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FY26 RESULTS INVESTOR PRESENTATION l 25 AUGUST 2026
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Important Notice and Disclaimer PFP FY26 INVESTOR PRESENTATION 2 This presentation contains summary information about Propel Funeral Partners Limited (ACN 616 909 310) (Propel) and its activities current as at the date of this presentation. Propel assumes no obligation to update such information. The information in this presentation is of general background only and does not purport to be complete. It has been prepared for use in conjunction with a verbal presentation and should be read in that context. It should also be read in conjunction with Propel’s other periodic and continuous disclosure announcements filed with the Australian Securities Exchange (ASX). This presentation is for information purposes only and is not a prospectus or product disclosure statement, financial product or investment advice or a recommendation to acquire Propel shares or other securities. It has been prepared without taking into account the objectives, financial situation or needs of individuals. Before making an investment decision, investors and prospectus investors should consider the appropriateness of the information having regard to their own objectives, financial situation and needs and seek legal, financial and taxation advice appropriate to their jurisdiction. Past performance is no guarantee of future performance. This presentation does not constitute an offer to sell, or a solicitation of an offer to buy, any securities in the United States. The securities of Propel have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (Securities Act) or the securities laws of any state or other jurisdiction of the United States, and may not be offered or sold in the United States except in compliance with the registration requirements of the Securities Act and any other applicable securities laws or pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and any other applicable securities laws. This presentation may contain forward looking statements, including statements regarding Propel’s intent, belief or current expectations with respect to Propel’s business and operations. When used in this presentation, the words ‘likely’, ‘estimate’, ‘project’, ‘forecast’, ‘anticipate’, ‘believe’, ‘expect’, ‘may’, ‘aim’, ‘should’, ‘potential’, ‘target’ and similar expressions, as they relate to Propel, are intended to identify forward looking statements. Forward looking statements involve inherent risks and uncertainties, both generic and specific, and there is a risk that such predictions, forecasts, projections and other forward looking statements will not be achieved. A number of important factors could cause Propel’s actual results to differ materially from the plans, objectives, expectations, estimates and intentions expressed in such forward looking statements, and many of these factors are outside Propel’s control. Forward looking statements are provided as a general guide only, and should not be relied on as an indication or guarantee of future performance. As such, undue reliance should not be placed on any such forward looking statement. No representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information, opinions and conclusions contained in this presentation (including forward looking statements). To the maximum extent permitted by law, neither Propel nor any of its related bodies corporates, shareholders, directors, officers, employees, agents or advisors, nor any other person accepts any liability, including, without limitation, any liability for any loss arising from the use of this presentation, or its contents or otherwise arising in connection with it, including, without limitation, any liability from fault or negligence on the part of Propel, its related bodies corporates, shareholders, directors, officers, employees, agents or advisors. This presentation includes certain financial measures, such as Operating EBITDA, Operating EBIT and Operating NPAT which are not prescribed by Australian Accounting Standards (AAS) and represent the results under AAS adjusted for certain non-operating items, such as acquisitions and the non cash net financing charge on pre-paid contracts. The directors consider Operating EBITDA, Operating EBIT and Operating NPAT to reflect the core earnings of the Group. These financial measures, along with other measures, have not been subject to specific audit or review procedures by the Company’s auditor, but have been extracted from the