Slides
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Results presentation Half-year ended 31 December 2025
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Managing Director, Warwick Hay 1H2026 saw our focus shift from adjusting the expense base to driving growth in businesses with strong positioning, while also challenging other business units to find their growth path. Development of a strategic roadmap is underway to leverage existing core capabilities and create new offerings to help customers succeed. 2H2026 is focused on leveraging the reset and continuing to progress the business model. 2
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• NTAW Holdings Limited (ASX: NTD) (‘NTD’ or the ‘Group’) continued the program started in 2H2025 with the implementation of substantial changes to reset the Group’s cost base, review the organisational structure, challenge the working capital required, and ensure clear accountabilities and responsibilities are in place. • This built a solid foundation for thehalf-year ended 31 December 2025 (‘1H2026’) to be focused on resetting Group performance across customer stability, supplier alignment, expense control and inventory management. • Several key suppliers have transitioned from transactional relationships to multi-year strategic partnerships. Three-year agreements have been executed with substantial tangible and intangible terms, the full benefits of which will materialise in 2H2026 & FY2027. This approach promotes transparency, agility and accountability. • Revenue growth has been achieved in business units with a strong market position and a clear proposition to add value to customers. Dynamic Wheel Co., Statewide and Solid Plus all delivered upside over the prior corresponding period (‘pcp’). • With expenses largely reset in 2H2025, there wasno significant change in total expenses in 1H2026. Thisis expected to continue in 2H2026, with the exception of continuing the warehouse optimisation program in the Australian capital cities. • The Group aims to expand revenue opportunities on the existing cost structure. • A successful inventory reduction program (down $44.1 million since the end of 1H2025) has been completed. 3 Overview
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Financial metrics in 1H2026 reset Achieved • Revenue remained materially in line compared to 2H2025 (with the exclusion of Dunlop sales in Australia). • Statewide, Solid Plus and Dynamic Wheel Co. experienced steady growth, offset by Black Rubber’s decline due to stores closed in June 2025. • Although New Zealand business units remained flat in a difficult economic environment, the expansion of Dynamic Wheel Co. commenced successfully. • Gross profit margin continued to improve on the back of more structured promotional programs, a reduction in slow-moving stock, discounting, and a reduction in freight activities on the back of improved inventory management. 4 * 2H2025 results have been adjusted to exclude the sale of Dunlop stock (at cost) to Sumitomo Rubber Industries, Ltd. NB: In line with the Accounting Standards, historical Profit & Loss information has been adjusted to exclude T yre Life Solutions (‘TLS’ )as discontinued operations and historical Balance Sheet information includes TLS net assets. Financial Metrics – Profit & Loss 1H2026 2H2025* 1H2025 % change from 1H25 Revenue ($’000) 225,777 255,230 257,446 -12.3% Gross profit margin % 30.3% 29.5% 29.3% 3.3% Expenses (excl. discontinued ops) ($’000) 58,583 57,535 66,619 -12.1% Expenses as a % of revenue 25.9% 22.5% 25.9% 0.3% Operating EBITDAI ($’000) 10,370 19,818 10,903 -4.9% Operating EBITDAI margin 4.6% 7.8% 4.2% 8.5% Financial Metrics – Balance Sheet Dec-25 Jun-25 Dec-24 % change from Dec-24 Inventory ($’000) 113,156 127,732 157,235 -28.0% Net debt ($’000) 50,631 40,436 64,186 -21.1% Net debt : debt + equity 34.6% 23.3% 36.0% -3.9%
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Financial metrics in 1H2026 reset (cont.) Achieved • Expenses stabilised after the reset in 2H2025 as Australian Dunlop sales reduced. • Although EBITDA was disappointing, it reflects the stage – now completed – of the reset where the Group has dealt with several realignment projects to match the lower revenue. • The Group is now running at an acceptable level of inventory. This significant reduction in inventory follows rationalisation of suppliers and SKUs, disciplined stockturns and ensuring the right products are in the right locations to service our customers. • During 1H2026, NTAW repaid $13.7 million in debt, with a further $2.25 million repaid since balance date. Additional repayments are planned for FY2027. 5
