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2025 Results Presentation FleetPartners Group Limited (ASX:FPR) 17 November 2025 For personal use only
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This Presentation contains summary information about FleetPartners Group Limited (FleetPartners) and its subsidiaries and the ir activities, current as at the date shown on the front page of this Presentation. The information in this Presentation does not purport to be complete. It should be read in conjunction with FleetPartners’ Fi nancial Report and continuous disclosure announcements lodged with the Australian Securities Exchange, which are available at www.asx.com.au . This presentation contains information that is based on projected and/or estimated expectations, assumptions or outcomes. For ward-looking statements are subject to a range of risk factors. FleetPartners cautions against reliance on any forward -looking statements. While FleetPartners has prepared this information based on its current knowledge and understanding and in good faith, there a re risks and uncertainties involved which could cause results to differ from projections. FleetPartners will not be liable for the correctness and/or accuracy of the information, nor any differences between the info rmation provided and actual outcomes and reserves the right to change its projections from time to time. FleetPartners undertakes no obligatio n to update any forward-looking statement to reflect events or circumstances after the date of this presentation, subject to disclosure obli gations under the applicable law and ASX listing rules. Legal disclaimer 2 For personal use only
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Acknowledgement of Country In the spirit of reconciliation, FleetPartners acknowledges the traditional owners of the lands and waters across the Australian continent and we pay our respects to the many thousands of generations who looked after the lands and waters where we currently live and work today. 3 For personal use only
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Agenda 4 01. Performance highlights 5 02. Financial result 11 03. Investment case and outlook 18 04. Appendices 23 For personal use only
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Performance highlights Damien Berrell Chief Executive Officer and Managing Director 01 5 For personal use only
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FY25 financial performance highlights Stable core income1 growth and strong cash generation maintained despite lower NBW , highlighting the defensiveness of the Group 6 1. Core income was previously referred to as “NOI pre EOL and provisions”. 2. Funded VUMOF is leased vehicles under management or financed, which excludes managed only units. 3. Calculated using the 2H25 average EOL per unit for Australia and New Zealand multiplied by the number of operating leases on book at 30 Sep-25. 4. Annualised yield calculated as $29.4m declared dividend plus 2H25 buy-back of $25.3m divided by FPR market capitalisation as at 12 Nov-25. 5. FPR uses certain non-IFRS measures to provide an understanding of the underlying performance of the operations of the business. These are reconciled to the statutory measures in the Appendix. NBW $778m (16)% vs pcp – Excluding the FY24 pipeline unwind, down 6% due to subdued business confidence and the now resolved Accelerate system cutover impacts AUMOF $2.3b +2% vs pcp – Up +3% excluding FX as despite lower NBW , continued AUMOF growth underscores the defensive nature of the FPR business model Funded VUMOF2 62.9k (1)% vs pcp – Reduction in Fleet Australia and Fleet New Zealand partially due to the exiting of low- returning accounts – offset by growth in Novated CONTINUED PORTFOLIO GROWTH AGAINST LOWER NBW STRONG ONGOING SHAREHOLDER RETURNS DELIVERING SUSTAINED CORE INCOME GROWTH Cash earnings per share 37.5c +3% vs pcp – Positive impact from share buy-back program being partially offset by reduction in EOL Organic cash flow $93m Supported return to net cash position at Sep-25 of $28m (compared to net debt position of $17m at Mar-25) Dividend (unfranked) 13.6c 8.9% yield4 – Returning to dividends and represents $29m or 65% of 2H25 NPATA – at the mid-point of FPR’s increased capital payout ratio range Core income1 $169m +6% vs pcp – Aligned with average AUMOF growth NPATA pre EOL $41m +9% vs pcp – Driven by higher core income and ongoing operating expense discipline EOL income $61m (14)% vs pcp – Driven by a 10% decline in units sold and EOL per unit down 4% to $5,880. Illustrative embedded EOL income in portfolio of c. $250m3 For personal use only
