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2026 Annual General Meeting FleetPartners Group Limited (ASX:FPR) 22 January 2026 For personal use only
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This Presentation contains summary information about FleetPartners Group Limited (FleetPartners) and its subsidiaries and their 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 obligations 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. For personal use only
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Agenda 01. Chair’s address 5 02. Chief Executive Officer & MD’s address 9 03. Voting 17 04. Appendix 18 For personal use only
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Chair’s address Gail Pemberton Chair 01 For personal use only
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Board of Directors and Executive team 6 Executive Team Board of Directors Chair Gail Pemberton NED Fiona Trafford-Walker NED Cathy Yuncken NED Russell Shields NED Rob McDonald NED Mark Blackburn CEO & MD Damien Berrell CFO James Owens COO Adriana Sheedy CCO Daniel Thompson MD NZ Russell Webber Group Finance Dir Jonathan Sandow CLO Annemarie Kernot CRO Mel Joyce CIO Daniel Giesen-White CPO Rachel Smith CSO James Allaway 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 7 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. $250m 3 For personal use only
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Environmental, social and governance highlights 8 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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CEO & MD’s address Damien Berrell CEO & MD 02 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 10 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% 11 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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Market opportunity supported by long-term industry tailwinds 12 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 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). FPR penetration of employees of FPR clientsSector penetration For personal use only
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FleetPartners strategic focus 13 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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Increasing capital payout ratio range and returning to dividends Announcement of the completion of the buy-back program and transition to dividends 14 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 pay dividends to shareholders going forward, which represent the most appropriate way to deliver ongoing distributions to shareholders • To increase the Group’s target payout ratio range 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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NBW1 Comments $1.5b $1.7b $1.8b $1.8b $1.9b $0.6b $0.6b $0.5b $0.5b $0.6b $2.1b $2.3b $2.3b $2.3b $2.4b Mar-24 Sep-24 Mar-25 Sep-25 Dec-25 1Q26 trading update Core income growth of 2% in line with average AUMOF growth, despite weaker than expected NBW 15 • NBW below expectations, being 13% lower than pcp1 ₋ Fleet AU and Fleet NZ were 12% and 1% (excluding FX) lower than pcp, respectively, due to the ongoing challenging macroeconomic environment and delayed decisioning as it relates to customer fleet renewal (leading to higher extension and inertia vs NBW) – despite this, strong tender success continues, and sale and lease back opportunities are expected to support momentum into 2H26 ₋ Novated was down 17%, impacted by 1Q25 benefiting from PHEV demand ahead of the FBT exemption finishing, and reduced demand across the financial services sector customer base, due to ongoing restructuring activities – focused on integrating Remunerator, capturing EV demand with potential changes to the FBT exemption for EVs, and enhancing retention outcomes at end of lease • Closing AUMOF excluding Remunerator was flat vs Sep-25 despite lower NBW, due to the ongoing elevated level of extensions and inertia ₋ Including Remunerator, closing AUMOF grew by c.$0.1bn (5%) • Core income grew 2% on pcp, in line with average AUMOF growth, as the ongoing reduction in Fleet AU margin has been offset by margin expansion in Fleet NZ and Novated • 1Q26 EOL profit per vehicle was $5,571, marginally down on 2H25 reflecting ongoing used car stability 1. New Business Writings includes sale and leasebacks, and less than one month of NBW from Remunerator in 1Q26. 2. Balance sheet funded AUMOF relates to warehouse and ABS funded leases. 3. Dec-25 P&A AUMOF includes Remunerator leases. 6-month period 3-month period $448m $476m $370m $408m $185m 1H24 2H24 1H25 2H25 1Q26 Balance sheet2 P&A3 AUMOF For personal use only
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Outlook FleetPartners sees clear opportunities in under-penetrated markets – momentum to build into 2H26 16 Conditions expected to remain challenging through at least the rest of 1H26, with marginal growth in NBW targeted for FY26 Unpredictable geopolitical environment continues to create uncertainty in the macroeconomic outlook – this is resulting in delayed fleet renewal decisioning, impacting NBW, albeit AUMOF is impacted to a much lesser extent due to the resulting extension and inertia activity While the FBT exemption for zero emission vehicles continues to support demand in Novated, the Government has announced a review date of 6 February 2026 – while the outcomes of the review are uncertain, FleetPartners is preparing to capture the anticipated pull forward of EV demand Expected 2H26 NBW momentum supported by: • Strong large fleet tender success over the last 6 months • Elevated pipeline of sale and lease back opportunities • Small Fleets in 1Q26 has delivered double digit growth on pcp in both AU and NZ (excluding FX) • Remunerator contribution to Novated NBW Core margin is expected to be largely stable against growth in AUMOF, albeit Fleet AU margin 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, $98.5 – 99.5m expected in FY26 (now inclusive of Remunerator) 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 – no change to expected FY26 interest on corporate debt despite Remunerator acquisition For personal use only
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Voting 03 For personal use only
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Appendix 04 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 19 FY25A FY26 (expectation) Comments (changes to expectation comments indicated in italics) 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 administrative arrears normalise, partially offset by balance sheet funded growth in Novated NOI $223.9m Operating expenses $(91.5)m $(98.5 – 99.5)m • Range updated to include Remunerator opex • ~$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 FY25 • FY26 growth offset by $1.5m reclass to opex Interest on corporate debt $(6.2)m $(6.1 – 6.5)m • Stable – increase due to Remunerator acquisition broadly offset by rate and margin reductions • +/- $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 For personal use only
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Glossary 20 Term Definition AUMOF Asset under management or financed Core Income Net operating income pre EOL and provisions EOL income End of lease income Funded VUMOF Vehicles under management or financed, excluding managed only vehicles NBW New business writings NOI Net operating income NPATA Underlying net profit after taxes, excluding amortisation NPS Net promoter score RV Residual value VUMOF Vehicles under management or financed, including managed only vehicles For personal use only
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Thank you Fleetpartners.com.au For personal use only