Amotiv (AOV) H1 2025 earnings summary

Executive summary

• Revenue grew 2.3% to $503.7 million for H1 FY25, driven by Powertrain & Undercar (+5.8%) and Lighting, Power & Electrical (+3.6%), while 4WD & Trailering declined (-1.9%).

• Underlying EBITA decreased 1.0% to $97.0 million, reflecting cost management and operational efficiencies amid challenging market conditions.

• Statutory NPAT fell 35.8% year-over-year to $33.0 million, impacted by a $9.4 million impairment in NZ and $1.0 million in other brand impairments from restructuring.

• Interim dividend maintained at 18.5cps; ongoing share buyback with $7.7 million spent in H1.

• Continued investment in growth, including new manufacturing in South Africa and expansion in the U.S., supports future opportunities.

Financial highlights

• Group revenue up 2.3% to $503.7m; organic revenue down 3.0% year-over-year.

• Underlying EBITDA increased 2.6% to $114.9m; underlying EBITA at $97.0m, down 1.0% due to ongoing investment.

• Gross margin declined 75bps to 44.0% due to higher freight and adverse mix; gross profit up 5%.

• Cash conversion at 76.5%, would be 87.4% excluding one-offs; net debt/EBITDA leverage at 1.75x.

• Interim dividend of 18.5c per share, fully franked, maintained; share buyback of $7.7m completed.

Outlook and guidance

• Group revenue and underlying EBITA expected to grow in FY25, with a stronger H2 anticipated.

• Growth to be driven by new business wins, product launches, pricing actions, and restructuring benefits.

• Cash conversion targeted at ~85% for FY25; strong balance sheet and leverage position to support growth initiatives.