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Acquisition of Remunerator Remunerator is a salary packager and novated lease provider with over 3 decades of industry experience – the acquisition provides FleetPartners with an enhanced go to market proposition in novated leasing 7 Acquisition of new salary packaging capability – broadening the proposition that can be offered to existing and new customers, whilst also increasing FPR’s overall competitiveness in market Acquisition rationale Expands channels of growth – new client opportunities and increased exposure to the long-term growth opportunities across the Novated sector EPS accretive pre-synergies – low single-digit Acquisition metrics Remunerator highlights • Upfront consideration of $31.4m, implying 5.9x LTM Sep-25 EBITDA • Up to $8.6m in deferred and contingent consideration ₋ Up to $4.4m payable subject to commercial/financial outcomes prior to the end of CY26 ₋ Up to $3.2m payable based on commercial/financial outcomes to Jun-27 ₋ Up to $1m payable in Jul-28 based on the continuation of the current Electric Car Discount legislation • The acquisition will be funded with available cash and debt facilities • Completion expected in 1H26Full suite salary packaging proposition supported by proprietary system capability Strong customer satisfaction Consistently high customer advocacy Strong historical growth outcomes ~2,300 VUMOF1 Long-term customer relationships Average tenure of +11yrs for top customers Long-term attractive employer base – maintained through leading service proposition 1. As at June 2025 For personal use only
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Market opportunity supported by long-term industry tailwinds 8 AUSTRALIA TAM Sector penetration ~$138bn1 2.4m vehicles2 ~$124bn1 2.2m vehicles2 ~15m employed Australians3 24% FMO4 76% Non-FMO 5% FMO4 95% Non-FMO Sector penetration FPR penetration of employees of FPR clients 4% FPR customer5 96% Non-FPR customerPENETRATION OUTSOURCING TAILWINDS CURRENT MACRO CONDITIONS ✓ Focus on fleet cost reduction and safety ✓ EV transition and increased regulatory compliance adding complexity, requiring fleet expertise ✓ Increasing value in data utilisation ! Subdued economic growth in Australia and New Zealand ! Delayed decision making in uncertain macroeconomic environment ✓ Heavy focus on total cost of ownership and safety ✓ Increasing need to reduce emissions ✓ Simplicity – a bundled, “pay-as-you-go” product ✓ Cash flow management and outsourcing of non-core risk ✓ Outsourcing of administrative fleet management tasks ✓ Lower total cost of ownership / tax savings ✓ A bundled product that simplifies owning a vehicle ✓ Increasing market awareness ✓ Novated leasing FBT subsidies ✓ Positive consumer sentiment Large Fleets Small Fleets Novated 1. Assumes an average vehicle value of $57,100 for the total addressable market as per 2 below. 2. Total addressable market is the total number of vehicles in Large Fleets and Small Fleets in Australia. AFMA/Fifth Quadrant – Australian Corporate Fleet Insights Study – July 2024. 3. ABS Employment data. 4. Proportion of fleets using an FMO x proportion who use an FMO for vehicle finance. AFMA/Fifth Quadrant – Australian Corporate Fleet Insights Study – July 2024 and Australian Small Fleet Insights Study – July 2024 . 5. Extrapolated from Top 20 customers and the number of FPR Novated leases divided by the effective employee base (total Australian employees divided by number of Novated panel providers). For personal use only
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FleetPartners strategic focus 9 1. Metrics are based on 2H25 vs 1H25. 2. LTM core income as a percentage of average AUMOF. 3. Holding AUMOF mix constant, core margin increased from 7.38% for the twelve months to 31 Mar-25 to 7.43% for FY25. 4. Opex divided by closing VUMOF. Attract New customers Retain Existing customers Grow Share-of-wallet Profit Optimisation Focus & 2H25 metrics1 FY25 outcomes FY26 growth initiatives Metric 2H25 outcome NBW growth AUMOF growth Metric 2H25 outcome Leading NPS Rebuilding Retention outcomes Metric 2H25 outcome Core margin2,3 Metric 2H25 outcome Opex / VUMOF4 NPATA pre EOL ✓ Highly successful tendering period for Large Fleets ✓ Launched Small Fleets online calculator ✓ Enhanced automated credit scorecard ✓ Strengthened relationships with multiple OEMs ✓ Rebuilding Novated NPS post Accelerate cutover ✓ Retained all material contracts ✓ Upgraded Novated digital customer portal ✓ Fleet NZ margin increased via enhanced pricing focus ✓ Novated margin increased with higher portion of balance sheet funding ! Fleet Australia margin remains elevated given levels of extension and inertia ✓ One system / one brand implemented, strengthening service and economies of scale ✓ $6m+ of annualised costs savings ✓ Lower VUMOF due to exiting low-returning accounts 1. Integration of Remunerator acquisition 2. Continued digital investment, with a focus on our Large Fleet customer portal and continued enhancements to the Novated digital experience 3. Expanding telematics and data partnerships and solutions – “connected car” enablement 4. Broaden Small Fleet omnichannel distribution 5. Strengthen relationships with OEMs and dealer partners 6. Continuous optimisation of our operations and the way we serve our customers For personal use only
