• Revenue grew 5% to $219.0m
• EBIT increased 10% to $34.1m
• NPBT and NPAT both grew 13%

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 highlights include a 5% increase in revenue to $219.0m, a 10% rise in EBIT to $34.1m, and 13% growth in both NPBT and NPAT. The first half result reflects the broader dynamics of the used vehicle market, which continues to show resilience despite significant structural change. 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 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. Inline with dividend policy, $60m NPBT could result in a full year dividend of at least 32 cps.

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. Across the business, growth opportunities continue to build, with branch expansion, a recovering lease market, and further gains in Finance and Insurance expected to drive performance.