FleetPartners Group (FPR) H1 2026 earnings summary

Executive summary

• NPATA and EPS grew in 1H26, with NPATA up 2%–7% year-over-year and cash EPS up 9%, supported by strong cash generation and a share buy-back program.

• Core income rose 4% year-over-year, aligned with AUMOF growth of 6% (8% including Remunerator), reflecting business resilience.

• Fully franked interim dividend of 11.9 cents per share declared, representing a 13% annualised grossed-up yield and marking a return to franked dividends after 7.5 years.

• Acquisition and integration of Remunerator completed in December 2025, contributing to AUMOF and Novated segment growth.

• Resilient earnings and strong cash generation maintained despite challenging macroeconomic conditions.

Financial highlights

• Core income was $85.4m (+4% year-over-year); AUMOF reached $2.4b (+6% year-over-year); NBW was $367m, down 1% year-over-year (flat on constant currency).

• NPATA was $39.6m (+2% year-over-year); NPATA pre-EOL was $19.3m (+7% year-over-year); statutory NPAT was $37.1m (+7% year-over-year).

• Cash EPS increased 9% to 18.5 cents per share; basic EPS rose to 17.3 cents.

• Operating expenses were $48.0m, in line with expectations and FY26 guidance.

• Cash conversion at 113% for the half; net cash position of $4.5m at March 2026.

Outlook and guidance

• Marginal NBW growth targeted for FY26, with momentum building into 2H and AUMOF supported by extension and inertia activity.

• Core margin expected to remain stable; EOL outcomes managed amid used vehicle price softness.

• Operating expenses forecasted at $98.5–$99.5m for FY26, including Remunerator.

• Continued strong cash generation expected to support consistent shareholder distributions, despite higher cash tax payments.

• Policy environment for zero emission vehicles remains supportive; no change to Electric Car Discount Bill until April 2027.