2CC ASM Presentation

ANNUAL
SHAREHOLDERS’
MEETING
26September2025

Board of Directors
& Senior Management
Michael Stiassny
Independent Director
Chair
Gordon Shaw
Independent Director
Angus Guerin
CFO
David (Yusuke) Sena
CEO
Executive Director
Co-Founder
2
2 CHEAP CARS GROUP LIMITED | 2025 ASM PRESENTATION

Questions
3
2 CHEAP CARS GROUP LIMITED | 2025 ASM PRESENTATION
Shareholder & proxyholder
Q&A participation
Written questions
Questions may be submitted ahead of the
meeting. If you have a question to submit during
the live meeting, please select the Q&Atab on the
right half of your screen at anytime. Type your
question into the field and press submit. Your
question will be immediately submitted.
Help
The Q&Atab can also be used for immediate
help. If you need assistance, please submit your
query in the same manner as typing a question
and a Computershare representative will
respond to you directly.

Voting process
4
2 CHEAP CARS GROUP LIMITED | 2025 ASM PRESENTATION
Shareholder & proxyholder voting
Once the voting has been opened, the resolutions
and voting options will allow voting.
To vote, simply click on the Votetab, and select
your voting direction from the options shown on
the screen. You can vote for all resolutions at once
or by each resolution.
Your vote has been cast when the tick appears.
To change your vote, select Change Your Vote.

2025 Agenda
5
2 CHEAP CARS GROUP LIMITED | 2025 ASM PRESENTATION
Chairman’s
Address
Operational
Update
ResolutionsGeneral
Business
+ Q&A
1.2.3.4.
Michael Stiassny
Chair
Angus Guerin
CFO

6
CHAIRMAN’S
ADDRESS
2 CHEAP CARS GROUP LIMITED | 2025 ASM PRESENTATION

OPERATIONAL
UPDATE
2 CHEAP CARS GROUP LIMITED | 2025 ASM PRESENTATION

$
82.0
M
down 6% from $86.8m
Revenue and income
down from 11.56cpsdown $0.2m from $6.9mdown from 14 cps
Operating cash flow
ex.lending
Dividend
down 47% from $6.2m
$
3.3
M
NPAT
Underlying EPS
6.03
CPS
7
CPS
$
6.7
M
2 CHEAP CARS GROUP LIMITED | 2025 ASM PRESENTATION
Contribution margin
$
17.8
M
down 14% from $20.7m
Gross margin
22%
down 2% from 24%
8
FY25 summary

Market dynamics
Cost of
living
Interest
rates
Immigration
2 CHEAP CARS GROUP LIMITED | 2025 ASM PRESENTATION
9
Carbon tax
Foreign
exchange
Public to
dealer sales

1.
SUPPLY CHAIN
LEADERSHIP
Howtogrow
Weretowin
Focused strategy
Winning by leveraging strengths
GROSS MARGIN
EXPANSION
3.
4.
OUR
PEOPLE
5.
•
Leverage existing buying
capability to lead thesupply
of affordable imports
•
Systemise the buying
process using data to drive
smarter, faster decisions.
•
Leveragescalefor
efficiencies
•
Expand and develop local
purchasing capability
•
Maintain national
footprint for wider reach
•
Focus on large yards in
easy to access high
traffic zones
•
Consolidate lower
performing yards
•
Standardise look
and feel
•
Manage mix & pricing to
remain competitive while
passing on carbon credits
•
Stabilise & optimise
in-house operations to drive
cost savings and efficiency
•
IncreaseFinance &
Insurance penetration while
leveraging size to drive
better margins
•
Invest in new website as a
core asset to drive growth,
deepen engagement, and
reduce reliance on third-
party platforms
•
Leverage sales and
customer careteamsas a
competitive advantage
•
Maintain our disruptive
spirit by challenging
conventions, testing ideas,
and executing boldly
through multiple channels.
•
Build strong internal
systems to support
sustainable growth
•
Develop managers
and leaders to lift
productivity
•
Equip teams with tools
and processes that
drive performance
2.
RETAIL
FOOTPRINT
2 CHEAP CARS GROUP LIMITED | 2025 ASM PRESENTATION
CUSTOMER
EXPERIENCE
10

11
2 CHEAP CARS GROUP LIMITED | 2025 ASM PRESENTATION
Flagship yards open
Greenlane
Sylvia Park

12
2 CHEAP CARS GROUP LIMITED | 2025 ASM PRESENTATION
Vehicle sourcing
Increased direct purchasing
Japanese subsidiary (Car Plus kk)
Increased focus on Local purchasing

