Amotiv delivers guidance with $195.1m underlying EBITA as offshore growth offsets soft ANZ conditions
In its FY26 full-year results investor presentation dated 11 August 2026, Amotiv Limited (ASX: AOV) outlined a year in which full-year guidance was delivered despite a challenging trading environment. Managing Director and CEO Graeme Whickman and CFO Aaron Canning reported revenue of $1,023.9m (+2.7%) and underlying EBITA of $195.1m (+1.6%, in line with guidance), underpinned by resilient cash generation, higher shareholder returns and lower leverage.
Management emphasised four key messages: guidance delivered in a challenging environment, Amotiv Unified target benefits realised, resilient cash generation funding higher shareholder returns and lower leverage, and an expectation of modest revenue and underlying EBITA growth in FY27. Underlying EPSA rose 4.5% to 89.4c, while total cash returned to shareholders reached $74.8m.
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FY26 results at a glance
The following group scorecard summarises the key financial metrics management presented for the full year ended June 2026.
| Metric | FY26 | FY25 | Change |
|---|---|---|---|
| Revenue | $1,023.9m | $997.4m | +2.7% |
| Underlying EBITDA | $230.0m | $226.4m | +1.6% |
| Underlying EBITA | $195.1m | $192.0m | +1.6% |
| Underlying EPSA | 89.4c | 85.6c | +4.5% |
| Full year dividend | 43.0c | 40.5c | +6.2% |
| Cash conversion | 93.1% | 90.6% | +2.5pps |
| Leverage | 1.85x | 1.91x | -0.06x |
| ROCE | 13.4% | — | improving |
Statutory NPAT returned to $75.1m from a $106.3m loss in FY25, reflecting materially lower significant items after the prior year included large impairments.
Earnings growth was achieved despite gross margin easing 1pp to 42.8%, with pricing actions improving margins through the second half.
A diversified, increasingly offshore business
Amotiv reported a balanced revenue mix across its three divisions, complemented by a growing offshore contribution that management framed as central to the group’s resilience story.
- 4WD Accessories & Trailering: 36% of revenue
- Lighting, Power & Electrical: 31% of revenue
- Powertrain & Undercar: 33% of revenue
- 73% of revenue is Non-ICE (largely ICE agnostic)
- 18% of revenue now sourced from offshore (non-ANZ) markets
- Multi-regional manufacturing footprint spanning the USA, UK, Sweden, South Africa, China, South Korea, Thailand, Vietnam, Australia and New Zealand
Management positioned the ICE-agnostic product base and offshore diversification as structural protection against ANZ softness and the gradual EV transition, insulating a large portion of earnings from any single market cycle.
Divisional performance
The table below summarises the divisional financials presented for FY26, followed by brief highlights from each business.
| Division | Revenue FY26 | Underlying EBITA FY26 | EBITA Change | Key driver |
|---|---|---|---|---|
| 4WD Accessories & Trailering | $368.5m | $52.8m | -10.9% | New business wins & offshore growth offsetting soft ANZ NVS |
| Lighting, Power & Electrical | $315.9m | $75.2m | +11.1% | US/Europe record growth + Amotiv Unified efficiency |
| Powertrain & Undercar | $339.5m | $78.8m | +2.1% | Filtration & brakes growth, accelerating EV contribution |
4WD margins were pressured by lower OE volumes and cost inflation, though H2 EBITA margin recovered +1.1pps on H1 via out-of-cycle OEM pricing. Management noted relationships are now established with all major Chinese OEMs, including BYD.
LPE delivered broadly flat revenue but grew EBITA by 11.1% with 2.5pps of margin expansion, driven by the Amotiv Unified leaner operating model (operating costs 11% lower) and Vision X offshore growth. The result included a one-off legal benefit of approximately $2m.
PTU revenue rose 4.7%, ahead of the resilient “wear and repair” market. The Infinitev EV re-manufacture business is on track to break even by the end of FY27 on a run-rate basis, and Ryco was awarded the GPC 2026 Supplier of the Year.
Understanding the “wear and repair” moat and why it matters
Much of Amotiv’s demand is tied to the vehicle “car parc”, the total pool of vehicles on the road, rather than new-car sales cycles. A growing and ageing fleet drives aftermarket demand for parts and accessories regardless of how many new vehicles are sold in any given year.
