COG Financial Services Ltd. (ASX: COG) posted a 28% increase in EBITDA to $51.5 million for the fiscal year ended June 30, 2026, as its salary packaging business expanded rapidly. The company’s shares rose 7.53% to $1.57 following the presentation of its full-year results.
Group revenue climbed 9% year-over-year to $399.8 million, while adjusted earnings per share advanced 27% to 15.63 cents. Total assets reached $731.3 million, with net assets at $206.6 million and cash holdings increasing by $37.7 million to $187.0 million. The final dividend was set at 3.5 cents per share, a 17% increase from the prior year, bringing the full-year payout to 7.0 cents per share.
The salary packaging segment accounted for 60% of group EBITDA, up from 41% in FY2025, with EBITDA surging 88% to $31.0 million. Revenue in this segment jumped 51% to $88.7 million, supported by a 98% rise in novated lease customers to 22,281 and a 31% increase in total salary packaging customers to 68,510. EBITDA margins expanded to 38.7%, while net assets financed grew 62% to $0.5 billion.
The broking and aggregation segment reported a 3% revenue increase to $273.7 million, though EBITDA remained flat at $24.5 million. The lending segment saw a 37% decline in EBITDA to $1.2 million, with revenue down 9% to $38.1 million. The Westlawn Managed Investment Scheme grew to $124.8 million from $61.0 million.
COG completed the acquisition of Easifleet for $36.5 million in cash plus up to $8.1 million in contingent payments through June 2029. The company also increased its stake in Fleet Network from 74.59% to 92.38%, funded by a $20 million equity placement and debt facilities. Total acquisition firepower stands at approximately $50 million, including surplus cash.
Management guided for organic EBITDA-to-shareholder growth of at least 10% in FY2027, excluding announced acquisitions. CEO Andrew Bennett described the results as a "beautiful set of numbers" and highlighted the company’s proprietary software systems as a competitive advantage.