13
2 CHEAP CARS GROUP LIMITED | 2025 ASM PRESENTATION
DIGITAL FOOTPRINT
Mobile
Optimised

14
FY26 YTD (August) update
2 CHEAP CARS GROUP LIMITED | 2025 ASM PRESENTATION
Vehicles sold
3,058
down12% from 3,475
Revenue
$
33.4
M
down 5% from $35.2m
31
%
up 4% from 27%
Operating cashflow
$
1.5
M
up $1.4m from $0.1m
Finance penetration
NPAT
$
0.8
M
down $0.7m from $1.5m
Gross margin
19
%
down 2% from 21%
FY26 outlook
Greenlane and Sylvia Park
Lower interest rates continue to ease
pressure on finance
NZD strength expected to continue
to deliver lower COGS
Local purchasing
Carbon tax continues to impact margins
Cost of living crisis continues to
impact customers
Lower net immigration as
compared to FY24
Competition for Japanese stock
increasing prices
Opportunities
Challenges

15
RESOLUTIONS
2 CHEAP CARS GROUP LIMITED | 2025 ASM PRESENTATION

16
Shareholder resolutions
2 CHEAP CARS GROUP LIMITED | 2025 ASM PRESENTATION
1.
That Michael Stiassny
be re-elected as
a Director of
2 Cheap Cars Group
Limited.
2.
3.
That the Board be
authorised to fix
the Auditor’s fees
and expenses.
That Gordon Shaw
be re-elected as
a Director of
2 Cheap Cars Group
Limited.

17
Proxy voting results
*Votes cast by a shareholder who abstains on an item are not
counted in the calculation of the required majority.
2 CHEAP CARS GROUP LIMITED | 2025 ASM PRESENTATION
Abstain*DiscretionaryAgainstForResolution
9,07336,00021,76738,400,308
That Michael Stiassny be
re-elected as a Director of
2 Cheap Cars Group Limited.
9,196136,50020,20638,301,246
That Gordon Shaw be re-elected
as a Director of 2 Cheap Cars
Group Limited.
8,602354,77017,36338,086,413
That the Board be authorised
to fix the Auditor’s fees and
expenses.

Q&A
18
GENERAL
BUSINESS
2 CHEAP CARS GROUP LIMITED | 2025 ASM PRESENTATION

19
THANK YOU
2 CHEAP CARS GROUP LIMITED | 2025 ASM PRESENTATION

20
Important notice & disclaimer
Thispresentationisgivenonbehalfof2CheapCarsGroupLtd(2CC)(NZX:2CC).
Informationinthispresentationisforgeneralinformationpurposesonlyandis
notanofferorinvitationforsubscriptionorpurchaseof,orarecommendationto
investin2CCsecurities.
The presentationshouldbe read in conjunctionwith, and is subjectto, 2CC’s latest set of financial
statementsfor the periodended 31 March2025, and other market releases and information releasedon
the NZX.
The presentationincludes forwardlooking statements about 2CCand the environmentthat it operates
in, which are subjectto uncertainties outsideof 2CC’scontrol.2CC’sresults or performancemay vary
from these statements.Also included are statementsrelating to past performance,which shouldnot be
regarded as a reliable indicator of future performance.
The presentationmay contain information from third parties believed to be reliable, but no
representationsorwarrantiesare madeas to the accuracyor completenessof suchinformation.
Non-GAAPand non-IFRSmeasuresare used by managementand the Boardbelieve they provideuseful
information for readers to assist in the understanding of 2CC’s financial performance.
Non-GAAPand non-IFRSmeasuresdo not have a standardisedmeaning prescribed by GAAP and
should not be viewedin isolationor be consideredsubstitutesfor measuresreportedin
accordancewithNZ IFRS. Further, they may not be comparable to similar financial information
presented by other entities. Thesemeasures have not been independently audited or reviewed.
•Numbers related to FY26 to 31 August 2025 are unaudited.
•All currency amounts are presented in NZ dollars, unless otherwise stated.
•Authorised for release by the Board of Directors.
2 CHEAP CARS GROUP LIMITED | 2025 ASM PRESENTATION

ANNUAL
SHAREHOLDERS’
MEETING
26September2025

Board of Directors
& Senior Management
Michael Stiassny
Independent Director
Chair
Gordon Shaw
Independent Director
Angus Guerin
CFO
David (Yusuke) Sena
CEO
Executive Director
Co-Founder
2
2 CHEAP CARS GROUP LIMITED | 2025 ASM PRESENTATION

Questions
3
2 CHEAP CARS GROUP LIMITED | 2025 ASM PRESENTATION
Shareholder & proxyholder
Q&A participation
Written questions
Questions may be submitted ahead of the
meeting. If you have a question to submit during
the live meeting, please select the Q&Atab on the
right half of your screen at anytime. Type your
question into the field and press submit. Your
question will be immediately submitted.
Help
The Q&Atab can also be used for immediate
help. If you need assistance, please submit your
query in the same manner as typing a question
and a Computershare representative will
respond to you directly.

