Highlights

• McMillan Shakespeare delivered record underlying earnings as revenue growth continued across all major business segments.
• Novated leasing and salary packaging customer numbers increased, supported by stronger demand for electric vehicles.
• The company maintained shareholder returns with a fully franked dividend and a disciplined capital management approach.

FY26 Earnings Show Strong Growth

McMillan Shakespeare Limited (ASX: MMS) released its FY26 Preliminary Final Report on 28 August 2026, covering the financial year ended 30 June 2026. The company reported revenue from continuing operations of AU$602.1 million, representing growth of 6.8% compared with the prior year. Statutory net profit after tax attributable to members increased 11.4% to AU$106.7 million, while underlying net profit after tax and amortisation (UNPATA) reached a record AU$107.9 million, up 13.8%.

Underlying earnings per share increased 13.8% to 155 cents, while return on capital employed improved to 62.1%. The company also reported underlying EBITDA of AU$180.7 million, reflecting a 14.1% increase supported by operating leverage and productivity improvements.

Customer Growth Supports Business Expansion

MMS continued expanding its customer base across salary packaging, novated leasing, fleet management and plan support services. Salary packaging customers increased 7.1% to 402,000, while novated leases under management reached a record 90,000, up 13.5% year on year. Fleet units grew 3.3% to 16,000, and Plan and Support Services customers increased 3.0% to 44,000.

Group Remuneration Services (GRS) remained a key contributor, with revenue increasing 11.2% to AU$351.0 million and underlying EBITDA rising 24.8% to AU$137.2 million. Growth was supported by higher novated lease activity, increased customer demand for battery electric vehicles and productivity gains.

Dividend and Balance Sheet Remain Strong

The company approved a fully franked final dividend of 70 cents per share, bringing the total FY26 dividend distribution to 132 cents per share. The final dividend was scheduled for payment on 25 September 2026.

MMS maintained a strong financial position with net assets of AU$126.4 million and a debt-to-EBITDA ratio of 0.4 times. The company also approved an on-market share buy-back of up to AU$10 million over a 12-month period.

Outlook

MMS enters FY27 focused on continued growth through novated leasing, salary packaging, fleet solutions and plan management services. Management expects EV adoption, cost-of-living pressures and productivity initiatives to support demand, while ongoing technology investment and scalable platforms remain central to future expansion.

Note- All data presented is based on information available at the time of writing.

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