicly any revisions or updates to these forward-looking statements to reflect events, circumstances or unanticipated events occurring after the date of this Presentation except as required by law or by any appropriate regulatory authority. Investors should also note that COG’s past performance, including past share price performance, cannot be relied upon as an indicator of (and provides no guidance as to) COG’s future performance including COG’s future financial position or share price performance. No party other than COG has authorised or caused the issue of this Presentation, or takes any responsibility for, or makes, any statements, representations or undertakings in this Presentation. This Presentation should be read in conjunction with COG Appendix 4E and COG’s 30 June 2025 Annual Financial Report, and all other ASX announcements by COG. 22 For personal use only
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Appendices 23 For personal use only
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Appendices Statutory income statement Profit on disposal of assets are in relation to the gain on sale of EPY and CAF shares. Adjustment related to associates reflects COG’s 21.45% and 19.89% proportionate share of EPY and CAF’s (i) amortisation of acquired intangibles (FY25 $0.7m, FY24 $0.2m), (ii) redundancy and restructuring costs (FY25 $nil, FY24 $0.2m), (iii) transaction costs (FY25 $0.2m, FY24 $0.1m) and (iv) the release of contingent consideration for the acquisition of FAM by CAF (FY25 $0.2m, FY24 $nil). Share options issuance to non-executive directors reflects the expense related to 5,000,000 COG unlisted share options issued to the recently appointed non-executive directors Antony Robinson and John Dwyer, as approved by the shareholders in the EGM held on 27 June 2025. Depreciation & amortisation includes $11.8m for amortisation of identified intangibles on acquisition of controlled entities (FY24: $13.4m) and $2.6m depreciation of right-of-use lease assets (FY24: $1.9m). 24 1. Statutory revenue includes interest income (FY25 $4.2m, FY24 $3.4m). Prior comparative information has been adjusted to conform with reclassifications between Revenue and other profit and loss line items affecting the current year presentation. FY25 $m FY24 $m Pcp Change Revenue 1 367.7 362.3 1% Underlying EBITDA from core operations 58.4 57.8 1% Impairment - (4.3) -100% Profit on disposal of assets 3.6 0.4 800% Adjustment related to associates (0.7) (0.4) 75% Acquisition-related expenses - (0.5) -100% Share options issuance to non-executive directors (2.4) - -% Statutory EBITDA from core operations 58.9 53.0 11% Net interest income 0.2 0.9 -78% Depreciation & amortisation (17.8) (17.8) 0% NPBT 41.3 36.1 14% Tax (11.6) (11.9) -3% NPAT 29.7 24.2 23% Profit after tax attributable to: Non-controlling interests 10.9 11.3 -4% Members of COG 18.8 12.9 46% For personal use only
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Appendices Reconciliation statutory NPAT to underlying NPATA 1. Non-controlling interests 2. Adjustment related to associates relates to COG’s 21.45% and 19.89% proportionate share of Earlypay Limited and Centrepoint Alliance Limited’s (i) amortisation of acquired intangibles (FY25 $0.5m, FY24 $0.2m after tax), (ii) redundancy and restructuring costs (FY25 $nil, FY24 $0.1m after tax), (iii) transaction costs (FY25 $0.2m, FY24 $nil after tax) and (iv) the release of contingent consideration for the acquisition of FAM by CAF (FY25 $0.2m, FY24 $nil after tax). Prior period information has been adjusted to conform with current year presentation. 25 2 FY25 $m FY24 $m Variance $m FY25 $m FY24 $m Variance $m Statutory NPAT 29.7 24.2 5.5 18.8 12.9 5.9 Adjustments (after tax): Impairment - 4.3 (4.3) - 4.3 (4.3) Profit on disposal of assets (3.6) (0.3) (3.3) (3.6) (0.1) (3.5) Adjustment related to associates 0.5 0.3 0.2 0.5 0.3 0.2 Acquisition-related expenses - 0.2 (0.2) - 0.1 (0.1) Share options issuance to non-executive directors 2.4 - 2.4 2.4 - 2.4 Underlying NPAT 29.0 28.7 0.3 18.1 17.5 0.6 Amortisation of intangibles from acquisitions after tax 8.3 9.4 (1.1) 5.9 6.7 (0.8) Underlying NPATA 37.3 38.1 (0.8) 24.0 24.2 (0.2) Members and NCI 1 Members For personal use only
