Disclosure Devil - Summary

20 November 2025 Turners Maintains Momentum with Record First Half Performance Turners Automotive Group (NZX: TRA) has again demonstrated its ability to perform in a challenging market, delivering a record first-half result, despite subdued consumer conditions. The diversified and resilient business model continues to generate sustainable growth and strong shareholder returns. Turners has continued to make progress and grow profits in each core businesses. While the broader economy shows tentative signs of recovery, Turners’ deliberate strategy and capital discipline position it to drive further growth across its core divisions through FY26. Key Financial Highlights (HY26 vs HY25): • Revenue: $219.0m, +5% • EBIT¹: $34.1m, +10% • NPBT: $30.4m, +13% • NPAT: $21.9m, +13% • Earnings per share (EPS): 24.2 cps, +11% • Interim dividend declared: 8.0 cps, fully imputed ¹EBIT adjusted for interest expense in Finance (non-IFRS measure) Key Business Highlights: • Auto Retail: Significant uplift in brand marketing spend with launch of Tina2.0 brand campaign. Drove margin growth on owned stock and improved operational efficiency despite patchy demand. Inventory sourcing remains challenging, but margins benefited from disciplined buying and tighter inventory management. • Finance: Biggest growth engine during the half, with 18% YoY profit growth. Loan book grew 13%, supported by strong origination and improving credit quality. Net interest margin remained stable, aided by easing funding rates. • Insurance: Solid growth continues. Continued premium growth (+10%), underpinned by partnerships with NZ AA and Vero. Claims ratios stable, reflecting effective risk pricing. • Servicing and Repairs: Rebranded to Turners Servicing & Repairs, leveraging strong brand recognition. Expansion continues with new VTNZ partnerships. • Credit Management: Corporate debt load down and lower than expected. Consumers finding it harder to consistently meet payment arrangements reflecting the weaker economic environment. For personal use only The first half result reflects the broader dynamics of the used vehicle market, which continues to show resilience despite significant structural change. Registered dealer numbers have fallen to their lowest level since 2012, highlighting ongoing consolidation and pressure across the sector. Transaction volumes have stabilised and are beginning to recover, although vehicle supply remains constrained and sourcing stock continues to be challenging. Against this backdrop, Turners’ scale, brand strength, and diversified business model have again proven to be key competitive advantages, enabling the Group to expand margins in Auto Retail, grow its Finance and Insurance portfolios, and maintain steady overall performance during a period when more industry participants left the market. Recognising this shifting environment, the Board and management are prioritising capital efficiency and disciplined allocation to ensure the business remains agile and focused on the highest-returning opportunities. The recently completed $200 million securitisation term-out has improved funding costs and reduced capital requirements, further strengthening the balance sheet. A deeper capital management framework is being developed across the business, optimising finance structures, reallocating surplus capital from low-return areas, and driving targeted growth in Auto Retail and Finance. These initiatives, supported by a strong culture and engaged workforce with 67% of the team participating in the employee share scheme, position Turners well to capture further upside as market conditions improve. Financial Performance Group Revenue rose 5% to $219 million, with growth across Auto Retail, Finance, and Insurance more than offsetting softness in Credit Management. EBIT increased 10% to $34.1 million, reflecting stronger divisional performance, improved vehicle margins, and continued cost discipline. NPBT grew 13% to $30.4 million, while NPAT lifted 13% to $21.9 million. Turners is able to deliver reliable profit growth through operational leverage and diversification. Cash generation was strong, and Turners continues to fund growth initiatives from internal resources. The Board declared a fully imputed interim dividend of 8.0 cps, maintaining its policy of paying out 60–70% of NPAT. Chairman Grant Baker said: “Delivering record profit in a challenging economic environment is a significant achievement. It reflects the strength of our diversified model and disciplined execution across every part of the business. Turners continues to grow shareholder returns while investing for the future, and our balance sheet gives us the