CAR GROUP LIMITED — Interim / Quarterly Report 2021

Feb 16, 2021

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HALF YEAR RESULTS PRESENTATION

HALF YEAR ENDED 31 DECEMBER 2020

DISCLAIMER AND NON-IFRS INFORMATION

Disclaimer

The material in this presentation has been prepared by carsales.com Limited (ASX: CAR) ABN 91 074 444 018 (“carsales") and is general background information about carsales’ activities current as at the date of this presentation. The information is given in summary form and does not purport to be complete. In particular you are cautioned not to place undue reliance on any forward looking statements regarding our belief, intent or expectations with respect to carsales’ businesses, market conditions and/or results of operations, as although due care has been used in the

preparation of such statements, actual results may vary in a material manner. Information in this presentation, including forecast financial information, should not be considered advice or a

recommendation to investors or potential investors in relation to holding, purchasing or selling securities. Before acting on any information you should consider the appropriateness of the information having regard to these matters, any relevant offer document and in particular, you should seek independent financial advice.

Non-IFRS Financial Information

carsales' results are reported under International Financial Reporting Standards (IFRS). This presentation also includes certain non-IFRS measures including “adjusted”, “underlying” “proforma” and “look-through”. These measures are used internally by management to assess the performance of our business and our associates, make decisions on the allocation of resources and assess operational management. Non-IFRS measures have not been subject to audit or review. All numbers listed as reported comply with IFRS.

2

CONTENTS

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Key Highlights & COVID-19 Observations 4 – 7
Financial Review 8 – 14
carsales Australia 15 – 19
carsales International 20 – 23
Strategy Update 24 – 32
FY21 Outlook 33 – 34
Appendix 35 – 40
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3

H1 FY21 HIGHLIGHTS

• Strong earnings growth across our Domestic and International businesses.

• Delivered 3% growth in Adjusted Revenue excluding the decline in low margin tyresales volumes, reflecting the resilience of the business.

• $11m in dealer support demonstrating commitment to industry stake holders and reflected in reported financial metrics.

• Excellent free cash flow generation and a strong balance sheet support an interim dividend of 25.0 cents per share, up 14% on pcp[2] .

• Very strong international result with South Korean EBITDA up 30%[4 ] and International now representing 25% of look-through[3] revenue.

• Significant growth potential in Domestic and International businesses with trends coming out of COVID-19 generally positive for carsales.

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Revenue EBITDA Net Profit After Tax
Adjusted Revenue [1] Adjusted EBITDA [1] Adjusted NPAT [1]
2% 18% 17%
$210m $126m $74m
Reported Revenue Reported EBITDA Reported NPAT
7% 9% 14%
$199m $114m $61m
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1. Adjusted Revenue excludes COVID-19 support rebate provided to dealers, Adjusted EBITDA and Adjusted NPAT stated above is post non-controlling interests and excludes certain non-recurring or non-cash items. See slide 36 regarding the disclosure of non-IFRS information and slides 37-38 for a reconciliation of Reported to Adjusted Financials.

2. pcp refers to prior corresponding period

3. Refers to local currency growth.

4

1. For look-through definition refer slide 10

MARKET-LEADING OPERATIONAL METRICS

Metrics reflect the value we offer to customers and our leading position in key markets

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~ 573,000 cars
for sale
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time to sell reduced by 40%

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~ 23 million ~ 560 million leads sessions

around the world at any point in time down 33% on pcp[1]

In Australia compared to the same period last year[2]

on all carsales sites around the world up 69% on pcp[3]

on all carsales sites around the world up 19% on pcp[4]

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> 535,000

cars

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110,000 guarantee inspections

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Most trusted place

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9x

more time

Australian Member cars in our Virtual Garage up 32% on

cars up 38% In South Korea on pcp[6] pcp[5]

for buying and selling cars in spent on carsales.com.au Australia (+107% vs nearest than nearest auto competitor competitor)[7] in Australia[8]

1. Stock published for websites in Australia, South Korea, Brazil, Mexico, Argentina and Chile on 31 Dec 2020 v 31 Dec 2019. I 2. Median time to sell Dec 2020 v Dec 2019. I 3. Leads from websites in Australia, South Korea, Brazil, Mexico, Argentina and Chile Jul-20 – Dec-20 v Jul-19 – Dec-19. I 4. Google Analytics, sessions for websites in Australia, South Korea, Brazil, Mexico, Argentina and Chile Jul-20 – Dec-20 v Jul-19 – Dec-19. 5. carsales internal data. 6. carsales internal data, cars inspected Jul-20 – Dec-20 v Jul-19 – Dec-19. 7. Study conducted by independent research agency Nature Pty Ltd Market brand health tracker. Dec-20. Reputation - Is Trustworthy (Rated 7-10). 8. Nielsen DCR, Sep-20 – Dec-20.

5

EXTENDING OUR AUSTRALIAN MARKET LEADERSHIP

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Unique Audience [1] Total Sessions [2]
4.5x
6.7x
3 1 2 carsales 3 2 1 carsales
carsales Competitor 1 Competitor 2 Competitor 3
Total Time on Site [3] 9x Page Views [4] 25x
3 2 1 carsales 3 2 1 carsales
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carsales has a comprehensive advantage in key engagement metrics.

Unique audience[5]

Nearly 20% of the Australian population visits carsales in an average month.

Total sessions[2]

There are c.700 sessions per minute on carsales, 6.7x more than the nearest competitor.

Total time on site[3]

For every minute spent on our nearest competitor’s site, users spend 9 minutes on carsales.

Page Views[4]

carsales serves c.9,000 page views every minute, 25x more than the nearest competitor.