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Cash and cash equivalents increased by $23.6m primarily reflecting the residual proceeds from the sale of EPY and CAF which were not used to extinguish debt and higher salary packaging client funds. Financial assets – lease and loan receivables relates to lease, chattel mortgage and other lending product receivables in the Asset Management & Lending segment. The overall increase of $5.6m is largely due to originations of $106.9m in Westlawn (mostly relating to the chattel mortgage product), partially offset by repayments collected and the continued run-off of the TL Commercial Finance's lending portfolio. Equity accounted associates decreased by $21.9m almost totally due to disposal of the entire investments in EPY and CAF in May 2025. The remaining balance relates to an investment in the associate Simply Finance which has been held for a number of years. Intangible assets mainly reflects identified intangibles and goodwill on acquisition of controlled entities. The movement in the year largely reflects $12.1m of intangibles recognised on the acquisitions of CSP , CCHL and AAA Finance, which are partially offset by the amortisation of acquired intangibles (aside from goodwill). Interest bearing liabilities represents borrowings funding the lease / loan book as well as corporate debt. The movement in the year includes the full repayment of the COG entity corporate debt facility on 13 June 2025. 1. As at 30 June 2025, the Group’s current assets of $288.7m are $28.1m lower than current liabilities of $316.8m due to Westlawn, which funds its operations through the issue of short-term unsecured notes. Whilst the carrying value of those notes has been presented in the balance sheet in accordance with their maturity profile, historically there has been a consistently high reinvestment rate by investors, who choose not to withdraw their funds at the maturity of the note term and roll their funds into a new unsecured note. On this basis, the mismatch between current assets and current liabilities is not indicative of any form of liquidity issue. 2. Certain prior comparative information has been reclassified to conform to the current year presentation. 3. Other comprehensive income Appendices Statement of financial position 26 As at 30 Jun 2025 $m 30 Jun 20242 $m Cash and cash equivalents 149.3 125.7 Trade and other receivables 20.0 22.1 Contract assets 3.3 3.0 Financial assets - lease receivables 3.8 5.5 Financial assets - loans 91.1 78.3 Other assets 21.2 4.1 Total current assets1 288.7 238.7 Contract assets 9.6 8.6 Financial assets - lease receivables 4.8 9.7 Financial assets - loans 180.3 181.0 Other financial assets 8.3 29.4 Financial assets at fair value through OCI3 - 0.2 Equity accounted associates 0.8 22.7 Property, plant and equipment 12.1 11.1 Intangible assets 178.9 177.1 Right-of-use lease assets 11.3 7.5 Total non-current assets 406.1 447.3 Total assets 694.8 686.0 Trade and other payables 34.3 38.7 Customer salary packaging liability 32.2 26.3 Interest bearing liabilities 231.7 221.9 Lease liabilities 2.4 4.3 Derivative financial instruments 0.6 - Other liabilities 15.6 13.0 Total current liabilities1 316.8 304.2 Trade and other payables 20.3 15.8 Deferred tax liabilities 6.6 10.2 Interest bearing liabilities 132.3 146.9 Lease liabilities 9.6 3.7 Derivative financial instruments 1.2 - Other liablitiies 1.5 1.6 Total non-current liabilities 171.5 178.2 Total liabilities 488.3 482.4 Net assets 206.5 203.6 For personal use only