The shift toward SUVs and light commercial vehicles also lifts accessory revenue per vehicle, as these segments attract higher levels of accessorisation. Meanwhile, EV adoption remains gradual, with battery electric vehicles (BEVs) representing only around 2% of the car parc today, which protects existing aftermarket demand while Amotiv builds EV capability through Infinitev.
This is why the “ICE agnostic” or Non-ICE portion of revenue, at 73%, is significant. Products such as brakes, filtration, towing, lighting and power management work across all powertrains, insulating earnings from the transition away from internal combustion engines.
- Fleet average age projected to reach 12.5 years by 2030
- Car parc forecast at approximately 24.5m vehicles by 2030 (around 40% larger than 2015)
- SUVs and LCVs projected to be approximately 89% of new sales by 2030
- BEVs currently only around 2% of the car parc
The structural thesis management presented is straightforward: demand is underpinned by fleet dynamics, not by new-vehicle sales cycles.
Recycling capital into higher-return growth
The presentation framed Amotiv’s portfolio activity as disciplined capital allocation, divesting non-core assets and redeploying proceeds into a higher-returning filtration investment. Three distinct transactions were outlined:
-
VAFI Filter Manufacturer (Vietnam) – a planned investment lifting Amotiv’s shareholding from 19.99% to 40.0% from Q1 FY27, with consideration of approximately A$15m for the additional 20.01% (subject to customary working capital adjustments) and the investment to be equity accounted. Management noted an investment return of >20% (above the 15% hurdle) and a Group ROCE impact of approximately +0.2ppt, with exclusive optionality to progressively increase shareholding. Signing is expected mid-August with completion end-August 2026.
-
ECB (East Coast Bullbars) – a divestment for $11.3m in proceeds. The business generated FY26 revenue of $20.8m and underlying EBITA of $4.3m, with completion in early July 2026.
-
Twisted Throttle – a divestment for $0.3m in proceeds, exiting a non-core US motorcycle e-commerce business, with completion in early July 2026.
Management noted the net Group ROCE impact from these portfolio changes at approximately +0.2ppt.
Amotiv Unified driving efficiency and funding growth
The three-wave Amotiv Unified efficiency programme, which commenced in January 2025, has evolved to fund the group’s growth engines. Management stressed this is an ongoing programme now moving to its execution phase rather than a new initiative.
- $25m gross annualised benefits delivered
- $10m reinvested into brands, new product development and capability
- $15m net benefit to underlying EBITA
- Shared service Unified operating model moving to execution phase from Q1 FY27
The presentation positioned these savings as self-funding growth rather than simply reducing costs, with efficiency benefits redeployed into revenue-generating initiatives.
Balance sheet strength and shareholder returns
Amotiv reported continued de-leveraging alongside strong cash conversion, a completed buyback and increased dividends, with management noting all Capital Allocation Framework targets were achieved in FY26.
- Cash conversion of 93.1% (+2.5pps, well above the >75% framework target)
- Leverage reduced to 1.85x (within the 1.5–2.25x target range)
- 5% of shares on issue buyback completed ($18.3m invested)
- Full year dividend of 43.0c (+6.2%), representing a 55% underlying NPAT payout
- Total cash returned to shareholders of $74.8m
- Debt profile 64% fixed and 5% hedged, with refinancing to complete before H1 FY27
Management message (paraphrased)
Management conveyed that resilient cash generation funded higher shareholder returns while simultaneously reducing leverage, reinforcing the group’s disciplined approach to capital management.
FY27 outlook
Management expects modest revenue and underlying EBITA growth in FY27, with growing offshore revenue, pricing and Amotiv Unified benefits anticipated to offset subdued ANZ conditions. This guidance is based on continuing operations and like-for-like growth after the ECB divestment, and assumes continuation of prevailing conditions with no material adverse events.
- 4WD: positioned for continued Chinese OEM growth with new vehicle launches in FY27; FY26 pricing to annualise, though NVS is expected to remain soft
- LPE: US and Europe growth expected to continue, with margins to moderate slightly given the absence of the prior-year one-off and ongoing US investment; ANZ headwinds expected to persist
- PTU: wear-and-repair categories expected to remain resilient, with Infinitev on track to break even by the end of FY27 on a run-rate basis
- Balance sheet strength expected to provide flexibility, including potential buyback optionality
Management also noted it is closely monitoring developments in the Middle East conflict and any resulting impacts on end-user demand.
The presentation positioned Amotiv’s diversification, offshore expansion and disciplined capital allocation as the foundation for delivering its FY27 objectives.
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