2 Cheap Cars Group (2CC) AGM 2025 summary

Opening remarks and agenda

• Meeting held online for cost reasons, with board, executive team, legal, and audit present; agenda included Chairman's address, operational update, resolutions, and Q&A.

• Voting and Q&A procedures explained, with shareholders able to submit questions and votes electronically.

• Quorum confirmed, proxies represented 84.42% of shares.

Financial performance review

• FY25 revenue was $82 million, down 6% from $86.8 million; NPAT was $3.3 million, down 47% from $6.2 million.

• Gross margin decreased from 24% to 22% due to pricing pressures and consumer behavior shifts.

• Operating cash flow stable at $6.7 million, contribution margin fell 14% to $17.8 million.

• Dividend per share for FY25 was $0.0603, down from $0.1156 in FY24; underlying EPS was 7c, down from 14c.

• FY26 YTD (August) NPAT was $0.8 million, revenue $33.4 million, gross margin at 19%.

Board and executive committee updates

• Board and executive team focused on operational agility and cost control in response to economic and regulatory challenges.

• Board includes Michael Stiassny (Chair), David Sena (CEO), Gordon Shaw (Director), and Angus Guerin (CFO).

• New banking arrangements with ANZ enabled increased direct purchasing through Japanese subsidiary.