We send the largest quantity and highest quality of leads, helping our customers sell more cars

1. Nielsen Digital Content Ratings, Daily, H1FY21, P2+, Digital C/M, Text, Carsales.com.au (Jul-Dec 2020), Competitor 1 (Sep-Dec 2020), Competitor 2 (Jul-Dec 2020), Competitor 3 (Jul-Dec 2020), Average Daily Unique Audience

2. Nielsen Digital Content Ratings, Monthly - Tagged, H1FY21 Sep - Dec 2020 Average, P2+, Digital C/M, Text, Total Sessions

3. Nielsen Digital Content Ratings, Monthly - Tagged, December 2020, P2+, Digital C/M, Text, Time Spent

4. Nielsen Digital Content Ratings, Monthly - Tagged, December 2020, P2+, Digital C/M, Text, Views

5. Nielsen Digital Content Ratings, Monthly Tagged, H1FY21, Jul-Dec 2020 P2+, Digital C/M, Text, Average Monthly Reach %

6

RECENT COVID-19 RELATED OBSERVATIONS

Strong growth in car ownership demand and traffic to our platform through COVID-19 continues. Consumers avoiding public transport and air travel restrictions have been previously identified as key drivers. In addition, we have identified the following more recent COVID-19 observations:

1. Flexible work arrangements are making driving more attractive

2. Online shopping migration has accelerated

3. Resilient industry and customer support

Key observations from a recent carsales survey on online automotive shopping:

Key observations:

• COVID-19 has accelerated the migration of offline to online shopping habits with lockdowns forcing shoppers online

• COVID-19 has resulted in an increase in flexible work arrangements.

• This migration trend is most apparent for consumers aged 57-75.

Flexible work arrangements mean I’m more likely to drive to work than take public transport

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than take public transport 1.5x
37%
25%
53%
2020 2021
Agree Disagree Neutral
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• Lockdowns forced our dealer customers to close, particularly evident in Victoria where metropolitan dealers were forced to close for almost three months from the start of August to the end of October.

• Carsales provided dealer support of ~$11m in H1 bringing total dealer pandemic support to c.$40m.

• The automotive industry in Australia has been resilient throughout the pandemic, despite the challenges associated with temporary retail closures.

• The industry finished the year with buoyant levels of activity which has continued into the start of CY21.

53% of respondents indicated that flexible work arrangements meant they were more likely to drive to work[1]

Consumers aged 57-75 have increased their online spending as a share of total from 25% to 37% during the pandemic[2]

1. carsales survey. ‘Flexible working arrangements will mean I am more likely to drive to work than take public transport.’ Conducted 14th–17th January 2021, n=4,847.

2. The Economist Intelligence Unit’s Influential Shopper Survey September 2020, n = >4,000. Sponsored by SAP Customer Experience.

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8

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GROUP
FINANCIAL
REVIEW
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STRONG TRACK RECORD OF SUSTAINED GROWTH

Well positioned to continue delivering long-term shareholder value through world-class capability, exposure to international growth markets and investment in new products and services.

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Adjusted Revenue [1] ($m)
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Adjusted EBITDA[1] ($m)

Adjusted NPAT[1] ($m)

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CAGR
8%
213.4 209.5
204.9
169.5
153.6
2
H1 FY17 H1 FY18 H1 FY19 H1 FY20 H1 FY21
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CAGR
11%
125.5
106.7
100.9
88.6
81.4
H1 FY17 H1 FY18 H1 FY19 H1 FY20 H1 FY21
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CAGR
8% 74.0
63.4
60.2 59.4
53.9
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H1 FY17 H1 FY18 H1 FY19 H1 FY20 H1 FY21
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1. Adjusted Revenue excludes COVID-19 support rebate provided to dealers, Adjusted EBITDA and Adjusted NPAT is post non-controlling interests and excludes certain non-recurring or non-cash items. See slide 36 regarding the disclosure of non-IFRS Information and slides 37-38 for a reconciliation of Reported to Adjusted Financials. 2. FY20 Asia segment revenue has been restated to align with carsales’ group accounting policy.

9

LOOK-THROUGH FINANCIALS

• International now contributes 25% of look-through[1] revenue and 20% of look-through[1] EBITDA.

• International look-through[1] revenue and EBITDA grew 17% and 41% respectively.

Look-through[1] Adjusted Revenue[2] ($m)

Look-through[1] Adjusted EBITDA[2] ($m)

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0% 18%
CAGR CAGR
to $217m 8% to $129m 11%
215.6 216.5 129.3
203.8
109.2
176.2 21% 25% 103.3 20%
20%
158.6 92.2 17% EBITDA
12% 83.7 15%
11% Revenue 9% contribution
contribution 8%
89% 88% 80% 79% 75% 92% 91% 85% 83% 80%
H1 FY17 H1 FY18 H1 FY19 H1 FY20 H1 FY21 H1 FY17 H1 FY18 H1 FY19 H1 FY20 H1 FY21
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carsales Domestic carsales International

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carsales Domestic carsales International
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1. carsales “look-through” methodology: For equity accounted associates and consolidated subsidiaries, add the total revenue or EBITDA for the period of ownership within the reporting period multiplied by the

% ownership over the period. Some “look-through” numbers involve the disclosure of non IFRS information - Refer to carsales’ Disclosure of Non IFRS information on slide 36 for further details.

1. Adjusted Revenue and Adjusted EBITDA stated above excludes currency fluctuation, certain non-recurring or non-cash items relating to restructuring and M&A transaction cost. See slide 36 regarding the disclosure of non-IFRS information and slides 37-38 for a reconciliation of Adjusted EBITDA to Reported EBITDA.

10

SUMMARY ADJUSTED REVENUE & ADJUSTED EBITDA PERFORMANCE

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$A Millions Growth Constant
Half Year Ending
31 Dec 2020 H1 FY201 H1 FY21 $'s % Currency
(%)
Adjusted Revenue2
Online Advertising 152.6 143.9 (8.7) (6%) (6%)
Dealer 79.4 87.0 7.6 10% 10%
Private 44.3 33.6 (10.8) (24%) (24%)
Media 28.8 23.4 (5.5) (19%) (19%)
Data, Research and Services 21.8 21.6 (0.2) (1%) (1%)
Asia 34.6 40.7 6.1 18% 21%
Latin America 4.4 3.3 (1.1) (25%) (5%)
Adjusted Revenue 2 213.4 209.5 (3.9) (2%) (1%)
Adjusted EBITDA2
Online Advertising 78.5 89.5 11.0 14% 14%
Data, Research and Services 13.4 14.3 0.9 7% 7%
Asia 17.5 21.8 4.3 25% 28%
Latin America (2.7) (0.1) 2.6 97% 95%
Adjusted EBITDA 2 106.7 125.5 18.8 18% 18%
EBITDA Margin 50% 60%
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Revenue

• Delivered 3% growth in Adjusted Revenue[2] excluding decline in low margin tyresales volumes.

