Carma (CMA) AGM 2026 presentation summary

FY26 financial and operating performance

• FY26 revenue $113.8m, up 59% YoY; gross profit $10.5m, up 102%; 5,416 vehicles delivered, up 86%.

• Pro Forma EBITDA margin (26.5%), up 1,248 bps YoY; Pro Forma EBITDA was a loss of $30.2m, versus a loss of $27.8m in FY25.

• Vehicles purchased rose 127% YoY to 6,235; retail units reconditioned increased 99% to 3,743, with 15.1 reconditioned per operating day, up 101%.

• Direct consumer purchases supplied 89% of FY26 vehicles purchased; nine sourcing centres were open at year-end, with more than 40% spare capacity.

• Market pressures intensified from March, including higher fuel prices, macroeconomic pressure and weaker consumer confidence; vehicle prices fell and wholesale made a loss in Q4 FY26.

Recent trading

• Q1 FY27 was a record quarter: retail units sold 1,354, up 114% YoY; revenue $44.3m, up 88%; gross profit $3.5m, up 57%.

• Q1 FY27 retail reconditioning reached 1,443 units, or 21.9 per operating day; same-market cars sold within 30 days generated record retail gross profit of ~$3,300 per unit, up 10% on pcp.

• Online inventory days improved to 45 in Q1 FY27 from 52 in Q4 FY26; 96% of cars sold within 120 days of listing.

• October records included 439 retail deliveries, 818 cars purchased, 25.3 retail units reconditioned per operating day and the highest customer-finance gross margin on record.

• Four months to 31 October, retail deliveries rose 103% pcp to 1,793 and retail revenue increased 82% to $49.4m; October figures were unaudited management figures.

Strategy and capacity

• FY27 priorities are the Apollo unit-economics program, AI and platform reinvention, and scaling within existing reconditioning capacity.

• 35 proprietary systems were built in 2026, with AI doing work inside 19; core migration from third-party platforms is expected to finish in H1 FY27.

• Revenue per employee rose 44% YoY; $1.0m of annualised IT and contractor savings was realised.

• A second shift at the existing site is planned for the March quarter of FY27, lifting reconditioning capacity to ~60 retail units per operating day with minimal capex; a pre-approved second line could lift capacity to ~120 daily.

• Direct sourcing supplied 89% of FY26 purchases and has >40% spare capacity, supporting the planned second shift.