accompanying financial statements. The FY15 to FY18 Operating EBITDA, Operating NPAT and Cash Flow Conversion numbers disclosed in this investor presentation are presented on a pro forma basis (consistent with the Prospectus and FY18 reporting), unless otherwise stated. FY22 is disclosed on a pro forma basis (consistent with FY22 reporting). Capitalised words and phrases in this presentation will have the meaning given in the Prospectus and the definition slide set out in the Appendix. All references in this presentation to ‘$’ are to Australian currency, unless otherwise stated. A number of figures, amounts, percentages, estimates, calculations of value and fractions in this presentation are subject to the effect of rounding. Accordingly, the actual calculation of these figures may differ from the figures set out in this presentation. NOT FOR DISTRIBUTION IN THE UNITED STATES
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Presenters PFP FY26 INVESTOR PRESENTATION 3 LILLI RAYNER Co-Founder and Co-CEO ARASH NOAEEN CFO FRASER HENDERSON Co-Founder and Co-CEO
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PFP FY26 INVESTOR PRESENTATION 4 1. FY26 Snapshot 2. Company Overview 3. FY26 Financial Results Detail 4. Industry Trends & Acquisitions 5. Investment Summary & Outlook 6. Q&A Appendices Agenda
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01 FY26 Snapshot PFP FY26 INVESTOR PRESENTATION 5
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FY26 Snapshot PFP FY26 INVESTOR PRESENTATION 6 Revenue Funeral Volumes Average Revenue Per Funeral $226.6m 22,854 $6,673 ▲0.3% ▲1.1% ▲~2%2 on a comparable basis Operating EBITDA Operating NPAT Cash Flow Conversion $55.3m $20.7m 100.7% ▼1.6% ▼4.0% ▼150bps Dividend Gearing Ratio Funding Capacity4 14.4cps 30.9% $169m FY25: 14.4cps Net Leverage Ratio 2.2x Locations Acquisitions5 Expansion 211 $314m NZ ▲6 Deployed since IPO Expected growth drivers: • favourable demographics in AU and NZ • a strong funding position • acquisitions completed to date and other potential acquisitions in what is a highly fragmented industry 1. Movements shown above relate to movements between FY26 and FY25 unless otherwise stated. 2. NZD/AUD exchange rate constant with FY25. 3. As at 30 June 2026 for Gearing, Net Leverage Ratio, Locations (movement from 30 June 2025) and Expansion. 4. Refer to slide 19. 5. Refer to slide 21. Trading1 Earnings1 Capital Management3 Growth3 Outlook 1 2 3 4 5
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02 Company Overview PFP FY26 INVESTOR PRESENTATION 7
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Geographic Presence 213 operating locations1 (130 owned / 83 leased), including 42 cremation facilities and 9 cemeteries PFP FY26 INVESTOR PRESENTATION 8 Diversified geographic footprint is difficult to replicate, with businesses dating back to the late 1800s and early 1900s 1 Queensland August 2013 August 2026 1. 211 operating locations as at 30 June 2026 plus 2 operating locations added during FY27 YTD. 30 Queensland 45 New South Wales 19 Victoria 18Tasmania 10 South Australia 65 New Zealand 15 Western Australia 1 ACT 10
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Brand Portfolio PFP FY26 INVESTOR PRESENTATION 9 Pinegrove Funerals ismore Funeral Services Australia NZ Southern Funeral Home Acquisitions completed since 1 July 2025. Diversified single and multi-site brands with strong local community awareness
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1.5 2.9 5.5 12.3 13.3 14.2 15.3 17.7 20.9 21.1 21.6 20.7 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 3.1 5.8 12.3 21.5 23.8 32.4 36.3 39.0 46.0 55.4 56.2 55.3 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 10.9 22.4 46.1 80.9 95.1 110.8 120.4 145.2 168.5 209.2 225.8 226.6 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 1,625 2,967 6,054 10,111 11,304 13,299 13,916 16,537 18,029 21,655 22,602 22,854 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 Track Record PFP FY26 INVESTOR PRESENTATION 10 Funeral Volumes (#) Revenue ($m) Operating NPAT ($m)Operating EBITDA ($m) Delivered long term growth in key metrics
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$4,976 $5,099 $5,223 $5,508 $5,585 $5,672 $5,917 $6,038 $6,398 $6,635 $6,721 $6,673 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 CAGR ~2.7% Average Revenue Per Funeral Growth PFP FY26 INVESTOR PRESENTATION 11 Compound annual growth rate (CAGR) of ~2.7% since FY15 2%1 (comparable) Total impacted by: - recent acquisitions - foreign exchange impacts 1. NZD/AUD exchange rate constant with FY25.
