IMI (IMI) Q1 2026 TU earnings summary

Executive summary

• Achieved organic growth across all business segments in Q1, reflecting strategic focus on energy, automation, and healthcare megatrends.

• Full-year guidance reaffirmed, targeting adjusted EPS between GBP 1.36 and GBP 1.42 (136p–142p).

• On track for sixth consecutive year of mid-single-digit organic revenue growth by 2026.

• Strong free cash flow generation provides strategic flexibility and supports investment and shareholder returns.

• Monitoring Middle East developments, with the region accounting for 6% of 2025 revenue, mainly in Process Automation.

Financial highlights

• First quarter organic revenue rose 5% year-over-year; statutory revenue increased 6% due to currency effects.

• Process Automation delivered strong revenue growth, with new construction power orders doubling year-over-year in Q1.

• Transport segment saw 9% organic growth, aided by easier comparators and aligned with heavy-duty truck market.

• Aftermarket growth in Process Automation was only 1% down despite a tough comparator, with underlying growth at mid-single digits when normalized.

• Climate Control sales to data centers expected to rise by about 50% year-over-year after more than doubling last year.

Outlook and guidance

• Guidance assumes normalization in the Middle East, with GBP 125 million in shipments expected for the full year.

• If current disruption persists, up to GBP 30 million of shipments could be at risk.

• Industrial Automation outlook upgraded to higher growth for the year, supported by improved market conditions and internal initiatives.

• Transport expected to remain broadly flat for the year, with potential upside if U.S. market strength continues.

• Inflationary pressures expected to be managed via price increases.