flexibility to keep building on this momentum. With a track record of growing dividends for more than a decade, Turners’ blend of consistent performance, prudent funding, and strong cash returns continues to deliver enduring value for shareholders.” For personal use only Outlook for FY26 The two-speed economy is expected to persist into calendar year 2026, bringing some uncertainty around the pace of recovery in consumer demand and the broader economic rebuild. Despite this backdrop, Turners remains well positioned, with its diversified model and focussed management approach providing continued stability and earnings momentum. The Group is on track to deliver another record full-year result, with NPBT forecast around $60 million, supported by solid operational performance and further gains in capital efficiency. Turners is focussed on predictable, sustainable returns for all shareholders. Inline with dividend policy, $60m NPBT could result in a full year dividend of at least 32 cps (which compares to 29 cps last year, and 20 cps five years ago). Across the business, growth opportunities continue to build. In Auto Retail, branch expansion and a recovering lease market are expected to lift volumes, with improving vehicle pricing likely to support margins as the economy strengthens. Finance remains focused on growing the loan book whilst maintaining credit quality, benefitting from lower funding costs and improved interest margins. Insurance continues to perform well, with stable claims ratios and incremental contribution from new distribution channels and direct digital sales. Credit Management’s contribution is expected to remain negligible, with repayment capacity remaining constrained. As a result, the carrying value of the business will be reviewed at year end based on 2H performance and outlook. Group CEO Todd Hunter commented: “Our business has performed exceptionally well through the first half. We’ve strengthened every part of our model, from sourcing and lending quality to capital efficiency. As the economy starts to recover, Turners is well positioned to deliver further record years, underpinned by our brand strength, motivated team, and reliable execution.” Note – Management will be holding an investor day in mid-March 2026. ENDS Contacts: Todd Hunter, Group CEO – +64 21 722 818 | todd.hunter@turners.co.nz Aaron Saunders, Group CFO – +64 27 493 8794 | aaron.saunders@turners.co.nz For personal use only 1 Results announcement Results for announcement to the market Name of issuer Turners Automotive Group Limited Report period 6 months to 30 September 2025 Previous reporting period 6 months to 30 September 2024 Currency NZD Amount (000s) Percentage change Revenue from continuing operations $218,275 5% Total revenue $218,972 5% Net profit from continuing operations $21,856 13% Total net profit $18,846 Interim dividend Amount per quoted equity security $0.08000000 Imputed amount per quoted security $0.03111111 Record date 12 January 2026 Dividend payment date 29 January 2026 Interim dividend Current period Prior comparable period Net tangible assets per quoted security $1.75 $1.57 A brief explanation of any of the figures above necessary to enable the figures to be understood Please refer to accompanying Company Announcement Authority for this announcement Name of person authorised to make this announcement Barbara Badish Contact person for this announcement Todd Hunter Contact phone number 021 722 818 Contact email address Todd.Hunter@turners.co.nz Date of release through MAP 20 November 2025 Unaudited financial statements accompany this announcement For personal use only Turners Automotive Group Limited Condensed consolidated statement of comprehensive income for the six months ended 30 September 2025 2 Six months Six months Year ended ended ended 30/09/2025 30/09/2024 31/03/2025 Unaudited Unaudited Audited Notes $’000 $’000 $’000 Revenue 4 218,275 207,324 412,904 Other income 4 697 435 1,263 Cost of goods sold (87,839) (84,021) (167,501) Interest expense (13,689) (13,957) (27,451) Impairment provision expense 4 (1,962) (1,615) (4,649) Subcontracted services expense (9,538) (8,950) (15,757) Employee benefits (35,917) (34,572) (68,065) Commission (6,621) (5,284) (10,817) Advertising expense (3,571) (2,794) (6,408) Depreciation and amortisation expense 4 (5,793) (5,719) (11,651) Systems maintenance (2,661) (2,706) (5,517) Claims (11,342) (11,031) (21,231) Other expenses (9,537) (10,177) (20,654) Profit before share of equity accounted loss 30,502 26,933 54,466 Share of loss of equity-accounted investee, net of tax (99) - (192) Profit before taxation 30,403 26,933 54,274 Taxation expense (8,547) (7,633) (15,687) Profit for the