Smart Parking has posted record FY26 revenue of $126.0 million and adjusted EBITDA of $30.8 million, while setting a target of 3,000 ANPR sites by December 2028. The next phase will require the company to turn US investment, acquisitions and regulatory progress into sustained site growth.
- FY26 revenue rose 63% to $126.0 million
- Adjusted EBITDA increased 73% to $30.8 million
- 2,083 revenue-generating ANPR sites across six territories
- US expansion backed by CEO relocation and $2 million annualised investment
- Target of 3,000 ANPR sites by December 2028
Record FY26 results set a higher growth hurdle
Smart Parking Limited (ASX:SPZ) has delivered its strongest reported year yet, with revenue rising 63% to $126.0 million and adjusted EBITDA climbing 73% to $30.8 million. UNPATA, the company’s non-IFRS measure of underlying net profit after tax, increased 50% to $11.4 million.
The result came with cash generation to match. Adjusted free cash flow reached $20.0 million, up 16%, while cash stood at $17.4 million at 30 June 2026, excluding $9.9 million held on behalf of customers. Management said the figures include a full year of Peak Parking in the United States, compared with four months in the prior period, while adjusted EBITDA also included $3.8 million of Switzerland territory-establishment costs.
ANPR estate expands as the US becomes the main growth test
Smart Parking ended FY26 with 2,083 revenue-generating automatic number plate recognition sites across six territories. The company is targeting 3,000 ANPR sites by December 2028, against a stated total addressable market of more than 150,000 sites and two billion parking spaces in the US.
That ambition now depends increasingly on execution in America. The company’s American Parking acquisition was completed on 1 July 2026 and was described as performing in line with expectations. By 30 September, Smart Parking had 40 contracted ANPR customers and 233 US sites under management. Its chief executive relocated to the US in October, with the company allocating about $2 million in annualised cost to build sales and operational capability.
The early FY27 indicators point to continued expansion rather than a change in direction. Smart Parking added 119 sites and removed 63 in the first quarter, leaving 2,129 sites at 30 September. Parking breach notice issuance increased 8% in the quarter, while management said the full-year target remained intact. The company also linked its growth plan to proprietary SmartCloud products, artificial intelligence and its ability to scale compliance operations.
UK code reduces one regulatory uncertainty
Smart Parking described the new UK Private Parking Code of Practice as overwhelmingly positive. The code retains the £100 maximum parking charge and £70 maximum debt recovery fee, although further consultation on the debt recovery fee is expected in 2027. The company also flagged regulatory engagement in Denmark, New Zealand and selected US states.
Operational performance remains uneven across the portfolio. Established markets supplied the bulk of FY26 earnings, while newer territories such as Switzerland and Denmark carried higher costs or weaker issuance. The presentation said Denmark moved to manual operations from 1 July 2025, reducing notices and increasing costs, while the company continues to invest ahead of scale in newer markets.
Bottom Line?
The record FY26 numbers provide momentum, but the next test is whether US investment and new-site additions can support the 3,000-site goal without eroding margins or cash generation.
Questions in the middle?
- How quickly can US sales investment convert 40 contracted ANPR customers into revenue-generating sites?
- Can Smart Parking maintain EBITDA growth as Switzerland, the US and other newer territories absorb expansion costs?
- Will the 2027 UK consultation on debt recovery fees alter the economics of the company’s largest market?