Media Release: COG delivers record H1, broker network drives $4.5b in financing
COG Financial Services Limited (ASX:COG), Australia’s largest asset finance services business, has delivered its strongest first-half performance on record, with net assets financed reaching $4.5 billion – up 7% on the previous corresponding period – driven by the strength and utilisation of its broker network.
The result, achieved primarily through organic growth, reflects improving market conditions, increased confidence, and strong demand across asset finance, commercial lending and personal lending.
Key group highlights for H1 include:
- $4.5 billion in net assets financed, up 7% on PCP
- 7% increase in broker firms aggregating through the Group
- EBITDA of $22.3 million, up 14% year-on-year
- Revenue of $196.9 million, up 8% year-on-year
Broker utilisation drives momentum
Asset finance activity across infrastructure and construction remained particularly strong, reflecting pent-up demand and improving supply conditions. Personal lending and novated leasing also gained momentum as customers sought greater financial flexibility, while vehicle finance activity strengthened as supply constraints eased and brokers increasingly supported customers through COG’s car sourcing and purchasing process. Vehicle sales through COG CarSelect increased 13% in the first half compared to the PCP, highlighting growing demand for broker-assisted car buying solutions.
“This record performance underscores the resilience of brokers and the growing relevance of specialist asset finance support as market conditions stabilise,” says Mark Rayson, Head of COG Aggregation. “It shows the market is beginning to pick up, even though conditions remain uneven. More brokers are writing more volume and using our services more frequently – and that’s been the real driver of this record half.”
Rayson says activity in asset finance often acts as an early indicator of changes in customer behaviour, particularly during interest rate cycles, with customers typically pausing when rates rise before picking up again as confidence returns. He adds that demand in the first half was also supported by supply chain normalisation and pent-up replacement demand for equipment.
“Assets still need replacing, and with supply conditions back to normal, businesses are moving ahead with purchases they deferred. We’re also seeing encouraging green shoots in markets that have been subdued for some time – particularly in Victoria, where demand has held up strongly and we’re starting to see movement again,” Rayson explains.
Rayson says the Group’s specialist focus was also a key reason brokers were choosing to partner with COG. “We’re specialists in what we do – we live and breathe asset finance,” he says. “Brokers value that depth of expertise and the ability to access a wide range of solutions for their customers.”
Stronger support for brokers
Damian Mantini, Head of Strategic Partnerships at Platform Finance, a wholly owned subsidiary of COG, offering specialist support and processing services for brokers outside of asset finance, says brokers were playing an increasingly important role in helping customers navigate cost-of-living pressures and changing financial priorities. “We’re seeing strong demand from customers looking to consolidate debt and get their finances in order, with personal lending emerging as a key solution,” he says.
Mantini adds that continued investment in technology, automation and cyber capability is enabling brokers to respond faster and more effectively to customer needs. “We’re investing heavily in AI and technology to make asset finance faster, smarter and easier for brokers and their customers,” he says. “Automation and AI-driven workflows are reducing manual processes and improving turnaround times, so brokers can write more deals, settle faster and deliver a better experience for customers.”
The breadth and quality of COG’s lender panel was also a key differentiator. “We have the largest panel of asset finance lenders in the market, and our brokers actively use them. We’re selective about who we partner with; they need to offer something unique or deliver real value so we remain relevant to our brokers and their customers,” Mantini says. “More brokers are using us more often, and we’re becoming more relevant on a day-to-day basis. That deeper engagement is translating into stronger volumes and better outcomes for customers.”
Other notable Platform Finance highlights include:
- Consumer lending volumes up 15%, with personal loans up 16%
- Commissions paid to brokers up 5%
- Over 9,000 brokers now accredited
- Lender accreditations surged 35% year-on-year (calendar year)
Growth in the salary packaging segment also continued, supported by sustained demand for novated leasing and government incentives encouraging EV uptake. During the period, COG strengthened this segment through the acquisition of Easifleet, enhancing its Paywise offering and expanding its capabilities in novated leasing as demand accelerates.
Rayson says the Group remains well positioned for the second half. “The utilisation we’re seeing across our broker network, combined with the investments we’ve made in technology and capability, gives us confidence in the outlook,” he says. “This result shows the strength of staying focused on our core – supporting brokers to grow their businesses and deliver for their customers. The result reinforces the value of partnering with a specialist asset finance aggregator.”