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Environmental, social and governance highlights 10 1. As at 30 Sep-24. 60% of Novated NBW in FY25 was for electric and plug-in hybrids vehicles – up from 53% in FY24 5.0-star NABERS Energy rating at our new Sydney office location 38% women in senior management – up from 36% at the end of FY24 ISO 27001:2022 certified Information Security Management 126 sustainable fleet transition consultations held with new and existing commercial customers since the start of FY24 42% reduction in our Scope 1 & 2 emissions since FY22 (baseline year)1 158 volunteer hours contributed with our charity partners, including Cerebral Palsy Alliance (CPA) and Visionwest Waka Whakakitenga Supporting customers to transition Managing our environmental impact Our people and communities $50k donated to the CPA as part of their annual Steptember fund raising challenge Certifications and recognition For personal use only
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Financial result James Owens Chief Financial Officer 02 11 For personal use only
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NBW and AUMOF Despite lower NBW , AUMOF grew 2% compared to pcp (+3% excluding FX), with growth in balance sheet funded AUMOF1 of 9% 12 1. Balance sheet funded AUMOF relates to warehouse, ABS and cash funded leases. • NBW was 16% below pcp primarily due to the strong performance in FY24, which benefited from the unwind of the elevated order pipeline that built up during earlier periods, when supply was constrained • Excluding the impact of pipeline unwind, NBW was down 6% due to subdued business confidence and the now resolved impacts of the Accelerate system cutover • Despite this reduction in NBW, closing AUMOF grew 2% (or 3% excluding FX impacts) and average AUMOF grew 6% • As at Sep-25, balance sheet funded leases represented 80% of AUMOF, compared to 75% at Sep-24 as the Novated funding transition nears completion CommentsNBW AUMOF $448m $467m $370m $406m $0.6m $8.5m $0.6m $1.9m 1H24 2H24 1H25 2H25 ◼ Sale and lease-back 1 $1,406m $1,545m $1,686m $1,761m $1,838m $630m $592m $572m $502m $457m $2,036 $2,137 $2,258m $2,263m $2,296m Sep-23 Mar-24 Sep-24 Mar-25 Sep-25 AUMOF - Balance sheet AUMOF - P&A For personal use only
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Income statement NPATA pre EOL up 9% on pcp driven by 6% increase in average AUMOF and operating expense control 13 1. Core income was previously referred to as “NOI pre EOL and provisions” and includes interest income on cash at bank and excludes hedge ineffectiveness. 2. Core margin is calculated as core income divided by average AUMOF. 3. Non-IFRS measures are reconciled to the statutory profit reported in the financial statements in the Appendix. • Core income increased by 6% driven by the growth in average AUMOF together with stable margins, as the expected margin reduction in Fleet Australia has been offset by margin expansion in Novated and Fleet New Zealand • End of lease income decreased by 14%, driven by a 10% (equivalent to $6.9m) decrease in units sold (due to the impact of lower NBW on disposals) and a 4% decline in average EOL per unit • Credit provisions increased due to growth in balance sheet funded AUMOF (particularly for Novated, which grew 19%) and a temporary increase in arrears following the Accelerate system cutover • Operating expenses were $91.5m, a 3% increase on pcp and in line with expectations of $91 – 92m, reflecting continued cost discipline and approximately a half-year benefit of Accelerate cost savings • As a result, NPATA pre EOL was 9% higher than pcp and down 4% including EOL Comments$m FY25 FY24 PCP (%) Core income1 168.9 158.7 6% End of lease income 60.7 70.6 (14)% Fleet and credit provisions (5.7) (2.8) (101)% Net operating income 223.9 226.5 (1)% Total operating expenses (91.5) (89.2) (3)% EBITDA 132.4 137.3 (4)% NPATA pre EOL 41.3 37.9 9% NPATA 84.1 87.7 (4)% NPAT 75.3 77.9 (3)% NBW 778 924 (16)% AUMOF 2,296 2,258 2% Funded VUMOF (000s) 62.9 63.9 (1)% Core margin2 7.40% 7.41% (1)bps For personal use only
