FleetPartners Group (FPR) H1 2026 earnings summary

Executive summary

• NPATA and EPS grew in 1H 2026, with NPATA up 2% and EPS up 9% year-over-year, supported by strong cash generation and a return to fully franked dividends after 7.5 years.

• UMOF/AUMOF increased 6% year-over-year, marking the seventh consecutive half of growth and reflecting business resilience.

• Core income rose 4% to AUD 85 million, tracking average UMOF/AUMOF growth and maintaining stable margins.

• Remunerator acquisition completed and integrated, contributing to AUMOF and Novated segment growth.

• The business remains resilient amid macroeconomic and geopolitical uncertainty.

Financial highlights

• Revenue for the half-year ended 31 March 2026 was $392.5m, up from $377.0m year-over-year.

• NPATA pre-EOL was AUD 19 million, up 7% year-over-year; NPATA was $39.6m (+2% year-over-year).

• End-of-lease income was AUD 29 million, with profit per unit at AUD 5,840 (down 4% year-over-year).

• Operating expenses were AUD 48 million, reflecting cost discipline and Remunerator inclusion.

• Cash conversion at 113% for the half, with $46.8m organic cash generation.

Outlook and guidance

• Marginal growth in New Business Writings expected for FY 2026, with momentum building into 2H.

• Core margin expected to remain stable; EOL outcomes currently stable with mitigating factors in place.

• Continued strong cash flows to support consistent shareholder distributions despite higher cash tax payments.

• No change to Electric Car Discount Bill until April 2027, supporting novated leasing demand.

• Opex guidance for FY26: $98.5–$99.5m, including Remunerator.