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Net cash inflow from operating activities includes +$31.6m (FY24: +$25.2m) relating to the lease and loan products offered through the Asset Management & Lending segment (including recovery of terminated leases) under ‘Receipts from customers'. Net cash inflow / (outflow) from investing activities includes (i) proceeds from sales of investments in associates: CAF for +$13.8m and EPY for +$12.7m (FY24: acquisition of CAF for -$13.1m), and (ii) payments for acquisitions of investments: CSP for -$2.1m, CCHL for -$1.0m, and AAA Finance for -$4.9m. (FY24: NFC/UFS for -$4.7m). Net cash inflow / (outflow) from financing activities includes (i) proceeds from shares issued under the DRP +$2.6m (FY24: shares issued under DRP +$3.8m), and (ii) full repayment of COG’s outstanding corporate facility balance of $20.8m, by applying most of the funds received from the sale of EPY and CAF shares. 1. Cash and cash equivalents at the end of the year includes restricted cash of $47.4m (30 June 2024: $34.9m). Restricted cash represents funds held by the Group on behalf of its novated leasing customers, insurance broking trust accounts (representing the unpaid insurance premiums due to insurers and refunds due to customers), and funds sitting in a consolidated Trust under the control of an external Trustee, only available for use by that Trust. 27 Statement of cash flows Appendices (All amounts in $m) FY25 FY24 Receipts from customers 407.8 399.8 Payments to suppliers and employees (323.4) (325.2) Dividends received 1.5 - Finance costs paid (21.4) (14.1) Income taxes paid (15.2) (14.1) Net cash inflow from operating activities 49.3 46.4 Net cash (outflow) on acquisitions, net of cash acquired (8.9) (4.8) Proceeds from sale / (payments for acquisition) of associates 26.5 (13.1) Payments for deferred consideration (0.2) (0.1) Payments for equipment - finance leases (0.1) (5.0) Proceeds from equipment - finance leases 7.4 18.7 Loans advanced to customers (106.8) (147.0) Proceeds from loans repayments 92.4 85.7 Payments for property, plant and equipment (3.4) (5.0) Proceeds from sale of property, plant and equipment 0.1 1.3 Payments for intangible assets (2.5) (0.6) Payments for acquisition of investments (20.9) (29.3) Proceeds from sale of investments 19.1 12.1 Net cash inflow / (outflow) from investing activities 2.7 (87.1) Proceeds from issue of shares 4.4 3.8 Proceeds from interest-bearing liabilities 61.6 160.8 Payments for interest-bearing liabilities (66.4) (69.7) Repayments for lease liabilities (3.0) (2.2) Dividends paid (14.7) (16.7) Dividends paid by subsidiaries to non-controlling interests (11.1) (11.4) Non-controlling interest acquisition contribution 0.8 - Net cash (outflow) / inflow from financing activities (28.4) 64.6 Net increase in cash and cash equivalents 23.6 23.9 Cash and cash equivalents, beginning of the financial year 125.7 101.8 Cash and cash equivalents, end of the year 1 149.3 125.7 For personal use only
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Capital management Efficient capital management Dividend (continued) For the year ended 30 June 2025, the Board declared a final dividend of 3.0 cents per fully paid ordinary share (FY24: 4.4 cents per fully paid ordinary share). The total dividend of $6.1m will be paid on 1 October 2025 out of the Company’s profits reserve at 30 June 2025 to all shareholders registered on the record date of 2 September 2025 and will be 100% franked. The ex-dividend date for entitlement will be 1 September 2025. The Company’s DRP has been suspended in relation to the final dividend. Capex Capex for FY25 was $6.2m (FY24: $5.7m) and mainly relates to fit out and leasehold improvements, dry-hire assets and the development and implementation of IT systems. Acquisition finance facility In February 2022, COG has established an acquisition finance facility with a major Australian Bank for a term of 5 years. The facility has a revolving feature with drawdowns amortising across the term. Security and covenants are standard for a facility of this kind including a first ranking general security interest over the assets and undertakings of COG. Overtime, the facility has been utilised in relation to acquisitions that have been undertaken. On 13 June 2025, COG repaid the full outstanding facility balance of $20.8m, by applying funds received from the sale of EPY and CAF shares. As at 30 June 2025, there was no outstanding amount in relation to this facility. There have been no further drawings to this date. Cash and cash equivalents The Group has generated significant cash over the year and the proportionate share of unrestricted cash and term deposits attributable to members at 30 June 2025 was $81.7m (see Appendices). Dividend