Propel Funeral Partners (PFP) AGM 2026 presentation summary

FY26 performance and capital position

• Revenue $226.6m, up 0.3% YoY; Operating EBITDA $55.3m, down 1.6%; Operating NPAT $20.7m, down 4.0%.

• Funeral volumes 22,854, up 1.1% YoY; average revenue per funeral $6,673, up ~2% on a comparable basis at constant NZD/AUD exchange rates.

• FY26 dividend 14.4cps, fully franked, unchanged from FY25; cumulative fully franked dividends since IPO were $1.09 per share.

• Cash flow conversion was 100.7%, down 150bps YoY; gearing ratio 30.9% and net leverage ratio 2.2x.

• Refinanced $275m of debt facilities, with a $50m accordion, maturing October 2029; funding capacity was ~$170m as at 30 September 2026.

Scale and acquisition-led growth

• Network comprised 213 operating locations: 130 owned and 83 leased, including 42 cremation facilities and 9 cemeteries.

• #2 operator in the fragmented AU/NZ funeral services industry, with ~10% market share and >500 independently owned businesses remaining as potential consolidation opportunities.

• Five acquisitions completed during and since FY26; acquisition investment since IPO was ~$314m, averaging >$35m per year.

• Growth priorities span acquisitions, digital marketing and lead conversion, community engagement, service and product development, operational efficiency, procurement and asset utilisation.

• Acquisition pipeline supported by long-standing vendor relationships, succession partnerships and a strong balance sheet; timing of future acquisitions remains uncertain.

Market outlook and Q1 FY27 trading

• Favourable AU/NZ demographics underpin the outlook; projected death volumes show 2.8% CAGR for 2026–2035 and 2.3% for 2036–2045, versus 1.1% for 1990–2025.

• Q1 FY27 revenue was ~$63m and Operating EBITDA ~$17m; both were in line with PCP as reported and down 3% at constant currency.

• Q1 FY27 funeral volumes were ~6,350, down 2% PCP; acquisition contributions more than offset an ~3% contraction in industry death volumes.

• Comparable average revenue per funeral grew ~2.5% PCP; reported results included FX impacts of -$2.0m to revenue and -$0.6m to Operating EBITDA.