Zigup Plc · LSE:ZIG
Zigup — HY2026 Earnings Presentation
29 slides from Zigup's earnings presentation, Dec 3, 2025
Slide 1: Interim Results HY2026
Interim Results HY2026. 03.12.2025
Slide 2: Agenda
Agenda. Business Overview Martin Ward Financial Review Rachel Coulson Conclusion Martin Ward Q&A Martin Ward Rachel Coulson CEO CFO 2
Slide 3: Business Overview
Business Overview. Martin Ward
Slide 4: Overview: great start to the year
Overview: great start to the year. Underlying Revenue Fleet £809.9m +4.5% 135,000+ +2.0% • Strong H1 - Spain stand-out performance • Good momentum across businesses • Confident with top end of market range for full year • Further evolution of UK&I operating model • Steady-state cash: reaching inflex
Slide 5: Overview: significant operational progress in H1
Overview: significant operational progress in H1. Fleet growth Capacity growth Total fleet over 135,000 Spain – 2x Points of Service FMG RS - Cardiff Spain Y-o-Y growth 7.6% Northgate - Hoddesdon Rental progress Insurance wins Infrastructure sector contracts Howden Insurance launch Larger fleet dema
Slide 6: Strategic progress: Enabling and Delivering Growth
Strategic progress: Enabling and Delivering Growth. Branch service Customer solutions Vehicle technical Technology platform Recovery Spanish One Road Mobile repair Ops centre delivery hubs simplification network Call-centre Specialist vehicle Fleet Structural aluminium tech platform range & depots c
Slide 7: Strategic ambition: evolving the operating model in UK&I
Strategic ambition: evolving the operating model in UK&I. Evolution Rationale Outcomes Building on 2024 actions Alignment under Accelerate procurement, core disciplines property & technology Normalised markets plans Customer benefits Robust mobility Annualised savings platform Greater agility in Cir
Slide 8: UK&I: realigning under Northgate Mobility & FMG
UK&I: realigning under Northgate Mobility & FMG. UK&I SPAIN Northgate Northgate Mobility FMG Espana LCV Rental Direct Claims LCV rental Insurance Replacement Management Car rental Vehicles Incident Management Fleet Management Service & Repair Recovery EV Infrastructure Repair 8
Slide 9: Financial Review
Financial Review. Rachel Coulson
Slide 10: HY Financial performance
HY Financial performance. Revenue (£m) EBIT ex disposals (£m) Underlying Trading. 809.9 Revenues: + 4.5% to £809.9m 81.7 775.0 73.3 EBIT: +1.4% to £100.4m + 4.5 % + 11.5% PBT: -0.4% to £81.7m ROCE: 0.9 ppt decrease to 11.9% HY2025 HY2026 HY2025 HY2026 HY dividend Leverage 8.8p (HY2025: 8.8p) £ 246.0
Slide 11: Underlying revenue excl. vehicle sales +4.5%
Underlying revenue excl. vehicle sales +4.5%. Reported revenue bridge £m 23.9 929.6 903.6 11.6 (0.5) (9.0) 119.7 128.7 Key points: vs HY2025 • UK&I rental revenue +6.5%, ave. VoH - 2.6% • Spain rental revenue +16.3%, ave. VoH +11.0% • Claims and services (C&S) revenue in line with prior year • Vehic
Slide 12: Group underlying profit waterfall
Group underlying profit waterfall. Underlying PBT bridge £m 100.0 2.3 90.0 6.7 1.0 82.0 81.7 80.0 (7.0) (0.0) (3.2) Key points. 70.0 25.8 18.8 • Rental profits +£9.0m 60.0 50.0 • UK&I margin 16.9% (+1.2ppt) • Spain margin 19.3% (flat) 40.0 • Disposal profits lower in UK&I 30.0 • C&S margin 4.2% (+0.
