APE +2.9%: delivered another steady full-year result, as domestic trading conditions continue to hold up well, with new vehicle supply normalising and demand proving more resilient despite higher interest rates.
1H26 Highlights
- Revenue: $13.05bn (+17% y/y) – consensus $13.0bn
- Underlying OPBT: $424.1m (+14% y/y)
- Net income: $226.7m (+11% y/y)
- Final dividend: $0.50 (flat y/y)
- The result reinforces APE’s scale-driven growth, strong dealership performance, and cost control across its core Australian and New Zealand footprint.
The company’s push offshore via the CanadaOne acquisition adds a new leg of growth, though execution and integration risk will be crucial as management looks to replicate domestic success.
MM is bullish toward APE
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