• Reduction in media revenue due to challenging new car supply and advertising conditions.

• Solid results from Dealer segment reflecting strength of the car market and strong carsales value proposition.

• Delivered growth in DR&S segment excluding intentional exit of low margin warranty product.

• Excellent Asia result driven by strong growth in South Korea.

• Core private revenue in line with pcp. tyresales volumes impacted by COVID-19 and focus on profitable sales.

• Latin America performance impacted by COVID-19 restrictions.

EBITDA

• Pleasing to see EBITDA expand across all segments with Adjusted EBITDA[2] up 18% on pcp.

   - excellent results in South Korea and Brazil.
  

• Higher Asia margin reflects

• • Growth in Online Advertising & operating cost leverage in South DR&S reflects resilient revenue Korea. performance augmented by • Break even result achieved in the

• strong cost discipline and Latin America segment reflecting

• operating leverage.

  • Break even result achieved in the Latin America segment reflecting strong operating cost discipline.

• Strong international result with look-through[3] Adjusted EBITDA[2] up 41%[4] underpinned by.

• FY20 Asia segment revenue has been restated to align with carsales’ group accounting policy.

• Adjusted Revenue excludes COVID-19 support rebate provided to dealers and Adjusted EBITDA stated above excludes certain non-recurring items. See slide 36 regarding the disclosure of non-IFRS Information and slides 37-38 for a reconciliation of Adjusted EBITDA to Reported EBITDA.

• For look-through definition refer slide 10.

• Represents constant currency growth.

11

GOOD DOMESTIC AND INTERNATIONAL MARGIN PERFORMANCE

Strong margin performance across all segments

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1.5% 59.9%
3.7% 0.5%
4.2%
50.0%
H1 FY20 Adjusted Domestic Core Other Domestic Investments Asia Latin America H1 FY21 Adjusted
EBITDA [1] Margin EBITDA [1] Margin
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Domestic

International

• Domestic core business margin of 67% in H1 FY21, reflecting a resilient revenue performance supplemented by strong cost discipline, including reduced marketing spend, wages and other discretionary costs. Expect core operating costs to be higher in H2 due to investment in marketing and the absence of wage subsidies which were c.$6m in H1 FY21.

• Improved margins in Other Domestic Investments primarily reflects a greater focus on profitability in tyresales and improved margins in Redbook Inspect.

• Asia growth reflects margin expansion in South Korea delivering positive operating leverage whilst continuing to invest in growth initiatives. Expect margin to be lower in H2 due to investment in Dealer Direct growth.

• First break even result across Latin American segment reflecting strong cost and operating discipline, which had a positive contribution on overall margins.

• Adjusted EBITDA stated above is on a continuing basis, excludes certain non-recurring or non-cash items relating to restructuring and M&A transaction cost. See slide 36 regarding the disclosure of non-IFRS information and slides 37-38 for a reconciliation of Reported to Adjusted Financials.

12

ADJUSTED NET PROFIT AFTER TAX SUMMARY

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|||||||
|---|---|---|---|---|---|
|Half Year Ending|$A Millions|Growth|
|31 Dec 2020|H1 FY20|[1]|H1 FY21|$'s|%|
|Adjusted Revenue|[2]|213.4|209.5|(3.9)|(2%)|
|Total operating expenses|106.7|84.0|22.7|21%|
|Adjusted EBITDA|[2]|106.7|125.5|18.8|18%|
|EBITDA margin|50.0%|59.9%|
|Depreciation & amortisation|13.6|15.6|(2.0)|(14%)|
|EBIT|93.1|109.9|16.8|18%|
|Net finance costs|7.3|8.0|(0.7)|(10%)|
|Profit Before Tax|85.9|101.9|16.1|19%|
|Income tax expense|25.7|30.3|(4.6)|(18%)|
|Profits from associates|2.7|2.6|(0.1)|(3%)|
|Non-controlling interests (NCI)|0.6|(0.2)|(0.8)|n/a|
|Adjusted NPAT|[2]|63.4|74.0|10.6|17%|
|Adjusted Earnings per share (cents)|25.9|30.1|4.2|16%|
|Interim Dividend per share (cents)|22.0|25.0|3.0|14%|
|Summary of Reported Results|
|Reported Revenue|213.4|198.9|(14.5)|(7%)|
|Reported EBITDA|104.5|113.8|9.3|9%|
|Reported NPAT|71.2|61.1|(10.1)|(14%)|
|Reported Earnings per share (cents)|29.1|24.8|(4.3)|(15%)|

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• D&A increased by $2.0m due to increased depreciation of building fit outs and software assets. The software investment continues to support ongoing growth and development of our global technology platform.

• Net finance cost increase reflects marginally higher average debt balance over the period.

• Profits from associates largely reflects contribution from Webmotors and is lower than pcp due to unfavourable exchange rate.

• Negative impact of non-controlling interest reflects improved profitability in non-wholly owned subsidiaries.

• Interim dividend of 25.0 cents per share declared, up 14% on pcp.

• Reported results impacted by $11m COVID-19 dealer support package. Refer to slides 37-38 for a reconciliation between reported and adjusted results.

The analysis above shows the Adjusted net profit after tax results of the business. Details of the reconciliation between Adjusted and Reported results are shown on slides 37-38. This analysis better reflects the underlying trading performance of the Group.

1. FY20 Asia segment revenue has been restated to align with carsales’ group accounting policy.

1. Adjusted Revenue, Adjusted EBITDA and Adjusted NPAT stated above is post non-controlling interests and excludes certain non-recurring or non-cash items. See slide 36 regarding the disclosure of non-IFRS information and slides 37-38 for a reconciliation of Reported to Adjusted Financials.

