CAR Group (CAR) H1 2026 earnings summary

Executive summary

• Achieved 13% proforma revenue growth and 12% proforma EBITDA growth in constant currency for H1 FY26, maintaining a five-year track record of double-digit growth.

• Adjusted NPAT increased 12% to $197m, reported NPAT rose 16% to $143m, and adjusted EPS grew 11% to 52.0 cents.

• Growth was broad-based across Australia, North America, Latin America, and Asia, with notable improvement in the U.S. and strong market leadership in all regions.

• Embedded AI capabilities and new product launches enhanced customer experience and operational efficiency.

• Operational scale: 2.4 million vehicles online, 50,000 subscribed dealers, and 52 million unique monthly audience.

Financial highlights

• Proforma revenue reached $626m (up 14% in AUD, 13% in constant currency); proforma EBITDA was $339m (up 12%).

• Interim dividend of 42.5 cents per share declared, up 10% year-over-year, with an 82% payout ratio.

• EBITDA to operating cash conversion at 95%; leverage ratio stable at 1.8x net debt/EBITDA; CapEx steady at 10% of revenue.

• Adjusted NPAT margin improved; effective tax rate at 20.5%, expected to rise due to expiry of tax losses.

• Segment highlights: Australia revenue up 8%, North America up 13%, Latin America up 23–30%, Asia up 14–17%.

Outlook and guidance

• FY26 guidance reaffirmed: proforma revenue growth 12–14%, proforma EBITDA growth 10–13%, adjusted NPAT growth 9–13% in constant currency.

• FX headwind expected to reduce reported AUD growth by ~2% for FY26 if current rates persist.

• Segment guidance: high single-digit revenue growth in Australia, double-digit growth in North America, Latin America, and Asia.

• Net finance costs estimated at $60m–$64m; D&A to grow 15–17%; effective tax rate expected at 20–21%.

• Confident in delivering at the top end of guidance, targeting continued double-digit growth.