Voting process
4
2 CHEAP CARS GROUP LIMITED | 2025 ASM PRESENTATION
Shareholder & proxyholder voting
Once the voting has been opened, the resolutions
and voting options will allow voting.
To vote, simply click on the Votetab, and select
your voting direction from the options shown on
the screen. You can vote for all resolutions at once
or by each resolution.
Your vote has been cast when the tick appears.
To change your vote, select Change Your Vote.

2025 Agenda
5
2 CHEAP CARS GROUP LIMITED | 2025 ASM PRESENTATION
Chairman’s
Address
Operational
Update
ResolutionsGeneral
Business
+ Q&A
1.2.3.4.
Michael Stiassny
Chair
Angus Guerin
CFO

6
CHAIRMAN’S
ADDRESS
2 CHEAP CARS GROUP LIMITED | 2025 ASM PRESENTATION

OPERATIONAL
UPDATE
2 CHEAP CARS GROUP LIMITED | 2025 ASM PRESENTATION

$
82.0
M
down 6% from $86.8m
Revenue and income
down from 11.56cpsdown $0.2m from $6.9mdown from 14 cps
Operating cash flow
ex.lending
Dividend
down 47% from $6.2m
$
3.3
M
NPAT
Underlying EPS
6.03
CPS
7
CPS
$
6.7
M
2 CHEAP CARS GROUP LIMITED | 2025 ASM PRESENTATION
Contribution margin
$
17.8
M
down 14% from $20.7m
Gross margin
22%
down 2% from 24%
8
FY25 summary

Market dynamics
Cost of
living
Interest
rates
Immigration
2 CHEAP CARS GROUP LIMITED | 2025 ASM PRESENTATION
9
Carbon tax
Foreign
exchange
Public to
dealer sales

1.
SUPPLY CHAIN
LEADERSHIP
Howtogrow
Weretowin
Focused strategy
Winning by leveraging strengths
GROSS MARGIN
EXPANSION
3.
4.
OUR
PEOPLE
5.
•
Leverage existing buying
capability to lead thesupply
of affordable imports
•
Systemise the buying
process using data to drive
smarter, faster decisions.
•
Leveragescalefor
efficiencies
•
Expand and develop local
purchasing capability
•
Maintain national
footprint for wider reach
•
Focus on large yards in
easy to access high
traffic zones
•
Consolidate lower
performing yards
•
Standardise look
and feel
•
Manage mix & pricing to
remain competitive while
passing on carbon credits
•
Stabilise & optimise
in-house operations to drive
cost savings and efficiency
•
IncreaseFinance &
Insurance penetration while
leveraging size to drive
better margins
•
Invest in new website as a
core asset to drive growth,
deepen engagement, and
reduce reliance on third-
party platforms
•
Leverage sales and
customer careteamsas a
competitive advantage
•
Maintain our disruptive
spirit by challenging
conventions, testing ideas,
and executing boldly
through multiple channels.
•
Build strong internal
systems to support
sustainable growth
•
Develop managers
and leaders to lift
productivity
•
Equip teams with tools
and processes that
drive performance
2.
RETAIL
FOOTPRINT
2 CHEAP CARS GROUP LIMITED | 2025 ASM PRESENTATION
CUSTOMER
EXPERIENCE
10

11
2 CHEAP CARS GROUP LIMITED | 2025 ASM PRESENTATION
Flagship yards open
Greenlane
Sylvia Park

12
2 CHEAP CARS GROUP LIMITED | 2025 ASM PRESENTATION
Vehicle sourcing
Increased direct purchasing
Japanese subsidiary (Car Plus kk)
Increased focus on Local purchasing

13
2 CHEAP CARS GROUP LIMITED | 2025 ASM PRESENTATION
DIGITAL FOOTPRINT
Mobile
Optimised

14
FY26 YTD (August) update
2 CHEAP CARS GROUP LIMITED | 2025 ASM PRESENTATION
Vehicles sold
3,058
down12% from 3,475
Revenue
$
33.4
M
down 5% from $35.2m
31
%
up 4% from 27%
Operating cashflow
$
1.5
M
up $1.4m from $0.1m
Finance penetration
NPAT
$
0.8
M
down $0.7m from $1.5m
Gross margin
19
%
down 2% from 21%
FY26 outlook
Greenlane and Sylvia Park
Lower interest rates continue to ease
pressure on finance
NZD strength expected to continue
to deliver lower COGS
Local purchasing
Carbon tax continues to impact margins
Cost of living crisis continues to
impact customers
Lower net immigration as
compared to FY24
Competition for Japanese stock
increasing prices
Opportunities
Challenges