The Company’s dividend policy permits a payout ratio of up to 70% of NPATA to members. The Company has a Dividend Reinvestment Plan (DRP). The DRP rules are disclosed on the Company’s website www.cogfs.com.au. Under the DRP, holders of ordinary shares can elect to have all or part of their dividend entitlements satisfied by the issue of new ordinary shares rather than being paid in cash. Shares issued under the DRP may be subject to a discount of up to 5% of the market price, or a higher percentage determined by the Board. For the half-year ended 31 December 2024, the Board declared a fully franked interim dividend of 3.0 cents per fully paid ordinary share (2023: 4.0 cents per fully paid ordinary share). The total dividend of $6.1m was paid on 11 April 2025 out of the Company’s profits reserve at 31 December 2024 to all shareholders registered on the record date of 11 March 2025 and was 100% franked. The Company’s DRP was suspended in relation to the interim dividend. 28 For personal use only
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Capital raising • On 25 July 2024, the Company issued 1,555,719 fully paid ordinary shares totalling $1.8m as part of the consideration for the acquisition of an additional 5% equity interest in QPF Holdings Pty Ltd (‘QPF’), taking COG’s controlling interest in QPF from 58.74% to 63.74%. • On 26 September 2024 the Company issued 43,499 fully paid ordinary shares totalling $0.041m as part of the Group’s FY22 and FY23 Long-term incentive (LTI) plan for the CEO. • On 2 October 2024 the Company issued 2,695,588 fully paid ordinary shares totalling $2.6m as part of the COG’s DRP. • On 29 January 2025 the Company issued 2,684,209 fully paid ordinary shares totalling $2.6m in respect of the Loan-backed Employee Share Scheme for FY25. Investments COG made the following investments during the year, in line with its acquisition growth strategy: • effective 11 July 2024, Paywise Pty Ltd (Paywise) (a wholly-owned subsidiary of Fleet Network) acquired a 100% controlling interest in the salary packaging business known as Community Salary Packaging (CSP) for a total consideration of $2.1m ($1.9m settled in cash and $0.2m deferred). • effective 31 July 2024, DLV (Qld) Pty Limited (a 50% owned subsidiary of QPF) acquired a 100% controlling interest in the mortgage finance broking business known as ‘Cap Coast Home Loans’ or ‘CCHL’ for a total consideration of $1.0m ($0.9m settled in cash and $0.1m deferred). • effective 1 May 2025, Westlawn Finance Limited (a 75% owned subsidiary of the Group) acquired a 70% controlling interest in the business and consumer lending finance broker known as AAA Finance and Insurance (Australia) Pty Ltd (‘AAA Finance’) for a total consideration of $6.2m ($5.0m settled in cash and $1.2m deferred). During the year ended 30 June 2025, the Group also acquired (or disposed of) additional interests from minority shareholders in the following entities, which were already controlled by the Group: • effective 1 July 2024, COG acquired an additional 5% equity interest in QPF for a total consideration of $3.7m, taking COG’s controlling interest in QPF from 58.74% to 63.74%. Half of the purchase consideration was settled in cash (and funded via drawdown from the COG corporate debt facility). The remaining 50% was settled via allotment and issuance of 1,555,719 fully paid ordinary COG shares on 25 July 2024, as approved by the shareholders on the Extraordinary General Meeting held on 22 July 2024. • effective 1 July 2024, QPF acquired an additional 20% equity interest in QPF Insurance Pty Limited for a cash consideration of $0.9m, taking QPF’s controlling interest in QPF Insurance from 80.00% to 100%. • effective 1 November 2024, Linx Group Holdings (“Linx”) through its wholly owned subsidiaries Linx Heritage Corporate and Linx Heritage Finance acquired an additional 9.17% interest in Heritage Corporate Partnership and Heritage Finance Partnership from minority partners, for total consideration of $0.7m. As a result of this transaction, Linx’s indirect ownership in Heritage Corporate Partnership and Heritage Finance Partnership increased from 70.83% to 80.00%. • effective 