13

STRONG CASH FLOW FROM OPERATIONS AND ROBUST BALANCE SHEET

Cash flow[1] (column) and conversion from Reported EBITDA to cash (line)

Capital expenditure ($m)

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126.6 +7%
114.4
104.9
81.3 81.3
110% 111%
104%
100% 16.7
15.6
92%
H1 FY17 H1 FY18 H1 FY19 H1 FY20 H1 FY21 H1 FY20 H1 FY21
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• Excellent conversion of EBITDA to cash flow reflects the attractive working capital profile of the business and good cash collections.

• Capex up 7% reflecting continued investment in technology platforms and new products to drive future growth.

• Leverage ratio has decreased and remains prudent at 1.5x.

• Reduction in net debt reflects repayment of borrowings and favourable FX on cross currency swaps.

Leverage ratio[2] (net debt[2] /Adjusted EBITDA[3] )

Net debt[2]

1.7 1.5 H1 FY20 H1 FY21		$A Millions Dec-19 Dec-20 %
		Borrowings 482.6 463.2 4%
		Swaps 15.2 4.0 74%
		Cash (108.6) (106.6) -2%
		Net Debt 389.2 360.6 7%

1. Operating cash flow less tax.

2. Net debt includes total borrowings and cross currency interest swaps less total cash as at 31 December 2020 as per published balance sheet, excluding lease liabilities. Ratios above are based on reported financial outcomes and may vary with bank covenant definitions.

3. Adjusted EBITDA stated above excludes certain non-recurring items. See slide 36 regarding the disclosure of non-IFRS Information and slides 37-38 for a reconciliation of Reported to Adjusted Financials.

14

CARSALES AUSTRALIA

15

DEALER

Dealer Adjusted Revenue[1] up 10% to $87m

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+10%
($m)
79.2
79.4 87.0 (reported)
H1 FY20 H1 FY21
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• Pleasing growth in Dealer segment reflecting strength of used car market and carsales’ continued market leadership.

• Used car lead volumes were the key growth driver with demand positively impacted by trends from COVID-19, including acceleration of structural migration to online sales channels as well as positive trends in car ownership and usage.

• Growth also supported by compelling suite of inventory sourcing products, helping dealers to address supply challenges they are facing in the market.

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Solving Dealer Car Sourcing
Instant Live Appraisal
Offer Trade Tools
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carsales helps dealers solve supply challenges by providing sourcing tools that enable faster access to inventory from private sellers and other dealers

• Depth growth subdued given strong underlying demand for cars and very low organic time to sell.

• Adjusted Revenue stated above excludes COVID-19 support rebate provided to dealers. See slide 36 regarding the disclosure of non-IFRS information and slides 37-38 for a reconciliation of Reported to Adjusted Financials.

16

PRIVATE

Private revenue down 24% to $33.6m

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-24%
($m)
44.3
33.6
H1 FY20 H1 FY21
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• Core private revenue was flat on pcp, a positive outcome given Q1 was negatively impacted by social distancing measures, particularly in Victoria. Instant Offer volumes have recovered well, demonstrating very strong growth on pcp in Q2.

• Decline in overall private revenue largely attributable to materially lower tyresales volumes, reflecting the impact of COVID-19 and a greater focus on profitability.

• Redbook Inspect volumes were significantly impacted by the restrictions in Victoria, but have recovered well.

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Remote Video Assessment
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Designed to provide a seamless, device agnostic and scalable solution for remote data gathering

How does it work

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We contact sellers via video We then gather A detailed report is collated chat to discuss their vehicle additional data and delivered to your inbox

17

MEDIA

Media Adjusted Revenue[1] down 19% to $23.4m

VFACTS reported new car sales[2]

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-19%
($m)
28.8 22.9
23.4 (reported)
H1 FY20 H1 FY21
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• Very challenging advertising environment due to the significant reduction in new car sales and associated reduction in OEM advertising budgets. Despite new car sales returning to growth in December, advertising budgets are proving slower to recover. Nevertheless, we are continuing to observe a gradual recovery in media revenue run rate against pcp.

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-14%
1.16 1.18 1.19 1.15
1.06
0.92
2015 2016 2017 2018 2019 2020
8%
Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18 Sep-18 Dec-18 Mar-19 Jun-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20
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New car sales in 2020 declined 14% on 2019 however the last quarter of sales have grown 8% on pcp indicating signs of recovery in the new car market.

• The media business increased its share of a contracted market. This is testament to the continued attractiveness of our site as a digital marketing channel, the strong growth in our audience metrics and the benefits of our enhanced native and video product offering.

• Adjusted Revenue stated above excludes COVID-19 support discount provided to dealers. See slide 36 regarding the disclosure of non-IFRS information and slides 37-38 for a reconciliation of Reported to Adjusted Financials.

• Reported new car sales, Federal Chamber of Automotive Industries.

18

DATA RESEARCH & SERVICES

DR&S Adjusted Revenue[1] down 1% to $21.6

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RedBook
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-1%
($m)
21.8 21.6 19.2
(reported)
H1 FY20 H1 FY21
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• Revenue growth impacted by intentional exit of our lower margin warranty product. Underlying revenue growth of 2% excluding this impact, reflecting resilience of the segment.

• RedBook business continues to deliver pleasing revenue growth despite difficult macroeconomic conditions, demonstrating strong value proposition as a market leading source of vehicle specification, valuation and pricing data.

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RedBook is the pre-eminent provider of vehicle specification, valuation and pricing services in Australia. These services are delivered through various products and services catered to the public, the automotive industry, finance and insurance companies and the Government. Redbook has remained at the forefront of innovative products in Australia and Asia.

1. Adjusted Revenue stated above excludes COVID support discount provided to dealers. See slide 36 regarding the disclosure of non-IFRS information and slides 37-38 for a reconciliation of Reported to Adjusted Financials.

19

CARSALES INTERNATIONAL

ASIA –ENCAR (SOUTH KOREA)

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Strong performance reflecting good momentum in new product performance

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||||||||
|---|---|---|---|---|---|---|
|$A Millions|Growth|Constant|
|H1 FY20|H1 FY21|$'s|%|Currency (%)|
|Revenue|[1]|32.4|38.6|6.2|19%|23%|
|EBITDA|16.3|20.6|4.3|26%|30%|

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• Acceleration of revenue and EBITDA growth rates reflecting

• the benefits of the online migration driven by COVID-19; and

• new growth drivers, particularly the Dealer Direct product which is now a meaningful revenue contributor.

