Zigup Plc · LSE:ZIG
Zigup — Investor Presentation (August 2025)
38 slides from Zigup's investor presentation, August 2025
Slide 1: An introduction to ZIGUP
An introduction to ZIGUP. August 2025
Slide 2: Agenda
• Introduction to ZIGUP Group Pages 3 - 11 • Our Markets & Strategic Pillars Pages 13 - 17 • Business Overview – FY2025 Pages 19 - 23 • Financial Overview – FY2025 Pages 25 - 31 • Appendices Pages 33 - 38 2
Slide 3: Overview of ZIGUP
Overview of ZIGUP. The UK’s leading integrated Largest purchaser of LCVs mobility solutions provider in UK and Spain 40 years in business (c.30k vehicles per annum) 180+ branches across 130,000+ Owned Fleet UK, Ireland & Spain Member of the FTSE 250 >900,000 Managed Vehicles FY 2025 Underlying Tradi
Slide 4: What we do
What we do. Vehicle provision Fleet support Claims support & Replacement Bodyshop repair Vehicle disposal Vehicle rental, service Management of the accident vehicle Vehicle damage Extensive range of and maintenance performance, management Replacement vehicle repairs, for cars and used vans & cars ac
Slide 5: Delivering services across the vehicle lifecycle
Delivering services across the vehicle lifecycle. 5
Slide 6: Our customers
Our customers. Corporates from blue-chip to SMEs Public Sector • Renting vehicles to corporate customers from the • We are an accredited Public Sector provider through largest of blue chips through to SMEs a number of Framework Agreements • A broad cross section of industries from support • Providin
Slide 7: Our locations
Our locations. Nationwide rental and repair networks, highly skilled technicians. We have a growing number of rental and repair locations providing an integrated service to customers, increasingly with larger footprints, able to service a broad range of vehicles including EVs and specialist vehicles
Slide 8: Vehicle fleet
Vehicle fleet. Vehicle fleet. Group fleet FY2025 Vehicle Hire (UK&I) 45,400 Vehicle Hire (Spain) 71,900 Insurance Mobility Services (UK) 14,300 Total 131,600 Vehicle provision & fleet services. Relationship & supply from 40+ automotive manufacturers, enabling vehicle hires for short to long term dur
Slide 9: FY2025: Our rental customers
FY2025: Our rental customers. UK Customer profile. Spanish Customer profile. % Fleet % Fleet VoH Sectors Sectors Sub-sectors VoH Facilities Mgmt/Civil Engineering Construction, infrastructure 10-15% ea Construction Logistics 20-30% ea Support services Rental services, safety, maintenance, health Spe
Slide 10: Claims & Services: leading brands in their specialist service areas
Claims & Services: leading brands in their specialist service areas. Services Services Services Credit hire Claims & incident mgmt. Repair services: Credit repair Repair management Full body shop capability Direct and 3rd party hire Vehicle recovery Mobile bodyshop Insured products i.e LEI Loss reco
Slide 11: Medium Term views
Medium Term views. Range UK&I Rental margin 15-16% Spain Rental margin 17.5-19.5% C&S EBIT margin >5% Normalising with stable residual values to £10-15m pa Disposal Profit in each segment Net replacement capex normalising; growth Capex capex continuing Leverage Operating within 1-2x range 11
Slide 12: Our Markets & Strategic Pillars
Our Markets & Strategic Pillars.
