EVs pass 50% of Zenith funded fleet as earnings grow

Zenith reported that electric vehicles (EVs) now account for more than half of its funded fleet, while its earnings were up 31.9% in the year ending on 31st March 2026.

Between 1st April 2025 and 31st March 2026, EVs made up 50.9% of vehicles across Zenith’s corporate and consumer divisions.

The fleet management and leasing firm reported normalised, adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) of £67.1m that year, with profits up 39.9% year-on-year when not accounting for residual value losses.

It said that pressures on residual values originated from weak used vehicle prices, as well as legacy positions from the post-Covid vehicle market.

In 2024, Zenith launched Project Volt, a lease extension programme designed to reduce the impact of weak residual values on EVs.

Zenith reported that the corporate division accounted for 61% of normalised, adjusted gross profit in the year ending on 31st March, ahead of the commercial division (28%) and the consumer division (11%).

The corporate division saw its funded fleet size increase from 54,175 to 55,329, while the managed fleet shrank from 3,338 to 2,621.

In the same period, the funded commercial fleet shrank from 15,242 vehicles to 13,833 vehicles, while the managed commercial fleet grew to 42,609, from 31,599.