Mobility Global Inc

Mobility Global reported Q2 2026 revenue of $468 million, up 7% year over year, all organic. Adjusted EBITDA was $202 million, up approximately 7% year over year, with adjusted EBITDA margin of 43.2%, about 40 basis points higher than last year. GAAP net income was $53 million, down 18% year over year, and included $36 million of one-time transaction-related costs versus $2 million in the prior-year quarter. For the first half, revenue grew 7.4% and adjusted EBITDA was $386 million, up 8% year over year at a 42% margin. Full-year 2026 guidance was cut to revenue of $1.870 billion to $1.885 billion, implying 6.9% to 7.7% growth, and adjusted EBITDA of $745 million to $760 million, with an implied margin of about 40% at the midpoint. Management said second-half margins should be lower because of seasonality and incremental stand-alone corporate expenses, and it expects approximately half of the $100 million in one-time spin-off cash costs to be incurred in 2026.

Bill Eager framed the quarter as an important milestone because Mobility Global became a stand-alone public company while continuing to build out the company’s 5-business integration. He said the quarter was affected by a CARFAX go-to-market change that did not deliver as expected and by softer auto activity outside the U.S., but stressed these were not viewed as changes in the underlying health of the business. He emphasized three priorities: creating One Mobility Global, deploying AI across the business, and strengthening market position, while pointing to Homegrown, Showroom, Mastermind SMS offers, and Germany as evidence of execution.

Matt Calderone highlighted the financial framework around the spin-off and the stand-alone company. He said the company ended Q2 with $186 million of cash, $1.8 billion of net debt, and 2.4x net leverage, and he outlined roughly $100 million of one-time spin-off and stand-up cash costs, with about half expected in 2026 and roughly 50% of those costs capitalized. He also cited approximately $55 million of interest expense in the second half, a Q4 cash interest payment of $60 million, and a full-year GAAP tax rate expected in the 28% to 31% range. On capital returns, he announced a quarterly dividend of $0.06 per share and said share repurchases are not expected until early 2027.

Analysts focused on the CARFAX go-to-market reset, the pace of revenue improvement in the second half, and how long it would take to integrate data across the business. Management said the CARFAX shift from bundling products together to selling them more individually was made in June, and that early momentum is improving, with more second-half recovery expected in CARFAX than in B2B. On integration, management said the effort is a multiyear journey but is already producing benefits through joint product road maps and shared European data infrastructure, and estimated about two years for meaningful completion. Analysts also asked about geopolitical and macro impacts, and management said the Middle East situation and softer conditions were affecting transactional and international business only on the margins.