period 21,856 19,300 38,587 Other comprehensive income/(loss) for the year (which may subsequently be reclassified to profit/loss), net of tax Cash flow hedges (2,991) (5,286) (5,444) Revaluation of financial assets at fair value through OCI - (157) (157) Foreign currency translation differences (19) - (7) Total other comprehensive income/(loss) (3,010) (5,443) (5,608) Total comprehensive income for the period 18,846 13,857 32,979 Earnings per share (cents per share) Basic earnings per share 7.2 24.23 21.79 43.37 Diluted earnings per share 7.2 24.20 21.72 43.32 For personal use only Turners Automotive Group Limited Condensed consolidated statement of changes in equity for the six months ended 30 September 2025 3 Share capital Share options Translation reserve Revaluation of financial assets at FV though OCI Cash flow hedge reserve Retained earnings Total Notes $’000 $’000 $’000 $’000 $’000 $’000 $’000 Balance at 31 March 2024 (audited) 213,222 243 (18) (1,249) 1,774 64,252 278,224 Transactions with shareholders in their capacity as owners Dividend reinvestment plan 7.1 1,594 - - - - - 1,594 Employee share-based payments 7.1 701 (66) - - - - 635 Dividend paid 7.3 - - - - - (6,634) (6,634) Total transactions with shareholders in their capacity as owners 2,295 (66) - - - (6,634) (4,405) Comprehensive income Profit - - - - - 19,300 19,300 Other comprehensive income/(loss) - - - (157) (5,286) - (5,443) Total comprehensive income for the year, net of tax - - - (157) (5,286) 19,300 13,857 Balance at 30 September 2024 (unaudited) 215,517 177 (18) (1,406) (3,512) 76,918 287,676 Transactions with shareholders in their capacity as owners Dividend reinvestment plan 7.1 2,924 - - - - - 2,924 Employee share-based payments 7.1 473 (115) - - - - 358 Dividend paid 7.3 - - - - - (11,587) (11,587) Total transactions with shareholders in their capacity as owners 3,397 (115) - - - (11,587) (8,305) Comprehensive income Profit - - - - 19,287 19,287 Other comprehensive income/(loss) - - (7) - (158) - (165) Total comprehensive income for the year, net of tax - - (7) - (158) 19,287 19,122 Balance at 31 March 2025 (audited) 218,914 62 (25) (1,406) (3,670) 84,618 298,493 Transactions with shareholders in their capacity as owners Dividend reinvestment plan 7.1 3,186 - - - - - 3,186 Employee share-based payments 7.1 100 - - - - - 100 Dividend paid 7.3 - - - - - (14,466) (14,466) Total transactions with shareholders in their capacity as owners 3,286 - - - - (14,466) (11,180) Comprehensive income Profit - - - - 21,856 21,856 Other comprehensive income/(loss) - - (19) - (2,991) - (3,010) Total comprehensive income for the year, net of tax - - (19) - (2,991) 21,856 18,846 Balance at 30 September 2025 (unaudited) 222,200 62 (44) (1,406) (6,661) 92,008 306,159 For personal use only Turners Automotive Group Limited Condensed consolidated statement of financial position as at 30 September 2025 4 30/09/2025 30/09/2024 31/03/2025 Unaudited Unaudited Audited Notes $’000 $’000 $’000 Assets Cash and cash equivalents 8 20,395 16,680 22,039 Financial assets at fair value through profit or loss - Insurance 85,545 72,694 79,156 - Other 307 75 307 Trade receivables 7,830 6,874 7,533 Inventories 19,138 16,115 22,189 Finance receivables 5 492,878 430,852 447,218 Other receivables, deferred expenses and contract assets 14,294 13,317 13,983 Financial assets at fair value through OCI 1,000 1,000 1,000 Reverse annuity mortgages 1,548 1,351 1,429 Property, plant and equipment 142,903 130,271 137,715 Right-of-use assets 18,584 19,885 18,720 Investment in associate 3,184 3,350 3,158 Intangible assets 163,056 163,059 163,325 Total assets 970,662 875,523 917,772 Liabilities Other payables 49,064 47,443 56,001 Contract liabilities 1,003 972 967 Tax payables 1,987 3,186 7,004 Deferred tax 15,469 14,808 14,493 Derivative financial instruments 6,652 3,507 3,673 Borrowings 6 496,962 425,574 446,059 Lease liabilities 22,137 23,851 22,120 Life investment contract liabilities 7,469 7,361 7,062 Insurance contract liabilities 63,760 61,145 61,900 Total liabilities 664,503 587,847 619,279 Shareholders’ equity Share capital 7.1 222,200 215,517 218,914 Other reserves (8,049) (4,759) (5,039) Retained earnings 92,008 76,918 84,618 Total shareholders’ equity 306,159 287,676 298,493 Total shareholders’ equity and liabilities 970,662 875,523 917,772 Total assets per share ($) 10.73 9.84 10.21 Net tangible assets per share ($) 1.75 1.57 1.66 For personal use only Turners Automotive Group Limited Condensed consolidated statement of cash flows for the six months ended 30 September 2025 5 Six months Six months Year ended ended ended 30/09/2025 30/09/2024 31/03/2025 Unaudited Unaudited Audited Notes $’000 $’000 $’000 Cash flows from operating activities Interest received 35,185 31,478 62,809 Receipts from customers 184,456 176,623 351,345 Interest paid - borrowings (14,242) (13,558) (25,819) Interest paid - lease liabilities (693) (728) (1,451) Payment to suppliers and employees (172,714) (153,141) (310,506) Income tax paid (12,810) (9,890) (14,596) Net cash outflow from operating activities before changes in operating assets and liabilities 19,182 30,784 61,782 Net increase in finance receivables (44,208) (2,215) (20,062) Net decrease in reverse annuity mortgages - 1,235 1,237 Net increase of financial assets at fair value through profit or loss (5,757) (2,917) (9,737) Net (withdrawals)/contributions from life investment contracts (94) 36 (21) Changes in operating assets and liabilities arising from cash flow movements (50,059) (3,861) (28,583) Net cash (outflow)/inflow from operating activities 2 (30,877) 26,923 33,199 Cash flows from investing activities Proceeds from sale of property, plant, equipment and intangibles 2,969 2,456 6,456 Purchase of property, plant, equipment and intangibles (9,455) (18,403) (32,136) Purchase of investments (125) (4,350) (4,350) Net cash inflow/(outflow) from investing activities (6,611) (20,297) (30,030) Cash flows from financing activities Net bank loan advances 72,492 16,630 50,760 Net non-bank loan repayments (21,589) (16,374) (30,019) Principal elements of lease payments (3,931) (3,217) (6,676) Proceeds from the issue of shares 100 534 985 Dividend paid (11,228) (5,042) (13,703) Net cash inflow/(outflow) from financing activities 35,844 (7,469) 1,347 Net movement in cash and cash equivalents (1,644) (843) 4,516 Add opening cash and cash equivalents 22,039 17,523 17,523 Closing cash and cash equivalents 20,395 16,680 22,039 Represented By: Cash at bank 8 20,395 16,680 22,039 Closing cash and cash equivalents 20,395 16,680 22,039 For personal use only Turners Automotive Group Limited Notes to the condensed financial statements for the six months ended 30 September 2025 6 1. Accounting policies and significant judgement, estimates and assumptions The same accounting policies included in the Group’s Annual Report for the year ended 31 March 2025 have been applied when preparing these consolidated condensed financial statements. These consolidated condensed financial statements have been prepared in accordance with Generally Accepted Accounting Practice in New Zealand ('NZ GAAP'). They comply with New Zealand equivalents to International Accounting Standard 34 Interim Financial reporting ('NZ IAS 34') and International Accounting Standard 34 Interim Financial Reporting ('IAS 34'). The Group is a Tier 1 for-profit entity in accordance with XRB A1 Application of the Accounting Standards Framework. The same significant judgments, estimates and assumptions (including basis of segmentation and the fair value measurement) included in the notes to the financial statements in the Group's Annual Report for the year to 31 March 2025 have been applied to these financial statements. The business does not experience notable seasonal variations. There has been no change to the basis of segmentation from that applied at 31 March 2025. 2. Cash flow reconciliation Reconciliation of net surplus with cash flows from operating activities Six months Six months Year ended ended ended 30/09/2025 30/09/2024 31/03/2025 Unaudited Unaudited Audited $’000 $’000 $’000 Reconciliation of net surplus with cash flows from operating activities Profit for the year 21,856 19,300 38,587 Adjustment for non-cash and other items Impairment charge on finance receivables, reverse annuity mortgages and other receivables 1,962 1,613 4,649 Net profit on sale fixed assets (647) (136) (539) Depreciation and amortisation 5,795 5,719 11,651 Capitalised bank interest (229) (422) (761) Capitalised reverse annuity mortgage interest (79) (97) (177) Deferred revenues 2,252 1,140 2,522 Fair value adjustments on assets/liabilities at fair value through profit and loss (651) (294) (200) Net annuity and premium change to policyholders' accounts 568 205 28 Non-cash adjustments to finance receivables effective interest rates - - (46) Deferred expenses (3,791) (233) (2,288) Adjustment for movements in working capital Net increase receivables and pre-payments (832) (1,446) (767) Net decrease in inventories 3,050 8,936 2,863 Net decrease in investment in associate 99 - 192 Net (decrease)/increase in payables (5,949) (919) 5,842 Net increase/(decrease) in contract liabilities 36 (325) (1,008) Net increase in finance receivables (44,208) (2,215) (20,062) Net decrease in reverse annuity mortgages - 1,235 1,237 Net increase of insurance assets at fair value through profit or loss (5,757) (2,917) (9,737) Net withdrawals from life investment contracts (94) 36 (21) Net increase/(decrease) in deferred tax liability 761 (261) (669) Net (decrease)/ increase in tax payable (5,019) (1,996) 1,903 Cash flows from operating activities (30,877) 26,923 33,199 For personal use only Turners Automotive Group Limited Notes to the condensed financial statements for the six months ended 30 September 2025 7 3. Segment information Five reportable segments have been identified as follows:  Auto retail - remarketing (motor vehicles, trucks, heavy machinery and commercial goods) and purchasing goods for sale.  