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6 Balance sheet flexibility • Inventory levels continued to reduce - down $14.5 million over 1H2026. T otal reduction since December 2024 is $44.1 million (inclusive of $24 million of Dunlop inventory held in Australia). • Commonwealth Bank of Australia (‘CBA’) indicated support to ensure alignment of financial covenants with the Group’s trading environment. The borrowing facility remains in place with an expiry date of 30 September 2027. • Further reduction of external debt in 1H2026 ($13.7 million was repaid) and a further $2.25 million has been repaid since balance date. • Negotiations on the sale of the South Africa operations are progressing with the expectation we will exit during 2H2026. The Group has classified T yrelife Solutions (TLS) as assets held-for-sale and discontinued operations in the half-year financial report. Revenue and margin improvements • The Group aims to expand revenue opportunities on the existing cost structure. • Improvement in gross margin achieving 30.3% in 1H2026 across the Group (up from 29.3% in 1H2025) was pleasing. We anticipate margin strengthening on the back of more structured and focused promotional activities. • Dynamic Wheel Co. was successfully launched in New Zealand with plans to continue sales growth in the market. • Statewide T yres, Dynamic Wheel Co. and Solid Plus experienced growth compared to pcp, whilst NTAW was flat and Black Rubber reduced on the back of four closed retail stores. • In New Zealand, the sluggish economy saw T yres4U, Exclusive T yre Distributors and Carter’s T yre Service remain flat. Progress on our FY2026 priorities
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Progress on our FY2026 priorities (cont.) 7 Strengthen core supplier partnerships • As Core Supplier Partnerships are agreed, a clear focus on joint activities to grow volumes will continue to be actioned. • During 1H2026, the Group established a formal framework to define and implement Strategic Supplier Partnerships to support sustainable revenue growth. This initiative will deliver improvements around co-funded advertising and promotional support, with benefits beginning to be realised from January 2026. • The Group signed multi-year agreements Giti, Cooper, Mickey Thompson and Radar, and will look to execute these with other core suppliers over 2H2026. • These partnerships have been implemented and will continue to evolve as relationships mature and benefits are validated through the P&L. Cost base refinements continue • In February 2026, the Group finalised the consolidation of two warehouses in Adelaide. Excess space in Sydney was sublet during 1H2026 and excess space in Brisbane, Melbourne and Perth facilities is being marketed. • IT expenditure is expected to remain relatively stable throughout 2H2026, with focus shifting from cost reduction to improved effectiveness and value realisation. • Refinement of the cost base will continue, with the focus now moving to growing revenue. The goal is to maintain a relative flat cost base while growing sales.
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1H2026 financial results 8
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Statement of profit or loss • Revenue decreased on pcp driven by the loss of $27 million in Dunlop sales (in Australia) and $9 million in Black Rubber due to store closures and loss of business in the Western Australia marketplace. Sales across the other Australian businesses were up on pcp, with New Zealand holding flat in a challenging economic environment. • Gross margin improved by 1% on pcp due to more disciplined promotional and discounting activities. • Overall expenses remained flat on 2H2025 and were down by $8 million on 1H2025. • Increase in other expenses in 1H2026 (compared to 2H2025) primarily relate to $0.8 million increase in doubtful debt expense and $1.3 million increase in unrealised loss on foreign currency exchange. • TLS (in South Africa) is being accounted for as a discontinued operation as the sale of the company’s 50% interest is progressing. NB: In line with the Accounting Standards, historical Profit & Loss information has been adjusted to exclude TLS as discontinued operations and historical Balance Sheet information includes TLS net assets. $'000 1H2026 2H2025 1H2025 Sales revenue* 225,777 255,230 257,446 Cost of goods sold* (157,461) (179,823) (182,034) Gross profit* 68,316 75,407 75,412 30.3% 29.5% 29.3% Other income 232 2,203 346 Employee benefits (39,551) (40,471) (44,322) Occupancy (3,356) (3,240) (4,002) Computer and software costs (2,541) (2,694) (2,645) Marketing (2,194) (2,539) (2,848) Motor vehicles (2,711) (2,814) (2,876) Professional fees and acquisition costs (1,123) (893) (773) Insurance (1,926) (1,964) (2,210) Other expenses (5,181) (2,920) (6,943) Operating expenses (58,583) (57,535) (66,619) EBITDAI 9,965 20,075 9,139 Impairment loss (759) (55) (39,167) EBITDA 9,206 20,020 (30,028) Depreciation and amortisation (12,488) (12,986) (13,601) EBIT (3,282) 7,034 (43,629) Finance costs (net) (5,601) (6,714) (5,811) Net loss before tax (8,883) 320 (49,440) Income tax benefit/(expense) 303 (1,358) 6,925 Net loss from continuing operations (8,580) (1,038) (42,515) Loss from discontinued operations (2,150) (86) (326) Net loss for the half-year (10,730) (1,124) (42,841) 9
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• Reduction in revenue was expected with the cessation of Dunlop in Australia. • Improvement in gross margin in 1H2026 was pleasing and indicates the projects worked on are starting flow in the P&L. • Further reduction in headcount and employee costs were achieved in 1H2026. • Other income decline is driven by supplier rebates being down on the pcp. 10 Operating EBITDAI* 1H2025 - 2H2025 - 1H2026 2 *Operating EBITDAI: Earnings before interest, tax, depreciation, amortisation and impairment, adjusted for normalisations as disclosed in the financial report.