• Key revenue growth drivers were:

Revenue (KRW bn)

EBITDA (KRW bn)

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CAGR CAGR
16% 19%
32.2
17.2
26.3
23.8 13.2
19.9
10.6
17.9
8.6 8.7
H1 FY17 H1 FY18 H1 FY19 H1 FY20 H1 FY21 H1 FY17 H1 FY18 H1 FY19 H1 FY20 H1 FY21
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• Guarantee vehicle inspection service opening of 3 new branches and continued improvements in utilisation of existing branches;

• Good growth in standard dealer listing volumes;

• Very strong growth in Dealer Direct product; and

• Strong growth in Home Delivery service.

• Very good growth in traffic reflecting continued market leadership.

• Improved margins through operating leverage whilst continuing to invest in future growth, with a step up of investment expected in the second half.

• FY20 revenue has been restated to align with carsales’ group accounting policy.

21

LATIN AMERICA – WEBMOTORS (BRAZIL)

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30% owned – equity accounted

Resilient performance reflects strength of Webmotors’ market position and ongoing growth potential

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||||||||
|---|---|---|---|---|---|---|
|Pro-forma|$A Millions|Growth|Constant|
|100%|H1 FY20|H1 FY21|$'s|%|Currency (%)|
|Revenue|[1]|41.1|32.5|(8.7)|(21%)|11%|
|EBITDA|[1]|18.2|15.4|(2.8)|(15%)|21%|

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• Positive performance given material impact of COVID-19. Growth in AUD impacted by unfavourable exchange rate.

• Finance revenue now a material contributor to business, comprising more than 15% of revenue and growing rapidly. Growth driven by Santander bank integration, which allows seamless credit integration into Cockpit (Webmotors’ CRM).

Revenue[1] (BRLm)

EBITDA[1] (BRLm)

• Recommenced large scale regional expansion plan at end of Q2. Pre-COVID, this strategy was showing very positive signs with a material uplift in dealer numbers, traffic and leads.

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CAGR CAGR
25% 54%
126.6 61.6
113.7
49.8
88.7
37.0
67.5
51.8 24.1
10.8
H1 FY17 H1 FY18 H1 FY19 H1 FY20 H1 FY21 H1 FY17 H1 FY18 H1 FY19 H1 FY20 H1 FY21
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• Good margin expansion reflecting operating leverage and strong cost control measures.

• Excellent growth in non-financial KPIs in H1, with Leads[2] up 82% and Dealer customer[2] numbers up 2% on pcp.

• Revenue and EBITDA stated is 100% of the revenue and EBITDA for the business.

• Lead volume generated for the period Jul-20 to Dec-20 compared with Jul-19 to Dec-19 and Dealer Customer number represents Dec-20 count compared to Dec-19.

22

LATIN AMERICA

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Break even results across Latin America segment reflecting strong cost discipline, a positive result given COVID-19 challenges

CHILE	H1 FY20 H1 FY21 $'s % Revenue 2.6 2.3 (0.3) (12%) (4%) EBITDA 0.9 1.0 0.1 11% 25% $A Millions Growth Constant Currency (%)		FY20 H1 FY21 Visits1 ~~+77%~~		FY20 H1 FY21 Leads1 ~~+134%~~ • Revenue performance in Chile impacted by COVID-19 albeit with an improving run rate in Q2. Lead volumes were strong, up 15% on pcp driven by strong demand for cars. • Positive EBITDA result through good operating cost discipline.
		H1		H1
MEXICO2	H1 FY20 H1 FY21 $'s % Revenue 1.0 0.9 (0.1) (6%) 6% EBITDA (2.4) (0.6) 1.8 75% 70% $A Millions Growth Constant Currency (%)		FY20 H1 FY21 Visits1 ~~-40%~~		FY20 H1 FY21 Leads1 ~~+100%~~ • Positive revenue result despite the challenging trading environment. The business is realising benefits from the global technology and platform strategy. • Reduced losses reflecting strong cost management.
		H1		H1
ARGENTINA	H1 FY20 H1 FY21 $'s % Revenue 0.4 0.2 (0.2) (50%) (33%) EBITDA (0.8) (0.4) 0.4 50% 33% $A Millions Growth Constant Currency (%)		FY20 H1 FY21 Visits1 ~~-16%~~		FY20 H1 FY21 Leads1 • Continued challenging macro conditions exacerbated by the pandemic. Good cost control delivered a positive EBITDA outcome. ~~-30%~~
		H1		H1

1. Visits and leads generated for the period Jul-20 to Dec-20 compared with Jul-19 to Dec-19.

2. Mexico represents soloautos entity and excludes the Mexican inventory management business.

23

STRATEGY UPDATE

CARSALES STRATEGY

OUR PURPOSE: We empower people to move freely through our world-leading marketplaces

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We are focused on three strategic priorities…

Digital marketplaces

To grow our global leadership in digital automotive classified solutions for consumer and commercial customers

Value added services

To build a compelling ecosystem of services that support dealers, OEMs, corporate and private consumers through the buying, selling and ownership of vehicles

Future horizons

Leveraging consumer insights and industry trends to explore new opportunities in core and adjacent markets, and beyond

Data | To become a ‘best-in-class’ data-driven company, with unrivalled data and analytics to help customers understand their audience and commercial clients to grow their businesses

… supported by three enablers…

People | To be an employer of choice and destination for talent by continuously evolving our culture of inclusion, learning, leadership, performance and passion

Technology | To build ‘best-in-class’ global platform-based software services that exceed the expectations of our customers and drive continued growth in the carsales business

… and

underpinned by our unique culture

Our DNA

Innovation | Simplicity | Customer focus

Our Values

Enjoyment | Respect | Integrity | Communication | Honesty

25

AUSTRALIA FY21 KEY FOCUS AREAS

Investing in improved customer experience and value based outcomes to underpin future growth

