• NOI decreased by $2.1 million due to lower end-of-lease income
• Operating expenses increased by $1.2 million, driven by higher employee costs
• Bad and doubtful debts increased by $1.5 million across Australian and New Zealand segments

FleetPartners Group Limited reported its financial results for the half-year ended 31 March 2025. NOI decreased by $2.1 million compared to the prior period, largely due to lower end-of-lease income as a result of a decrease in the number of vehicles sold and lower average income per sold motor vehicle. Operating expenses increased by $1.2 million, primarily driven by higher employee costs. Bad and doubtful debts increased by $1.5 million, with the increase seen in both the Australian Commercial and New Zealand Commercial segments. NPATA decreased by $2.9 million compared to the prior period. The Group's Accelerate transformation program led to some short-term funding requirements during the period due to temporary delays in lease funding processes, but these are expected to unwind in the remainder of the financial year. The Group's balance sheet remained strong, with undrawn debt facilities of $494.2 million as at 31 March 2025.

The Group expects to recover the majority of the impact from the Accelerate system cutover on new business writing over the remainder of the financial year.