COG Financial Services (COG) Investor Presentation summary

Business model and operations

• Focuses on distribution of asset finance, novated leasing, and insurance to SMEs, operating a capital-light, scalable model.

• Aggregates small businesses, standardizing systems and processes to enable growth.

• Brokers maintain borrower relationships, while aggregators bridge brokers and banks to optimize transaction volumes.

Market trends and growth drivers

• Experiences tailwinds from population growth and infrastructure decarbonization initiatives.

• Australian population projected to reach over 29 million by 2030-31, supporting market expansion.

• Transition to renewable energy and infrastructure upgrades present significant opportunities.

• Broking has grown from 25% to 73% of bank loan asset generation since 2004, mirroring asset finance trends.

Financial performance

• Revenue, EBITDA, and NPATA have shown consistent growth from FY18 to FY24.

• Net assets financed in broking and aggregation have increased steadily over recent years.

• Unrestricted cash and dividends per share have also trended upward.