Zenith reports 32% rise in underlying earnings as strategic transformation gathers pace

Zenith has reported a strong increase in underlying earnings after delivering another year of business growth, supported by major customer wins, new product launches and continued progress against its strategic priorities.

The UK’s largest independent truck-to-car vehicle leasing and fleet management company reported normalised adjusted EBITDA of £67.1 million for the year ended 31 March 2026, up 31.9% year-on-year.

The result reflects strong customer retention, growth across its core markets and continued investment in new customer propositions, despite ongoing challenges in the vehicle leasing market.

During the year, Zenith expanded its portfolio of blue-chip customers, securing a number of significant new contracts, including Amazon, Bupa and the UK division of a global food and drinks business.

The company also continued to support customers facing higher vehicle costs and residual value volatility through its Project Volt lease extension programme, while launching a new secondary leasing proposition. The initiative offers high-quality used vehicles through salary sacrifice schemes at lower monthly costs, opening the business to a broader customer base.

Following the year-end, Zenith completed a major recapitalisation in April 2026, including a shareholder equity injection of around £100 million and an extension of its key debt maturities. The company said the transaction provides a strong financial platform to support its long-term growth strategy.

Richard Jones, Chief Executive Officer of Zenith, said the past year had been one of transformation as the business sharpened its strategic focus while continuing to deliver financial growth.

“Our last financial year was one of transition for Zenith – simplifying our vision and strategy, strengthening our leadership, and establishing the foundations to underpin our future success. We also demonstrated strong financial progress, growing our underlying earnings,” he said.

“Despite continued market challenges, we delivered against our strategic priorities – from launching new customer propositions and expanding partnerships, to enhancing our digital capabilities and focusing on higher-margin opportunities. Together, these steps position us to move forward with greater clarity, discipline and confidence.”

Jones also thanked the company’s employees, customers and supplier partners for their continued support and trust: “I continue to be impressed by the strength and resilience of this business and our ability to create long-term value,” he added.