Smartgroup has reported continued growth in its novated leasing business, with the number of leases under management reaching 91,600 at the end of June 2026.
The total was up 11,600 vehicles, or 15%, compared with the same period a year earlier. Smartgroup had 80,000 novated leases under management at June 2025 and 64,600 at June 2024.
The growth was supported by higher levels of new business, with new lease vehicle orders increasing 34% compared with the prior corresponding period and total settlement volumes rising 17%. New lease vehicle settlements increased 20%.
Record leasing settlements
Smartgroup said record settlement levels and improved vehicle supply had contributed to continued growth in novated leases under management.
At the end of June, the company’s pipeline of future revenue from leasing had increased to $22.5 million, compared with $9.8 million at December 2025. Average vehicle order-to-delivery timeframes for Smartgroup’s top 30 makes and models were 29 days in H1 2026, down from 35 days for CY 2025.
New vehicles accounted for 88% of new vehicle orders during the half.
Smartgroup Managing Director and CEO Scott Wharton said the company had continued to expand its position across salary packaging, novated leasing and fleet.
“Over the past 12 months, we have strengthened our market position, grown customer numbers across salary packaging, novated leasing and fleet, and continued to invest in digital capability, customer experience and broader distribution partnerships.”
Wharton said dealer and manufacturer partnerships were becoming a more important part of Smartgroup’s approach to attracting customers.
“Our dealer and manufacturer relationships have become an increasingly important part of our go-to-market strategy, helping a broader set of consumers understand the benefits of novated leasing as they consider their next vehicle purchase.”
Financial growth follows higher vehicle volumes
The leasing growth contributed to Smartgroup’s H1 2026 financial performance.
Revenue increased 13% to $179.5 million, while Operating EBITDA rose 16% to $73.8 million. The EBITDA margin increased one percentage point to 41%, while NPATA increased 11% to $42.4 million.
Smartgroup said revenue growth was underpinned by novated leasing, demand-generation initiatives, new client wins and its focus on customer service and experience.
Wharton said:
“We are pleased with the Group’s performance in the first half. Smartgroup delivered strong revenue and earnings growth, with revenue increasing 13%, operating EBITDA increasing 16% and EBITDA margin expanding to 41%.”
While first-half leasing activity was particularly strong, Smartgroup also cautioned that demand had since moderated from those levels.
“While demand trends have moderated from the exceptional levels experienced during the first half, demand remains robust.”
For fleet buyers and employers offering novated leasing, the result shows the category continuing to expand, with Smartgroup adding more than 27,000 novated leases under management since June 2024.