15
RESOLUTIONS
2 CHEAP CARS GROUP LIMITED | 2025 ASM PRESENTATION

16
Shareholder resolutions
2 CHEAP CARS GROUP LIMITED | 2025 ASM PRESENTATION
1.
That Michael Stiassny
be re-elected as
a Director of
2 Cheap Cars Group
Limited.
2.
3.
That the Board be
authorised to fix
the Auditor’s fees
and expenses.
That Gordon Shaw
be re-elected as
a Director of
2 Cheap Cars Group
Limited.

17
Proxy voting results
*Votes cast by a shareholder who abstains on an item are not
counted in the calculation of the required majority.
2 CHEAP CARS GROUP LIMITED | 2025 ASM PRESENTATION
Abstain*DiscretionaryAgainstForResolution
9,07336,00021,76738,400,308
That Michael Stiassny be
re-elected as a Director of
2 Cheap Cars Group Limited.
9,196136,50020,20638,301,246
That Gordon Shaw be re-elected
as a Director of 2 Cheap Cars
Group Limited.
8,602354,77017,36338,086,413
That the Board be authorised
to fix the Auditor’s fees and
expenses.

Q&A
18
GENERAL
BUSINESS
2 CHEAP CARS GROUP LIMITED | 2025 ASM PRESENTATION

19
THANK YOU
2 CHEAP CARS GROUP LIMITED | 2025 ASM PRESENTATION

20
Important notice & disclaimer
Thispresentationisgivenonbehalfof2CheapCarsGroupLtd(2CC)(NZX:2CC).
Informationinthispresentationisforgeneralinformationpurposesonlyandis
notanofferorinvitationforsubscriptionorpurchaseof,orarecommendationto
investin2CCsecurities.
The presentationshouldbe read in conjunctionwith, and is subjectto, 2CC’s latest set of financial
statementsfor the periodended 31 March2025, and other market releases and information releasedon
the NZX.
The presentationincludes forwardlooking statements about 2CCand the environmentthat it operates
in, which are subjectto uncertainties outsideof 2CC’scontrol.2CC’sresults or performancemay vary
from these statements.Also included are statementsrelating to past performance,which shouldnot be
regarded as a reliable indicator of future performance.
The presentationmay contain information from third parties believed to be reliable, but no
representationsorwarrantiesare madeas to the accuracyor completenessof suchinformation.
Non-GAAPand non-IFRSmeasuresare used by managementand the Boardbelieve they provideuseful
information for readers to assist in the understanding of 2CC’s financial performance.
Non-GAAPand non-IFRSmeasuresdo not have a standardisedmeaning prescribed by GAAP and
should not be viewedin isolationor be consideredsubstitutesfor measuresreportedin
accordancewithNZ IFRS. Further, they may not be comparable to similar financial information
presented by other entities. Thesemeasures have not been independently audited or reviewed.
•Numbers related to FY26 to 31 August 2025 are unaudited.
•All currency amounts are presented in NZ dollars, unless otherwise stated.
•Authorised for release by the Board of Directors.
2 CHEAP CARS GROUP LIMITED | 2025 ASM PRESENTATION

---

1
260925 2CC ASM script

SLIDE 1 – 2CC 2025 ANNUAL SHAREHOLDERS’ MEETING

Michael Stiassny
Mōrena, good morning. My name is Michael Stiassny, Chairman of 2 Cheap Cars Group
Limited. As it’s now 10.00am, I am pleased to open the 2 Cheap Cars Annual Shareholders’
Meeting.

SLIDE 2 – BOARD AND MANAGEMENT
On behalf of my fellow directors, welcome to all of you.

With me this morning are Executive Director and CEO David Sena, Director Gordon Shaw,
and our Chief Financial Officer Angus Guerin. Our lawyers from Minter Ellison Rudd Watts
and our Auditors, UHY Haines Norton are also present online.

As we outlined in the Notice of Meeting, the Board acknowledges there are advantages to
holding in person shareholder meetings. However, the associated costs are increasingly
prohibitive and do not, in our opinion, deliver value to all shareholders. Hence our decision
to hold this meeting online.

We appreciate your understanding and are pleased to see shareholders from around New
Zealand joining us.

A few housekeeping matters:
 We ask that you follow the information provided in the Notice of Meeting regarding
voting and asking questions.
 Should you require any assistance, you can type your query and one of the
Computershare team will assist, or alternatively, you can call Computershare on
09 488 7800.
SLIDE 3 – QUESTIONS
Please note that only shareholders and proxies can ask questions and submit votes.
You can submit questions via Computershare at any time during the meeting.

