Slide 1: Full Year Results FY2025
Full Year Results FY2025. 09.07.2025
Slide 2: Agenda
Agenda. Overview Martin Ward Financial Review Richard Clay Business Update Martin Ward Martin Ward Richard Clay CEO Interim CFO Jorge Alarcón Harvey Stead Q&A Harvey Stead Jorge Alarcón Chief Operating Managing Director, Officer, UK&I Northgate Espana 2
Slide 3: Overview
Overview. Martin Ward 4+ ZIGUP
Slide 4: Overview: A year of operational heavy lifting
Overview: A year of operational heavy lifting. Corporate. Customer. Brand & Strategic Simplifying narrative customer journey Organisational Customer wins & structure & ExCo contract extensions Investment for profitable growth. Fleet People Facilities Technology +2.3% King’s Award 6 new facilities ef
Slide 5: Financial performance above market expectations
Financial performance above market expectations. Revenue (£m) PBT(£m) Underlying Trading. 1,555.0 Revenues: + 2.3% to £1,555.0m 1,520.6 180.7 166.9 EBIT: -5.5% to £202.0m + 2.3 % -7.6% PBT: -7.6% to £166.9m ROCE: 1.9 ppt decrease to 12.6% FY2024 FY2025 FY2024 FY2025 FY dividend Leverage 26.4p (FY202
Slide 6: Well positioned for growth in FY2026
Well positioned for growth in FY2026. Structural growth drivers. Normalising markets. Well positioned for opportunities. Outsourcing: Fleet access: Integrated usership vs supply availability mobility ownership across model platform range Technology Stability in: Refinancing enabled Residual values p
Slide 7: Financial Review
Financial Review. Richard Clay
Slide 8: FY2025 Overview: ahead of expectations
FY2025 Overview: ahead of expectations. Revenue: EBIT: Profit before tax: EPS: +2.3% -5.5% -7.6% -4.9% FY2025: £1,555.0m FY2025: £202.0m FY2025: £166.9m FY2025: 58.4p FY2024: £1,520.6m FY2024: £213.7m FY2024: £180.7m FY2024: 61.4p EBITDA: Net debt & leverage: ROCE: DPS: +£18.2m +£94.5m +0.3x -1.9ppt
Slide 9: Underlying revenue excl. vehicle sales +2.3%
Underlying revenue excl. vehicle sales +2.3%. Reported revenue bridge £m 1,900.0 26.1 0.8 1,850.0 7.5 Key points: vs FY2024 1,833.1 1,812.6 1,800.0 312.5 (54.9) • UK&I rental revenue +2.0%, ave. VOH - 2.6% 257.6 + 2.3 % • Spain rental revenue +9.5%, ave. VOH +9.4% 1,750.0 (+12.3% on constant currenc
Slide 10: Group underlying profit waterfall
Group underlying profit waterfall. Underlying PBT bridge £m 250.0 200.0 4.0 Key points. 6.0 180.7 (9.4) (4.2) 0.0 166.9 • Rental profits +£10m (10.2) 150.0 • UK&I margin 15.7% 61.9 52.5 (+0.2ppt) • Spain margin 19.3% 100.0 (+1.1ppt) • Disposal profits normalising • C&S margin 4.3% (-1.7ppt): 50.0 •
Slide 11: Cashflow reflects investment in Capex
Cashflow reflects investment in Capex. FY2025 FY2024 Change £m £m £m EBITDA 464.5 446.3 18.2 Key points. Net replacement capex (NRC)1 (388.3) (280.2) (108.1) Lease principal payments (59.5) (65.0) 5.5 • EBITDA up 4.2% Steady state cash flow generation 16.7 101.1 (84.4) • Net replacement capex: broad
Slide 12: Robust balance sheet & prudent leverage
Robust balance sheet & prudent leverage. 250.0 Cumulative: £326m returned to shareholders 236.2 FY2025 FY2024 Net debt £836.7m £742.2m Dividends paid interim 200.0 Dividends paid final 177.2 Fleet assets £1.51bn £1.30bn Acquisitions 150.0 Share buyback Net debt / EBITDA 1.8x 1.5x 121.0 Target levera
Slide 13: Claims and Services EBIT waterfall
Claims and Services EBIT waterfall. Claims & Services: differing financial characteristics. C&S Underlying EBIT bridge £m Working 52.7 Upfront Service Brand Margin ROCE Capital Investment (4.2) Investment 3.6 38.3 Credit Hire Fleet Claims (1.1) (12.7) Credit n/a Claims Repair Direct Hire Fleet £64.4
Slide 14: Steady-state cashflow and the capex cycle
