Highlights

  • McMillan Shakespeare (ASX:MMS) reported FY26 Revenue of $602.1 million, up 6.8% on FY25.
  • EBITDA increased 14.1% to $180.7 million, with Operating Margin expanding to 41.5%.
  • Underlying NPATA rose 13.8% to $107.9 million, while statutory NPAT increased 11.4% to $106.7 million.
  • Novated leases under management increased 13.5%, with battery electric vehicles accounting for 57% of new novated Lease sales.
  • McMillan Shakespeare traded at AUD 20.92, up 7.39% during the afternoon Trading session on 28 August 2026.

McMillan Shakespeare Limited (ASX:MMS) has reported its FY26 financial results, delivering record profit growth supported by customer expansion, higher productivity and improving operating margins. The company reported group revenue growth of 6.8% to $602.1 million for the 12 months ended 30 June 2026, while EBITDA increased 14.1% to $180.7 million.

During the afternoon trading session on 28 August 2026, McMillan Shakespeare (ASX:MMS) was trading at AUD 20.92, up 7.39%. The stock remains up 16.74% over the past year.

Financial Performance

McMillan Shakespeare reported statutory net profit after tax from continuing operations of $106.7 million for FY26, representing an increase of 11.4%. Underlying NPATA increased 13.8% to $107.9 million.

The company’s operating margin expanded by 250 basis points to 41.5%, reflecting higher Operating Leverage across the group. EBITDA increased to $180.7 million, up 14.1% compared with FY25.

Underlying Earnings Per Share increased 13.8% to $1.55, while the company reported a return on Capital employed of 62.1%.

McMillan Shakespeare said results are no longer reported on a Normalised basis, with comparatives presented on a non-normalised basis for consistency with the current year’s reporting approach.

Customer Growth

Customer growth was recorded across all Business segments during FY26, supported by higher adoption of the company’s leasing, salary packaging and fleet solutions.

Novated leases increased 13.5%, while salary packages grew 7.1%. AMS fleet units increased 3.3%, and PSS customers increased 3.0%.

Group novated lease sales increased 8.4% during the year. Oly recorded a 77% increase in novated sales, highlighting growth within the company’s expansion into the SME market.

McMillan Shakespeare also reported that leases under management increased 13.5% to 90,000 during FY26.

EV Adoption

Battery electric vehicles (BEVs) continued to contribute to novated lease growth during FY26. The company reported that BEVs represented 57% of all new novated lease sales during the year, compared with 31% in FY25.

McMillan Shakespeare said EV adoption was supported by certainty around the Government’s Fringe Benefits tax exemption and changing customer preferences towards electric vehicles.

The company expects EV Demand to continue influencing novated leasing and fleet activity during FY27.

Technology and Productivity

McMillan Shakespeare highlighted technology-enabled productivity as a key contributor to FY26 performance.

The company said investments in automation, artificial intelligence and digital self-service continued to improve customer outcomes while supporting operational efficiency across the group.

CEO and Managing Director Rob De Luca said FY26 was a record year for MMS, with earnings growth, expanding margins and customer growth across every segment of the business.

He said digital-first platforms including MyMaxxia, MyRemServ and Oly achieved strong adoption levels and customer ratings.

The company also noted that Maxxia won the Novated Leasing and Salary Packaging categories at the ProductReview Awards for the third time.

Balance Sheet and Returns

McMillan Shakespeare reported a strong and flexible balance sheet, with Debt to EBITDA of 0.4x and no debt facilities due within the next 12 months.

Onboard Finance receivables increased 16.6% to $587 million during FY26.

The company announced an annual fully Franked Dividend of $1.32 per share, representing a Dividend Yield of 6.6%.

FY27 Outlook

McMillan Shakespeare enters FY27 with a focus on continued business growth, productivity improvements and customer experience initiatives.

The company highlighted supportive conditions for growth, including July 2026 novated sales momentum, which increased 8%.

The company expects continued demand for salary packaging amid ongoing cost of living and inflationary pressures.

McMillan Shakespeare also expects remarketing income to reflect elevated demand for EVs and softer demand for used internal combustion engine vehicles.

The company will continue engaging with government regarding emerging NDIS reforms while maintaining its position as the second-largest Plan Management provider.

FY27 priorities include improving customer and partner experience, delivering simplified and scalable solutions, and continuing technology and capability development.

Investor Takeaway

McMillan Shakespeare’s FY26 update highlights record profitability, expanding margins and continued customer growth across its core business segments. Investors may continue watching novated leasing demand, EV adoption trends, productivity initiatives and execution of the company’s FY27 strategic priorities.