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Balance sheet • Successful inventory reduction program – down $44.1 million since 31 December 2024. • No material reduction of inventory (cash conversion) forecast up to 30 June 2027. • Gross debt has reduced by $13.7 million since 30 June 2025. 11 NB: In line with the Accounting Standards, historical Profit & Loss information has been adjusted to exclude TLS as discontinued operations and historical Balance Sheet information includes TLS net assets. $'000 Dec-25 June-25 Dec-24 Current assets Cash and cash equivalents 23,070 46,993 25,039 Receivables 59,622 64,422 68,493 Inventory 113,156 127,732 157,235 Other current assets 6,294 3,378 8,807 Current tax asset/(liability) 836 1,036 1,088 202,978 243,561 260,662 Non-current assets Property, plant and equipment 14,708 16,016 17,305 Right-of-use assets 75,906 82,535 81,055 Intangible assets 6,505 6,919 7,354 Other non-current assets 419 488 539 Deferred tax asset/(liability) 5,305 4,579 5,446 102,843 110,537 111,699 Total assets 305,821 354,098 372,361 Current liabilities Payables 64,270 77,292 95,430 Borrowings 62,570 74,286 89,225 Lease liabilities 17,912 18,835 19,186 Provisions 9,823 10,344 11,130 Other financial liabilities 468 786 - 155,043 181,543 214,971 Non-current liabilities Borrowings 11,131 13,143 - Lease liabilities 66,507 71,156 69,354 Provisions 1,811 1,895 1,780 79,449 86,194 71,134 Total liabilities 234,492 267,737 286,105 Net assets classified as held for sale 1,440 - - Net assets 72,769 86,361 86,256 NET DEBT 50,631 40,436 64,186
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Cash flow summary • $12.3 million repayment of borrowings was achieved in 1H2026. A further $2.25 million was paid in February 2026. • The Group achieved $1.4 million positive operating cashflow in 1H2026, noting negative cash flows from operating activities have historically been achieved in first-half periods. 12 NB: The above cash flow summary has been adjusted to exclude the impact of TLS. $'000 1H2026 2H2025 1H2025 Net receipts from customers & payments to suppliers and employees 5,067 41,475 (4,510) Net interest and other finance costs (3,059) (3,977) (3,390) Income taxes paid (595) (289) (1,592) Net cash (used in)/from operating activities 1,413 37,209 (9,492) Net payments for PPE (987) (440) (2,045) Transfers to/(from) term deposits (18) 16 208 Net cash used in investing activities (1,005) (424) (1,837) Proceeds from share issue, net of capital raising costs - - 11,968 (Repayment)/proceeds of borrowings (12,348) (2,163) (2,406) Payment of principal and interest on lease liabilities (12,401) (12,682) (11,930) Net cash used in financing activities (24,749) (14,845) (2,368) Net decrease in cash holdings from continuing operations (24,341) 21,940 (13,697)
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Outlook 13
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Outlook During FY2025, the Group focused on adjusting the expense base to better align to the reduced sales volumes post-Dunlop (in Australia). This also allowed a more disciplined approach to managing costs and created higher accountabilities. Strategic Supplier Relationships were strengthened and joint strategic partnerships have been agreed to drive growth and success for both parties. Adjustments in inventory holdings and service activities means the Group is better placed to service its customers. The Group has completed several projects to enable the focus to switch to targeted growth across all business units. Revenue • The expansion of Dynamic Wheel Co. in New Zealand in 1H2026 was successful, and the Group will continue to invest resources to accelerate growth. • Fleet customers represent a significant growth opportunity across Carter’s T yre Service (NZ retail), NTAW (AU wholesale) and Black Rubber (AU retail). The Group will finalise the Black Rubber operating model, after which the focus will shift to securing regional and national fleet contracts to drive sustainable growth. • Strategic Supplier Partnerships will increase our ability to compete in an everchanging market on price, promotions and targeted campaigns, with one clear focus: to gain share of wallet and market share. Gross profit • With a more disciplined approach to promotional activities, support from strategic supply partners, and continued improvements in freight, the Group expects a positive shift in gross profit. 14
