Carma Limited (ASX:CMA) delivered its Chair and CEO addresses at its 2026 Annual General Meeting on 13 November 2026, disclosing that the company delivered 5,416 cars in FY26, representing 86 per cent more than the prior year, with revenue rising 59 per cent to $113.8 million and gross profit doubling to $10.5 million.

Key Points

  • Carma delivered 5,416 cars in FY26, up 86 per cent on the prior year, with revenue of $113.8 million and gross profit of $10.5 million
  • Pro Forma EBITDA loss of $30.2 million, with the margin improving by more than 12 percentage points to negative 26.5 per cent; statutory loss after tax was $49.6 million, including $13.3 million in one-off IPO-related costs
  • Tanya Cox appointed as independent Non-Executive Director and Chair of the Audit and Risk Committee, effective 1 December
  • Short-term incentive outcome of 61 per cent of maximum approved for CEO Lachlan MacGregor and Chief Commercial Officer Yosuke Hall for FY26

FY26 Financial and Operational Results

According to the Chair's address delivered by Owen Wilson, the IPO conducted in November 2025 raised $100 million, including $70 million of new capital for the company. In FY26, Carma delivered 5,416 cars, 86 per cent more than the year before, while revenue rose 59 per cent to $113.8 million. Gross profit doubled to $10.5 million. The Pro Forma EBITDA loss was $30.2 million, with the margin improving by more than 12 percentage points to negative 26.5 per cent. The statutory loss after tax was $49.6 million, which included $13.3 million of one-off costs relating to the IPO and the conversion of convertible notes. Reconditioning productivity finished the year ahead of forecast, the filing states.

Board Appointment of Tanya Cox as Non-Executive Director

The filing discloses that Melinda Snowden stepped down from the Board on 28 April, having chaired the Audit and Risk Committee through the IPO period. Following her departure, the Committee operated with two members, one short of the three required under its Charter, with Chair Owen Wilson serving as interim chair. The Board announced that Tanya Cox will join as an independent Non-Executive Director and Chair of the Audit and Risk Committee on 1 December. According to the filing, Cox spent eleven years as Chief Operating Officer of Dexus and holds experience as an audit and risk committee chair on listed and unlisted boards. Her appointment returns the Committee to its full complement and the Board to a majority of independent directors.

Remuneration Framework and Founder Shareholding

The Chair's address outlined that senior leader incentives at Carma are paid in equity, with long-term rewards vesting only if total shareholder return exceeds the S&P/ASX 300 Total Return Index. The Board approved a short-term incentive outcome of 61 per cent of the maximum for CEO Lachlan MacGregor and Chief Commercial Officer Yosuke Hall for FY26. An independent remuneration consultant reviewed the framework during the year and found no changes were needed for FY27. The filing also states that founders Lachlan MacGregor and Yosuke Hall together hold approximately 32 per cent of the company, with three quarters of their shares remaining in voluntary escrow until after the FY27 results.