• Key Strategic Objectives FY21 Focus Areas

• • Grow ROI for dealers on core transaction •

• products

Dealer	• Grow ROI for dealers on core transaction products • Increase penetration and usage of listing depth products • Monetise dealer finance • Update: Facilitate an increasingly digital car buying process	• Launch dealer ratings on details pages to improve lead conversion • Expand usage of recurring, no-touch promote products • Commence monetisation of dealer finance • help our dealers deliver an online car selling experience(update on following slides)
Private	• Grow penetration of trust and safety products • Yield optimisation on core private revenue • Drive growth in inspection volumes through new service offerings	• Launch enhanced buyer insights products(update on following slides) • Increase yield through dynamic pricing models • Commence inspection and certifications of non-auto brands
Media	• Diversify customer base • Increase programmatic capability	• Grow share of non-automotive media spend through broader industry targeting and a tailored product set • Upgrade ad server tech functionality to increase programmatic capability and monetisation of inventory
Data, Research & Services	• Expand dealer product portfolio to address gaps in the market • Build and enhance engagement with members	• Release new value added products for dealers • Increase feature experience for logged-in members • Execute Owner Accelerate membership program to drive better engagement with our Virtual Garage(update on following slides)

26

DIGITAL CAR BUYING

We are focused on helping dealers to bring more of the car buying process online

• Increasingly more of the car buying process is taking place online

• Our focus is on helping dealers digitise their products and consumer experiences with carsales

FIND YOUR CAR

INSPECT THE CAR

PAY FOR THE CAR

SELL YOUR CAR

TAKE DELIVERY

Consumer demand trends

• Having the best selection of online listings

• Personalised, relevant content

• Buying without • Accept deposit • Movement away • Collect from the physical inspection online from negotiating dealer or have the and toward fixed car delivered

• • Preference for • Faster credit pricing minimum quality checking and • Warranties and standards approvals for • Less time spent money-back finance administering sale guarantees of car

How carsales is building the digital experience for dealers

• The #1 site for new and used cars

• Remote • Dealer finance • Valuations • Dealer delivery Assessment products • Private used badges

• • RedBook Inspect • Escrow classifieds • Facts + • Instant offer

27

PROVIDING CAR BUYERS WITH BETTER INSIGHTS AND CONFIDENCE

FACTS+ gives car buyers added confidence and peace of mind in their next car purchase

Car History Market Insights Pricing Guides Reviews and Ratings What you need to View real Compare similar See what the know before buying time activity & sold cars experts say

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• Written off and stolen status

• • Finance owing status • Rego validation • Any identified odometer discrepancies

• • Official PPSR certificate

• See current level of • Historical price change demand for similar cars information and real time and median time to sell updates

• Compare prices of similar cars currently published or recently sold

• Ratings from our team of auto experts across key categories

• Reviews from past owners on their experience

28

PLACIE NOW IN BETA

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Placie is an app that helps customers seamlessly combine, compare, & book 8+ modes of transport to get from place to place faster and cheaper

Transport mega trends are changing how we move

• The rise of ride-sharing and on-demand services have resulted in a the proliferation of transport options

• COVID-19 is also accelerating change and disruption

carsales is a world leader in digital marketplaces

• One of Australia’s biggest tech enabled businesses

• • Proven leader in B2C aggregation

• Track record for driving innovation and growth

Strong Mobility as a Service (MaaS) growth outlook globally

• Global Transport spend 2018[1] : A$8.7tn

• • Global MaaS Penetration % 2018[1] : <0.1% • Global transport spend 2030 forecast[1] : A$12.6tn • Global MaaS penetration 2030 forecast[1] : 6.8% • Aust addressable Transport spend 2018[[2]] : USD$28.1b

• Aust addressable Transport spend 2018[[2]] :

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More than a regular journey planner:

• One stop (mobility) shop for consumers to save time, money and effort

• Real-time data for on-demand and scheduling multi modal journeys

• One account for all private partner bookings

• Transport partners all natively integrated (no need to leave the app)

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What’s coming up next:

• Placie is now in beta and available in both Apple Appstore and Google Play Store

• Commenced an external beta test to refine the user experience and ensure platform stability and scalability

• The App has nationwide public transport routing plus new transport partners being added every month

• Source: Euromonitor, KPMG, Frost & Sullivan, UN World Urbanisation Prospects. 2. Source: carsales estimates.

29

INTERNATIONAL FY21 KEY FOCUS AREAS

Investing in products and leveraging global technology platform to underpin the growth

Key Strategic Objectives

FY21 Focus Areas

• Increase penetration and usage of Guarantee

• South product Korea • Update: expand our Dealer Direct product offering

• Update: expand our Home Service product offering

  • Open new Guarantee sites in strategic locations and continue increasing utilisation by enhancing efficiency at sites to allow inspection of more vehicles

  • Strengthening consumer awareness and improving user experience for Dealer Direct. (update on following slides)

  • Expanding the supply of participating Home Service dealers and strengthening operational processes including payment.

• Increase monetisation of Cockpit products

• Increase contribution of finance revenue

• Increase traffic and lead volumes to dealers

• Brazil • Expand Webmotors regional brand presence (conditions permitting)

  • Commence monetisation of CRM +smart subscription

  • Expand volume of eligible home delivery cars

  • Broaden customer base of OEMs using display products

  • Restart regional brand marketing and expansion campaign if conditions allow

• Continue to invest in global platform and product optimisations to drive key operating metrics and

• Other consolidate market leading positions

• LATAM •

• Optimise finance opportunity

• Deploy new inventory and lead management platform

• Deploy new inventory and lead management platform, which will complement improved dealer monetisation

• Drive enhanced data and analytics capabilities across the region

• Chile and Argentina – execute finance partnerships with local banks

30

SOUTH KOREA KEY FOCUS AREAS

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Encar’s Dealer Direct product represents a substantial growth opportunity

The trade-in market is substantial and moving increasingly online

Encar is well positioned to capture market share

• Trade-ins are more common in South Korea when compared with Australia and other automotive markets.

• Relatively low proportion of consumer-to-consumer transactions, which is driven by market culture in South Korea.

• Trade-ins are beginning to migrate online, which makes this a very attractive market for Encar.

• Encar Dealer Direct is similar to carsales’ Instant Offer product, enabling a private seller to sell their car directly to a dealer at a transparent price, in an efficient manner.