If you have a question, click the Q&A tab on the right half of your screen. Type your
question into the field and press send. Your question will be submitted immediately.
Specific questions on any of the resolutions to be considered will be answered as the
relevant resolution is put forward, while general questions will be addressed later in the
meeting.

The Q&A tab can also be used for immediate help, if you need assistance, submit your query
in the same way and a Computershare representative will respond directly to you.

Questions may be moderated, or if we receive multiple questions on a topic, they may be
amalgamated. If we run out of time to answer all questions during this meeting, we will
answer them directly via email and post the responses on our website.

To any media present online, please get in touch with Gus after the meeting if you have
questions.

2
SLIDE 4 – VOTING PROCESS
Voting today will be by way of a poll on all items of business. To provide you with plenty of
time, I will shortly open voting for all resolutions.

If you are eligible to vote at this meeting, you will be able to cast your vote under the Vote
tab. To vote, simply select your voting direction from the options shown on screen. You can
vote for all resolutions together, at once, or for individual resolutions. When the tick
appears, your vote has been cast. To change your vote after that time, simply select ‘Change
Your Vote’. You can do this until I declare voting closed.

I now declare voting open on all items of business. The resolutions will be open in the vote
tab, you may submit your votes at any time, and I will let you know in advance that voting
will be closing.


SLIDE 5 – AGENDA
Here is today’s meeting agenda.

Gus will provide a quick overview of last year’s performance, the progress we’ve made in
recent months and how the business is responding to tough trading conditions.

While David has overseen the operational and strategic content, he has asked Gus to speak
on his behalf to ensure the information is easily understood.

Following these presentations, we will then move to the formal resolutions set out in the
Notice of Meeting, followed by general business and questions.

Let’s now move on to the formal part of the meeting.
Apologies
Are there any apologies?
(If not:) Thank you.
(If yes:) Thank you, I will ask the Secretary to record those in the minutes.

Quorum
The Company’s constitution prescribes a quorum requirement of five shareholders present
in person, or by representative participating by audio, audio and visual or electronic means.
As confirmed by Computershare, this requirement has been met.

Proxies
20 shareholders, holding a total of 38,458,075 shares, have appointed proxies. The
appointed proxies represent 84.42% of all shares.

In my capacity as Chairman of the meeting and in my own name I hold proxies for 15
shareholders, representing 38,334,575 shares, or 84.15% of all shares.

I intend to vote all undirected proxies I have received in favour of all 3 resolutions.

Annual Report and Notice of Meeting
The annual report was made available on 2 Cheap Cars’ website on the 27
th
of June 2025.

3
The Notice of Meeting was uploaded to the NZX and sent to shareholders and other persons
entitled to receive it on 28
th
August 2025.

I propose that we take the Annual Report and Notice of Meeting as read.

SLIDE 6 – CHAIRMAN’S ADDRESS
Michael Stiassny
It’s fair to say that FY25 was a year of challenges and lessons. It was marked by a
combination of continuing recessionary economic conditions, a sharp decline in immigration
– a key consumer group for our business – and the impact of an uncertain regulatory
environment. Collectively, these factors created a difficult operating environment that
required us to reassess our approach and become more agile.

Revenue declined by 6% to $82 million reflecting the broader pressures facing almost every
facet of New Zealand’s economy. And, while the Company was able to maintain stable
finance and insurance penetration rates and to largely preserve contribution margin
through increasing internal efficiencies, gross margin decreased from 24% to 22%. This
decline was driven by pricing pressures and shifts in consumer behaviour which could not be
fully offset.

While clearly not a stellar performance, it was pleasing to see 2 Cheap Cars remain cash
flow positive and to be able to declare a total dividend for FY25 of 6.03 cents, which was no
small feat.

As outlined in our annual report, we cannot ignore the significant external cost increases
that also impacted our bottom line. The escalation of fees from third-party listing platforms
has become a material drag on our profits. In response we are now prioritising the
improvement of our direct-to-consumer digital channels to reduce our reliance on
expensive intermediaries.

In FY25 the removal of the clean car discount initially led to weaker sales of hybrid and
electric vehicles, but when the clean car standard fees increased, they were once again
flavour of the month. The impact of the clean car standard on both new and used imports in
terms of the total cost of carbon credits is – and will continue to be – significant. This has
necessitated the need, to reassess our car buying strategy.

2 Cheap Cars has responded by ensuring our Japanese procurement team is even more
strongly focused on buying fuel efficient and late model cars that attract fewer carbon credit
costs, to maintain optimal gross margins. And we are expanding our local vehicle
acquisitions through trade-ins and wholesale channels to diversify our inventory and further
reduce our exposure to the regulatory risks associated with carbon credits.

