Zigup Plc · LSE:ZIG
Zigup — FY2026 Earnings Presentation
31 slides from Zigup's earnings presentation, Jul 8, 2026
Slide 1: Full Year Results FY2026
Full Year Results FY2026. 08.07.2026
Slide 2: Agenda
Agenda. Introduction Martin Ward Financial Review Rachel Coulson Business Overview Martin Ward Martin Ward Rachel Coulson CEO CFO 2
Slide 3: Overview: Excellent progress across business
Overview: Excellent progress across business. Revenue Fleet £1,636m 139,400 +5.2% +5.9% • c10% growth in EBIT ex disposal profits • Standout performance from Spain: +16% revenue • UK&I: good momentum, contract wins and extensions • Steady state cash generation of £96m: positive inflexion • UK&I simp
Slide 4: Overview: significant operational progress
Overview: significant operational progress. Fleet growth . Capacity growth . Technology progress. Total fleet 139,400 Facilities – 6 new facilities Advanced contact centre platform Annual growth +5.9% Bodyshop tools & capabilities 3rd party API integrations Rental progress . Claims & Services . Cust
Slide 5: UK&I Simplification: Delivery On Track
UK&I Simplification: Delivery On Track. Simplification . Progress . Cost saving . Organisation On track: Operational & brands £10m in FY2027 Customer journey Supplier engagement: Supply chain 1/3rd of target savings achieved to date £20m run-rate from FY2028 Disciplined decisions . 55 5
Slide 6: Financial Review
Financial Review. Rachel Coulson
Slide 7: FY Financial performance
FY Financial performance. Revenue (£m) E BIT ex -disposals (£m) Underlying Trading . 1,636 164 1,555 149 Revenues: + 5.2% to £1,636m EBITDA: + 8.2% to £503m + 5.2 % +9.7% PBT: - 4.1% to £160m FY2025 FY2026 FY2025 FY2026 ROCE: -1.4 ppt to 11.2% F Y dividend . 27.0 p £96m £ 1.76bn 1.9 x (FY2025: 26.4p
Slide 8: Underlying revenue excl. vehicle sales +5.2%
Underlying revenue excl. vehicle sales +5.2% v FY2026 FY2025 % change UK&I revenue - vehicle hire £413m £392m 5.2% Spain revenue - vehicle hire £349m £300m 16.2% Claims and services revenue £898m £882m 1.8% Eliminations (£23m) (£19m) (18.2%) Total underlying revenue (excl. vehicle sales) £1,636m £1,
Slide 9: Strong margin performance across all segments
Strong margin performance across all segments FY2026 FY2025 % change Margin UK&I rental profit £66m £62m 7.3% 16.0% Spain rental profit £67m £58m 15.7% 19.3% Claims and services profit £41m £38m 7.0% 4.6% EBIT excluding disposals1 £164m £149m 9.7% Disposal profit £37m £52m (30.4%) Underlying profit
Slide 10: FY Cashflow profile: £96m steady state cash flow
FY Cashflow profile: £96m steady state cash flow. £m FY2026 FY2025 Change Underlying EBITDA 502.6 464.5 38.1 • Steady state cash generation up £79m Net replacement capex1 (355.2) (388.3) 33.1 Lease principal payments (51.7) (59.5) 7.8 • EBITDA up 8.2% Steady state cash generation 95.7 16.7 79.0 • Wo
Slide 11: Strong balance sheet, confidence in £200m+ steady state cash
Strong balance sheet, confidence in £200m+ steady state cash. Net replacement capex. FY2026 FY2025 Net debt £999m £837m Fleet assets £1.76bn £1.51bn Net debt / EBITDA 1.9x 1.8x Target leverage range 1-2x 1-2x Facility headroom £275m £412m Borrowing cost 3.3% 3.1% Fixed debt at period end 77% 69% 11
Slide 12: ROCE: Underlying improvement, +0.5 ppt
ROCE: Underlying improvement, +0.5 ppt. 0.5% 12.6% -1.4 ppt (1.1%) 11.2% (0.8%) • Underlying improvement in ROCE +0.5 ppt • Normalisation of disposal profits • Fleet investment supports long-term growth, short term ROCE dilution FY 2025 Underlying Disposal profit Fleet investment FY 2026 improvement
Slide 13: Looking forward, building momentum
Looking forward, building momentum. Medium-term guidance Northgate FMG Spain Mobility Revenue Mid-single digit growth (excl. vehicle sales) EBIT margin 11.0% - 13.0% > 5% 18.5% - 20.5% (excl. disposals) Steady state cash generation £200m+ Leverage Operating within 1 – 2x range 13 13
Slide 14: Business Overview
Business Overview. Martin Ward
Slide 15: Growing strength of network scale builds moat
Growing strength of network scale builds moat. Nationwide Scale of rental service delivery . Large customer wins . 2 new Mobile service Rental facilities at customer locations National Spanish 800+ Railway Maintenance vehicles Integrated claims and repair capability . Mobile Integrated repair soluti