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Expenses • Property consolidation and cost reductions remain key focus areas across both Australia and New Zealand. Material progress has already been achieved, including consolidation in Adelaide and subleasing of space in Sydney. Third-party logistics and subleasing of excess space in Brisbane, Melbourne and Perth is being marketed. While some benefits are forecast to be realised in 2H2026 (subject to execution), additional opportunities remain under active review. Although precise savings are difficult to quantify due to timing, deal structures and exit costs, management estimates potential long-term savings of $2 million per annum. • Headcount has continued to reduce as the Group rightsizes operations (the Group has reduced its headcount by 14% since 31 December 2024). The primary opportunity is not further reductions; it is maintaining current non-direct headcount levels as revenue scales. • Additional cost controls, including tighter travel and discretionary spending policies are under review, although the financial impact is expected to be modest. • IT expenditure is expected to remain relatively stable over the next 18 months, with focus shifting from cost reduction to improved effectiveness and value realisation. Outlook (cont.) 15
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Outlook (cont.) Working capital, debt & key project • No material changes are expected in working capital management in the near term. • Accounts payable and accounts receivable metrics are currently within acceptable ranges and require no significant intervention. Continued focus on cash discipline and inventory optimisation will support balance sheet stability. • NTD has engaged with CBA regarding its financial covenants and CBA has indicated support to ensure alignment with the Group’s trading environment. Financial covenants have been waived up to 31 March 2026. The borrowing facility remains in place with an expiry date of 30 September 2027. • As outlined in the FY2025 investor presentation, the back-to-basics approach at Black Rubber was implemented with the closing of four retail stores to focus efforts on larger commercial retail stores. Progress has been mixed and the focus in 2H2026 is to resolve the unsatisfactory performance with a clear mandate to restore acceptable levels of performance. 16
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Important information and disclaimer This presentation may contain certain unaudited financial information in relation to NTAW Holdings Limited (‘NTD’ or the ‘Group’). As such, it has not been subject to an audit or an audit process or otherwise independently verified. This presentation may contain forward-looking statements. Such statements are inherently subject to uncertainties in that they may be affected by a variety of known and unknown risks, variables and other factors which could cause actual values or results, performance or achievements to differ materially from anticipated results, implied values, performance or achievements expressed, projected or implied in the statements. The Group gives no assurance that the anticipated results, performance or achievements expressed or implied in those forward-looking statements will be achieved. Neither the Group nor any of its directors or any other party associated with the preparation of this presentation guarantee that any specific objective of the Company will be achieved or that any particular performance of the Group or of its shares will be achieved. The information in this presentation does not take into account the objectives, financial situation or particular needs of any person. Nothing contained in this presentation constitutes investment, legal, tax or other advice. 17
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Appendix A NTAW Holdings Limited is the largest independent tyre and wheel importer in Australia and New Zealand. The Group has about 750 employees serving more than 3,500 B2B customers, going further to help them win in a highly competitive industry. The Group is engaged in brand building, logistics, retread manufacture and customer services, supported by a national footprint of sales and marketing teams and distribution centres. The Group generated revenue of $226 million in 1H2026 by supporting long-standing supplier relationships, focusing on building core exclusive brands. The Group operates with income streams diversified by country, channel and tyre type. 18
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Focus on winnable segments of a $5.5 billion industry 19 Appendix B