Eagers Automotive HY 2026 results deliver record $8.1bn revenue as Canada expansion adds scale
In its HY 2026 results presentation delivered to investors on 27 August 2026, Eagers Automotive (ASX:APE) detailed record group revenue of $8.1bn for the half year ended 30 June 2026, up 24.0% (+$1.6bn) on 1H25. The result included the first contribution from CanadaOne Auto.
Management reported statutory profit before tax (PBT) of $243.1m, up 25.7%, alongside underlying operating PBT of $250.4m, up 26.6%. The presentation was framed around a clear theme: “Growth with discipline. Capacity for more.”
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HY 2026 financial highlights at a glance
The headline metrics showed growth across revenue, earnings and deliveries, with margin held or improved despite the larger scale. Underlying return on sales (ROS) ticked up even as turnover rose by nearly a quarter.
| Metric | HY25 | HY26 | Movement | Note |
|---|---|---|---|---|
| Statutory PBT | $193.4m | $243.1m | +25.7% | Record |
| Underlying Operating PBT | $197.7m | $250.4m | +26.6% | Record |
| Revenue | $6.5bn | $8.1bn | +24.0% | Record turnover |
| Underlying ROS | 3.0% | 3.1% | +0.1% | Margin improved |
| New Car Deliveries | 88.2k | 111.9k | +26.8% | Incl. CanadaOne |
| Available Liquidity | $1,077.9m | $2,610.9m | +142.2% | Capacity for growth |
Growth did not come at the expense of margin. Underlying ROS improved to 3.1% while revenue climbed by nearly a quarter, indicating the company sustained profitability through a period of significant expansion.
CanadaOne Auto: the second step change
Management framed CanadaOne Auto as its second significant step change, building on the 2019 merger with AHG Automotive Holdings Group that established national scale in Australia. The presentation described the combination as creating a global automotive services platform spanning two leading markets.
The CanadaOne acquisition completion, effective 30 April 2026, created a combined group with A$18.7 billion in pro-forma revenue and A$968.6 million in EBITDA for FY25, positioning Eagers among the world’s largest publicly listed automotive retailers.
During the two-month ownership period, CanadaOne contributed $1,036.1m in turnover, $43.2m in underlying PBT and an underlying ROS of 4.2%, selling 9.5k new units and 9.1k used units at an estimated market share of ~2.5%. Management said this contribution was “in line with acquisition expectations.”
The presentation outlined several reasons the expansion matters for shareholders:
- Geographic diversification across two automotive markets
- A larger addressable market
- An enhanced acquisition platform
- A more diversified earnings base
CanadaOne operates 42 locations across 5 provinces, having retailed 48,000 units in FY2025. The North American new vehicle market totalled 18.6m units in 2025 (Canada 1.9m, US 16.7m), providing what management described as a scalable runway.
The company also flagged the upside of closing the gap between CanadaOne’s current 2.5% Canadian market share and a 7.3% share opportunity to match its Australian-equivalent turnover contribution.
What “return on sales” means and why Eagers’ lead matters
Return on sales measures underlying operating PBT as a percentage of revenue. Car dealers typically operate on thin margins, so consistency and scale are what separate strong operators from the rest.
Industry gross margin blends two components. The front end covers high-volume vehicle sales, while the back end covers higher-margin parts, service and finance. Weighted together, these produce an industry gross margin of approximately 16%.
For investors, the standout figure is the gap to the industry. In 1H26, the Australian and New Zealand (ANZ) business delivered an underlying ROS of 3.0%, well above the industry average of 0.7%. That delta of 2.3% was the widest recorded in the comparison table, up from a 0.7% gap in 2021.
Management framed the result as evidence that scale and operational discipline combine to sustain an industry-leading operating model.
ANZ business firing while the model is optimised
The Australian and New Zealand business grew turnover to $7.0bn, up 8.0%, and delivered underlying PBT of $207.2m. Reported Australian new vehicle market share grew from 13.9% in FY24 to 15.9% in FY25, indicating the company continued to win share.
Cost discipline supported the result across several measures:
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Cost base before interest and depreciation fell to 11.6%, down from 14.2% in FY19.
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117 like-for-like leases were exited.
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Productivity rose to $1,584k per head, up 74% versus FY19.
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The owned property portfolio reached $929m.
New energy vehicles (NEVs) now represent 25.0% of the Australian market in HY26, positioning the company within an ongoing shift in vehicle demand.
Strategic initiatives: reshaping the portfolio
The presentation detailed a series of capital allocation moves aimed at reshaping the portfolio toward higher-return opportunities:
- Grand Motors Group: A 49% strategic partnership investment in a scaled, multi-brand dealership group with ~$490m estimated annual turnover across 11 locations in Sydney and the Gold Coast, spanning 6 brand partners.
The Grand Motors Group partnership, announced alongside two Melbourne Audi dealership acquisitions in March 2026, was expected to add approximately $630 million in combined annual revenue before either transaction had settled.
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Audi Centre Melbourne and Audi Richmond: An acquisition adding ~$140m estimated annual turnover and ~1,100 new vehicle sales per year across two metropolitan locations.
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NZ franchised divestment: The exit of 9 retail and service locations across 7 brands, representing ~$325m turnover, with settlement expected in 4Q 2026. The company will retain easyauto123 New Zealand.
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karmo: A 17.5% minority stake in Australia’s largest vehicle subscription business.
easyauto123 delivers a record independent used result
The company’s independent used-car platform, easyauto123, reported a record result. Volume rose 30.4%, revenue rose 39.9% and underlying PBT rose 42.9% versus 1H25, with earnings growth outpacing volume growth.
The business outperformed the broader market. It grew volume by 30% while the market fell 6%, and gross profit per unit rose 11% even as market values fell 7%. Vehicles sold 15 to 20 days faster than the market, at approximately 34 days versus around 53 days.
Management set an ambition to scale from 30,000 units retailed in FY26 to 100,000 units by FY30, targeting an Australian used vehicle market estimated at approximately $100bn, around three times the size of the new vehicle market.
Outlook and the investment case
Management flagged several incremental growth engines in its outlook, none framed as guarantees:
- Continued portfolio optimisation
- Tier 1 scale partnerships expected to drive outperformance
- A positive CanadaOne outlook, including anticipated upside in supply from key OEM partners
- Continued scaling of easyauto123
- First-half acquisitions combined with well-advanced strategic partnerships
The company reinforced its balance sheet capacity, reporting available liquidity of $2,610.9m and gearing of 0.72 at HY26, which includes the last twelve months of CanadaOne EBITDA contributions.
Taken together, the presentation positioned a record half-year result alongside a diversified two-market platform, framing the company for its next phase of growth.
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