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Cash Flow Conversion PFP FY26 INVESTOR PRESENTATION 12 Funeral homes ▼ Consistently strong ~99% average (since FY15) 104.0% 93.7% 98.9% 96.5% 97.4% 103.4% 101.8% 100.2% 95.4% 98.4% 102.2% 100.7% FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26
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Diversified Revenue Essential service provider of scale with diversified and defensive revenue streams PFP FY26 INVESTOR PRESENTATION 13 By MarketBy Country By Operating Business 73% AU 27% NZ 47% Metro53% Regional
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03 FY26 Financial Results Detail PFP FY26 INVESTOR PRESENTATION 14
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PFP FY26 INVESTOR PRESENTATION 15 Financial Summary Revenue • Increased 0.3% on FY25 to $226.6m, reflecting: – comparable Average Revenue Per Funeral growth of ~2% 1 – comparable funeral volume contraction of ~2% – contributions from acquisitions completed during FY25 and FY26 – unfavourable foreign exchange impacts (~$3.2m) Gross profit margin • Gross profit margin in line with FY25 at 69.8% • Comparable margin up 10 bps on FY25 at 69.9% Operating EBITDA • 1.6% below FY25, primarily reflecting a contraction in comparable volumes and unfavourable foreign exchange impacts (~$1.0m), partially offset by acquisitions and disciplined cost control Other operating items: • Includes $5.8m relating to AASB 16 (Accounting for Leases) (FY25: $5.9m) • Depreciation increased, largely due to acquisitions and property purchases • Average Effective Interest Rate on drawn debt of 5.7% (FY25: 6.2%) • Adjusted Effective Tax Rate of 29.5% (FY25: 29.6%) • Operating NPAT -4.0% below FY25 Non-operating items: • Primarily related to acquisition costs, net loss on disposal of assets, release of contingent consideration and non-operating tax adjustments Statutory Income Statement $ million FY26 FY25 Total revenue 226.6 225.8 Gross profit 158.2 157.7 … margin 69.8% 69.8% Total operating costs (102.9) (101.6) Operating EBITDA 55.3 56.2 … margin 24.4% 24.9% Depreciation (16.1) (15.7) Operating EBIT 39.2 40.4 … margin 17.3% 17.9% Net interest expense (9.8) (9.7) Operating NPBT 29.4 30.7 Income tax expense (8.7) (9.1) Operating NPAT 20.7 21.6 Operating EPS (cps) 15.0 15.7 Non-operating items: Acquisition costs (1.3) (1.0) Net other income and expenses (0.7) (0.4) Net financing charge on pre-paid contracts (0.1) (0.5) Tax effect of adjustments 1.3 0.6 Net profit after tax 19.9 20.4 1. NZD/AUD exchange rate constant with FY25.
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225.8 2.7 2.6 (3.2) (1.3) 226.6 FY25 Full Period Acquired FX Impact Organic FY26 Revenue Bridge and Operating EBITDA margin PFP FY26 INVESTOR PRESENTATION 16 Total: Funeral Volumes +1.1% on FY25 including contributions from acquisitions Average Revenue Per Funeral ◼ -0.7% lower than FY25, impacted by foreign exchange impacts and recent acquisitions, which generated below network Average Revenue per Funeral Organic: Funeral Volumes ◼ ~2% lower than FY25 Average Revenue Per Funeral 2%1 above FY25, reflecting pricing impacts and funeral mix Operating EBITDA margin: Primarily impacted by: • margins of recent acquisitions; and • operating deleverage, partially offset by comparable: • gross margin up 10 bps on FY25; and • operating costs 0.7% below FY25. Operating EBITDA margin 24.9% 24.4% 1. NZD/AUD Exchange rate constant with FY25. $ millions