• Encar currently has low double-digit penetration of online trade-in market but is well positioned to capture additional share given it has some strong competitive advantages:

• Strong and trusted brand;

• Largest automotive classifieds audience in South Korea which can leverage to the Dealer Direct product;

• Large dealer customer network;

• Unrivalled data assets; and

• Technology leadership

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Total vehicle sales Dealer Direct Revenue (KRW, millions)
5.0m New and used cars
Offline trade-ins
1.5m Declining a c.5% per annum
Online trade-ins
150k Growing at c.50% per annum
H1 19 H2 19 H1 20 H2 20 H1 21
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31

SOUTH KOREA KEY FOCUS AREAS

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Product description and charging model

• Key difference between carsales’ Instant Offer and Encar’s Dealer Direct product is pricing approach. Dealer Direct price is established via a virtual dealer auction process, whereas carsales determines the Instant Offer price using its own pricing engine.

• Dealer Direct consumer lists car onto Encar’s auction site and receives up to 20 bids from participating dealers. The highest bidding dealer wins right to contact the consumer and arrange the sale.

• Successful dealer pays Encar a c.1% success fee of the vehicle’s value as well as a recurring flat monthly fee to participate in auctions.

Focus areas for the next six months

• Given size and growth of Consumer-to-Business channel, we are planning to increase focus and investment in following key areas:

• i. Consumer marketing that will specifically target Consumerto-Business channel and also benefit the broader Encar business;

• ii. Facilitate increasingly seamless consumer application experience through better vehicle specification data and improved photo upload process;

• iii. Improving dealer pricing behaviour with guidelines and consumer feedback; and

• iv. Acquiring new dealers onto the Dealer Direct platform, key to generating competitive pricing and high consumer satisfaction levels. The dealer pool has increased significantly with more than double the total number of participating dealers in HFY21 v pcp.

Dealer Direct Quotation App

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Bids
Leader
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32

FY21 OUTLOOK

FY21 OUTLOOK

Consolidated Outlook

We forecast moderate Adjusted revenue growth and solid Adjusted EBITDA and Adjusted NPAT growth in FY21, assuming a continuation of the current operating environment for the balance of the second half of the year.

This reflects higher operating costs in the second half of FY21 largely due to increased investment in domestic and international growth initiatives and the absence of wage subsidies. We note significant uncertainty remains given the COVID-19 pandemic and make the following specific observations:

carsales Domestic Observations

carsales International Observations[1]

• Dealer & Private:

• In January 2021, overall traffic and lead volumes growth was good on the prior corresponding period (pcp).

• Private listing volumes have recovered in January to preCOVID levels.

• Instant Offer continues to build scale showing very strong growth on pcp in January 2021.

• Consistent with H1, tyresales has continued to operate at lower volume levels in January 2021. We expect to deliver similar volumes in H2 FY21 when compared with H1 FY21.

• Media and new car market:

• The new car market continues to demonstrate signs of improvement as evidenced by new car sales volume growth in December 2020 and January 2021. This has resulted in some improvement in media revenue run rate against pcp, providing confidence that we can deliver good growth on pcp in the second half.

  • Korea:

    • Key operating metrics of inventory, listing volumes and traffic showed good growth in January 2021 on pcp.

    • We are planning increased investment in key growth initiatives in H2, particularly the Dealer Direct product which has strong momentum. This should positively impact revenue and earnings growth beyond this financial year. In FY21 we expect very good growth in revenue and solid growth in EBITDA.

  • Brazil:

    • Key operating metrics of traffic and leads showed very good growth in January 2021 on pcp.

    • We expect strong growth in revenue[1] and EBITDA[1] on pcp in the second half, supported by the resumption of the regional expansion plan.

• Domestic Core expenses

• Anticipating core expenses to be higher in H2 compared to H1 reflecting investment in domestic growth initiatives as well as the absence of wage subsidies.

• All financial references in the International Observations section are in local currency.

34

APPENDIX

OVERVIEW OF CARSALES NON-IFRS FINANCIAL INFORMATION

What is IFRS and non-IFRS financial information?

• IFRS financial information is financial information that is presented in accordance with all relevant accounting standards.

• Non-IFRS financial information is financial information that is presented other than in accordance with all relevant accounting standards. For example:

• Revenue or profit information calculated on a basis other than under accounting standard definitions or calculated with accounting standards and then adjusted e.g. “adjusted”, “underlying” or “lookthrough”.

What non-IFRS financial information does carsales disclose in its half year and year end results presentations?

• carsales presents reported financial information for its business segments, associates and investments where applicable IFRS financial information exists. The financial

information presented is sourced directly from financial information prepared in accordance with all relevant accounting standards and has been subject to either review or audit by carsales’ external auditors (PwC).

• In carsales’ investor presentations the company aims to provide equal or greater prominence to IFRS financial information. However, we also present or refer to non-IFRS financial information. Please note, all information labelled “Reported” in this presentation complies with IFRS.

• Non-IFRS financial information is calculated based on statutory IFRS financial information and adjusted to show either a position excluding significant items which have been removed OR presented based on carsales’ effective equity ownership interest of an entity’s underlying revenue, EBITDA or NPAT.

• Any non-IFRS financial information is clearly labelled as “underlying”, “Adjusted” or “lookthrough” to differentiate it from reported/IFRS financial information.

• carsales provides reconciliations on the face of slides, appendices and in footnotes of

presentations in order to allow the reader to clearly reconcile between the IFRS and nonIFRS financial information.

Why does carsales disclose non-IFRS financial information in its half year and full year results presentations?

• carsales has invested in businesses in Malaysia, Thailand, Indonesia, South Korea, Mexico, Chile, Brazil and Argentina and has become a global portfolio of online automotive assets. Accordingly carsales management believes that the presentation of additional non-IFRS information in its half year and full year results presentations provides readers of these documents with a greater understanding into the way in which management analyses the business as well as meaningful insights into the financial conditions of carsales overall performance.

• The Australian Securities and Investment Commission (“ASIC”) acknowledges the relevance of non-IFRS financial information in providing “meaningful insight” as long as it does not mislead the reader.

