• Expects HY26 NPBT to be more than 10% ahead of HY25
• Automotive Retail division performing well, with benefits from new marketing campaign and expanded footprint
• Finance business seeing strong book growth, maintaining credit discipline

Turners Automotive Group is pleased to provide an update on its outlook for the first half of FY26 (HY26). Despite a challenging economic backdrop, low levels of consumer confidence, restrictive interest rates, and rising unemployment, Turners remains on track to deliver a record first-half performance. The company expects HY26 Net Profit Before Tax (NPBT) to be more than 10% ahead of HY25 which was a record at $26.9M. In the Automotive Retail division, the first half of trading is ahead of FY25, with a reduction in consignment vehicles offset by higher sales of owned vehicles. There were some temporary headwinds from the opening of Christchurch branch expansion projects during Q1, but those sites are now gaining momentum. The launch of Tina from Turners 2.0 marketing campaign has resulted in a $600k upweighted media investment, with benefits expected to accrue over coming quarters. These initiatives are expected to drive stronger vehicle margins and volumes in 2H26. In the Finance business, the company has seen strong book growth in the first 4 months of FY26, with the loan book up 5% over Mar-25 levels. Maintaining credit discipline remains a key priority, and solid book growth is anticipated for the remainder of FY26. The Insurance business continues to perform well, with earned premium holding up and claims ratios remaining stable. New distribution arrangements and direct sales channels are gaining momentum, and the motor vehicle insurance portfolio underwritten by Vero is expected to continue its strong growth trajectory. The struggling NZ economy is leading to increased consumer arrears, and the level of debt referred is increasing. Turners has also onboarded a significant new corporate customer in April and is well positioned to help NZ businesses for the next phase of the New Zealand credit cycle.

Turners expects HY26 Net Profit Before Tax (NPBT) to be more than 10% ahead of HY25 which was a record at $26.9M.

Turners is confident in its growth plan and is on track to achieve its mid-term target of $65M NPBT in FY28 ahead of schedule.