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End of lease income As used car prices appear to have broadly stabilised, EOL income is expected to remain stronger over the medium term before normalising 14 1. Expected normalised range of $2,200 to $2,500 based on historical averages. 2. Represents average used vehicle prices indexed to 30 Sep-23. Source: Datium Insights, report as of 30 Sep-25. $4,696 $4,173 $3,994 $4,084 $1,595 $1,821 $2,068 $1,634 $6,291 $5,994 $6,062 $5,718 1H24 2H24 1H25 2H25 EOL charges per unit ($) Profit per unit ($) Comments • Whilst used vehicle prices remain above historical levels, prices are showing a level of stability, with EOL profit per unit slightly higher in 2H25 than 1H25 • Units disposed were 10% lower than pcp due to lower NBW in FY25 • Longer term, EOL per unit is still expected to revert to historical average levels1 – however, EOL profit per unit is now expected to stay stronger in the medium term, allowing time for AUMOF and core income growth to offset this decline Vehicles sold and end of lease income per unit Used vehicle prices indexed to Sep-232 Units sold 5,708 5,790 4,863 5,455 EOL $35.9m $34.7m $29.5m $31.2m 70% 85% 100% 115% 130% Sep-23 Dec-23 Mar-24 Jun-24 Sep-24 Dec-24 Mar-25 Jun-25 Sep-25 For personal use only
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Portfolio credit quality remains high Underlying portfolio continues to perform strongly 15 1. Excludes equipment finance portfolios, which have been disposed of (AU) or are in run-off (NZ). Relates to finance payments only (excludes incidentals etc.). 2. FleetPartners half yearly average from Sep-16 to Sep-25. 3. S&P Australia prime residential mortgage-backed securities index (90+ days past due). Average from Sep-16 to Jun-25. 4. Personal Property Securities Register. Building construction, food services and retail Other Industries 45 15 60 40 47 FPR Mar-25 FPR Avg Prime RMBS Avg Administrative Underlying 90+ day arrears1 (bps) Portfolio exposure • Portfolio credit performance continues to be strong with 90+ day arrears at 45bps on an underlying basis at Sep-25, slightly above the long-term average2 • In addition to the underlying arrears, there are arrears associated with a number of administrative impacts in Novated, following the Accelerate cutover • Arrears exposure is offset by the value of the underlying vehicle, and all financing is secured by PPSR4 on vehicles (no unsecured finance exposures) • 71% of exposure to top 20 customers is investment grade (i.e. BBB- or higher) • 6% of portfolio exposure relates to building construction, food services and retail • Experienced collections team with strong control governance in place, including most Small Fleets customers on direct debit payment arrangements 94% 6% 2 3 Primarily due to administrative delays in processing activations, extensions and terminations For personal use only
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Cash generation Returned to net cash position, supported by strong organic cash generation and resolution of temporary Accelerate funding requirements 16 1. Organic cash generation / NPATA adding back non-cash SBPE and depreciation. $m FY25 Operating cash flow Customer receipts 1,000.7 Payment to suppliers and employees (480.9) Income tax paid (8.4) Net interest paid (88.3) Cash generated from operations before investment in lease portfolio 423.3 Purchase of operating and finance lease vehicles (720.3) Proceeds from sale of operating lease vehicles 224.5 Net operating cash flow (72.5) Investing cash flow Capex (PP&E and intangibles) (12.7) Net investing cash flow (12.7) Financing cash flow Net change in borrowings 182.5 Payment of lease liabilities (2.1) Movement in share capital (including buy-back) (57.3) Net financing cash flow 123.2 Net cash flow 38.0 $m FY25 Net cash flow 38.0 Add-back capex 12.7 Add-back change in corporate debt (15.0) Add-back movement in share capital (including buy-back) 57.3 Organic cash generation 93.0 NPATA adding back non-cash SBPE and depreciation (post-tax) 87.7 Cash conversion1 106% • Business generated $93.0m of organic cash flow (as defined above) • Temporary Accelerate cash funding during 1H25 resolved during 2H25, returning the Group to a net cash position of $27.9m at Sep-25 compared to a net debt position of $17.1m at Mar-25 • Cash conversion1 was 106% in FY25, enhanced by the tax timing difference associated with the Temporary Full Expensing tax legislation in Australia • $55.3m of cash distributed to shareholders via buy-back during FY25 For personal use only
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Funding and liquidity Diversified funding structures with capacity for growth and limited exposure to interest rate movements 17 39% 42% 19% Warehouse ABS P&A Asset Backed Securitisation Issuance • Warehouse funding capability since 2007 and regular ABS issuer since 2010, with a proven ability to issue through periods of volatility • $400m Australian ABS deal successfully completed in Jul-25, demonstrating the strong ongoing demand from funders to participate in FleetPartners’ funding program • Capacity for growth with $515m of undrawn warehouse capacity at Sep-25 • Warehouse funding margins set until Sep-26 and base rates hedged at lease inception – no significant interest rate exposure on the lease portfolio • ~$250m of total cash held, which generates interest income and acts to offset any change in interest expense on corporate debt from interest rate movements • Changes to AU and NZ central bank (cash) rates have a limited impact on earnings, with +/- 25bps movements illustratively resulting in a net impact of +/- c.