Zenith completes recapitalisation transaction

Zenith, the UK’s largest independent truck-to-car vehicle leasing and fleet management company, is pleased to announce that it has completed its recapitalisation transaction, previously announced on 22nd April 2026.

The recapitalisation will strengthen the Group’s balance sheet and extend its debt maturities to support the continued delivery of its long-term strategy.

The completion follows the satisfaction of all customary closing conditions, with holders of c.99% of the Senior Secured Notes having voted in favour of the transaction alongside unanimous support from the RCF and securitisation lenders.

The business continues to deliver growth in underlying performance, with strong margins on new lease contracts and a recovery in residual value profits as newer, more profitable cohorts replace legacy contracts. This performance is underpinned by resilient customer demand, with high retention rates and a healthy pipeline of new business wins.

_{Cautionary Note Regarding Forward-Looking Statements} 

_{This announcement includes “forward-looking statements” within the meaning of U.S. federal securities laws. Forward-looking statements are typically identified by words or phrases such as, but not limited to, “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions or the negative of these words or expressions. All forward-looking statements are based upon Zenith’s expectations and various assumptions at the time such statements are made. Forward-looking statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions which are difficult to predict and outside of the control of the management of Zenith. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. We have based these assumptions on information currently available to us, if any one or more of these assumptions turn out to be incorrect, actual market results may differ from those predicted. While we do not know what impact any such differences may have on our business, if there are such differences, our future results of operations and financial condition, and the market price of the notes, could be materially adversely affected. You should not place undue reliance on these forward-looking statements. All subsequent written and oral forward-looking statements attributable to Zenith or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements referenced above. Forward-looking statements speak only as of the date on which such statements are made. Zenith expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement to reflect events or circumstances after the date on which such statement is made, or to reflect the occurrence of unanticipated events.}