FleetPartners Group (FPR) H1 2026 earnings summary

Executive summary

• NPATA and EPS returned to growth in 1H 2026, with EPS up 9% and NPATA pre-EOL up 7%, supported by strong cash generation and a share buy-back program.

• UMOF/AUMOF grew for the seventh consecutive half, up 6% year-over-year, reflecting business resilience and expansion from the Remunerator acquisition.

• Fully franked interim dividend of 11.9c declared, marking a return to franked dividends after 7.5 years and representing a 13% annualised grossed-up yield.

• Strategic focus on large fleets, small fleets, and novated segments, with Remunerator acquisition boosting segment growth.

• Continued investment in digital, automation, and AI initiatives to enhance efficiency and customer experience.

Financial highlights

• Revenue for the half-year ended 31 March 2026 was $392.5m, up from $377.0m year-over-year.

• Core income reached $85.4m, up 4% year-over-year; end-of-lease income was $28.7m.

• NPATA pre-EOL was $19.3m, up 7%; total NPATA up 2% to $39.6m; NPAT was $37.1m, up from $34.5m.

• Cash EPS increased 9% to 18.5c; basic EPS rose to 17.3c from 15.1c.

• Net operating income increased to $113.8m, driven by lease portfolio growth and Remunerator acquisition.

Outlook and guidance

• Marginal growth in New Business Writings expected for FY 2026, with strong pipelines in large fleets and novated segments.

• Core margin expected to remain stable; end-of-lease outcomes managed amid used vehicle price softness.

• Continued focus on cost management and strong cash flows to support consistent shareholder distributions.

• Fully franked interim dividend of 11.9c per share declared, payable 1 June 2026.

• No change to Electric Car Discount Bill until April 2027, supporting ongoing demand for novated leasing.