Slide 13: Well positioned with excellent market opportunities
Well positioned with excellent market opportunities. Investment case ✓ Differentiated proposition to 2020 ✓ Strength of complementary businesses with value-added products & services ✓ Favourable structural trends ✓ Normalising market conditions providing clear opportunities ✓ Investing from a positi
Slide 14: Spanish Rental Market: healthy macro environment
Spanish Rental Market: healthy macro environment. Market dynamics. Our positioning in FY2025. Strong market conditions Growth ahead of market: +11% VOH • Sustained GDP growth (2025F: 2-2.5%) • Unique footprint: only national player with branches Rental Market in all major urban centres • 5.5% growth
Slide 15: UK&I Markets: Robust demand; stable claims environment
UK&I Markets: Robust demand; stable claims environment. Rental. Claims & Services. Demand: remains strong with largest new FY2025 Insurance market business pipeline for 5 yrs Consolidation & regulatory reviews; ‘softer’ insurance cycle Supply: good availability across model range, Current market sta
Slide 16: Our Strategic Pillars
Our Strategic Pillars Pillar one: Enable Joined up, sustainable mobility solutions. Develop products, services and operational capabilities which embrace technologies to enable increasingly connected smart mobility within our customer proposition. Through this: We ensure our people and facilities ar
Slide 17: King's Awards for Enterprise – Promoting Opportunity
King’s Awards for Enterprise – Promoting Opportunity. • We are one of only 10 businesses in this category • 197 award winners overall • Recognises successful programmes that support people from disadvantaged backgrounds • Focus on improving their job skills and opportunities • Reinforces the investm
Slide 18: FY2025 Business overview
FY2025 Business overview. 4+ ZIGUP
Slide 19: Overview: FY2025 - a year of operational heavy lifting
Overview: FY2025 - a year of operational heavy lifting. Corporate. Customer. Brand & Strategic Simplifying narrative customer journey Organisational Customer wins & structure & ExCo contract extensions Investment for profitable growth. Fleet People Facilities Technology +2.3% King’s Award 6 new faci
Slide 20: Spain: Strong growth and best-in-class customer service
Spain: Strong growth and best-in-class customer service. Fleet. Technology. FY2026 Priorities. Supply fully available CRM Managed Managing fleet growth growth of fleet B2C business line up 50% E-Auction Continued growth of branch & service Branch investments. capacity New branch & POS openings: Cadi
Slide 21: UK&I rental: strong customer-focused outcomes
UK&I rental: strong customer-focused outcomes. Customer Outcomes. Technology. FY2026 Priorities. One Road: simplified customer journey Customer Portals Implement new New business growth +44% rental operating system Ancillary services +9% EV Consultancy ‘One Fleet’ programme to optimise purchasing &
Slide 22: Claims & Services: delivering for partners & customers
Claims & Services: delivering for partners & customers. Major renewals & Technology. FY2026 Priorities. 6 new wins. Self Service Claims Portals Tesco Insurance, DLG, Upgrade contact & QBE renewals centre technology Additional insurer/corporate wins +4 insurers entering protocol Expanding RPA suite R
Slide 23: Well positioned for growth in FY2026
Well positioned for growth in FY2026. Structural growth drivers. Normalising markets. Well positioned for opportunities. Outsourcing: Fleet access: Integrated usership vs supply availability mobility ownership across model platform range Technology Stability in: Refinancing enabled Residual values p
Slide 24: Financial Overview
Financial Overview. FY 2025 4+ ZIGUP
Slide 25: Financial performance above market expectations
Financial performance above market expectations. Revenue (£m) PBT(£m) Underlying Trading. 1,555.0 Revenues: + 2.3% to £1,555.0m 1,520.6 180.7 166.9 EBIT: -5.5% to £202.0m + 2.3 % -7.6% PBT: -7.6% to £166.9m ROCE: 1.9 ppt decrease to 12.6% FY2024 FY2025 FY2024 FY2025 FY dividend Leverage 26.4p (FY202
