By Digifin Pty Ltd · About this coverage
Key Points
- CY2026 NPATA expected in the range of $92-94m
- Q3 2026 total novated leasing settlements up 31% on the prior corresponding period
- Q3 2026 novated leasing orders, excluding refinanced vehicles, up 33%
- CY2026 capex expected to be $13-15m
- EBITDA margins in the mid-40s range targeted during 2027
About Smartgroup (ASX:SIQ)
Smartgroup Corporation Ltd is an ASX-listed employee benefits company headquartered in Sydney. It provides salary packaging, novated leasing and fleet management services to employers and their employees in Australia.
Smartgroup (ASX:SIQ) used a trading update released with its UBS Australasia Conference materials to set CY2026 NPATA expectations of $92-94m, alongside third quarter growth in novated leasing activity.
Q3 2026 total novated leasing settlements, which include refinanced vehicles, increased 31% on the prior corresponding period, and novated leasing orders excluding refinanced vehicles increased 33%. In the quarter, 73% of BEV new-vehicle orders were below $75k and 83% were below $80k. CY2026 capex is expected to be $13-15m, as announced with the 2026 half-year results. The company says it is deliberately accelerating reinvestment in the second half and anticipates H2 EBITDA margin to be similar to H1. It continues to target EBITDA margins in the mid-40s range during 2027, based on current market conditions and the transformation program progressing to plan. The conference presentation shows H1 2026 gross revenue of $179.5m, against $116.6m in H1 2023.
The release gives no third quarter revenue or profit figures. NPATA is an adjusted measure that excludes non-cash tax-effected amortisation of intangibles and significant non-operating items, and the 2027 margin target depends on market conditions.
Source: Smartgroup Corporation Ltd (ASX:SIQ), 9 November 2026. Summary content supplied by Digifin Pty Ltd.
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