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PFP FY26 INVESTOR PRESENTATION 17 Cash Flow Statement Statutory Actuals Operating activities • Operating Cash Flow of $54.9m (FY25: $56.4m) • Cash Flow Conversion remained strong at 100.7% Investing activities • Includes acquisitions ($5.2m), acquisition costs ($1.3m) and earn out payments ($1.1m) • Acquired seven freehold properties (four of which were previously leased) for $7.9m, excluding stamp duty • Maintenance capital expenditure amounted to 4.6% of revenue (FY25: 4.2%), in line with depreciation on PPE • Growth capital expenditure included three cremation facilities expanding capacity and the construction of a funeral home and chapel facilities to broaden service offerings Financing activities • Drawdown of debt in connection with acquisitions and property purchases • Reflects dividends paid during the year $ million FY26 FY25 Receipts from customers (inc GST) 251.1 250.5 Payments to suppliers and employees (inc GST) (196.2) (194.1) 54.9 56.4 Income taxes paid (6.7) (6.6) Interest paid (10.5) (10.3) Interest received 0.3 0.5 Net cash provided by operating activities 38.0 40.0 Payment for purchase of business, net of cash acquired (7.6) (15.9) Net payments for property, plant and equipment (24.5) (25.4) Other investing cash flows (0.1) (0.1) Net cash used by investing activities (32.2) (41.3) Net (repayment)/proceeds from borrowings 22.7 27.8 Dividends paid (20.0) (20.1) Other financing cash flows (4.8) (4.6) Net cash used and provided by financing activities (2.1) 3.1 Net (decrease)/increase in cash during the year 3.8 1.8 Cash at the beginning of the year 9.0 7.3 Exchange rate effects (0.3) (0.0) Cash at the end of the year 12.5 9.0 Cash Flow Conversion % 100.7% 102.2%
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PFP FY26 INVESTOR PRESENTATION 18 Balance Sheet Statutory Actuals Cash and net debt position • $12.5m of cash (30 June 2025: $9.0m) • $163.7m of drawn senior debt (30 June 2025: $141.1m) • $151.2m of net debt1 (30 June 2025: $132.0m) Pre-paid contracts • Largely held with third party friendly societies • Asset increases by investment returns • Liability increases by non-cash financing charge • Asset and liability derecognised when the contract turns at need • Pre-paid contracts that turned at need accounted for less than 10 % of the Group’s funeral volumes in FY26, consistent with FY25 Property, plant and equipment • Includes land and buildings at cost (less depreciation) of $252m Goodwill • Represents purchase price of acquisitions less fair value of net tangible assets acquired • No impairment Equity • Impacted by non-cash movements in the foreign exchange reserve of $17.4m $ million 30-Jun-26 30-Jun-25 Cash and cash equivalents 12.5 9.0 Contract assets 75.7 75.8 Other current assets 19.2 19.2 Total Current Assets 107.5 104.1 Property, plant & equipment 316.5 312.1 Right-of-use assets 20.3 27.9 Goodwill 199.8 203.7 Other non-current assets 6.0 7.3 Total Non-Current Assets 542.5 551.0 Total Assets 650.0 655.1 Trade and other payables 15.5 14.6 Borrowings 39.7 24.7 Contract liabilities 82.9 83.0 Lease liabilities 4.1 4.5 Other current liabilities 12.5 13.7 Total Current Liabilities 154.7 140.6 Borrowings 123.1 115.7 Lease liabilities 19.5 26.8 Other non-current liabilities 15.2 17.0 Total Non-Current Liabilities 157.8 159.5 Total Liabilities 312.5 300.1 Net Assets 337.5 355.1 Total Equity 337.5 355.1 1. Drawn senior debt less cash and cash equivalents.