$0.5m to annualised PBT • Drawn corporate debt of $75.0m and unrestricted cash of $102.9m, resulting in net cash of $27.9m as Accelerate temporary funding impacts have now been resolved. Undrawn corporate debt of $65.0m providing standby liquidity for the Group • Following corporate debt facility refinance, no corporate debt maturities until Oct-28 Warehouse capacity and funding mix at Sep-25Comments Warehouse ABS P&A Corporate debt Base rate movement exposure Hedged at lease origination for full term of lease No exposure $75m of debt exposed to 90-day BBSY Funding margin movement exposure Typically repriced annually in line with market benchmarks Fixed at issuance for the term of the issuance No exposure Fixed A$179m A$277m A$330m A$352m A$450m A$300m A$350m A$400m A$400m NZ$224m NZ$250m NZ$225m NZ$300m CY10 CY14 CY16 CY17 CY19 CY21 CY22 CY23 CY24 CY25 AU NZ $904m $515m Sep-25 Undrawn Drawn For personal use only
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Investment case and outlook Damien Berrell Chief Executive Officer and Managing Director 03 18 For personal use only
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Why FleetPartners? Highly predictable, cash generative business operating in a defensive asset class – growth opportunities supported by sector leading capability and underpenetrated target markets 19 Compelling product proposition vs traditional solutions • FleetPartners simplifies and lowers the cost of vehicle ownership for fleet operators and individuals • Financing and servicing of business-critical fleet assets and employed individuals’ personal vehicles Stable, predictable and recurring earnings • ~95% of core income is annuity-like in nature, embedded in every lease for their 3.9-year average term • ~80% of leases remain on book from the start to the end of the year – ~90% of corporate leases that roll off are replaced with new leases Investing for growth in large and underpenetrated markets • Operating in underpenetrated, high-returning markets with high barriers to entry • Investing in digital solutions, expanding omnichannel distribution, and enhancing capabilities to drive further growth High yielding business generating returns for shareholders • Implied annualised yield of 8.9%1 Market leading core capabilities • Unique and most diversified funding platform in the AU & NZ fleet management and Novated leasing sector • 38+ years of credit, vehicle maintenance and residual value underwriting expertise 1. Annualised yield calculated as $29.4m declared dividend plus 2H25 buy-back of $25.3m divided by FPR market capitalisation as at 12 Nov-25. For personal use only
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Cash earnings per share Cash EPS1 has grown at a 6% CAGR since FY23 despite EOL normalisation largely due to buy-back program – excluding EOL, Cash EPS has grown at a CAGR of 15% 20 1. NPATA divided by weighted average shares on issue during the period. 2. FY23 has been restated for the change in treatment of hedge ineffectiveness in the calculation of NPATA. 13.8c 15.8c 18.4c 19.6c 20.7c 19.1c 33.4c 36.5c 37.5c FY23 FY24 FY25 ◼ NPATA pre EOL per share ◼ EOL (post-tax) per share Comments 2 Cash EPS FleetPartners has delivered consistent growth in Cash EPS through: • Growth in core income driven by AUMOF – 8% CAGR since FY23 • Continued cost discipline and $6m+ of cost rationalisation unlocked through the delivery of the Accelerate program • Programmatic buy-back initiated in FY21, resulting in a 36% reduction in shares on issue and the return of $281m of capital as at 30 September 2025 For personal use only
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Increasing capital payout ratio range and returning to dividends Announcement of the completion of the buy-back program and transition to dividends 21 1. Annualised yield calculated as $29.4m declared dividend plus 2H25 buy-back of $25.3m divided by FPR market capitalisation as at 12 Nov-25. CommentsCumulative $310m of capital paid out since FY21 • Reflecting both market factors and the Group’s strong capital position and cash generation, the Board has determined: • To conclude the on-market share buy-back program initiated during FY21, and to utilise dividends going forward, which represent the most appropriate way to deliver ongoing distributions to shareholders • To increase the Group’s payout ratio from 55 – 65% to 60 – 70% of NPATA • The Board has therefore declared a final dividend of 13.6 cents per share payable on 16 January 2026 (totalling $29 million). This represents 65% of 2H25 NPATA, being the mid-point of the increased payout range • Given the Group’s carried