Strategic progress in an uncertain market
Zenith, the UK’s largest independent truck-to-car vehicle leasing and fleet management company, today published its annual financial results for the year ended 31 March 2025.
- Underlying adjusted EBITDA excluding residual value (RV) profits up 14.2%[1] year-on-year (YoY).
- Overall adjusted EBITDA was £42.2m, down 34.0% YoY mainly due to continued lower RV profits.
- Total vehicles under management were 166k, with our Corporate funded fleet continuing to grow, increasing by 5.8% YoY.
- BEV concentration in the Corporate and Consumer funded fleet[2] remains balanced, comprising 47.5% (28,631) battery electric vehicles (BEV).
- Continued progress with Project Volt, our lease extension programme, creating £10.8 million of value since its inception in 2024.
“Against an uncertain economic backdrop, we continue to focus on delivering our strategy and influencing the financial and operational metrics we can control, an approach which has seen our underlying business strengthen, as we continue to win new contracts.
“For the third consecutive year, we’ve grown our Corporate funded fleet, with salary sacrifice up 10.4% year-on-year, supported in part by the Government’s renewed commitment to Benefit-in-Kind incentives on BEV cars. Our Commercial division continues to deliver strong performance while continuing to expand its mobile maintenance offering to support growing customer demand.
“As I reflect on my first few months as CEO, I am impressed by the strength and resilience of the Zenith Group, underpinned by the expertise, commitment and efforts of our talented colleagues. Thank you to everyone who has supported Zenith this year and I am confident that by working together as a team, and alongside our customers and partners, we can continue to make strategic progress.”
Richard Jones, Zenith chief executive officer
[1] Growth rate excludes one-offs relating to a number of immaterial prior period items. These are included in the reported adjusted EBITDA excluding RV profits in the FY25 Annual Report.
[2] Excluding managed fleet and Commercial division vehicles.
