2 Cheap Cars Group Limited Analysis

Overview

2 Cheap Cars Group* is an integrated used automotive group operating throughout New Zealand. We are vertically integrated from procurement in Japan through to our retail branches nationwide. Operating under the “2 Cheap Cars” brand, our Automotive Retail company is one of the largest used vehicle sellers in New Zealand with 12 dealerships across the country.

Our mission is to deliver on our promise… 2 Cheap Cars, driving better deals, every day.

*2 Cheap Cars Group was previously known as NZ Automotive Investments (NZAI).

Performance

The following information was extracted from 2 Cheap Cars Group Limited full year results, released 29 May 2026:

FY26 results

Second-half momentum drives FY26 profitability

2 Cheap Cars Group Limited (NZX:2CC) today reported net profit after tax (NPAT) of $3.2 million for the full year to 31 March 2026 (FY26), demonstrating the resilience of the Group’s vertically integrated operating model despite challenging market conditions and increased Clean Car Standard costs.

The result was underpinned by a significant improvement in trading momentum during the second half, with stronger vehicle margins, improved procurement conditions and record finance and insurance (F&I) penetration rates contributing to improved profitability through the final quarter.

The FY26 result is in line with guidance provided in January 2026, when the Company advised that full-year NPAT was expected to exceed $3.0 million.

Summary of key results

(Figures quoted are in NZ dollars. Comparisons are made against FY25.)

• Revenue and income: $81.7m, down 0.3%

• Gross margin: $17.4m, down 2%

• Vehicle sales: 7,239, compared with 7,675 units in FY25

• EBITDA including finance income: $8.1m, up 1%

• Net profit after tax (NPAT): $3.2m, compared with $3.3m in FY25

• Underlying earnings per share (EPS): 7 cents per share (cps), unchanged from FY25

• Final gross dividend: 3.99 cps

• Total FY26 gross dividend: 6.14 cps vs 6.03 cps