Financial highlights
Total Revenue (£bn)
FY 2024
1.83
FY 2025
1.81
FY 2026
1.86
Underlying PBT (£m)
FY 2024
180.7
FY 2025
166.9
FY 2026
160.1
Underlying EPS (p)
FY 2024
61.4
FY 2025
58.4
FY 2026
53.1
ROCE (%)
FY 2024
14.5
FY 2025
12.6
FY 2026
11.2
| £m | FY2026 | FY2025 | % change |
|---|---|---|---|
| Revenue | 1,858.9 | 1,812.6 | 2.6% |
| Revenue (exc. vehicle sales) | 1,636.3 | 1,555.0 | 5.2% |
| Underlying EBIT excluding disposals | 164.0 | 149.5 | 9.7% |
| Underlying EBIT | 200.5 | 202.0 | (0.7%) |
| Underlying PBT | 160.1 | 166.9 | (4.1%) |
| Underlying EPS | 53.1p | 58.4p | (9.1%) |
| Dividend per share | 27.0p | 26.4p | 2.3% |
| Statutory PBT | 102.0 | 101.5 | 0.5% |
| Statutory EPS | 33.7p | 35.6p | (5.3%) |
| Steady state cash generation | 95.7 | 16.7 | 473.1% |
| Free cash flow | (74.7) | (58.1) | (28.6%) |
| Free cash flow ex growth capex | 57.7 | 7.0 | 724.3% |
| Net debt inc IFRS16 | 999.3 | 836.7 | 19.4% |
| Return on capital employed % | 11.2% | 12.6% | (1.4ppt) |
| £m | HY2026 | HY2025 | % change |
|---|---|---|---|
| Revenue | 929.6 | 903.6 | 2.9% |
| Revenue (exc. vehicle sales) | 809.9 | 775.0 | 4.5% |
| Underlying EBIT excluding disposals | 81.7 | 73.3 | 11.5% |
| Underlying EBIT | 100.4 | 99.1 | 1.3% |
| Underlying PBT | 81.7 | 82.0 | (0.4%) |
| Underlying EPS | 27.6p | 28.1p | (1.8%) |
| Dividend per share | 8.8p | 8.8p | 0.0% |
| Statutory PBT | 65.0 | 56.2 | 15.8% |
| Statutory EPS | 22.0p | 19.4p | 13.4% |
| Steady state cash generation | 48.6 | 20.3 | 139.2% |
| Free cash flow | (26.1) | (20.5) | (27.5%) |
| Free cash flow ex growth capex | 47.5 | 33.0 | 43.8% |
| Net debt inc IFRS16 | 939.3 | 782.5 | 20.0% |
| Return on capital employed % | 11.9% | 12.8% | (0.8ppt) |
| £m | FY 2026 | FY 2025 | % change |
|---|---|---|---|
| Revenue – Vehicle hire | 412.7 | 392.1 | 5.2% |
| Rental profit | 66.2 | 61.7 | 7.3% |
| Rental margin | 16.0% | 15.7% | 0.3ppt |
| Disposal profit | 12.0 | 28.7 | (58.0%) |
| EBIT | 78.2 | 90.4 | (13.4%) |
| EBIT margin * | 19.0% | 23.1% | (4.1ppt) |
| Average VOH (‘000) | 43.3 | 43.9 | (1.5%) |
| Vehicles sold ‘000 | 15.0 | 20.6 | (27.0%) |
| LCV PPU (£) | 1,000 | 1,700 | (46.6%) |
| £m | FY 2026 | FY 2025 | % change |
|---|---|---|---|
| Revenue – Vehicle hire | 348.6 | 300.1 | 16.2% |
| Rental profit | 67.2 | 58.0 | 15.7% |
| Rental margin | 19.3% | 19.3% | 0.0ppt |
| Disposal profit | 24.5 | 23.7 | 3.1% |
| EBIT | 91.6 | 81.8 | 12.1% |
| EBIT margin * | 26.3% | 27.3% | (1.0ppt) |
| Average VOH (‘000) | 66.8 | 61 | 9.5% |
| Vehicles sold ‘000 | 13.7 | 13.8 | (0.7%) |
| LCV PPU (£) | 1,800 | 1,700 | 0.0% |
| £m | FY 2026 | FY 2025 | % change |
|---|---|---|---|
| Revenue – Claims and services | 898.1 | 882.4 | 1.8% |
| Gross profit | 167.6 | 160.2 | 4.6% |
| Gross margin | 18.7% | 18.2% | 0.5ppt |
| Operating profit | 40.4 | 38.1 | 5.8% |
| Income from associates | 0.6 | 0.2 | 264.7% |
| EBIT | 41.0 | 38.3 | 7.0% |
| EBIT margin * | 4.6% | 4.3% | 0.3ppt |
| Year ended 30 April, £m | 2026 | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Revenue – vehicle hire | 749.9 | 682.9 | 649.3 | 610.5 | 563.3 |
| Revenue – claims and services | 886.4 | 872.2 | 871.4 | 726.4 | 530.3 |
| Revenue – excluding vehicle sales | 1,636.3 | 1,555.0 | 1,520.6 | 1,336.9 | 1,093.6 |
| Revenue – vehicle sales | 222.6 | 257.6 | 312.5 | 152.9 | 149.9 |
| Revenue – total | 1,858.9 | 1,812.6 | 1,833.1 | 1,489.7 | 1,243.6 |
| Underlying EBIT (excluding disposals) | 164.0 | 149.5 | 151.8 | 137.7 | 117.8 |
| Underlying EBIT | 200.5 | 202.0 | 213.7 | 189.2 | 167.9 |
| Underlying profit before tax | 160.1 | 166.9 | 180.7 | 165.9 | 151.3 |
