2 Cheap Cars Group (2CC) AGM 2026 summary

Opening remarks and agenda

• Meeting opened by the chair, with directors, executive team, legal counsel, and auditors present; voting and Q&A procedures explained.

• Chairman's address and operational update were presented, followed by resolutions and a general business Q&A session.

• Agenda included chair's address, financial results, operational update, resolution, and Q&A.

Financial performance review

• FY 2026 NPAT was NZD 3.2 million, with revenue at NZD 81.7 million, showing resilience despite market volatility.

• Gross margin for FY 2026 was 21.3%, down from 21.7%; operating cash flow was NZD 4.2 million, down from NZD 6.7 million.

• Clean Car Standard costs reduced NPAT by NZD 1.7 million; targeted investments made in retail and buying capabilities.

• For the first five months of FY 2027, revenue rose 5% to NZD 35.1 million, gross margin improved to 25%, and NPAT increased to NZD 2.3 million.

• Finance and insurance commission income rose 17% to NZD 7.9 million, with finance penetration up to 31%.

Board and executive committee updates

• Independent directors formed a committee to evaluate a takeover offer from Sena & Co, recommending acceptance.

• Board chaired by Michael Stiassny, with David (Yusuke) Sena as CEO and Angus Guerin as CFO.

• Board oversight included strategic operational priorities and careful evaluation of investments for long-term growth.