1 December 2024, Linx sold a 2.5% indirect interest in Heritage Corporate Partnership and Heritage Finance Partnership for a total discounted consideration of $0.1m to a key employee of Heritage. The differential between fair value and the discounted value offered to the key employee of $0.1m was recognised as an employee benefit expense for the period. As a consequence of this transaction, Linx’s indirect ownership in Heritage Corporate Partnership and Heritage Finance Partnership decreased from 80.00% to 77.50%. • effective 1 May 2025, QPF acquired an additional 0.5% equity interest in Club Transport Finance Pty Limited ('Chevron Equipment Finance' or ‘Chevron) for a cash consideration of $0.1m, taking QPF’s controlling interest in Chevron from 67.00% to 67.50%. • effective 26 May 2025, QPF acquired back from minority and immediately cancelled 300,000 shares in itself for a cash consideration of $0.4m, taking COG’s controlling interest in QPF from 63.74% to 64.15%. 29 Capital management For personal use only
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Appendices Acquisition history 30 Date Company Activity Acquirer Interest acquired Price Consideration Dec-15 Platform Consolidated Group (PCG) Aggregation platform and finance broker COG 60.0% $22.9m 76% cash / 24% equity Oct-16 Consolidated Finance Group Independent equipment finance aggregator COG 80.0% $14.7m 60% cash / 40% equity Oct-16 Linx Group Holdings (Linx) Finance broker (VIC, NSW) COG 50.0% $13.1m 60% cash / 40% equity Oct-16 QPF Holdings (QPF) Finance broker (QLD, WA) COG 50.0% $21.3m 60% cash / 40% equity Nov-16 Fleet Avenue Motor vehicle finance broker PCG 50.0% $0.2m 100% cash Mar-17 Fleet Network Finance broker (WA) PCG 80.0% $6.1m 74% cash / 26% equity Jul-17 DLV (Qld) Finance broker (QLD) QPF 50.0% $1.6m 50% cash / 50% shares Jan-18 BusinessWorks IT support services COG 100.0% $1.3m 100% cash Feb-18 Vehicle and Equipment Finance Finance broker (VIC, NSW) PCG 50.0% $3.0m 100% cash May-18 Simply Finance Finance broker PCG 25.0% $0.8m 100% cash Jul-18 Consolidated Finance Group Acquisition of minority interests COG 20.0% $4.2m 100% cash Aug-18 Geelong Financial Group Finance broker (VIC) PCG 50.0% $0.3m 100% cash Sep-18 Centrepoint Finance Finance broker (VIC) COG 100.0% $8.3m 90% cash / 10% shares Oct-18 Westlawn Finance SME finance provider, insurance broking and funds management COG 31.8% $14.3m 70% cash / 30% shares Nov-18 Heritage Group Finance broker (VIC) Linx 50.0% $5.0m 100% cash Feb-19 Sovereign Tasmania Finance broker (TAS) Linx 50.0% $2.2m 75% cash / 25% shares Jul-19 QPF Acquisition of minority interests COG 5.6% $1.7m 100% cash Oct-19 PCG Acquisition of minority interests COG 3.6% $1.1m 50% cash / 50% equity Nov-19 Fleet Network Acquisition of minority interests PCG 15.8% $1.0m 100% cash Jan-20 Earlypay Limited Debtor finance provider COG 17.4% $22.0m 100% cash Jul-20 Westlawn Finance SME finance provider, insurance broking and funds management COG 19.0% $7.5m 100% cash Jul-20 PCG Acquisition of minority interests COG 0.2% $- 100% cash Aug-20 Heritage Group Finance broker (Vic) Linx 13.3% $0.6m 100% cash Oct-20 QPF Acquisition of minority interests COG 1.5% $2.4m 17% cash / 83% equity Nov-20 Access Capital Finance broker (SA, NT) QPF 80.0% $9.2m 11% cash / 39% equity / 50% debt Dec-20 Sovereign Tasmania Acquisition of minority interests Linx 4.2% $0.1m 100% cash Jun-21 Linx Acquisition of minority interests COG 4.9% $2.1m 75% cash / 25% equity Jul-21 Centrepoint Yeppoon Finance broker (QLD) DLV 100.0% $1.0m 100% cash Nov-21 Westlawn Finance SME finance provider, insurance broking and funds management COG 24% $9.3m 17% cash / 83% equity Nov-21 PCG Acquisition of minority interests COG 30.1% $14.7m 17% cash / 83% equity Jan-22 PCG Acquisition of minority interests COG 0.1% $- 100% cash Mar-22 Equity-One Mortgage Fund Funds management and contributory mortgage scheme Westlawn 70% $24.8m 100% cash Apr-22 Linx Acquisition of minority interests COG 4.9% $3.0m 100% cash May-22 Earlypay Debtor finance provider COG 3.2% $5.0m 100% cash For personal use only
