Smart Parking Limited closed at 75.5c on Tuesday, up 12.5c or 19.84% from the prior close of 63.0c. Turnover was $2,996,961 across 2,421 trades, with the last trade recorded at 4:10:15pm.

The move followed two announcements released before market open. The FY26 results showed revenue of $126.0 million excluding interest income, up 63% on the prior year, with adjusted EBITDA of $30.8 million, up 50%. UNPATA reached $11.4 million, up 73%, and basic UNPATA earnings per share rose 56% to 2.74 cents.

The second announcement was an Appendix 3C notifying an on-market buyback. The notice, dated 18 August 2026, caps purchases at 7,936,508 shares against 417,131,770 on issue, or 1.9% of the register, with UBS Securities Australia appointed as broker. Buying is scheduled to run from 1 September 2026 to 31 August 2027, so no shares can be repurchased under the notice before September.

Organic growth accounted for 72% of the revenue increase. The company added over 500 new ANPR locations in FY26 to reach 2,083 sites under management across six territories, up 16% on the prior year. Site additions accelerated through the year, with 303 added in H2 against 200 in H1.

The UK provided the largest single contribution. Revenue there was $84.9 million, up 62%, with adjusted EBITDA of $25.9 million, up 54% across 1,525 sites. Improvements to the debt resolution process added $7.0 million of EBITDA in FY26, and average revenue per ticket across the group rose 36%.

Cash generation supported the buyback decision. Adjusted free cash flow was $20.0 million, up 56%, and cash closed at $17.4 million excluding $9.9 million held on behalf of customers, up 37% on 30 June 2025. At the 63.0c prior close, the 7.9 million share cap is worth $5.0 million, matching the figure the CEO put in the results presentation.

The US segment turned profitable. Revenue of $25.3 million produced adjusted EBITDA of $6.3 million at a 24.9% margin from 156 sites, with 215 locations under management as at 17 August 2026 following the American Parking acquisition completed in July for US$12 million. Germany reported revenue of $5.6 million on 150 sites, up 40%, with the EBITDA loss narrowing to $1.0 million.

Prior to Tuesday the stock had fallen from $1.285 in late November 2025 to 63.0c, a decline of 51% over roughly nine months. The buyback commits no minimum purchase, so the cap of 7,936,508 shares is a ceiling rather than a target, and daily buying spread across the twelve-month window would average roughly 32,000 shares.

Several items in the result cut the other way. Adjusted EBITDA margin fell 220 basis points to 24.4% from 26.6%, and gross margin dropped from 64.9% to 54.7% as cost of sales rose 111% against 63% revenue growth. Statutory net profit after tax was $6.9 million, up 28%, well behind the 73% growth in the adjusted UNPATA figure. The effective tax rate rose to 40.7% from 15.7%, reflecting losses in Denmark, Germany and Switzerland where no tax benefit has been recognised.

Guidance for FY27 includes 450 to 600 net new organic ANPR sites and a reduced UK debt resolution benefit of $5.0 million, down $2.0 million on FY26.