Finance - provides finance to consumers and SME's.  Insurance - marketing and administration of a range of life and consumer insurance products.  Credit management - collection services, credit management and debt recovery services to the corporate and SME sectors. Geographically the collections services segment business activities are in New Zealand and Australia.  Corporate & other - corporate centre. 3.1 Operating Segments Revenue Total Inter-segment Customer Total Inter- segment Customer Total Inter- segment Customer 30/09/2025 30/09/2025 30/09/2025 30/09/2024 30/09/2024 30/09/2024 31/03/2025 31/03/2025 31/03/2025 Unaudited Unaudited Unaudited Unaudited Unaudited Unaudited Audited Audited Audited $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 Automotive retail 155,384 (2,742) 152,642 147,094 (799) 145,068 290,166 (2,299) 287,867 Finance 36,965 - 36,965 33,560 - 33,560 68,312 - 68,312 Insurance 25,566 (849) 24,717 24,539 (868) 23,671 49,260 (1,714) 47,546 Credit management 4,629 - 4,629 5,368 - 5,368 10,291 - 10,291 Corporate & other 19 - 19 92 - 92 151 - 151 222,563 (3,591) 218,972 210,653 (1,667) 207,759 418,180 (4,013) 414,167 Operating profit 30/09/2025 30/09/2024 31/03/2025 Unaudited Unaudited Audited $'000 $'000 $'000 Automotive retail 15,995 14,694 29,124 Finance 9,500 8,081 16,009 Insurance 8,405 7,739 16,167 Credit management 1,061 1,823 3,454 Corporate & other (4,459) (5,404) (10,288) Profit before share of equity accounted profit/(loss) 30,502 26,933 54,466 Share of loss of equity-accounted investee, net of tax (99) - (192) Profit before taxation 30,403 26,933 54,274 Income tax (8,547) (7,633) (15,687) Profit attributable to shareholders 21,856 19,300 38,587 For personal use only Turners Automotive Group Limited Notes to the condensed financial statements for the six months ended 30 September 2025 8 Interest revenue Interest expense Depreciation and amortisation expenses 30/09/2025 30/09/2024 31/03/2025 30/09/2025 30/09/2024 31/03/2025 30/09/2025 30/09/2024 31/03/2025 Unaudited Unaudited Audited Unaudited Unaudited Audited Unaudited Unaudited Audited $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 $'000 Automotive retail 240 273 668 (2,079) (1,806) (3,482) (4,734) (4,632) (9,510) Finance 32,511 29,385 59,704 (9,936) (9,923) (19,659) (401) (423) (824) Insurance 2,139 1,990 4,033 (13) (20) (37) (483) (476) (950) Credit management 25 25 59 (18) (17) (37) (99) (103) (202) Corporate & other 19 66 87 (1,695) (2,253) (4,469) (76) (85) (165) 34,934 31,739 64,551 (13,741) (14,019) (27,684) (5,793) (5,719) (11,651) Eliminations (52) (62) (233) 52 62 233 - - - 34,882 31,677 64,318 (13,689) (13,957) (27,451) (5,793) (5,719) (11,651) Other material non-cash items 30/09/2025 30/09/2024 31/03/2025 Unaudited Unaudited Audited $'000 $'000 $'000 Finance - impairment provisions (2,002) (1,615) (4,649) 3.2 Segment assets and liabilities Assets Liabilities 30/09/2025 30/09/2024 31/03/2025 30/09/2025 30/09/2024 31/03/2025 Unaudited Unaudited Audited Unaudited Unaudited Audited $'000 $'000 $'000 $'000 $'000 $'000 Automotive retail 188,376 160,584 190,668 165,392 138,647 169,220 Finance 512,723 457,237 475,283 412,980 352,568 365,351 Insurance 166,520 152,004 159,184 83,574 80,271 82,343 Credit management 27,760 37,337 27,362 2,189 3,737 2,536 Corporate & other 299,205 260,354 275,056 106,662 89,388 100,506 1,194,584 1,067,516 1,127,553 770,797 664,611 719,956 Eliminations (223,922) (191,993) (209,781) (106,294) (76,764) (100,677) 970,662 875,523 917,772 664,503 587,847 619,279 For personal use only Turners Automotive Group Limited Notes to the condensed financial statements for six months ended 30 September 2025 9 4. Revenue and expenses Six months Six months Year ended ended ended 30/09/2025 30/09/2024 31/03/2025 Unaudited Unaudited Audited $’000 $’000 $’000 Revenue from continuing operations includes: Interest income 34,882 31,677 64,318 Sales of goods 107,569 100,614 202,268 Commission and other sales revenue 47,389 46,795 90,333 Loan fee income 1,527 1,382 2,772 Insurance and life