forward tax losses associated with the Australian Federal Government’s Temporary Full Expensing policy (which finished on 30 June 2023), it does not have distributable franking credits. As a result, the declared dividend will be unfranked • It is the Board’s current intention to commence franking future dividends to the maximum extent possible once the franking balance reaches a level that will support sustained franking – which is expected by September 2026 • The dividend implies an annualised yield of 8.9%1 • Ongoing dividends are subject to no alternative use of capital arising that would otherwise generate a superior return $28m $28m $35m $32m $43m $30m $29m $30m $25m $29m 2H21 1H22 2H22 1H23 2H23 1H24 2H24 1H25 2H25 FY25 Final Buy-back Announced dividend For personal use only
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Outlook FleetPartners sees clear opportunities in under-penetrated markets – momentum to build into 2H26 22 Conditions expected to remain challenging through 1H26, noting December and January are seasonally the quietest months for NBW Unpredictable geopolitical environment continues to create uncertainty in the macroeconomic outlook • Customer uncertainty typically results in delayed decisioning, impacting NBW – AUMOF is impacted to a much lesser extent however due to the resulting extension and inertia activity FBT exemption for zero emission vehicles continue to support demand • Demand for Novated remains strong, albeit FPR is focused on rebuilding momentum in 1H26 post Accelerate disruption • Transition to low/no emission fleets to remain a key industry focus for the foreseeable future – presents a significant opportunity for FPR and a tailwind for the industry over the medium term Core margin is expected to be largely stable against growth in AUMOF, albeit Fleet AU remains elevated due to higher extensions and inertia • Upside opportunity in Novated associated with new product add-ons End of lease income stable, with any decline in profit per unit largely offset by an expected increase in units sold in FY26 Management will continue to take a disciplined approach to opex management – $95 – 96m expected in FY26 Continued strong cash generation enabling consistent distributions to shareholders through the cycle, despite elevated cash tax payable (related to Temporary Full Expensing legislation) over the coming years Excluding Remunerator acquisition For personal use only
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Appendices 04 23 For personal use only
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FY26 expectation analysis Core income expected to grow broadly in line with average AUMOF as margin headwinds from prior years dissipate 24 FY25A FY26 (expectation) Comments Core income $168.9m • Growth in average AUMOF partially offset by reduction in management fees as extensions reduce to more typical levels • Prior year headwind from lower funding commissions due to more balance sheet funding of NBW, not expected in FY26 End of lease $60.7m • Prices in used vehicle markets appear to have broadly stabilised • Units sold expected to improve in FY26 once replacement cycle commences Provisions $(5.7)m • Provisioning expected to moderate as arrears continues to normalise, partially offset by balance sheet funded growth in Novated NOI $223.9m Operating expenses $(91.5)m $(95.0 – 96.0)m • ~$1.5m increase relating to a portion of remuneration-related cost moving from share-based payments to opex in FY26 • Remaining 2-3% increase driven by higher activity levels, investing for growth and cost inflation – partially offset by the full-year impact of Accelerate cost benefits EBITDA $132.4m Share-based payments $(3.8)m $(4.1 – 4.5)m • Growth in FY26 is a function of FY25 SBP expense being lower given the majority of the FY23 LTI Plan grants did not vest in F Y25 • FY26 growth offset by $1.5m reclass to opex Interest on corporate debt $(6.2)m $(6.1 – 6.5)m • Stable • +/- $0.2m impact for every future +/- 25 bps change to BBSW Depreciation and leases $(3.2)m $(3.8 – 4.0)m • Increase mainly due to office relocation in Sydney Tax 29.4% 29 – 30% (tax rate) • Based on statutory earnings from Australia and New Zealand • Corporate tax payments expected to resume during 2H26 as carried-forward tax losses associated with Temporary Full Expensing (which ceased 30 Jun-23) are utilised Excluding Remunerator acquisition For personal use only
