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Net assets financed across the group increased 8 per cent to $9 billion, with $8.5 billion coming through broking and aggregation, up 5 per cent on the prior corresponding period (pcp).
Growth was underpinned by sustained demand for commercial equipment in construction and infrastructure.
Broker channel grows despite challenges
COG’s broker network also grew throughout the year.
By the end of FY26, there were 819 broker businesses aggregating through COG (up 3 per cent pcp), representing 1,885 brokers (up 5 per cent pcp).
NSW had the largest share of brokers, with 576 brokers across 271 businesses, followed by Queensland with 559 brokers across 180 businesses and Victoria with 531 brokers across 291 businesses.
COG’s smallest presence was in South Australia, with 55 brokers across 15 businesses, and the Northern Territory, with two brokers in one business.
COG also actioned 8,253 lender accreditations during the year across its expanded 64-lender panel.
Mark Rayson, head of COG Aggregation, said that the results reflect the resilience of COG’s brokers through a year marked by economic and geopolitical uncertainty.
Many businesses were under stress for much of the latter part of the financial year, causing priorities and corresponding credit demands to shift.
“There was a lot for businesses and consumers to contend with during the year, and we saw that reflected in confidence and activity,” Rayson said.
“The market softened through April and May before bouncing back strongly in June. What remained constant was the underlying need for finance. Businesses still need to replace vehicles, machinery and equipment. They can defer that investment for a period, but ultimately they need those assets to operate and grow.”
Diversification gathers pace
Growth in broker numbers and settlement activity points to continued activity across the channel, while COG’s broader lending offering is also creating opportunities beyond traditional asset finance.
Platform Finance head of strategic partnerships Damian Mantini said brokers were broadening the finance solutions they offered clients, with cash flow and secured lending volumes surging 190 per cent during FY26.
“Brokers are having broader conversations with their customers and looking beyond traditional asset finance,” Mantini said.
“They’re expanding their service range, giving them more ways to solve client problems and build long-term relationships.”
COG’s lending panel also expanded during FY26, with 10 new lenders added, taking the panel to 64.
“While the major banks remain a vital part of the market, brokers are increasingly using non-bank and specialist lenders to find tailored solutions,” Mantini said.
“Having that breadth gives brokers real flexibility when a client or transaction falls outside standard bank criteria.”
A changing asset mix
COG also noted that the variety of deals funded in FY26 highlighted the range of financing needs across the group’s broker network.
These included a $12.5 million facility restructure for a civil construction firm, $2.5 million in finance for medical imaging equipment, and more than $340,000 across three robotic agricultural equipment deals.
The mix also included an $870,000 2026 Aston Martin Vanquish and a $1.5 million Lamborghini Revuelto transaction for a high-net-worth client.
“Construction and transport remain core pillars for us, but the asset mix is expanding dramatically,” Rayson said.
“That’s precisely where specialist capability and a broad lending panel prove their value.”
Changing vehicle preferences are also influencing the market, with growing demand for hybrid and electric vehicles alongside increased interest in salary packaging.
COG CarSelect recorded a 15 per cent increase in vehicle settlements during FY26 as customers sought greater choice and value in their vehicle purchases.
“Running costs are front of mind for borrowers, which is accelerating interest in low-emission vehicles,” Rayson said.
“Salary packaging is also helping drive demand, particularly for eligible EVs where the FBT exemption can make novated leasing more attractive. Combined with broader model availability and more competitive price points, we’re seeing a distinct shift in the vehicle mix.”
AI enters the equation
COG revealed in its results that it continues to invest in its COG Connect platform and broader technology capabilities, including targeted AI integration.
“We’re taking a practical, deliberate approach to AI,” Mantini said.
“It’s about removing friction and speeding up deal execution across the broker, lender and client chain.”
Rayson added that aggregation support remained important as brokers broadened their businesses and expanded the range of finance solutions they offered clients.
“Our focus is on removing growth bottlenecks by giving brokers greater lender choice, specialised processing support and the technology they need to grow,” he said.
Revenue within broking and aggregation, however, saw a modest increase of 3 per cent, from $265.9 million to $273.7 million, while earnings before interest, taxes, depreciation, and amortisation (EBITDA) attributable to shareholders remained flat at $24.5 million.
COG said that while the increase in volumes helped push revenue, this was partly offset by compressed brokerage and volume-bonus incentive commission rates from financiers.
Group revenue increased 9 per cent to $399.8 million, while underlying EBITDA to shareholders rose 28 per cent to $51.5 million.
The group’s salary packaging division was a key driver of growth, with NAF increasing 62 per cent to $0.5 billion and novated lease settlements increasing 66 per cent, while customer numbers rose 98 per cent.
The results also showed some deterioration in credit quality, with the overall expected credit loss provision rising to 2.5 per cent at 30 June 2026, from 1.8 per cent a year earlier.
[Related: ANZ business lending gathers pace in Q3]
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