Eagers Automotive (APE) H2 2025 earnings summary

Executive summary

• Achieved record revenue of AUD 13 billion ($13.0bn) for FY2025, up 16.5% year-over-year, with 68% organic growth, 30% from acquisitions, and 2% greenfield expansion, driven by both core franchise and recent acquisitions.

• Underlying EBITDA/EBITDAI reached a record AUD 620.9 million ($620.9m), up 12.8% from FY24, and underlying profit before tax rose 14.3% to AUD 424.1 million ($424.1m).

• Maintained industry-leading net margin at 4% for underlying business and 3.3% reported, compared to industry average of 1.2%.

• Strategic partnerships and international expansion, notably with CanadaOne Auto Group and Mitsubishi Corporation, position the business for further global growth.

• New vehicle unit sales rose to 177,000, with market share in Australia at 13.9% and 34% in New Energy Vehicles.

Financial highlights

• Revenue increased by $1.8 billion year-over-year, with like-for-like revenue up 12.6% to $11.5bn.

• Statutory PBT increased 17.3% to $393.7m.

• Record full-year dividend of AUD 0.74 per share (74.0 cps), with a final dividend of AUD 0.50 per share (50.0 cps), fully franked.

• Net corporate debt reduced to AUD 100 million ($100.0m), with gearing at 0.18x, reflecting strong deleveraging.

• Productivity per person reached AUD 1.48 million, a 60% increase since 2019.

Outlook and guidance

• Pro forma consolidated revenue (including CanadaOne) for 2025 would be AUD 18.7 billion ($18.7bn), with EBITDA of AUD 968.6 million ($968.6m) and PBT of AUD 671.8 million.

• Expects a fourth consecutive year of material revenue growth in Australia and New Zealand, with continued market share gains and new opportunities from strategic partnerships.

• Organic revenue growth for 2026 anticipated between AUD 500 million and AUD 1 billion, with additional acquisition opportunities under review.

• Stable new car markets in Australia and New Zealand for 2026, with continued focus on strategic growth and outperformance.