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Electric Vehicles – uptake by segment Acceptance and uptake continues to be strongest in Novated, with the Corporate transition still at early stages 25 $42.1k $43.8k - 5% 10% 15% 20% - 10.0 20.0 30.0 40.0 50.0 60.0 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 BEV % PHEV % Average lease value $52.4k $62.2k - 5% 10% 15% 20% - 10.0 20.0 30.0 40.0 50.0 60.0 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 BEV % PHEV % Average lease value $53.3k $58.1k - 20% 40% 60% 80% - 10.0 20.0 30.0 40.0 50.0 60.0 70.0 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 BEV % PHEV % Average lease value Novated NBW Fleet New Zealand NBWFleet Australia NBW • FBT exemption for BEVs and PHEVs below the Luxury Car Tax threshold has driven strong uptake in EVs • Commenced Jul-22, with PHEV FBT exemption removed 1 Apr-25 and BEV exemption to be reviewed by mid-2027 • In 2H25, demand for PHEVs fell away with the end to the PHEV FBT exemption, however this was replaced by demand for BEVs • Average lease value for all Novated leases reduced slightly over FY25 averaging $58,100 by 4Q25 • BEVs made up 38% of closing AUMOF, while PHEVs made up 11% • FBT exemption has been less effective at driving EV demand for Corporate fleets where adoption remains low, due to barriers to adoption • Average lease value has increased during FY25 due to a greater mix of higher cost HCVs and LCVs • BEVs made up 1% of closing AUMOF and PHEVs 2% • New Vehicle Efficiency Standard started Jan-25, with penalties for OEMs failing to meet CO2 targets effective Jul-25. No significant impacts to date, but as penalties increase, it may: ✓ Increase ICE prices and therefore amount financed ✓ Increase variety of EVs available, aiding transition • Following repeal of the Clean Car Discount in Dec-23, the proportion of NBW relating to EVs has reduced significantly • Average lease value has remained broadly consistent during FY25 • BEVs made up 6% of closing AUMOF, while PHEVs made up 4% 1 1 1 Average leave value ($k) % of NBW Average leave value ($k) % of NBW Average leave value ($k) % of NBW 1. Average lease value is for all vehicle types including ICE and Hybrid, and is shown in AUD’000. For personal use only
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Fleet Australia Core income up 2% driven by average AUMOF growth partially offset by core margin normalisation 26 1. Core income was previously referred to as “NOI pre EOL and provisions” and includes interest income on cash at bank and excludes hedge ineffectiveness. 2. Core margin is calculated as core income divided by average AUMOF. • NBW for FY25 was 21% below pcp primarily due to the strong performance in FY24, which benefited from the unwind of the elevated pipeline that built up during earlier periods, when supply was constrained • Excluding the impact of pipeline unwind, NBW was down 5% due to subdued business confidence and the now resolved impacts of the Accelerate system cutover • Despite this reduction in NBW, closing AUMOF remained flat and average AUMOF grew by 4% • Core income increased by 2% driven by this growth in average AUMOF, offset by a 14bps reduction in core margin, as elevated extensions slowly reduce • End of lease income decreased by 18%, driven by a 14% (equivalent to $6.7m) decrease in units sold (due to the impact of lower NBW on disposals) and a 5% decline in average EOL per unit • Credit provisions increased due to growth in balance sheet funded AUMOF and a temporary increase in arrears following the Accelerate system cutover • Operating expenses were 2% higher than pcp reflecting continued cost discipline and approximately a half-year benefit of Accelerate savings • As a result, EBITDA was 11% lower than pcp $m FY25 FY24 PCP (%) Core income1 93.9 91.7 2% End of lease income 41.3 50.4 (18)% Fleet and credit provisions (3.7) (2.8) (31)% Net operating income 131.6 139.3 (6)% Total operating expenses (62.4) (61.2) (2)% EBITDA 69.1 78.1 (11)% NBW 323 407 (21)% AUMOF 1,094 1,092 0% Funded VUMOF (000s) 30.1 31.4 (4)% Core margin2 8.62% 8.76% (14)bps Comments For personal use only
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Fleet New Zealand Core income up 3% driven by core margin expansion 27 1. Core income was previously referred to as “NOI pre EOL and provisions” and includes interest income on cash at bank and excludes hedge ineffectiveness. 2. Core margin is calculated as core income divided by average AUMOF. • NBW for FY25 was 12% below pcp primarily due to the strong performance in FY24, which benefited from the unwind of the elevated pipeline that built up during earlier periods when supply was constrained • Excluding the impact of pipeline unwind, NBW was down 6% due to subdued economic conditions in New Zealand • Closing AUMOF was down 6% primarily due to a weakening of the NZD (AUMOF was down 1% excluding FX) and average AUMOF was flat • Core income increased by 3% driven by stable average AUMOF and a 25bps increase in core margin, due to improvements in net interest margin and management fees through enhanced pricing focus • End of lease income decreased by 3%, driven by a 4% decrease in units sold partially offset by a 1% increase in average EOL per unit • Provisions increased due to a fleet provision for a specific cohort of EVs and an increase in arrears, compared to provision releases in FY24 • Operating expenses were 1% higher than pcp reflecting continued cost discipline • As a result, EBITDA was 4% lower than pcp $m FY25 FY24 PCP (%) Core income1 36.9 35.7 3% End of lease income 18.0 18.5 (3)% Fleet and credit provisions (1.9) 0.1 nm Net operating income 53.0 54.4 (3)% Total operating expenses (15.5) (15.3) (1)% EBITDA 37.5 39.1 (4)% NBW 165 186 (12)% AUMOF 503 534 (6)% Funded VUMOF (000s) 17.0 17.7 (4)% Core margin2 7.05% 6.80% 25bps Comments For personal use only