| Underlying earnings per share | 56.6p | 58.4p | 61.4p | 55.6p | 50.8p |
| Dividend per share | 27.0p | 26.4p | 25.8p | 24.0p | 21.0p |
| Statutory profit before tax | 102.0 | 101.5 | 162.1 | 178.7 | 132.7 |
| Statutory earnings per share | 33.8p | 35.6p | 55.2p | 60.3p | 41.3p |
| EBITDA (underlying) | 501.7 | 464.5 | 446.3 | 412.2 | 366.7 |
| Net replacement capex (including lease payments) | (406.9) | (447.8) | (345.2) | (220.7) | (150.4) |
| Steady state cash flow generation | 95.7 | 16.7 | 101.1 | 191.5 | 216.4 |
| Growth capex | (132.4) | (65.1) | (1.7) | (122.6) | (108.6) |
| Free cash flow | (74.7) | (58.1) | 30.3 | 4.5 | 19.8 |
| Free cash flow (excluding growth capex) | 57.7 | 7.0 | 312.2 | 127.1 | 128.4 |
| Net debt | 999.3 | 836.7 | 742.2 | 694.4 | 582.5 |
| Return of capital employed % | 11.2% | 12.6% | 14.5% | 14.1% | 13.9% |
Note: All results are underlying unless otherwise stated. Results include intercompany revenues. For accounting definitions, see the latest Annual Report. All figures on this website are correct as at end-April 2026, unless otherwise stated.
Impact of depreciation rate
| £m | FY23 | FY24 | FY25 | FY26 | FY27 | Total |
|---|---|---|---|---|---|---|
| Reduced depreciation | 55.1 | 38.3 | 11.0 | 1.6 | 0.9 | 106.9 |
| Reduced disposal profits | (8.5) | (38.3) | (37.5) | (15.5) | (7.1) | (106.9) |
| Impact on Statutory EBIT | 46.6 | – | (26.5) | (13.9) | (6.2) | – |
| UK&I: | ||||||
| Reduced depreciation | 45.4 | 25.7 | 7.5 | 1.4 | 0.6 | 80.6 |
| Reduced disposal profits | (6.7) | (30.5) | (28.2) | (10.9) | (4.3) | (80.6) |
| Impact on UK&I EBIT | 38.7 | (4.8) | (20.7) | (9.5) | (3.7) | – |
| Spain: | ||||||
| Reduced depreciation | 9.7 | 12.6 | 3.5 | 0.2 | 0.3 | 26.3 |
| Reduced disposal profits | (1.8) | (7.8) | (9.3) | (4.6) | (2.8) | (26.3) |
| Impact on Spain EBIT | 7.9 | 4.8 | (5.8) | (4.4) | (2.5) | – |
Key points
- Statutory adjustment re-phased on same vehicle cohort to reflect further fleet ageing
- Statutory PBT had nil impact in FY 2024 from the depreciation rate change. The change reflects updates from the prior year estimate due to a larger number of vehicles sold more quickly
- This adjustment will reverse over the remaining holding period of the cohort as vehicles are sold with a higher NBV and therefore a lower PPU
- Newer vehicles will not be impacted by the change
Fleet reconciliation
| Vehicles # | UK&I | Spain | Claims & Services | Group |
|---|---|---|---|---|
| Opening owned fleet (Apr-25)* | 47,200 | 73,200 | 14,300 | 134,700 |
| Purchases | 13,300 | 19,400 | 3,300 | 36,000 |
| Disposals | (12,100) | (13,700) | (2,500) | (28,300) |
| Transfers | 400 | – | (400) | – |
| Movements on direct vehicles | – | – | – | – |
| Movement on leased vehicles | – | – | (600) | (600) |
| Closing fleet (Apr-26)** | 48,800 | 78,900 | 14,100 | 141,800 |
| Closing owned fleet | 44,100 | 77,900 | 5,000 | 127,000 |
| Closing leased fleet | 3,300 | – | 9,100 | 12,400 |
| Closing total fleet (ex-sales stock) | 47,400 | 77,900 | 14,100 | 139,400 |
| Closing sales stock | 1,400 | 1,000 | – | 2,400 |
| Purchases for growth | 1,200 | 5,700 | 800 | 7,700 |
| Sales in contraction | – | – | – | – |
| Growth in owned fleet for growth capex** | 1,200 | 5,700 | 800 | 7,700 |
| Purchases for replacement | 12,100 | 13,700 | 2,500 | 28,300 |
| Replacement sales | (12,100) | (13,700) | (2,500) | (28,300) |
| Net replacements | – | – | – | – |
| Disposals | 12,100 | 13,700 | 2,500 | 28,300 |
| Exclude: intercompany sales | – | – | -2,000 | -2,000 |
| Sale of ex-leased stock and directly acquired fleet | 2,900 | – | – | 2,900 |
| Total external vehicle sales | 15,000 | 13,700 | 500 | 29,200 |