Amotiv (AOV) H1 2026 earnings summary

Executive summary

• Delivered solid half-year results in a challenging macro environment, with 3.3% revenue growth to $520.5 million, supported by disciplined execution, diversification, and benefits from the Amotiv Unified transformation program.

• Underlying EBITA/EBITDA rose 1.3% to $98.3 million, with margin pressures in 4WD offset by cost initiatives and pricing actions.

• Net profit after tax increased 39.4% to $46.0 million, reflecting lower significant items and operational improvements.

• Strong cash conversion (91.9%) and disciplined capital management enabled reinvestment and capital returns, including a completed buyback.

• FY 2026 guidance remains unchanged, with expected revenue and underlying EBITDA/EBITA of approximately AUD 195 million, assuming stable conditions.

Financial highlights

• Revenue increased 3.3% year-over-year to $520.5 million, driven by new business wins and offshore growth.

• Statutory net profit was $46.0 million, up 39.4% year-over-year, with underlying EPSA up 5.3%.

• Interim dividend of 20.0 cents per share, up over 8%, with a 52% payout ratio and fully franked.

• Cash conversion improved to 91.9%, ahead of guidance, and leverage increased slightly to 1.95x.

• Significant items totaled $8.3 million, mainly from Amotiv Unified restructuring.

Outlook and guidance

• FY 2026 guidance unchanged: revenue growth and underlying EBITDA/EBITA of approximately AUD 195 million expected.

• H2 margins in 4WD expected to improve from pricing actions; LP&E H2 EBITDA/EBITA to be marginally softer than H1.

• Powertrain & Undercar expected to remain resilient, with further Unified program benefits and incremental annualized gross benefit of AUD 10 million by FY 2026 exit.

• Cash conversion and balance sheet strength expected to be maintained, with deleveraging anticipated in H2.

• EV business loss for FY 2026 expected between AUD 1–2 million, targeting break-even by FY 2027 exit.