investment contract income 20,434 19,715 39,725 Collection income 4,604 5,343 10,233 Bad debts recovered 914 956 1,636 Reinsurance recoveries 836 719 1,374 Other revenue 120 123 245 218,275 207,324 412,904 Other income comprises: Gain on sale of property, plant and equipment 647 264 570 Rental income 38 148 201 Other 12 23 492 697 435 1,263 Revenue from contracts with customers Over time Auto retail Commission and other sales revenue 10,686 10,135 21,169 Finance Other sales revenue 2,013 1,837 3,771 At a point in time Auto retail Sales of goods 107,569 100,614 202,268 Auction commissions 33,534 33,699 63,225 Credit management Collection income 4,604 5,043 9,863 Voucher income - 300 370 Insurance Motor vehicle insurance commissions 1,156 1,124 2,168 Movement in impairment provisions Provisions for: Specific impaired finance receivables 111 311 601 Collective impairment provision for finance receivables 2,307 1,340 4,160 Movement in economic overlay provision (518) (196) (396) Collective impairment on reverse annuity mortgages (40) - - Finance receivables bad debts written off 102 160 284 Movement 1,962 1,615 4,649 For personal use only Turners Automotive Group Limited Notes to the condensed financial statements for six months ended 30 September 2025 10 Six months Six months Year ended ended ended 30/09/2025 30/09/2024 31/03/2025 Unaudited Unaudited Audited $’000 $’000 $’000 Depreciation - Buildings 303 211 466 - Plant, equipment & motor vehicles 443 726 1,239 - Leasehold improvements, furniture, fittings & office equipment 447 472 996 - Computer equipment 394 436 878 - Signs & flags 118 80 165 Amortisation of right-of-use asset 3,369 3,116 6,563 Intangible amortisation - Amortisation of software 459 418 824 - Amortisation of customer relationships 260 260 520 5,793 5,719 11,651 5. Finance receivables Securitisation The Group has Trusts under which it securitises finance receivables. The Trusts are special purpose entities set up solely for the purpose of purchasing finance receivables originated by the finance sector. The New Zealand Guardian Trust Company Limited has been appointed Trustee and NZGT Security Trustee Limited as the security trustee for the Trusts. The Group is the sole beneficiary of the Trusts. The Group has power over the Trusts, exposure, or rights, to variable returns from its involvement with the Trusts and the ability to use its power over the Trusts to affect the amount of the Group's returns from the Trusts. Consequently, the Group controls the Trusts and has consolidated the Trusts into the Group's financial statements. The Group retains substantially all the risks and rewards relating to the finance receivables sold and therefore the finance receivables do not qualify for derecognition and remain on the Group's consolidated statement of financial position. Turners Marque Warehouse Trust 1 (the Trust) The Trust has a wholesale funding facility with the Bank of New Zealand (BNZ) which is secured by finance receivables sold to the Trust. The facility is $377m and with a 1-year term that will be renewed annually. BNZ fund up to 92% (30 September 2024 & 31 March 2025: 90%) of the purchase price of the finance receivables with the balance funded by sub-ordinated notes from the Group. During the reporting period the Trust purchased $138.1m finance receivables from the finance sector (30 September 2024: $105.6m; 31 March 2025: $218.4m) and $23.0m loans from the Turners Marque ABS 2023-1 Trust. As at 30 September 2025 the carrying value of finance receivables in the Trust was $392.8m (30 September 2024: $307.4m; 31 March 2025: $332.8m). Turners Marque ABS 2023-1 Trust (the 2023-1 Trust) During the 2024 financial year, the Group established the 2013-1 Trust, a closed pool trust that acquired $100 million of receivables from the Trust. The acquisition was funded through the issuance of $100 million in notes. In September 2025, the 2013-1 Trust sold all its financial receivables back to the Trust and fully repaid the outstanding notes. Consequently, as at 30 September 2025, the carrying value of finance receivables held by the 2013-1 Trust was $nil (30 September 2024: $52.1 million; 31 March 2025: $34.8 million). 