• Pro-forma group revenue up 0.3% and pro-forma NPAT down 15.2% on PCP
• Pro-forma EBITDA down 7.2% on PCP, up 6.2% on 2H24 following cost reduction initiatives
• Expect to reach upper end of $20-$30M cost savings target in FY25

Bapcor Limited, Asia Pacific's leading provider of vehicle parts, accessories, equipment, service and solutions, has announced its financial results for the half-year ended 31 December 2024 ('1H25'). The company reported pro-forma group revenue of $987.8M, up 0.3%, and pro-forma NPAT of $45.5M, down 15.2% on the prior corresponding period (PCP). This was driven by weaker performance in the Retail and Specialist Wholesale segments, which was offset by a 12.3% increase in Trade EBITDA. Pro-forma EBITDA was $132.5M, down 7.2% on PCP, but up 6.2% on 2H24 following cost reduction initiatives. Statutory group revenue was $1,012.4M, down 0.5%, and statutory NPAT was $40.8M, down 13.0% on PCP. Bapcor expects to reach the upper end of its $20-$30M cost savings target in FY25, with benefits from the headcount reduction and DC rationalisation program to be realised in the second half. The company has also made progress in simplifying the business and improving operational efficiencies, including the sale of the non-core MTQ diesel fuel injection business and the consolidation of its Specialist Networks. Bapcor ended 1H25 with a net debt position of $304.5M and a leverage ratio of 1.65x. The Board has declared an interim, fully franked dividend of 8.0 cps, representing a payout ratio of 60% of pro-forma NPAT.

The start to 2H25 has been consistent with the return to work by the industry, and Bapcor is confident with the balance of the year. The company expects to deliver cost savings at the top end of its $20-$30M target range, with savings from the DC rationalisation program and the full effect of the headcount reduction program implemented in the first half. Bapcor has clear focus areas for the second half as it continues to simplify the business and allocate resources thoughtfully, and the management team is confident that these initiatives will set the company up to deliver sustainable growth over the long-term.