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Appendices 31 1. From 1 July 2024, COG owned 63.74% of QPF Group. Subsequently on 26 May 2025, QPF acquired back from minority and immediately cancelled 300,000 shares in itself, taking COG’s controlling interest in QPF from 63.74% to 64.15%. 2. From 1 July 2024, QPF owns 100% of QPF Insurance Pty Limited. 3. From 11 July 2024, Paywise Pty Ltd owns 100% of Community Salary Packaging Pty Ltd. 4. From 31 July 2024, DLV owns 100% of CCHL (Qld) Pty Ltd (known as ‘Cap Coast Home Loans’ or ‘CCHL’). 5. On 1 November 2024, Linx’s indirect ownership in Heritage Group increased from 70.83% to 80.00%. Subsequently, on 1 December 2024, Linx sold a 2.5% indirect interest in Heritage Group, resulting in a decrease of Linx’s indirect ownership from 80.00% to 77.50%. 6. From 1 May 2025, Westlawn Finance Limited owns 70% of AAA Finance and Insurance (Australia) Pty Ltd and its subsidiaries. 7. From 1 May 2025, QPF’s ownership in Club Transport Finance Pty Limited ('Chevron Equipment Finance' or ‘Chevron) increased from 67.00% to 67.50%. Date Company Activity Acquirer Interest acquired Price Consideration Jul-22 Chevron Equipment Finance Finance broker (QLD) QPF 70% $7.1m 40% equity / 60% debt Sep-22 Australian Car Packaging Novated lease Fleet Network 100% $0.2m 100% cash Sep-22 Fleet Avenue Motor vehicle finance broker PCG 50% $0.6m 100% cash Jan-23 Sovereign Tasmania Acquisition of minority interests Linx 4.2% $0.1m 100% cash Jan-23 Chevron Insurance Consultants Insurance broker (QLD) QPFI / Chevron 50% / 50% $0.2m / $0.2m 100% cash Apr-23 Paywise Novated lease Fleet Network 100% $25.7m 50% equity / 50% debt Jul-23 NFC & UFS (McMillan Shakespeare) Independent equipment finance aggregator COG Agg. 100% $4.7m 100% debt Jul-23 QPF Acquisition of minority interests COG 1.5% $0.9m 100% debt Oct-23 Becarwise Victoria Acquisition of minority interests Becarwise 20% $3.7m 100% equity Nov-23 Centrepoint Alliance Provider of lending services supporting mortgage brokers and financial advisers COG 20.0% $13.1m 86% equity / 14% debt Jan-24 Chevron Money Finance broker (QLD) Chevron 100% $0.075m 100% cash Apr-24 Heritage Group Acquisition of minority interests Linx 12.5% $1.3m 23% cash / 77% debt May-24 Westlawn Insurance Brokers Acquisition of minority interests Westlawn 20% $3.4m 100% cash Jul-24 QPF Acquisition of minority interests COG 1 5.0% $3.7m 50% equity / 50% debt Jul-24 QPF Insurance Acquisition of minority interests QPF 2 20% $0.9m 100% cash Jul-24 Community Salary Packaging Novated lease Paywise 3 100.0% $2.1m 29% equity / 71% debt Jul-24 CCHL Finance broker (QLD) DLV 4 100% $1.0m 50% equity / 50% debt Nov-24 Heritage Group Acquisition of minority interests Linx 5 9.2% $0.7m 100% cash May-25 AAA Finance Business and consumer lending finance broker (QLD) Westlawn 6 70% $6.2m 100% cash May-25 Chevron Acquisition of minority interests QPF 7 0.5% $0.1m 100% cash May-25 QPF Acquisition of minority interests QPF 1 0.4% $0.4m 100% cash Acquisition history (cont.)For personal use only
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Appendices Share of unrestricted cash - attributable to members 1. Cash and cash equivalents at the end of the year includes restricted cash of $47.4m (30 June 2024: $34.9m). Restricted cash represents funds held by the Group on behalf of its novated leasing customers, insurance broking trust accounts (representing the unpaid insurance premiums due to insurers and refunds due to customers), and funds sitting in a consolidated Trust under the control of an external Trustee, only available for use by that Trust. 2. The AM&L segment cash is almost exclusively related to the Westlawn group. Given the issuance of Unsecured Notes by Westlawn Finance which are governed by a Prospectus, there are some limitations on how these funds can be used. 3. Based on COG’s ownership of the relevant entity. $ millions 32 Segment's name Total cash Restricted cash1 Unrestricted cash Proportionate share of unrestricted cash attributable to Members3 Finance Broking & Aggregation 13.1 - 13.1 9.5 Novated Leasing 44.2 (36.9) 7.3 5.5 Asset Management & Lending2 63.5 (10.5) 53.0 38.2 Other 28.5 - 28.5 28.5 Total 149.3 (47.4) 101.9 81.7 For personal use only