Gus will talk more about the progress we have made in these areas shortly but suffice to say
these are not just tactical moves, they are strategic necessities to support the Company’s
long-term sustainability.

As we navigate the continued economic headwinds in FY26, our priorities are clear.

We must continue to improve execution. That means identifying further operational
efficiencies and ensuring our business is aligned with our strategic goals.

4

Secondly, we need to reduce our reliance on high cost third party platforms and invest in
our own digital capabilities to build a scalable and sustainable sales engine.

And finally, we must have a razor-sharp focus on safeguarding margins in what is an
increasingly competitive and expensive environment.

We are confident that the core ethos of 2 Cheap Cars – providing affordable, quality vehicles
– remains as relevant as ever. However, FY25 served as a reminder that profitability is not
guaranteed, even when the product meets market needs. To protect and grow earnings, we
must innovate, control costs and strengthen our digital engagement if we are to continue
developing a direct, scalable and sustainable sales model that positions us for success in the
years ahead.

Before Gus takes you through our FY25 results and updates, on behalf of the Board I'd like
to thank the 2 Cheap Cars team for their hard work. In a tough environment, our balance
sheet is strong, and our business remains resilient to navigate the challenges ahead.


SLIDE 7 – OPERATIONAL UPDATE
Angus Guerin
Thanks Michael.

It’s a pleasure to be here today as CFO and to share David’s presentation on the operational
aspects of 2 Cheap Cars.

SLIDE 8 – FY25 SUMMARY
FY25 was a challenging year for the company. The cost-of-living crisis and persistently high
interest rates significantly impacted our customer base while external costs to the business
also continued to rise.
Revenue for the year was $82.0 million, a 6% decrease from FY24’s $86.8 million, reflecting
industry-wide affordability pressures, lower sales volumes, and retail pricing.
Net profit after tax was $3.3 million, down 47% from last year’s $6.2 million. While this
result is below FY24’s record performance, it demonstrates resilience in a difficult economic
environment.
The Board declared total gross dividends of 6.03 cents per share, consistent with our
dividend policy but down from 11.56 cents in FY24.
Underlying earnings per share were 7 cents, compared to 14 cents in FY24. Operating cash
flow, excluding lending, remained stable at $6.7 million, slightly below last year’s $6.9
million, supported by efficient working capital management.
Contribution margin declined 14% to $17.8 million, and gross margin reduced by 2
percentage points to 22%, primarily due to competitive pricing pressures. These challenges
were partly offset by further efficiency gains in our vertically integrated supply chain.

5
These results reflect the tough trading conditions. As Michael highlighted, we are adjusting
our strategy to ensure we are managing costs and protecting margins as tightly as possible,
in order to position the business to fully capitalise as market conditions improve.
SLIDE 9 – MARKET DYNAMICS
While market conditions remain difficult, there are several positive trends that are
supporting us.
First, interest rates: The Reserve Bank has cut the Official Cash Rate to 3%, the lowest in
three years, and signalled a possible further reduction to 2.5% by year-end. This is making
car finance more accessible, with average finance sell rates down over 3% in the past year,
which materially reduces customer borrowing costs and improves affordability.
Second, foreign exchange: The New Zealand dollar remains strong against the Japanese yen,
currently trading in the ¥86–¥88 range. This strength helps our vehicle acquisition costs,
benefiting our largely import-based business.
Third, public-to-dealer sales: Across New Zealand, we continue to see strong volumes of
private sellers supplying stock directly to dealers. While this source has not historically been
a major part of the 2 Cheap Cars procurement strategy, it will play an increasingly important
role to improve our resilience.
However, we also face three key challenges.
First, carbon tax: The Clean Car Standard continues to impact both new and used imports.
In FY25, carbon credit costs reached $1.1 million. For FY26, despite a growing hybrid mix, we
expect these costs to exceed $2 million.
Second, immigration: Net migration has slowed sharply. The net gain for the year to March
2025 was 26,400, down from 100,400 the previous year, and fell further to just 13,700 by
June, excluding COVID, the lowest in over a decade. Fewer migrants mean fewer new
customers.
Finally, cost of living: While inflation is now within the Reserve Bank’s 1–3% target,
household budgets remain under pressure. Rising costs for essentials like food, energy,
housing, and insurance are limiting discretionary spending across all sectors.
SLIDE 10 – FOCUSED STRATEGY
The 2 Cheap Cars strategy is simple. It’s comprised of five distinct areas, all interconnected,
and each playing a role in driving sustainable profit growth. It continues to serve us well.
However, to meet the challenges of the current market and drive growth, we understand
the need to be more flexible. We are required to adapt to thrive.
While the headlines have not changed, we have been responsive and have tweaked the
strategy to ensure that where gains can be made, they will be.

