• Core income growth and strong cash generation maintained in a challenging year
• Completion of the Accelerate program delivers $6m+ of annualised cost savings
• Transition to dividends following completion of the latest buy-back

FleetPartners Group Limited (ASX: FPR) has reported its results for the year ended 30 September 2025, highlighting resilient core income growth, strong cash generation, and the completion of its Accelerate program delivering $6m+ in annualised cost savings. The company's Net Profit After Tax excluding Amortisation (NPATA) excluding End of Lease (EOL) was $41 million, up 9% compared to the prior corresponding period. Cash EPS was 37.5 cents per share, up 3% on the prior year. The group achieved strong organic cash generation of $93 million in FY25, with cash conversion of 106%. Following completion of the 2H25 buy-back of $25 million, the Board has determined that dividends represent the most appropriate way to deliver distributions going forward and has declared an unfranked dividend of 13.6 cents per share payable on 16 January 2026. The Board has also resolved to increase the capital payout ratio range to 60 - 70% of NPATA, given consistently strong cash flow generation and balance sheet stability. The group sees strong medium-term opportunity in under-penetrated fleet segments, with positive momentum expected to build through the second half of FY26, although an unpredictable geopolitical and macroeconomic environment continues to weigh on customer sentiment in the near-term.

In relation to the Group's FY26 earnings: core margin is anticipated to remain broadly stable relative to AUMOF growth, end of lease profit is expected to remain stable, and operating expenses are expected to be $95 - 96 million (including c.$1.5 million relating to a portion of remuneration-related costs moving from share-based payments expense to operating expenses in FY26). Excluding the movement of costs from share-based payments expense, operating expenses are expected to increase 2 - 3% in FY26.

The Group sees strong medium-term opportunity in under-penetrated fleet segments, with positive momentum expected to build through the second half of FY26. At the same time, an unpredictable geopolitical and macroeconomic environment continues to weigh on customer sentiment, resulting in slower decision-making and deferred NBW activity. Conditions are expected to remain challenging through 1H26, noting December and January are seasonally the quietest months for NBW. Any effects of delayed decisioning on AUMOF are typically far less significant than NBW due to extension and inertia activity, supporting financial stability.