36

RECONCILIATION OF REPORTED TO ADJUSTED NPAT

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H1 FY20 [1] H1 FY21
$A Millions Revenue EBITDA NPAT Revenue EBITDA NPAT
Reported Financials 213.4 104.5 71.2 198.9 113.8 61.1
Dealer Support Package - - - 10.6 10.6 7.4
Restructuring and M&A transaction costs - 2.2 2.0 - 1.1 0.8
Hedge Close out - - - - - 1.4
- - - - -
Option Movement in Fair Value (5.2)
- - - - -
Loss / (Gain) on disposal of business (1.1)
- - - - -
Fair value revaluation post NCI (7.1)
Total acquired intangible amortisation - - 3.6 - - 3.3
Adjusted Financials 213.4 106.7 63.4 209.5 125.5 74.0
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1. FY20 Asia segment revenue has been restated to align with carsales’ group accounting policy.

37

ADJUSTED FINANCIALS

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H1 FY20 [1] H1 FY21 Growth %
$A Millions Reported Adjustments Adjusted Reported Adjustments Adjusted Reported Adjusted
Revenue 213.4 - 213.4 198.9 10.6 209.5 (7%) (2%)
Total operating expenses 108.9 (2.2) 106.7 85.1 (1.1) 84.0 22% 21%
EBITDA 104.5 2.2 106.7 113.8 11.7 125.5 9% 18%
EBITDA margin 49.0% 50.0% 57.2% 59.9%
Depreciation & amortisation 17.6 (4.0) 13.6 19.5 (3.9) 15.6 (11%) (15%)
EBIT 86.9 6.3 93.1 94.3 15.6 109.9 9% 18%
Net financing cost 2.1 5.2 7.3 9.4 (1.4) 8.0 (360%) (10%)
Profit Before Tax 84.8 1.0 85.9 84.9 17.0 101.9 0% 19%
Income Tax Expense 24.8 0.9 25.7 26.0 4.3 30.3 (5%) (18%)
Profits from associates 2.4 0.3 2.7 2.4 0.2 2.6 (0%) (3%)
Fair value revaluation 9.8 (9.8) - - - - n/a n/a
Gain / (Loss) on business disposal 1.1 (1.1) - - - - n/a n/a
Non-controlling interest (NCI) (2.0) 2.6 0.6 (0.2) - (0.2) 89% 139%
Net profit after tax (continuing) 71.2 (7.8) 63.4 61.1 12.9 74.0 (14%) 17%
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1. FY20 Asia segment revenue has been restated to align with carsales’ group accounting policy.

38

CARSALES “LOOK-THROUGH[4] ” P&L ANALYSIS

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H1 FY20 [1] H1 FY21 Growth %
Look- Look- Look-
Look- Through [4 ] Look- Through [4 ] Look- Through [4 ]
$A Millions Reported Reported Reported
Through [4] (Constant Through [4] (Constant Through [4] (Constant
currency) currency) currency)
Adjusted Revenue [2]
carsales International
Brazil Equity Acc'ted 12.3 8.8 Equity Acc'ted 9.7 9.7 n/a -21% 11%
South Korea 32.4 32.4 31.4 38.6 38.6 38.6 19% 19% 23%
Chile 2.6 2.6 2.4 2.3 2.3 2.3 -12% -12% -4%
Mexico 1.3 1.3 1.1 0.9 0.9 0.9 -31% -31% -18%
Argentina 0.4 0.4 0.3 0.2 0.2 0.2 -50% -50% -33%
Other Asia and NZ 2.2 2.2 2.2 2.1 2.1 2.1 -5% -5% -5%
Total International 38.9 51.2 46.2 44.1 53.8 53.8 13% 5% 17%
carsales Domestic
Domestic Core 150.3 150.3 150.3 150.9 150.9 150.9 0% 0% 0%
Domestic Investments [3] 24.2 19.2 19.2 14.5 11.8 11.8 -40% -39% -39%
Total Domestic 174.5 169.5 169.5 165.4 162.7 162.7 -5% -4% -4%
Adjusted Revenue [2] 213.4 220.7 215.7 209.5 216.5 216.5 (2%) (2%) 0%
Adjusted EBITDA [2]
carsales International
Brazil Equity Acc'ted 5.5 3.8 Equity Acc'ted 4.6 4.6 n/a -16% 21%
South Korea 16.3 16.3 15.8 20.6 20.6 20.6 26% 26% 30%
Chile 0.9 0.9 0.8 1.0 1.0 1.0 11% 11% 25%
Mexico (2.7) (2.7) (2.4) (0.6) (0.6) (0.6) 78% 78% 75%
Argentina (0.8) (0.8) (0.6) (0.4) (0.4) (0.4) 50% 50% 33%
Other Asia and NZ 1.2 1.2 1.2 1.1 1.1 1.1 -8% -8% -8%
Total International 14.9 20.4 18.6 21.7 26.3 26.3 46% 29% 41%
carsales Domestic
Domestic Core 91.9 91.9 91.9 101.1 101.1 101.1 10% 10% 10%
Domestic Investments [3] (0.1) (1.3) (1.3) 2.7 1.9 1.9 2800% 246% 246%
Total Domestic 91.8 90.6 90.6 103.8 103.0 103.0 13% 14% 14%
Adjusted EBITDA [2] 106.7 110.9 109.2 125.5 129.3 129.3 18% 17% 18%
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• 1 FY20 South Korea revenue has been restated to align with carsales’ group accounting policy.

• 2 Adjusted Revenue and Adjusted EBITDA stated above is on a continuing basis, excludes certain non-recurring or non-cash items. see slides 37-38 for a reconciliation of Adjusted EBITDA to Reported EBITDA 3 Domestic Investments comprises RedBook Inspect, Appraisal solutions, Ratesetter and tyresales

• Look-Through Methodology - carsales “look-through” methodology: For equity accounted associates and consolidated subsidiaries, add the total revenue or EBITDA for the period of ownership within the reporting period multiplied by the % ownership over the period. Some “look-through” numbers involve the disclosure of non IFRS information - Refer to carsales’ Disclosure of Non IFRS information on slide 36 for further details.

39

40

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