Slide 26: Underlying revenue excl. vehicle sales +2.3%
Underlying revenue excl. vehicle sales +2.3%. Reported revenue bridge £m 1,900.0 26.1 0.8 1,850.0 7.5 Key points: vs FY2024 1,833.1 1,812.6 1,800.0 312.5 (54.9) • UK&I rental revenue +2.0%, ave. VOH - 2.6% 257.6 + 2.3 % • Spain rental revenue +9.5%, ave. VOH +9.4% 1,750.0 (+12.3% on constant currenc
Slide 27: Group underlying profit waterfall
Group underlying profit waterfall. Underlying PBT bridge £m 250.0 200.0 4.0 Key points. 6.0 180.7 (9.4) (4.2) 0.0 166.9 • Rental profits +£10m (10.2) 150.0 • UK&I margin 15.7% 61.9 52.5 (+0.2ppt) • Spain margin 19.3% 100.0 (+1.1ppt) • Disposal profits normalising • C&S margin 4.3% (-1.7ppt): 50.0 •
Slide 28: Cashflow reflects investment in Capex
Cashflow reflects investment in Capex. FY2025 FY2024 Change £m £m £m EBITDA 464.5 446.3 18.2 Key points. Net replacement capex (NRC)1 (388.3) (280.2) (108.1) Lease principal payments (59.5) (65.0) 5.5 • EBITDA up 4.2% Steady state cash flow generation 16.7 101.1 (84.4) • Net replacement capex: broad
Slide 29: Robust balance sheet & prudent leverage
Robust balance sheet & prudent leverage. 250.0 Cumulative: £326m returned to shareholders 236.2 FY2025 FY2024 Net debt £836.7m £742.2m Dividends paid interim 200.0 Dividends paid final 177.2 Fleet assets £1.51bn £1.30bn Acquisitions 150.0 Share buyback Net debt / EBITDA 1.8x 1.5x 121.0 Target levera
Slide 30: Steady-state cashflow and the capex cycle
Steady-state cashflow and the capex cycle. 500 35,000 450 30,000 Key points. 400 • EBITDA +62% over 5 years 350 25,000 • Steady state cash flow 300 currently lower due to 20,000 replacement cycle £m 250 (#) • New fleet supply constrained 15,000 replacements across 200 FY2022–23 150 10,000 • Progress
Slide 31: Confidence in FY2026 outlook
Confidence in FY2026 outlook. Outlook. • Good market opportunities • Robust demand for mobility solutions • Differentiated position & clear strategic framework • Divisional targets: mid/upper single-digit EBIT growth, before disposal profits • Focus on delivering attractive shareholder returns 31 31
Slide 32: Appendices
Appendices. 4+ ZIGUP
Slide 33: Information available on the Corporate Website
Information available on the Corporate Website. Video discussions. Sustainability library. AI search tool. Strategy Investment case Our people ESG principles Click here Click here Best UK IR Update. IR Booklet. MidCap Website 2023 & 2024 Best MidCap Website 2025 Click here Click here 33
Slide 34: ESG Progress
ESG Progress. ESG Commitments FY2025 Progress • Undertook an internally facilitated evaluation of the Board and committees, concluding that they are highly effective and all Directors exhibit key strengths. • The Board met the diversity targets outlined in the FTSE Women Leaders Review and the Parke
Slide 35: UK & I Rental
UK & I Rental. FY2025 FY2024 % change £m £m Revenue – Vehicle hire 392.1 384.4 2.0% Key points. • Rental margin of 15.7%, Rental profit 61.7 59.8 3.2% close to sustainable level Rental margin 15.7% 15.5% 0.2ppt • VOH lower in H2 through higher defleeting & broker Disposal profit 28.7 34.0 (15.6%) ch
Slide 36: Spain Rental
Spain Rental. FY2025 FY2024 % change £m £m Revenue – Vehicle hire 300.1 274.0 9.5% Key points. Rental profit 58.0 50.0 16.2% • Strong growth in rental revenue +9.5% Rental margin 19.3% 18.2% 1.1ppt • Strong demand coupled Disposal profit 23.7 27.8 (14.7%) with Investment in fleet increasing VOH +9.4
Slide 37: Claims & Services
Claims & Services. FY2025 FY2024 % change £m £m Revenue – Claims and 882.4 882.3 - Services Key points. Gross profit 160.2 171.0 (6.3%) • Revenue in line with prior year Gross margin 18.2% 19.4% (1.2ppt) • Operating profit & margins reduced to Operating profit 38.1 51.4 (25.8%) impact of cyber & low
Slide 38: Cash flow reconciliation
Cash flow reconciliation. FY2025 Cash Cash flow reordered to consumption. FY2025 FY2024 Change reflect priorities. FY2025 FY2024 Change £m £m £m £m £m £m EBIT 202.0 213.7 (11.7) EBITDA 464.5 446.3 18.2 Depreciation and amortisation 262.5 232.6 29.9 Net replacement capex1 (388.3) (280.2) (108.1) Unde