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Capital Management PFP FY26 INVESTOR PRESENTATION 19 Funding capacity ✓ ✓ • maturity date extended to October 2029 (previously October 2027) • established a new $50 million Accordion Facility1 • improved pricing with no change to existing covenant limits $169 million of funding capacity (including the Accordion Facility1) with significant debt covenant headroom 1. Drawdown of which is subject to the satisfaction of customary conditions precedent/approvals. 2. Senior debt less cash and cash equivalents. 3. Cash paid (excluding transaction costs) on completion of an acquisition in July 2026. 4. Undrawn debt and cash at bank of $123.8 million as at 30 June 2026 plus the $50 million Accordion Facility less acquisition cash commitments, $4.7 million. 5. The NLR includes adjustments – for example: (1) the Group’s $40m working capital facility, previously $25m, is excluded from net debt; and (2) Operating EBITDA includes the annualised impact of acquisitions and is calculated on a pre AASB16 basis. 6. Refer to slide 33. Debt covenant summaryDebt refinance (announced February 2026) Net Leverage Ratio5 (must be < 5.0x) 2.2x Fixed charge cover ratio (must be > 1.75x) 3.8x Dividend summary (cps)6 10.00 11.75 12.25 14.00 14.40 14.40 14.40 FY20 FY21 FY22 FY23 FY24 FY25 FY26 $ million Senior debt facility limit 275.0 Net Debt as at 30 June 2026 2 (151.2) Funding capacity (undrawn senior debt) 123.8 Accordion Facility1 50.0 Acquisition cash commitments 3 (4.7) Funding capacity (including Accordion Facility) 4 169.1
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04 Industry Trends & Acquisitions PFP FY26 INVESTOR PRESENTATION 20
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Industry Fragmentation Leading to Acquisitions Acquisitions ~10%1 Propel is the #2 operator in the highly fragmented AU/NZ funeral services industry, with ~10% market share Significant consolidation runway remains, with >500 independently owned businesses Propel continues to explore other potential acquisitions (with multiple vendor discussions continuing), however, the timing of any future acquisitions is uncertain. 1 Propel has deployed ~$314 million3 on acquisitions since its IPO in FY18, averaging ~$37 million4 per year2 3 During and since FY26, Propel completed: 1. Source: ABS and Stats NZ for CY25 market size. Propel performed circa 24,100 funerals (including annualised funerals relating to acquisitions completed in CY25). 2. Upfront cash and equity consideration paid including two properties purchased prior to acquiring the business for $2.1m. 3. Upfront cash and equity consideration paid (excluding transaction costs). Excludes properties purchased subsequent to completion of a relevant business acquisition and other property purchases, totalling $52.0 million (excluding stamp duty). 4. The average capital deployed includes the acquisition of Seasons Funerals which occurred during FY18 but prior to the IPO. 5 Acquisitions ~$12m Consideration2 ~$8m Revenue 10 10 locations incl. 5 freehold and 1 crematorium Industry Fragmentation PFP FY26 INVESTOR PRESENTATION 21 1 2 AU/NZ Market Share
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- 50,000 100,000 150,000 200,000 250,000 300,000 350,000 400,000 1990 1995 2000 2005 2010 2015 2020 2025 2030 2035 2040 2045 Actual deaths Projected deaths (2026-2035) Projected deaths (2036-2045) 2.3% CAGR (2036-2045) 1.1% CAGR (1990-2025) 2.8% CAGR (2026-2035) 1.5 2.0 2.5 3.0 3.5 1934 1940 1946 1952 1958 1964 1970 1976 1982 1988 1994 2000 2006 2012 2018 2024 Structural Tailwinds Demographic Tailwinds in an Evolving Market Baby Boomers Death Volumes Source: ABS and Stats NZ Market Trends PFP FY26 INVESTOR PRESENTATION 22 Demographic wave imminent First of the ‘baby boomer’ generation, born in 1946: - aged ~80yo in 2026 - median age of death steady at 81-82 Evolving preferences - evolving traditions and client family preferences - majority of client families select full service funerals, despite no-service no-attendance offerings Lower-value, digitally led competitors - more active in metro markets - heavily reliant on third party infrastructure and resources - evidence of recent material price increases Digital discovery - client families increasingly researching online - notwithstanding digital discovery, the human element remains central to the client experience Australian Fertility Rate
