Vehicle repair groups report results influenced by repair volumes, insurer relationships and operating costs. AMA Group Limited (ASX:AMA) released its FY26 results on 21 August 2026.

Company overview

AMA Group Limited (ASX:AMA) is a Melbourne-based vehicle repair and parts group whose operations include the Capital SMART collision repair network, AMA Collision, specialist businesses such as mechanical and ADAS, and ACM Parts.

FY26 results

Revenue was a record A$1,039.1 million compared with A$1,013.7 million. Normalised pre-AASB 16 EBITDA was A$68.0 million, up 8.6% from A$62.6 million, and Operating Cash Flow was A$32.8 million after A$12.5 million of income tax payments. Net profit after tax was A$7.7 million compared with a loss of A$6.2 million, and net Debt was A$18.4 million at 30 June 2026.

Q4, normally the busiest quarter for repair volumes, was affected by elevated fuel prices and public transport concessions.

Operations

Capital SMART delivered normalised EBITDA of A$51.9 million at a 10.6% margin. Three new sites opened in SA, NSW and TAS and two closed in Victoria metro and NZ. The company reported improved profitability in ACM Parts and growth in its specialist businesses.

Dividend

A fully franked Dividend of 0.5 cents per share was declared, the first dividend since 2019. AMA described itself as an increasingly vertically integrated Business combining repair services with parts sourcing and supply.

The vertically integrated model

AMA describes itself as increasingly vertically integrated, combining collision repair with parts sourcing and Supply through ACM Parts, which it says gives greater control over repair quality, turnaround times and costs. It also operates specialist businesses in mechanical and ADAS (advanced driver assistance systems) work.

The release points to considerable growth in specialist business performance and significant improvement in ACM Parts profitability.

Cash flow and tax

Operating cash flow of A$32.8 million (pre AASB 16) was after higher income tax payments of A$12.5 million, an increase of A$11.6 million on the prior year, and Lease costs. Normalisations in EBITDA include site closure and restructuring costs and legal settlements.

Sector backdrop

Collision repair volumes depend on accident rates, insurer work allocations and technician capacity. Fuel prices and public transport policies can influence driving and repair volumes.

Vertical integration into parts can improve turnaround and cost control but adds inventory and supply chain exposure.

Group Revenue exceeded A$1 billion for the first time on the figures presented, reflecting the scale of the repair network. Normalised EBITDA excludes items such as site closure costs and legal settlements, and the footnote explains what is included, so readers should consult the full results for detail.

The net profit after tax of A$7.7 million followed a loss of A$6.2 million, and the dividend of 0.5 cents per share is the first since 2019, according to the announcement. The release states that further improvement and growth in FY27 will come from capacity management opportunities, extending the customer base and service offerings, and initiatives in systems, process, tools and technology.

Collision repair networks rely on insurer relationships and efficient throughput, and incentives and Volume allocations can shift between insurers. Fuel prices and public transport pricing can change driving patterns.

Dividend resumption after several years signals changed capital allocation but the amount is small.

Risks shareholders should weigh

Operating cash flow fell to A$32.8 million from A$44.1 million, and Q4 volumes were affected by external factors.

The dividend is small, and net debt is A$18.4 million.

Insurer relationships and volume incentives, such as those previously received from Suncorp, can change margins.

Q4 volumes were affected by elevated fuel prices and public transport concessions.

Insurer volume incentives received in the prior period were not repeated.

What’s next

AMA will pursue capacity management and technology initiatives in FY27. Shareholders may wish to watch for volumes and the next dividend decision.