McMillan Shakespeare (MMS) H1 2026 earnings summary

Executive summary

• Revenue rose 11.2% year-over-year to $297.4m, with operating income up 4.4% to $210.1m and EBITDA up 4.8% to $84.7m.

• Statutory NPAT from continuing operations increased 9.7% to $49.6m, and UNPATA rose 1.4% to $50.3m.

• Strategic investments in technology and automation drove productivity gains, improved customer experience, and increased digital adoption to 83% of interactions.

• Fully franked interim dividend of 62c per share declared, representing ~85% of UNPATA, with a total return to shareholders of $53.2m and a $10m on-market share buyback announced.

• All key customer metrics improved, including salary packages, novated leases, and SME client base expansion.

Financial highlights

• Revenue up 11.2% to $297.4m; operating income up 4.4% to $210.1m; EBITDA up 4.8% to $84.7m; UNPATA up 1.4% to $50.3m; statutory NPAT up 9.7% to $49.6m.

• EPS up 1.4% to 72.3c; ROCE improved to 62.8%, up 110bps year-over-year.

• Cost-to-income ratio improved to 59.7%; operating margin at 40.3%.

• Dividend payout at ~85% of UNPATA, with a yield of 7.2%.

• Onboard Finance receivables grew 31% to $539m.

Outlook and guidance

• 2HFY26 UNPATA expected to benefit from customer growth, increased Onboard Finance receivables, and efficiencies from prior investments.

• Monitoring government reviews of Electric Car Discount scheme and NDIS pricing.

• Disciplined investment in strategic priorities, technology, and customer experience, with up to $10m share buyback planned.