In our supply chain, the new funding arrangements we announced in FY25 are enabling us
to increase volumes through our Japanese subsidiary. We are also continuing to systemise
the buying process and as touched on earlier, we are expanding local vehicle sourcing
activity.

6
Trade-ins and purchasing NZ vehicles will provide a competitive source of stock,
complement our imports, increase flexibility across our network and assist in reducing
carbon credit costs.
For our retail footprint, we’re concentrating on high-traffic yards with maximum visibility
and consolidating smaller underperforming sites to strengthen the network. Our flagship
dealerships in Greenlane and Sylvia Park are the blueprint for the future.

On gross margin, we’re managing mix and pricing carefully to ensure we can pass on carbon
credits. Improving productivity and lifting finance and insurance penetration rates will also
help enhance profitability.

Our rebuilt website is now our core digital asset. Reducing our reliance on expensive third-
party platforms, it is helping us to drive sales, deepen engagement and fundamentally
improve customer experience. We’re also working towards unlocking more value from our
strong 140,000+ social following.

As a business 2 Cheap Cars remain disruptors at heart. We will continue to challenge
conventions, test new ideas, and remain agile to meet the market.

And finally, we’re building capability from within, strengthening our people, systems, and
leadership to support sustainable growth and performance.

SLIDE 11 – FLAGSHIP YARDS OPEN
Our newly opened sites are already proving their worth.

Our Greenlane site opened in March 2025, and has sold 242 cars, generating year-to-date
revenue of $3.4 million.
Importantly, Greenlane is leading the group with the highest per-car margin, showing both
the strength of the location and the efficiency of the team.

Our Sylvia Park site opened on the 1st of August 2025 and in its first month of trading, sold
136 cars and achieved $1.5 million in revenue.

Looking ahead, we are projecting sales volumes to continue to grow as the site is fully
ramped up, particularly with the added foot traffic expected when IKEA opens nearby in
December.

In summary both Greenlane and Sylvia Park demonstrate the success of our strategy to
expand into high-traffic, high-profile locations.
They are not only contributing strong revenue today but also positioning us well for future
growth.

SLIDE 12 – VEHICLE SOURCING
Turning now to vehicle supply

In Japan, our subsidiary Car Plus now employs seven specialist buyers and a dedicated
logistics manager. Over the past year, we’ve grown direct purchases from just 25% to more
than 80%. That scale of progress simply wouldn’t have been possible without our new
banking arrangements with ANZ.

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While competition from other global regions is putting pressure on prices, the skills and
local knowledge of our team on the ground give us a clear competitive edge over other NZ
importers

Over the past quarter, we’ve placed a much greater focus on domestic purchasing. Our
Purchasing Centre at Sylvia Park will become a key part of this strategy, making it easier for
New Zealanders to sell their vehicles directly to us.

We’ve also strengthened our online platform, making it easier and more transparent for
customers to complete transactions. To drive awareness, we’ve increased our advertising,
highlighting the convenience and value of selling cars to 2 Cheap Cars.

Together, while still in their infancy, these initiatives are building a stronger local supply
base to complement our offshore purchasing.

SLIDE 13 – DIGITAL FOOTPRINT
As we signalled last year, we have recently completed a full rebuild of the 2 Cheap Cars
website. This wasn’t just about design, it’s about speed, usability, and putting us in control
of our digital future.

With the rebuild, we’ve moved to best practice standards, creating a site that is much
faster, more reliable, and delivers a seamless experience for our customers.

Our homepage is cleaner, faster, and mobile-first. Customers can now access vehicles, deals,
finance, and dealership information in just a couple of clicks.

We’ve introduced smart search with four ways to find cars, from quick keywords to full
advanced filters like price, odometer, and location.

Finance applications, test drives, and trade-ins are simpler than ever. -

Each branch now has its own landing page with maps, consultant contacts, and stock on
site.

In short, the new website is far more customer-friendly, faster and smarter. It strengthens
our brand, reduces reliance on third-party platforms, and drives more traffic directly to 2
Cheap Cars.

SLIDE 14 – FY26 YTD
Turning now to YTD trading

In the five months to the 31st of August, we sold 3,058 vehicles, down 12% on the prior
year.

Revenue declined 5% to $33.4 million, reflecting lower sales volumes, partially offset by
improved retail prices and stronger finance and insurance penetration.

Finance penetration rose to 31%, up four percentage points, and average insurance
penetration reached 40%. These gains reflect both the benefit of lower interest rates and
the strong efforts of our sales staff.

