Zenith, the UK’s largest independent truck-to-car vehicle leasing and fleet management company, today published its financial results for the first six months of the 2026 financial year.
Highlights1:
- Revenue of £428.5m, up 0.8% YoY (H1 FY25: £424.9m), with growth in Corporate lease revenue offset by lower Commercial and Consumer lease revenue
- Further underlying earnings growth; adjusted EBITDA excluding RV profits up 13.4% YoY
- Continued growth in the Corporate funded fleet of 4.9% YoY and 0.5% QoQ, driven by the salary sacrifice fleet increasing by 10% YoY
- Total fleet down 4.7% YoY to 161k vehicles due to decline in the total managed fleet and the Consumer and Commercial funded fleets
- Funded fleet2 remains balanced with 49.9% BEV and 50.1% ICE, and 51.3% BEV in the order bank
- RV3 losses of £0.6m driven by continued weakness in BEV used car prices, with small QoQ improvement in BEV losses in Q2 FY26
- LTM Adjusted EBITDA4: £34.0m (LTM to 30 September 2024: £53.2m)
- Liquidity position at 30 September 2025: £90.4m5
- Continued progress with Project Volt6, enabled through our strong service proposition; £15.0m loss mitigated to the end of H1 FY26
- Refreshed strategy launched, placing customers at the core of our Purpose and Vision
- Secondary leasing product launched in October 2025
[1] All profit and loss figures refer to continuing operations unless stated otherwise. Continuing operations excludes the Commercial division’s English workshops closed in Q1 FY25
[2] Corporate and Consumer funded fleet only
[3] Residual value
[4] Based on continuing operations
[5] Liquidity is comprised of freely available cash plus undrawn amounts relating to assets within the EFP securitisation facility that are encumbered but drawings have not been utilised plus available headroom under the £65 million Revolving Credit Facility, which was fully drawn at 30 September 2025. Excludes cash held within Special Purpose Vehicles of £32.3m.
[6] Project Volt refers to our programme to extend loss-making lease contracts for BEVs and includes both formal and informal extensions. Loss mitigation figure includes contracts ending up to the end of FY27