Steady-state cashflow and the capex cycle. 500 35,000 450 30,000 Key points. 400 • EBITDA +62% over 5 years 350 25,000 • Steady state cash flow 300 currently lower due to 20,000 replacement cycle £m 250 (#) • New fleet supply constrained 15,000 replacements across 200 FY2022–23 150 10,000 • Progress
Slide 15: ROCE and capital allocation
ROCE and capital allocation. Illustrative return over four-year period: example LCV ¹ Capital allocation priorities. 24% Funding Sustainable & organic growing growth dividend 16% 14% 12% Return excess Mergers and cash to Acquisitions shareholders £18k £15k £13k £10k Key points. Year 1 Year 2 Year 3
Slide 16: Medium Term views
Medium Term views. Range UK&I Rental margin 15-16% Spain Rental margin 17.5-19.5% C&S EBIT margin >5% Normalising with stable residual values to £10-15m pa Disposal Profit in each segment Net replacement capex normalising; growth Capex capex continuing Leverage Operating within 1-2x range 16
Slide 17: Business Update
Business Update. Martin Ward Jorge Alarcón Harvey Stead 17
Slide 18: Strategic progress in FY2025
Strategic progress in FY2025. Business Reviews. Group Initiatives. CFO Appointment. People strategy Market environment • Employee Value Proposition • Succession planning • Technical skills FY2025 achievements Technology roadmap • Large scale technology upgrades Rachel Coulson Joining August 2025 Key
Slide 19: Spanish Rental Market: healthy macro environment
Spanish Rental Market: healthy macro environment. Market dynamics. Our positioning in FY2025. Strong market conditions Growth ahead of market: +11% VOH • Sustained GDP growth (2025F: 2-2.5%) • Unique footprint: only national player with branches Rental Market in all major urban centres • 5.5% growth
Slide 20: Spain: Strong growth and best-in-class customer service
Spain: Strong growth and best-in-class customer service. Fleet. Technology. FY2026 Priorities. Supply fully available CRM Managed Managing fleet growth growth of fleet B2C business line up 50% E-Auction Continued growth of branch & service Branch investments. capacity New branch & POS openings: Cadi
Slide 21: UK&I Markets: Robust demand; stable claims environment
UK&I Markets: Robust demand; stable claims environment. Rental. Claims & Services. Demand: remains strong with largest new FY2025 Insurance market business pipeline for 5 yrs Consolidation & regulatory reviews; ‘softer’ insurance cycle Supply: good availability across model range, Current market sta
Slide 22: UK&I rental: strong customer-focused outcomes
UK&I rental: strong customer-focused outcomes. Customer Outcomes. Technology. FY2026 Priorities. One Road: simplified customer journey Customer Portals Implement new New business growth +44% rental operating system Ancillary services +9% EV Consultancy ‘One Fleet’ programme to optimise purchasing &
Slide 23: Claims & Services: delivering for partners & customers
Claims & Services: delivering for partners & customers Major renewals & Technology. FY2026 Priorities. 6 new wins. Self Service Claims Portals Tesco Insurance, DLG, Upgrade call & QBE renewals centre technology Additional insurer/corporate wins +4 insurers entering protocol Expanding RPA suite Roll-
Slide 24: Clear strategic direction for FY2026
Clear strategic direction for FY2026. Our strategic pillars. Clear strategic Target outcomes. vision Enable Joined up, sustainable Strong organic smarter mobility solutions growth Excellent market position Deliver A differentiated & responsible Market share customer experience Disciplined gains inve
Slide 25: Confidence in FY2026 outlook
Confidence in FY2026 outlook. Outlook. • Good market opportunities • Robust demand for mobility solutions • Differentiated position & clear strategic framework • Divisional targets: mid/upper single-digit EBIT growth, before disposal profits • Focus on delivering attractive shareholder returns 25 25
