McMillan Shakespeare (MMS) H2 2025 earnings summary

Executive summary

• Normalized NPATA/UNPATA reached $103.2 million for FY25, with group normalized revenue up 3% year-over-year to $541.6 million and growth across all segments.

• Statutory net profit after tax was $95.8 million, up 6.4% year-over-year.

• Dividend payout ratio was 100% of normalized NPATA/UNPATA, with an 8.3% dividend yield.

• Strategic investments in digital, AI, and automation drove productivity and customer experience improvements.

• Receivables increased to $503 million, and Onboard Finance normalisation concluded in FY25.

Financial highlights

• Normalized revenue rose 3% to $541.6 million; group EBITDA margin at 31.2%.

• Statutory NPAT from continuing operations increased 6.4% to $95.8 million year-over-year.

• Normalized NPATA down 4.1% to $103.2 million due to growth and productivity investments.

• Onboard Finance receivables grew 54.6% to $503 million; $300 million private placement completed.

• Non-recurring costs totaled $6.1 million for FY25.

Outlook and guidance

• Business momentum expected to continue into FY2026, with stable auto supply and used car values.

• FBT exemption on battery electric vehicles remains until at least mid-2027; plug-in hybrid exemption expired.

• NDIS plan management fees to remain flat, but setup fees removed (7.9% of PSS revenue in FY2025).

• Strategic investments and removal of non-recurring costs to support further growth and productivity.

• Onboard Finance normalization concluded, expected to be neutral to NPATA in FY2026 and positive thereafter.