Slide 13: H1 Cashflow profile: £48.6m steady state cash flow
H1 Cashflow profile: £48.6m steady state cash flow. HY2026 HY2025 Change £m £m £m Key points. EBITDA 246.0 228.6 17.4 1 Net replacement capex (NRC) (172.3) (178.9) 6.6 • EBITDA up 7.6% Lease principal payments (25.1) (29.4) 4.3 Steady state cash flow generation 48.6 20.3 28.3 • Net replacement capex
Slide 14: Strong balance sheet, steady state cash reaching inflexion point
Strong balance sheet, steady state cash reaching inflexion point. Robust balance sheet & prudent leverage. Net replacement capex. 300 16,000 250 14,000 HY2026 FY2025 12,000 200 Net debt £939m £837m 10,000 150 (#) 8,000 Fleet assets £1.68bn £1.51bn £m 100 6,000 Net debt / EBITDA 1.9x 1.8x 50 4,000 Ta
Slide 15: Looking forward, building momentum
Looking forward, building momentum. UK&I Simplification. FY2026 Full year view. Expect adjusted PBT to be at least at the top of the £150-155m range of analysts’ expectations . 18-month timetable Spanish rental UK&I rental Claims & Services FY: 17.5-19.5% FY: 15-16% H2 margin closer margin margin to
Slide 16: Conclusion
Conclusion. Martin Ward 16
Slide 17: Conclusion: confidence in outlook
Conclusion: confidence in outlook. . • At least at top end of market expectations • Reflects great start to FY2026 underpinned by robust market fundamentals • UK&I operating model changes delivering greater velocity • Increasing visibility on cash generation 17 17 17
Slide 18: Q&A
QdA. 4+ ZIGUP
Slide 19: Appendices
Appendices. w L a4 u § a) 4+ ZIGUP
Slide 20: Information available on the Corporate Website
Information available on the Corporate Website. Video discussions. IR Update. Business spotlights. Strategy Investment case Our people ESG principles Click here Click here Best UK MidCap Sustainability library. AI search tool. Website 2023, 2024 & 2025 Best Innovation, MidCap 2025 Best MidCap Websit
Slide 21: UK&I Rental
UK&I Rental. HY2026 HY2025 % change £m £m Revenue – Vehicle hire 208.3 195.6 6.5% Key points. Rental profit 35.1 30.8 14.2% • Rental margin of 16.9%, includes one-offs but FY to Rental margin 16.9% 15.7% 1.2ppt be in line with target levels Disposal profit 5.9 13.6 (57.1%) • VoH decrease -2.8% offse
Slide 22: Spain Rental
Spain Rental. HY2026 HY2025 % change £m £m Revenue – Vehicle hire 170.7 146.8 16.3% Rental profit 33.0 28.3 16.3% Key points. Rental margin 19.3% 19.3% -ppt • Strong growth in rental revenue +16.3% Disposal profit 12.9 12.2 5.8% • Strong demand coupled with Investment in fleet EBIT 45.9 40.5 13.1% i
Slide 23: Claims & Services
Claims & Services. HY2026 HY2025 % change £m £m Revenue – Claims and Services 441.8 442.1 (0.1%) Key points. • Revenue in line with prior year Gross profit 80.5 79.7 0.9% • Operating profit slightly ahead with margins staying broadly Gross margin 18.2% 18.0% 0.2ppt consistent with prior period. • Ma
Slide 24: Cash flow reconciliation
Cash flow reconciliation. FY2026 Cash consumption. Cash flow reordered to reflect priorities. HY2026 HY2025 Change HY2026 HY2025 Change £m £m £m £m £m £m EBIT 100.4 99.1 1.3 EBITDA 246.0 228.6 17.4 Depreciation and amortisation 145.6 129.5 16.1 Net replacement capex (NRC)1 (172.3) (178.9) 6.6 Underl
Slide 25: Fleet reconciliation
Fleet reconciliation. Vehicles # UK&I Spain C&S Group Opening owned fleet (Apr-25)* 47,200 73,200 14,300 134,700 Purchases 7,300 10,000 2,000 19,300 Disposals (6,800) (6,900) (1,200) (14,900) Transfers 400 - (400) - Movements on direct vehicles (300) - - (300) Movement on leased vehicles - - (800) (
Slide 26: Divisional capex
Divisional capex. Vehicles # UK&I Spain C&S Group Opening fleet (Apr-25)* 47,200 73,200 14,300 134,700 Growth in owned fleet 500 3,100 800 4,400 Movement in leased fleet and directs 100 - (1,200) (1,100) Closing fleet (Oct-25)* 47,800 76,300 13,900 138,000 Purchases for growth 500 3,100 800 4,400 Pu
Slide 27: HY2026: Our rental customers
HY2026: Our rental customers. UK Customer profile. Spanish Customer profile. % Fleet % Fleet VoH Sectors Sectors Sub-sectors VoH Construction, infrastructure 10-15% ea Facilities Mgmt/Civil Engineering Construction 20-30% ea Support services Rental services, safety, maintenance, health Social housin
Slide 28: 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
Slide 29: 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