Slide 16: Well-positioned with attractive market opportunities
Well-positioned with attractive market opportunities. Large markets with solid growth foundations. Well positioned for sustainable profitable growth. Growing rental Supplier Value-added penetration consolidation insights Top 3 market position in all verticals Underpinned by long term structural tren
Slide 17: The strength of our customer service keeps us winning
The strength of our customer service keeps us winning. Delivering on customer mobility needs . Customer service feedback . Trusted expertise & deep multi-level relationships 66 (+2pts) Minimising customer disruption NPS Score 4.9 Trustpilot score Word cloud of FY2026 rental feedback Mobile Servicing
Slide 18: Infrastructure investment delivering productivity growth
Infrastructure investment delivering productivity growth. Facilities & equipment investments . Technology efficiency . Spain Vehicle Hubs In House Tooling Contact Centre Telephony Platform Bodyshop Facilities: Cardiff Technical Training Microsoft AI Collaboration 18 18
Slide 19: Conclusion: confidence in positive outlook
Conclusion: confidence in positive outlook. • Mid single-digit revenue growth • Comfortable with market expectations for profit • Strong demand for our service-led rental product offerings • Good pipeline of opportunities for repair and recovery • Tracking well towards £200m steady state cash target
Slide 20: Q&A
Q&A. 4+ ZIGUP
Slide 21: Appendices
Appendices. 4+ ZIGUP
Slide 22: Information available on the Corporate Website
Information available on the Corporate Website. Video discussions. IR Update. Business spotlights. Strategy Investment case Our people ESG principles Click here Click here Best UK MidCap Sustainability library. AI search tool. Website 2023, 2024 & 2025 Best Innovation, MidCap 2026 Best MidCap Websit
Slide 23: UK&I Rental
UK&I Rental. £m FY2026 FY2025 % 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 15,000 20,600 (27.0
Slide 24: Spain Rental
Spain Rental. £m FY2026 FY2025 % change Revenue – Vehicle hire 348.6 300.1 16.2% Rental profit 67.2 58.0 15.7% Rental margin 19.3% 19.3% 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 61.0 9.5% Vehicles sold 13,700 13,800 (0.7%) LCV
Slide 25: Claims & Services
Claims & Services. £m FY2026 FY2025 % 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 25
Slide 26: Cash flow reconciliation
Cash flow reconciliation. FY2026 FY2025 Change Cash flow reordered to reflect priorities. FY2026 FY2025 Change FY2026 Cash consumption. £m £m £m £m £m £m EBIT 200.5 202.0 (1.5) EBITDA 502.6 464.5 38.1 Depreciation and amortisation 302.1 262.5 39.6 Net replacement capex1 (355.2) (388.3) 33.1 Underlyi
Slide 27: Fleet reconciliation
Fleet reconciliation. Vehicles # UK&I Spain C&S 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) - Movement on leased vehicles - - (600) (600) Closing fleet (Apr-26)* 48,800 78,900
Slide 28: Divisional capex
Divisional capex. Vehicles # UK&I Spain C&S Group Opening fleet (Apr-25)* 47,200 73,200 14,300 134,700 Growth in owned fleet 1,200 5,700 800 7,700 Movement in leased fleet and directs 400 - (1,000) (600) Closing fleet (Apr-26)* 48,800 78,900 14,100 141,800 Purchases for growth 1,200 5,700 800 7,700
Slide 29: FY2026: Our rental customers
FY2026: Our rental customers . UK Customer profile. Spanish Customer profile. % Fleet % Fleet Sectors Sectors Sub-sectors VoH VoH Construction, infrastructure 10-15% ea Facilities Mgmt/Civil Engineering Construction 20-30% ea Support services Rental services, safety, maintenance, health Social housi
Slide 30: Impact of depreciation rate
Impact of depreciation rate. £m FY2023 FY2024 FY2025 FY2026 FY2027 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 Red
Slide 31: New UK&I operating segments for FY2027 reporting
New UK&I operating segments for FY2027 reporting . £m Current reporting New reporting FY2026 UK&I Rental Claims & Services Elim's UK&I Northgate Mobility FMG Elim's UK&I Revenue: hire of vehicles 412.7 - (11.5) 401.2 404.0 - (2.8) 401.2 Revenue: claims and services - 898.1 (11.7) 886.4 429.9 483.4 (