COG Financial Services (COG) H2 2026 earnings summary

Executive summary

• Revenue increased 9% year-over-year to $399.8m, with underlying EBITDA to shareholders up 28% to $51.5m and EPSA up 27% to 15.63 cps, driven by strong organic growth and strategic acquisitions, notably in Salary Packaging.

• Dividend for the year totaled 7 cps (fully franked), with a payout ratio of 45.5%, and the final dividend was up 17% to 3.5 cps.

• Performance was driven by both organic growth and acquisitions, particularly Easifleet and increased ownership in Paywise and Fleet Network.

• Strategic investments in technology and people have differentiated the business and supported growth.

Financial highlights

• Underlying group revenue up 9% year-over-year, with EBITDA margin improving to 17.3% and EBITDA to shareholders up 28% to $51.5m.

• Salary Packaging segment revenue up 51%, EBITDA up 88%, with customer numbers up 31% and novated lease customers nearly doubling.

• Broking & Aggregation net assets financed up 5% to $8.5b, with EBITDA stable at $24.5m.

• Lending segment revenue down 9%, EBITDA down 37%, reflecting lower activity and increased credit loss provisioning.

• Managed investment scheme assets grew to $125m from $61m.

Outlook and guidance

• Targeting better than 10% EBITDA growth in FY27, driven by organic growth and supplemented by strategic acquisitions.

• Expecting a doubling of the addressable market for Salary Packaging due to electric vehicle adoption and declining vehicle prices.

• Continued investment in technology, AI, and process efficiency to support volume growth and operational improvements.

• Focus on market share capture in Salary Packaging, leveraging EV uptake and government incentives.