Full Year 2026 Amotiv Ltd Earnings Call Transcript
Key Points
- Delivered underlying EBITDA of $195.1 million, slightly above the guided $195 million, despite a challenging market environment.
- Strong cash generation with a cash conversion rate of 93.1%, funding higher shareholder returns and reducing leverage to 1.85x.
- Revenue diversification is paying off, with offshore revenue now contributing 18% of total revenue and growing, helping to offset subdued ANZ conditions.
- The Unified program delivered $15 million in net benefits, exceeding commitments, and is now funding growth engines like omnichannel and international expansion.
- Secured multiple new OEM wins, including European programs and the BYD Shark towing components, positioning for future volume growth of 30,000-60,000 units in FY28.
- Four-wheel drive division saw a 10.9% decline in underlying EBIT, with margins down 2.4 percentage points due to soft ANZ pickup volumes and pricing timing gaps.
- ANZ market conditions remain subdued, with pickup sales plummeting 8% in the second half and a sharp 13% decline in the fourth quarter, leading to cautious FY27 planning.
- Gross margin declined by 1 percentage point to 42.8%, as costs ran ahead of pricing actions in the first half of the year.
- The divestment of East Coast Bull Bars resulted in a $15.8 million non-cash impairment, reflecting subscale operations and limited growth potential.
- FY27 outlook is cautious, with modest revenue and EBITDA growth expected, as pricing benefits are skewed to the second half and ANZ conditions are not expected to improve.
Thank you for standing by, and welcome to the Amotiv Limited FY26 results call. (Operator Instructions)
I would now like to hand the conference over to Mr. Graeme Whickman, Managing Director and CEO. Please go ahead.
Well, thank you. Welcome to Amotiv's result call for the full year ended June 30, 2026. I'm Graeme, as you know, the Managing Director, CEO. And I'm here with Aaron Canning, the Chief Financial Officer. Again, not a stranger to the people assembled on the call. Talking of the call, it'll be recorded and that'll be up on the website along with the presentation material a little later on today.
Now you would have seen the second announcement released this morning regarding CEO succession. I'll come back to that at the end of my remarks before we go to questions. But today's actually about the FY26 result. And so, let's start there. And I'm pretty pleased with that.
If you look at the first slide, you'll see that we're going to go
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