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Novated Core income up 21% driven by average AUMOF growth and core margin expansion 28 1. Core income was previously referred to as “NOI pre EOL and provisions” and includes interest income on cash at bank and excludes hedge ineffectiveness. 2. Core margin is calculated as core income divided by average AUMOF. • NBW for FY25 was 12% below pcp primarily due to the strong performance in FY24, which benefited from the unwind of the elevated pipeline that built up during earlier periods, when supply was constrained • Excluding the impact of pipeline unwind, NBW was down 7% due to the now resolved impacts of the Accelerate system cutover • Despite this reduction in NBW, closing AUMOF grew 11% and average AUMOF grew 17%, as AUMOF continues to build following the significant NBW growth over preceding periods • Core income increased by 21% driven by this growth in average AUMOF and a 20bps increase in core margin, as the funding transition nears completion • Operating expenses were 7% higher than pcp reflecting the growth in the Novated business • As a result, EBITDA was 28% higher than pcp $m FY25 FY24 PCP (%) Core income1 38.0 31.3 21% End of lease income 1.3 1.7 (21)% Fleet and credit provisions (0.0) (0.1) nm Net operating income 39.3 32.9 20% Total operating expenses (13.6) (12.7) (7)% EBITDA 25.8 20.2 28% NBW 290 331 (12)% AUMOF 698 632 11% Funded VUMOF (000s) 15.8 14.7 8% Core margin2 5.70% 5.50% 20bps Comments For personal use only
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Balance sheet Balance sheet remains strong, with disciplined capital management Comments • Cash position a result of strong organic cash generation offset by the share buy- back and Accelerate capital expenditure • Leases up 9% and warehouse and ABS borrowings up 9%, driven by the growth in balance sheet funded AUMOF • Trade and other receivables up 30% as a result of a change in the timing of invoicing incidental expenses and higher arrears • Right-of-use assets and lease liabilities up due to office relocation in Sydney during FY25 • Derivative financial instruments liabilities (related to interest rate hedges) increased from a liability of $5.7m at Sep-24 to $14.7m at Sep-25 due to movements in swap curves and the use of swaps during FY25 • Gross corporate debt increased by $15.0m and net cash decreased from $31.3m at Sep-24 to $27.9m at Sep-25 $m 30 Sep 2025 30 Sep 2024 % Assets Cash and cash equivalents 102.9 91.3 13% Restricted cash and cash equivalents 205.7 182.7 13% Trade and other receivables 103.0 79.1 30% Leases 1,822.4 1,675.9 9% Inventory 13.3 15.6 (15)% PP&E 6.0 3.5 72% Intangibles 472.8 478.7 (1)% Right-of-use assets 5.8 3.8 52% Total assets 2,731.9 2,530.6 8% Liabilities Trade and other liabilities 125.7 138.1 (9)% Borrowings – Warehouse and ABS 1,743.8 1,596.4 9% Borrowings – Corporate debt 75.0 60.0 25% Provisions 8.7 8.4 3% Lease liabilities 9.8 5.7 71% Derivative financial instruments 14.7 5.7 156% Deferred tax liabilities 122.0 93.3 31% Total liabilities 2,099.6 1,907.7 10% Net assets 632.3 622.9 2% AUMOF 29 For personal use only
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Reconciliation of non-IFRS measures FleetPartners uses a number of non-IFRS measures1 which are reconciled to the statutory results below $m FY25 FY24 Net operating income per the statement of profit and loss 227.8 226.5 Credit provisions (bad and doubtful debts) (4.9) (3.5) Add back hedge loss 1.0 3.5 NOI per the investor presentation 223.9 226.5 Operating expenses (91.5) (89.2) EBITDA 132.4 137.3 Depreciation and leases (3.2) (3.3) Share-based payments (3.8) (3.3) Interest on corporate debt (6.2) (6.3) Tax (35.2) (36.7) NPATA 84.1 87.7 Remove end of lease income (60.7) (70.6) Tax 17.9 20.8 NPATA pre EOL 41.3 37.9 $m FY25 FY24 NPATA 84.1 87.7 Reconciling items Amortisation of acquired intangibles (post-tax) - (1.7) Amortisation and impairment of software (post-tax) (6.7) (4.4) Hedge loss (post-tax) (0.7) (2.5) Non-recurring items (post-tax) (1.4) (1.2) Statutory net profit after tax 75.3 77.9 30 1. FPR uses certain non-IFRS measures to provide an understanding of the underlying performance of the operations of the business. For personal use only
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Thank you Fleetpartners.com.au 31 For personal use only