• Successful 2024 with 13% adjusted EPS growth
• Strategic Pathways driving organic growth in Corporate, Small Fleets, and Novated
• Accelerate program to simplify tech, standardize processes, and consolidate brands

FleetPartners CEO Damien Berrell addressed the company's 2025 Annual General Meeting, thanking the team for their contributions to a successful 2024. The group developed a clear strategy to create sustainable shareholder value, comprising three primary EPS growth drivers: sustainable and recurring revenue growth from Strategic Pathways, enhanced operating leverage from the Accelerate project, and the ongoing share buy-back program. Strategic Pathways is designed to grow new business in three under-penetrated, high-returning target markets: Corporate, Small Fleets, and Novated. In FY24, the Corporate business delivered 20% New Business Writings growth, the Small Fleets business saw 41% growth, and the Novated business registered 36% growth. The Accelerate program is a multi-year business transformation initiative that will simplify the technology stack, standardize and automate processes, and consolidate multiple brands into one. The group has made solid progress on Accelerate over the last two years, with the system going live at the end of 1H25. The on-market share buy-back program has seen the group purchase and cancel around 30% of shares on issue since FY21. In Q1 FY25, the group saw a continuation of the operating environment from the second half of FY24, with New Business Writings down 7% on pcp, but AUMOF up 9% and NOI pre EOL and provisions up 6%. The group's FY25 expectations remain consistent with those presented in the FY24 results, with the only update being an $800,000 reduction in expected share-based payments expense.

The group expects NOI pre EOL and provisions growth in FY25 to directionally follow the same trend as average AUMOF, with the normalisation of management fees and the temporary impact from funding more leases on balance sheet partially offsetting that growth. Average EOL income per vehicle was $5,533 in 1Q25, down 10% on pcp, and the group continues to expect used car pricing to temper over time. Operating expenses are expected to be up by 2% to 3% in FY25, which incorporates $3 million of Accelerate related savings.

The group has a clear strategy to maintain long-term sustainable EPS growth, including Strategic Pathways, the Accelerate program, and effective capital management. Coupled with a strong leadership team and passionate, capable employees, the group is well-positioned for the future.