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Capturing Growth in an Evolving Market PFP FY26 INVESTOR PRESENTATION 23 Long term demand backdrop remains favourable and Propel is positioning to capture growth Inorganic Acquisition Led • highly fragmented • strong pipeline, with relationships built over many years • trusted partner and preferred succession path for many vendors • strong balance sheet Organic Digital & Client Focus • digital marketing and website enhancement • sharpen lead generation/conversion • deepening grassroots community engagement • digitisation including AI Service & Product Offerings • reinforcing the value of a funeral via local teams and trusted brands • enhancement of product offerings • selective expansion of metro brands, leveraging off Propel’s existing infrastructure/crematoria Operational Discipline • operating leverage • procurement initiatives • network efficiency • cost discipline • asset utilisation • ongoing capex program Underpinned by long term structural tailwinds
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05 Investment Summary & Outlook PFP FY26 INVESTOR PRESENTATION 24
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Investment Summary PFP FY26 INVESTOR PRESENTATION 25 Scale: #2 provider in a highly fragmented essential services industry, with ~10% market share1 2 Defensive footprint: diversified network of 213 locations (130 owned properties, valued at depreciated cost of $252 million) is difficult to replicate Founder led management: with significant ownership and industry experience 6 Strong balance sheet supporting M&A strategy: balance sheet and cashflows to fund a disciplined acquisition pipeline alongside the on-going capex program Proven platform: a decentralised network of leading local brands and teams, supporting local communities Long Term ‘Tailwinds’: growing and ageing population in AU and NZ 5 3 4
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Outlook Expected growth drivers: • favourable demographics in AU and NZ • a strong funding position • acquisitions completed to date and other potential acquisitions in what is a highly fragmented industry Recent trading: In the month of July 2026, Propel generated Revenue of ~$21.5m1, benefiting from: • comparable Average Revenue Per Funeral growth exceeding 3%2 (above the Company’s long term CAGR); • resilient funeral volumes, despite a: - benign winter flu season3 (lowest recorded in 5 years); and - material contraction in industry death volumes4 (expected to be temporary given volumes fluctuate over short time horizons) 1 2 PFP FY26 INVESTOR PRESENTATION 26 FY27 Trading Update: • to be provided at the AGM in November 2026 3 1. Including a $0.6 million unfavourable foreign exchange impact in the month of July 2026 (versus the PCP). 2. NZD/AUD exchange rate constant with PCP. 3. Source: Australian Government Department of Health - National Notifiable Diseases Surveillance System. 4. Total deaths in QLD, NSW, VIC, and TAS (which accounts for ~80% of all deaths in Australia) in the month of July 2026 versus the PCP (Source: Births, Deaths and Marriages).
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06 Q&A PFP FY26 INVESTOR PRESENTATION 27
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Appendices PFP FY26 INVESTOR PRESENTATION 28
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Definitions PFP FY26 INVESTOR PRESENTATION 29 Accordion Facility means the new $50 million accordion facility announced on 24 February 2026, drawdown of which is subject to satisfaction of customary conditions precedent/approvals. ABS means Australian Bureau of Statistics. Adjusted Effective Tax Rate means income tax expense divided by the net profit before tax, adjusted for non deductible and non assessable items. AGM Annual General Meeting AU means Australia Average Effective Interest Rate means the average interest rate on senior debt, including the interest rate swap (where relevant) and establishment fees but excluding the commitment fee on undrawn debt. Average Revenue Per Funeral means revenue from funeral operations, excluding direct disbursements (such as third party cemetery fees and third party cremation fees) and delivered pre-paid impacts, divided by the number of funerals in the relevant period. Bps means basis points. Cash Flow Conversion means the percentage of Operating EBITDA converted to ungeared, pre-tax operating cash flow, adjusted for cash flow timing differences relating to Executive bonuses. CPI Consumer Price Index Cps means cents per share. CY means calendar year. Distributable Earnings means NPAT adjusted for the non-cash net financing charge on pre-paid contracts and acquisition costs. FY means financial year. Gearing Ratio means net debt divided by net debt plus total equity. Group means Propel and its wholly owned subsidiaries. IPO means initial public offering. M&A Mergers and Acquisitions NEDs means non-executive directors. NLR means Net Leverage Ratio for covenant purposes which includes adjustments – for example: (1) the Group’s $40m working capital facility is excluded from net debt; and (2) Operating EBITDA includes the annualised impact of acquisitions and is calculated on a pre AASB16 basis. NPAT means net profit/(loss) after tax. NZ means New Zealand. Operating Cash Flow means ungeared, pre-tax operating cash flow. Operating EBIT means Operating EBITDA less depreciation. Operating EBITDA means earnings before interest, tax, depreciation, amortisation and certain non-operating items, such as acquisition and transaction costs. Operating EPS means Operating NPAT divided by the weighted average number of ordinary shares on issue. Operating NPAT means NPAT adjusted for certain non-operating items, such as acquisition costs and the non cash net financing charge on pre-paid contracts. PCP means prior corresponding period. PPE Property, plant and equipment. Prospectus means the prospectus prepared by Propel in connection with the IPO. Stats NZ Statistics New Zealand. WGEA means Workplace Gender Equality Agency. YTD Year to date
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Environmental Governance Social PFP FY26 INVESTOR PRESENTATION 30 Sustainability: Working towards a more sustainable future: ▪ installed solar panels at over 20 properties ▪ participating in metals recycling (post- cremation) ▪ replacing or upgrading PPE with more energy-efficient technologies, including cremators and fleet ▪ implemented an energy consumption reporting platform Supporting Families: ▪ Client families receive an itemised estimate before services are performed. ▪ Compliance with State price transparency requirements, where applicable. ▪ Affordable no-service, no-attendance funeral options available. Grief Support: ▪ Memorial services help families remember loved ones at key dates. ▪ The Grief Centre provides counselling services and support groups. Community Support: ▪ multi-brand portfolio = meaningful identity within local communities. ▪ some brands have served an integral role in their communities for over a century. Industry Engagement: ▪ Funeral businesses hold memberships with key Australian and New Zealand industry associations. Safety & Wellbeing: ▪ CQUniversity Elevate Scholarship ▪ “Staying Well Together” program for employees on the intranet providing availability to counselling, online training, wellbeing stories and psychosocial risk resources. ▪ Employee Assistance Program AASB S2 Climate-related Disclosures: ▪ Group 2 reporter and is progressing with disclosure readiness for its 2027 annual report. ▪ Charters updated to reflect oversight and responsibilities. Independence, Diversity & Gender: ▪ Board of Directors comprises six members, majority being Independent NEDs. 50% of the Board of Directors are female. ▪ relevant Employer for WGEA Reporting Scheme. In its latest report, Propel’s workforce comprised 51% female and 49% male with key gender pay gap metrics materially favourable to the national average. Supply Chain: ▪ maintains a Supplier code of conduct and complies with reporting requirements under the Modern Slavery Act 2018 (Cth).
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PFP FY26 INVESTOR PRESENTATION 31 Income Statement Analysis Revenue segments • 87.6% generated from funeral operations (FY25: 87.7%) • 10.6% generated from cemetery, crematoria and memorial gardens (FY25: 10.7%) • 1.8% from other sources (including coroners’ contracts) (FY25: 1.6%) Employment costs • 33.7% of revenue (FY25: 33.5%) Occupancy and facility costs • 5.4% of revenue (FY25: 5.2%) Total Opex • Operating costs as a % of revenue: 45.4% (FY25: 45.0%) $ million FY26 FY25 Funeral operations 198.4 198.0 Cemetery, crematoria and memorial gardens 24.0 24.2 Other trading revenue 4.2 3.6 Total revenue 226.6 225.8 Cost of sales (68.4) (68.1) Gross profit 158.2 157.7 Employment costs (76.5) (75.7) Occupancy and facility costs (12.2) (11.7) Advertising costs (4.7) (4.5) Motor vehicle costs (3.4) (3.2) Other operating costs (6.1) (6.4) Total operating costs (102.9) (101.6) Operating EBITDA 55.3 56.2
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NPAT to Operating NPAT PFP FY26 INVESTOR PRESENTATION 32 Reconciliation $ million FY26 FY25 Statutory net profit after tax 19.9 20.4 Add: Acquisition costs 1.3 1.0 Add: Net foreign exchange losses 0.2 0.0 Add: Net financing charge on pre-paid contracts 0.1 0.5 Add/(Less): Net loss/(gain) on disposal of assets 0.6 (0.1) (Less)/Add: Net other income and expenses (0.2) 0.4 Less: Tax effect of certain Operating NPAT adjustments (1.3) (0.6) Operating NPAT 20.7 21.6
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Distributable Earnings and Dividend PFP FY26 INVESTOR PRESENTATION 33 Reconciliation 1 As at 25 August 2026 $ million FY26 Net profit/(loss) after tax 19.9 Distributable Earnings calculation Acquisition costs 0.9 Net financing income/charge on prepaid contracts 0.1 Deferred tax adjustment on sale of property (0.4) Distributable Earnings 20.5 Dividend payout ratio (rounded) 97% Actual number of shares on issue 1 137,973,594 Dividend per share (fully franked) 14.4