FleetPartners Group (FPR) H2 2025 earnings summary

Executive summary

• 2025 marked a pivotal year with the completion of the Accelerate program, delivering $6m in annualised cost savings and early benefits in key KPIs, at a capitalised cost of $31.5m.

• Core income grew 6% year-over-year to AUD 169m, supported by AUMOF growth and stable margins.

• NPATA pre-EOL increased 9% to AUD 41m, while statutory net profit after tax was AUD 75.3m, reflecting higher bad debts and software impairment.

• Acquisition of Remunerator announced for up to AUD 40m, enhancing novated leasing and salary packaging capabilities, expected to be EPS accretive pre-synergies.

• Returned to a net cash position of AUD 28m at September 2025, from net debt of AUD 17m at March 2025.

Financial highlights

• Revenue increased 3% year-over-year to AUD 786.2m, with NPATA at AUD 84.1m and EBITDA at AUD 132.4m.

• New business writings declined 16% year-over-year to AUD 778m, reflecting a strong prior year and subdued business confidence.

• UMOF/AUMOF grew to AUD 2.3b, up 2–3%, with 80% now balance sheet funded.

• End-of-lease income was AUD 61m, down 14% year-over-year, with EOL per unit at AUD 5,880.

• Organic cash flow was AUD 93m; cash and cash equivalents reached AUD 308.6m.

Outlook and guidance

• Operating environment remains subdued, with cautious customer behavior and extended lease terms expected into FY2026.

• Core margin expected to remain stable; OpEx forecasted at AUD 95–96m, with focus on cost discipline and growth investment.

• High cash flows anticipated to continue, supporting consistent shareholder distributions.

• Growth in Novated segment expected, supported by EV demand and regulatory incentives.