• Revenue of $305.8m, up 22% on prior year
• Operating EBITDA of $118.7m, up 18% on prior year
• 20% increase in novated leasing settlements on prior year

Smartgroup Corporation Ltd (ASX: SIQ) ('Smartgroup' or 'the Group'), a leading employee services and fleet solutions provider, has reported its full-year results for the 12 months ended 31 December 2024 (CY 2024). The Group delivered strong financial and operational performance, with revenue of $305.8m, up 22% on the prior year, and operating EBITDA of $118.7m, up 18% on the prior year. The EBITDA margin was 39% for the year, with H1 2024 at 38% and H2 2024 at 40%. NPATA, which excludes the non-cash tax-effected amortisation of intangibles and significant non-operating items, was $72.4m, up 15% on the prior year, while statutory NPAT was $75.6m, up 22% on the prior year. The Group continued to generate strong operating cash flow, representing 108% of NPATA. Smartgroup's balance sheet remains flexible, with a modest net debt level of $45.4m as at 31 December 2024, being 0.4x EBITDA. The Group's strong performance has enabled the Board to declare a final ordinary fully-franked dividend of 20 cents per share and a special dividend of 11 cents per share, bringing total dividends for the year to 48.5 cents per share, representing 90% of CY 2024 NPATA. Smartgroup's customer numbers across salary packaging, novated leasing, and fleet continued to grow, with 445,000 active packaging customers at the end of 2024, an increase of 49,000 year-on-year. The Group also made strong progress on its Strategic Priorities, including the launch of its new digital customer home, Smart.com.au, and the enhancement of its car leasing portal. Additionally, Smartgroup simplified its operations by divesting two non-core businesses and transitioning its Advantage brand customers and clients to the new Smart brand.

Smartgroup expects CY 2025 technology capex to be $11-13m, similar to CY 2024.

While Smartgroup remains cautiously optimistic for the year ahead, the company continues to monitor consumer sentiment closely and recognizes there is some uncertainty in the near term from continued high interest rates and inflation, international factors, and the PHEV incentive ending in March. The company is well-positioned within the industry to deliver profitable growth through the implementation of its Strategic Priorities.