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Gross margin eased by two percentage points to 19%, primarily due to the carbon tax
impact. Net profit after tax was $0.8 million, down $0.7 million on the prior year. Again, it is
important to note that the carbon tax contributed $0.5 million to this decline.

Operating cash flow was $1.5 million, compared with $0.1 million last year, though this
improvement primarily reflects lower provisional tax payments rather than underlying
trading.

Outlook
Our Greenlane and Sylvia Park sites are now fully operational and expected to ramp up sales
as they establish themselves. Lower interest rates are improving affordability, while a strong
New Zealand dollar is helping to mitigate cost pressures. Local purchasing is also becoming a
more significant part of our sourcing strategy.

Despite challenges such as the carbon tax, subdued immigration, and increased competition
for Japanese stock, we remain confident in our ability to deliver improved performance over
the medium term. Higher finance and insurance penetration, fully operational new sites,
and stronger in-house capabilities support this view.

The company will provide further updates with the release of its half-year results.

SLIDE 15 – RESOLUTIONS
Michael Stiassny

Thanks Gus. I will briefly open the floor to questions specifically regarding the presentations,
the Annual Report and Financial Statements only. We will take all general questions at the
conclusion of the general business.

I remind you that this is a shareholders’ meeting, and only shareholders and proxy holders
may speak.

Thank you. We will now move to voting on the resolutions laid out in the Notice of Meeting.

SLIDE 16 – ORDINARY RESOLUTIONS
Each resolution to be voted on, as outlined in the Notice of Meeting, is an Ordinary
Resolution. This means it can be passed by a simple majority of eligible shareholder votes.
As required by the NZX Listing Rules, the chairperson requires a poll on all resolutions.
Therefore, votes on each resolution will be counted based on the number of shares each
voting shareholder holds.

The resolution and voting options should now appear on your screen. Please make sure you
have signed in with your CSN number to ensure your vote is valid.

To vote, simply select your voting direction from the options shown on the screen. You can
vote for all resolutions at once or by individual resolution.

Please note that your vote has been cast when the green tick appears, and you can change
your vote by selecting ‘Change your Vote’.

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Should you require any technical assistance, please type your query in the Q&A tab or chat
function and one of the Computershare team will assist or call 09 488 7800.

All voting will remain anonymous. Votes will be collated by Computershare, and the verified
results will be announced to the NZX later today.

As the first resolution concerns the re-election of myself as a Director of 2 Cheap Cars
Limited, I will hand over to Gordon Shaw.

Gordon Shaw
Thank you, Michael

The first resolution concerns the re-election of Michael Stiassny as a Director of 2 Cheap
Cards Limited. Michael retires by rotation and is offering himself for re-election.

I now move that resolution 1 is put to shareholders.

Is there any discussion?

If shareholders could please cast their votes on resolution 1.

Thank you ... over to Michael.

Michael Stiassny
Thank you, Gordon. I now turn to resolution 2.

Resolution 2 concerns the re-election of Gordon Shaw as a Director of 2 Cheap Cars Group
Limited. Gordon retires by rotation and is offering himself for re-election.

I now move that resolution 2 is put to shareholders.
Is there any discussion?

If shareholders could please cast their votes on resolution 2.

I now turn to resolution 3.

Section 207S of the Companies Act provides that the fees and expenses of the auditors are
to be fixed in such manner as the company determines at the Annual Meeting. The Board
proposes that, consistent with past practice, the auditor’s fees be fixed by the directors.

I therefore move that resolution 3 is put to shareholders – that the Board be authorised to
fix the auditor’s remuneration.

Is there any discussion?

If shareholders could please cast their votes on resolution 3.

If all shareholders have now voted, I declare that voting is closed.

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SLIDE 17 – PROXIES
As at 10.00am Wednesday 24th September, Computershare advises that the following
proxy votes had been received. With 84.42% of votes cast, and subject to verification by the
scrutineers, all resolutions have passed.

Final verified results will be posted on the NZX later today.

Right, let’s move on. The final item on our agenda is General Business:

SLIDE 18 – GENERAL BUSINESS & QUESTIONS
I will now ask Gus to read out questions we’ve received from shareholders.

The Board recognises that a limitation of an online meeting can be the difficulty
shareholders may have in asking supplementary questions. If anyone believes they have not
received a satisfactory answer to a question they asked here today, they are welcome to
write to us, and we will respond.

SLIDE 19 – THANK YOU FOR ATTENDING
That brings us to the conclusion of our business today. We thank you for joining us and for
your ongoing support of 2 Cheap Cars Limited. We wish you a great rest of your Friday and
weekend ahead.

I declare the meeting closed. Thank you.