30/09/2025 30/09/2024 31/03/2025 Unaudited Unaudited Audited $’000 $’000 $’000 Gross finance receivables 485,919 429,221 444,507 Deferred fee revenue and commission expenses 14,545 10,120 11,325 Impairment provisions (6,190) (6,375) (6,700) Economic overlay provision (1,396) (2,114) (1,914) 492,878 430,852 447,218 Fair value 491,869 432,915 450,967 For personal use only Turners Automotive Group Limited Notes to the condensed financial statements for six months ended 30 September 2025 11 6. Borrowings 30/09/2025 30/09/2024 31/03/2025 Unaudited Unaudited Audited $’000 $’000 $’000 Secured bank borrowings 496,962 390,340 424,470 Non-bank borrowings - 35,234 21,589 Total borrowings 496,962 425,574 446,059 Fair value 503,614 429,128 449,721 Secured bank borrowings At September 2025, the Group has a syndicated funding facility, including a working capital facility, with the Bank of New Zealand, ASB Bank and Westpac New Zealand and a securitisation facility with the Bank of New Zealand. The bank borrowings are secured by a first-ranking general security agreement over the assets of the Company and its subsidiaries, excluding Autosure Insurance Limited, Turners Finance Limited and EC Credit (Aust.) Limited. The bank funded securitisation financing arrangement is described under finance receivables. Non-bank borrowings The Group's non-bank securitisation arrangement with the Accident Compensation Corporation has been repaid. 7. Shareholders’ equity 7.1 Share capital 30/09/2025 30/09/2024 31/03/2025 Unaudited Unaudited Audited Number of ordinary shares Opening balance 89,893,783 88,353,689 88,353,689 Shares issued for staff options 50,000 175,000 490,230 Shares issued for employee share scheme - 70,352 70,352 Shares issued under DRP 517,563 377,773 979,512 Total issued and authorised capital 90,461,346 88,976,814 89,893,783 Dollar value of ordinary shares ($,000) Opening balance 218,914 213,222 213,222 Shares issued for staff options 100 423 939 Shares issued for employee share scheme - 310 310 Shares issued under DRP 3,238 1,594 4,518 Share issue costs (52) (32) (75) Total issued capital 222,200 215,517 218,914 7.2 Earnings per share Basic earnings per share The calculation of basic earnings per share at 30 September and 31 March was based on the profit attributable to ordinary shareholders and weighted average number of ordinary shares outstanding, as follows: 30/09/2025 30/09/2024 31/03/2025 Unaudited Unaudited Audited Profit for the year ($'000) 21,856 19,300 38,587 Weighted average number of ordinary shares 90,202,374 88,584,975 88,978,618 Basic earnings per share (cents per share) 24.23 21.79 43.37 Weighted number of shares Opening balance 89,893,783 88,353,689 88,353,689 Shares issued for staff options 34,426 81,585 152,346 Shares issued for employee share scheme - 13,455 41,826 Shares issued under DRP 274,165 136,246 430,757 90,202,374 88,584,975 88,978,618 For personal use only Turners Automotive Group Limited Notes to the condensed financial statements for six months ended 30 September 2025 12 Diluted earnings per share The calculation of diluted earnings per share at 30 September and 31 March was based on the diluted profit attributable to shareholders and a diluted weighted average number of ordinary shares outstanding as follows: 30/09/2025 30/09/2024 31/03/2025 Unaudited Unaudited Audited $’000 $’000 $’000 Continuing operations 21,856 19,300 38,587 Add: Long term incentive expense related to options - 8 8 Profit for the year 21,856 19,308 38,595 Weighted number of ordinary shares (diluted) Weighted average number of shares (basic) 90,202,374 88,584,975 88,978,618 Effect of the exercise of options 103,992 305,249 115,573 Weighted average number of shares (diluted) 90,306,366 88,890,224 89,094,191 Diluted earnings per share (cents per share) 24.20 21.72 43.32 7.3 Dividends Six months Six months Year ended ended ended 30/09/2025 30/09/2024 31/03/2025 Unaudited Unaudited Audited $’000 $’000 $’000 Quarterly dividend for the year ended 31 March 2025 of $0.06 per fully paid ordinary share, imputed, paid on 30 October 2024. - - 5,338 Quarterly dividend for the year ended 31 March 2025 of $0.07 (per fully paid ordinary share, imputed, paid on 29 January 2025. - - 6,249 Quarterly dividend for the year ended 31 March 2025: $0.07 per fully paid ordinary share, imputed, paid on 29 April 2025. 6,291 - - Final dividend for the year ended 31 March 2025 of $0.09 (31 March 2024: $0.075) per fully paid ordinary share, imputed paid on 29 July 2025 (2024: 26 July 2024.) 8,175 6,634 6,634 14,466 6,634 18,221 Dividend not recognised at 30 September: In addition to the above dividends, after 30 September directors have recommended the payment of the following dividends: Quarterly dividend for the year ended 31 March 2025: $0.07 per fully paid ordinary share, imputed, paid on 29 April 2025. - - 6,291 Final dividend of $0.09 for the year ended 31 March 2025 per fully paid ordinary share, imputed, payable on 29 July 2025. - - 8,175 Quarterly dividend for the year ended 31 March 2026 of $0.07 (31 March 2025: $0.06) per fully paid ordinary share, imputed, paid on 30 October 2025 (2025: 30 October 2024). 