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ZIGUP (ZIG) investor relations material

ZIGUP H1 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2026 earnings summary3 Dec, 2025

Executive summary

  • First half performance exceeded expectations, with underlying revenue up 4.5% to £809.9m and fleet exceeding 135,000 vehicles, driven by standout growth in Spain and strong momentum in UK & I.

  • Strategic simplification and evolution of the UK & I operating model, reorganising into Northgate Mobility and FMG, targets £20m annualised savings by FY2028.

  • Spain delivered double-digit rental revenue growth and record fleet volumes, supported by focused growth CapEx and robust market conditions.

  • Interim dividend maintained at 8.8p per share, in line with policy.

  • Confident in reaching the top end of market expectations for full-year profit, supported by operational improvements and strong cash generation.

Financial highlights

  • Underlying EBIT increased 1.4% to £100.4m; underlying EBITDA up 7.6% to £246.0m; steady state cash flow more than doubled to £48.6m.

  • Underlying revenue up 4.5% year-over-year; statutory EBIT rose 14.4% to £83.8m.

  • Net debt increased to £939m; leverage at 1.9x, within 1-2x target range.

  • UK & I rental revenue up 6.5% to £208.3m, with rental margin at 16.9%.

  • Spain rental revenue surged 16.3% to £170.7m, with average VoH up 11.0% and rental margin steady at 19.3%.

Outlook and guidance

  • Full-year underlying profit before tax expected at or above the top end of the £150m-£155m consensus range.

  • UK & I rental margin expected within 15-16% target; Claims & Services EBIT margin to approach 5% in H2.

  • No impact anticipated from UK budget news on current or medium-term guidance.

  • Annualised savings of £20m targeted by FY2028 from operating model changes, with about half realised in FY27.

UK&I operating model savings by FY2028
Drivers of steady-state cashflow improvement
UK&I rental margin normalization factors
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Frequently asked questions

Zigup Plc provides integrated mobility solutions and automotive services across the United Kingdom, Spain, and Ireland. The company’s offerings include vehicle rental services, accident and incident management, repair and maintenance services, vehicle disposal, and other related services. Zigup Plc serves both business and personal customers, focusing on maintaining customer mobility through comprehensive support and service solutions. The company is headquartered in Darlington, England, and its shares are listed on the London Stock Exchange.

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