FleetPartners Group (FPR) Q3 2025 TU earnings summary

Executive summary

• Delivered 5% year-over-year growth in AUMOF and 5% YTD growth in NOI pre EOL and provisions, demonstrating resilience despite temporary system cutover disruption.

• FY25 is a transition year, with benefits from the Accelerate program already materializing, including $6m+ in annualized cost savings.

• Business model remains highly predictable and cash generative, with 95% of NOI pre EOL and provisions annuity-like in nature.

• Strong commercial wins and high tender activity, even amid operational disruptions.

Financial highlights

• AUMOF grew 5% compared to June 2024; NOI pre EOL and provisions up 5% YTD compared to prior year.

• 3Q25 EOL profit per unit at $5,853, with used car prices stabilizing and EOL income expected to remain strong in the medium term.

• $9.2m of $25.3m 2H25 buy-back completed; total capital return YTD of $39.2m.

• Net debt remains elevated due to self-funding and arrears but expected to normalize through 4Q25 and 1Q26.

Outlook and guidance

• FY25 expectations remain in line with 1H25, with NBW growth for FY25 to match 1H25 performance.

• Momentum expected to build into 2H26 and beyond, supported by growth in underpenetrated segments and Accelerate benefits.

• Demand for Novated leases remains strong, with regulatory tailwinds and a shift toward BEVs.

• EOL profit per unit expected to remain elevated for longer, aiding offset of future normalization.