6,392 5,358 - Quarterly dividend for the year ended 31 March 2026 of $0.08 (31 March 2025: $0.07) per fully paid ordinary share, imputed, paid on 29 January 2026 (2025: 29 January 2025). 7,264 6,249 - For personal use only Turners Automotive Group Limited Notes to the condensed financial statements for six months ended 30 September 2025 13 8. Cash and cash equivalents 30/09/2025 30/09/2024 31/03/2025 Unaudited Unaudited Audited $’000 $’000 $’000 Autosure Insurance Limited 2,140 873 1,382 Turners Marque Warehouse Trust 1 4,396 4,669 4,968 Turners Marque ABS 2023-1 Trust 2 3,537 2,940 Other 13,857 7,601 12,749 20,395 16,680 22,039 Cash and cash equivalents in the Group’s insurance business and securitisation trusts may not be available for use by the wider Group. 9. Assets and liabilities carried at fair value The fair value of financial assets and liabilities carried at fair value are summarised in the table below. The methods used to calculate fair value are the same as those applied when preparing the Group's Annual Report for the year ended 31 March 2025 (refer note 12.5 in the Annual Report for the year ended 31 March 2025). During the period there were no movements of fair value assets or liabilities between levels of the fair value hierarchy. Level 1 Level 2 Level 3 Total $’000 $’000 $’000 $’000 30/09/2025 Fair value assets: Financial assets at fair value through profit or loss - insurance - 7,845 - 7,845 Financial assets at fair value through profit or loss - term deposits 77,932 - - 77,932 77,932 7,845 - 85,777 Fair value liabilities: Derivative financial instruments - 6,652 - 6,652 30/09/2024 Fair value assets: Financial assets at fair value through profit or loss - insurance - 7,569 - 7,569 Financial assets at fair value through profit or loss - term deposits 65,125 - - 65,125 65,125 7,569 - 72,694 Fair value liabilities: Derivative financial instruments - 3,507 - 3,507 31/03/2025 Fair value assets: Financial assets at fair value through profit or loss - insurance - 7,281 - 7,281 Financial assets at fair value through profit or loss - term deposits 72,107 - - 72,107 72,107 7,281 - 79,388 Fair value liabilities: Derivative financial instruments - 3,673 - 3,673 10. Commitments Capital expenditure: At the reporting date the Group had a capital commitment of $263,000 for the development of two sites (2025: $4.5m for the development of one site). 11. Events subsequent to reporting date In October 2025, the Group established the Turners Marque ABS 2025-1 Trust, a closed pool trust formed to purchase $200m of financial receivables from the Turners Marque Warehouse Trust 1. The acquisition was funded through the issuance of $200m in notes, comprising $197.2m of rated Class A to D Notes (rated by Fitch Australia Limited) and $2.8m of unrated Class E Notes, which are held by the Group. For personal use only Distribution Notice Name of issuer Financial product name/description NZX ticker code ISIN Type of distribution Full Year Quarterly X (Please mark with an X in the Half Year Special relevant box/es) DRP applies X Record date Ex-Date (one business day before the Record Date) Payment date Total monies associated with the distribution 7,263,553.28 $ Source of distribution Currency Gross distribution Total cash distribution Excluded amount (applicable to listed PIEs) Supplementary distribution amount Is the distribution imputed If fully or partially imputed, please state imputation rate as % applied Imputation tax credits per financial product Resident Withholding Tax per financial product DRP % discount (if any) Start date and end date for determining market price for DRP Date strike price to be announced (if not available at this time) Specify source of financial products to be issued under DRP programme (new issue or to be bought on market) New issue DRP strike price per financial product Last date to submit a participation notice for this distribution in accordance with DRP participation terms Name of person authorised to make this announcement Contact person for this announcement Contact phone number Contact email address Date of release through MAP Section 1: Issuer information Turners Automotive Group Limited Ordinary shares TRA NZVNLE0001S1 021 722 818 Section 3: Imputation credits and Resident Withholding Tax 12 January 2026 9 January 2026 29 January 2025 Retained earnings NZD Section 2: Distribution amounts per financial product $0.11111111 $0.08000000 n/a $0.01411765 Todd.Hunter@turners.co.nz 20 November 2025 Fully imputed 28% $0.03111111 $0.00555556 Section 4: Authority for this announcement Barbara Badish Section 4: Distribution re-investment plan (if applicable) 2% 16 January 2026 13 January 2026 9 January 2026 15 January 2026 Todd Hunter For personal use only