Slide 26: Q&A
QSA. 4+ ZIGUP
Slide 27: Appendices
Appendices. 4+ ZIGUP
Slide 28: Information available on the Corporate Website
Information available on the Corporate Website. Video discussions. Sustainability library. AI search tool. Strategy Investment case Our people ESG principles Click here Click here Best UK IR Update. IR Booklet. MidCap Website 2023 & 2024 Best MidCap Website 2025 Click here Click here 28
Slide 29: ESG Progress
ESG Progress. ESG Commitments FY2025 Progress • Undertook an internally facilitated evaluation of the Board and committees, concluding that they are highly effective and all Directors exhibit key strengths. • The Board met the diversity targets outlined in the FTSE Women Leaders Review and the Parke
Slide 30: UK & I Rental
UK & I Rental. FY2025 FY2024 % change £m £m Revenue – Vehicle hire 392.1 384.4 2.0% Key points. • Rental margin of 15.7%, Rental profit 61.7 59.8 3.2% close to sustainable level Rental margin 15.7% 15.5% 0.2ppt • VOH lower in H2 through higher defleeting & broker Disposal profit 28.7 34.0 (15.6%) ch
Slide 31: Spain Rental
Spain Rental. FY2025 FY2024 % change £m £m Revenue – Vehicle hire 300.1 274.0 9.5% Key points. Rental profit 58.0 50.0 16.2% • Strong growth in rental revenue +9.5% Rental margin 19.3% 18.2% 1.1ppt • Strong demand coupled Disposal profit 23.7 27.8 (14.7%) with Investment in fleet increasing VOH +9.4
Slide 32: Claims & Services
Claims & Services. FY2025 FY2024 % change £m £m Revenue – Claims and 882.4 882.3 - Services Key points. Gross profit 160.2 171.0 (6.3%) • Revenue in line with prior year Gross margin 18.2% 19.4% (1.2ppt) • Operating profit & margins reduced to Operating profit 38.1 51.4 (25.8%) impact of cyber & low
Slide 33: Exceptional items
Exceptional items. £m FY2025 FY2024 Cost/(credit) Key points. Exceptional items excluded from underlying results • NewLaw strategy decision is driven by the Impairment of goodwill 4.0 - decision to withdraw from the personal injury market NewLaw strategic decision 12.8 - • Impairment of goodwill rel
Slide 34: Cash flow reconciliation
Cash flow reconciliation. FY2025 Cash Cash flow reordered to consumption. FY2025 FY2024 Change reflect priorities. FY2025 FY2024 Change £m £m £m £m £m £m EBIT 202.0 213.7 (11.7) EBITDA 464.5 446.3 18.2 Depreciation and amortisation 262.5 232.6 29.9 Net replacement capex1 (388.3) (280.2) (108.1) Unde
Slide 35: Fleet reconciliation
Fleet reconciliation. Vehicles # UK&I Spain C&S Group Opening fleet (Apr-24)* 49,400 66,500 16,500 132,400 Purchases 13,800 20,500 2,000 36,300 Disposals (16,000) (13,800) (3,400) (33,200) Transfers 300 - (300) - Movements on direct vehicles (500) - - (500) Movement on leased vehicles 200 - (500) (3
Slide 36: Divisional capex
Divisional capex. Vehicles # UK&I Spain Claims & Services Group Purchases 13,800 20,500 2,000 36,300 Disposals (16,000) (13,800) (3,400) (33,200) Purchases for growth - 6,700 - 6,700 Sales in contraction (2,200) - (1,400) (3,600) Growth in owned fleet for growth capex (2,200) 6,700 (1,400) 3,100 Vol
Slide 37: FY2025: Our rental customers
FY2025: Our rental customers. UK Customer profile. Spanish Customer profile. % Fleet % Fleet VoH Sectors Sectors Sub-sectors VoH Facilities Mgmt/Civil Engineering Construction, infrastructure 10-15% ea Construction Logistics 20-30% ea Support services Rental services, safety, maintenance, health Spe
Slide 38: Impact of depreciation rate
Impact of depreciation rate. £m FY2023 FY2024 FY2025 FY2026 FY2027 Total Reduced depreciation 55.1 38.3 11.0 5.3 0.2 109.9 Key points. Reduced disposal profits (8.5) (38.3) (37.4) (20.7) (5.0) (109.9) • Statutory adjustment re-phased on Impact on Statutory EBIT 46.6 - (26.4) (15.4) (4.8) - same vehi