Eagers Automotive (APE) H2 2024 earnings summary

Executive summary

• Achieved record FY24 revenue of AUD 11.2 billion, up 13.6% year-over-year, with balanced growth from organic, greenfield, and acquisitions, and strong contributions from both core franchised auto and independent pre-owned businesses.

• Underlying operating profit before tax was AUD 371.2 million, with underlying EBITDAI reaching a record AUD 550.4 million and resilient net profit margins.

• Maintained a record fully franked final dividend of AUD 0.50 per share, totaling AUD 0.74 for the year.

• Execution of strategic initiatives and productivity improvements drove market share gains, margin resilience, and positioned the business for sustainable growth.

• Market share grew to 11.5%, with more than 147,000 new vehicles delivered and an order bank five times pre-COVID levels.

Financial highlights

• Revenue for 2024 rose 13.6% to AUD 11.2 billion, with underlying EBITDAI up 0.8% to AUD 550.4 million.

• Statutory PBT was AUD 335.6 million, below underlying PBT due to NZ impairment and acquisition costs.

• Underlying net profit margin was 3.3%, with industry-leading margins through the cycle.

• Available liquidity at year-end was AUD 773.9 million, and the property portfolio increased to over AUD 885 million.

• Inventory increased to AUD 1.87 billion, mainly from acquisitions, with days supply reduced to 54.

Outlook and guidance

• Forecasts a third consecutive year of material growth, with AUD 1 billion in additional revenue expected in 2025, targeting AUD 12.2 billion turnover.

• Consolidated net profit margin expected to remain consistent, with improvements from acquisitions and retail JV.

• Macro tailwinds, including RBA rate cuts, are anticipated to support positive year-on-year outcomes in the second half of 2025.

• Order bank remains at 5x pre-COVID levels, supporting sustained deliveries into 4Q25.

• Plans for profit improvement through deeper integration of recent acquisitions and continued growth in pre-owned and joint venture businesses.